HAW, IN-MU; HU, BINGBING; HWANG, LEE-SEOK; WU, WOODY - In: Journal of Accounting Research 42 (2004) 2, pp. 423-462
This study provides evidence of the role of both legal and extra-legal institutions in limiting the income management induced by the detachment of control rights from the cash flow rights of ultimate owners. The tests use a unique, comprehensive data set for firm-level control and ownership...