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Author : Shi Yang Wong
Publisher :
ISBN 13 :
Total Pages : 188 pages
Book Rating : 4.:/5 (975 download)
Download or read book The Effect of Board Structure and Institutional Ownership on Earnings Management written by Shi Yang Wong and published by . This book was released on 2006 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Muhammed Abdullah Sahin
Publisher :
ISBN 13 :
Total Pages : 296 pages
Book Rating : 4.:/5 (711 download)
Download or read book The Impact of Institutional Ownership and Board Structure on Earnings Management and Acquisition Performance of S&P 500 Index Firms Around Their Addition to the Index and an Experimental Approach to Buyer's Brokerage written by Muhammed Abdullah Sahin and published by . This book was released on 2010 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kamran Kamran
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Impact of Corporate Governance and Ownership Structure on Earnings Management Practices written by Kamran Kamran and published by . This book was released on 2015 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the impact of corporate governance and ownership structure on earnings management for a sample of 372 firms listed on the Karachi Stock Exchange over the period 2003-10. We estimate discretionary accruals using four well-known models: Jones (1991); Dechow, Sloan, and Sweeney (1995); Kasznik (1999); and Kothari, Leone, and Wasley (2005). The results indicate that discretionary accruals increase monotonically with the ownership percentage of a firm's directors, their spouses, children, and other family members. This supports the view that managers who are more entrenched in a firm can more easily influence corporate decisions and accounting figures in a way that may serve their interests. This finding is consistent with prior research evidence on the role of dominant directors in expropriating external minority shareholders in Pakistan. Further, our results indicate that institutional investors play a significant role in constraining earnings management practices. We do not find any evidence that CEO duality, the size of the auditing firm, the number of members on the board of directors, and ownership concentration influence discretionary accruals. Among the control variables, we find that firms that are more profitable, are growing, or have higher leverage actively manage their earnings, while earnings management decreases with the age of the firm. The results are robust to several alternative specifications.
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264116052
Total Pages : 78 pages
Book Rating : 4.2/5 (641 download)
Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author : Hassan Tehranian
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (129 download)
Download or read book Earnings Management, Corporate Governance, and True Financial Performance written by Hassan Tehranian and published by . This book was released on 2010 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses two questions. First, do corporate governance mechanisms that have been shown to affect firm behavior in other contexts also affect the degree to which firms advantageously manage their reported financial performance? Second, does past research investigating the impact of governance structure and option-based compensation on firm performance stand up when measured performance is adjusted for the impact of earnings management? We demonstrate that corporate governance mechanisms effectively constrain discretion in earnings management and that the estimated impact of governance variables on corporate performance is far stronger when discretionary accruals are removed from reported earnings. Institutional ownership of shares, institutional investor representation on the board of directors, and the presence of independent outside directors on the board all reduce the use of discretionary accruals in earnings management. These factors largely offset the impact of options compensation, which we find strongly encourages earnings management. Earnings management strongly affects patterns of reported corporate performance. While conventional profitability measures suggest a strong relationship between option compensation and firm performance, profitability measures that are adjusted for the impact of discretionary accruals show no relationship with option compensation. In contrast, the estimated impact of corporate governance variables on firm performance more than doubles when discretionary accruals are eliminated from measured profitability.
Author : Michael J. Rubach
Publisher : Routledge
ISBN 13 : 1000525007
Total Pages : 200 pages
Book Rating : 4.0/5 (5 download)
Download or read book The Changing Face of Corporate Ownership written by Michael J. Rubach and published by Routledge. This book was released on 2021-11-19 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2000. This book examines the shareholder activism of institutional investors and the effect of shareholder activism on portfolio performance. Institutional shareholder activism includes both traditional mechanisms of influence (e.g., filing shareholder proposals) and relationship investing (e.g., long-term interorganizational contacts between owners and a corporation’s top managers).
