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Author : Shawn Berman
Publisher :
ISBN 13 :
Total Pages : 260 pages
Book Rating : 4.:/5 (423 download)
Download or read book Managerial Opportunism and Firm Performance written by Shawn Berman and published by . This book was released on 1998 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bruce Haslem
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)
Download or read book Managerial Opportunism During Corporate Litigation written by Bruce Haslem and published by . This book was released on 2008 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a large sample of litigation events involving publicly listed defendants, we document a surprising fact. The resolution of litigation through a court's decision dominates settlement of litigation from the shareholders point of view; even when the firm loses. We develop a model using agency costs within the firm to explain why the market views settlement as a negative outcome on average, and find empirical evidence supporting the implications of the model. Specifically, firms with weak corporate governance settle litigation more quickly, and the market reacts more negatively to settlements involving firms with higher agency costs.
Author : Rakesh Khurana
Publisher : Princeton University Press
ISBN 13 : 1400841097
Total Pages : 318 pages
Book Rating : 4.4/5 (8 download)
Download or read book Searching for a Corporate Savior written by Rakesh Khurana and published by Princeton University Press. This book was released on 2011-09-19 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate CEOs are headline news. Stock prices rise and fall at word of their hiring and firing. Business media debate their merits and defects as if individual leaders determined the health of the economy. Yet we know surprisingly little about how CEOs are selected and dismissed or about their true power. This is the first book to take us into the often secretive world of the CEO selection process. Rakesh Khurana's findings are surprising and disturbing. In recent years, he shows, corporations have increasingly sought CEOs who are above all else charismatic, whose fame and force of personality impress analysts and the business media, but whose experience and abilities are not necessarily right for companies' specific needs. The labor market for CEOs, Khurana concludes, is far less rational than we might think. Khurana's findings are based on a study of the hiring and firing of CEOs at over 850 of America's largest companies and on extensive interviews with CEOs, corporate board members, and consultants at executive search firms. Written with exceptional clarity and verve, the book explains the basic mechanics of the selection process and how hiring priorities have changed with the rise of shareholder activism. Khurana argues that the market for CEOs, which we often assume runs on cool calculation and the impersonal forces of supply and demand, is culturally determined and too frequently inefficient. Its emphasis on charisma artificially limits the number of candidates considered, giving them extraordinary leverage to demand high salaries and power. It also raises expectations and increases the chance that a CEO will be fired for failing to meet shareholders' hopes. The result is corporate instability and too little attention to long-term strategy. The book is a major contribution to our understanding of corporate culture and the nature of markets and leadership in general.
Author : M. Jakšic
Publisher : Springer
ISBN 13 : 1137402229
Total Pages : 454 pages
Book Rating : 4.1/5 (374 download)
Download or read book Innovative Management and Firm Performance written by M. Jakšic and published by Springer. This book was released on 2014-07-29 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on business firms as catalysts and agents of social and economic change, and explores the argument that sustainable development is the perfect opportunity for businesses to strengthen the evolving notion of corporate social responsibility, while achieving long-term growth through innovation, research and development.
Author : Maria Aluchna
Publisher : Springer
ISBN 13 : 3319552066
Total Pages : 304 pages
Book Rating : 4.3/5 (195 download)
Download or read book Responsible Corporate Governance written by Maria Aluchna and published by Springer. This book was released on 2017-05-10 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the tasks and functions of corporate governance in the light of current challenges and the dynamics that arise from a broader approach to company management and the integration of corporate governance with corporate social responsibility (CSR) and sustainability. Addressing the corporate governance shortcomings that are believed to have contributed to the recent financial crisis, it explores the interplay between corporate governance and CSR, and includes examples of company practice to show how such changes affect the practices of shareholders, boards of directors and regulators. In particular, the book examines shareholders’ activities, their different investment strategies, specific reporting expectations and the submission of proposals to the annual meeting. Further, for boards of directors it explores the need to revise their tasks with respect to the criteria for executive appointments, their corporate strategy, performance measures and diversity recommendations, while for directors it provides recommendations to reconsider the structure of executive pay and performance incentives. Lastly, for regulators the book investigates the need to introduce new laws addressing, for instance, the need for integrated reporting, limiting the voice of short term oriented shareholders and providing guidelines for executive compensation.
Author : Robert M. Bowen
Publisher :
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4.:/5 (129 download)
Download or read book Accounting Discretion, Corporate Governance and Firm Performance written by Robert M. Bowen and published by . This book was released on 2007 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether accounting discretion is (i) abused by opportunistic managers who exploit lax governance structures, or (ii) used by managers in a manner consistent with efficient contracting and shareholder value-maximization. Prior research documents an association between accounting discretion and poor governance quality and concludes that such evidence is consistent with abuse of the latitude allowed by accounting rules. We argue that this interpretation may be premature because, if such association is indeed evidence of opportunism, we ought to observe subsequent poor performance, ceteris paribus.Following Core et al. (1999) we conduct our analysis in two stages. In the first stage, we extend the prior literature and again find a link between poor governance and managers' accounting discretion. However, in the second stage we fail to detect a negative association between accounting discretion attributable to poor governance and subsequent firm performance. This suggests that, on average, managers do not abuse accounting discretion at the expense of firms' shareholders. Rather, we find some evidence that discretion due to poor governance is positively associated with future operating cash flows, which suggests that shareholders may benefit from earnings management, perhaps because it signals future performance.
