Corporate Governance-An International Review最新文献_第6页

Keeping them honest? Broad-based employee ownership and earnings management 让他们保持诚实？广泛的员工所有权和收益管理

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-08-03 DOI: 10.1111/corg.12554

Colin Birkhead

Research Question/Issue

Does broad-based employee ownership limit accrual earnings management?

Research Findings/Insights

I run a series of random effect and fixed effect models on a sample of S&P 1500 firms between 2008 and 2019 to show that managers at employee-owned firms manipulate earnings less than managers at nonemployee-owned firms. My findings suggest that employee ownership enhances financial transparency and limits the opportunities for managers to misrepresent firm performance.

Theoretical/Academic Implications

This study develops and tests theory on employee ownership as a form of internal corporate governance. Equity incentives for executives are typically thought to reduce agency costs. The findings here suggest awarding equity incentives broadly, in which the majority of employees receive equity stakes, may be a more effective method of reducing agency costs.

Practitioner/Policy Implications

Earnings management and intentional financial misreporting are often a result of siloed information within firms. Broad-based employee ownership is generally associated with enhanced information flows through greater mutual monitoring and information sharing. Corporate governors interested in reducing managerial malfeasance may find that widely awarding equity to employees is more effective than financially incentivizing individual managers to act in the firm's interests.

广泛的员工所有权是否限制了应计收益管理？我在2008年至2019年间对标准普尔1500指数成分股公司的样本进行了一系列随机效应和固定效应模型，以表明员工所有制公司的经理操纵收益的程度低于非员工所有制企业的经理。我的研究结果表明，员工所有权提高了财务透明度，并限制了经理歪曲公司业绩的机会。本研究发展并检验了员工所有权作为公司内部治理形式的理论。对高管的股权激励通常被认为可以降低代理成本。研究结果表明，广泛授予股权激励，其中大多数员工获得股权，可能是降低代理成本的更有效方法。盈余管理和故意的财务误报往往是公司内部孤立信息的结果。广泛的员工所有权通常与通过加强相互监控和信息共享来增强信息流有关。对减少管理渎职行为感兴趣的公司董事可能会发现，将股权广泛授予员工比在财务上激励个别经理为公司利益行事更有效。

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引用次数: 0

The informativeness of earnings announcements during times of global uncertainty: Evidence from the Covid-19 pandemic 全球不确定性时期盈利公告的信息性：来自新冠肺炎-19大流行的证据

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-08-02 DOI: 10.1111/corg.12552

Michele Fabrizi, Elisabetta Ipino, Federico Longhin, Antonio Parbonetti

Research Question/Issue

This study shows how investors assessed the informativeness of earnings announcements during the Covid-19 pandemic. Prior studies suggest that earnings announcements are more likely to provide value to investors during periods of heightened uncertainty. However, the massive regulatory intervention that took place during the pandemic is likely to have led investors to seek alternative sources of information and to have reduced their reliance on earnings to price stocks. Moreover, the uncertainty brought by Covid-19 directly challenged firms' value drivers and business models, potentially inhibiting the ability to map earnings onto stock prices.

Research Findings/Insights

The empirical findings show that earnings announcements lost part of their information content during the Covid-19 crisis. Cross-sectional tests document that geographic dispersion of operations and the degree of institutional ownership significantly affected the relationship under study. We also find that the loss of earnings announcements' informativeness was driven by exposure to the pandemic.

Theoretical/Academic Implications

The recent accounting literature investigates the role of accounting information in supporting public policy during systemic crises. Our results highlight the firm-specific attributes that affect investors' perceptions of the informativeness of earnings announcements by showing how geographic dispersion and ownership structure affect it in periods of uncertainty.

Practitioner/Policy Implications

In a context in which earnings announcements' informativeness decreases, regulators and standard-setters should consider taking corrective action to restore its informativeness, such as by strengthening disclosure requirements. The documented decrease in the informativeness of earnings announcements could be partially offset by heightening disclosure requirements to complement financial statements.

