Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/23486
Title: Ownership structure and the pricing of discretionary accruals in Japan
Authors: Chung, R
Ho, S
Kim, JB
Keywords: Cross-business shareholding
Discretionary accruals
Foreign shareholding
Negative earnings
Issue Date: 2004
Source: Journal of international accounting, auditing and taxation, 2004, v. 12, no. 3, p. 1-20 How to cite?
Journal: Journal of International Accounting, Auditing and Taxation 
Abstract: This paper examines the valuation effect of discretionary accruals for Japanese firms, taking into account the book value of equity. Consistent with US evidence, the Japanese market prices discretionary accruals, indicating that discretionary accruals enhance the value relevance of reported earnings. This value relevance is lower for cross-held firms, consistent with the view that cross-business shareholding aggravates tunneling or managerial opportunism through discretionary accounting choices. On the other hand, foreign shareholding and bond financing provide effective monitoring on managerial discretion of profit firms to enhance the valuation of discretionary accruals.
URI: http://hdl.handle.net/10397/23486
ISSN: 1061-9518
DOI: 10.1016/j.intaccaudtax.2004.02.003
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