计量经济分析 = Econometric analysis

Earnings Management and Investor Protection: An International Comparison

This study aims to discover the corporate social responsibility (CSR) disclosure practices and the potential influence of corporate governance (CG), ownership structure, and corporate characteristics, in an emerging Arab country, Saudi Arabia. This study extends the extant literature by investigating the drivers of CSR disclosure in a country that lacks research in this area. This study examines 267 annual reports of Saudi non-financial-listed firms during 2007-2011 using manual content and multiple regression analyses and a checklist of 17 CSR disclosure items based on ISO 26000. The analysis finds that the CSR disclosure average is 24%, higher than 14.61% and 16% found by Al-Janadi et al. (2013) and Macarulla and Talalweh (2012) for two Saudi samples during 2006-2007 and during 2008, respectively. This improvement may be due to the application of Saudi CG code in 2007. The analysis also shows that government and family ownership, firm size, and firm age are positive determinants of CSR disclosure, firm leverage is a negative determinant, while effective AC, board independence, role duality, institutional ownership, firm profitability, and industry type are found not to be determinants of CSR disclosure. This study is important because it uses agency theory to ascertain the influence of specific board characteristics and ownership structures on disclosure. As a result it provides important implications for CG regulators and different stakeholders and provides an evaluation of the recently applied Saudi CG code from CSR disclosure perspective.

/pdf/corporate-governance-and-corporate-social-responsibility-24ifowpgoe.pdf

Corporate governance and corporate social responsibility disclosure: evidence from Saudi Arabia

This paper examines the relationship between corporate ownership structure in Portugal and earnings management. The Portuguese governance structure is characterised by the dominance of the largest shareholder who typically exercises significant influences on management decisions directly or indirectly. Existing literature suggests that ownership structure decreases the incentive to manage earnings but also provides the opportunity and incentive to anipulate earnings. Therefore, the main purpose of this paper is to analyse whether a firm’s ownership structure (measured with three variables: managerial ownership, ownership concentration and institutional ownership) exacerbate or alleviate earnings management. Using a sample of 34 non-financial listed Portuguese firms for years from 2002 to 2007, we find that discretionary accruals as a proxy for earnings management is negatively related both to managerial ownership and to ownership concentration. The study’s results suggest that both managerial ownership and ownership concentration improve the quality of annual earnings by reducing the levels of earnings management.

https://ro.uow.edu.au/cgi/viewcontent.cgi?article=1278&context=aabfj

Ownership Structure and Earnings Management: Evidence from Portugal

Agency theory predicts that corporate governance and external audit enhance the convergence of interests between shareholders and managers. The primary objective of this thesis is to investigate the effect of corporate governance and external audit on constraining earnings management practice in the UK.

In this thesis, earnings management is measured using the magnitude of discretionary accruals as estimated by the performance matched discretionary accruals (Kothari et al., 2005) model. A review of the corporate governance literature reveals sixteen attributes that can impact on shareholders’ perception of earnings quality due to their role in enhancing financial reporting integrity. The corporate governance attributes are organized in four categories: 1) Board Composition; 2) Audit Committee Effectiveness; 3) Non-Executive Directors’ (NEDs) Commitment; and 4) Ownership Structures. The external audit factors include auditor independence and audit quality.

Two models are constructed and a set of hypotheses are stated. These models are tested using a sample consisting of the top 350 companies listed on the London Stock Exchange. Firms in the financial, mining and regulated industries are excluded due to different accrual choices and valuation processes. The study covers the period of four financial years (2003, 2004, 2005 and 2006). Nineteen hypotheses are derived from both models. These hypotheses are tested using univariate and multivariate techniques to determine if corporate governance attributes and external auditor factors significantly constrain discretionary accruals.

The results reveal that board size and independence, audit committee independence and expertise, nomination committee independence, chairman independence, the level of NED fees and an independent and specialised external auditor are negatively associated with earnings management at significant levels. 

The primary contribution to knowledge of this research is its extension of the literature on the role of corporate governance and the external auditor in constraining earnings management practice in the UK. This study’s results are useable by stock market participants in their evaluation of corporate governance and the role of the external auditor in enhancing earnings quality. The findings will also assist regulators in defining effective corporate governance attributes and assessing the disclosure of corporate governance practices.

The effectiveness of corporate governance and external audit on constraining earnings management practice in the UK

The association between corporate governance and earnings quality: Further evidence using the GOV-Score

We investigate whether corporate governance aﬀects ﬁrms’ credit ratings andwhether improvement in corporate governance standards is associated withimprovement in investment grade rating. We use the Gov-score of Brown andCaylor (2006), the Gomper’s G index and an entrenchment score of Bebchuket al. (2009) to proxy for corporate governance. Using a sample of US ﬁrms, weﬁnd that ﬁrms characterized by stronger corporate governance have a signiﬁ-cantly higher credit rating, and that this association is accentuated for smallerﬁrms relative to larger ﬁrms. We ﬁnd that an improvement in corporate gover-nance is associated with improvement in bond rating.Key words: Corporate governance; Credit ratings; Changes in corporategovernance; Changes in credit ratingsJEL classiﬁcation: G24, G32, G34doi: 10.1111/j.1467-629X.2010.00396.x1. IntroductionIn this study, we use the methodology developed by Ashbaugh-Skaife et al.(2006) to examine the inﬂuence of corporate governance on a ﬁrm’s creditratings. The issue of corporate governance has become more important becauseof the highly publicized ﬁnancial reporting frauds at Enron, Worldcom andParmalat (Palmrose and Scholz, 2004). One of the most important functions of

https://papers.ssrn.com/sol3/Delivery.cfm/j_1467-629X_2010_00396_x_wml.pdf?abstractid=2042884&mirid=2

The effect of corporate governance on firm’s credit ratings: further evidence using governance score in the United States

Purpose – The purpose of this paper is to examine the effect of shareholder rights on the quality of reported earnings using a proxy for strength of shareholder rights. In the analysis, the influence of institutional investors on shareholder rights is incorporated and their joint impact on earnings quality is studied.Design/methodology/approach – Alternative regression models with the level of discretionary accrual (DA) as the dependent variables are estimated. To measure DA, a model developed by DeChow et al. is used. Higher levels of DA imply lower quality of earnings. The independent variables of interest are shareholder rights (measured by a modified Gomper's index) and institutional ownership (measured in three different ways discussed in the paper). A number of control variables, which prior research indicates, that can influence earnings quality is also included.Findings – It is found that stronger shareholder rights are associated with higher earnings quality. However, when firms' stocks are held ...

Shareholder rights, corporate governance and earnings quality: The influence of institutional investors

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The association between corporate governance and earnings quality: Further evidence using the GOV-Score

The effect of corporate governance on firm’s credit ratings: further evidence using governance score in the United States

Shareholder rights, corporate governance and earnings quality: The influence of institutional investors