메뉴 건너뛰기




Volumn 64, Issue 12, 2011, Pages 1352-1360

Institutional investors, shareholder activism, and earnings management

Author keywords

Agency theory; Earnings management; Largest institutional owner; Shareholder activism

Indexed keywords


EID: 80052870240     PISSN: 01482963     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusres.2010.12.004     Document Type: Article
Times cited : (174)

References (124)
  • 2
    • 78649944589 scopus 로고    scopus 로고
    • Removing Poison Pills: A Case of Shareholder Activism
    • Akyol A., Carroll C. Removing Poison Pills: A Case of Shareholder Activism. Working Paper 2006.
    • (2006) Working Paper
    • Akyol, A.1    Carroll, C.2
  • 3
    • 0039012085 scopus 로고    scopus 로고
    • Corporate equity ownership and product market relationships
    • Allen J.W., Phillips G.M. Corporate equity ownership and product market relationships. J Finance 2000, 55:2791-2815.
    • (2000) J Finance , vol.55 , pp. 2791-2815
    • Allen, J.W.1    Phillips, G.M.2
  • 4
    • 0141900606 scopus 로고
    • Moderator variables: a clarification of conceptual, analytic, and psychometric issues
    • Arnold H.J. Moderator variables: a clarification of conceptual, analytic, and psychometric issues. Organ Behav Hum Perform 1982, 29:143-174.
    • (1982) Organ Behav Hum Perform , vol.29 , pp. 143-174
    • Arnold, H.J.1
  • 5
    • 33746863743 scopus 로고    scopus 로고
    • The effects of corporate governance on firms' credit ratings
    • Ashbaugh-Skaife H.D., Collins R., LaFond R. The effects of corporate governance on firms' credit ratings. J Acc Econ 2006, 42:203-243.
    • (2006) J Acc Econ , vol.42 , pp. 203-243
    • Ashbaugh-Skaife, H.D.1    Collins, R.2    LaFond, R.3
  • 6
    • 84990378597 scopus 로고    scopus 로고
    • Stock option compensation and earnings management incentives
    • Baker T., Collins D., Reitenga A. Stock option compensation and earnings management incentives. J Acc Auditing Finance 2003, 18(4):557-582.
    • (2003) J Acc Auditing Finance , vol.18 , Issue.4 , pp. 557-582
    • Baker, T.1    Collins, D.2    Reitenga, A.3
  • 8
    • 84977705467 scopus 로고
    • Negotiated block trades and corporate control
    • Barclay M.J., Holderness C.G. Negotiated block trades and corporate control. J Finance 1991, 46:861-878.
    • (1991) J Finance , vol.46 , pp. 861-878
    • Barclay, M.J.1    Holderness, C.G.2
  • 9
    • 84992850871 scopus 로고    scopus 로고
    • Governance and corporate philanthropy
    • Bartkus B.R., Morris S.A., Seifert B. Governance and corporate philanthropy. Bus Soc 2002, 41(3):319-344.
    • (2002) Bus Soc , vol.41 , Issue.3 , pp. 319-344
    • Bartkus, B.R.1    Morris, S.A.2    Seifert, B.3
  • 10
    • 0001990250 scopus 로고
    • The composition of boards of directors and strategic control: effects on corporate strategy
    • Baysinger B., Hoskisson R.E. The composition of boards of directors and strategic control: effects on corporate strategy. Acad Manage Rev 1990, 15(1):72-87.
    • (1990) Acad Manage Rev , vol.15 , Issue.1 , pp. 72-87
    • Baysinger, B.1    Hoskisson, R.E.2
  • 11
    • 0005991397 scopus 로고    scopus 로고
    • Fraudulent financial reporting: Consideration of industry traits and corporate governance mechanisms
    • Beasley M., Carcello J., Hermanson D., Lapides P. Fraudulent financial reporting: Consideration of industry traits and corporate governance mechanisms. Acc Horiz 2000, 14(4):441-454.
    • (2000) Acc Horiz , vol.14 , Issue.4 , pp. 441-454
    • Beasley, M.1    Carcello, J.2    Hermanson, D.3    Lapides, P.4
  • 12
    • 0002532196 scopus 로고    scopus 로고
    • Do People Mean What They Say? Implications for Subjective Survey Data
    • Bertrand M., Mullainathan S. Do People Mean What They Say? Implications for Subjective Survey Data. Am Econ Rev 2001, 91(2):67-72.
    • (2001) Am Econ Rev , vol.91 , Issue.2 , pp. 67-72
    • Bertrand, M.1    Mullainathan, S.2
  • 13
    • 84986171564 scopus 로고
    • The effects of ownership structure on corporate restructuring
    • Bethel J.E., Liebeskind J.P. The effects of ownership structure on corporate restructuring. Strateg Manage J 1993, 14:15-31.
    • (1993) Strateg Manage J , vol.14 , pp. 15-31
    • Bethel, J.E.1    Liebeskind, J.P.2
  • 14
    • 0039403207 scopus 로고    scopus 로고
    • Block Share Purchases and Corporate Performance
    • Bethel J., Liebeskind J., Opler T. Block Share Purchases and Corporate Performance. J Finance 1998, 53(1998):605-634.
    • (1998) J Finance , vol.53 , Issue.1998 , pp. 605-634
    • Bethel, J.1    Liebeskind, J.2    Opler, T.3
  • 15
    • 0032283963 scopus 로고    scopus 로고
    • Are shareholder proposals all bark and no bite? Evidence from shareholder resolutions to rescind poison pills
    • Bizjak J.M., Marquette C.T. Are shareholder proposals all bark and no bite? Evidence from shareholder resolutions to rescind poison pills. J Financ Quant Anal 1998, 33(4):499-521.
