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The Impact Of Sox On Earnings Management Activities Around Ceo Turnovers
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Book Synopsis The Impact of SOX on Earnings Management Activities Around CEO Turnovers by : Paul Geertsema
Download or read book The Impact of SOX on Earnings Management Activities Around CEO Turnovers written by Paul Geertsema and published by . This book was released on 2018 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: We assess the impact of the Sarbanes-Oxley Act (SOX) on discretionary accruals (DA) and real earnings management (REM) activities around CEO turnovers. Improved corporate governance post-SOX can either deter earnings management (the deterrence effect) or pressure CEOs to inflate earnings when facing imminent turnover risks (the pressure effect). We find a strong deterrence effect for new CEOs, while the pressure effect dominates the deterrence effect for outgoing CEOs. Pre-SOX firms with new CEOs manage earnings downward through both DA and REM and the effect is more pronounced in weakly governed firms. Post-SOX both types of earnings baths diminished. By contrast, post-SOX firms engage in more aggressive upward earnings management prior to CEO turnovers and the evidence is stronger prior to performance-induced CEO turnovers. The compulsory compliance with the 2003 NYSE and NASDAQ listing rule on audit committee independence is associated with a reduction in new-CEO REM baths.
Book Synopsis Market Reaction to Events Surrounding the Sarbanes-Oxley Act of 2002 and Earnings Management by : Haidan Li
Download or read book Market Reaction to Events Surrounding the Sarbanes-Oxley Act of 2002 and Earnings Management written by Haidan Li and published by . This book was released on 2014 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Sarbanes-Oxley Act of 2002 (SOX) is the most important legislation affecting corporate financial reporting enacted in the United States since the 1930s. Its purpose is to improve the accuracy and reliability of accounting information reported to investors. We examine stock price reactions to legislative events surrounding SOX, and focus on whether such stock price effects are related cross-sectionally to the extent firms had managed their earnings. Our univariate results indicate significantly positive abnormal stock returns associated with SOX events, and our primary analyses reveal considerable evidence of a positive relation between SOX event stock returns and extent of earnings management. These results are consistent with investors anticipating that SOX would constrain earnings management and enhance the quality of financial statement information more, the more firms had managed their earnings.
Book Synopsis Evidence on the Tradeoff Between Real Manipulation and Accrual Manipulation: to 25; Pages:26 to 50; Pages:51 to 75; Pages:76 to 100; Pages:101 to 120 by : Amy Yunzhi Zang
Download or read book Evidence on the Tradeoff Between Real Manipulation and Accrual Manipulation: to 25; Pages:26 to 50; Pages:51 to 75; Pages:76 to 100; Pages:101 to 120 written by Amy Yunzhi Zang and published by ProQuest. This book was released on 2000 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings Management Surrounding CEO Turnover by : Jong-Seo Choi
Download or read book Earnings Management Surrounding CEO Turnover written by Jong-Seo Choi and published by . This book was released on 2012 with total page 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?
Book Synopsis Impact of the Sarbanes-Oxley Act on Special Items by : Glenn Growe
Download or read book Impact of the Sarbanes-Oxley Act on Special Items written by Glenn Growe and published by . This book was released on 2016 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The enactment of the Sarbanes-Oxley Act (SOX) contributes to the increase in frequency of special items on income statements. This increase is not concentrated in special item types implicated in earnings management or restructuring activities, nor does it depend on the sign of special items. The frequency increase may result from managers and auditors becoming more diligent in recognizing special items. It is an unintended consequence of SOX that should be considered by regulators in their cost-benefit analysis for SOX.
