메뉴 건너뛰기




Volumn 17, Issue 6, 2009, Pages 710-727

Determinants and accounting consequences of forming a governance committee: Evidence from the United States

Author keywords

Accounting Accruals; Corporate Governance; Governance Committee; Sarbanes Oxley Act

Indexed keywords


EID: 73149110093     PISSN: 09648410     EISSN: 14678683     Source Type: Journal    
DOI: 10.1111/j.1467-8683.2009.00769.x     Document Type: Article
Times cited : (29)

References (68)
  • 1
    • 30344469920 scopus 로고    scopus 로고
    • Corporate governance and accounting scandals
    • Agrawal, A. Chadha, A. 2005. Corporate governance and accounting scandals. Journal of Law and Economics, 48: 371 406.
    • (2005) Journal of Law and Economics , vol.48 , pp. 371-406
    • Agrawal, A.1    Chadha, A.2
  • 2
    • 34249071402 scopus 로고    scopus 로고
    • Accounting conservatism and board of director characteristics: An empirical analysis
    • Ahmed, A. Duellman, S. 2007. Accounting conservatism and board of director characteristics: An empirical analysis. Journal of Accounting and Economics, 43: 411 437.
    • (2007) Journal of Accounting and Economics , vol.43 , pp. 411-437
    • Ahmed, A.1    Duellman, S.2
  • 3
    • 23044528233 scopus 로고    scopus 로고
    • Securities price consequences to the private securities litigation reform act of 1995 and related events
    • Ali, A. Kallapur, S. 2001. Securities price consequences to the private securities litigation reform act of 1995 and related events. The Accounting Review, 76: 431 460.
    • (2001) The Accounting Review , vol.76 , pp. 431-460
    • Ali, A.1    Kallapur, S.2
  • 5
    • 79960948624 scopus 로고
    • Management incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings
    • Beatty, R. Zajac, E. 1994. Management incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly, 39: 313 336.
    • (1994) Administrative Science Quarterly , vol.39 , pp. 313-336
    • Beatty, R.1    Zajac, E.2
  • 6
    • 73149100011 scopus 로고
    • Unpublished paper, Stanford University, Stanford, CA
    • Beaver, W. H. 1993. Conservatism. Unpublished paper, Stanford University, Stanford, CA.
    • (1993)
    • Beaver, W.H.1
  • 8
    • 0002549108 scopus 로고
    • The incentives for voluntary audit committee formation
    • Bradbury, M. E. 1990. The incentives for voluntary audit committee formation. Journal of Accounting and Public Policy, 9: 19 36.
    • (1990) Journal of Accounting and Public Policy , vol.9 , pp. 19-36
    • Bradbury, M.E.1
  • 9
  • 10
    • 0036406628 scopus 로고    scopus 로고
    • Factors associated with the development of board subcommittees
    • Carson, E. 2002. Factors associated with the development of board subcommittees. Corporate Governance, 10: 4 18.
    • (2002) Corporate Governance , vol.10 , pp. 4-18
    • Carson, E.1
  • 11
    • 37549034263 scopus 로고    scopus 로고
    • Audit committee, board characteristics, and auditor switch decision by Andersen's clients
    • Chen, K. Zhou, J. 2007. Audit committee, board characteristics, and auditor switch decision by Andersen's clients. Contemporary Accounting Research, 24: 1085 1117.
    • (2007) Contemporary Accounting Research , vol.24 , pp. 1085-1117
    • Chen, K.1    Zhou, J.2
  • 13
    • 25844498448 scopus 로고    scopus 로고
    • Identifying control motives in managerial ownership: Evidence from anti-takeover legislation
    • Cheng, S., Nagar, V. Rajan, M. 2004. Identifying control motives in managerial ownership: Evidence from anti-takeover legislation. Review of Financial Studies, 18: 637 672.