    • (1998) J Financ Quant Anal , vol.33 , Issue.4 , pp. 499-521
    • Bizjak, J.M.1    Marquette, C.T.2
  • 16
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure level and the cost of equity capital
    • Botosan C.A. Disclosure level and the cost of equity capital. Acc Rev 1997, 72:323-349.
    • (1997) Acc Rev , vol.72 , pp. 323-349
    • Botosan, C.A.1
  • 17
    • 84989143765 scopus 로고
    • CEO duality and firm performance: a contingency model
    • Boyd B.K. CEO duality and firm performance: a contingency model. Strateg Manage J 1995, 16(4):301-312.
    • (1995) Strateg Manage J , vol.16 , Issue.4 , pp. 301-312
    • Boyd, B.K.1
  • 18
    • 0035602511 scopus 로고    scopus 로고
    • Do analysts and auditors use information in accruals?
    • Bradshaw M.T., Richardson S.A., Sloan R.G. Do analysts and auditors use information in accruals?. J Acc Res 2001, 39(1):45-74.
    • (2001) J Acc Res , vol.39 , Issue.1 , pp. 45-74
    • Bradshaw, M.T.1    Richardson, S.A.2    Sloan, R.G.3
  • 19
    • 42149153871 scopus 로고    scopus 로고
    • Navigating shareholder influence: compensation plans and the shareholder approval process
    • Brandes P., Goranova M., Hall S. Navigating shareholder influence: compensation plans and the shareholder approval process. Acad Manage Perspect 2008, 22(1):41-57.
    • (2008) Acad Manage Perspect , vol.22 , Issue.1 , pp. 41-57
    • Brandes, P.1    Goranova, M.2    Hall, S.3
  • 20
    • 33645064537 scopus 로고    scopus 로고
    • Stock options expensing: an examination of agency and institutional theory explanations
    • Brandes P., Hadani M., Goranova M. Stock options expensing: an examination of agency and institutional theory explanations. J Bus Res 2006, 59(5):595-603.
    • (2006) J Bus Res , vol.59 , Issue.5 , pp. 595-603
    • Brandes, P.1    Hadani, M.2    Goranova, M.3
  • 21
    • 47749145674 scopus 로고    scopus 로고
    • Hedge fund activism, corporate governance, and firm performance
    • Brav A., Jiang W., Partnoy F., Thomas R. Hedge fund activism, corporate governance, and firm performance. J Finance 2008, 63(4):1729-1775.
    • (2008) J Finance , vol.63 , Issue.4 , pp. 1729-1775
    • Brav, A.1    Jiang, W.2    Partnoy, F.3    Thomas, R.4
  • 22
    • 56549084698 scopus 로고    scopus 로고
    • Block Ownership and Firm-Specific Information
    • Brockman P., Yan S. Block Ownership and Firm-Specific Information. J Bank Finance 2009, 33:308-316.
    • (2009) J Bank Finance , vol.33 , pp. 308-316
    • Brockman, P.1    Yan, S.2
  • 23
    • 0347139322 scopus 로고    scopus 로고
    • The effectiveness of institutional activism
    • Caton G.L., Goh J., Donaldson J. The effectiveness of institutional activism. Financ Analysts J 2001, 57(4):21-27.
    • (2001) Financ Analysts J , vol.57 , Issue.4 , pp. 21-27
    • Caton, G.L.1    Goh, J.2    Donaldson, J.3
  • 24
    • 0033160179 scopus 로고    scopus 로고
    • Toward a strategic theory of risk premium: moving beyond CAPM
    • Chatterjee S., Lubatkin M.H., Schulze W.S. Toward a strategic theory of risk premium: moving beyond CAPM. Acad Manage Rev 1999, 24:556-567.
    • (1999) Acad Manage Rev , vol.24 , pp. 556-567
    • Chatterjee, S.1    Lubatkin, M.H.2    Schulze, W.S.3
  • 25
    • 25844498448 scopus 로고    scopus 로고
    • Identifying control motives in managerial ownership: evidence from antitakeover legislation
    • Chen S., Nagar V., Rajan M. Identifying control motives in managerial ownership: evidence from antitakeover legislation. Rev Financ Stud 2005, 18:637-672.
    • (2005) Rev Financ Stud , vol.18 , pp. 637-672
    • Chen, S.1    Nagar, V.2    Rajan, M.3
  • 26
    • 34948856433 scopus 로고    scopus 로고
    • Monitoring: Which Institutions Matter
    • Chen X., Harford J., Li K. Monitoring: Which Institutions Matter. J Financ Econ 2007, 86:279-305.
    • (2007) J Financ Econ , vol.86 , pp. 279-305
    • Chen, X.1    Harford, J.2    Li, K.3
  • 27
    • 43749122577 scopus 로고    scopus 로고
    • Corporate social responsibility, investor protection, and earnings management: some international evidence
    • Chih H., Shen C., Kang F. Corporate social responsibility, investor protection, and earnings management: some international evidence. J Bus Ethics 2007, 79:179-198.
    • (2007) J Bus Ethics , vol.79 , pp. 179-198
    • Chih, H.1    Shen, C.2    Kang, F.3
  • 28
    • 58849107509 scopus 로고    scopus 로고
    • Institutional activism types and CEO compensation: a time-series analysis of large Canadian corporations
    • Chowdhury S.D., Wang E.Z. Institutional activism types and CEO compensation: a time-series analysis of large Canadian corporations. J Manage 2009, 35(1):5-36.
    • (2009) J Manage , vol.35 , Issue.1 , pp. 5-36
    • Chowdhury, S.D.1    Wang, E.Z.2
  • 29
    • 12144269553 scopus 로고    scopus 로고
    • Earnings management, surplus cash flow, and external monitoring
    • Chung R., Firth M., Kim J.B. Earnings management, surplus cash flow, and external monitoring. J Bus Res 2005, 58:766-776.
