메뉴 건너뛰기




Volumn 16, Issue 4, 2011, Pages 719-744

Non-GAAP earnings and board independence

Author keywords

Board independence; Earnings persistence; Non GAAP earnings

Indexed keywords


EID: 81355161478     PISSN: 13806653     EISSN: None     Source Type: Journal    
DOI: 10.1007/s11142-011-9166-3     Document Type: Article
Times cited : (161)

References (69)
  • 1
    • 34249868579 scopus 로고    scopus 로고
    • Letting the "tail wag the dog": The debate over GAAP versus street earnings revisited
    • Abarbanell, J., & Lehavy, R. (2007). Letting the "tail wag the dog": The debate over GAAP versus street earnings revisited. Contemporary Accounting Research, 24(3), 675-723.
    • (2007) Contemporary Accounting Research , vol.24 , Issue.3 , pp. 675-723
    • Abarbanell, J.1    Lehavy, R.2
  • 2
    • 0002854219 scopus 로고    scopus 로고
    • CEO stock option awards and the timing of corporate voluntary disclosures
    • Aboody, D., & Kasznik, R. (2000). CEO stock option awards and the timing of corporate voluntary disclosures. Journal of Accounting and Economics, 29, 73-100.
    • (2000) Journal of Accounting and Economics , vol.29 , pp. 73-100
    • Aboody, D.1    Kasznik, R.2
  • 3
    • 20444470173 scopus 로고    scopus 로고
    • The association between outside directors, institutional investors and the properties of management earnings forecasts
    • Ajinkya, B., Bhojraj, S., & Sengupta, P. (2005). The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research, 43, 343-376.
    • (2005) Journal of Accounting Research , vol.43 , pp. 343-376
    • Ajinkya, B.1    Bhojraj, S.2    Sengupta, P.3
  • 4
    • 33845907656 scopus 로고    scopus 로고
    • Pro forma disclosure and investor sophistication: External validation of experimental evidence using archival data. Accounting
    • Allee, K., Bhattacharya, N., Black, E., & Christensen, T. (2007). Pro forma disclosure and investor sophistication: External validation of experimental evidence using archival data. Accounting. Organizations and Society, 32(3), 201-222.
    • (2007) Organizations and Society , vol.32 , Issue.3 , pp. 201-222
    • Allee, K.1    Bhattacharya, N.2    Black, E.3    Christensen, T.4
  • 5
    • 0030305316 scopus 로고    scopus 로고
    • An empirical analysis of the relation between the board of director composition and financial statements fraud
    • Beasley, M. (1996). An empirical analysis of the relation between the board of director composition and financial statements fraud. The Accounting Review, 71, 443-465.
    • (1996) The Accounting Review , vol.71 , pp. 443-465
    • Beasley, M.1
  • 6
    • 0037702976 scopus 로고    scopus 로고
    • The non-correlation between board independence and long-term firm performance
    • Bhagat, S., & Black, B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporation Law, 27, 231-274.
    • (2002) Journal of Corporation Law , vol.27 , pp. 231-274
    • Bhagat, S.1    Black, B.2
  • 7
    • 0742304038 scopus 로고    scopus 로고
    • Assessing the relative informativeness and permanence of non-GAAP earnings and GAAP operating earnings
    • Bhattacharya, N., Black, E., Christensen, T., & Larson, C. (2003). Assessing the relative informativeness and permanence of non-GAAP earnings and GAAP operating earnings. Journal of Accounting and Economics, 36, 285-319.
    • (2003) Journal of Accounting and Economics , vol.36 , pp. 285-319
    • Bhattacharya, N.1    Black, E.2    Christensen, T.3    Larson, C.4
  • 10
    • 65149086179 scopus 로고    scopus 로고
    • US managers' use of 'Pro Forma' adjustments to meet strategic earnings targets
    • Black, D., & Christensen, T. (2009). US managers' use of 'Pro Forma' adjustments to meet strategic earnings targets. Journal of Business Finance and Accounting, 36(3-4), 297-326.
    • (2009) Journal of Business Finance and Accounting , vol.36 , Issue.3-4 , pp. 297-326
    • Black, D.1    Christensen, T.2
  • 11
    • 34249892837 scopus 로고    scopus 로고
    • The determinants of corporate board size and composition: An empirical analysis
