Förslag till vidare forskning

Denna studie har använt Jones modell samt den modifierade Jonesmodellen som proxy för earnings quality. Ett alternativ till framtida forskning är att använda andra proxys för earnings quality i syfte att eventuellt kunna identifiera andra samband. Alternativt kan även en annan periodiseringsmodell, exempelvis DeAngelo-modellen, användas för att möjliggöra jämförelser bland resultaten vilket kan vara av intresse för forskning om earnings quality.

Studien har genomförts med en tvärsnittsdesign där undersökningsår varit 2015. Nackdelen med tvärsnittsdesign är att det försvårar fastställandet av orsaksriktning på eventuella samband (Bryman & Bell, 2013). I analysen återfinns ett positivt signifikant samband mellan utländskt ägande och earnings quality. Dock går det inte med säkerhet att fastställa huruvida earnings quality ökar till följd av utländskt ägande eller att företag med utländskt ägande har högre earnings quality. En identisk studie med en annorlunda undersökningsdesign, exempelvis longitudinell, kan öka förståelsen avseende orsakssambandet. Vid tillämpandet av en sådan undersökningsdesign kan flera år analyseras och eventuella orsaksriktningar fastställas.

Ett annat förslag till vidare forskning är genomförandet av en jämförande studie mellan Sverige och ett liknande land. På så vis kan olika ägarstrukturers påverkan på earnings quality studeras med en likartad institutionell miljö. Detta möjliggör jämförelser av resultaten och skulle bidra med djupare insikt till ämnet.

55

7. Referenslista

Agnblad, J., Berglöf, E., Högfeldt, P. & Svancar, J. (2001). Ownership and Control in

Sweden: Strong Controlling Owners, Weak Minorities, Social Control. Ur Barca, F. & Becht, M. The Control of Corporate Europe. New York: Oxford University Press.

Ajay, R. & Madhumathi, R. (2015). Institutional Ownership and Earnings Management in India. Indian Journal of Corporate Governance, 8(2), s. 119-136.

Ajinkya, B., Bhojraj, S. & Sengupta, P. (2005). The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of

Accounting Research, 43(3), s. 343–76.

Ali, A., Chen, T.Y. & Radhakrishnan, S. (2007). Corporate Disclosures by Family Firms.

Journal of Accounting and Economics, 44(1), s. 238-286.

Ali, S, Salleh, N. & Hassan, M. (2008). Ownership structure and earnings management in Malaysian listed companies: the size effect. Asian Journal of Business and Accounting, 1(2), s. 89-116.

Alves, S. (2012). Ownership Structure and Earnings Management: Evidence from Portugal.

Australasian Accounting, Business and Finance Journal, 6(1), s. 57-74.

An, Y. (2015). The Impact of Family Ownership on Firm Value and Earnings Quality, Evidence from Korea. International Business Management, 9(4), s. 625-636.

Anderson, R. & Reeb, D. (2003). Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 58(3), s. 1301-1328.

Astami, E. & Tower, G. (2006). Accounting-policy choice and firm characteristics in the Asia Pacific region: An international empirical test of Costly Contracting Theory. The International

Journal of Accounting, 41(1), s. 1-21.

Banchit, A. & Locke, S. (2011). Principal-principal conflicts: Is it a big problem in ASEAN 4 markets? International Review of Business Research Papers, 7(5), s. 1-15.

Bardhan, I., Lin, S. & Wu, S. (2015), The Quality of Internal Control over Financial Reporting in Family Firms. Accounting Horizons, 29(1), s. 41-60.

Boubakri, N., Cosset, J. & Guedhami, O. (2005). Liberalization: Corporate Governance and the performance of newly privatized firms. Journal of Corporate Finance, 11, s. 747-946. Broberg, P., Tagesson, T. & Collin, S. (2010). What explains variation in voluntary disclosure? A study of the annual reports of corporations listed on the Stockholm Stock Exchange. Journal of Management & Governance, 14(4), s. 351-377.

Bryman, A. & Bell, E. (2013). Företagsekonomiska forskningsmetoder. 2 uppl. Malmö: Liber.

