메뉴 건너뛰기




Volumn 8, Issue 1, 2008, Pages 46-58

Corporate governance and the relationship between EVA and created shareholder value

Author keywords

Corporate governance; Economic value added; Shareholder value analysis

Indexed keywords


EID: 40249110566     PISSN: 14720701     EISSN: None     Source Type: Journal    
DOI: 10.1108/14720700810853392     Document Type: Article
Times cited : (21)

References (51)
  • 1
    • 3142545249 scopus 로고    scopus 로고
    • Audit committee characteristics and restatements: A study of the efficacy of certain Blue Ribbon Committee recommendations
    • Abbott, L.J., Parker, S. and Peters, G.F. (2004), "Audit committee characteristics and restatements: a study of the efficacy of certain Blue Ribbon Committee recommendations", Auditing: A Journal of Practice and Theory, Vol. 23, pp. 69-87.
    • (2004) Auditing: A Journal of Practice and Theory , vol.23 , pp. 69-87
    • Abbott, L.J.1    Parker, S.2    Peters, G.F.3
  • 2
    • 40249105453 scopus 로고    scopus 로고
    • "The effects of corporate governance on firms' credit ratings", working paper, University of Iowa, Iowa City, IA
    • Ashbaugh, H., Collins, D. and LaFond, R. (2005), "The effects of corporate governance on firms' credit ratings", working paper, University of Iowa, Iowa City, IA.
    • (2005)
    • Ashbaugh, H.1    Collins, D.2    Lafond, R.3
  • 3
    • 0030305316 scopus 로고    scopus 로고
    • An empirical analysis of the relation between the board of director composition and financial statement fraud
    • Beasley, M. (1996), "An empirical analysis of the relation between the board of director composition and financial statement fraud", The Accounting Review, Vol. 71, pp. 433-65.
    • (1996) The Accounting Review , vol.71 , pp. 433-65
    • Beasley, M.1
  • 4
    • 0013301693 scopus 로고    scopus 로고
    • The relationship between board characteristics and voluntary improvements in audit committee composition and experience
    • Beasley, M. and Salterio, S. (2001), "The relationship between board characteristics and voluntary improvements in audit committee composition and experience", Contemporary Accounting Research, Vol. 18 No. 4, pp. 539-71.
    • (2001) Contemporary Accounting Research , vol.18 , Issue.4 , pp. 539-71
    • Beasley, M.1    Salterio, S.2
  • 6
    • 4143145194 scopus 로고    scopus 로고
    • Is board size an independent corporate governance mechanism?
    • Beiner, S., Drobetz, W., Schmid, F. and Zimmermann, H. (2004), "Is board size an independent corporate governance mechanism?", Kyklos, Vol. 57, pp. 327-57.
    • (2004) Kyklos , vol.57 , pp. 327-57
    • Beiner, S.1    Drobetz, W.2    Schmid, F.3    Zimmermann, H.4
  • 8
    • 33745787883 scopus 로고    scopus 로고
    • Does corporate governance affect firm value? Evidence from Korea
    • Black, B.S., Jang, H. and Kim, W. (2006), "Does corporate governance affect firm value? Evidence from Korea", Journal of Law, Economics, and Organization, Vol. 22, pp. 366-413.
    • (2006) Journal of Law, Economics, and Organization , vol.22 , pp. 366-413
    • Black, B.S.1    Jang, H.2    Kim, W.3
  • 9
    • 40249105454 scopus 로고    scopus 로고
    • "Report and recommendations of the Blue Ribbon Committee on improving the effectiveness of corporate audit committees", available at: www.nyse.com
    • Blue Ribbon Committee (1999), "Report and recommendations of the Blue Ribbon Committee on improving the effectiveness of corporate audit committees", available at: www.nyse.com.
    • (1999)
    • Ribbon Committee, B.1
  • 10
    • 18944372804 scopus 로고    scopus 로고
    • Corporate governance and firm performance
    • Brown, L.D. and Caylor, M.L. (2005), "Corporate governance and firm performance", The Accounting Review, Vol. 80 No. 2, pp. 423-40.
    • (2005) The Accounting Review , vol.80 , Issue.2 , pp. 423-40
    • Brown, L.D.1    Caylor, M.L.2
  • 11
    • 40249114346 scopus 로고    scopus 로고
