BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
San Martín-Reyna Juan Manuel (Universidad de las Américas Puebla, Mexico), Durán-Encalada Jorge A. (Universidad de las Américas Puebla, Mexico)
Tytuł
Ownership Structure, Earnings Management and Investment Opportunity Set : Evidence from Mexican Firms
Źródło
Journal of Entrepreneurship, Management and Innovation (JEMI), 2012, vol. 8, nr 3, s. 35-57, tab., bibliogr. 91 poz.
Tytuł własny numeru
Management and Financial Issues of Mexican Entrepreneurship
Słowa kluczowe
Dźwignia finansowa, Przedsiębiorstwo rodzinne, Projekty inwestycyjne, Zarządzanie zyskami
Financial leverage, Family-owned business, Investment project, Earnings management
Uwagi
streszcz., summ.
Kraj/Region
Meksyk
Mexico
Abstrakt
Praca analizuje wpływ struktury własności, rady nadzorczej i dźwigni finansowej na zarządzanie zyskiem w sytuacjach, gdy przedsiębiorstwo staje wobec możliwości rentownego rozwoju i gdy taka możliwość nie istnieje. Badanie jest oparte o próbę 83 meksykańskich firm i dotyczy okresu 2005-2011. Rezultaty wskazują na pozytywny związek zachodzący pomiędzy zarządzaniem zyskiem i radą nadzorczą oraz dźwignią finansową w sytuacji możliwości rozwoju firmy. Związek ten ma charakter ujemny, gdy firma nie ma możliwości podjęcia rentownych projektów inwestycyjnych. Rezultaty wskazują także na znaczenie kontroli udziałowców firmy na zarządzanie zyskiem w sytuacji potencjalnego wzrostu. W podsumowaniu, struktura własności, skład i wielkość rady oraz dźwignia finansowa redukują zarządzanie zyskiem w sytuacji braku możliwości podjęcia projektów inwestycyjnych i mają dodatni wpływ, gdy takie możliwości pojawiają się. (abstrakt oryginalny)

This paper analyses the influence of ownership, board of directors, and financial leverage on companies' performance when these either face, or do not face, profitable growth opportunities. Towards that end we examined a sample of 83 listed Mexican firms during the period 2005-2011. The results confirm the relevance of debt and board of directors in terms of firm market value by showing a negative relationship between performance and both, board of directors and leverage, in the presence of growth opportunities. In contrast, the relationship between debt and performance becomes positive when firms have no profitable investment projects. The results also demonstrate that the relevance of controlling shareholders on firm value is different when firms have or not growth opportunities. Therefore, our results show that ownership structure, composition and size of board and the level of leverage play a dual role on performance (increase or decrease the firm value) and determine whether the firms have profitable investment projects. (original abstract)
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Andersen, D., Francis, J. and Stokes, D. (1993). Auditing, directorships and the demand for monitoring. Journal of Accounting and Public Policy, 12 (4), 353-375.
  2. Andres, P., Azofra, V. and Rodríguez, J. A. (2000). Endeudamiento, oportunidades de crecimiento y estructura contractual: Un contraste empírico para el caso español. Investigaciones Económicas, 24(3), 641-79.
  3. Anderson, R. and Reeb, D. (2003). Founding family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3), 1301-1328.
  4. Arellano, M. and Bover, O. (1990). La econometría de datos de panel. Investigaciones Económicas (Segunda época), 14(1), 3-45.
  5. Arellano, M. (1993). Introducción al análisis econométrico con datos de panel, La industria y el comportamiento de las empresas españolas. Ensayos en homenaje a Gonzalo Mato. Alianza Editorial, Madrid, 23-47.
  6. Azofra, V., Andrés de, P. y López, F. (2005). Corporate Boards in OECD Countries: Size, Composition, Functioning and Effectiveness. Corporate Governance: An International Review, 13(2), 197-210.
  7. Barca, F., and Becht, M. (2001). The Control of Corporate Europe. Oxford University Press.
  8. Babatz, G. (1997). Agency Problems, Ownership Structure, and Voting Structure under Lax Corporate Governance Rules: The Case of Mexico. Ph.D. thesis; Harvard University.
