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1.
This paper analyzes the real motivations behind independent directors’ (IDs) job-hopping behavior based on 75 cases from 2001
to 2005. Relevant extant literature is reviewed and an analytical framework based on reputation incentive mechanism (such
as company reputation, a company’s position in the hierarchy of Chinese firms’ administrative reporting relationships, and
job risks) and economic incentive mechanism (including IDs’ remunerations and HR costs) have been put forward. Results show
that reputation-related factors, such as a listed company’s reputation and job risks, are the main influencing factors of
IDs’ job-hopping behavior. This finding indicates that sole emphasis on IDs’ remunerations may not able to motivate IDs effectively
and the reputation mechanism is more effective in motivating IDs. Contributions of this paper include enrichment of the extant
literature on corporate governance from a brand-new perspective and provision of empirical evidence for further improvement
in the incentive mechanisms for IDs.
Translated and revised from Zhongguo Kuaiji Pinglun 中国会计评论 (China Accounting Review), 2008, 6(2): 177–192 相似文献
2.
Elizabeth Dreike Almer Audrey A. Gramling Steven E. Kaplan 《Journal of Business Ethics》2008,80(1):61-76
The frequency of earnings restatements has been increasing over the last decade. Restating previous earnings erodes perceived
trustworthiness and competence of management, giving firms strong incentives to take actions to enhance perceived credibility
of future financial reports [Farber, D. B.: 2005, The Accounting Review
80(2), 539–561.]. Using an experimental case, we examine the ability of post-restatement actions taken by a firm to positively
influence non-professional investors’ perceptions of management’s financial reporting credibility. Our examination considers
credibility judgments following two types of restatements – those resulting from fraud in which the character, ethics, and
values of an organization may be called into question [cf. Copeland, Jr., J. E.: 2005, Accounting Horizons
19(1), 35–43.], and those resulting from non-fraud (i.e., aggressive accounting).
Based on the information in the experimental case, non-professional investors take the role of potential equity investors
and make a judgment about management’s financial reporting credibility after reviewing a set of post-restatement actions taken
by a firm. The possible actions include changes in four corporate governance mechanisms (i.e., internal audit function, external
audit firm, board of directors, CFO) and a buyback of company stock. Our results provide an important contribution to the
literature by demonstrating that among non-professional investors, perceptions of management’s financial reporting credibility
are affected both by the post-restatement action taken and the nature of the restatement. These results offer insight into
the formation of a key credibility judgment made by non-professional investors following a trust-destroying event, an earnings
restatement.
Data Availability: The data are available upon request. 相似文献
3.
The Sarbanes–Oxley Act of 2002 requires audit committees of public companies’ boards of directors to install an anonymous
reporting channel to assist in deterring and detecting accounting fraud and control weaknesses. While it is generally accepted
that the availability of such a reporting channel may reduce the reporting cost of the observer of a questionable act, there
is concern that the addition of such a channel may decrease the overall effectiveness compared to a system employing only
non-anonymous reporting options. The rationale underlying this concern involves the would-be reporter’s likelihood of reporting,
the seriousness with which the organization treats an anonymous report, and the organization’s ability to thoroughly follow-up
the report. Thus, we explore the extent to which the availability of an anonymous reporting channel influences intended use
of non-anonymous reporting channels. Further, in response to Sarbanes–Oxley and the environment of financial scandals that
led to its passage, many firms are strengthening their internal audit departments, and providing them with greater independence
from upper management’s direct control. Accordingly, our examination tests whether the intended use of the internal audit
department as an internal reporting channel is greater when the internal audit department is of “high” versus “low” quality.
Finally, the study investigates intended reporting behavior across three different cases (e.g., settings).
Results show that the existence of an anonymous channel does reduce the likelihood of reporting to non-anonymous channels,
that generally the internal audit department quality does not affect reporting to non-anonymous channels, and that case-setting
affects the type of channel to be used. Implications from the study are discussed. 相似文献
4.