56 Bushee, B. (1998). The influence of institutional investors on myopic R&D investment

behavior. The Accounting Review, 73(3), s. 305–34.

Cameron, A.C. & Trivedi, P. (2005). Microeconometrics: Methods and Application. Cambrigde: Cambridge University Press.

Carlsson, R.H. (2007). Swedish Corporate Governance and Value Creation: Owners still in the Driver's Seat. Corporate Governance: An International Review, 15(6), s. 1038-1055. Cascino, S., Pugliese, A., Mussolino, D. & Sansone, C. (2010). The Influence of Family Ownership on the Quality of Accounting Information. Family Business Review, 23(3), s. 246- 265.

Chen, S., Chen, X. & Cheng, Q. (2008). Do Family Firms Provide More or Less Voluntary Disclosure. Journal of Accounting Research, 46(3), s. 499-536.

Cheung, W., Fung, S., & Tsai, S-C. (2009). The impacts of managerial and institutional ownership on firm performance: The role of stock price informativeness and corporate governance. Corporate Ownership & Control, 6(4), s. 115-127.

Chung, R., Firth, M. & Kim, J. B. (2002). Institutional ownership and opportunistic earnings management. Journal of Corporate Finance, 8(1), s. 29–48.

Dahlquist, M. & Robertsson, G. (2001). Direct foreign ownership, institutional investors, and firm characteristics. Journal of Financial Economics, 59(3), s. 413-440.

Dechow, P., Ge, W. & Schrand, C. (2010). Understanding Earnings Quality: A Review of the Proxies their Determinants and Their Consequences. Journal of Accounting and Economics, 50(2-3), s. 344-401.

Dechow, P., Sloan, R. & Sweeney, A. (1995). Detecting Earnings Management. The

Accounting Review, 70(2), s. 193-225.

DeFond, M. & Jiambalvo, J. (1994). Debt covenant violation and manipulations of accruals.

Journal of Accounting and Economics, 17(1-2), s. 145-176.

De Miguel, A., Pindado, J. & de la Torre, C. (2004). Ownership structure and firm value: new evidence from Spain. Strategic Management Journal, 25(12), s. 1199-1207.

Dharwadkar, R, George, G & Brandes, P. (2000). Privatization in emerging economies: An agency theory perspective, The Academy of Management Review, 25(3) s. 650-669.

Dichev, I., Graham, J., Harvey, C. & Rajgopal, S. (2013). Earnings Quality: Evidence from the Field. Journal of Accounting and Economics, 56(2-3), s. 1-33.

Ding, S., Qu, B. & Zhuang, Z. (2011). Accounting Properties of Chinese Family Firms.

Journal of Accounting, Auditing & Finance, 26(4), s. 623-640.

Djurfeldt, G., Larsson, R & Stjärnhagen, O. (2010). Statistisk verktygslåda. Lund: Studentlitteratur.

57 Douthett, E. & Jung, K. (2001). Japanese Corporate Groupings (Keiretsu) and the

Informativeness of Earnings. Journal of International Financial Management and

Accounting, 12(2), s.133-159.

Fama, E. & Jensen, M. (1983). Separation of Ownership and Control. Journal of Law and

Economics, 26(2), s. 301-325.

Fan, J.P.H. & Wong, T.J. (2002). Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia. Journal of Accounting and Economics, 33(3), s. 401-425. Ferreira, M. & Matos, P. (2008). The colors of investors’ money: The role of institutional investors around the world. Journal of Financial Economics, 88(3), s. 499-533.

Gaio, C. & Raposo, C. (2011). Earnings Quality and Firm Valuation: International Evidence.

Accounting and Finance. 51(2), s. 467-499.

Givoly, D., Hayn, C. & Katz, S. (2010). Does Public Ownership of Equity Improve Earnings Quality?. The Accounting Review, 85(1), s.195-225.

Grinblatt, M. & Keloharju, M. (2000). The investment behavior and performance of various investor types: a study of Finland's unique data set. Journal of Financial Economics, 55(1), s. 43-67.

