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Do Audit Committees Reduce The Agency Costs Of Ownership Structure
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Book Synopsis Do Audit Committees Reduce the Agency Costs of Ownership Structure? by : Charlie X. Cai
Download or read book Do Audit Committees Reduce the Agency Costs of Ownership Structure? written by Charlie X. Cai and published by . This book was released on 2011 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the agency costs of corporate ownership structure and the role of audit committees in mitigating their effect. Using China as a laboratory, where audit committees are voluntary, we study the demand for and value relevance of audit committees conditional on the various agency costs of corporate ownership. Audit committees are shown to complement existing internal governance systems by reducing the agency conflicts embedded in ownership structure. They are always value relevant, the magnitude of which depends upon the level and complexity of the ownership lattice. Finally, audit committees substitute for inefficient external regulatory environments, particularly where weak legal institutions predominate. Our results are robust to firm size, investment level and financial leverage.
Book Synopsis Do Agency Costs Really Matter? A Non-Linear Approach to Panel Data by : Fitriya Fauzi
Download or read book Do Agency Costs Really Matter? A Non-Linear Approach to Panel Data written by Fitriya Fauzi and published by . This book was released on 2018 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the relationship between agency cost, ownership structure and corporate governance mechanisms. Though previous studies of agency problems, corporate governance mechanisms or ownership variables suffer from endogeneity, with respect to the corporate governance it is unclear as to which variables are endogenous and which are exogenous. This study, using the Durbin-Wu-Hausman test for endogeneity, confirms noendogeneity issues should be addressed. Furthermore, addressing the issue of non-linearity, this study confirms that the relationship between agency costs, ownership structures and corporate governance mechanisms are non-linear. Using a balanced panel of 79 New Zealand-listed firms, this study employs a non-linear panel data method using Tobit. Apart from block-holders' ownership, leverage, dividend, non-executive directors and audit committees, managerial ownership, the number of the board size, nomination and remuneration of the committee have significant impact in reducing the agency costs in the context of New Zealand-listed firms. Overall, it can be concluded that corporate governance mechanisms and ownership structures are vital in mitigating agency costs in the New Zealand context.
Book Synopsis Voluntary Audit Committee Formation and Agency Costs by : Michael Firth
Download or read book Voluntary Audit Committee Formation and Agency Costs written by Michael Firth and published by . This book was released on 2007 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper finds that only a small proportion of listed companies in Hong Kong voluntarily establish audit committees prior to the implementation of the revised Code of Best Practice, which effectively mandated them. We show that firms with dispersed share ownership, a greater proportion of outside directors, and that have a non-Big 5 auditor are associated with the voluntary adoption of audit committees. The latter result differs from other studies and it suggests audit committees are a substitute mechanism for the employment of high quality auditors (using the Big 5 as a proxy for high quality).
Book Synopsis Corporate Governance of State-Owned Enterprises by : World Bank Publications
Download or read book Corporate Governance of State-Owned Enterprises written by World Bank Publications and published by World Bank Publications. This book was released on 2014-10-02 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Toolkit provides an overall framework with practical tools and information to help policymakers design and implement corporate governance reforms for state-owned enterprises. It concludes with guidance on managing the reform process, in particular how to prioritize and sequence reforms, build capacity, and engage with stakeholders.
Book Synopsis Keeping Good Company by : Jonathan P. Charkham
Download or read book Keeping Good Company written by Jonathan P. Charkham and published by . This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comparative study of the systems of corporate finance that exist in five countries: Germany, France, the USA, the UK and Japan. The author establishes principles of good corporate governance and shows how they are applied in each country, indicating where methods vary or fall short of the ideal.
Book Synopsis Encyclopedia of Corporate Social Responsibility by : Samuel O. Idowu
Download or read book Encyclopedia of Corporate Social Responsibility written by Samuel O. Idowu and published by Springer. This book was released on 2013-01-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of Corporate Social Responsibility in the business world has developed from a fig leaf marketing front into an important aspect of corporate behavior over the past several years. Sustainable strategies are valued, desired and deployed more and more by relevant players in many industries all over the world. Both research and corporate practice therefore see CSR as a guiding principle for business success. The “Encyclopedia of Corporate Social Responsibility” has been conceived to assist researchers and practitioners to align business and societal objectives. All actors in the field will find reliable and up to date definitions and explanations of the key terms of CSR in this authoritative and comprehensive reference work. Leading experts from the global CSR community have contributed to make the “Encyclopedia of Corporate Social Responsibility” the definitive resource for this field of research and practice.