Author : Bipin B. Ajinkya
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Governance Effect of Institutional Investors and Outsider Directors on the Properties of Management Earnings Forecasts written by Bipin B. Ajinkya and published by . This book was released on 2003 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effect of institutional ownership and board of directors' composition on the properties of management earnings forecasts. A firm's optimal disclosure policy is determined by a trade-off between costs and benefits of disclosure. Managers acting in their self-interest may have incentives to distort disclosure policy. Governance mechanisms, to the extent they are effective in protecting the interests of the providers of capital, should mitigate these distortions. We find evidence that institutional ownership and outsider directors have a favorable governance effect on the properties of earnings forecasts. Firms with greater institutional ownership and outside directorship are more likely to issue a forecast and do so consistently. Further, these forecasts tend to be more specific and accurate. The governance measures also mitigate managers' tendency to issue optimistic forecasts. Lastly, our evidence suggests that institutional ownership creates an environment that enhances the credibility of the forecasts.
Author : Uptal Bhattacharya
Publisher :
ISBN 13 : 9789616430258
Total Pages : 27 pages
Book Rating : 4.4/5 (32 download)
Download or read book The world price of earnings opacity written by Uptal Bhattacharya and published by . This book was released on 2002 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Niamh Brennan
Publisher : SAGE Publications Limited
ISBN 13 :
Total Pages : 456 pages
Book Rating : 4.:/5 (318 download)
Download or read book Corporate Governance and Financial Reporting written by Niamh Brennan and published by SAGE Publications Limited. This book was released on 2008-03-03 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This major work, compiled by one of the leading academics in Europe in the area of Corporate Governance, brings together key readings in the field, focusing on those corporate governance mechanisms influencing financial reporting and accountability.
Author : Mehdi Sarikhani
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Corporate Governance and Earnings Informativeness written by Mehdi Sarikhani and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this research is to study of the effect of corporate governance on earnings informativeness of companies listed on the Tehran Stock Exchange. The effect of variables of ownership concentration, management ownership, institutional ownership, corporate ownership, board composition, duality of the CEO and chairman roles and size of the board on the earnings response coefficient have been investigated. The sample consists of 70 companies between 2002 and 2008. The statistical model used for testing the suggested hypothesis in this research is 'panel data'. The results show that earnings informativeness has a positive and significant relationship with ownership concentration and institutional ownership. Also, no evidence was found indicative of the existence of a meaningful relationship between other variables of ownership structure and board structure and earnings informativeness. Furthermore, results show that there is no nonlinear relationship between management ownership and earnings informativeness.
Author : James P. Hawley
Publisher : University of Pennsylvania Press
ISBN 13 : 9780812235630
Total Pages : 268 pages
Book Rating : 4.2/5 (356 download)
Download or read book The Rise of Fiduciary Capitalism written by James P. Hawley and published by University of Pennsylvania Press. This book was released on 2000-10-06 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traces the rise of public and private pension funds, which now control as much as 50 percent of the equity in American corporations, and argues that shareholders in those funds could use their power to make corporations more responsive to social needs.
Author : Ahmed M. Ebrahim
Publisher :
ISBN 13 :
Total Pages : 240 pages
Book Rating : 4.:/5 (68 download)
Download or read book The Effectiveness of Corporate Governance, Institutional Ownership, and Adult Quality as Monitoring Devices of Earnings Management written by Ahmed M. Ebrahim and published by . This book was released on 2004 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bradley E. Lail
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Influence of Strong Shareholders on Earnings Management written by Bradley E. Lail and published by . This book was released on 2014 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presumably, shareholder rights aim to better align the actions of managers with the interests of shareholders; however, it is not clear from prior research whether such alignment mitigates or exacerbates managers' propensity to manage earnings. We document that when shareholder rights are stronger, managers are more likely to manage earnings upward to meet analyst expectations or last year's EPS. The greater propensity of firms with strong shareholder rights to manage earnings to meet earnings benchmarks is not consistent with the traditional expectation that shareholder rights serve as a governance mechanism to reduce what could be opportunistic reporting behavior. We further highlight the unique impact of shareholder rights for our sample by demonstrating that other traditional governance mechanisms (audit quality, institutional ownership, and board's financial expertise) have the expected effect of reducing earnings management. Given recent demands to enhance shareholder rights, our study highlights an interesting and perhaps unexpected financial reporting consequence.
