重述如何影响外部董事和董事会?文献综述

IF 1.1 Q3 BUSINESS, FINANCE Journal of Accounting Literature Pub Date : 2019-12-01 DOI:10.1016/j.acclit.2019.07.001
Daniel A. Street , Dana R. Hermanson
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引用次数: 0

摘要

本文回顾了与外部董事和董事会在盈余重述后可能面临的后果相关的学术文献,并提出了未来的研究方向。我们考察了董事会席位的流失;聘请新董事;代理推荐和股东支持;先发制人的董事离职;董事财富效应;董事声誉、诉讼、制裁风险;国际证据;以及改革的法律建议。从文献中得出的总体情况是,在收益重述之后,董事的主要风险是失去董事会席位,部分原因是代理顾问的不利建议和股东支持的减少。董事通常不会面临法律责任或美国证交会制裁的风险,一些董事会先发制人地离开问题公司的董事会,减少他们在连锁董事会席位上的损失。一些法律学者呼吁增加董事的责任,以促进董事会更加警惕的监督。在财务报表重述之后,公司通常会把重点放在增强董事会的独立性上,以修复公司声誉。尽管迄今为止,研究人员已经披露了许多重要的发现,但关于财务报表重述对外部董事和董事会的影响,我们还可以了解更多。
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How do restatements affect outside directors and boards? A review of the literature

This paper reviews academic literature related to the consequences that outside directors and boards may face in the wake of earnings restatements and suggests directions for future research. We examine loss of board seats; recruitment of new directors; proxy recommendations and shareholder support; pre-emptive director departures; director wealth effects; director reputation, litigation, and sanction risks; international evidence; and legal proposals for reform. The overall picture that emerges from the literature is that directors’ primary risk in the wake of earnings restatements is loss of board seats, in part through adverse proxy advisor recommendations and reduced shareholder support. Directors typically face little risk of legal liability or SEC sanctions, and some directors pre-emptively leave a problem company’s board and reduce their loss of interlocked board seats. Some legal scholars have called for director liability to be increased so as to promote more vigilant board oversight. Companies often focus on increasing the independence of the board in the wake of a restatement in an effort to repair organizational reputation. While researchers have revealed a host of important findings to date, much more can be learned about the effects of restatements on outside directors and boards.

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来源期刊
CiteScore
6.50
自引率
0.00%
发文量
6
期刊介绍: The objective of the Journal is to publish papers that make a fundamental and substantial contribution to the understanding of accounting phenomena. To this end, the Journal intends to publish papers that (1) synthesize an area of research in a concise and rigorous manner to assist academics and others to gain knowledge and appreciation of diverse research areas or (2) present high quality, multi-method, original research on a broad range of topics relevant to accounting, auditing and taxation. Topical coverage is broad and inclusive covering virtually all aspects of accounting. Consistent with the historical mission of the Journal, it is expected that the lead article of each issue will be a synthesis article on an important research topic. Other manuscripts to be included in a given issue will be a mix of synthesis and original research papers. In addition to traditional research topics and methods, we actively solicit manuscripts of the including, but not limited to, the following: • meta-analyses • field studies • critiques of papers published in other journals • emerging developments in accounting theory • commentaries on current issues • innovative experimental research with strong grounding in cognitive, social or anthropological sciences • creative archival analyses using non-standard methodologies or data sources with strong grounding in various social sciences • book reviews • "idea" papers that don''t fit into other established categories.
期刊最新文献
Ontological basis of the creative accounting phenomenon as a financial misstatement The valuation and determinants of franking account balances Unveiling the hidden symphony: board dynamics and carbon emission disclosure – a meta-analysis study in the realm of developed markets Trade-based money laundering: a systematic literature review Theories underlying environmental, social and governance (ESG) disclosure: a systematic review of accounting studies
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