  9. Becht, B. and Röell, A. (1999). Corporate governance in Europe, blockholdings in Europe: an international comparison. European Economic Review, 43, 1049-56.
  10. Becht, M., Bolton, P. and Roell, A. (2002). Corporate governance and control. National Bureau of Economic Research [NBER], Working Paper No. 9371. Available at http://papers.ssrn.com/so13/papers.cfm?abstract_id=343461
  11. Bianco M. and Casavola P. (1999). Italian Corporate Governance: Effects on Financial Structure and Firm Performance. European Economics Review, 43, 1057-69.
  12. Berger, P.G. and Ofek, E. (1995). Diversification's effect on the firm value. Journal of Financial Economics, 37, 39-65.
  13. Berle, A. and Means, G. (1932). The Modern Corporation and Private Property. Commerce Clearing House, New York, NY.
  14. Bukit, R.B. and Iskandar, T.M. (2009). Surplus Free Cash Flow, Earnings Management and Audit Committee. Int. Journal of Economics and Management, 3(1), 204-223.
  15. Bushman, R.M. and Smith, A.J. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32, 237-333.
  16. Castañeda, G. (2000). Governance of large corporations in Mexico and productivity implications. ABANTE. Studies in Business Management, 3(1), 57-89.
  17. Castillo-Ponce, R. (2007). Entre familia y amigos: La elección de la estructura de propiedad corporativa. Estudios Económicos, 22, 3-18.
  18. Castrillo, L.A. and San Martin-Reyna, J.M. (2007). La propiedad familiar como mecanismo disciplinador de la dirección en las empresas mexicanas: Una evidencia empírica. Contaduría y Administración, 222, 59-82.
  19. Castrillo, L.A.; Marcos, S. and San Martin-Reyna, J.M. (2010). Corporate governance, legal investor protection, and performance in Spain and the United Kingdom. Corporate Ownership and Control Journal, 7(3), 416-429.
  20. Chen, K.Y. and Liu, J.L. (2010). Earnings management, CEO domination, and growth opportunities -Evidence from Taiwan. International Journal of Public Information Systems, 1, 43-69.
  21. Chen, K.Y., Elder R.J. and Hung, S. (2010). The investment opportunity set and earnings management: Evidence from the role of controlling shareholders. Corporate Governance: An International Review, 18(3), 193-211.
  22. Chung, K. and Charoenwong, C. (1991). Investment options, assets in place, and the risk of stocks. Financial Management, 20, 21- 33.
  23. Chung, R., Firth, M. and Kim, J.B. (2005). Earnings Management, Surplus Free Cash Flow, and External Monitoring. Journal of Business Research, 58, 766 -776.
  24. Claessens, S., Djankov, S. and Lang, L. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58, 81-112.
  25. Claessens, S., Djankov, S., Fan, J. and Lang, L. (2002). Disentangling the incentive and entrenchment effects of large shareholders. Journal of Finance, 57, 2741-2771.
  26. De Andres, P.A., López, F.J. and Juan Rodríguez, A. (2005). Financial decisions and growth opportunities: a Spanish firm's panel data analysis. Applied Financial Economics, 15, 391-407.
  27. De Andrés, P.A., San Martin, P.M., y Saona, P.H. (2004). Decisiones Financieras en la Empresa Chilena: Una Mirada a través de las Oportunidades de Crecimiento. Revista Abante, 7(1), 3-34.
  28. Delgado, M.M. (2003). Factores determinantes de la discrecionalidad contable: Una aplicación empírica a las empresas cotizadas españolas. Servicio de Publicaciones de la Universidad de Burgos, Burgos.
  29. Demsetz, H. and Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economics, 93, 1155-1177.
  30. Denis, D.K. and McConnell, J.J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 38(1), 1-36.
  31. Devereux, M. and Schiantarelli, F. (1990). Investment, financial factors, and cash flow: Evidence from UK panel data. In R.G. Hubbard [ed], Asymmetric information, corporate finance and investment, University of Chicago Press, 279-306.
  32. Doyle, J., Ge, W. and McVay, S. (2007). Accrual quality and internal control over financial reporting. The Accounting Review, 44, 193-223.
  33. Eisenberg, T., Sundgren, S. and Wells, M.T. (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economic, 48, 35-54.