Book Synopsis CEO Turnover & Earnings Management by : John Manuel Barrios
Download or read book CEO Turnover & Earnings Management written by John Manuel Barrios and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a hand-collected sample of Italian family and non-family-controlled firms, we investigate the moderating effect of family ownership on the relation between earnings management and CEO turnover. Consistent with agency theory, we find a positive and significant relation between earnings management and CEO turnover in the overall sample, the association being primarily driven by non-family-controlled firms. In family-controlled firms, we find that the positive relation is reduced. Furthermore, we find the association to be insignificant in cases where the CEO is a member of the controlling family. Robustness tests rule out competing hypotheses that differences in the propensity of family and non-family firms to manage earnings and ownership concentration drive our results. Overall, this study contributes to our understanding of family ownership driven differences in corporate governance systems, a relatively unexamined topic in the literature.
Book Synopsis The Effect of CEO Tenure on Earnings Management by : Randall Eugene LaSalle
Download or read book The Effect of CEO Tenure on Earnings Management written by Randall Eugene LaSalle and published by . This book was released on 1991 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Routledge Companion to Financial Accounting Theory by : Stewart Jones
Download or read book The Routledge Companion to Financial Accounting Theory written by Stewart Jones and published by Routledge. This book was released on 2015-05-22 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial accounting theory has numerous practical applications and policy implications, for instance, international accounting standard setters are increasingly relying on theoretical accounting concepts in the creation of new standards; and corporate regulators are increasingly turning to various conceptual frameworks of accounting to guide regulation and the interpretation of accounting practices. The global financial crisis has also led to a new found appreciation of the social, economic and political importance of accounting concepts generally and corporate financial reporting in particular. For instance, the fundamentals of capital market theory (i.e. market efficiency) and measurement theory (i.e. fair value) have received widespread public and regulatory attention. This comprehensive, authoritative volume provides a prestige reference work which offers students, academics, regulators and practitioners a valuable resource containing the current scholarship and practice in the established field of financial accounting theory.
Book Synopsis Interactive Reporting Bias Surrounding CEO Turnover by : Chia-Feng (Jeffrey) Yu
Download or read book Interactive Reporting Bias Surrounding CEO Turnover written by Chia-Feng (Jeffrey) Yu and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes how CEO turnover affects successive CEOs' financial reporting decisions and the capital market price. I show that when an outgoing CEO (O) in period 1 is succeeded by an incoming CEO (N) in period 2, strategic interaction between O and N leads to interlinked earnings reports. Specifically, when the level of earnings reported by O is lower, N's reporting strategy is more likely to feature a downward reporting bias. Furthermore, by a comparison of the two-CEO setting with a setting with no CEO turnover, I show that with CEO turnover, (i) the period 2 earnings report is more sensitive to the private information of the CEO in control and less sensitive to the period 1 earnings report; (ii) the period 1 earnings report is more sensitive to the private information of the CEO in control; and (iii) the equilibrium stock price has the same sensitivities towards the associated risks, but is less sensitive to the periods 1 and 2 earnings reports. These results provide a novel explanation for managerial under-reporting bias based on strategic interaction between successive CEOs and shed light on the role of CEO turnover in earnings management behavior and capital market responses.
Book Synopsis The Impact of Credit Ratings and CEOs' Work Experience on Earnings Management and Post-issue Performance of U.S. IPOs by : Hang Minh Pham
Download or read book The Impact of Credit Ratings and CEOs' Work Experience on Earnings Management and Post-issue Performance of U.S. IPOs written by Hang Minh Pham and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Patricia M. Dechow Publisher :Research Foundation of the Institute of Chartered Financial Analysts ISBN 13 :9780943205687 Total Pages :152 pages Book Rating :4.2/5 (56 download)
Book Synopsis Earnings Quality by : Patricia M. Dechow
Download or read book Earnings Quality written by Patricia M. Dechow and published by Research Foundation of the Institute of Chartered Financial Analysts. This book was released on 2004-01-01 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of CEO Turnover on Equity Volatility by : Matthew J. Clayton
Download or read book The Impact of CEO Turnover on Equity Volatility written by Matthew J. Clayton and published by . This book was released on 2008 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: A change in executive leadership is a significant event in the life of a firm. Our paper investigates a potentially significant consequence of a CEO turnover: a change in equity volatility. We develop several hypotheses about how CEO changes might affect stock price volatility, and test these hypotheses using a sample of 872 CEO changes over the 1979-1995 period. We find that volatility increases following a CEO turnover, even for the most frequenttype, when a CEO leaves voluntarily and is replaced by someone from inside the firm. Ourresults indicate that forced turnovers, which are expected to result in large strategy changes, increase volatility more than voluntary turnovers. Outside successions, which are expected to result in a successor CEO with less certain skill in managing the firm's operations, increase volatility more than inside turnovers. We also document a greater stock-price response to earnings announcements around CEO turnover, consistent with more informative signals of value driving the increased volatility. Controls for firm-specific characteristics indicate that the volatility changes cannot be entirely attributed to factors such as changes in firm operations, firm size, and both volatility change and performance prior to the turnover.