    • Boone, A., Field, L., Karpoff, J., & Raheja, C. (2007). The determinants of corporate board size and composition: An empirical analysis. Journal of Financial Economics, 85, 66-101.
    • (2007) Journal of Financial Economics , vol.85 , pp. 66-101
    • Boone, A.1    Field, L.2    Karpoff, J.3    Raheja, C.4
  • 12
    • 27844554315 scopus 로고    scopus 로고
    • Emphasis on street versus GAAP earnings in quarterly press releases: Determinants, SEC intervention and market reactions
    • Bowen, R., Davis, A., & Matsumoto, D. (2005). Emphasis on street versus GAAP earnings in quarterly press releases: Determinants, SEC intervention and market reactions. The Accounting Review, 80, 1011-1038.
    • (2005) The Accounting Review , vol.80 , pp. 1011-1038
    • Bowen, R.1    Davis, A.2    Matsumoto, D.3
  • 14
    • 0036004046 scopus 로고    scopus 로고
    • GAAP versus the street: An empirical assessment of two alternative definitions of earnings
    • Bradshaw, M., & Sloan, R. (2002). GAAP versus the street: An empirical assessment of two alternative definitions of earnings. Journal of Accounting Research, 40, 41-66.
    • (2002) Journal of Accounting Research , vol.40 , pp. 41-66
    • Bradshaw, M.1    Sloan, R.2
  • 16
    • 81355156536 scopus 로고    scopus 로고
    • The timing of quarterly "pro forma" earnings announcements
    • Georgia State University
    • Brown, N., Christensen, T., & Elliott, W. (2010). The timing of quarterly "pro forma" earnings announcements. Working paper, Georgia State University.
    • (2010) Working paper
    • Brown, N.1    Christensen, T.2    Elliott, W.3
  • 17
    • 81355156537 scopus 로고    scopus 로고
    • Do managers use pro forma earnings disclosures to cater to investor sentiment?
    • University of Southern California
    • Brown, N., Christensen, T., Elliott, W., Mergenthaler, R., (2009). Do managers use pro forma earnings disclosures to cater to investor sentiment? Working paper, University of Southern California.
    • (2009) Working paper
    • Brown, N.1    Christensen, T.2    Elliott, W.3    Mergenthaler, R.4
  • 18
    • 3843152741 scopus 로고    scopus 로고
    • Comparing the quality of two operating income measures
    • Brown, L., & Sivakumar, K. (2003). Comparing the quality of two operating income measures. Review of Accounting Studies, 4, 561-572.
    • (2003) Review of Accounting Studies , vol.4 , pp. 561-572
    • Brown, L.1    Sivakumar, K.2
  • 19
    • 0742276632 scopus 로고    scopus 로고
    • Financial accounting information, organizational complexity and corporate governance
    • Bushman, R., Chen, Q., Engel, E., & Smith, A. (2004). Financial accounting information, organizational complexity and corporate governance. Journal of Accounting and Economics, 37, 167-201.
    • (2004) Journal of Accounting and Economics , vol.37 , pp. 167-201
    • Bushman, R.1    Chen, Q.2    Engel, E.3    Smith, A.4
  • 20
    • 73449139912 scopus 로고    scopus 로고
    • The impact of directors' option compensation on their independence
    • Baruch College
    • Byard, D., & Li, Y. (2005). The impact of directors' option compensation on their independence. Working paper, Baruch College.
    • (2005) Working paper
    • Byard, D.1    Li, Y.2
  • 21
    • 77950461250 scopus 로고    scopus 로고
    • Do analysts and investors fully understand the persistence of the items excluded from Street earnings?
    • Chen, C. (2010). Do analysts and investors fully understand the persistence of the items excluded from Street earnings? Review of Accounting Studies, 15, 32-69.
    • (2010) Review of Accounting Studies , vol.15 , pp. 32-69
    • Chen, C.1
  • 22
    • 81355159688 scopus 로고    scopus 로고
    • Optimistic reporting and pessimistic investing: Do pro forma earnings disclosures attract short sellers?
    • Brigham Young University
    • Christensen, T., Drake, M., & Thornock, J. (2010). Optimistic reporting and pessimistic investing: Do pro forma earnings disclosures attract short sellers? Working paper, Brigham Young University.
    • (2010) Working paper
    • Christensen, T.1    Drake, M.2    Thornock, J.3
