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Do Cfos Have Styles Of Their Own An Empirical Investigation Of The Effect Of Individual Cfos On Financial Reporting Practices
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Book Synopsis Do CFOs Have Styles of Their Own? An Empirical Investigation of the Effect of Individual CFOs on Financial Reporting Practices by : Weili Ge
Download or read book Do CFOs Have Styles of Their Own? An Empirical Investigation of the Effect of Individual CFOs on Financial Reporting Practices written by Weili Ge and published by . This book was released on 2010 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of Chief Financial Officers' (CFOs') individual philosophy or ldquo;stylerdquo; on corporate accounting choices. We track 359 CFOs across different firms over time and investigate whether CFO-specific factors explain a firm's accounting choices. We find that, across a wide range of accounting choices, individual CFOs are an important determinant of accounting practices. Moreover, the effect of CFO styles appears to be stronger under conditions of high CFO discretion and high CFO job demands. We also trace the CFO style to observable CFO characteristics by examining whether CFOs' gender, age, and educational background affect their styles. We find limited evidence of the impact of these CFO characteristics on accounting choices, suggesting that these common and observable characteristics capture only a small portion of CFO styles.
Book Synopsis The Strategic CFO by : Ulrich Hommel
Download or read book The Strategic CFO written by Ulrich Hommel and published by Springer Science & Business Media. This book was released on 2011-10-20 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of the Chief Financial Officer (CFO) has substantially changed in a world characterized by globalized financial markets and truly global products. The accelerated development of new technologies, products, and markets has led to an increasingly dynamic and uncertain competitive situation. The book demonstrates and discusses the impact of this changing corporate environment on the role and responsibilities of the CFO. A more holistic view that integrates business and financial decisions is required in order to manage these challenges of globalization. The book shows how the CFO can adopt and implement this management approach and thus play a vital role in the firm’s value creation.
Book Synopsis The Impact of Social Ties Between CEOs and CFOs on Financial Reporting Quality by : Azzam A. Alsuhaibani
Download or read book The Impact of Social Ties Between CEOs and CFOs on Financial Reporting Quality written by Azzam A. Alsuhaibani and published by . This book was released on 2018 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: A burgeoning area of research in the field of accounting concerns the impact of social ties on the quality of financial reporting. No research, however, has studied the impact of the link between the quality of financial reporting and social ties involving a Chief Executive Officer (CEO) and a Chief Financial Officer (CFO). Executives--e.g., the CEO and the CFO--members of the board of directors, the audit committee, and external auditors often share many social ties. These social ties include common educational background, shared previous or current employment experiences, and memberships in religious, charitable, professional, and social organizations. Social ties can improve communications, but at the same time they can reduce the effectiveness of monitoring processes and consequently decrease the quality of financial reporting. This study investigates the impact of CEO-CFO social ties on financial reporting quality as revealed by accruals-based earnings management and financial restatements. This study also examines whether a CFO who has obtained a CPA license is more likely to resist the influence of CEO-CFO social ties on financial reporting quality.Analyzing publicly traded companies in the United States for a period starting in 2001 and ending in 2016, this study finds evidence that CEO-CFO social ties are positively associated with accruals-based earnings management and with the likelihood of financial restatements. This study also finds that holding a CPA license by a CFO moderates the association between CEO-CFO social ties and the likelihood of financial restatements.
Book Synopsis Beyond the CFO and Accrual Decisions by : Bradley Lawson
Download or read book Beyond the CFO and Accrual Decisions written by Bradley Lawson and published by . This book was released on 2013 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether managers besides the CFO have 'styles' that affect firms' reporting and operating decisions. Following recent studies, we develop a dataset of individual audit committee chairs, CEOs, and CFOs, that tracks their movements across firms and over time. Although audit committee chairs serve a monitoring role, research suggests that each of these management groups could exert their individual 'styles' on firms' reporting and operating decisions. We find that each of these groups significantly affect firms' accrual- and real activities-based decisions, even when controlling for the effect of the other groups. Also, we find the influence of these individuals is not impacted by their managerial discretion or job demands. Last, we provide evidence that certain observable demographic measures explain some of the managers' decisions. These results add to the literature because they suggest that managers besides the CFO can significantly influence reporting and operating decisions, and the influence of these managers extends beyond accounting-based techniques to include non-accounting-based decisions.