    • (2005) J Bus Res , vol.58 , pp. 766-776
    • Chung, R.1    Firth, M.2    Kim, J.B.3
  • 30
    • 0033228777 scopus 로고    scopus 로고
    • Corporate governance and shareholder patience (the trend toward greater, and more patient, shareholder involvement in corporate management)
    • Ciccotello C.S., Grant T. Corporate governance and shareholder patience (the trend toward greater, and more patient, shareholder involvement in corporate management). Bus Horiz 1999, 42(6):29-36.
    • (1999) Bus Horiz , vol.42 , Issue.6 , pp. 29-36
    • Ciccotello, C.S.1    Grant, T.2
  • 32
    • 0344700848 scopus 로고    scopus 로고
    • The Shareholder Wealth Effects of CalPERS' Activism
    • Crutchley CE, Hudson C, Jensen MC. The Shareholder Wealth Effects of CalPERS' Activism 1998;7:1-10.
    • (1998) , vol.7 , pp. 1-10
    • Crutchley, C.E.1    Hudson, C.2    Jensen, M.C.3
  • 35
    • 0037298037 scopus 로고    scopus 로고
    • Meta-analyses of financial performance and equity: fusion or confusion?
    • Dalton D.R., Daily C.M., Certo S.T., Roengpitya R. Meta-analyses of financial performance and equity: fusion or confusion?. Acad Manage J 2003, 46(1):13-26.
    • (2003) Acad Manage J , vol.46 , Issue.1 , pp. 13-26
    • Dalton, D.R.1    Daily, C.M.2    Certo, S.T.3    Roengpitya, R.4
  • 36
    • 0035529295 scopus 로고    scopus 로고
    • The Influences of Activism by Institutional Investors on R&D
    • Davi P., Hitt M.A., Gimeno J. The Influences of Activism by Institutional Investors on R&D. Acad Manage J 2001, 44:144-157.
    • (2001) Acad Manage J , vol.44 , pp. 144-157
    • Davi, P.1    Hitt, M.A.2    Gimeno, J.3
  • 37
    • 22044444497 scopus 로고    scopus 로고
    • The effect of institutional investors on the level andmix of CEO compensation
    • David P., Kochar R., Levitas E. The effect of institutional investors on the level andmix of CEO compensation. Acad Manage J 1998, 41:200-208.
    • (1998) Acad Manage J , vol.41 , pp. 200-208
    • David, P.1    Kochar, R.2    Levitas, E.3
  • 38
    • 33846090255 scopus 로고    scopus 로고
    • Investor activism, managerial responsiveness and corporate social performance
    • David P., Bloom M., Hillman A. Investor activism, managerial responsiveness and corporate social performance. Strateg Manage J 2007, 28:91-100.
    • (2007) Strateg Manage J , vol.28 , pp. 91-100
    • David, P.1    Bloom, M.2    Hillman, A.3
  • 39
    • 3042618663 scopus 로고    scopus 로고
    • Earnings management following duality-creating successions: ethnostatistics, impression management, and agency theory
    • Davidson W.N., Jiraporn P., Kim Y.S., Nemec C. Earnings management following duality-creating successions: ethnostatistics, impression management, and agency theory. Acad Manage J 2004, 47(2):267-275.
    • (2004) Acad Manage J , vol.47 , Issue.2 , pp. 267-275
    • Davidson, W.N.1    Jiraporn, P.2    Kim, Y.S.3    Nemec, C.4
  • 40
    • 0001232080 scopus 로고
    • Cross-sectional versus time series estimation of term structure models: empirical results for the Dutch bond market
    • De Munnik J., Schotman P. Cross-sectional versus time series estimation of term structure models: empirical results for the Dutch bond market. J Bank Finance 1994, 18:997-1025.
    • (1994) J Bank Finance , vol.18 , pp. 997-1025
    • De Munnik, J.1    Schotman, P.2
  • 41
    • 8744297938 scopus 로고
    • Detecting earnings management
    • Dechow P.M., Sloan R., Sweeney A. Detecting earnings management. Acc Rev 1995, 70:193-225.
    • (1995) Acc Rev , vol.70 , pp. 193-225
    • Dechow, P.M.1    Sloan, R.2    Sweeney, A.3
  • 42
    • 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., Sweeney A. Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC. Contemp Acc Res 1996, 13(1):1-36.
    • (1996) Contemp Acc Res , vol.13 , Issue.1 , pp. 1-36
    • Dechow, P.M.1    Sloan, R.2    Sweeney, A.3
  • 43
    • 0000628687 scopus 로고
    • Debt covenant violation and manipulation of accruals
    • DeFond M., Jiambalvo J. Debt covenant violation and manipulation of accruals. J Acc Econ 1994, 17:145-176.
    • (1994) J Acc Econ , vol.17 , pp. 145-176
    • DeFond, M.1    Jiambalvo, J.2
  • 44
    • 0042377866 scopus 로고    scopus 로고
    • The motivation and impact of pension fund activism
    • Del Guercio D., Hawkins J. The motivation and impact of pension fund activism. J Financ Econ 1999, 52:293-340.
    • (1999) J Financ Econ , vol.52 , pp. 293-340
    • Del Guercio, D.1    Hawkins, J.2
  • 45
    • 80052898525 scopus 로고    scopus 로고
    • Do Boards Pay Attention When Institutional Investor Activists 'Just Vote No'?
    • Del Guercio D., Seery D., Woidtke T. Do Boards Pay Attention When Institutional Investor Activists 'Just Vote No'?. SSRN Working Paper 2008.
    • (2008) SSRN Working Paper
    • Del Guercio, D.1    Seery, D.2    Woidtke, T.3
  • 46
    • 0039646787 scopus 로고    scopus 로고
    • Agency problems, equity ownership, and corporate diversification
    • Denis D., Denis D., Sarin A. Agency problems, equity ownership, and corporate diversification. J Finance 1997, 52(1):135-160.
