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Post Sarbanes Oxley Changes In The Composition Of Boards
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Book Synopsis Post-Sarbanes-Oxley Changes in the Composition of Boards by : Timothy G. Coville
Download or read book Post-Sarbanes-Oxley Changes in the Composition of Boards written by Timothy G. Coville and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of the importance of the independent auditor's audit to the integrity of corporate financial statements has been a staple of the corporate governance and financial market functioning literature since the Securities Act of 1933 and the Securities Exchange Act of 1934. These acts required auditor attestation of corporate financial statements. Subsequent to the passage of the auditor attestation requirement, occasional financial reporting scandals erupted. None of these had the impact of the Enron/Worldcom scandals of 2001 and 2002. These scandals illustrated the ability of corporate management to game the corporation's financial statements, despite -- or perhaps with the tacit concurrence of -- the boards of directors of affected firms. Accordingly, much of the 2002 legal response to corporate financial reporting scandals came in the form of new corporate governance requirements on all publicly held firms. The impact of these requirements, however, differed between firms. Some firms had introduced use of independent directors and fully-independent committees prior to their being made compulsory in 2002. One instrument of control over corporate management that the board of directors possesses, in actuality or potentially, is control of the extent of the work of the independent auditors. The auditors' work can result in the board learning of accounting-related corporate mis- and malfeasance. Accordingly, the extent of the auditor's work is important and the obvious surrogate for this effort is the audit fee. "This investigation examines the effect on spending by listed firms for audit services attributable to the Sarbanes-Oxley Act of 2002 and related stock exchange regulations. It uses the difference-in-differences methodology to overcome endogeneity concerns. The results reveal that firms that were compelled by law to change their boards increased their spending on financial statement-related audit services more than did firms that had pre-adopted the Sarbanes-Oxley corporate board composition requirements."
Book Synopsis Corporate Governance Post-Sarbanes-Oxley by : Zabihollah Rezaee
Download or read book Corporate Governance Post-Sarbanes-Oxley written by Zabihollah Rezaee and published by John Wiley & Sons. This book was released on 2007-10-05 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance Post Sarbanes-Oxley introduces a corporate governance structure consisting of seven interrelated mechanisms of oversight: managerial, compliance, audit, advisory, assurance, and monitoring. The book begins with a discussion of the new requirements for corporate governance and financial reporting brought about by Sarbanes-Oxley and then shows how a well-balanced functioning of the seven mechanisms produces a responsible corporate governance structure that ensures quality financial reporting and credible audit services. Each chapter includes checklists, real-world case studies, and best practice tips.
Book Synopsis Shareholder Empowerment by : Maria Goranova
Download or read book Shareholder Empowerment written by Maria Goranova and published by Springer. This book was released on 2015-12-27 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, leading management experts offer critical insights into the promises and illusions of shareholder empowerment, the discrepancies between theory and practice, and the challenges posed by variations in global corporate governance regimes.
Book Synopsis The Impact of Sarbanes-Oxley Changes and Board Independence Power on Selected Governance Practices at the Board Level by : Karin L. Schnarr
Download or read book The Impact of Sarbanes-Oxley Changes and Board Independence Power on Selected Governance Practices at the Board Level written by Karin L. Schnarr and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Sarbanes-Oxley Act (SOX) and related stock listing requirements now require boards of publicly traded companies to have a majority of outside, independent directors to provide a counterbalance to the power of management on the board. SOX also mandated the existence of three board committees, audit, nominating, and compensation which had to be comprised solely of independent directors. Using a sample of 335 firms and 3,675 observations from the S & P 500 from 1999 to 2009, I use panel Poisson regressions in pre-SOX (1999-2003) and post-SOX (2004-2009) periods to test the effect of SOX structural changes at the board and committee levels on governance practices as measured by the Entrenchment Index. I first consider the direct relationships, suggesting positive relationships between the mandated requirements of board independence, the presence of audit, nominating and compensation committees, and the independence of these committees on governance practices supporting shareholder value at the board level in the pre- and post-SOX periods. In the pre-SOX period I find significant relationships between board independence and governance practices as well as significant relationships between the existence of audit, nominating, and compensation committees and governance practices; however, they were not in the direction hypothesized. I find no significant relationships in the post-SOX period. I then create a new construct, board independence power (comprised of dimensions of structure/prestige, ownership and expertise) to measure the latent power of the independent members of the board. I validate the construct quantitatively through a factor analysis and interviews with board members and lawyers specializing in corporate governance. I hypothesize that board independence power positively moderates the relationship between the SOX structural changes and selected governance practices supporting shareholder value at the board level. In the pre and post-SOX periods, board independence structure/prestige power significantly moderates the relationship between the existence of the mandated committees and selected governance practices supporting shareholder value when they were lagged for one and two time periods. Results of this study demonstrate that the SOX structural changes by themselves have not led to better governance practices by boards. This is important given the organizational attention, energy and cost necessary to fulfill the SOX requirements.