Author : Vieira, Elisabete S.
Publisher : IGI Global
ISBN 13 : 1799875989
Total Pages : 433 pages
Book Rating : 4.7/5 (998 download)
Download or read book Comparative Research on Earnings Management, Corporate Governance, and Economic Value written by Vieira, Elisabete S. and published by IGI Global. This book was released on 2021-02-12 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: New trends are emerging regarding earnings management and corporate governance showing similarities and striking differences in the practices of different countries and economies. These new trends currently shape the field of modern corporate governance with crucial issues being looked at in governance law and practices, accounting systems, earnings quality and management, stakeholder involvement, and more. In order to advance these new avenues in corporate governance, research looks at accounting policies firms use in different opportunistic circumstances in order to manage earnings, the corporate governance practices in different countries, firm performance, and other dimensions of companies. The understanding of these topics is beneficial in understanding the current state of different types of firms and their practices in modern times. Comparative Research on Earnings Management, Corporate Governance, and Economic Value is focused on the investigation of key challenges and perspectives of corporate governance and earnings management and outlines possible scenarios of its development. The chapters explore this new avenue of research and cover theoretical, empirical, and experimental studies related to different themes in the global context of earnings management and corporate governance. This book is ideal for economists, businesses, managers, accountants, practitioners, stakeholders, researchers, academicians, and students who are interested in the current issues and advancements in corporate governance and earnings management.
Author : John Chalmers
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)
Download or read book Managerial Opportunism? Evidence from Directors' and Officers' Insurance Purchases written by John Chalmers and published by . This book was released on 2002 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managers choose to spend corporate resources to purchase directors' and officers' liability insurance, which protects directors and officers from personal financial liability in lawsuits brought against the firm and its directors and officers. We investigate whether the amount of Damp;O insurance coverage chosen by managers of IPO firms, and the cost of that insurance, is related to post-IPO abnormal stock price performance. If managers of IPO firms are exploiting superior inside information in bringing their companies public when the expected offering price exceeds managers' private valuation estimate, we hypothesize that the amount of insurance coverage chosen will be related to the post-offering performance of the issuing firm's shares. We analyze a sample of 72 IPO firms that went public between 1992 and 1996 for which we have detailed proprietary information about the amount and cost of Damp;O liability insurance. Consistent with the hypothesis, we find a significant negative relation between the 3-year post-IPO stock price performance and the amount of insurance coverage in place at the IPO date. We also analyze the pricing of Damp;O insurance by the insurers. Insurers charge more for insurance purchases that are larger than would be predicted by observable business risk proxies. However, insurers pool all abnormal insurance purchases together in that they do not distinguish between those who buy abnormally large insurance based on anticipated poor performance and those who buy extra insurance for other reasons (e.g., abnormally high risk aversion). Insurers do, however, appear to charge more to firms that buy more insurance and are subsequently sued, indicating that insurers are able to identify and price abnormal litigation risk. We argue that, similar to insider securities transactions, Damp;O insurance decisions reveal the private information of managers. This provides some motivation to argue that disclosure of the details of Damp;O insurance decisions, as is required in some other countries, is valuable.
Author : Lucian A. Bebchuk
Publisher : Harvard University Press
ISBN 13 : 9780674020634
Total Pages : 308 pages
Book Rating : 4.0/5 (26 download)
Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Author : Mandlenkosi Wesley Maphumulo
Publisher :
ISBN 13 :
Total Pages : 412 pages
Book Rating : 4.:/5 (1 download)
Download or read book Technological Opportunism and Firm Performance written by Mandlenkosi Wesley Maphumulo and published by . This book was released on 2017 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ruei-Shian Wu
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (13 download)
Download or read book Managerial Optimism Or Managerial Opportunism written by Ruei-Shian Wu and published by . This book was released on 2018 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores whether high-growth firms use accruals as a signal instead of a misleading device in seasoned equity offerings (SEOs). Using firms listed on the NYSE, AMEX, and NASDAQ from 1987 to 2010 as our sample and the subsequent 5 years of the sample firms to examine ex-post performance, we find a positive relation between pre-SEO discretionary accruals and SEO announcement returns only for high-growth companies. We also investigate the relation between pre-SEO discretionary accruals and post-SEO long-run returns and do not find a negative relation for the high-growth subsample. Finally, we find a positive relation between pre-SEO accruals and the long-run operating performance for the high-growth subsample. Our findings suggest that high-growth firms are more likely to use high abnormal accruals during SEOs as a signal of managerial optimistic perspectives, especially under high information asymmetry. Alternatively, managerial opportunism is more likely to appear in non-high-growth firms.
