Journal article
Perks and the Informativeness of Stock Prices in the Chinese Market
Journal of Corporate Finance, Vol.17(5), pp.1410-1429
2011
Abstract
While the literature shows that perks can affect firm values positively or negatively, we argue that firms with higher perks are more likely to be associated with a lower quality of financial reporting, which, in turn, can affect the informativeness of stock prices. Based on hand-collected data on perks from Chinese listed firms, we find that firms with lower perks are associated with higher informativeness of stock prices (or lower R-square). Moreover, the positive association between perks and R-square is shown to be weaker for firms with higher financial reporting quality through audit and earnings quality measures.
Details
- Title
- Perks and the Informativeness of Stock Prices in the Chinese Market
- Authors
- Ferdinand Gul (Author) - Monash University MalaysiaLouis Cheng (Author) - Hong Kong Polytechnic UniversityT Y Leung (Author) - City University of Hong Kong
- Publication details
- Journal of Corporate Finance, Vol.17(5), pp.1410-1429
- Publisher
- Elsevier BV
- DOI
- 10.1016/j.jcorpfin.2011.07.005
- ISSN
- 1872-6313
- Organisation Unit
- University of the Sunshine Coast, Queensland; School of Business and Creative Industries
- Language
- English
- Record Identifier
- 99678895202621
- Output Type
- Journal article
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