    • (2004) Review of Financial Studies , vol.18 , pp. 637-672
    • Cheng, S.1    Nagar, V.2    Rajan, M.3
  • 14
    • 21844503441 scopus 로고
    • Efficient and opportunistic choices of accounting procedures: Corporate control contests
    • Christie, A. Zimmerman, J. 1994. Efficient and opportunistic choices of accounting procedures: Corporate control contests. The Accounting Review, 69: 539 566.
    • (1994) The Accounting Review , vol.69 , pp. 539-566
    • Christie, A.1    Zimmerman, J.2
  • 15
    • 78649776836 scopus 로고
    • Factors affecting the formation of audit committees in major UK listed companies
    • Collier, P. 1993. Factors affecting the formation of audit committees in major UK listed companies. Accounting and Business Research, 23: 421 430.
    • (1993) Accounting and Business Research , vol.23 , pp. 421-430
    • Collier, P.1
  • 17
    • 33644912611 scopus 로고    scopus 로고
    • Does weak governance cause weak stock returns? An examination of firm operating performance and analysts' expectations
    • Core, J., Guay, W. Rusticus, T. 2006. Does weak governance cause weak stock returns? An examination of firm operating performance and analysts' expectations. Journal of Finance, 61: 655 687.
    • (2006) Journal of Finance , vol.61 , pp. 655-687
    • Core, J.1    Guay, W.2    Rusticus, T.3
  • 18
    • 28244478077 scopus 로고    scopus 로고
    • Governance mechanisms and equity prices
    • Cremers, M. Nair, V. 2005. Governance mechanisms and equity prices. Journal of Finance, 60: 2859 2894.
    • (2005) Journal of Finance , vol.60 , pp. 2859-2894
    • Cremers, M.1    Nair, V.2
  • 19
    • 73149084543 scopus 로고    scopus 로고
    • IRRC's study shows corporations overhauling boards and director pay
    • CSRWire. December
    • CSRWire. 2003. IRRC's study shows corporations overhauling boards and director pay. December Kumar, P. 2002. Corporate governance, takeovers, and top-management compensation: Theory and evidence. Management Science, 48: 453 469.
    • (2002) Management Science , vol.48 , pp. 453-469
    • Kumar, P.1
  • 21
    • 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. Sweeney, A. P. 1996. Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research, 13: 1 36.
    • (1996) Contemporary Accounting Research , vol.13 , pp. 1-36
    • Dechow, P.M.1    Sloan, R.G.2    Sweeney, A.P.3
  • 22
  • 23
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz, H. Lehn, K. 1985. The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93: 1155 1177.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 24
    • 0035697502 scopus 로고    scopus 로고
    • Twenty-five years of corporate governance research and counting
    • Denis, D. 2001. Twenty-five years of corporate governance research and counting. Review of Financial Economics, 10: 191 212.
    • (2001) Review of Financial Economics , vol.10 , pp. 191-212
    • Denis, D.1
  • 26
    • 0001691607 scopus 로고
    • The analysis of industry-specific auditor concentration: Towards an explanatory model
    • Eichenseher, J. W. Danos, P. 1981. The analysis of industry-specific auditor concentration: Towards an explanatory model. The Accounting Review, 56: 479 492.
    • (1981) The Accounting Review , vol.56 , pp. 479-492
    • Eichenseher, J.W.1    Danos, P.2
  • 27
    • 18944401883 scopus 로고    scopus 로고
    • Restoring trust after fraud: Does corporate governance matter?
    • Farber, D. 2005. Restoring trust after fraud: Does corporate governance matter? The Accounting Review, 80: 539 561.
    • (2005) The Accounting Review , vol.80 , pp. 539-561
    • Farber, D.1
  • 28
    • 33947708462 scopus 로고    scopus 로고
    • Derivative lawsuits as a corporate governance mechanism: Empirical evidence on board changes surrounding filings
    • Ferris, S., Jandik, T., Lawless, R. Makhija, A. 2007. Derivative lawsuits as a corporate governance mechanism: Empirical evidence on board changes surrounding filings. Journal of Financial and Quantitative Analysis, 42: 143 166.