Book Synopsis Short-Term and Long-Term Impact of Sarbanes-Oxley Act on Director Commitment and Composition of Corporate Board Committees by : Halil Kaya
Download or read book Short-Term and Long-Term Impact of Sarbanes-Oxley Act on Director Commitment and Composition of Corporate Board Committees written by Halil Kaya and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the short-term and long-term effects on director commitment and composition of board committees following the passage of the Sarbanes Oxley Act of 2002. The first issue we address in the paper is “director commitment”, i.e., whether corporate directors were more or less committed in terms of time and effort to their “directorship” assignment after the passage of the Sarbanes-Oxley Act. The second issue that will be examined in this study is the composition of board committees (namely, Audit, Compensation, Executive, Governance, and Nominating Committees) before and after Sarbanes-Oxley. The research intends to answer some of the following questions: Has Sarbanes-Oxley changed the boards' structure? Have firms focused more on certain functions of the Board relative to the others after the Act was passed? Using over 124,000 observations in our sample period (covering both pre and post Sarbanes Oxley Act of 2002) from Board Analyst Database, we analyze the trend in each of these variables over time.We run statistical tests to compare the trends in each variable before the Act was passed to the period after it was passed.
Book Synopsis International Corporate Governance After Sarbanes-Oxley by : Paul Ali
Download or read book International Corporate Governance After Sarbanes-Oxley written by Paul Ali and published by John Wiley & Sons. This book was released on 2011-07-28 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Sabanes-Oxley Act has been one of the most significant developments in corporate and securities regulation since the New Deal. This collection of important articles would be a valuable resource for anyone seeking to understand Sabanes-Oxley's far-reaching effects on corporate governance in the United States and elsewhere." —Jesse Fried, coauthor of Pay Without Performance: The Unfulfilled Promise of Executive Compensation and Professor of Law at the University of California, Berkeley "The editors have assembled the latest cutting-edge research on international corporate governance by respected academics in this field. In this handbook, the editors deal with all aspects of the significant legislative changes to corporate governance regulation. It introduces the reader to the new rules that will certainly improve the reliability and the accuracy of disclosures made by corporations. The book comes at the right moment with the recent scandals such as Enron, which will educate all readers especially shareholders of corporate stock." —Komlan Sedzro, Professor of Finance, University of Quebec at Montreal "Today, corporate governance is a topic at the center of public policy debate in most industrialized countries. The range of concerns; the variety of approaches; and their tendency to converge in some areas or diverge in others (not always in the right directions) are emphatically demonstrated by these essays. There is material here of enormous interest for scholars of comparative law and economic regulation. And significantly, the presentation of essays from legal, financial, and regulatory viewpoints demonstrates the growing practical as well as theoretical utility of interdisciplinary work in this area. Professors Ali and Gregoriou are to be warmly congratulated for their skill and initiative in assembling an important publication, as well as for their own contributions to interdisciplinary scholarship." —R. P. Austin, BA, LLM (Sydney), DPhil (Oxon), Supreme Court of New South Wales "This very international collection emphasizes the economic line of descent, while including legal and socio-legal contributions. It fills a very important gap in our empirical knowledge of corporate governance. It is accessible and comprehensive and will greatly assist readers from all relevant disciplines, who are trying to discern the shape of corporate governance as a mature field." —Dimity Kingsford Smith, Professor of Law, University of New South Wales
Book Synopsis Corporate Governance A Survey of OECD Countries by : OECD
Download or read book Corporate Governance A Survey of OECD Countries written by OECD and published by OECD Publishing. This book was released on 2004-04-13 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the systemic issues at the forefront of the corporate governance debate and discusses how OECD countries have responded.
Book Synopsis Corporate Governance Post-Sarbanes-Oxley by : Zabihollah Rezaee
Download or read book Corporate Governance Post-Sarbanes-Oxley written by Zabihollah Rezaee and published by Wiley. This book was released on 2007-04-20 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance Post Sarbanes-Oxley introduces a corporate governance structure consisting of seven interrelated mechanisms of oversight: managerial, compliance, audit, advisory, assurance, and monitoring. The book begins with a discussion of the new requirements for corporate governance and financial reporting brought about by Sarbanes-Oxley and then shows how a well-balanced functioning of the seven mechanisms produces a responsible corporate governance structure that ensures quality financial reporting and credible audit services. Each chapter includes checklists, real-world case studies, and best practice tips.
