Monitoring Mechanisms and Earnings Informativeness in the Saudi Stock Market

Monitoring Mechanisms and Earnings Informativeness in the Saudi Stock Market

The impact of monitoring mechanisms on financial reporting continues to be a topic of debate among academics, regulators and practitioners. This study focuses on whether internal and external monitoring mechanisms are related to financial reporting credibility. The study seeks to answer the main res...

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Main Author: Alreyami, Saleh Ahmed Mohammed
Format: Thesis
Language:eng
eng
Published: 2012
Subjects:
HG Finance
Online Access:https://etd.uum.edu.my/3512/1/s90954.pdf
https://etd.uum.edu.my/3512/7/s90954.pdf
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institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Othman, Omar
Wan Hussin, Wan Nordin
topic HG Finance
spellingShingle HG Finance
Alreyami, Saleh Ahmed Mohammed
Monitoring Mechanisms and Earnings Informativeness in the Saudi Stock Market
description The impact of monitoring mechanisms on financial reporting continues to be a topic of debate among academics, regulators and practitioners. This study focuses on whether internal and external monitoring mechanisms are related to financial reporting credibility. The study seeks to answer the main research question-to what extent are board of directors and audit committee characteristics, disclosure of internal control weaknesses, audit quality and institutional and bank monitoring associated with financial statement credibility. The study also examines whether some control mechanisms substitute or complement other control mechanisms. Hence, this study also attempts to answer the research question - to what extent board of directors, audit committee characteristics and audit quality influence the disclosure of internal control weaknesses. This study utilized a pooled sample of Saudi listed companies in the years 2007 and 2008. Two proxies of earnings informativeness are used to measure the credibility of reported earnings, namely (i) volatility of stock returns during the earnings announcement period and (ii) announcement period cumulative excess returns. The findings support the hypotheses on the association between board independency, audit quality, internal control system, and institutional ownership and earnings informativenss. The finding fails to support a direct impact of audit committee independence on earnings informativeness. However, the result shows that audit committee independence has significant impact on the disclosure of internal control system weaknesses and the disclosure of internal control system weaknesses has significant impact on earnings informativeness. This implies the indirect effects of audit committee independence on the credibility of reported earnings, consistent with the explanation that controls are complementary. The study extends the limited literature on earnings informativeness in Saudi Arabia, and assists the regulators in understanding the effects of monitoring mechanisms on the credibility of financial statement.
format Thesis
qualification_name Ph.D.
qualification_level Doctorate
author Alreyami, Saleh Ahmed Mohammed
author_facet Alreyami, Saleh Ahmed Mohammed
author_sort Alreyami, Saleh Ahmed Mohammed
title Monitoring Mechanisms and Earnings Informativeness in the Saudi Stock Market
title_short Monitoring Mechanisms and Earnings Informativeness in the Saudi Stock Market
title_full Monitoring Mechanisms and Earnings Informativeness in the Saudi Stock Market
title_fullStr Monitoring Mechanisms and Earnings Informativeness in the Saudi Stock Market
title_full_unstemmed Monitoring Mechanisms and Earnings Informativeness in the Saudi Stock Market
title_sort monitoring mechanisms and earnings informativeness in the saudi stock market
granting_institution Universiti Utara Malaysia
granting_department Othman Yeop Abdullah Graduate School of Business
publishDate 2012
url https://etd.uum.edu.my/3512/1/s90954.pdf
https://etd.uum.edu.my/3512/7/s90954.pdf
_version_ 1747827590931939328
spelling my-uum-etd.35122022-04-10T06:20:14Z Monitoring Mechanisms and Earnings Informativeness in the Saudi Stock Market 2012-10 Alreyami, Saleh Ahmed Mohammed Othman, Omar Wan Hussin, Wan Nordin Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance The impact of monitoring mechanisms on financial reporting continues to be a topic of debate among academics, regulators and practitioners. This study focuses on whether internal and external monitoring mechanisms are related to financial reporting credibility. The study seeks to answer the main research question-to what extent are board of directors and audit committee characteristics, disclosure of internal control weaknesses, audit quality and institutional and bank monitoring associated with financial statement credibility. The study also examines whether some control mechanisms substitute or complement other control mechanisms. Hence, this study also attempts to answer the research question - to what extent board of directors, audit committee characteristics and audit quality influence the disclosure of internal control weaknesses. This study utilized a pooled sample of Saudi listed companies in the years 2007 and 2008. Two proxies of earnings informativeness are used to measure the credibility of reported earnings, namely (i) volatility of stock returns during the earnings announcement period and (ii) announcement period cumulative excess returns. The findings support the hypotheses on the association between board independency, audit quality, internal control system, and institutional ownership and earnings informativenss. The finding fails to support a direct impact of audit committee independence on earnings informativeness. However, the result shows that audit committee independence has significant impact on the disclosure of internal control system weaknesses and the disclosure of internal control system weaknesses has significant impact on earnings informativeness. This implies the indirect effects of audit committee independence on the credibility of reported earnings, consistent with the explanation that controls are complementary. The study extends the limited literature on earnings informativeness in Saudi Arabia, and assists the regulators in understanding the effects of monitoring mechanisms on the credibility of financial statement. 2012-10 Thesis https://etd.uum.edu.my/3512/ https://etd.uum.edu.my/3512/1/s90954.pdf text eng public https://etd.uum.edu.my/3512/7/s90954.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Abbott, L.J., Parker, S., & Peters, G.F. (2004). Audit Committee Characteristics and Restatements Auditing. A Journal of Pratice and Theory, Mars, 23(1), 69-87. 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