    • (1997) J Finance , vol.52 , Issue.1 , pp. 135-160
    • Denis, D.1    Denis, D.2    Sarin, A.3
  • 47
    • 61349160523 scopus 로고    scopus 로고
    • Institutional ownership and monitoring effectiveness: it's not just how much but what else you own
    • Dharwadkar R., Goranova M., Brandes P., Khan R. Institutional ownership and monitoring effectiveness: it's not just how much but what else you own. Organ Sci 2008, 19(3):419-440.
    • (2008) Organ Sci , vol.19 , Issue.3 , pp. 419-440
    • Dharwadkar, R.1    Goranova, M.2    Brandes, P.3    Khan, R.4
  • 48
    • 84950289013 scopus 로고    scopus 로고
    • Verizon tries to mute criticism of CEO pay
    • May 3
    • Dvorak P., Lublin J. Verizon tries to mute criticism of CEO pay. Wall St J 2006, B1. May 3.
    • (2006) Wall St J
    • Dvorak, P.1    Lublin, J.2
  • 49
    • 69949093231 scopus 로고    scopus 로고
    • Blockholder trading, market efficiency, and managerial myopia
    • Edmans A. Blockholder trading, market efficiency, and managerial myopia. J Finance 2009, 64(6):2481-2513.
    • (2009) J Finance , vol.64 , Issue.6 , pp. 2481-2513
    • Edmans, A.1
  • 50
    • 71349086945 scopus 로고    scopus 로고
    • Board of Directors Responsiveness to Shareholders: Evidence from Shareholder Proposals
    • Ertimur Y.F., Ferri C., Stubben S. Board of Directors Responsiveness to Shareholders: Evidence from Shareholder Proposals. J Corp Finance 2010, 16:53-72.
    • (2010) J Corp Finance , vol.16 , pp. 53-72
    • Ertimur, Y.F.1    Ferri, C.2    Stubben, S.3
  • 51
    • 80052913136 scopus 로고    scopus 로고
    • Just say no to Wall Street: putting a stop to the earnings game
    • McGraw-Hill Irwin, New York, NY, D.H. Chew, S.L. Gillan (Eds.)
    • Fuller J., Jensen M.C. Just say no to Wall Street: putting a stop to the earnings game. Corporate governance at the crossroads: a book of readings 2005, 506-546. McGraw-Hill Irwin, New York, NY. D.H. Chew, S.L. Gillan (Eds.).
    • (2005) Corporate governance at the crossroads: a book of readings , pp. 506-546
    • Fuller, J.1    Jensen, M.C.2
  • 52
    • 46049089905 scopus 로고    scopus 로고
    • The evolution of shareholder activism in the United States
    • Gillan S.L., Starks L.T. The evolution of shareholder activism in the United States. J Appl Corp Finance 2007, 19(1):55-73.
    • (2007) J Appl Corp Finance , vol.19 , Issue.1 , pp. 55-73
    • Gillan, S.L.1    Starks, L.T.2
  • 53
    • 40549142782 scopus 로고    scopus 로고
    • Multimarket contact and sales growth: evidence from insurance
    • Greve H.R. Multimarket contact and sales growth: evidence from insurance. Strateg Manage J 2008, 29:229-249.
    • (2008) Strateg Manage J , vol.29 , pp. 229-249
    • Greve, H.R.1
  • 54
    • 0002451619 scopus 로고    scopus 로고
    • A market-based evaluation of discretionary accrual models
    • (supplement)
    • Guay W., Kothari S.P., Watts R. A market-based evaluation of discretionary accrual models. J Acc Res 1996, 34:83-105. (supplement).
    • (1996) J Acc Res , vol.34 , pp. 83-105
    • Guay, W.1    Kothari, S.P.2    Watts, R.3
  • 55
    • 35748949788 scopus 로고    scopus 로고
    • Incentives to cheat: the influence of executive compensation and firm performance on financial misrepresentation
    • Harris J., Bromiley P. Incentives to cheat: the influence of executive compensation and firm performance on financial misrepresentation. Organ Sci 2007, 18:350-367.
    • (2007) Organ Sci , vol.18 , pp. 350-367
    • Harris, J.1    Bromiley, P.2
  • 57
    • 46549101724 scopus 로고
    • The effect of bonus schemes on accounting decisions
    • Healy P.M. The effect of bonus schemes on accounting decisions. J Acc Econ 1985, 7:85-107.
    • (1985) J Acc Econ , vol.7 , pp. 85-107
    • Healy, P.M.1
  • 58
    • 0001574630 scopus 로고    scopus 로고
    • A review of the earnings management literature and its implications for standard setting
    • Healy P.M., Wahlen J.M. A review of the earnings management literature and its implications for standard setting. Acc Horiz 1999, 13(4):365-383.
    • (1999) Acc Horiz , vol.13 , Issue.4 , pp. 365-383
    • Healy, P.M.1    Wahlen, J.M.2
  • 59
    • 84989095308 scopus 로고
    • External control, corporate strategy, and firm performance in research-intensive industries
    • Hill C.W.L., Snell S.A. External control, corporate strategy, and firm performance in research-intensive industries. Strateg Manage J 1988, 9:577-590.
    • (1988) Strateg Manage J , vol.9 , pp. 577-590
    • Hill, C.W.L.1    Snell, S.A.2
  • 60
    • 79956284169 scopus 로고    scopus 로고
    • Relationship marketing's role in managing the firm-investor dyad
    • Hoffmann A.O.I., Pennings J.M.E., Wies S. Relationship marketing's role in managing the firm-investor dyad. J Bus Res 2010, 64(8):896-903.