  34. Faccio, M., and Lang, L. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65, 365-395.
  35. Fama, E.F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88, 288-307.
  36. Fama, E.F. and Jensen, M.C. (1983). Separation of ownership and control. Journal of Law and Economics, 26, 301-325.
  37. Fernández, A., Gómez-Ansón, S. and Fernández, C. (1998). El papel supervisor del consejo de administración sobre la actuación gerencial: Evidencia para el caso español. Investigaciones Económicas, 22, 501-516.
  38. Francis, J., I. Khurana and Pereira, R. (2001). Investor protection Laws, Accounting and Auditing Around the World. Working Paper (SSRN). Available at http://papers.ssrn. com/sol3/papers.cfm? abstract_id=287652
  39. García, O. and Gill, B. (2005). El gobierno corporativo y las prácticas de earnings management: Evidencia empírica en España. Working Paper of Instituto Valenciano de Investigaciones Económicas (Ivie), WP-EC 11.
  40. Gaver, J. and Gaver, K. (1993). Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics, 16 (1-3), 125-160.
  41. Gomez-Mejia, L., Nuñez-Nickel, M., and Gutierrez, I. (2001). The role of family ties in agency contracts. Academy of Management Journal, 44, 81-95.
  42. Gompers, P.A., Ishii, J.L., and Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118, 107-155.
  43. Gopalan, R. and Jayaraman, S. (2011). Private Control benefits and earnings management: Evidence from insider controlled firms. Journal of Accounting Research, forthcoming.
  44. Grossman, S.J. and Hart, O.D. (1982). Corporate financial structure and managerial incentives. In: The Economics of Information and Uncertainty. Ed. by J.J. McCall, Chicago: The University of Chicago Press, 123-155.
  45. Harris, M. and Raviv, A. (1991). The theory of capital structure. Journal of Finance, 46, 297-356.
  46. Hart, O. (1995). Firms, contracts, and financial structure. Oxford University Press, Oxford.
  47. Husted, B. and Serrano, C. (2002). Corporate Governance in México. Journal of Business Ethics, 37(3), 337-348.
  48. Jara-Bertin, M. and López-Iturriaga, F.J. (2008). Earnings management and contest to the control: An analysis of european family firms. MPRA Paper No. 9660, posted 21. Retrieved from http://mpra.ub.uni-muenchen.de/9660/
  49. Jensen, M.C. and Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial of Economics, 76, 305-360.
  50. Jensen, M.C. (1986). Agency costs and free cash flow, corporate finance, and takeovers. The American Economic Review, 76, 323-29.
  51. Jensen, M.C. and Murphy, K.J. (1990). Performance pay out and top management incentives. Journal of Political Economy, 98, 225-264.
  52. Jensen, M.C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48(3), 831-880.
  53. Jones, J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29, 193- 233.
  54. Khanna, T. and Palepu, K. (1999). Policy shocks, market intermediaries, and corporate strategy: Evidence from Chile and India. Journal of Economics and Management Strategy, 8, 271-310.
  55. Lang, L., Ofek, E. And Stulz, R.M. (1996). Leverage, investment, and firm growth. Journal of Financial Economics, 40, 3-29.
  56. La Porta, R., López-de-Silanes, F., Shleifer, A. and Vishny, R. (1997). Legal determinants of external finance. The Journal of Finance, LII (3), 1131-50.
  57. La Porta, R., López-de-Silanes, F., Shleifer, A. and Vishny, R. (1998). Law and finance. Journal of Political Economy, 52(3), 1113-55.
  58. La Porta, R., López-de-Silanes, F., Shleifer, A. and Vishny, R. (1999). Corporate governance around the world. Journal of Finance, 24, 471- 517.
  59. La Porta, R., López-de-Silanes, F., Shleifer, A. and Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58, 3-27.
  60. La Porta, R., López-de-Silanes, F., Shleifer, A. and Vishny, R. (2002). Investor protection and corporate valuation. Journal of Finance, 57 (3), 1147-70.
  61. Lang, L. and Stulz, R. M. (1994). Tobin's q, corporate diversification, and firm performance. Journal of Political Economy, 102 (6), 1248-80.
