-
作者：Guedhami, Omrane; Pittman, Jeffrey A.; Saffar, Walid
作者单位：Memorial University Newfoundland; University of South Carolina System; University of South Carolina Columbia; American University of Beirut
摘要：We rely on a unique dataset of 176 privatizations from 32 countries to extend recent research on the link between the political economy and accounting transparency by examining the importance of shareholders' proportionate holdings to auditor choice. Consistent with our predictions on shareholders' diverging interests in high-quality financial reporting that manifests in auditor choice, we report strong, robust evidence that privatized firms worldwide become less (more) likely to appoint a Big...
-
作者：Fischer, Paul E.; Gramlich, Jeffrey D.; Miller, Brian P.; White, Hal D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Maine System; University of Southern Maine; Copenhagen Business School; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of Michigan System; University of Michigan
摘要：This paper provides evidence that uncontested director elections provide informative polls of investor perceptions regarding board performance. We find that higher (lower) vote approval is associated with lower (higher) stock price reactions to subsequent announcements of management turnovers. In addition, firms with low vote approval are more likely to experience CEO turnover, greater board turnover, lower CEO compensation, fewer and better-received acquisitions, and more and better-received ...
-
作者：Biddle, Gary C.; Hilary, Gilles; Verdi, Rodrigo S.
作者单位：University of Hong Kong; Hautes Etudes Commerciales (HEC) Paris; Massachusetts Institute of Technology (MIT)
摘要：Prior evidence that higher-quality financial reporting improves capital investment efficiency leaves unaddressed whether it reduces over- or under-investment. This study provides evidence of both in documenting a conditional negative (positive) association between financial reporting quality and investment for firms operating in settings more prone to over-investment (under-investment). Firms with higher financial reporting quality also are found to deviate less from predicted investment level...
-
作者：Dedman, Elisabeth; Lennox, Clive
作者单位：Nanyang Technological University; University of Bath
摘要：We investigate the relation between perceived competition and voluntary disclosure in the absence of capital market incentives by examining private UK companies, which have the option to withhold sales and costs of sales information from their publicly-filed accounts. We survey managers about their companies' competitive environments and we calculate archival measures of industry competition. We find that managers are more likely to withhold information about sales and costs if they perceive t...
-
作者：Feng, Mei; Li, Chan; McVay, Sarah
作者单位：Utah System of Higher Education; University of Utah; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We examine the relation between internal control quality and the accuracy of management guidance. Consistent with managers in firms with ineffective internal controls relying on erroneous internal management reports when forming guidance, we document less accurate guidance among firms reporting ineffective internal controls. This relation extends to a change analysis, and the impact of ineffective internal controls on forecast accuracy is three times larger when the weakness relates to revenue...