    • (2010) J Bus Res , vol.64 , Issue.8 , pp. 896-903
    • Hoffmann, A.O.I.1    Pennings, J.M.E.2    Wies, S.3
  • 61
    • 21844505035 scopus 로고
    • Divestment intensity of restructuring firms: effects of governance, strategy and performance
    • Hoskisson R.E., Johnson R.A., Moesel D.D. Divestment intensity of restructuring firms: effects of governance, strategy and performance. Acad Manage J 1994, 37:1207-1251.
    • (1994) Acad Manage J , vol.37 , pp. 1207-1251
    • Hoskisson, R.E.1    Johnson, R.A.2    Moesel, D.D.3
  • 62
    • 0003559593 scopus 로고    scopus 로고
    • Cambridge University Press, Boston, MA
    • Hsiao C. Analysis of panel data 2003, Cambridge University Press, Boston, MA.
    • (2003) Analysis of panel data
    • Hsiao, C.1
  • 63
    • 80052909544 scopus 로고    scopus 로고
    • ISS, revision 3.0, September 27, 2005, retrieved from, retrieved 05/23/2008
    • ISS ISS corporate governance: best practices user guide & glossary 2005, revision 3.0, September 27, 2005, retrieved from, retrieved 05/23/2008. http://www.alacra.com/alacra/help/iss_bestpractices.rtf.
    • (2005) ISS corporate governance: best practices user guide & glossary
  • 65
    • 0033247298 scopus 로고    scopus 로고
    • The effects of corporate governance and institutional ownership types on corporate social performance
    • Johnson R.A., Greening D.W. The effects of corporate governance and institutional ownership types on corporate social performance. Acad Manage J 1999, 42:564-576.
    • (1999) Acad Manage J , vol.42 , pp. 564-576
    • Johnson, R.A.1    Greening, D.W.2
  • 68
    • 0000862461 scopus 로고
    • Earnings management during import relief investigations
    • Jones J. Earnings management during import relief investigations. J Acc Res 1991, 29:193-228.
    • (1991) J Acc Res , vol.29 , pp. 193-228
    • Jones, J.1
  • 69
    • 34249721717 scopus 로고    scopus 로고
    • The Impact of Shareholder Activism on Target Companies: A Survey of Empirical Findings
    • Karpoff J.M. The Impact of Shareholder Activism on Target Companies: A Survey of Empirical Findings. Working Paper 2001.
    • (2001) Working Paper
    • Karpoff, J.M.1
  • 70
    • 0030295681 scopus 로고    scopus 로고
    • Corporate governance and shareholder initiatives: empirical evidence
    • Karpoff J., Malatesta P., Walkling R. Corporate governance and shareholder initiatives: empirical evidence. J Financ Econ 1996, 42(3):365-395.
    • (1996) J Financ Econ , vol.42 , Issue.3 , pp. 365-395
    • Karpoff, J.1    Malatesta, P.2    Walkling, R.3
  • 71
    • 12344281216 scopus 로고    scopus 로고
    • Institutional ownership and CEO compensation: A longitudinal examination
    • Khan R., Dharwadkar R., Brandes P. Institutional ownership and CEO compensation: A longitudinal examination. J Bus Res 2005, 58(8):1078-1088.
    • (2005) J Bus Res , vol.58 , Issue.8 , pp. 1078-1088
    • Khan, R.1    Dharwadkar, R.2    Brandes, P.3
  • 72
    • 0006178745 scopus 로고    scopus 로고
    • Firm performance and board committee structure
    • Klein A. Firm performance and board committee structure. J Law Econ 1998, 41:275-303.
    • (1998) J Law Econ , vol.41 , pp. 275-303
    • Klein, A.1
  • 73
    • 0036331491 scopus 로고    scopus 로고
    • Audit committee, board of director characteristics, and earnings management
    • Klein A. Audit committee, board of director characteristics, and earnings management. J Acc Econ 2002, 33(3):375-400.
    • (2002) J Acc Econ , vol.33 , Issue.3 , pp. 375-400
    • Klein, A.1
  • 74
    • 69749106603 scopus 로고    scopus 로고
    • Anti-branding on the internet
    • Krishnamurthy S., Kucuk S.U. Anti-branding on the internet. J Bus Res 2009, 62(11):1119-1126.
    • (2009) J Bus Res , vol.62 , Issue.11 , pp. 1119-1126
    • Krishnamurthy, S.1    Kucuk, S.U.2
  • 75
    • 0030305317 scopus 로고    scopus 로고
    • Corporate disclosure policy and analyst behavior
    • Lang M.H., Lundholm R.J. Corporate disclosure policy and analyst behavior. Acc Rev 1996, 71(4):467-492.
    • (1996) Acc Rev , vol.71 , Issue.4 , pp. 467-492
    • Lang, M.H.1    Lundholm, R.J.2
  • 76
    • 30344476112 scopus 로고    scopus 로고
    • The moderating effects of external monitors on the relationship between R&D spending and firm performance
    • Le S.A., Walters B., Kroll M. The moderating effects of external monitors on the relationship between R&D spending and firm performance. J Bus Res 2006, 59(2):278-287.
    • (2006) J Bus Res , vol.59 , Issue.2 , pp. 278-287
    • Le, S.A.1    Walters, B.2    Kroll, M.3
  • 78
    • 70449498284 scopus 로고    scopus 로고
    • Shareholder Activism: Directorial Responses to Investors' Attempts to Change the Corporate Governance Landscape
    • Loring J.M., Taylor C.K. Shareholder Activism: Directorial Responses to Investors' Attempts to Change the Corporate Governance Landscape. Wake For Law Rev 2006, 41(1):321-340.
