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Corporate governance in five Arabian Gulf countries

توسط: zal در 26 اسفند 1392

Purpose – The purpose of this paper is to draw together available data as a means of comparing the
state of corporate governance in five countries; Kuwait, Bahrain, the United Arab Emirates, Qatar and
Oman. This comparison provides a basis for analyzing the efficacy of corporate governance and
government regulation in the region.
Design/methodology/approach – The authors construct a measure of corporate governance using
the OECD’s 2005 survey data, which includes these and many other countries in the sample. The authors
analyze the resulting measures in the light of ongoing institutional developments in each country.
Findings – Based on the corporate governance measurement scale, Oman is the clear leader among
the five countries, followed by Kuwait and the United Arab Emirates. Bahrain and Qatar rank fourth
and fifth, respectively.
Originality/value – This paper adds value by transforming the data in the OECD survey, thus adding
to the limited information available on corporate governance and related issues in the Arabian Gulf.
Keywords Corporate governance, Arabian Gulf countries, Shareholder rights and obligations,
Transparency, Kuwait, Bahrain, United Arab Emirates, Qatar, Oman
Paper type Research paper[left][/left]

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توسط: admin در 11 فروردین 1393
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Income smoothing behaviour by Asian transportation firms

توسط: peymanzal_mg در 26 اسفند 1392
Purpose – Managers may “creatively” choose accounting methods in order to smooth income
figures. Using a sample of 1,094 transportation firm-year observations before and throughout the
global financial crisis (GFC) period of 2006-2009 in seven Asian countries, the purpose of this study is
to investigate whether managers’ smooth reported earnings to meet the benchmark target of last year’s
earnings figure.
Design/methodology/approach – Following previous research (e.g.,Burgstahler and Dichev;
Degeorge, Patel, and Zeckhauser; Holland and Ramsay; Burgstahler and Eames; Daske, Gebhardt, and
McLeay; Gore, Pope, and Singh; Charoenwong and Jiraporn), this study uses an earnings benchmark of
sustaining last year’s performance as the key indicator of earnings management.
Findings – The empirical evidence reveals that corporate managers seem to opportunistically
smooth income to beat earnings targets. The results also show that the AuditQuality, EcoCrisis and
Size are not explanatory for the smoothing behavior of the above target firms. However, the
independent variables EcoCrisis and Size are predictors for the smoothing behavior of the sample firms
that engage in income-increasing earnings management. The coefficient on EcoCrisis is negative and
significantly (at p ¼ 0.001) related to the earnings management measure, suggesting that during a
period of economic stress, transportation firm managers engage in less aggressive income-increasing
discretionary accruals strategy. Furthermore, the findings confirm that large size firms exhibit less
aggressive income-increasing earnings management behavior. Specifically, the coefficient on Size is
negative and moderately significant ( p ¼ 0.056) associated with earnings management measure.
Originality/value – This study strongly supports the political costs hypothesis which argues that
larger firms are subject to more public scrutiny and political actions therein exhibiting less aggressive
income-increasing earnings management behavior. The authors further note a “big bath” phenomenon
during the GFC period suggesting that corporate managers manipulate their reported earnings
downward to make poor results even worse in the current financial period, artificially enhancing
future year’s earnings.
Keywords Earnings management, Income smoothing, Transportation firms, Earnings, Income,
Transportation
Paper type Research paper

Auditor industry specialization, board governance, and arnings management

توسط: peymanzal_mg در 26 اسفند 1392
Purpose – The purpose of this study is to investigate the interaction effect of auditor industry
specialization and board governance on earnings management. This study examines whether board
independence is more or less effective in constraining earnings management for firms audited by
industry specialists than for firms audited by non-specialists.
Design/methodology/approach – The US data were collected from the RiskMetrics Directors
database and the Compustat database. Regression analysis was used to test the research proposition.
Findings – It was found that earnings management is more negatively associated with board
independence for firms audited by industry specialists than for firms audited by non-specialists,
consistent with the notion that there is a complementary relationship between auditor industry
specialization and board governance. The findings suggest a positive interaction effect of auditor
industry specialization and board governance on accounting quality.
Originality/value – This study contributes to the literature by documenting explicit evidence that
high quality boards can be more effective through hiring industry specialist auditors. This study
also suggests that it may be worth investigating the interaction effect among different corporate
governance mechanisms on accounting quality.
Keywords Auditor industry specialization, Board governance, Earnings management, Auditing,
Boards of directors, Governance, United States of America
Paper type Research paper

