Publication: The governance impact of a changing investor landscape
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Publication date
2017-02-01
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Tutors
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Publisher
Palgrave Macmillan
Academy of International Business
Academy of International Business
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Export
Abstract
Within the backdrop of comparative corporate governance research, we draw on the managerial reporting and impression management literatures to examine how the type, level, and nature of foreign shareholders, infused with their own governance logic, influence initial managerial earnings optimism and how foreign ownership shapes earnings guidance in a stakeholder-oriented setting. Drawing on Japanese data, and addressing endogeneity concerns, our results show that under the presence of foreign owners, managers are more optimistic in their initial earnings forecasts, but that in subsequent revisions they are more likely to provide timely adjustments of their earnings forecast and avoid making last-minute adjustments. This research illustrates how foreign practices travel across borders and contributes to understanding triggers to governance and strategic changes.
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Keywords
Comparative corporate governance, Foreign ownership, Management reporting, Comparative accounting systems and practices, Institutionalism
Bibliographic citation
Aguilera, R. V., Desender, K. A., Lamy, M. L.-P., & Lee, J. H. (2016). The governance impact of a changing investor landscape. Journal of International Business Studies, 48 (2), pp. 195-221.