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Investor legal protection and earnings management : a study of Chinese H-shares and Hong Kong shares

Fung, Simon Yu Kit, Su, Lixin (Nancy) and Gul, Reza Jashen 2013, Investor legal protection and earnings management : a study of Chinese H-shares and Hong Kong shares, Journal of accounting and public policy, vol. 32, no. 5, pp. 392-409, doi: 10.1016/j.jaccpubpol.2013.06.004.

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Title Investor legal protection and earnings management : a study of Chinese H-shares and Hong Kong shares
Author(s) Fung, Simon Yu Kit
Su, Lixin (Nancy)
Gul, Reza Jashen
Journal name Journal of accounting and public policy
Volume number 32
Issue number 5
Start page 392
End page 409
Total pages 18
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2013-09
ISSN 0278-4254
Summary Under the unique "one country, two systems" arrangement, the more stringent investor protection rules in Hong Kong are not enforceable in firms that are incorporated in China but listed on the Hong Kong stock exchange (H-shares). As such, H-shares and other local Hong Kong firms are subject to different investor protection regimes in the same stock market. We find that H-shares are associated with higher earnings management than local Hong Kong firms after controlling for disparity in economic development, types of controlling shareholders and other factors. More importantly, this relationship is weaker after China implemented the Securities Law in 1999. The results are robust after considering the dual-listing status of H-shares and board characteristics. These results provide direct evidence showing the effect of investor legal protection on financial reporting quality.
Language eng
DOI 10.1016/j.jaccpubpol.2013.06.004
Field of Research 150105 Management Accounting
1501 Accounting, Auditing And Accountability
Socio Economic Objective 900101 Finance Services
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2013, Elsevier
Persistent URL http://hdl.handle.net/10536/DRO/DU:30084554

Document type: Journal Article
Collections: Law
Department of Accounting
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