Author: Bipin B. Ajinkya
Publisher:
ISBN:
Category :
Languages : en
Pages : 58
Book Description
This paper investigates the effect of institutional ownership and board of directors' composition on the properties of management earnings forecasts. A firm's optimal disclosure policy is determined by a trade-off between costs and benefits of disclosure. Managers acting in their self-interest may have incentives to distort disclosure policy. Governance mechanisms, to the extent they are effective in protecting the interests of the providers of capital, should mitigate these distortions. We find evidence that institutional ownership and outsider directors have a favorable governance effect on the properties of earnings forecasts. Firms with greater institutional ownership and outside directorship are more likely to issue a forecast and do so consistently. Further, these forecasts tend to be more specific and accurate. The governance measures also mitigate managers' tendency to issue optimistic forecasts. Lastly, our evidence suggests that institutional ownership creates an environment that enhances the credibility of the forecasts.
The Governance Effect of Institutional Investors and Outsider Directors on the Properties of Management Earnings Forecasts
Author: Bipin B. Ajinkya
Publisher:
ISBN:
Category :
Languages : en
Pages : 58
Book Description
This paper investigates the effect of institutional ownership and board of directors' composition on the properties of management earnings forecasts. A firm's optimal disclosure policy is determined by a trade-off between costs and benefits of disclosure. Managers acting in their self-interest may have incentives to distort disclosure policy. Governance mechanisms, to the extent they are effective in protecting the interests of the providers of capital, should mitigate these distortions. We find evidence that institutional ownership and outsider directors have a favorable governance effect on the properties of earnings forecasts. Firms with greater institutional ownership and outside directorship are more likely to issue a forecast and do so consistently. Further, these forecasts tend to be more specific and accurate. The governance measures also mitigate managers' tendency to issue optimistic forecasts. Lastly, our evidence suggests that institutional ownership creates an environment that enhances the credibility of the forecasts.
Publisher:
ISBN:
Category :
Languages : en
Pages : 58
Book Description
This paper investigates the effect of institutional ownership and board of directors' composition on the properties of management earnings forecasts. A firm's optimal disclosure policy is determined by a trade-off between costs and benefits of disclosure. Managers acting in their self-interest may have incentives to distort disclosure policy. Governance mechanisms, to the extent they are effective in protecting the interests of the providers of capital, should mitigate these distortions. We find evidence that institutional ownership and outsider directors have a favorable governance effect on the properties of earnings forecasts. Firms with greater institutional ownership and outside directorship are more likely to issue a forecast and do so consistently. Further, these forecasts tend to be more specific and accurate. The governance measures also mitigate managers' tendency to issue optimistic forecasts. Lastly, our evidence suggests that institutional ownership creates an environment that enhances the credibility of the forecasts.
The Governance Role of Institutional Investors and Outsider Directors on the Properties of Management Earnings Forecasts
Author: Bipin B. Ajinkya
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
Book Description
This paper investigates the relation between institutional ownership and board of directors' composition and the properties of management earnings forecasts. A firm's optimal disclosure policy is determined by a trade-off between costs and benefits of disclosure. Managers acting in their self-interest may have incentives to distort disclosure policy. Governance mechanisms, to the extent they are effective in protecting the interests of the providers of capital, should mitigate these distortions. We find evidence that institutional ownership and outsider directors are favorably associated with the properties of earnings forecasts. Firms with greater institutional ownership and outside directorship are more likely to issue a forecast and do so consistently. Further, these forecasts tend to be more specific and accurate. The governance measures also mitigate managers' tendency to issue optimistic forecasts.
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
Book Description
This paper investigates the relation between institutional ownership and board of directors' composition and the properties of management earnings forecasts. A firm's optimal disclosure policy is determined by a trade-off between costs and benefits of disclosure. Managers acting in their self-interest may have incentives to distort disclosure policy. Governance mechanisms, to the extent they are effective in protecting the interests of the providers of capital, should mitigate these distortions. We find evidence that institutional ownership and outsider directors are favorably associated with the properties of earnings forecasts. Firms with greater institutional ownership and outside directorship are more likely to issue a forecast and do so consistently. Further, these forecasts tend to be more specific and accurate. The governance measures also mitigate managers' tendency to issue optimistic forecasts.