  • 23
    • 0001650996 scopus 로고    scopus 로고
    • Corporate governance, chief executive officer compensation, and firm performance
    • Core, J., Holthausen, R., & Larcker, D. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51, 195-218.
    • (1999) Journal of Financial Economics , vol.51 , pp. 195-218
    • Core, J.1    Holthausen, R.2    Larcker, D.3
  • 25
    • 2142720242 scopus 로고    scopus 로고
    • Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC
    • Dechow, P., Sloan, R., & Sweeney, A. (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.1    Sloan, R.2    Sweeney, A.3
  • 26
    • 59749097824 scopus 로고    scopus 로고
    • Earnings volatility and earnings predictability
    • Dichev, I., & Tang, V. (2008). Earnings volatility and earnings predictability. Journal of Accounting and Economics, 47, 160-181.
    • (2008) Journal of Accounting and Economics , vol.47 , pp. 160-181
    • Dichev, I.1    Tang, V.2
  • 27
    • 0742276611 scopus 로고    scopus 로고
    • The predictive value of expenses excluded from non-GAAP earnings
    • Doyle, J., Lundholm, R., & Soliman, M. (2003). The predictive value of expenses excluded from non-GAAP earnings. Review of Accounting Studies, 8, 145-174.
    • (2003) Review of Accounting Studies , vol.8 , pp. 145-174
    • Doyle, J.1    Lundholm, R.2    Soliman, M.3
  • 28
    • 34249874171 scopus 로고    scopus 로고
    • Do managers define "street" earnings to meet or beat analyst forecasts?
    • Utah State University
    • Doyle, J., & Soliman, M. (2009). Do managers define "street" earnings to meet or beat analyst forecasts? Working paper, Utah State University.
    • (2009) Working paper
    • Doyle, J.1    Soliman, M.2
  • 29
    • 3843074219 scopus 로고    scopus 로고
    • Discussion of the predictive value of expenses excluded from non-GAAP earnings
    • Easton, P. (2003). Discussion of "the predictive value of expenses excluded from non-GAAP earnings". Review of Accounting Studies, 8, 175-183.
    • (2003) Review of Accounting Studies , vol.8 , pp. 175-183
    • Easton, P.1
  • 30
    • 33644675090 scopus 로고    scopus 로고
    • Are investors influenced by non-GAAP emphasis and reconciliations in earnings announcements?
    • Elliott, W. (2006). Are investors influenced by non-GAAP emphasis and reconciliations in earnings announcements? The Accounting Review, 81, 113-133.
    • (2006) The Accounting Review , vol.81 , pp. 113-133
    • Elliott, W.1
  • 31
    • 0001833691 scopus 로고
    • Write-offs as accounting procedures to manage perceptions
    • Elliott, J., & Shaw, W. (1988). Write-offs as accounting procedures to manage perceptions. Journal of Accounting Research, 26, 91-119.
    • (1988) Journal of Accounting Research , vol.26 , pp. 91-119
    • Elliott, J.1    Shaw, W.2
  • 32
    • 33751585640 scopus 로고    scopus 로고
    • Financial reporting regulation and the reporting of pro forma earnings
    • Entwistle, G., Feltham, G., & Mbagwu, C. (2006). Financial reporting regulation and the reporting of pro forma earnings. Accounting Horizons, 20, 39-55.
    • (2006) Accounting Horizons , vol.20 , pp. 39-55
    • Entwistle, G.1    Feltham, G.2    Mbagwu, C.3
  • 33
    • 0030305179 scopus 로고    scopus 로고
    • Accounting classification and the predictive content of earnings
    • Fairfield, P., Sweeney, R., & Yohn, T. (1996). Accounting classification and the predictive content of earnings. The Accounting Review, 71, 337-355.
    • (1996) The Accounting Review , vol.71 , pp. 337-355
    • Fairfield, P.1    Sweeney, R.2    Yohn, T.3
  • 35
    • 0000589270 scopus 로고
    • Agency problems and residual claims
    • Fama, E., & Jensen, M. (1983). Agency problems and residual claims. Journal of Law and Economics, 26, 327-349.
    • (1983) Journal of Law and Economics , vol.26 , pp. 327-349
    • Fama, E.1    Jensen, M.2
  • 37
    • 3943111561 scopus 로고    scopus 로고
    • Non-GAAP earnings disclosures: Do analysts and nonprofessional investors really differ?
    • Frederickson, J., & Miller, J. (2004). Non-GAAP earnings disclosures: Do analysts and nonprofessional investors really differ? The Accounting Review, 79, 667-686.
