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Does ownership concentration type affect the mapping of earnings quality into value? Malaysian evidence

Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.14/185568

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Title: Does ownership concentration type affect the mapping of earnings quality into value? Malaysian evidence
Related: Global Accounting, Finance and Economics Conference (20 - 21 February 2012 : Melbourne)
Related: Hoque, Tanzil. Proceedings of Global Accounting, Finance and Economics Conference, p.1-23
Related: http://www.wbiconpro.com/Melbopurne_accounting2012.htm
Publisher: World Business Institute Australia
Date: 2012
Author/Creator: Ismail, Norashikin
Author/Creator: Sinnadurai, Philip
Description: Using a sample of 186 companies in 2007, this paper investigates whether the mapping of earnings quality into intrinsic value for Malaysian companies differs as a function of ownership concentration type. It is hypothesized that compared with widely-held companies, the positive relation between earnings quality and intrinsic value is stronger (weaker) for companies dominated by the family of the Chief Executive Officer (Government-related investors). Intrinsic value is calculated from stock ratings produced by a firm of Malaysian investment consultants. Three measures of earnings quality are used: two approaches from the journal literature and sub-ratings for earnings and dividend stability produced by the firm of consultants. The results support the second hypothesis (Government-related investors) but not the first hypothesis (family-dominated companies). There is reasonable support for the theoretical predictions about the two earnings quality metrics from the journal literature. However, the consultant's sub-ratings appear to provide a more accurate measure of earnings quality of Malaysian companies.
Description: 23 page(s)
Resource Type: conference paper
Organisation: Macquarie University. Dept. of Accounting and Corporate Governance

Identifier: http://hdl.handle.net/1959.14/185568
Identifier: ISBN:9781922069016
Identifier: mq_res-ext-201209111228-2
Language: eng
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