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Do Institutional Investors Enhance Accounting Earnings Attributes in the Korean Market?

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  • Chune Young Chung
  • Donghyun Kim
  • Kyung Soon Kim
  • Jin Hwon Lee
  • Kyungjin Lee

Abstract

This study examines whether the effectiveness of institutional monitoring depends on the economic conditions of emerging capital markets. We use trading volume data by investor type to compute a proxy for total institutional ownership. We then analyze the impact of the proxy variable on accounting earnings attributes and examine whether the association between the two depends on an expectation of market growth. We find that the effect of institutional monitoring decreases when market growth is expected to be low, implying that market growth may be a critical determinant of institutional investors’ long-term monitoring effectiveness in emerging capital markets.

Suggested Citation

  • Chune Young Chung & Donghyun Kim & Kyung Soon Kim & Jin Hwon Lee & Kyungjin Lee, 2019. "Do Institutional Investors Enhance Accounting Earnings Attributes in the Korean Market?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(1), pages 39-58, January.
    • Handle: RePEc:mes:emfitr:v:55:y:2019:i:1:p:39-58
    DOI: 10.1080/1540496X.2018.1503081
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    Cited by:

    1. Chune Young Chung & Amirhossein Fard & Hong Kee Sul, 2024. "The effect of corporate annual report quality on the relationship between institutional blockholder monitoring and firm's information environment," International Review of Finance, International Review of Finance Ltd., vol. 24(1), pages 139-153, March.
    2. Soon Kim, Kyung & Young Chung, Chune & Hwon Lee, Jin & Cho, Sangjun, 2020. "Accruals quality, information risk, and institutional investors’ trading behavior: Evidence from the Korean stock market," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).

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