The Effect of Controlling Shareholders on the Properties of Earnings

本研究检视控股股东对(1)盈余资讯性、(2)会计稳健性及(3)股利政策的影响。第一项研究表明，总体而言，盈余信息性与第一大股东的所有权呈正相关，但对于第一大股东为外部股东的公司，则观察到倒u型关系。第二篇论文揭示了第一大股东持股与会计稳健性之间的负相关关系，其强度随着董事重叠的存在和被投资公司相对于第一大股东公司的规模而增加。第三篇论文发现，股利支付水平以及股权集中度与股利的关系取决于第一大股东是公司经理还是其他公司。

This research examines the effect of controlling shareholders on (1) earnings informativeness, (2) accounting conservatism, and (3) dividend policy. The first study suggests that earnings informativeness is positively associated with ownership by the largest shareholder on the whole, but an inverted U-shaped relationship is observed for the firms whose largest shareholder is an outsider. The second paper reveals a negative relationship between ownership by the largest shareholder and accounting conservatism, whose strength increases with the existence of director overlap and the relative size of the investee firm to the largest shareholder firm. The third paper finds that the level of dividend payments and the relationship between ownership concentration and dividends depend on whether the largest shareholder is a company manager or another corporation.