This article proposes and empirically tests a theoretical framework incorporating Reidenbach and Robin’s (J Bus Ethics 10(4):273–284,
1991) conceptual model of corporate moral development. The framework is used to examine the relation between governance and business
ethics, as proxied by diversity management (DM), and financial reporting quality, as proxied by the magnitude of earnings
management (EM). The level of DM and governance quality are measured in accordance with the ratings of Jantzi Research (JR),
a leading provider of social and governance research for institutional investors. This DM score is part of an index developed
by JR that investment managers use to integrate DM criteria into their investment decisions. As expected, a negative relation
between corporate DM development and financial reporting quality is found while controlling for other factors known in the
literatures on governance and accounting choices to affect earnings quality. Despite some caveats presented in conclusion,
this study contributes to the ethics, governance, and financial reporting literatures by studying the dynamics between governance
and ethics in the prevention of EM. 相似文献
5.
Donald Grunewald 《Journal of Business Ethics》2008,80(3):399-401
As a public director of a NASDAQ stock exchange listed public corporation, I have seen how quickly the reforms in corporate
governance imposed by the Sarbanes-Oxley Act have changed procedures and policies in public corporations. In areas such as
transparency of financial records and other financial matters including compensation of top executives and conflict of interest
policies affecting both corporate boards of directors and employees of the corporation the reforms of this new federal law
have quickly changed corporate practices in many corporations. Many persons who have studied this new law believe that these
changes will benefit the public, shareholders, employees, and other stakeholders in the modern corporation by increasing the
reputation of these organizations for integrity and transparency. Stock exchanges such as NASDAQ and the New York Stock Exchange
now require all listed companies to have (after a transition time) a majority of independent directors on their boards of
directors. Only independent directors may serve on the audit, nominating and compensation committees of boards in most cases.
Some exceptions are made to these rules for foreign and domestic issues of companies where a majority of the voting power
is held by one person. According to Morrison & Foster LLP, Corporate Board Advisory March , 2004, NASDAQ requires that the board of directors of a listed company determine that an independent director does
not have a relationship that would “interfere with the exercise of independent judgment” in carrying out the responsibilities
of a director.
Donald Grunewald served as President of Mercy College from 1972 to 1984. He has served as a member of the board of trustees
of several colleges and proprietary educational institutions and on the boards of other charitable institutions. Currently
he is a member of the Board of Directors of EVCI Career Colleges, Inc., a NASDAQ listed corporation. 相似文献
6.
ABSTRACT The present study set out to examine corporate governance practices of SMEs in Ghana and whether there is any linkage between these governance practices and financial performance. We employed two levels of interaction to achieve our objectives: The first is an interview for a general understanding of governance issues in the SME sector and the subsequent design of a questionnaire for an exploration of the linkages between governance issues and firm financial performance by employing a linear model. The study reveals that governance structures in SMEs are jointly influenced by credit providers and business ethical considerations. The regression results show that board size, size of audit committees, corporate ethics and the proportion of outsiders on the audit committees have negative impact on financial performance while independence of the board and the presence of audit committees enhance firms' financial performance. The findings have some policy implications in that it shows that exporting SMEs are relatively profitable. It is recommended that in an attempt to promote exports, the legal and regulatory environment should be conducive for these firms. 相似文献
7.
Board independence and the board’s expertise characteristics are key factors influencing the quality of financial reporting.
Companies, having a higher percentage of independent directors, having independent financial directors, or having an audit
committee on board are more likely to generate quality accounting earnings information. Variables representing board behavior
characteristics, namely, ratio of shares owned by the board, board meeting frequency within a year, and the number of independent
directors holding posts concurrently in the controlling shareholder’s company, are not significantly related to the quality
of financial reporting. Board meeting frequency is even abnormally negatively related to the quality of financial reporting.
Translated from Guangli Pinglun 管理评论 (Business Review), 2006, (7): 49–56 相似文献
8.
9.
近年来,公司治理对于保证财务报告的公正合理、阻止公司舞弊发生的作用得到了广泛的认可和重视。本文阐述了公司治理模式中各因素对审计过程的影响,其中,公司管理层作为公司治理模式确立者对于审计过程具首要影响。 相似文献
10.