    • (2006) Wake For Law Rev , vol.41 , Issue.1 , pp. 321-340
    • Loring, J.M.1    Taylor, C.K.2
  • 79
    • 0035598330 scopus 로고    scopus 로고
    • The Effect of Missing a Quarterly Earnings. Benchmark on the CEO's Annual Bonus
    • Matsunaga S.R., Park C.W. The Effect of Missing a Quarterly Earnings. Benchmark on the CEO's Annual Bonus. Acc Rev 2001, 76:313-332.
    • (2001) Acc Rev , vol.76 , pp. 313-332
    • Matsunaga, S.R.1    Park, C.W.2
  • 80
    • 0040428442 scopus 로고    scopus 로고
    • Large shareholders as monitors: is there a trade-off between liquidity and control?
    • Maug E. Large shareholders as monitors: is there a trade-off between liquidity and control?. J Finance 1998, 53(1):65-98.
    • (1998) J Finance , vol.53 , Issue.1 , pp. 65-98
    • Maug, E.1
  • 81
    • 31144442882 scopus 로고
    • Equity ownership and the two faces of debt
    • McConnell J.J., Servaes H. Equity ownership and the two faces of debt. J Financ Econ 1995, 39:131-157.
    • (1995) J Financ Econ , vol.39 , pp. 131-157
    • McConnell, J.J.1    Servaes, H.2
  • 82
    • 0000207706 scopus 로고
    • Executive Compensation Structure, Ownership, and Firm Performance
    • Mehran H. Executive Compensation Structure, Ownership, and Firm Performance. J Financ Econ 1995, 38(2):163-184.
    • (1995) J Financ Econ , vol.38 , Issue.2 , pp. 163-184
    • Mehran, H.1
  • 83
    • 0040456133 scopus 로고
    • Targeted Repurchases And Common Stock Returns
    • Mikkelson W.H., Ruback R.S. Targeted Repurchases And Common Stock Returns. Rand J Econ 1991, 22:544-561.
    • (1991) Rand J Econ , vol.22 , pp. 544-561
    • Mikkelson, W.H.1    Ruback, R.S.2
  • 84
    • 15344347036 scopus 로고    scopus 로고
    • Let's make a deal! How shareholder control impacts merger payoffs
    • Moeller T. Let's make a deal! How shareholder control impacts merger payoffs. J Financ Econ 2005, 76:167-190.
    • (2005) J Financ Econ , vol.76 , pp. 167-190
    • Moeller, T.1
  • 85
    • 2442691109 scopus 로고    scopus 로고
    • How are earnings managed? Examples from auditors
    • Nelson M.W., Elliott J.A., Tarpley R.L. How are earnings managed? Examples from auditors. Acc Horiz 2003, 17:17-35.
    • (2003) Acc Horiz , vol.17 , pp. 17-35
    • Nelson, M.W.1    Elliott, J.A.2    Tarpley, R.L.3
  • 86
    • 0002964458 scopus 로고
    • Long-term rewards from shareholder activism: A study of the "CalPERS" effect
    • Nesbitt S.L. Long-term rewards from shareholder activism: A study of the "CalPERS" effect. J Appl Corp Finance 1994, 6:75-80.
    • (1994) J Appl Corp Finance , vol.6 , pp. 75-80
    • Nesbitt, S.L.1
  • 87
    • 31744451012 scopus 로고    scopus 로고
    • Institutional ownership and corporate social performance: the moderating effect of investment horizon, activism and coordination
    • Neubaum D.O., Zahra S.A. Institutional ownership and corporate social performance: the moderating effect of investment horizon, activism and coordination. J Manage 2006, 32:108-131.
    • (2006) J Manage , vol.32 , pp. 108-131
    • Neubaum, D.O.1    Zahra, S.A.2
  • 88
    • 80052913133 scopus 로고    scopus 로고
    • Does coordinated institutional activism work? An analysis of the activities of the council of institutional investors
    • Opler T.C., Sokobin J. Does coordinated institutional activism work? An analysis of the activities of the council of institutional investors. Ohio State University working paper 1997.
    • (1997) Ohio State University working paper
    • Opler, T.C.1    Sokobin, J.2
  • 89
    • 49149096685 scopus 로고    scopus 로고
    • Large Outside Shareholders as Monitors: Evidence from Partial Acquisitions
    • Park Y.W., Selvili Z., Song M. Large Outside Shareholders as Monitors: Evidence from Partial Acquisitions. Int Rev Econ Finance 2008, 17:529-545.
    • (2008) Int Rev Econ Finance , vol.17 , pp. 529-545
    • Park, Y.W.1    Selvili, Z.2    Song, M.3
  • 90
    • 61349174035 scopus 로고    scopus 로고
    • Coming forward: the effects of social and regulatory forces on the voluntary restatement of earnings subsequent to wrongdoing
    • Pfarrer M.D., Smith K.G., Bartol K.M., Khanin D.M., Zhang X. Coming forward: the effects of social and regulatory forces on the voluntary restatement of earnings subsequent to wrongdoing. Organ Sci 2008, 19(3):386-403.
    • (2008) Organ Sci , vol.19 , Issue.3 , pp. 386-403
    • Pfarrer, M.D.1    Smith, K.G.2    Bartol, K.M.3    Khanin, D.M.4    Zhang, X.5
  • 91
    • 0013590421 scopus 로고
    • Proxy contests and the efficiency of shareholder oversight
    • Pound J. Proxy contests and the efficiency of shareholder oversight. J Financ Econ 1988, 20(1/2):237-265.
    • (1988) J Financ Econ , vol.20 , Issue.1-2 , pp. 237-265
    • Pound, J.1
  • 92
    • 0039604286 scopus 로고    scopus 로고
    • Of what value are shareholder proposals sponsored by public pension funds?
    • Prevost A.K., Rao R.P. Of what value are shareholder proposals sponsored by public pension funds?. J Bus 2000, 73(2):177-204.
