The DOI matches its Crossref record; 92 of the 92 references it cites were found in a registry or an index.
Disclosure incentives when competing firms have common ownership
Open accessAbstract
This paper examines whether common ownership – i.e., instances where investors simultaneously own significant stakes in competing firms – affects voluntary disclosure. We argue that common ownership (i) reduces proprietary cost concerns of disclosure, and (ii) incentivizes firms to “internalize” the externality benefits of their disclosure for co-owned peer firms. Accordingly, we find a positive relation between common ownership and disclosure. Evidence from cross-sectional tests and a quasi-natural experiment based on financial institution mergers help mitigate concerns that our results are explained by an omitted variable bias or reverse causality. Finally, we find that common ownership is associated with increased market liquidity.
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Cites
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Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2005.01.002 · Cited by 6,316
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Cited by
The effects of financial reporting and disclosure on corporate investment: A review
Roychowdhury, S., Shroff, N., & Verdi, R. S. (2019) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2019.101246 · Cited by 749
Self-citationCommon Institutional Ownership and Earnings Management*
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The Effects of Common Ownership on Customer-Supplier Relationships
Freeman, K. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2873199 · Cited by 29
Metadata
- Authors
- Park, J., Sani, J., Shroff, N., & White, H.
- Venue
- Journal of Accounting and Economics
- Publisher
- Elsevier BV
- Published
- 2019-04
- Volume
- 67
- Issue
- 2-3
- Pages
- 387-415
- ISSN
- 0165-4101 (ISSN-L)
- OpenAlex
- W2900807150
- Cited by
- 305
- References
- 92
- FWCI
- 38.45
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
