Earnings and dividend informativeness when cash flow rights are separated from voting rights
Publication
, Journal Article
Francis, J; Schipper, K; Vincent, L
Published in: Journal of Accounting and Economics
June 1, 2005
We contrast the informativeness of earnings and dividends for firms with dual class and single class ownership structures. Results of both across-sample tests (which explicitly control for factors influencing ownership structure and informativeness) and within-sample tests (which implicitly control for factors associated with ownership structure) show that earnings are generally less informative, and dividends are at least as (if not more) informative, for dual class firms. We interpret these results as suggesting that the net effect of dual class structures is to reduce the credibility of earnings and to enhance the salience of dividends as measures of performance. © 2005 Elsevier B.V. All rights reserved.
Duke Scholars
Published In
Journal of Accounting and Economics
DOI
ISSN
0165-4101
Publication Date
June 1, 2005
Volume
39
Issue
2
Start / End Page
329 / 360
Related Subject Headings
- Accounting
- 3801 Applied economics
- 3502 Banking, finance and investment
- 3501 Accounting, auditing and accountability
- 1502 Banking, Finance and Investment
- 1501 Accounting, Auditing and Accountability
- 1402 Applied Economics
Citation
APA
Chicago
ICMJE
MLA
NLM
Francis, J., Schipper, K., & Vincent, L. (2005). Earnings and dividend informativeness when cash flow rights are separated from voting rights. Journal of Accounting and Economics, 39(2), 329–360. https://doi.org/10.1016/j.jacceco.2005.01.001
Francis, J., K. Schipper, and L. Vincent. “Earnings and dividend informativeness when cash flow rights are separated from voting rights.” Journal of Accounting and Economics 39, no. 2 (June 1, 2005): 329–60. https://doi.org/10.1016/j.jacceco.2005.01.001.
Francis J, Schipper K, Vincent L. Earnings and dividend informativeness when cash flow rights are separated from voting rights. Journal of Accounting and Economics. 2005 Jun 1;39(2):329–60.
Francis, J., et al. “Earnings and dividend informativeness when cash flow rights are separated from voting rights.” Journal of Accounting and Economics, vol. 39, no. 2, June 2005, pp. 329–60. Scopus, doi:10.1016/j.jacceco.2005.01.001.
Francis J, Schipper K, Vincent L. Earnings and dividend informativeness when cash flow rights are separated from voting rights. Journal of Accounting and Economics. 2005 Jun 1;39(2):329–360.
Published In
Journal of Accounting and Economics
DOI
ISSN
0165-4101
Publication Date
June 1, 2005
Volume
39
Issue
2
Start / End Page
329 / 360
Related Subject Headings
- Accounting
- 3801 Applied economics
- 3502 Banking, finance and investment
- 3501 Accounting, auditing and accountability
- 1502 Banking, Finance and Investment
- 1501 Accounting, Auditing and Accountability
- 1402 Applied Economics