    • (2007) Journal of Financial and Quantitative Analysis , vol.42 , pp. 143-166
    • Ferris, S.1    Jandik, T.2    Lawless, R.3    Makhija, A.4
  • 30
    • 73149099049 scopus 로고    scopus 로고
    • GAO (General Accounting Office). GAO-03-138
    • GAO (General Accounting Office). 2002. Report to the chairman, committee on banking, housing, and urban affairs, U.S. Senate. GAO-03-138.
    • (2002)
  • 31
    • 73149125472 scopus 로고    scopus 로고
    • GAO (General Accounting Office). GAO-03-395R
    • GAO (General Accounting Office). 2003. Financial statement restatement database. GAO-03-395R.
    • (2003)
  • 32
    • 0000353081 scopus 로고    scopus 로고
    • Corporate governance proposals and shareholder activism: The role of institutional investors
    • Gillan, S. Starks, L. 2000. Corporate governance proposals and shareholder activism: The role of institutional investors. Journal of Financial Economics, 57: 275 305.
    • (2000) Journal of Financial Economics , vol.57 , pp. 275-305
    • Gillan, S.1    Starks, L.2
  • 34
    • 0012583968 scopus 로고    scopus 로고
    • Boards of directors as an endogenously determined institution: A survey of the economic literature
    • Hermalin, B. E. Weisbach, M. S. 2003. Boards of directors as an endogenously determined institution: A survey of the economic literature. Federal Reserve Bank of New York Economic Policy Review, 9: 7 26.
    • (2003) Federal Reserve Bank of New York Economic Policy Review , vol.9 , pp. 7-26
    • Hermalin, B.E.1    Weisbach, M.S.2
  • 36
    • 0012621534 scopus 로고    scopus 로고
    • A survey of blockholders and corporate control
    • Holderness, C. G. 2001. A survey of blockholders and corporate control. Economic Policy Review, 9: 51 64.
    • (2001) Economic Policy Review , vol.9 , pp. 51-64
    • Holderness, C.G.1
  • 37
    • 35248870116 scopus 로고    scopus 로고
    • The use of unsigned earnings quality measures in tests of earnings management
    • Hribar, P. Collins, D. 2007. The use of unsigned earnings quality measures in tests of earnings management. Journal of Accounting Research, 45: 1017 1053.
    • (2007) Journal of Accounting Research , vol.45 , pp. 1017-1053
    • Hribar, P.1    Collins, D.2
  • 38
    • 10544246396 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen, M. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 2: 35 44.
    • (1993) Journal of Finance , vol.2 , pp. 35-44
    • Jensen, M.1
  • 39
    • 34447504242 scopus 로고
    • The market for corporate control: The scientific evidence
    • Jensen, M. Ruback, R. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics, 11: 5 50.
    • (1983) Journal of Financial Economics , vol.11 , pp. 5-50
    • Jensen, M.1    Ruback, R.2
  • 40
    • 0041681738 scopus 로고    scopus 로고
    • In resilicon Graphics Inc.: Shareholder wealth effects resulting from the interpretation of the private securities litigation reform act's pleading standard
    • Johnson, M., Nelson, K. Pritchard, A. 2000. In resilicon Graphics Inc.: Shareholder wealth effects resulting from the interpretation of the private securities litigation reform act's pleading standard. Southern California Law Review, 73: 773 810.
    • (2000) Southern California Law Review , vol.73 , pp. 773-810
    • Johnson, M.1    Nelson, K.2    Pritchard, A.3
  • 41
    • 0001877790 scopus 로고
    • Audit committee effectiveness: An empirical investigation of the contribution of power
    • Kalbers, L. Fogarty, T. 1993. Audit committee effectiveness: An empirical investigation of the contribution of power. Auditing: A Journal of Practice and Theory, 12: 24 49.