    • "Do executive stock options generate incentives for earnings management? Evidence from accounting restatements", working paper, University of Georgia, Athens, GA and Harvard Business School, Boston, MA
    • Burns, N. and Kedia, S. (2003), "Do executive stock options generate incentives for earnings management? Evidence from accounting restatements", working paper, University of Georgia, Athens, GA and Harvard Business School, Boston, MA.
    • (2003)
    • Burns, N.1    Kedia, S.2
  • 13
    • 84982931318 scopus 로고    scopus 로고
    • Do managers perform better under EVA bonus schemes?
    • Cahan, S., Lal, M. and Riceman, S. (2002), "Do managers perform better under EVA bonus schemes?", European Accounting Review, Vol. 11 No. 3, pp. 537-72.
    • (2002) European Accounting Review , vol.11 , Issue.3 , pp. 537-72
    • Cahan, S.1    Lal, M.2    Riceman, S.3
  • 15
    • 0347034359 scopus 로고    scopus 로고
    • Operating income, residual income and EVA: Which metric is more value-relevant?
    • Chen, S. and Dodd, L. (2001), "Operating income, residual income and EVA: which metric is more value-relevant?", Journal of Managerial Issues, Vol. 13 No. 1, pp. 65-86.
    • (2001) Journal of Managerial Issues , vol.13 , Issue.1 , pp. 65-86
    • Chen, S.1    Dodd, L.2
  • 16
    • 18944390386 scopus 로고    scopus 로고
    • Stock-based compensation, insider trading, and earnings management
    • Cheng, Q. and Warfield, T. (2005), "Stock-based compensation, insider trading, and earnings management", Accounting Review, Vol. 80 No. 2, pp. 441-77.
    • (2005) Accounting Review , vol.80 , Issue.2 , pp. 441-77
    • Cheng, Q.1    Warfield, T.2
  • 17
    • 0001245231 scopus 로고    scopus 로고
    • The use of equity grants to manage optimal equity incentive levels
    • Core, J. and Guay, W. (1999), "The use of equity grants to manage optimal equity incentive levels", Journal of Accounting and Economics, Vol. 28, pp. 151-84.
    • (1999) Journal of Accounting and Economics , vol.28 , pp. 151-84
    • Core, J.1    Guay, W.2
  • 18
    • 2142720242 scopus 로고    scopus 로고
    • Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC
    • Dechow, P.M., Sloan, R.G. and Sweeney, A.P. (1996), "Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC", Contemporary Accounting Research, Vol. 13, pp. 1-36.
    • (1996) Contemporary Accounting Research , vol.13 , pp. 1-36
    • Dechow, P.M.1    Sloan, R.G.2    Sweeney, A.P.3
  • 19
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz, H. and Lehn, K. (1985), "The structure of corporate ownership: causes and consequences", Journal of Political Economy, Vol. 93, pp. 1155-77.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-77
    • Demsetz, H.1    Lehn, K.2
  • 21
    • 15544368586 scopus 로고    scopus 로고
    • Corporate governance and expected stock returns: Evidence from Germany
    • Drobetz, W., Schillhofer, A. and Zimmermann, H. (2004), "Corporate governance and expected stock returns: evidence from Germany", European Financial Management, Vol. 10, pp. 267-95.
    • (2004) European Financial Management , vol.10 , pp. 267-95
    • Drobetz, W.1    Schillhofer, A.2    Zimmermann, H.3
  • 22
    • 19944408608 scopus 로고    scopus 로고
    • To steal or not to steal? Firm attributes, legal environment, and valuation
    • Durnev, A. and Kim, E.H. (2005), "To steal or not to steal? Firm attributes, legal environment, and valuation", Journal of Finance, Vol. 60 No. 3, pp. 1461-94.
    • (2005) Journal of Finance , vol.60 , Issue.3 , pp. 1461-94
    • Durnev, A.1    Kim, E.H.2
  • 24
    • 40249107896 scopus 로고    scopus 로고
    • "A definition of shareholder value creation", working paper, SSRN, Rochester, NY
    • Fernandez, P. (2001), "A definition of shareholder value creation", working paper, SSRN, Rochester, NY.
    • (2001)
    • Fernandez, P.1
  • 25
    • 40249094062 scopus 로고    scopus 로고
    • "Call options and accruals quality", working paper, SSRN, Rochester, NY
    • Francis, J., Olsson, P. and Schipper, K. (2005), "Call options and accruals quality", working paper, SSRN, Rochester, NY.