Hadani, M., Goranova, M. & Khan, R. (2011). Institutional Investors, Shareholder Activism, and Earnings Management. Journal of Business Research, 64(12) s. 1352-1360.

Hashim, H. & Devi, S. (2008). Board Characteristics, Ownership Structure and

Earningsquality: Malaysian evidence. Research in Accounting in Emerging Economies, 8, s. 97-123.

Healy, P.M. & Wahlen, J.M. (1999). A Review of the Earnings Management Literature and its Implications for Standard Setting. Accounting horizons, 13(4), s. 365-383.

Holderness, C. (2003). A survey of blockholders and corporate control. Economic Policy

Review, 9(1), s. 51-63.

Jacobsen, D.I. (2002). Vad, hur och varför?- Om metodval i företagsekonomi och andra

samhällsvetenskapliga ämnen. 1 uppl. Lund: Studentlitteratur.

Jansson, A. (2013). “Real owners” and “common investors”: Institutional logics and the media as a governance mechanism. Corporate Governance: An International Review, 21(1), s.7-25.

Jensen, M. & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), s. 305-360.

Jeon, J. & Ryoo, J. (2013). How do foreign investors affect corporate policy?: Evidence from Korea. International Review of Economics & Finance, 25, s. 52-65.

58 Jiang, W., Lee, P. & Anandarajan, A. (2008). The Association Between Corporate Governance and Earnings Quality: Further Evidence Using the GOV-score. Advances in Accounting, 24(2), s. 191-201.

Johnson, S., Boone, P., Breach, A. and Friedman, E. (2000). Corporate governance in the Asian financial crisis. Journal of Financial Economics, 58(1-2), s. 141-186.

Johnson, S., La Porta, R., Lopez-de-Silanes, F. & Shleifer, A. (2000). Tunneling. The

American Economic Review, 90(2), s. 22-27.

Jung, K., & Kwon, S.Y. (2002). Ownership structure and earnings informativeness: Evidence from Korea. The International Journal of Accounting, 37, s. 301-325.


Kallunki, JH., Nilsson, H. & Zerni M. (2010). F. Contemporary Accounting Research, 27(4), s. 1-38.

Karamanou, I., & Vafeas, N. (2005). The association between corporate boards, audit committees and management earnings forecast: An empirical analysis. Journal of Accounting Research, 43(3), s. 453-486.

Kodgruppen (2004). Svensk kod för bolagsstyrning (2004:46). Stockholm: Regeringskansliet. La Porta, R., Lopez-De-Silanes, F. & Shleifer, A. (1999). Corporate Ownership Around the World. The Journal of Finance, 54(2), s. 471-517.

Lewitt, A. (1998). The Numbers Game, Securitites and Exchange Comission. https://www.sec.gov/news/speech/speecharchive/1998/spch220.txt

Lisper, H-O. & Lisper. S. (2005). Statistik för Samhällsvetare. Malmö: Liber. Mallin, C. (2007). Corporate Governance. 2 uppl. New York: Oxford.

Marton, J., Lumdsen, M., Lundqvist, P., Petterson, A.K. & Rimmel, G. (2010). IFRS - i teori

och praktik. 2 uppl. Stockholm: Bonnier.

McNichols, M. (2000). Research design issues in earnings management studies. Journal of

Accounting and Public Policy, 19(4-5), s. 313-345.

Mehrani, S., Moradi, M. & Eskandar, H. (2017). Institutional Ownership Type and Earnings Quality: Evidence from Iran. Emerging Markets Finance and Trade, 53(1), s. 54-73.

Mitra, S. & Cready, W. M. (2005). Institutional stock ownership, accruals management and information environment. Journal of Accounting Auditing and Finance, 20(3), s. 257–86. Morck, R., Shleifer, A. and Vishny, R. (1988). Management ownership and market valuation.

Journal of Financial Economics, (20), s. 293-315.

Parte-Esteban, L. & García, C. (2014). The Influence of Firm Characteristics on Earnings Quality. International Journal of Hospitality Management, 42(1), s. 50-60.