Book Synopsis Gender Differences in Financial Reporting Decision-Making by : Bill Francis
Download or read book Gender Differences in Financial Reporting Decision-Making written by Bill Francis and published by . This book was released on 2016 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effect of CFO gender on corporate financial reporting decision-making. Focusing on firms that experience changes of CFO from male to female, the paper compares the firms' degree of accounting conservatism between pre- and post-transition periods. We find that female CFOs are more conservative in their financial reporting. In addition, we find that the relation between CFO gender and conservatism varies with the levels of various firm risks such as litigation risk, default risk, systematic risk, and CFO specific risk such as job security risk. We further find that risk-aversion of female CFOs is associated with less equity-based compensation, lower firm risk, higher tangibility level, and lower dividend payout level. Overall, the study provides strong support for the notion that female CFOs are more risk averse than male CFOs, which leads female CFOs to adopt more conservative financial reporting policies. Keywords: Accounting Conservatism; Gender; CFO; Risk-Aversion. JEL Classification: M41; J16.
Book Synopsis The Influence of Individual Audit Committee Chairs, CEOs, and CFOs on Corporate Reporting and Operating Decisions by : Bradley Lawson
Download or read book The Influence of Individual Audit Committee Chairs, CEOs, and CFOs on Corporate Reporting and Operating Decisions written by Bradley Lawson and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the association between individual managers and corporate reporting and operating decisions. To examine this question, I develop a dataset of 241 individual CEOs and CFOs, as well as audit committee chairs, covering the period of 1988 to 2009. Although audit committee chairs are tasked with monitoring insiders and not actually preparing the financial results, research suggests that each of these management groups could exert their individual "styles" on the reporting and operating decisions. Using this dataset, I find that each of these groups significantly influence accounting- and non-accounting-based corporate decisions. Also, I examine whether the influence of these individuals is impacted by characteristics of the corporation's operating environment. Using individual proxies for managerial discretion and job demands, as well as developing index measures for each of these constructs, I find that the influence of these particular managers is not impacted by the amount of discretion they have or their perceived job demands. Last, I find evidence that observable demographic measures explain some of the managers' decisions. These results add to the literature concerning the importance of individual managers to corporate decisions because they suggest that managers besides the CFO can significantly influence reporting and operating decisions, and the influence of these managers extends beyond accrual-based techniques to include real activities management decisions.
Book Synopsis The Fast Close Toolkit by : Christine H. Doxey
Download or read book The Fast Close Toolkit written by Christine H. Doxey and published by John Wiley & Sons. This book was released on 2019-12-18 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication focuses on the critical methods that can be used to dramatically improve the fiscal closing process. The Record to Report (R2R) or Fiscal Closing Process is at the core of the controllership function. The process includes transaction processing, internal and external reporting, and the internal controls—the people, processes, and technology—that constitute the corporate organizational hierarchy. CFOs, controllers, and corporate finance departments require timely, accurate, and consistent data to make appropriate operational and strategic decisions and fulfill statutory, regulatory, and compliance requirements with accurate and timely data. The Fast Close Toolkit offers both strategic and tactical suggestions that can significantly improve the fiscal closing process and provides guidance on new legislation requirements, systems and best practice processes. Checklists, templates, process narratives, and sample policies are provided for every component of the fiscal close. Investors and shareholders expect fast and easy access to the data created by current business activities in the information-driven digital age. The Fast Close Toolkit provides the necessary tools and expert advice to improve the fiscal closing process. Authoritative and up to date, this book: Identifies the bottlenecks that can impact the and improvethe fiscal close process and provides best practices to help alleviate these challenges Defines the Record to Report (R2R) and recommends the roles and responsibilities for fiscal close processes flow Offers the internal controls to use for the end-to-end fiscal close process Describes approaches for risk management, R2R, and fiscal close benchmarking Identifies KPIs for all aspects of the R2R process Provides the mechanism for developing a financial close scorecard Recommends leading practices for both external and internal reporting Provides guidance on how strategic planning, the budget and forecast processes can be streamlined to enhance the fiscal close and internal reporting results Written by a respected expert on internal controls and the fiscal closing process, The Fast Close Toolkit is a valuable source of information for professionals involved in controllership and have responsibility for the fiscal close.
