Perks and the informativeness of stock prices in the Chinese market

Gul, Ferdinand A., Cheng, Louis T. W. and Leung, T. Y. 2011, Perks and the informativeness of stock prices in the Chinese market, Journal of corporate finance, vol. 17, no. 5, pp. 1410-1429, doi: 10.1016/j.jcorpfin.2011.07.005.

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Title Perks and the informativeness of stock prices in the Chinese market
Author(s) Gul, Ferdinand A.ORCID iD for Gul, Ferdinand A. orcid.org/0000-0001-8260-1472
Cheng, Louis T. W.
Leung, T. Y.
Journal name Journal of corporate finance
Volume number 17
Issue number 5
Start page 1410
End page 1429
Total pages 20
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2011-12
ISSN 0929-1199
1872-6313
Keyword(s) perks
auditor quality
earnings quality
R-square
Summary While the literature shows that perks can affect firm values positively or negatively, we argue that firms with higher perks are more likely to be associated with a lower quality of financial reporting, which, in turn, can affect the informativeness of stock prices. Based on hand-collected data on perks from Chinese listed firms, we find that firms with lower perks are associated with higher informativeness of stock prices (or lower R-square). Moreover, the positive association between perks and R-square is shown to be weaker for firms with higher financial reporting quality through audit and earnings quality measures.
Language eng
DOI 10.1016/j.jcorpfin.2011.07.005
Field of Research 150102 Auditing and Accountability
1502 Banking, Finance And Investment
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2011, Elsevier
Persistent URL http://hdl.handle.net/10536/DRO/DU:30080014

Document type: Journal Article
Collections: Faculty of Business and Law
Department of Accounting
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