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- W2312498795 abstract "This study examines how related-party transactions (RPTs) and related disclosures are valued by investors. Due to the significance and manipulative nature of RPTs, a transparent disclosure of RPTs is important and relevant for investors and policymakers to properly infer firm value from accounting disclosures. However, full disclosure of RPTs may not be cost effective because not all information that firms possess is of value relevance to the users of financial statements. Using a sample of 3,092 firm-year observations of Chinese listed companies that have RPTs during the period of 2007-2012, we first assess the value relevance of RPTs by estimating the return-earnings associations. We use OLS regressions and regress related-party sales, transfer pricing methods and nonrelated-party sales against abnormal return of a firm. As hypothesized, we find that the mere disclosure of amounts transacted with related-parties does not provide additional relevant information over and beyond the total sales amounts. However, the disclosure of the transfer pricing methods does provide value-relevant information, and this additional disclosure improves the R-square of the regression model by 6.2 percent. We also find that the transfer pricing disclosures are value-relevant for firms with weak corporate governance but not for those with strong corporate governance. Overall, our findings demonstrate the usefulness of more transparent and detailed disclosures of RPTs in inferring firm value." @default.
- W2312498795 created "2016-06-24" @default.
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- W2312498795 date "2014-05-19" @default.
- W2312498795 modified "2023-09-25" @default.
- W2312498795 title "How do Investors Value Disclosure of Related-Party Transactions?: Evidence from China" @default.
- W2312498795 hasPublicationYear "2014" @default.
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