    • (2005)
    • Francis, J.1    Olsson, P.2    Schipper, K.3
  • 28
    • 40249105452 scopus 로고    scopus 로고
    • "A rational expectations model of the kink in accounting earnings", working paper, Hebrew University, Jerusalem and Washington University, St Louis, MO
    • Guttman, I., Kadan, O. and Kandel, E. (2004), "A rational expectations model of the kink in accounting earnings", working paper, Hebrew University, Jerusalem and Washington University, St Louis, MO.
    • (2004)
    • Guttman, I.1    Kadan, O.2    Kandel, E.3
  • 30
    • 46549101724 scopus 로고
    • The effect of bonus schemes on accounting policies
    • Healy, P. (1985), "The effect of bonus schemes on accounting policies", Journal of Accounting and Economics, Vol. 7, pp. 85-107.
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 85-107
    • Healy, P.1
  • 31
    • 0000712212 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and the link between ownership and performance
    • Himmelberg, C.P., Hubbard, R.G. and Palia, D. (1999), "Understanding the determinants of managerial ownership and the link between ownership and performance", Journal of Financial Economics, Vol. 53, pp. 353-84.
    • (1999) Journal of Financial Economics , vol.53 , pp. 353-84
    • Himmelberg, C.P.1    Hubbard, R.G.2    Palia, D.3
  • 32
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of the internal control system
    • Jensen, M.C. (1993), "The modern industrial revolution, exit, and the failure of the internal control system", Journal of Finance, Vol. 48, pp. 830-80.
    • (1993) Journal of Finance , vol.48 , pp. 830-80
    • Jensen, M.C.1
  • 33
    • 0006178745 scopus 로고    scopus 로고
    • Firm performance and board committee structure
    • Klein, A. (1998), "Firm performance and board committee structure", Journal of Law and Economics, Vol. 41, pp. 275-303.
    • (1998) Journal of Law and Economics , vol.41 , pp. 275-303
    • Klein, A.1
  • 35
    • 21144476214 scopus 로고
    • A modest proposal for improved corporate governance
    • Lipton, M. and Lorsch, J.W. (1992), "A modest proposal for improved corporate governance", Business Lawyer, Vol. 48, pp. 59-77.
    • (1992) Business Lawyer , vol.48 , pp. 59-77
    • Lipton, M.1    Lorsch, J.W.2
  • 36
    • 40249097060 scopus 로고    scopus 로고
    • Will a deck of stock options always be stacked ?
    • Louis, U. (2000), "Will a deck of stock options always be stacked ?", New York Times, 7 April, p. BU4.
    • (2000) New York Times , Issue.7
    • Louis, U.1
  • 37
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell, J. and Servaes, H. (1990), "Additional evidence on equity ownership and corporate value", Journal of Financial Economics, Vol. 27, pp. 595-613.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-613
    • McConnell, J.1    Servaes, H.2
  • 38
    • 40249090957 scopus 로고    scopus 로고
    • McKinsey Global Investor Opinion Survey on Corporate Governance, Key Findings, Exhibit 1, 3 and 4, available at: www.mckinsey.com
    • McKinsey and Company (2002), McKinsey Global Investor Opinion Survey on Corporate Governance, Key Findings, Exhibit 1, 3 and 4, available at: www.mckinsey.com.
    • (2002)
    • McKinsey1    Company2
  • 39
    • 0012447311 scopus 로고    scopus 로고
    • Enhancing audit committee effectiveness
    • McMullen, D.A. and Raghunandan, K. (1996), "Enhancing audit committee effectiveness", Journal of Accountancy, Vol. 182, pp. 79-81.
    • (1996) Journal of Accountancy , vol.182 , pp. 79-81
    • McMullen, D.A.1    Raghunandan, K.2
  • 40
    • 0000175509 scopus 로고
    • An empirical analysis of the interfirm equity investment process
    • Mikkelson, W.H. and Ruback, R.S. (1985), "An empirical analysis of the interfirm equity investment process", Journal of Financial Economics, Vol. 14, pp. 523-53.
    • (1985) Journal of Financial Economics , vol.14 , pp. 523-53
    • Mikkelson, W.H.1    Ruback, R.S.2
  • 41