Author :CFA Institute. Centre for Financial Market Integrity Publisher : ISBN 13 :9780935015997 Total Pages :56 pages Book Rating :4.0/5 (159 download)
Book Synopsis The Corporate Governance of Listed Companies by : CFA Institute. Centre for Financial Market Integrity
Download or read book The Corporate Governance of Listed Companies written by CFA Institute. Centre for Financial Market Integrity and published by . This book was released on 2009 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Audit Committee: Performing Corporate Governance by : Laura F. Spira
Download or read book The Audit Committee: Performing Corporate Governance written by Laura F. Spira and published by Springer Science & Business Media. This book was released on 2007-05-08 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do we need to understand audit committees? The Cadbury Committee recommended that UK companies should adopt them in response to financial scandals that have stemmed from dubious financial reporting practices. In other countries, similar commissions have made similar recommendations and audit committees are now a common institution. However, many practitioners doubt whether an audit committee really does much to ensure the integrity of a firm's financial statements because, as outsiders, members don't know enough to dig deeply beneath the numbers. The Audit Committee: Performing Corporate Governance argues that such criticism overlooks the ceremonial function of these committees. The audit committee is an arena where members can form and strengthen shifting and fragmentary networks with each other and with the external auditors. Within these networks, both consensus and independence are demonstrated, generating comfort, which legitimises the company and maintains its access to external sources of capital. The audit committee is a key part of the corporate governance structure within an organisation. Many in the UK have been patched together to meet regulatory requirements and their operation is poorly understood because few people other than their members have access to their deliberations. In this account of the world of audit committees the practitioner will find the ethnographical perspectives on ceremonial performance, consensus, independence, and comfort both familiar and different. It's like looking at a photograph of something commonplace from an unusual angle or through a strange-shaped lens.
Book Synopsis Audit Committees by : Frank M. Burke
Download or read book Audit Committees written by Frank M. Burke and published by CCH. This book was released on 2008-08 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Agency and Audit Committees by : Tom Lee
Download or read book Economic Agency and Audit Committees written by Tom Lee and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Committees, commissions, and regulatory authorities in the US, the UK, Canada and Australia have identified the corporate audit committee as a key component of effective corporate government. Categorizations of the responsibilities frequently assigned audit committees have been prepared by professional groups and by Wolnizer. However, evidence linking assigned responsibilities to the experience backgrounds of audit committee members has not previously been provided. Statements in international accounting firm publications indicate that to function effectively some audit committee members should have backgrounds in financial reporting, accounting, or auditing. The current study uses data that are publicly available to investors and others to document assigned committee responsibilities and the membership backgrounds of the audit committees of large US multinational enterprises. It provides competing explanations of the proportion of audit committee members with instrumental experience (i.e. technical skills to relate to accounting, auditing and control issues). The results indicate that the backgrounds of the chief executive officer and the audit committee chair help to explain the proportion of members with instrumental experience, while the breadth and technicality of assigned responsibilities, multinational and domestic complexity, leverage, and asset structure do not. Because these results appear to be inconsistent with the agency costs paradigm that has guided much of published research on monitoring and controls, suggestions for future research to clarify the relation between assigned audit committees responsibilities and membership background are provided.
Book Synopsis Advances in Financial Economics by : Kose John
Download or read book Advances in Financial Economics written by Kose John and published by Emerald Group Publishing. This book was released on 2013-12-18 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Economics Vol. 16 contains a set of empirical papers by a set of global scholars who examine corporate governance and market regulation from a variety of perspectives.
Book Synopsis Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors by : OECD
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.
Book Synopsis Corporate Governance Matters by : David Larcker
Download or read book Corporate Governance Matters written by David Larcker and published by FT Press. This book was released on 2011-04-14 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance Matters gives corporate board members, officers, directors, and other stakeholders the full spectrum of knowledge they need to implement and sustain superior governance. Authored by two leading experts, this comprehensive reference thoroughly addresses every component of governance. The authors carefully synthesize current academic and professional research, summarizing what is known, what is unknown, and where the evidence remains inconclusive. Along the way, they illuminate many key topics overlooked in previous books on the subject. Coverage includes: International corporate governance. Compensation, equity ownership, incentives, and the labor market for CEOs. Optimal board structure, tradeoffs, and consequences. Governance, organizational strategy, business models, and risk management. Succession planning. Financial reporting and external audit. The market for corporate control. Roles of institutional and activist shareholders. Governance ratings. The authors offer models and frameworks demonstrating how the components of governance fit together, with concrete examples illustrating key points. Throughout, their balanced approach is focused strictly on two goals: to “get the story straight,” and to provide useful tools for making better, more informed decisions.
Book Synopsis Corporate Governance and the Cost of Equity Capital by : Hollis Ashbaugh Skaife
Download or read book Corporate Governance and the Cost of Equity Capital written by Hollis Ashbaugh Skaife and published by . This book was released on 2005 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Separation of ownership and control in firms creates information asymmetry problems between shareholders and managers that expose shareholders to a variety of agency risks. This paper investigates the extent to which governance attributes that are intended to mitigate agency risk affect firms' cost of equity capital. We examine governance attributes along four dimensions: (1) financial information quality, (2) ownership structure, (3) shareholder rights, and (4) board structure. We find that firms reporting larger abnormal accruals and less transparent earnings have a higher cost of equity, whereas firms with more independent audit committees have a lower cost of equity. We also find that firms with a greater proportion of their shares held by activist institutions receive a lower cost of equity, whereas firms with more blockholders have a higher cost of equity. Moreover, we find a negative relation between the cost of equity and the independence of the board and the percentage of the board that owns stock. Collectively, the governance attributes we examine explain roughly 8% of the cross-sectional variation in firms' cost of capital and 14 % of the variation in firms' beta. The results support the general hypothesis that firms with better governance present less agency risk to shareholders resulting in lower cost of equity capital.
Book Synopsis International Corporate Governance by : Kose John
Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2011-03-31 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Book Synopsis Agency Cost Explanations for the Demand for Audit Quality by : Cindy D. Edmonds
Download or read book Agency Cost Explanations for the Demand for Audit Quality written by Cindy D. Edmonds and published by . This book was released on 1991 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Payout Policy by : Harry DeAngelo
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.