    • (1993) Auditing: A Journal of Practice and Theory , vol.12 , pp. 24-49
    • Kalbers, L.1    Fogarty, T.2
  • 42
    • 0001697340 scopus 로고    scopus 로고
    • Directors characteristics and committee membership
    • Kesner, I. 1998. Directors characteristics and committee membership. Academy of Management Journal, 31: 66 85.
    • (1998) Academy of Management Journal , vol.31 , pp. 66-85
    • Kesner, I.1
  • 43
    • 0036331491 scopus 로고    scopus 로고
    • Audit committee, board of director characteristics, and earnings management
    • Klein, A. 2002a. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33: 375 400.
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 375-400
    • Klein, A.1
  • 44
    • 0036013276 scopus 로고    scopus 로고
    • Economic determinants of audit committee independence
    • Klein, A. 2002b. Economic determinants of audit committee independence. The Accounting Review, 77: 435 452.
    • (2002) The Accounting Review , vol.77 , pp. 435-452
    • Klein, A.1
  • 46
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell, J. Servaes, H. 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27: 595 612.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.1    Servaes, H.2
  • 48
    • 34547880030 scopus 로고    scopus 로고
    • Corporate governance and acquirer returns
    • Masulis, R., Wang, C. Xie, F. 2007. Corporate governance and acquirer returns. Journal of Finance, 62: 1851 1889.
    • (2007) Journal of Finance , vol.62 , pp. 1851-1889
    • Masulis, R.1    Wang, C.2    Xie, F.3
  • 51
    • 0013590421 scopus 로고
    • Proxy contest and the efficiency of shareholder oversight
    • Pound, J. 1988. Proxy contest and the efficiency of shareholder oversight. Journal of Financial Economics, 20: 237 265.
    • (1988) Journal of Financial Economics , vol.20 , pp. 237-265
    • Pound, J.1
  • 52
    • 37149022608 scopus 로고    scopus 로고
    • Is there a relationship between firm performance, corporate governance, and a firm's decision to form a technology committee?
    • Premuroso, R. Bhattacharya, S. 2007. Is there a relationship between firm performance, corporate governance, and a firm's decision to form a technology committee? Corporate Governance, 15: 1260 1276.
    • (2007) Corporate Governance , vol.15 , pp. 1260-1276
    • Premuroso, R.1    Bhattacharya, S.2
  • 53
  • 54
    • 73149088720 scopus 로고    scopus 로고
    • The structure of boards at S&P 1500 companies
    • Russell Reynolds Associates and the Investor Responsibility Research Center
    • Russell Reynolds Associates and the Investor Responsibility Research Center. 1999. The structure of boards at S&P 1500 companies. Corporate Governance, 7: 92 95.
    • (1999) Corporate Governance , vol.7 , pp. 92-95
  • 55
    • 18844400385 scopus 로고    scopus 로고
    • Securities and Exchange Commission. Release No. 34-48745. Washington, DC. Government Printing Office
    • Securities and Exchange Commission. 2003a. NASD and NYSE rulemaking: Relating to corporate governance. Release No. 34-48745. Washington, DC: Government Printing Office.
    • (2003) NASD and NYSE Rulemaking: Relating to Corporate Governance.
  • 56
    • 73149103827 scopus 로고    scopus 로고
    • Securities and Exchange Commission. Release No. 34-47137. Washington, DC. Government Printing Office
    • Securities and Exchange Commission. 2003b. Proposed rule: Standards relating to listed company audit committees. Release No. 34-47137. Washington, DC: Government Printing Office.
    • (2003) Proposed Rule: Standards Relating to Listed Company Audit Committees.
  • 57
    • 73149093316 scopus 로고    scopus 로고
    • The corporate governance committee
    • Sheinfeld, S. 2000. The corporate governance committee. Corporate Board, 21: 1 3.