    • (2000) J Bus , vol.73 , Issue.2 , pp. 177-204
    • Prevost, A.K.1    Rao, R.P.2
  • 93
    • 0002061364 scopus 로고
    • Boards of directors and substitution effects of alternate governance mechanisms
    • Rediker K.J., Seth A. Boards of directors and substitution effects of alternate governance mechanisms. Strateg Manage J 1995, 16:85-99.
    • (1995) Strateg Manage J , vol.16 , pp. 85-99
    • Rediker, K.J.1    Seth, A.2
  • 96
    • 0036806109 scopus 로고    scopus 로고
    • The antecedents of institutional investor activism
    • Ryan L.V., Schneider M. The antecedents of institutional investor activism. Acad Manage J 2002, 27(4):554-573.
    • (2002) Acad Manage J , vol.27 , Issue.4 , pp. 554-573
    • Ryan, L.V.1    Schneider, M.2
  • 97
    • 0002878655 scopus 로고
    • Earnings management
    • Schipper K. Earnings management. Acc Horiz 1989, 3:91-102.
    • (1989) Acc Horiz , vol.3 , pp. 91-102
    • Schipper, K.1
  • 98
    • 38849170520 scopus 로고    scopus 로고
    • Information advantages of large institutional owners
    • Schnatterly K., Shaw K.W., Jennings W.W. Information advantages of large institutional owners. Strateg Manage J 2008, 29:219-227.
    • (2008) Strateg Manage J , vol.29 , pp. 219-227
    • Schnatterly, K.1    Shaw, K.W.2    Jennings, W.W.3
  • 99
    • 8744235132 scopus 로고    scopus 로고
    • Securities, Exchange Commission, Release Nos. 33-8220, 34-47654, Aprill 9, Available on
    • Securities, Exchange Commission Standards relating to listed company audit committees 2003, Release Nos. 33-8220, 34-47654, Aprill 9, Available on. http://www.sec.gov/rules/final/33-8220.htm.
    • (2003) Standards relating to listed company audit committees
  • 100
    • 84936823587 scopus 로고
    • Large shareholders and corporate control
    • Shleifer A., Vishny R. Large shareholders and corporate control. J Polit Econ 1986, 94:461-488.
    • (1986) J Polit Econ , vol.94 , pp. 461-488
    • Shleifer, A.1    Vishny, R.2
  • 101
    • 21844486322 scopus 로고
    • Firm value and external blockholdings
    • Shome K.K., Singh S. Firm value and external blockholdings. Financ Manage 1995, 24:3-14.
    • (1995) Financ Manage , vol.24 , pp. 3-14
    • Shome, K.K.1    Singh, S.2
  • 102
    • 0030305172 scopus 로고    scopus 로고
    • Do stock price fully reflect information in accruals and cash flows about future earnings
    • Sloan R.G. Do stock price fully reflect information in accruals and cash flows about future earnings. Acc Rev 1996, 71:289-315.
    • (1996) Acc Rev , vol.71 , pp. 289-315
    • Sloan, R.G.1
  • 103
    • 0039120739 scopus 로고    scopus 로고
    • Shareholder activism by institutional investors: evidence from CalPERS
    • Smith M.P. Shareholder activism by institutional investors: evidence from CalPERS. J Finance 1996, 51:227-252.
    • (1996) J Finance , vol.51 , pp. 227-252
    • Smith, M.P.1
  • 104
    • 84983109370 scopus 로고    scopus 로고
    • Conflicts of Interests or Aligned Incentives? Blockholder Ownership, Dividends and Firm Value in the US and the EU
    • Steen T. Conflicts of Interests or Aligned Incentives? Blockholder Ownership, Dividends and Firm Value in the US and the EU. Eur Bus Organ Law Rev 2005, 6:201-225.
    • (2005) Eur Bus Organ Law Rev , vol.6 , pp. 201-225
    • Steen, T.1
  • 105
    • 4043152342 scopus 로고    scopus 로고
    • A re-examination of the relationship between ownership structure, firm diversification and Tobin q
    • Steiner T.L. A re-examination of the relationship between ownership structure, firm diversification and Tobin q. Q J Bus Econ 1996, 35(4):39-51.
    • (1996) Q J Bus Econ , vol.35 , Issue.4 , pp. 39-51
    • Steiner, T.L.1
  • 106
    • 80052875934 scopus 로고    scopus 로고
    • Has pay-for performance gone awry? Views from a corporate governance forum
    • McGraw-Hill Irwin, New York, NY, D.H. Chew, S.L. Gillan (Eds.)
    • Stewart S. Has pay-for performance gone awry? Views from a corporate governance forum. Corporate governance at the crossroads: a book of readings 2005, 209-219. McGraw-Hill Irwin, New York, NY. D.H. Chew, S.L. Gillan (Eds.).
    • (2005) Corporate governance at the crossroads: a book of readings , pp. 209-219
    • Stewart, S.1
  • 107
    • 16144367015 scopus 로고    scopus 로고
    • A requiem for the USA-is small shareholder monitoring effective?
    • Strickland D., Wiles K.W., Zenner M. A requiem for the USA-is small shareholder monitoring effective?. J Financ Econ 1996, 40(2):319-338.
    • (1996) J Financ Econ , vol.40 , Issue.2 , pp. 319-338
    • Strickland, D.1    Wiles, K.W.2    Zenner, M.3
  • 108
    • 34249697685 scopus 로고    scopus 로고
    • Shareholder proposals in the new millennium: shareholder support, board response, and market reaction
    • Thomas R., Cotter J. Shareholder proposals in the new millennium: shareholder support, board response, and market reaction. J Corp Finance 2007, 13(2/3):368-391.
