Abstract
We examine the effects of human capital disclosures on ownership structure. Firms which are highly intangible experienced an increase in institutional ownership concentration subsequent to the introduction of human capital disclosure rule. Using a differences-in-differences empirical design, we document that these firms also engaged in more earnings management. Collectively, these findings highlight the role of information disclosures in shaping ownership structure and corporate behaviors.
Published Version
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have