Book Synopsis The Impact of CFOs' Incentives and Earnings Management Ethics on Their Financial Reporting Decisions by : Cathy Beaudoin
Download or read book The Impact of CFOs' Incentives and Earnings Management Ethics on Their Financial Reporting Decisions written by Cathy Beaudoin and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite regulatory reforms aimed at inhibiting aggressive financial reporting, earnings management persists and continues to concern practitioners, regulators, and standard setters. To provide insight into this practice and how to mitigate it, we conduct an experiment to examine the impact of two independent variables on CFOs' discretionary expense accruals. One independent variable, incentive conflict, is manipulated at two levels (present, absent) - i.e., the presence or absence of a personal financial incentive that conflicts with a corporate financial incentive. The other independent variable is CFOs' earnings management ethics (“EM-Ethics”, high vs. low), measured as their assessment of the ethicalness of key earnings management motivations. We find that incentive conflict and EM-Ethics interact to determine CFOs' discretionary accruals such that (a) in the presence of incentive conflict, CFOs with low (high) EM-Ethics tend to give in to(resist) the personal incentive by booking higher (lower) expense accruals; and (b) in the absence of an incentive conflict, CFOs with low (high) EM-Ethics tend to give in to (resist) the corporate incentive by booking lower (higher) expense accruals. We also find support for a mediated-moderation model in which CFOs' level of EM-Ethics influences their moral disengagement tendencies which, in turn, differentially affect their discretionary accruals, depending on the presence or absence of incentive conflict. Theoretical and practical implications of these findings are discussed.
Book Synopsis Does CEO/CFO Certification of Financial Statements Constrain Earnings Management in Financial Reporting? Evidence from Canadian Companies * by : Gerald J. Lobo
Download or read book Does CEO/CFO Certification of Financial Statements Constrain Earnings Management in Financial Reporting? Evidence from Canadian Companies * written by Gerald J. Lobo and published by . This book was released on 2019 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether firms engage in less income-increasing earnings management following the Sarbanes-Oxley Act and the resulting requirement by the SEC that financial statements be certified by firms' CEOs and CFOs. Unlike other research on this topic that examines US firms, we focus on Canadian firms that are listed on both Canadian and US exchanges. Because these firms are listed on US exchanges, their CEO/CFOs have to certify their financial statements in accordance with the SEC's rule. We find that earnings management in the certification year is significantly lower than in the pre-certification year for these dual-listed firms. We perform a similar comparison for a sample of Canadian firms that are listed only on Canadian exchanges. These firms are not subject to the SEC's certification requirement; therefore, their incentives to manage earnings upwards have not changed from the pre-certification to the certification year. Consequently, they serve as a natural control sample for our tests. Our empirical evidence is consistent with this prediction. We find no significant difference in earnings management in the certification and pre-certification years for these firms. Our findings suggest that the Sarbanes-Oxley Act and the resulting SEC requirement that CEO/CFOs certify their financial statements enhanced the quality of reported earnings by reducing the extent of income-increasing earnings management.