    • (2000) Corporate Board , vol.21 , pp. 1-3
    • Sheinfeld, S.1
  • 58
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer, A. Vishny, R. W. 1997. A survey of corporate governance. Journal of Finance, 52: 737 783. (Pubitemid 127344405)
    • (1997) Journal of Finance , vol.52 , Issue.2 , pp. 737-783
    • Shleifer, A.1    Vishny, R.W.2
  • 59
    • 73149094178 scopus 로고    scopus 로고
    • NYSE, Nasdaq seek stricter corporate governance rules to improve public confidence
    • June
    • Singhania, L. 2002. NYSE, Nasdaq seek stricter corporate governance rules to improve public confidence. Associated Press Business Writer June Bender, R. 2004. Compare and contrast: Perspectives on board committees. Corporate Governance: An International Review, 12: 489 499.
    • (2002) Corporate Governance: An International Review , vol.12 , pp. 489-499
    • Singhania, L.1    Bender, R.2
  • 60
    • 38149148207 scopus 로고
    • Debt covenant violations and managers' accounting responses
    • Sweeney, A. 1994. Debt covenant violations and managers' accounting responses. Journal of Accounting and Economics, 17: 281 308.
    • (1994) Journal of Accounting and Economics , vol.17 , pp. 281-308
    • Sweeney, A.1
  • 61
    • 0000545801 scopus 로고    scopus 로고
    • Earnings management and the underperformance of seasoned equity offerings
    • PII S0304405X98000324
    • Teoh, S., Welch, H. Wong, T. J. 1998. Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50: 63 99. (Pubitemid 128340539)
    • (1998) Journal of Financial Economics , vol.50 , Issue.1 , pp. 63-99
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3
  • 62
    • 0000674202 scopus 로고
    • Towards a positive theory of the determination of accounting standards
    • Watts, R. Zimmerman, J. 1978. Towards a positive theory of the determination of accounting standards. The Accounting Review, 53: 112 134.
    • (1978) The Accounting Review , vol.53 , pp. 112-134
    • Watts, R.1    Zimmerman, J.2
  • 63
    • 73149124404 scopus 로고
    • Working Paper. University of Rochester
    • Watts, R. L. 1993. A proposal for research on conservatism. Working Paper. University of Rochester.
    • (1993)
    • Watts, R.L.1
  • 64
    • 77249151423 scopus 로고    scopus 로고
    • Conservatism in accounting Part II: Evidence and research opportunities
    • Watts, R. L. 2003. Conservatism in accounting Part II: Evidence and research opportunities. Accounting Horizon, 17: 207 221.
    • (2003) Accounting Horizon , vol.17 , pp. 207-221
    • Watts, R.L.1
  • 65
    • 10044269610 scopus 로고
    • Managerial accountability to shareholders: Audit committees and the explanatory power of earnings for returns
    • Wild, J. J. 1994. Managerial accountability to shareholders: Audit committees and the explanatory power of earnings for returns. British Accounting Review, 26: 353 374.
    • (1994) British Accounting Review , vol.26 , pp. 353-374
    • Wild, J.J.1
  • 66
    • 0037409183 scopus 로고    scopus 로고
    • Earnings management and corporate governance: The roles of the board and the audit committee
    • Xie, B., Davidson, W., III. DaDalt, P. 2003. Earnings management and corporate governance: The roles of the board and the audit committee. Journal of Corporate Finance, 9: 295 316.
    • (2003) Journal of Corporate Finance , vol.9 , pp. 295-316
    • Xie, B.1    Davidson III, W.2    DaDalt, P.3
  • 67
    • 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, 40: 185 212.
    • (1996) Journal of Financial Economics , vol.40 , pp. 185-212
    • Yermack, D.1
  • 68
    • 4143058161 scopus 로고    scopus 로고
    • The social construction of market value: Institutionalization and learning perspectives on stock market reactions
    • Zajac, E. Westphal, J. 2004. The social construction of market value: Institutionalization and learning perspectives on stock market reactions. American Sociological Review, 69: 433 457.
    • (2004) American Sociological Review , vol.69 , pp. 433-457
    • Zajac, E.1    Westphal, J.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.