Managerial Ownership and Accounting Conservatism
研究管理层持股比例对财务报告稳健性的影响，发现持股越低代理问题越严重，公司对稳健性的需求越高，表现为盈余确认损失比收益更及时的程度随持股下降而增强。
ABSTRACT In this paper we examine the effect of managerial ownership on financial reporting conservatism. Separation of ownership and control gives rise to agency problems between managers and shareholders. Financial reporting conservatism is one potential mechanism to address these agency problems. We hypothesize that, as managerial ownership declines, the severity of agency problem increases, increasing the demand for conservatism. Consistent with our hypothesis, we find that conservatism as measured by the asymmetric timeliness of earnings declines with managerial ownership. The negative association between managerial ownership and asymmetric timeliness of earnings is robust to various controls, in particular, for the investment opportunity set. We thus provide evidence of a demand for conservatism from the firm's shareholders.