    • (2007) J Corp Finance , vol.13 , Issue.2-3 , pp. 368-391
    • Thomas, R.1    Cotter, J.2
  • 109
    • 0000251280 scopus 로고    scopus 로고
    • Ownership structure and economic performance in the largest European companies
    • Thomsen S., Pedersen T. Ownership structure and economic performance in the largest European companies. Strateg Manage J 2000, 21(6):689-705.
    • (2000) Strateg Manage J , vol.21 , Issue.6 , pp. 689-705
    • Thomsen, S.1    Pedersen, T.2
  • 110
    • 3042847515 scopus 로고    scopus 로고
    • Board composition and corporate fraud
    • Uzun H., Szewczyk S., Varma R. Board composition and corporate fraud. Financ Analysts J 2004, 60(3):33-43.
    • (2004) Financ Analysts J , vol.60 , Issue.3 , pp. 33-43
    • Uzun, H.1    Szewczyk, S.2    Varma, R.3
  • 111
    • 33749045633 scopus 로고    scopus 로고
    • Institutional ownership and the quality of earnings
    • Velury U., Jenkins D.S. Institutional ownership and the quality of earnings. J Bus Res 2006, 59(9):1043-1051.
    • (2006) J Bus Res , vol.59 , Issue.9 , pp. 1043-1051
    • Velury, U.1    Jenkins, D.S.2
  • 112
    • 0000030687 scopus 로고
    • The concept of fit in strategy research: toward verbal and statistical correspondence
    • Venkatraman N. The concept of fit in strategy research: toward verbal and statistical correspondence. Acad Manage Rev 1989, 14:423-444.
    • (1989) Acad Manage Rev , vol.14 , pp. 423-444
    • Venkatraman, N.1
  • 113
    • 0030554346 scopus 로고    scopus 로고
    • Pension fund activism and firm performance
    • Wahal S. Pension fund activism and firm performance. J Financ Quant Anal 1996, 31(1):1-23.
    • (1996) J Financ Quant Anal , vol.31 , Issue.1 , pp. 1-23
    • Wahal, S.1
  • 114
    • 0000837829 scopus 로고
    • On the efficiency of internal and external corporate control mechanisms
    • Walsh J.P., Seward J.K. On the efficiency of internal and external corporate control mechanisms. Acad Manage Rev 1990, 15:421-458.
    • (1990) Acad Manage Rev , vol.15 , pp. 421-458
    • Walsh, J.P.1    Seward, J.K.2
  • 117
    • 67349260970 scopus 로고
    • Substance and symbolism in CEOs' long-term incentive plans
    • Westphal J.D., Zajac E.J. Substance and symbolism in CEOs' long-term incentive plans. Adm Sci Q 1994, 39(3):367-390.
    • (1994) Adm Sci Q , vol.39 , Issue.3 , pp. 367-390
    • Westphal, J.D.1    Zajac, E.J.2
  • 118
    • 0035373659 scopus 로고    scopus 로고
    • Decoupling policy from practice: the case of stock repurchase programs
    • Westphal J., Zajac E. Decoupling policy from practice: the case of stock repurchase programs. Adm Sci Q 2001, 46(2):202-228.
    • (2001) Adm Sci Q , vol.46 , Issue.2 , pp. 202-228
    • Westphal, J.1    Zajac, E.2
  • 119
    • 0043213086 scopus 로고    scopus 로고
    • Agents watching agents? Evidence from pension fund ownership and firm value
    • Woidtke T. Agents watching agents? Evidence from pension fund ownership and firm value. J Financ Econ 2002, 63:99-131.
    • (2002) J Financ Econ , vol.63 , pp. 99-131
    • Woidtke, T.1
  • 120
    • 80051912185 scopus 로고    scopus 로고
    • The effects of pension fund activism on corporate performance: Evidence from shareholder proposals
    • Ph.D dissertation, Texas A&M University.
    • Woods JD. The effects of pension fund activism on corporate performance: Evidence from shareholder proposals. 1996, Ph.D dissertation, Texas A&M University.
    • (1996)
    • Woods, J.D.1
  • 121
    • 0036217274 scopus 로고    scopus 로고
    • The structure of ownership and corporate acquisition strategies
    • Wright P., Kroll M., Lado A., Van Ness B. The structure of ownership and corporate acquisition strategies. Strateg Manage J 2002, 23:1-41.
    • (2002) Strateg Manage J , vol.23 , pp. 1-41
    • Wright, P.1    Kroll, M.2    Lado, A.3    Van Ness, B.4
  • 122
    • 17544365305 scopus 로고    scopus 로고
    • Corporate ownership structure and the informativeness of earnings
    • Yeo G.H., Tan P.M., Ho K.W., Chen S. Corporate ownership structure and the informativeness of earnings. J Bus Finance Acc 2002, 29(7/8):1023-1046.
    • (2002) J Bus Finance Acc , vol.29 , Issue.7-8 , pp. 1023-1046
    • Yeo, G.H.1    Tan, P.M.2    Ho, K.W.3    Chen, S.4
  • 123
    • 28144464266 scopus 로고    scopus 로고
    • The antecedents and consequences of top management fraud
    • Zahra S.A., Priem R.L., Rasheed A.A. The antecedents and consequences of top management fraud. J Manage 2005, 31(6):803-838.
    • (2005) J Manage , vol.31 , Issue.6 , pp. 803-838
    • Zahra, S.A.1    Priem, R.L.2    Rasheed, A.A.3
  • 124
    • 76349105600 scopus 로고    scopus 로고
    • The Effect of Monitoring by Outside Blockholders on Earnings Management
    • Zhong K., Gribbin D.W., Zheng X. The Effect of Monitoring by Outside Blockholders on Earnings Management. Q J Bus Econ 2007, 46(1):37-60.
    • (2007) Q J Bus Econ , vol.46 , Issue.1 , pp. 37-60
    • Zhong, K.1    Gribbin, D.W.2    Zheng, X.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.