59 Pérez-González, F. (2006). Inherited Control and Firm Performance. American Economic

Review, 96(5), s. 1559-1588.

Pergola, T., Joseph, G. & Jenzarli, A. (2009). Effects of Corporate Governance and Board Equity Ownership on Earnings Quality. Academy of Accounting and Financial Studies

Journal, 13(4), s. 87-114.

Phan, P. & Yoshikawa, T. (2000). Agency Theory and Japanese Corporate Governance.

Pacific Journal of Management, 17(1), s. 1-27.

PwC. (2014). Framtidens intäktsredovisning är här! IFRS 15 – Revenue from contracts with

customers. https://www.pwc.se/sv/redovisning/framtidens-intaktsredovisning-ar-har-ifrs-15-

revenue-from-contracts-with-customers.html 2017-05-23.

Ramalingegowda, S. & Yu, Y. (2012). Institutional ownership and conservatism. Journal of

Accounting and Economics, 53(1), s. 98–114.

Salvato, C. & Moores, K. (2010). Research on Accounting in Family Firms: Past Accomplishments and Future Challenges. Family Business Review, 23(3), s. 193-215.

Sánchez-Ballesta, J. & García-Meca, E. (2007). Ownership Structure, Discretionary Accruals and the Informativeness of Earnings. Corporate Governance: An International Review, 15(4), s.677-691.

Saunders, M., Lewis, P & Thornhill, A. (2016). Research Methods for Business Students. 7 uppl. Harlow: Pearson.

Schipper, K. & Vincent, L. (2003). Earnings quality. Accounting Horizons, 17(1), s. 97–111. Shleifer, A. & Vishny, R. (1997). A Survey of Corporate Governance. Journal of Finance, 52(2), s. 737-787.

Sirmon, D. & Hitt, M. (2003). Managing Resources: Linking Unique Resources,

Management, and Wealth Creation in Family Firms. Entrepreneurship Theory and Practice, 27(4), s. 339-358.

Strebulaev, I. & Yang, B. (2013). The mystery of zero-leverage firms. Journal of Financial

Economics, 109(1), s. 1-23.

Teets. W.R. (2002). Quality of Earnings: An Introduction to the Issues in Accounting Education Special Issue. Issues in Accounting Education: 17(4), s. 335-360.

Teshima, N. & Shuto, A. (2008). Managerial Ownership and Earnings Management: Theory and Empirical Evidence from Japan. Journal of International Financial Management &

Accounting, 19(2), s.107-132.

Thomsen, S. (2008). An Introduction to Corporate Governance. DJØF:Köpenhamn

Tong, Y. (2007). Financial Reporting Practices of Family Firms. Advances in Accounting, 23, s. 231-261.

60 Velury, U. & Jenkins, D.S. (2006) Institutional Ownership and the Quality of Earnings.

Journal of Business Research, 59(9), s. 1043-1051.

Vetenskapsrådet. (2002). Forskningsetiska principer inom humanistisk-samhällsvetenskaplig

forskning. Stockholm: Vetenskapsrådet.

Wang, D. (2006). Founding Family Ownership and Earnings Quality. Journal of Accounting

Research, 44(3), s. 619-656.

Warfield, T., Wild, J. & Wild, K. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics, 20(1), s.61-91. Xu, W., Wang, K. & Anandarajan, A. (2012). Quality of Reported Earnings by Chinese Firms, the Influence of Ownership Structure. Advances in Accounting, 28(1), s. 193-199. Yeo, G., Tan, P., Ho, K. & Chen, S. (2002). Corporate Ownership Structure and the Informativeness of Earnings. Journal of Business Finance & Accounting, 29(7), s. 1023-1046. Zahra, S. (2005). Entrepreneurial Risk Taking in Family Firms. Family Business Review, 18(1), s.23-40.

Zeitun, R. & Tian, G. G. (2007). Does ownership affect a firm's performance and default risk in Jordan? The international journal of business in society, 7(1), s. 66-82.

61

8. Bilaga