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Managerial Power and Rent Extraction in the Design of Executive Compensation

Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002

constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …

Persistent link: https://www.econbiz.de/10005114260

Executive Compensation as an Agency Problem

Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …

Persistent link: https://www.econbiz.de/10005662270

Consistent Valuation Cash Flow

Yaari, Uzi; Nikiforov, Andrei; Kahya, Emel; … - Department of Economics, University of Pennsylvania - 2012

This paper seeks to draw attention to a flaw in the firm’s Free Cash Flow model and related statement widely accepted in Corporate Finance. We argue that the common offset of any Current Liabilities against Current Assets distorts the FCF size, composition, and volatility, thereby misstating...

Persistent link: https://www.econbiz.de/10010544669

The Real and Accrual-based Earnings Management Behaviors: Evidence from the Split Share Structure Reform in China

Kuo, Jing-Ming; Ning, Lutao; Song, Xiaoqi - In: The International Journal of Accounting 49 (2014) 1, pp. 101-136

This paper investigates the earnings management activities in Chinese listed firms and the impact of the split share structure reform (SSSREF). We demonstrate that Chinese listed firms exhibited a long-term positive relationship between real and accrual-based earnings management activities over...

Persistent link: https://www.econbiz.de/10010753036

The dark side of outside directors: Do they quit when they are most needed?

Fahlenbrach, Rüdiger; Low, Angie; Stulz, René M. - National Bureau of Economic Research (NBER) - 2010

Outside directors have incentives to resign to protect their reputation or to avoid an increase in their workload when they anticipate that the firm on whose board they sit will perform poorly or disclose adverse news. We call these incentives the dark side of outside directors. We find strong...

Persistent link: https://www.econbiz.de/10008631680

Marco Institucional de la Contabilidad y las Finanzas

Galindo Lucas, Alfonso - Entelequia y Grupo Eumed.net (Universidad de Málaga)

Accounting and Financial methods are useful techniques for business, but their objective study should be inserted in the wider scope of Social Science. Historical issues determine policies and these ones, themselves, configure taxes and other environmental variables. Taxes, interest rates and...

Persistent link: https://www.econbiz.de/10004981883

La réglementation de l’audit est-elle dans l’intérêt public:quelques enseignements du modèle français

Piot, Charles; Schatt, Alain - Université de Bourgogne - CREGO EA7317 Centre de … - 2010

earnings management activities by French managers, despite of the legal banning of parallel non-audit services. These empirical …

Persistent link: https://www.econbiz.de/10010674662

The Disciplining Effect of the Internal Control Provisions of the Sarbanes–Oxley Act on the Governance Structures of Firms

Goh, Beng Wee; Li, Dan - In: The International Journal of Accounting 48 (2013) 2, pp. 248-278

This study examines whether the internal control provisions under the Sarbanes–Oxley Act (SOX) have a disciplining effect on the governance structures of firms. We find that audit committee members and outside directors of firms that disclose material weaknesses (MWs) under Section 302 of SOX...

Persistent link: https://www.econbiz.de/10010665727

Does the Latin Corporate Governance Model perform worse than others in preventing earnings management?

Alves, Carlos F.; Vicente, Ernesto Fernando R. - Faculdade de Economia, Universidade do Porto - 2012

In this paper, by using a database of Portuguese and Brazilian firms, where the Latin Corporate Governance Model is traditionally predominant but increasingly out of fashion, we investigate whether the Latin Corporate Governance Model performs worse or better than others (variants of the...

Persistent link: https://www.econbiz.de/10010617861

Are Performance Conditions On Executive Options Driven By Fundamentals?

Choudhary, M. Ali; Orszag, J. Michael - School of Economics, University of Surrey - 2003

Persistent link: https://www.econbiz.de/10005543354

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