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An Empirical Study on the Effects of Equity Incentive of the Listed Corporations in the SME Board of China
—An Empirical Analysis Based on the View of Earnings Management

Lixin Xu, Wenqin Cui
Technology and Investment (TI) , 2014, DOI: 10.4236/ti.2014.51004

Currently, most researches are focusing on Shanghai & Shenzhen exchange, and few researches have been done on the SME board. Besides, while studying the effect of equity incentive, most of the researchers have ignored the earnings management triggered by stock ownership incentive. This paper takes the SME board companies which have implemented stock ownership incentive as the research object. We have used earnings management to modify the company performance and carried out an empirical research to study the effect of stock ownership incentive. Our result shows that without earnings management to modify the company performance, stock ownership incentive is positively related to company performance. Taking the earnings management into account, the positive correlation relationship between stock ownership incentive and company performance will be weakened, and stock ownership incentive will stimulate earnings management.

Equities Incentive, Informativeness of Stock Price and Earnings Management: Based on the Chinese A-Share Listed Companies  [PDF]
Qifan Zhong
Modern Economy (ME) , 2016, DOI: 10.4236/me.2016.73028
Abstract: Equities incentive is more and more frequently used for motivating management among Chinese listed companies, but whether it will degrade informativeness of stock price, thus reduce the efficiency of capital allocation in security market remains to be verified. This article used the data of A-share listed companies in China from 2010-2014, deployed an empirical research to study the relationship between equities incentive and informativeness of stock price, considering earnings management as an intermediary variable. According to the analysis results, we found that higher level of equities incentive tended to degrade the level of informativeness of stock price, and the earnings management was not an effective intermediary variable, which meant the earnings management resulted from equities incentive was less likely to affect informativeness of stock price.
Information Quality under IFRS, IFRS for SME and German-GAAP―Survey on Preferences of Non-Publicly Traded Mid-Sized Corporations  [PDF]
Markus Kreipl, Timm Hane, Stefan Mueller
Open Journal of Business and Management (OJBM) , 2014, DOI: 10.4236/ojbm.2014.22017

The paper provides survey data on the information quality under IFRS, IFRS for SME and German-GAAP from the perspective of non-publicly traded mid-sized corporations. Survey findings suggest for a higher quality of financial statements under German-GAAP compared to those under IFRS. Beyond that, more corporations anticipate an increase in information quality with a shift from (full-)IFRS to IFRS for SME. The findings of empirical research previously obtained regarding publicly traded corporations, which show preferences for IFRS, cannot be confirmed in respect of the preferences of the non-publicly traded mid-sized corporations participating. This may be due to a general skepticism towards IFRS, a lack of IFRS knowledge, the convergence of German-GAAP and IFRS owing to the German Accounting Law Reform Act or in-group biases.

Explanatory factors of competitive success. An empirical study on the SME  [cached]
Cuadernos de Gestión , 2002,
Abstract: The identification of the source of competitiveness, apart from a controversial subject, is a topic to which researchers, consultants and executives devote great efforts. The fact that most studies are focused on macroeconomic levels or on the big company has led us to focus this paper on identifying, on the basis of the existing literature, the factors of competitive success in the SME. After analysing how to measure the competitive success, an empirical study has been carried out with a sample of 473 SMEs of the Region of Murcia (Spain) in order to determine the factors explaining the success of SMEs. The results of the study partially confirms those found in the literature. This study presents interesting conclusions regarding the factors explaining success in SMEs that can be also useful for further research into this topic.
基于企业生命周期的高管 激励契约最优动态配置* ——价值分配的视角