本研究展示了投资者如何在Covid-19大流行期间评估收益公告的信息量。先前的研究表明，在不确定性加剧的时期，收益公告更有可能为投资者提供价值。然而，大流行期间进行的大规模监管干预很可能导致投资者寻求其他信息来源，并减少了对收益来为股票定价的依赖。此外，新冠肺炎带来的不确定性直接挑战了企业的价值驱动因素和商业模式，可能会抑制将收益映射到股价的能力。研究结果/见解实证研究结果表明，在2019冠状病毒病危机期间，收益公告失去了部分信息内容。横断面测试证明，业务的地理分散和机构所有权程度对研究中的关系有显著影响。我们还发现，业绩公告信息量的丧失是受疫情影响所致。最近的会计文献调查了在系统性危机期间会计信息在支持公共政策方面的作用。我们的研究结果通过展示地理分散和所有权结构在不确定时期如何影响投资者对收益公告信息的感知，突出了影响投资者对收益公告信息的感知的公司特定属性。从业者/政策影响在盈余公告的信息量下降的情况下，监管机构和标准制定者应考虑采取纠正措施，例如加强披露要求，以恢复其信息量。盈余公告信息量的减少可以通过提高披露要求以补充财务报表来部分抵消。

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引用次数: 0

Internal governance and internal control material weaknesses 内部治理和内部控制的重大弱点

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-07-12 DOI: 10.1111/corg.12548

Mai Dao, Trung Pham, Hongkang Xu

<div> <section> <h3> Research Question/Issue</h3> <p>The objective of this study is to examine whether the effectiveness of internal governance is associated with internal control material weaknesses. We employ the concept of internal governance as the checks-and-balances mechanism that subordinate executives apply to the chief executive officer (CEO). We predict that with long horizons and long-term interests aligned with firms' long-term growth, subordinate executives may have the incentive to support a high-quality internal control system, which is an important factor contributing to firms' long-term success.</p> </section> <section> <h3> Research Findings/Insights</h3> <p>Using data on CEOs' and other highest paid executives' age and compensation to measure the effectiveness of internal governance, we empirically find consistent evidence that internal governance effectiveness is associated with higher internal control quality. In particular, we find that effective internal governance is related to a lower likelihood of firms reporting internal control material weaknesses, fewer material weaknesses in internal control (ICMWs), a lower chance of firms disclosing internal control weaknesses for multiple years, and a lower probability of firms reporting entity-level and/or account-level material weaknesses in internal control. We also show that among the two factors forming the internal governance measure, only subordinate executives' horizon is associated with the probability of firms disclosing ICMWs. Our further analysis reveals that the probability of reporting ICMWs is lower for growth firms with effective internal governance.</p> </section> <section> <h3> Theoretical/Academic Implications</h3> <p>Our findings contribute to the literature on internal governance and internal control quality. The impact of the checks-and-balances mechanism inherent in internal governance on firms' investment in the internal control system and thus the probability of disclosing ICMWs has not received sufficient attention from accounting researchers. While prior studies focus on individual members of the management team, our finding implies that the quality of the internal control system is a result of the joint effort of the whole management team. Unlike the extant literature that captures only certain aspects of reporting quality and information disclosures, our study emphasizes the role of the horizon dimension of internal governance in enhancing the reliability of financial reporting (measured as the quality of the internal control system).</p> </section> <section> <h3> Practitioner/Policy Implications</h3> <p>Our results shed light on the im

研究问题本研究的目的是探讨内部治理的有效性是否与内部控制重大缺陷有关。我们采用的内部治理概念是下属高管对首席执行官（CEO）的制衡机制。我们预测，由于下属高管的长远眼光和长期利益与公司的长期发展相一致，他们可能会有动力支持高质量的内部控制系统，而这正是促进公司长期成功的重要因素。研究结果/启示利用首席执行官和其他最高薪酬高管的年龄和薪酬数据来衡量内部治理的有效性，我们通过实证研究发现了内部治理有效性与内部控制质量较高相关的一致证据。特别是，我们发现有效的内部治理与公司报告内部控制重大缺陷的可能性较低、内部控制重大缺陷（ICMW）较少、公司披露多年内部控制缺陷的几率较低以及公司报告实体级和/或账户级内部控制重大缺陷的概率较低有关。我们还发现，在构成内部治理衡量标准的两个因素中，只有下属高管的视野与企业披露 ICMWs 的概率相关。我们的进一步分析表明，内部治理有效的成长型企业报告 ICMW 的概率较低。理论/学术意义我们的研究结果为有关内部治理和内部控制质量的文献做出了贡献。内部治理所固有的制衡机制对企业内部控制系统投资的影响，进而对披露 ICMWs 概率的影响，尚未引起会计研究人员的足够重视。以往的研究主要关注管理团队中的个别成员，而我们的发现则意味着内部控制系统的质量是整个管理团队共同努力的结果。与只关注报告质量和信息披露的某些方面的现有文献不同，我们的研究强调内部治理的视野维度在提高财务报告可靠性（以内部控制系统的质量来衡量）方面的作用。实践者/政策含义我们的研究结果揭示了下属高管在监督首席执行官短期利益方面的重要作用。

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引用次数: 0

CGIR Special Issues CGIR特刊

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-07-09 DOI: 10.1111/corg.12549

No abstract is available for this article.