Book Synopsis Corporate Board of Directors by : Ismail Lahlou
Download or read book Corporate Board of Directors written by Ismail Lahlou and published by Springer. This book was released on 2018-12-26 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance, a subject that a few decades ago escaped the attention of all but a handful of academics and shareholders, has gradually become a central concern worldwide. This book contributes to the existing literature on the structure and effectiveness of corporate boards. It comprises three topics that address distinct research questions on board structure, the deployment of board resources to monitoring and advisory duties, and the use of equity-based incentives in the compensation packages of directors. Firstly, the book provides strong new evidence on the importance of corporate board functions in value creation. Secondly, it provides some evidence of the potential conflict between the two primary functions of corporate boards. The results indicate that while the board’s advising quality weakens when the board is principally devoted to monitoring duties, the presence of advisory directors on the board does not have any impact on the effectiveness of board oversight, which offers a more complete view on the tradeoffs between the board’s two major functions. Finally, the results suggest that the closer directors' compensation is tied to the firm's stock, the more consistent corporate acquisition decisions are with shareholder interests.
Book Synopsis Organizations and the Sustainability Mosaic by : Sanjay Sharma
Download or read book Organizations and the Sustainability Mosaic written by Sanjay Sharma and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 627 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Organizations and the Sustainability Mosaic is an inspired collection of papers by a distinguished group of scholars who have been thinking about these issues for many years. The editors have done an outstanding job of framing and focusing the discussion on a group of issues that will matter most as all businesses engage their sustainability challenges. Your thinking will be challenged, and rewarded, by the chapters of this book.' - James E. Post, Boston University, US The contributors to this book present research on crafting long-term ecological and societal solutions in order to achieve sustainability. The in-depth analyses explore the interactions among social, environmental, and development impacts of organizations at community, regional, national and global levels. In doing so they shed light on the way forward amidst the complexity of issues involved, referred to here as the sustainability mosaic.
Book Synopsis The Public Company Transformed by : Brian Cheffins
Download or read book The Public Company Transformed written by Brian Cheffins and published by Oxford University Press. This book was released on 2018-09-28 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: For decades, the public company has played a dominant role in the American economy. Since the middle of the 20th century, the nature of the public company has changed considerably. The transformation has been a fascinating one, marked by scandals, political controversy, wide swings in investor and public sentiment, mismanagement, entrepreneurial verve, noisy corporate "raiders" and various other larger-than-life personalities. Nevertheless, amidst a voluminous literature on corporations, a systematic historical analysis of the changes that have occurred is lacking. The Public Company Transformed correspondingly analyzes how the public company has been recast from the mid-20th century through to the present day, with particular emphasis on senior corporate executives and the constraints affecting the choices available to them. The chronological point of departure is the managerial capitalism era, which prevailed in large American corporations following World War II. The book explores managerial capitalism's rise, its 1950s and 1960s heyday, and its fall in the 1970s and 1980s. It describes the American public companies and executives that enjoyed prosperity during the 1990s, and the reversal of fortunes in the 2000s precipitated by corporate scandals and the financial crisis of 2008. The book also considers the regulation of public companies in detail, and discusses developments in shareholder activism, company boards, chief executives, and concerns about oligopoly. The volume concludes by offering conjectures on the future of the public corporation, and suggests that predictions of the demise of the public company have been exaggerated.
Book Synopsis A Primer on Corporate Governance by : Cornelis A. de Kluyver
Download or read book A Primer on Corporate Governance written by Cornelis A. de Kluyver and published by Business Expert Press. This book was released on 2009-01-01 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a primer on corporate governance for executives. It is designed to guide you to become an effective participant by discussing corporate governance from both a macro- and micro-perspective. Historical data and examples including the recent scandals that have torn the fabric of capitalism pave a pathway to the principal challenges facing today's boards, and how to successfully manage them. This book is your guide; using well-known examples throughout history to illustrate the key points you need to succeed. It is not a bashing of corporate Americas.
Book Synopsis Sustainability and Governance by : Cheryl R. Lehman
Download or read book Sustainability and Governance written by Cheryl R. Lehman and published by Emerald Group Publishing. This book was released on 2015-09-07 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines social life increasingly marked out by global inequality, giving a voice to the marginalized. The researchers of this volume lead the way in probing accounting's participation in significant struggles of our times by examining contemporary rhetoric, governance, politics and strategies.