Book Synopsis The Effect of CFO Gender on by : Franny Lin
Download or read book The Effect of CFO Gender on written by Franny Lin and published by . This book was released on 2019 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the effect of CFO gender on auditor turnover, audit fees, and financial reporting timeliness. Since investors value audit outcomes such as auditor turnover, audit fees, and reporting timeliness as important financial signals, differences in the probability of auditor turnovers, the amount of audit fees, and the speed of financial reporting between male CFO firms and female CFO firms can help investors make better informed financial decisions. Additionally, these audit outcome differences between male and female CFOs can also provide insights to executive hiring-decisions and audit budgeting. The results of this study suggest that firms with female CFOs take longer to report financial statements than their male counterparts. However, I do not find evidence for differences in the probability of auditor turnover between female CFO and male CFO firms. I also do not find significant differences in audit fees between firms with female and male CFOs. Overall, this study highlights how gender differences in risk-tolerance and confidence level can affect tangible audit outcomes.
Book Synopsis Public Sector Accounting and Auditing in Europe by : I. Brusca
Download or read book Public Sector Accounting and Auditing in Europe written by I. Brusca and published by Springer. This book was released on 2016-02-03 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides an overview of the governmental accounting status quo in Europe by analysing the public sector accounting, budgeting and auditing systems in fourteen European countries. IT sheds light on the challenges faced by European countries as they move towards adoption of the European Public Sector Accounting Standards (EPSAS).
Author :Lawrence David Brown Publisher :Business Publications, Incorporated ISBN 13 :9780256037234 Total Pages :474 pages Book Rating :4.0/5 (372 download)
Book Synopsis The Modern Theory of Financial Reporting by : Lawrence David Brown
Download or read book The Modern Theory of Financial Reporting written by Lawrence David Brown and published by Business Publications, Incorporated. This book was released on 1987 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Usefulness to Investors and Creditors of Information Provided by Financial Reporting by : Paul A. Griffin
Download or read book Usefulness to Investors and Creditors of Information Provided by Financial Reporting written by Paul A. Griffin and published by . This book was released on 1982 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Are the Individual and Collective Roles of Financial Reporting Quality Measures the Same? Evidence in the Context of Information Uncertainty by : Reza Hesarzadeh
Download or read book Are the Individual and Collective Roles of Financial Reporting Quality Measures the Same? Evidence in the Context of Information Uncertainty written by Reza Hesarzadeh and published by . This book was released on 2019 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: An implicit premise of much empirical research is that the individual role and the collective role of a financial reporting quality (quality) measure are the same, in the sense that the impacts of a quality measure on a dependent variable, without and with considering the trade-off/interaction and combination with other quality measures, are the same. I question whether the two roles are really the same. I conduct my investigation in the context of information uncertainty. I employ conventional statistical methods to explore the individual role of quality measures and use the decision tree method to explore their collective role. My findings reveal some significant differences between the two roles. Further, the findings indicate that the collective role of a quality measure can differ in accordance with the group to which the quality measure belongs. Overall, the findings reject this premise that the individual and collective roles of quality measures are the same. Moreover, the findings enhance the understanding of the collective role of quality measures.
Book Synopsis Convergence Guidebook for Corporate Financial Reporting by : Bruce Pounder
Download or read book Convergence Guidebook for Corporate Financial Reporting written by Bruce Pounder and published by Wiley. This book was released on 2009-03-03 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a result of the global convergence of financial reporting standards, U.S. GAAP is changing profoundly. U.S. GAAP is also being abandoned by many public and private companies, and will eventually be replaced by a higher-quality set of global standards. The Convergence Guidebook for Corporate Financial Reporting provides the timely, practical guidance that CFOs, controllers, and other financial managers need in order to prepare for the impact of Convergence on their companies, departments, and careers. Guidebook readers will also learn why they must begin preparing for "the next big challenge in corporate financial reporting" now.
Book Synopsis Behavioral Corporate Finance by : Hersh Shefrin
Download or read book Behavioral Corporate Finance written by Hersh Shefrin and published by College Ie Overruns. This book was released on 2017-04-16 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings Management by : Joshua Ronen
Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