Characteristics of audit committee financial experts: an empirical study

توسط: peymanzal_mg در 26 اسفند 1392
Purpose – The purpose of this paper is to examine the characteristics and qualifications of audit
committee financial experts. Specifically, the paper examines if the majority of the financial experts
possess accounting or general management experience.
Design/methodology/approach – The authors collected the data through survey and use cross
tabulation (univariate) and logistic regression to analyze the data.
Findings – The results show that accounting certification and audit committee experience are valued
positively by the Board of Directors when designating an audit committee member as a financial expert.
Prior experience as a CEO results in a lower probability of being designated as a financial expert.
Research limitations/implications – Non-response bias may be a factor which should be
considered. There are other factors such as stock exchange affiliation of the company that have not
been included due to the anonymous nature of the survey.
Practical implications – It provides useful information and benchmark to the Board of Directors
with respect to the characteristics of designated audit committee financial experts.
Originality/value – This is the first paper to examine the characteristics of audit committee
financial experts through survey. The paper presents a richer array of factors compared to what is
available in proxy statements. Audit committees, financial statement users, policy makers, and
researchers will find the results interesting and useful.
Keywords Audit committees, Financial expert, Sarbanes-Oxley, Corporate governance, Auditing
Paper type Research paper

Institutional ownership and executive compensation Evidence from US banks during the financial crisis

توسط: peymanzal_mg در 26 اسفند 1392
Purpose – The purpose of this paper is to examine the association between institutional investor
ownership and the compensation of executives at US banks during the financial crisis period.
Design/methodology/approach – This paper uses a linear regression model to examine the
association between institutional ownership and the level of executive compensation at US banks.
Findings – Institutional investors influence executive compensation at banks with the impact being
most pronounced for the CEO. Ownership by the top five investors is associated with greater total
compensation. Active investors have the strongest impact on executive compensation as evidenced by
a positive association between active ownership and both equity compensation and total
compensation. As well, active ownership is negatively associated with bonus compensation. The
paper also finds that passive and grey investors influence compensation but to a less significant extent
than active investors.
Research limitations/implications – The results suggest that the monitoring role of active and
passive institutional investors is different in the banking industry. As well, institutional investors
were likely a driving factor in shaping the compensation packages of the top executive team during the
financial crisis period.
Practical implications – Stakeholders at banks should be aware that not all types of institutional
investors act as effective monitors over issues such as controlling the amount of executive
compensation paid to the highest paid executive, the CEO. Prospective investors should consider the
type of institutional investor that owns large blocks of equity when making an investment decision.
Namely, the interests of existing institutional investors may differ from their own interests.
Originality/value – This paper provides a new perspective on the monitoring roles played by
different types of institutional investors. Furthermore, it provides a more comprehensive analysis by
investigating the role of institutional investors in shaping the compensation packages of CEOs and
other top executives including chief financial officers (CFOs) who play a vital role in risk management
at banks.
Keywords Institutional investor ownership, Executive compensation, Corporate governance, Investors,
Banks, Banking, United States of America
Paper type Research paper

Hedging instrument in post liquidity crisis: a case of interest rate swaps

توسط: peymanzal_mg در 26 اسفند 1392
Purpose – Using Fortune 50 company financial statements data, this paper aims to investigate the
use of interest rate swaps in post-liquidity crisis.
Design/methodology/approach – The paper uses Fortune 50 company financial statements data
in this study.
Findings – The paper finds that the 50 largest US firms use this derivative mainly for hedging
purpose. This is consistent with the prediction that facing unprecedented level of economic uncertainty
sample firms use this instrument mainly to hedge against interest rate fluctuations, thus reducing their
vulnerability in the credit market.
Originality/value – This finding is different from the findings of prior swap literature in that
speculative motivation of swaps from fixed to variable interest payments are no longer found. The
authors attribute this new evidence to the changed macro-economic environment where firms’ natural
reaction to the increased uncertainty is to protect assets and liabilities, not to take chances on the
directions of the market interest rates.
Keywords Interest rate swaps, Derivative, Liquidity crises, Interest rates, Liquidity,
United States of America
Paper type Research paper

How does information asymmetry affect the division of gains in mergers?

توسط: peymanzal_mg در 26 اسفند 1392
Purpose – The purpose of this paper is to analyze the implications of the target valuation uncertainty
on the wealth distribution between the target and acquirer firms in successful mergers. The paper
specifically analyzes the division of the total dollar gains between the two parties and also whether the
target and/or the acquirer experience a positive/negative gain in mergers when valuation of the target
company is more uncertain.
Design/methodology/approach – The analyses contrast the implications of the uncertainty in
three well-known merger hypotheses; the market-for-corporate-control, hubris and synergy.
Findings – The results are supportive of the implications of the synergy hypothesis. As target
valuation uncertainty decreases, it is more likely that both parties experience positive gains from the
transaction although more of the gains from the merger significantly shift towards the target company.
Originality/value – Results suggest that both parties are bargaining on the synergy gains and the
target is able to negotiate a greater portion of the synergy gains when the value of the target becomes
more predictable.
Keywords Mergers, Information asymmetry, Division of gains, Acquisitions and mergers,
Distribution of wealth
Paper type Research paper
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