Top Institutional Investors and Accounting Comparability
In this study, I hypothesize that two firms that have the same top institutional investor (i.e., institutional investor with the largest shareholding) have higher accounting comparability than other firm pairs. I find evidence consistent with this hypothesis. In addition, firm-pairs whose top institutional investors are monitoring institutions (regardless of whether they are the same institutions) exhibit greater comparability than other firm-pairs whose top institutional investors are non-monitoring institutions. Collectively, these findings corroborate the important role top institutional investors play in influencing firms’ financial reporting decisions.
Institutional Investors, Accounting Comparability
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