- , 2015,
Abstract: 摘要 本文基于生命周期和委托代理理论,在价值分配视角下,阐释了生命周期演进过程中高管效用敏感性变化规律以及不同高管激励机制运行特征,构建了高管激励契约最优动态配置方案,并利用中国高科技上市公司2010—2013年的面板数据,对高管激励契约体系对企业价值分配的影响进行了实证检验。研究结果表明,在企业成长期和蜕变期,高管薪酬激励能够有效抑制代理成本;而高管声誉激励机制仅在企业成熟期表现出对代理成本的抑制效应;生命周期各阶段内,控制权激励均未发挥显著的治理作用,相反在蜕变期,控制权沦为高管挖掘私人利益的工具。因此,改善薪酬激励期限结构,提升声誉激励和高管市场约束的持续性,构建高管控制权管理制度体系是实现高管激励契约最优动态配置的必经之路。
Abstract: Executives incentive effect mostly depends on collocation status of the whole incentive contracts system. The optimal collocation of incentive contracts must follow the enterprises lifecycle processing rule, which is guided by executives sensitivity towards their own utility of both monetary and nonmonetary forms. Based on lifecycle theory and principleagent theory, this paper explains the change regulation of executives utility and the features of three incentive mechanisms, based on which the optimal dynamic collocation of incentive contracts. By using Chinese hightech listed corporations panel data as research sample, the impacts upon agency cost from incentive contracts have been tested. Empirical results show that, during both growing and decaying periods, compensation incentive contract can restrain agency costs significantly. Meanwhile executive reputation incentive mechanism has the same influence towards agency costs while corporations in mature stage. However, the governance effect from control right incentive is not significant. On the contrary, it boosts agency cost during the corporations decaying period. Accordingly, in order to realize the optimal incentive effect, the term structure of compensation incentive should be optimized, and constancy of reputation incentive should be extended. Meanwhile, setting up efficient control rights management system is also essential to promote executives incentive effect.
Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series , 2008,
Abstract: The shareholder value maximization objective function of Anglo-Saxon publicly quoted corpora-tions over the last three decades gave raise to contrasted reactions. The controversy raised by the implementation of this new form of capitalism goes beyond the simple interactions between corporate governance and its achievements. The means allowing corporations to maximize shareholders’ wealth are nowadays fuelling the debate, especially when considering the eventual generalization of the An-glo-Saxon corporate governance model to other countries. Excessive corporate debt, massive job cuts, considerable assets reductions etc. are the most recurrent corporate strategies denounced as harmful by shareholder value maximization detractors. While these strategies are often retained in descriptive studies or in the Medias as a byproduct of the shareholder value maximization policy, empirical sup-port in this direction is lacking. The econometric study conducted herein allows us to put into perspective the role of the above mentioned strategies in the shareholder value creation process.
Internal Control, Life Cycle and Earnings Quality —An Empirical Analysis from Chinese Market  [PDF]
Tingting Chen
Open Journal of Business and Management (OJBM) , 2016, DOI: 10.4236/ojbm.2016.42032
Abstract: Whether internal controls can effectively constrain earnings management, which is a hot topic in recent years. I investigate the impact of internal control on earnings quality based on a life cycle perspective using data of listed companies of China’s market from 2010-2013. The empirical findings indicate that high quality internal control can suppress accrual earnings management and real earnings management (except for discretionary expenses manipulating earnings management) effectively, whilst in different life cycle stages (LCSs), the relation between internal control quality and accounting earnings quality (accrual quality and real earnings quality) is different. For the accrual quality aspect, in mature LCS, internal control quality and accrual quality is positively correlated. In growth or decline LCS, the relation between internal quality and accrual quality is not significant. For the real earnings quality aspect, in decline LCS, high quality internal control can improve real earnings quality; in growth LCS or mature LCS, the relation is just the opposite.
Disclosure of Intellectual Capital in Annual Reports:An Empirical Study of the Indian IT Corporations  [PDF]
Madan Lal Bhasin
Modern Economy (ME) , 2011, DOI: 10.4236/me.2011.24051
Abstract: At present, disclosure of IC information across the globe is done by very few leading corporations purely on a “voluntary” basis. Unfortunately, the omission of IC information may adversely influence the quality of decisions made by shareholders, or lead to material misstatements. This study attempts to provide an insight in to the “narrative” style of IC disclosures done by Indian corporations. Initially, a longitudinal study was carried out to analyze how Indian firms—Reliance Industries Limited, Balrampur Chini Mills, and Shree Cement Limited—measure and report their IC reports. In order to survey the recent IC disclosure scenario, we conducted another study of 16 Indian IT corporations in which the “content analysis” was done on their 2007 to 2009 annual reports. The results of this study confirmed that IC disclosure in these IT corporations is almost negligible and its disclosure had not received any preference from the mentors of these corporations. IC reports may initially be used for “internal” management purposes; but an “external” stakeholder-focus of IC report should be the ultimate goal.
The Empirical Study on the Relationship of IPO Lockup, Earnings Management and Venture Capital  [PDF]
Lan Zhou
Modern Economy (ME) , 2017, DOI: 10.4236/me.2017.89075
Abstract: Earnings management occurs when managements autonomy allows managers to change the surpluses and then mislead investors about potential companys performance and quality. According to the sample of 330 listed companies on the GEM, we use the event study and modified Jones model to measure variables and then find that the market investors can guard against the earnings management behavior by observing the abnormal reverse volatility of the IPO stock lifting period, which can be looked as a negative signal. In addition, the study also finds that the IPO firms supported by venture capital institutions have stronger earnings management at the lockup expiration period. Moreover, the state-owned background and high reputation of venture capital institutions has negative regulation function, which can supervise and audit the earnings management behavior of enterprises after IPO, thus weakening the negative volatility of the market. From the point of view of signal theory, this paper probes into the negative signals of earnings management behavior of IPO during the lockup expiration period, and has a better understanding of the transfer of negative signals.
The Relationship between Auditor Characteristics and Earnings Management: An Empirical Study on Taiwanese Nonprofit Hospitals  [PDF]
Xingyao Li, Zhenjia Liu
Modern Economy (ME) , 2019, DOI: 10.4236/me.2019.1012146
Abstract: Previous studies have focused on researching earnings management behavior in nonprofit hospitals in theUnited Kingdomand theUnited States. However, the operational system and environment of hospitals inTaiwanare substantially different from the cases studied, and therefore cannot be considered equivalent. The objective of this study was to determine whether earnings management is practiced in NFP hospitals inTaiwanand to analyze their earnings management behavior. The ordinary least square method was used to examine the relationships inTaiwan’s nonprofit hospitals. Alternative procedures, such as the abnormal bad debt, abnormal non-operating or non-revenue generating activity expenditure, and abnormal net gain on the sale of property models were also developed and tested to measure abnormal real items. Research has indicated that auditor specialization and auditor tenure have a negative relationship with earnings management. The empirical results also showed that the abnormal net gain on the sale of property is ideal for evaluating earnings management inTaiwan’s nonprofit hospitals.
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