Book Synopsis The Deal Decade Handbook by : Margaret M. Blair
Download or read book The Deal Decade Handbook written by Margaret M. Blair and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this companion handbook to The Deal Decade: What Takeovers and Leveraged Buyouts mean for Corporate Governance, Margaret Blair and Girish Uppal present summary statistics and details on the corporate restructuring movement of the 1980s. The authors summarize data from private buyouts, junk bond issuances, and aggregate changes in corporate debt. They also report on the changing patterns of corporate ownership, shareholder activism, and changes in the law affecting takeovers. Finally, they put the 1980s into historical context by presenting data tracking merger and acquisition activity since 1955.
Book Synopsis Accounting and the Global Economy After Sarbanes-Oxley by : Don E. Garner
Download or read book Accounting and the Global Economy After Sarbanes-Oxley written by Don E. Garner and published by Routledge. This book was released on 2014-12-18 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is essential for students and practitioners in accounting, international business, finance, and economics. In a straightforward and readable style, it focuses on the changing accounting and auditing standards in national and global economies in the post-Enron/Arthur Andersen era. The authors clarify the reasons behind and consequences of the accounting profession's failure in auditing and self-regulation, as most firms placed consulting profits ahead of public audit duties. They show how Sarbanes-Oxley solutions, while not perfect, are major contributors to the profession's redemption, and have enabled it to rise to new heights of service and revenue. The book offers a detailed examination of accounting practitioners' past challenges and future prospects. It provides a realistic analysis of specific issues facing accounting and auditing firms today, including the growing problem of independence; the need for one set of international accounting standards and one set of auditing standards; adjustments facing the global financial system; and the impact of the Internet and communication systems on accounting firms.
Book Synopsis The Sarbanes-Oxley Act by : Michael F. Holt
Download or read book The Sarbanes-Oxley Act written by Michael F. Holt and published by Butterworth-Heinemann. This book was released on 2007-11-16 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Sarbannes-Oxley Act (SOX) is a mandatory requirement for all listed corporations in the US, whether foreign or not. Compliance is not an option. Other countries are developing similar legislation so the books value is international in scope. SOX is a hot topic and the effects are just beginning to be felt world-wide. This new book goes beyond the implementation phase of SOX and looks at the reaction to the Act in terms of costs, benefits and business impacts. This book is for Senior Managers in the Business and Financial/Accounting Communities who want/need to know what the reaction of business and government is to the SOX legislation, what it is costing and how the effects are penetrating through the business environment.Mike Holt presents a comprehensive review of the impact that Sarbanes-Oxley legislation has had on business, the financial community, governments and the public since its inception in 2002. The Sarbanes-Oxley Act has been somewhat successful, but not completely and the cost (well over a trillion dollars) might be considered too high a price to pay for the gains. This book takes a hard look at the costs, benefits and other impacts as well as at what influential and prominent financial, government and business leaders think about it now.* International in scope and content and including interviews with prominent business leaders, CEOs and CFOs of large and small corporations.* Compliance with The Sarbanes-Oxley Act is now mandatory for every listed US corporation and overseas corporations listed on US stock markets.* Covers the reaction of business and government to this legislation, what it is costing and how the effects are penetrating through the business environment.
Book Synopsis Sarbanes-Oxley For Dummies by : Jill Gilbert Welytok
Download or read book Sarbanes-Oxley For Dummies written by Jill Gilbert Welytok and published by John Wiley & Sons. This book was released on 2011-02-08 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: You may not believe that there’s a fun and easy way to comply with Sarbanes –Oxley, but once you have Sarbanes-Oxley For Dummies, Second Edition in front of you, you’re sure to change your mind. This friendly guide gets you quickly up to speed with the latest SOX legislation and shows you safe and effective ways to reduce compliance costs. In plain English, this completely reliable handbook walks you through the new and revised SOX laws, introduces compliance strategies for changed and unchanged guidelines, and gives you an effective framework for implementation You’ll find out how to create an efficient audit committee, purchase and use SOX software solutions, and make practical, cost-effective decisions in your initial compliance year and beyond. You’ll also find proven strategies for staying public or going private and learn how to deal with all those SOX forms. Discover how to: Establish SOX standards for IT professionals Minimize compliance costs in every area of your company Survive a section 404 audit Avoid litigation under SOX Anticipate future rules and trends Create a post-SOX paper trail Bolster your company’s standing and reputation Work with SOX in a small business Meet new SOX standards Build a board that can’t be bought Comply with all SOX management mandates Complete with invaluable tips on how to form an effective audit committee, Sarbanes-Oxley For Dummies is the resource you need to keep your SOX clean.
