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| Tekijä: | Cornett, M.M. Marcus, A.J. Tehranian, H. |
| Otsikko: | Corporate governance and pay-for-performance: The impact of earnings management |
| Lehti: | Journal of Financial Economics
2008 : FEB, VOL. 87:2, p. 357-373 |
| Asiasana: | corporate governance financial performance executive remuneration earnings compensation stock options companies USA |
| Kieli: | eng |
| Tiivistelmä: | This study deals with the issue whether the apparent impact of governance (here as: gov.) structure and incentive-based compensation (hereafter as: comp.) on firm performance (as: perf.) stands up when measured perf. is adjusted for the effects of earnings management (here as: e-mgmt). Institutional (here as: inst.) ownership of shares, inst. investor representation on the board of directors (as: dirs.), and the presence of independent outside dirs. on the board reduce the usage of discretionary accruals. These factors largely offset the option comp. impact, which strongly encourages e-mgmt. Adjusting for the impact of e-mgmt. substantially increases the measured importance of gov. variables and dramatically decreases the impact of incentive-based comp. on corporate performance. |
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