Institutional Investors and Corporate Governance
Author: Theodor Baums
Publisher: Walter de Gruyter
ISBN: 9783110136432
Category : Business & Economics
Languages : en
Pages : 732
Book Description
The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.
Publisher: Walter de Gruyter
ISBN: 9783110136432
Category : Business & Economics
Languages : en
Pages : 732
Book Description
The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.
ICMLG2016-4th International Conference on Management, Leadership and Governance
Author: Dmitry Vasilenko and Natalia Khazieva
Publisher: Academic Conferences and publishing limited
ISBN: 1910810843
Category :
Languages : en
Pages : 543
Book Description
Publisher: Academic Conferences and publishing limited
ISBN: 1910810843
Category :
Languages : en
Pages : 543
Book Description
Corporate Governance and Firm Performance
Author: Mark Hirschey
Publisher: Emerald Group Publishing
ISBN: 1848555369
Category : Business & Economics
Languages : en
Pages : 268
Book Description
Focuses on corporate governance, broadly defined as the system of controls that helps corporations and other organizations effectively manage, administer, and direct economic resources. This book focuses on: the impact of deregulation and corporate structure on productive efficiency; and the effectiveness of the fraud triangle and SAS.
Publisher: Emerald Group Publishing
ISBN: 1848555369
Category : Business & Economics
Languages : en
Pages : 268
Book Description
Focuses on corporate governance, broadly defined as the system of controls that helps corporations and other organizations effectively manage, administer, and direct economic resources. This book focuses on: the impact of deregulation and corporate structure on productive efficiency; and the effectiveness of the fraud triangle and SAS.
The Role of Corporate Governance in Meeting Or Beating Analysts' Expectations
Author: Angela Banita Andrews
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 296
Book Description
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 296
Book Description
ECMLG2012-Proceedings of the 8th European Conference on Management, Leadership and Governance
Author: John Politis
Publisher: Academic Conferences Limited
ISBN: 1908272910
Category : Leadership
Languages : en
Pages : 593
Book Description
Published by Academic Conferences and Publishing International Limited Edited by: Professor John Politis, Neapolis University Pafos, Cyprus. CD version of the proceedings of the 8th European Conference on Management Leadership and Governance - ECMLG 2012 hosted by the Neapolis University on the 8-9 November 2012. 567 pages
Publisher: Academic Conferences Limited
ISBN: 1908272910
Category : Leadership
Languages : en
Pages : 593
Book Description
Published by Academic Conferences and Publishing International Limited Edited by: Professor John Politis, Neapolis University Pafos, Cyprus. CD version of the proceedings of the 8th European Conference on Management Leadership and Governance - ECMLG 2012 hosted by the Neapolis University on the 8-9 November 2012. 567 pages
Advances in Pacific Basin Business, Economics and Finance
Author: Cheng-Few Lee
Publisher: Emerald Group Publishing
ISBN: 1837538646
Category : Business & Economics
Languages : en
Pages : 377
Book Description
Advances in Pacific Basin Business, Economics and Finance (APBBEF) is a peer-reviewed series designed to focus on interdisciplinary research in finance, economics, and management among Pacific Rim countries.
Publisher: Emerald Group Publishing
ISBN: 1837538646
Category : Business & Economics
Languages : en
Pages : 377
Book Description
Advances in Pacific Basin Business, Economics and Finance (APBBEF) is a peer-reviewed series designed to focus on interdisciplinary research in finance, economics, and management among Pacific Rim countries.
Program and Proceedings
Author: American Accounting Association. Annual Meeting
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 288
Book Description
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 288
Book Description
Earnings Management
Author: Joshua Ronen
Publisher: Springer Science & Business Media
ISBN: 0387257691
Category : Business & Economics
Languages : en
Pages : 587
Book Description
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Publisher: Springer Science & Business Media
ISBN: 0387257691
Category : Business & Economics
Languages : en
Pages : 587
Book Description
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?