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264192743
Total Pages : 91 pages
Book Rating : 4.2/5 (641 download)
Download or read book Addressing Base Erosion and Profit Shifting written by OECD and published by OECD Publishing. This book was released on 2013-02-12 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report presents studies and data available regarding the existence and magnitude of base erosion and profit shifting (BEPS), and contains an overview of global developments that have an impact on corporate tax matters.
Author : Frederic Perdreau
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)
Download or read book Searching for Faint Traces of Managerial Opportunism in French Diversifying Acquisitions written by Frederic Perdreau and published by . This book was released on 2001 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are looking for traces of managerial opportunism in french diversifying acquisitions. Indeed, following various theories, diversification is seeking by managers. Furthermore, recent empiric evidences show that corporate diversification is value destructive for shareholders. Using classical OLS methodology with diversification, management ownership and performance variables, we find some evidence of managerial opportunism. But classical methodology presents two shortages. First, it supposed a unique sense of causality. In particular, firm diversification is supposed to impact firm performance without considering the inverse relationship (from performance to diversification). This one-way analysis can create biases in the estimated results. Second, this OLS methodology doesn?t permit to take simultaneously the relationship between our variables. Noticing that this classical methodology is not well adapted to the problem, we submit our data to a system of simultaneous equations. Using this system, according to us better adapted, the faint traces of managerial opportunism vanishes. This is the case in particular because the negative impact of diversification on performance disappears when we consider a non recursive relation between the variables. We derive others surprising results from our simultaneaous equations framework. Management stake in the equity can influence or be influenced by the performance depending on wether the performance is measured at the firm or at the operation (acquisition) level. Together, these results suggest that we have to be cautious when searching for managerial opportunism in sample and statistical studies. If manager opportunist inclination can be suspected in this kind of studies, it has to be distinguished from manager opportunist behavior which is far more difficult to exhibit.
Author : Alqatan, Ahmad
Publisher : IGI Global
ISBN 13 : 1799848531
Total Pages : 425 pages
Book Rating : 4.7/5 (998 download)
Download or read book Corporate Governance and Its Implications on Accounting and Finance written by Alqatan, Ahmad and published by IGI Global. This book was released on 2020-09-25 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the global financial crisis, the topic of corporate governance has been gaining momentum in accounting and finance literature since it may influence firm and bank management in many countries. Corporate Governance and Its Implications on Accounting and Finance provides emerging research exploring the implications of a good corporate governance system after global financial crises. Corporate governance mechanisms may include board and audit committee characteristics, ownership structure, and internal and external auditing. This book is devoted to all topics dealing with corporate governance including corporate governance characteristics, board diversity, CSR, big data governance, bitcoin governance, IT governance, and governance disclosure, and is ideally designed for executives, BODs, financial analysts, government officials, researchers, policymakers, academicians, and students.
Author : Per-Olof Bjuggren
Publisher : Edward Elgar Publishing
ISBN 13 : 1848449054
Total Pages : 425 pages
Book Rating : 4.8/5 (484 download)
Download or read book The Modern Firm, Corporate Governance and Investment written by Per-Olof Bjuggren and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing a comprehensive overview of the theory of the firm before moving on to explore firms and the organization of their economic activities. The contributors investigate the impact of ownership structure and board composition on firm performance, and examine how the institutional framework of an economy affects investment decisions. More specifically, detailed studies of topics including contracts, authority, competence blocs, institutional impacts and corporate governance mechanisms are presented. This unique blend of financial economics and industrial organization perspectives on the corporate firm will prove a stimulating read for scholars and researchers of economics, business administration and law.
Author : Anup Agrawal
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (62 download)
Download or read book Firm Performance and Mechanisms to Control Agency Problems Between Managers and Shareholders written by Anup Agrawal and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hailan Yang
Publisher : Elsevier
ISBN 13 : 1780633297
Total Pages : 231 pages
Book Rating : 4.7/5 (86 download)
Download or read book Business Strategy and Corporate Governance in the Chinese Consumer Electronics Sector written by Hailan Yang and published by Elsevier. This book was released on 2011-10-18 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses how China's firms in the consumer electronics (CE) sector have developed their business strategy and corporate governance during the reform process. The CE sector is one of China's most important and dynamic manufacturing sectors. As one of the earliest market-oriented sectors after 1978, its experience illustrates the adoption of the Western model of management in China. This is the first book to analyse the link between business strategy, corporate governance and performance of firms, explicitly comparing state-, collective-, and privately-owned firms. This book argues that the competitive dynamics of the market are central to the survival of firms in contemporary China. - Focuses on the state, collective and private Chinese firms in the consumer electronics sector - Provides insights into the interactions among political, economic and corporate factors in the China business environment that influence the strategies and performance of these firms - Compares the corporate governance of these Chinese firms across different ownership forms