Author : Harry DeAngelo
Publisher : Now Publishers Inc
ISBN 13 : 1601982046
Total Pages : 215 pages
Book Rating : 4.6/5 (19 download)
Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Author : Ruth W. Epps
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Corporate Governance and Earnings Management written by Ruth W. Epps and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relationship between corporate governance characteristics and earnings management. These characteristics include board structure, board composition, board size, CEO characteristics, nominating committee independence, compensation committee independence, and board disclosure policies. The study makes no pre-assumptions or specific predictions on which corporate governance characteristics have an impact on earnings management and which would not. Rather, a factor analysis approach is used, whereby all the above fore mentioned aspects of corporate governance are linked to earnings management to determine the corporate governance factor loading. Three groups of U.S. firms, one with relatively high negative, one with relatively high positive and one with low levels of discretionary accruals in the year 2004 are examined. In contrast to prior literature where board composition is defined as either an insiders-controlled board or outsiders-controlled board, this study classifies board composition into seven discrete categories: >50% insiders, >50% insiders and affiliated officers, between 50% and 66.7% outsiders, between 75% and 90% outsiders, between 90% and 100% outsiders, and 100% outsiders. In a univariate approach, the study finds that firms with annually elected boards, small size boards, 100% independent nominating committees and 100% independent compensation committees have more negative discretionary accruals. However, firms with 75% to 90% independent board or firms with a board size of between 9 and 12 have higher positive discretionary accruals. The study's major contributions to the existing literature are its findings that income-increasing and income-decreasing discretionary accruals have a different relationship with corporate governance practices and its expansion of the scope of corporate governance from board independence and audit committee independence to other corporate governance characteristics such as board election rule, board size, nominating committee independence, compensation committee independence, and board disclosure policies.
Author : Nico Alexander
Publisher :
ISBN 13 :
Total Pages : 6 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Effect of Corporate Governance, Ownership and Tax Aggressiveness on Earnings Management written by Nico Alexander and published by . This book was released on 2018 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Objective -The purpose of this research is to empirically examine the effect of corporate governance, ownership and tax aggressiveness on earnings management. Methodology/Technique -The population of this research consists of non-financial companies listed on the Indonesian Stock Exchange (IDX) between 2013 and 2015. This research uses 3 recent years and utilizes different variable that have not been used in prior research. The 67 samples were choose using a purposive sampling method. The hypotheses are tested using multiple regression analysis with the SPSS program, to investigate the influence of each independent variable on earnings management. Findings -The results show that the board of director have a positive influence on earnings management, while board independence, audit quality, managerial ownership, and tax aggressiveness have no influence on earnings management. Novelty -This research add value in the existing literature and empirically study the effect of the board of directors, independence of the board, audit quality, managerial ownership, and tax aggressiveness on earnings management. Type of Paper: Empirical.
Author : Ping-Sheng Koh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book On the Association between Institutional Ownership and Aggressive Corporate Earnings Management in Australia written by Ping-Sheng Koh and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the association between institutional ownership and Australian firms' aggressive earnings management strategies. In contrast to similar studies, this study does not assume that the two views on how institutional ownership associates with firms' earnings management behaviour are mutually exclusive. The association between institutional ownership and firms' income increasing discretionary accruals is expected to vary as the level of institutional ownership increases. The results support the predicted non-linear association between institutional ownership and income increasing discretionary accruals. In particular, a positive association is found at the lower institutional ownership levels, consistent with the view that transient (short-term oriented) institutional investors create incentives for managers to manage earnings upwards. On the other hand, a negative association is found at the higher institutional ownership levels, consistent with the view that long-term oriented institutional investors' monitoring limits managerial accruals discretion. These findings suggest that institutional investors can act as a complementary corporate governance mechanism in mitigating myopic aggressive earnings management by corporations when they have a sufficiently high ownership level.