这篇文章没有摘要。

引用次数: 0

CGIR Junior Scholar Consortium and Paper Development Workshop CGIR青年学者联合会和论文开发研讨会

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-07-09 DOI: 10.1111/corg.12551

No abstract is available for this article.

这篇文章没有摘要。

引用次数: 0

Corporate Governance and Evolving Corporate Disclosures: Global Challenges and Opportunities for Research and Policy 公司治理与不断演变的公司披露：研究与政策的全球挑战与机遇

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-07-09 DOI: 10.1111/corg.12550

No abstract is available for this article.

这篇文章没有摘要。

引用次数: 0

The impact of indigenous culture and business group affiliation on corporate governance of African firms 本土文化和企业集团从属关系对非洲企业公司治理的影响

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-07-05 DOI: 10.1111/corg.12547

Bruce Hearn, Lars Oxelheim, Trond Randøy

Research Question/Issue

This is a study of the relationship between business group ownership and constituent firms' adoption of Anglo-American shareholder value governance in African firms at the undertaking of an initial public offering (IPO).

Research Findings/Insights

We find business group ownership to be associated with lower Anglo-American corporate governance adoption by constituent firms. However, this association is reversed in the institutional context of higher tribalism, while correspondingly being exacerbated in the context of lower tribalism.

Theoretical/Academic Implications

We theorize that the influence of business group ownership on firms' adoption of Anglo-American corporate governance is better understood when considering the institutional context. We highlight how informal cultural institutions are heterogeneous and thus shape the indigenous political economy and impact business groups. Specifically, we argue institutional contexts with higher tribalism are associated with more in-group favoritism and nepotism. This association makes it critical for business group constituent firms to escape the constraints of the political economy of tribalism when attracting outside funding, leading to a higher inclination to adopt Anglo-American governance. Contrastingly, in lower tribalism contexts, there is more universal trust across societies and an increased availability of domestic funding.

Practitioner/Policy Implications

Given the proliferation of business group ownership within economies worldwide, the study provides a useful framework with which to gauge the influence of business group ownership on a constituent firm's adoption of Anglo-American governance best practice. In particular, the study emphasizes that the interdependence of formal institutional architecture and tribalism—both fundamentally associated with the demographic shape and with the incentive structures embedded within the underlying national political economy—calls for careful considerations when making national corporate governance recommendations.

研究问题/议题这是一项关于非洲企业在首次公开募股（IPO）时，企业集团所有权与成分公司采用英美股东价值治理之间关系的研究。研究结果/见解我们发现，企业集团所有权与成分公司较少采用英美式公司治理有关。然而，在部落主义较高的制度背景下，这种关联会发生逆转，而在部落主义较低的背景下，这种关联会相应加剧。理论/学术意义我们认为，如果考虑到制度背景，就能更好地理解企业集团所有权对企业采用英美公司治理的影响。我们强调了非正式文化制度如何具有异质性，从而塑造本土政治经济并影响企业集团。具体而言，我们认为部落主义较高的制度背景与更多的集团内偏袒和裙带关系相关。这种关联使得商业集团的成员公司在吸引外部资金时必须摆脱部落主义政治经济学的限制，从而更倾向于采用英美式治理。相反，在部落主义程度较低的情况下，各社会之间的普遍信任程度更高，国内资金的可获得性也更强。实践者/政策含义鉴于企业集团所有权在全球经济中的扩散，本研究提供了一个有用的框架，可用于衡量企业集团所有权对成员公司采用英美治理最佳实践的影响。本研究特别强调，正式制度架构与部落主义之间的相互依存关系--两者在根本上都与人口结构和国家政治经济中的激励结构有关--要求我们在提出国家公司治理建议时加以谨慎考虑。

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引用次数: 0

Do geopolitical risks increase corporate risk-taking?—Based on the perspective of diversification expansion 地缘政治风险会增加企业的风险承担吗?基于多元化扩张的视角

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-07-02 DOI: 10.1111/corg.12538

Li Li, Xiang Cheng

Research Question/Issue

Does geopolitical risk increase a firm's risk-taking, and will diversification expansion smooth out or exacerbate this effect?

Research Findings/Insights

Based on microdata of Chinese A-share listed companies, we find that (1) geopolitical risk significantly increases corporate risk-taking at both micro and macro levels; (2) horizontal diversification can significantly smooth out the impact of geopolitical risk on a firm's risk-taking, while vertical diversification will exacerbate the effect; (3) geopolitical risk and diversification do not significantly impact all firms, and their effect are limited to non-state-owned enterprises and firms in manufacturing industries.