Carla CJM Millar Tarek I Eldomiaty Chong Ju Choi Brian Hilton 《Journal of Business Ethics》2005,59(1-2):163-174
This paper posits that differences in corporate governance structure partly result from differences in institutional arrangements
linked to business systems. We developed a new international triad of business systems:
the Anglo-American, the Communitarian and the Emerging system, building on the frameworks of Choi et al. (British Academy
of Management (Kynoch Birmingham) 1996, Management International Review 39, 257–279, 1999). A common factor determining the success of a corporate governance structure is the extent to which it is
transparent to market forces. Such transparency is more than pure financial transparency; as it can also be based on factors
such as governmental, banking and other types of institutional transparency mechanism. There may also be a choice for firms
to adopt voluntary corporate disclosure in situations where mandatory disclosure is not established. The Asian financial crisis
of 1997–1999 and the more recent corporate governance scandals such as Enron, Andersen and Worldcom in the United States and
Ahold and Parmalat in Europe show that corporate governance and business ethics issues exist throughout the world. As an illustration
we focus on Asia’s emerging1 markets, as, both in view of the pressure of globalization and taking into account the institutional arrangements peculiar
to the emerging business system, these issues are important there. Particularly for those who have to find an accommodation
between the corporate governance structures and disclosure standards of the Emerging system and those of the Anglo-American
and Communitarian systems. 相似文献
11.
The findings of this article increase our understanding of corporate social responsibility from the consumers’ perspective
in a Chinese setting. Based on primary data collected via a self-administered survey in Shanghai and Hong Kong and results
of similar studies conducted in Europe and the United States, we provide evidence to show that Chinese consumers are more
supportive of CSR. We also show that Carroll’s pyramid of responsibilities can be applied in China. We evaluated the importance
placed by Chinese consumers on the four responsibilities of firms – economic, legal, ethical and philanthropic – and find
that economic responsibilities are most important while philanthropic responsibilities are of least importance. The nature
of these differences is important for firms intending to use corporate social responsibility for strategic purposes. 相似文献
12.
The lack of attention to sustainability, as a concept with multiple dimensions, has presented a developmental gap in green
marketing literature, sustainability, and marketing literature for decades. Based on the established premise of customer–corporate
(C–C) identification, in which consumers respond favorably to companies with corporate social responsibility initiatives that
they identify with, we propose that consumers would respond similarly to companies with sustainability initiatives. We postulate
that consumers care about protecting and preserving favorable economic environments (an economic dimension of sustainability)
as much as they care about natural environments. Thus, we investigate how two sustainability dimensions (i.e., environmental
and economic) and price can influence consumer responses. Using an experimental method, we demonstrate that consumers favor
sustainability in both dimensions by giving positive evaluations of the company and purchase intent. In addition, consumers
respond more negatively to poor company sustainability than to high company sustainability. In comparison, consumers respond
more negatively to the company’s poor commitment to caring for the environment than to the company’s poor commitment to economic
sustainability. We also find that consumers do not respond favorably to low prices when they have information about the firm’s
poor environmental sustainability. Finally, we find support for an interaction effect between consumer support for sustainability
and corporate sustainability; that is, consumers evaluate a company more favorably if the company shares the consumers’ social
causes. Overall, we conclude, from our empirical study, support for the idea that consumers do respond to multiple dimensions
of sustainability. 相似文献
13.
14.
American businesses and corporate executives are faced with a serious problem the loss of public confidence. Public criticism,
increased government controls, and growing expectations for improved financial performance and accountability have accompanied
this decline in trust. Traditional approaches to corporate governance, typified by agency theory and stakeholder theory, have
been expensive to direct and have focused on short-term profits and organizational systems that fail to achieve desired results.
We explain why the organizational governance theories are fundamentally, inadequate to build trust. We advance a conceptual
framework based on stewardship theory characterized by “covenantal relationships” and argue that design of governance mechanisms
using a covenantal approach is more effective in building trust in organizations. A covenantal relationship is a specialized
form of a relational contract between an employee and his or her organization. We argue that regardless of incentives and
control mechanisms carefully designed through contractual mechanisms, in the absence of covenantal relationships it is extremely
difficult to build trust within organizations. We propose that organizations are more likely to build trust – both at the
organizational level and at the interpersonal level – when they create reinforcing and integrated systems that honor implied
duties of “covenantal relationships.” 相似文献
15.
We find that agency problems are embedded in firm’s excess and abnormal equity investments that are mainly dictated by controlling
shareholder’s motives and ethical choices manifested in ownership and board structure. The excess equity investment is gauged
with respect to industry average. The abnormal equity investment is specifically referred to the number of nominal investment
companies that are fully controlled by the controlling owners while subject to little governance. Our empirical evidences
of 345 Taiwanese non-financial listed firms show that firm’s excess and abnormal equity investments are negatively correlated
with controlling shareholder’s cash flow rights while are positively correlated with the control–cash flow deviation, and
board affiliation. The results are supportive of the positive incentive hypothesis and the negative entrenchment hypothesis
put forth by La Porta et al. (2002, Journal of Finance
57, 1147–1171) and Claessen et al. (2002, Journal of Finance
57, 2741–2742). The negative relation between equity investment and firm’s value further supports the agency postulation that
corporate excess and abnormal equity investments represent a leeway for controlling shareholder to exploit wealth of minority
shareholders. This study potentially contributes to the literature of business ethics by portraying an empirically testable
linkage from controlling owner’s ethical choices to his actions and therefore firm’s value.
Yin-Hua Yeh, Ph.D., is Professor and Director of the Graduate Institute of Finance at Fu-Jen Catholic University (FJU) in
Taiwan. He is also the Director of the Center for Corporate Governance and Business Ethics at FJU. His main research and teaching
areas are corporate governance, corporate finance, and merger and acquisition.
Tsun-Siou Lee, Ph.D., is Professor of Finance at National Taiwan University. His main research and teaching areas are corporate
governance, futures and options, and financial innovation.
Pei-Gi Shu, Ph.D., is Professor of Business Administration at Fu-Jen Catholic University in Taiwan. He is also the Vice Dean
of Management College at FJU. His main research and teaching areas are mutual funds and behavioral finance. 相似文献
16.
Fraudulent financial reporting, financial statements with errors so material as to require restatement, and biased reporting marred by defects such as managed earnings have plagued financial reporting in many countries in recent years. All of those failures are ethics failures that represent breaches of fiduciary duties by individuals who accepted responsibilities but did not fulfill them. The financial reporting system practiced in America is viewed by the parties involved in it as generally satisfactory. However, according to another view, the interests of those primarily and secondarily responsible for those reports conflict with the interests of the intended beneficiaries, or users, of the corporate financial statements. A more realistic view of the actual operation of that reporting system shows that it is fundamentally flawed. Primary responsibility for failures rests with top management and financial management of the reporting corporation who are so strongly motivated to render favorable reports on their stewardship that they neglect their fiduciary responsibilities to investors. Secondary responsibility falls on independent auditors who are so heavily influenced by enterprise management that they, too, fail in carrying out their responsibilities to users of the audited financial statements. Ethics compromises are also found in the performances of academic accountants and members of accounting standards-setting bodies. The conflict between managements interest in reporting its performance in a favorable light and investors interest in decision-useful financial information will always exist and require regulation. However, changes in those regulations and in the basic governance arrangements involving shareholders, management, and auditors could reduce the opportunities and temptations for failures in carrying out fiduciary responsibilities. Most importantly, the close relationships between auditors and management must be loosened in favor of closer relationships between auditors and investors. 相似文献
17.
The rising tide of corporate scandals and audit failures has shocked the public, and the integrity of auditors is being increasingly
questioned. It is crucial for auditors and regulators to understand the main causes of audit failure and devise preventive
measures accordingly. This study analyzes enforcement actions issued by the China Securities Regulatory Commission against
auditors in respect of fraudulent financial reporting committed by listed companies in China. We find that auditors are more
likely to be sanctioned by the regulators for failing to detect and report material misstatement frauds rather than disclosure
frauds. Further analysis of the material misstatements indicates that auditors are more likely to be sanctioned for failing
to detect and report revenue-related frauds rather than assets-related frauds. In sum, our results suggest that regulators
believe auditors have the responsibility to detect and report frauds that are egregious, transaction-based, and related to
accounting earnings. The results contribute to our knowledge of auditors’ responsibilities for detecting frauds as perceived
by regulators. 相似文献
18.
Debra Z. Basil Mary S. Runte M. Easwaramoorthy Cathy Barr 《Journal of Business Ethics》2009,85(Z2):387-398
Company support for employee volunteerism (CSEV) benefits companies, employees, and society while helping companies meet the
expectations of corporate social responsibility (CSR). A nationally representative telephone survey of 990 Canadian companies
examined CSEV through the lens of Porter and Kramer’s (2006, ‘Strategy and society: the link between competitive advantage
and corporate social responsibility’, Harvard Business Review, 78–92.) CSR model. The results demonstrated that Canadian companies passively support employee volunteerism in a variety
of ways, such as allowing employees to take time off without pay (71%) or adjusting their work schedules (78%). These Responsive
CSR efforts contribute to the company’s value chain by enhancing employee morale, a perceived CSEV benefit. More active forms
of support requiring company time or money are less common; for example, 29% allow time off with pay. Companies perceive that
support for employee volunteering enhances their public image, a Responsive CSR strategy when employed to ameliorate a damaged
reputation or a Strategic CSR strategy when contributing to a competitive position. A minority perceive challenges like covering
the workload. Many companies target and/or exclude particular causes and link CSEV efforts with other philanthropic donations,
suggesting a Strategic CSR application of CSEV. Where programs exist, they frequently are neither tracked nor evaluated, suggesting
that companies are not using these programs as strategically as they might. 相似文献
19.
This article investigates the link between corporate social responsibility (CSR) practices and the reasons for which legitimacy
is ascribed or denied. It fills a gap in the literature on CSR and legitimacy that lacks empirical studies regarding the question
whether CSR contributes to organisational legitimacy. The problem is discussed by referring to the case of De Beers’s diamond
mining partnership with the Government of Namibia. A total of 42 interviews were conducted—41 with stakeholders and one with
the focal organisation Namdeb. The 41 stakeholder interviews are analysed with regard to cognitive, pragmatic and moral legitimacy
as defined by Suchman (Acad Manage Rev 20(3):571–610, 1995). The main finding is that the majority of statements on organisational legitimacy refer to moral legitimacy and most issues
raised in this context challenge the company’s legitimacy despite its comprehensive CSR engagement. The study demonstrates
that legitimacy gaps can be a result of communication practices that raise unrealistic stakeholder expectations and that the
legitimacy gained by CSR engagement in one area cannot substitute legitimacy losses caused by failures in another. 相似文献
20.
Regulatory responses to the business failures of 1998–2001 framed them as a general failure of governance and ethics rather
than as firm-specific problems. Among the regulatory responses are Section 406 of Sarbanes–Oxley Act, SEC, and exchange requirements
to provide a Code of Ethics. However, institutional pressures surrounding this regulation suggest the potential for symbolic
responses and decoupling of response from organizational action. In this article, we examine Codes of Ethics for a stratified
sample of 75 U.S. firms across five distinct industries and find that content and language converge across organizations in
ways undesired by the regulators, and that language is used to minimize the effects of the Code on constraining organizational
behavior. There is, however, a noteworthy exception in the sections of the Codes dedicated the ethics of financial reporting.
Although this material still contains legalistic boilerplate information, it does offer concrete guidance and emphatic language
pertaining to the need to maintain the integrity of reporting practices. This suggests that the corporate understanding of
the source of the failures is one of fraudulent financial reporting. Aside from the matter of financial reporting, the vague
and stylized content of the Codes was a predicted response and constitutes a rational response to the regulation. The regulation,
however, clearly states the belief that Codes should vary from firm to firm and that individual firms should determine the
specific content of a Code. Aside from financial reporting matters, the observed result suggests that regulatory efforts may
have failed to instigate corporate change in attitudes toward and enforcement of higher ethical standards by corporate actors. 相似文献