Corporate governance, accounting outcomes, and organizational performance

• 成果类型: Article
• 署名作者: Larcker, David F.; Richardson, Scott A.; Tuna, Irem
• 署名单位: Stanford University; University of Pennsylvania
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/accr.2007.82.4.963
• 发表日期: 2007
• 页码: 963-1008
• 关键词: earnings management; market valuation; BOARD; equity; DIRECTORS; accruals; OWNERSHIP; COMMITTEE; investors; QUALITY

摘要

The empirical research examining the association between typical measures of corporate governance and various accounting and economic outcomes has not produced a consistent set of results. We believe that these mixed results are partially attributable to the difficulty in generating reliable and valid measures for the complex construct that is termed corporate governance. Using a sample of 2,106 firms and 39 structural measures of corporate governance (e.g., board characteristics, stock ownership, institutional ownership, activist stock ownership, existence of debtholders, mix of executive compensation, and anti-takeover variables), our exploratory principal component analysis suggests that there are 14 dimensions to corporate governance. We find that these indices have a mixed association with abnormal accruals, little relation to accounting restatements, but some ability to explain future operating performance and future excess stock returns.