  62. Lasfer, M.A. (1995). Agency costs, taxes, and debt: the UK evidence. European Financial Management, 1(3), 265-85.
  63. Lemmon, M. and Lins, K. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. Journal of Finance, 58, 1445- 1468.
  64. Leuz, C., Nanda, D. and Wysocki, P.D. (2002). Investor protection and earnings management: and international comparison. Working Paper 4225 -01, MIT Sloan School of Management.
  65. Leuz, C., Lins, K. and Warnock, F. (2009). Do foreigners invest less in poorly governed firms? Review of Financial Studies, 22(8), 3245-3285.
  66. Lins, K.V. (2003). Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis, 38(1), 159-184.
  67. López, F.J. and Lima, V. (2010). Do Leverage, Dividend Payout, and Ownership Concentration Influence Firms' Value Creation? An Analysis of Brazilian Firms. Emerging Markets Finance and Trade, 46(3), 80-94.
  68. Lorsch, J. and MacIver, E. (1989). Pawns and potentates: The reality of corporate boards. Boston: Harvard Business School.
  69. Mak, Y.T. and Kusnadi, Y. (2005). Size really matters: Further evidence on the negative relationship between board size and firm value. Pacific-Basin Finance Journal, 13(3), 301-318.
  70. Myers, S.C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5, 147-175.
  71. Mayer, C. (1996). Corporate governance, competition and performance. Journal of Law and Society, 24, 152-76.
  72. McConaughy, D., Matthews, C. and Fialko, A. (2001). Founding family controlled firms: Performance, risk and value. Journal of Small Business Management, 39, 31-49.
  73. McConnell, J. J. and Servaes, H. (1995). Equity ownership and the two faces of debt. Journal of Financial Economics, 39, 131-57.
  74. Morck, R., Schleifer, A. and Visnhy, R. N. (1988). Management ownership and market valuation. Journal of Financial Economics, 20(1/2), 293-315.
  75. Mohd.-Saleh, N., Mohd.-Iskandar, T. and Mohid-Rahmat, M. (2007). Audit committee characteristics and earnings management: evidence from Malaysia. Asian Review of Accounting, 15(2), 147 - 163.
  76. Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics, 22, 237-265.
  77. Rajan, R.G. and Zingales, L. (1995). What do we know about capital structure? some evidence from international data. Journal of Finance, 50(5), 1421-1460.
  78. Roe, M.J. (2000). Political Foundations for Separating Ownership from Corporate Control. Stanford Law Review, 53.
  79. San Martín-Reyna, J.M. (2010). Mecanismos de gobierno y protección al inversor como forma de control de la discrecionalidad directiva: Un estudio para países europeos", Innovar Journal, 20(37), 75-89.
  80. San Martín Reyna, J. M. and Duran-Encalada, J. A. (2012). Relationship among family business, corporate governance and firm performance: Evidence from the Mexican stock exchange. Journal of Family Business Strategy, 3(2), 106-117.
  81. Shackelford, D. (1998). Discussion of The effects of taxes, agency costs, and information asymmetry on earnings management: A comparison of public and private firms. Review of Accounting Studies, 3, 327-329.
  82. Shleifer, A. and Vishny, R.W. (1997). A survey of corporate governance. The Journal of Finance, LII (2), 737-83.
  83. Singh, M. and Faircloth, S. (2005). The impact of corporate debt on long term investment and firm performance. Applied Economics, 37, 875-883.
  84. Skinner, D. (1993). The investment opportunity set and accounting procedure choice. Journal of Accounting and Economics and Economics, 16, 407-445.
  85. Smith, C. W. and Watts, R. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32, 263-92.
  86. Stiglitz, J.E. (1985). Credit markets and the control of capital. Journal of Money Credit and Banking, 17, 133-152.
  87. Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26, 3- 27.
  88. Wang, D. (2006). Founding family ownership and earnings quality. Journal of Accounting Research, 44(3), 619-656.
  89. Warfield, T.D., Wild, J.J. and Wild, K.L. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics, 16, 61-91.
  90. Watts, R.L. and Zimmerman, J.L. (1986). Positive accounting theory. Prentice Hall, Englewood Cliffs.
  91. Yermarck, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40, 185-211.
Cytowane przez
Pokaż
ISSN
2299-7075
Język
eng
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu