期刊
JOURNAL OF ACCOUNTING & ECONOMICS
卷 67, 期 2-3, 页码 387-415出版社
ELSEVIER
DOI: 10.1016/j.jacceco.2019.02.001
关键词
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资金
- Samsung Scholarship
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. (C) 2019 Elsevier B.V. All rights reserved.
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