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, R., Shleifer, A. and Vishny, R. (1988), "Management ownership and market valuation: an empirical analysis", Journal of Financial Economics, Vol. 20, pp. 293-316.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-316
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 42
    • 0000643065 scopus 로고
    • Alternative mechanisms for corporate control
    • Morck, R., Shleifer, A. and Vishny, R. (1989), "Alternative mechanisms for corporate control", American Economic Review, Vol. 79 No. 4, pp. 142-52.
    • (1989) American Economic Review , vol.79 , Issue.4 , pp. 142-52
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 43
    • 0004197383 scopus 로고
    • National Commission on Fraudulent Financial Reporting (NCFFR) Government Printing Office Washington DC
    • National Commission on Fraudulent Financial Reporting (NCFFR) (1987), Report of the Commission on Fraudulent Financial Reporting, Government Printing Office, Washington DC.
    • (1987) Report of the Commission on Fraudulent Financial Reporting
  • 44
    • 85013784975 scopus 로고    scopus 로고
    • Managerial equity ownership and the demand for outside directors
    • Peasnell, V., Pope, F. and Young, S. (2003), "Managerial equity ownership and the demand for outside directors", European Financial Management, Vol. 9 No. 2, pp. 99-118.
    • (2003) European Financial Management , vol.9 , Issue.2 , pp. 99-118
    • Peasnell, V.1    Pope, F.2    Young, S.3
  • 45
    • 0036271833 scopus 로고    scopus 로고
    • Empirical evidence on the relation between stock option compensation and risk taking
    • Rajgopal, S. and Shevlin, T. (2002), "Empirical evidence on the relation between stock option compensation and risk taking", Journal of Accounting and Economics, Vol. 33, pp. 145-71.
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 145-71
    • Rajgopal, S.1    Shevlin, T.2
  • 46
    • 0033474057 scopus 로고    scopus 로고
    • What corporate boards have to do with strategy: A cognitive perspective
    • Rindavo, P. (1999), "What corporate boards have to do with strategy: a cognitive perspective", Journal of Management Studies, Vol. 36 No. 7, pp. 919-53.
    • (1999) Journal of Management Studies , vol.36 , Issue.7 , pp. 919-53
    • Rindavo, P.1
  • 47
    • 0000211393 scopus 로고
    • Outside directors, board independence and shareholder wealth
    • Rosenstein, S. and Wyatt, J.G. (1990), "Outside directors, board independence and shareholder wealth", Journal of Financial Economics, Vol. 26, pp. 175-91.
    • (1990) Journal of Financial Economics , vol.26 , pp. 175-91
    • Rosenstein, S.1    Wyatt, J.G.2
  • 48
    • 40249094061 scopus 로고    scopus 로고
    • "Managerial incentives and firm valuation: evidence from Switzerland", working paper, SSRN, Rochester, NY
    • Schmid, M.M. and Zimmermann, H. (2005), "Managerial incentives and firm valuation: evidence from Switzerland", working paper, SSRN, Rochester, NY.
    • (2005)
    • Schmid, M.M.1    Zimmermann, H.2
  • 49
    • 0000111172 scopus 로고
    • Credit markets and the control of capital
    • Stiglitz, J. (1985), "Credit markets and the control of capital", Journal of Money, Credit and Banking, Vol. 7, pp. 133-52.
    • (1985) Journal of Money, Credit and Banking , vol.7 , pp. 133-52
    • Stiglitz, J.1
  • 50
    • 33845790377 scopus 로고
    • Outside directors and CEO turnover
    • Weisbach, M.S. (1988), "Outside directors and CEO turnover", Journal of Financial Economics, Vol. 20, pp. 431-60.
    • (1988) Journal of Financial Economics , vol.20 , pp. 431-60
    • Weisbach, M.S.1
  • 51
    • 0030078208 scopus 로고    scopus 로고
    • Higher market valuation of companies with a small board of directors
    • Yermack, D. (1996), "Higher market valuation of companies with a small board of directors", Journal of Financial Economics, Vol. 40, pp. 185-211.
    • (1996) Journal of Financial Economics , vol.40 , pp. 185-211
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.