Theoretical/Academic Implications

First, compared with the previous studies, this paper identifies the geopolitical risk faced by each sample firm separately, thus providing a more accurate analysis of the impact of the specific geopolitical risk faced by the firm on its risk-taking. Second, we expand the connotation of diversification and analyze its moderating effect on corporate risk-taking from the perspective of horizontal and vertical diversification. Third, considering that the degree of political affiliation and capital intensity may affect a firm's sensitivity to geopolitical risk, this paper examines the relationship between geopolitical risk, diversification, and a firm's risk-taking regarding property rights and industry type.

Practitioner/Policy Implications

On the one hand, export-oriented firms should pay close attention to the geopolitical risk situation in exporting countries to reduce the adverse impact of sudden geopolitical risks. On the other hand, diversification expansion is a double-edged sword for firms. Although vertical diversification increases the risk-taking of a firm, it also increases its specialization. Therefore, it is necessary to make a comprehensive judgment on whether and what kind of diversification an enterprise should undertake according to its business development status.

研究问题地缘政治风险是否会增加企业的风险承担，多元化扩张会平滑还是加剧这种效应？研究结果/启示基于中国 A 股上市公司的微观数据，我们发现：（1）地缘政治风险在微观和宏观层面上都会显著增加企业的风险承担；（2）横向多元化能够显著平滑地缘政治风险对企业风险承担的影响，而纵向多元化则会加剧这种影响；（3）地缘政治风险和多元化并不会对所有企业产生显著影响，其影响仅限于非国有企业和制造业企业。理论/学术启示第一，与以往研究相比，本文分别识别了各样本企业面临的地缘政治风险，从而更准确地分析了企业面临的具体地缘政治风险对其风险承担的影响。第二，拓展多元化的内涵，从横向多元化和纵向多元化的角度分析多元化对企业风险承担的调节作用。第三，考虑到政治关联度和资本密集度可能会影响企业对地缘政治风险的敏感性，本文研究了地缘政治风险、多元化与企业在产权和行业类型方面的风险承担之间的关系。实践/政策启示一方面，出口导向型企业应密切关注出口国的地缘政治风险状况，以降低突发性地缘政治风险的不利影响。另一方面，多元化扩张对企业来说是一把双刃剑。虽然纵向多元化增加了企业的风险承担能力，但同时也增加了企业的专业化程度。因此，要根据企业的经营发展状况，综合判断企业是否应该进行多元化经营以及进行何种多元化经营。

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引用次数: 0

Birds of a feather flock together: How and when does the fit of CEO–CFO high promotion focus predict new venture initial public offering fraud? 物以类聚：首席执行官和首席财务官的高度晋升重点如何以及何时预测新企业首次公开募股欺诈？

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-06-25 DOI: 10.1111/corg.12536

Mijia Gong, Zhe Zhang, Xiaohua Yang, Ming Jia

Research Question/Issue

This study attempts to examine how the fit of CEO and CFO high promotion focus, an important motivational-based psychological trait, can affect new venture initial public offering (IPO) fraud. Furthermore, we explore how this relationship is moderated by CEO–CFO status similarity (firm internal environment) and environmental dynamism (firm external environment).

Research Findings/Insights

Using a sample of Chinese new ventures listed on growth enterprise market from 2010 to 2016, we conduct computer-aided content analysis to quantify CEO and CFO promotion focus. Results show that the fit of CEO–CFO high promotion focus increases the likelihood of new venture IPO fraud. Moreover, CEO–CFO status similarity and environmental dynamism strengthen this positive relationship.

Theoretical/Academic Implications

We make three main contributions to the literature. First, we enrich upper echelons literature on CEO–top management team (TMT) interface by exploring how the psychological characteristic (promotion focus) of CEO–CFO dyad, a subteam of TMT, affects new venture IPO fraud. Second, we contribute to regulatory focus theory by extending interpersonal promotion fit to the context of upper echelons level and exploring its boundary conditions of CEO–CFO status similarity (internal environment) and environmental dynamism (external environment). Third, from the perspective of microfoundation, this study contributes to IPO fraud literature by investigating the antecedents of firm internal factors, specifically the psychological trait—high promotion focus fit of CEO–CFO.

Practitioner/Policy Implications

By examining the fit of CEO and CFO high promotion focus, this study shows the need to consider the motivational-based psychological traits of CEO and CFO when selecting, training, monitoring, dismissing, and compensating executives. Moreover, to prevent new venture IPO fraud, policymakers and key stakeholders such as the board of directors can consider paying much attention to firms with CEO and CFO who possess high promotion focus.