Book Synopsis CEO Pay Slice and Earnings Manipulation in Overvalued Companies by : Hui (Hillary) Wang
Download or read book CEO Pay Slice and Earnings Manipulation in Overvalued Companies written by Hui (Hillary) Wang and published by . This book was released on 2014 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Both the magnitude and signs of discretionary accrual (DACC) should be considered when examining its impact on firm-specific risk. In this study, we show that only overvalued firms that have positive DACC exhibit low firm-specific information and high price crash risk. We also investigate whether corporate governance affects the earnings management decisions of overvalued firms. Among all the variables we examine, CEO pay slice (CPS) has the strongest power in predicting overvalued firms' earnings management choice, followed by monitoring intensity and information asymmetry measures. We also find that the passage of SOX plays a positive role in controlling the “value-destroying forces” set in motion by equity overvaluation and firms are more likely to use DACC for informational purpose after the passage of SOX.
Book Synopsis The Impact of Forced CEO Turnover Announcements on Shareholder Value by : Roman Stebler
Download or read book The Impact of Forced CEO Turnover Announcements on Shareholder Value written by Roman Stebler and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of forced CEO turnover announcements on shareholder value as measured by stock-price-based and accounting-based performance measures. Using a unique sample of 311 CEO turnover events at firms listed on the SP500 Index between 2000 and 2010, the study investigates the actual empirical relation between firing decisions of the board of directors and how capital markets perceives the quality and effectiveness of these decisions. This paper investigates the prevailing assumption that forced CEO turnovers in every sense represent positive news to shareholders and provides new evidence that shareholder critically differentiate between the dismissal of out- and underperforming top managers yet do not explicitly disesteem the dismissal of outperforming CEOs. Despite, analysis of changes in operating return on assets urge that ousting outperforming executives tends to have an adverse impact on firm value. The findings are further confirmed in a multivariate cross-sectional regression. Informative results from the regressions also indicate that shareholders seem to be more concerned with forced turnovers in times of overall economic downturn. Moreover, analysis on the causes of dismissal suggests that in a considerable number of events the board's explanation for ousting the incumbent CEO lacks credibility and that shareholders seem to assess top executives partially but not exclusively on the basis of past performance. Overall, the results contribute to the understanding of the effects of corporate governance mechanisms on shareholders based on the example of forced CEO turnovers.
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2008 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting and Regulation by : Roberto Di Pietra
Download or read book Accounting and Regulation written by Roberto Di Pietra and published by Springer Science & Business Media. This book was released on 2013-11-05 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1998, the world’s leading experts on accounting and regulation have convened in a series of workshops to explore and analyze emerging issues in the field. They have covered a wide array of topics, including corporate governance, auditing, financial disclosure, international standards boards, and the dynamics of markets and institutions. Most recently, they have focused on the role that accounting practices and policies may have played in the global financial crisis of 2008. In this volume, the editors showcase contributions from the workshops that represent the full spectrum of issues and perspectives relating to accounting and regulation. Each paper incorporates the most current examples and references to reflect the latest insights, with an emphasis on exploring future implications for theory and research, practice, and policymaking.