研究问题本研究试图探讨首席执行官和首席财务官的高晋升关注度（一种重要的基于动机的心理特征）如何影响新创企业的首次公开募股（IPO）欺诈行为。此外，我们还探讨了这种关系如何受到首席执行官与首席财务官地位相似性（公司内部环境）和环境动态性（公司外部环境）的调节。研究结果/启示我们以 2010 年至 2016 年在成长型企业市场上市的中国新创企业为样本，通过计算机辅助内容分析法量化了 CEO 和 CFO 的晋升重点。结果表明，CEO-CFO高晋升关注度的契合度会增加新创企业IPO造假的可能性。此外，CEO-CFO地位的相似性和环境的动态性也加强了这种正相关关系。理论/学术启示我们对相关文献做出了三个主要贡献。首先，我们通过探讨作为 TMT 子团队的 CEO-CFO 组合的心理特征（晋升焦点）如何影响新创企业的 IPO 欺诈，丰富了有关 CEO 与高层管理团队（TMT）关系的上层文献。其次，我们通过将人际晋升契合扩展到高管层面，并探讨 CEO-CFO 地位相似性（内部环境）和环境动态性（外部环境）的边界条件，为监管焦点理论做出了贡献。第三，从微观基础的角度来看，本研究通过研究公司内部因素的前因，特别是 CEO-CFO 的心理特质-高晋升焦点契合度，为 IPO 欺诈文献做出了贡献。实践者/政策启示通过研究 CEO 和 CFO 高晋升焦点的契合度，本研究表明，在选择、培训、监督、解雇和补偿高管时，需要考虑 CEO 和 CFO 基于动机的心理特征。此外，为防止新创企业 IPO 造假，政策制定者和董事会等关键利益相关者可以考虑对首席执行官和首席财务官拥有高晋升关注度的企业给予高度关注。

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引用次数: 0

Board demographic, structural diversity, and eco-innovation: International evidence 董事会人口统计、结构多样性和生态创新:国际证据

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-06-06 DOI: 10.1111/corg.12545

Rashid Zaman, Kaveh Asiaei, Muhammad Nadeem, Ihtisham Malik, Muhammad Arif

Research question/issue

We examine whether and how board diversity, measured by demographics (i.e., board gender, cultural diversity, tenure, social capital, expertise, and age) and structural diversity (i.e., board independence, size, board seat accumulation-chair, board compensation, and board meeting frequency), influence corporate eco-innovation.

Research findings/insights

Utilizing a global sample of publicly listed companies for the period 2004–2019, we find that a one-standard deviation increase in demographic and structural diversity translates into 4.66% and 7.11% higher corporate eco-innovation, respectively. Furthermore, we discover that demographic and structural diversity promotes eco-innovation by offsetting the negative effects of political risk. In an additional analysis, we find evidence that, in the absence of greater external monitoring (institutional investors and analyst following), organizations benefit more from the monitoring role of board diversity.

Theoretical/academic implications

By adopting the concept of “bundling the governance mechanisms,” our study adds to the ongoing discourse about the function of board diversity in addressing corporate climate footprints by offering original evidence that board diversity heterogeneity—demographic and structural diversity—matters for corporate eco-innovation.

Practitioner/policy implications

Given the increasing pressure on companies to manage their environmental impacts and carbon footprints, our paper has significant ramifications for those involved in promoting eco-innovative business practices, such as policymakers, regulators, and practitioners.

研究问题我们研究了以人口统计学（即董事会性别、文化多样性、任期、社会资本、专业知识和年龄）和结构多样性（即董事会独立性、规模、董事会席位累积-主席、董事会薪酬和董事会会议频率）衡量的董事会多样性是否以及如何影响企业生态创新。研究结果/见解利用 2004-2019 年期间的全球上市公司样本，我们发现人口和结构多样性每增加一个标准差，企业生态创新就会分别增加 4.66% 和 7.11%。此外，我们还发现，人口和结构多样性可以抵消政治风险的负面影响，从而促进生态创新。在另一项分析中，我们发现有证据表明，在缺乏更多外部监督（机构投资者和分析师跟踪）的情况下，企业从董事会多样性的监督作用中获益更多。理论/学术意义通过采用 "捆绑治理机制 "的概念，我们的研究提供了董事会多样性的异质性--人口和结构多样性--对企业生态创新至关重要的原始证据，从而为目前关于董事会多样性在解决企业气候足迹方面的功能的讨论增添了新的内容。对实践者/政策的影响鉴于公司在管理其环境影响和碳足迹方面面临的压力越来越大，我们的论文对那些参与推动生态创新的商业实践者（如政策制定者、监管者和实践者）具有重要影响。

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引用次数: 0