    • (2004) The Accounting Review , vol.79 , pp. 667-686
    • Frederickson, J.1    Miller, J.2
  • 38
    • 43949176471 scopus 로고
    • Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies
    • Gaver, J., & Gaver, K. (1993). Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies. Journal of Accounting and Economics, 16, 125-160.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 125-160
    • Gaver, J.1    Gaver, K.2
  • 40
    • 12344283925 scopus 로고    scopus 로고
    • Analysts' treatment of nonrecurring items in Street Earnings
    • Gu, Z., & Chen, T. (2004). Analysts' treatment of nonrecurring items in Street Earnings. Journal of Accounting and Economics, 38, 129-170.
    • (2004) Journal of Accounting and Economics , vol.38 , pp. 129-170
    • Gu, Z.1    Chen, T.2
  • 41
    • 0002345792 scopus 로고    scopus 로고
    • The sensitivity of CEO wealth to equity risk: An analysis of the magnitude of determinants
    • Guay, W. (1999). The sensitivity of CEO wealth to equity risk: An analysis of the magnitude of determinants. Journal of Financial Economics, 53, 43-71.
    • (1999) Journal of Financial Economics , vol.53 , pp. 43-71
    • Guay, W.1
  • 42
    • 58149210589 scopus 로고
    • The information content of losses
    • Hayn, C. (1995). The information content of losses. Journal of Accounting and Economics, 20, 125-153.
    • (1995) Journal of Accounting and Economics , vol.20 , pp. 125-153
    • Hayn, C.1
  • 43
    • 56249141082 scopus 로고    scopus 로고
    • The impact of the SEC's regulation of non-GAAP disclosures
    • Heflin, F., & Hsu, C. (2008). The impact of the SEC's regulation of non-GAAP disclosures. Journal of Accounting and Economics, 46, 349-365.
    • (2008) Journal of Accounting and Economics , vol.46 , pp. 349-365
    • Heflin, F.1    Hsu, C.2
  • 44
    • 0012583968 scopus 로고    scopus 로고
    • Boards of directors as an endogenously determined institution: A survey of the economic literature
    • Hermalin, B., & Weisbach, M. (2003). Boards of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review, 9, 7-26.
    • (2003) Economic Policy Review , vol.9 , pp. 7-26
    • Hermalin, B.1    Weisbach, M.2
  • 45
    • 0742321678 scopus 로고    scopus 로고
    • Limited attention, information disclosure and financial reporting
    • Hirshleifer, D., & Teoh, S. (2003). Limited attention, information disclosure and financial reporting. Journal of Accounting and Economics, 36, 337-386.
    • (2003) Journal of Accounting and Economics , vol.36 , pp. 337-386
    • Hirshleifer, D.1    Teoh, S.2
  • 46
    • 81355159685 scopus 로고    scopus 로고
    • The joint effects of corporate governance and regulation on the disclosure of manager-adjusted non-GAAP earnings
    • UT Austin
    • Jennings, R., & Marques, A. (2010). The joint effects of corporate governance and regulation on the disclosure of manager-adjusted non-GAAP earnings. Working paper, UT Austin.
    • (2010) Working paper
    • Jennings, R.1    Marques, A.2
  • 47
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 48
    • 20444464511 scopus 로고    scopus 로고
    • The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis
    • Karamanou, I., & Vafeas, N. (2005). The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis. Journal of Accounting Research, 43, 453-486.
    • (2005) Journal of Accounting Research , vol.43 , pp. 453-486
    • Karamanou, I.1    Vafeas, N.2
  • 49
    • 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
  • 50
    • 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
  • 51
    • 39749188830 scopus 로고    scopus 로고
    • SEC scrutiny and the evolution of non-GAAP reporting
    • Kolev, K., Marquardt, C., & McVay, S. (2008). SEC scrutiny and the evolution of non-GAAP reporting. The Accounting Review, 83, 157-184.
    • (2008) The Accounting Review , vol.83 , pp. 157-184
    • Kolev, K.1    Marquardt, C.2    McVay, S.3
  • 53
    • 34548289334 scopus 로고    scopus 로고
    • Corporate governance, accounting outcomes, and organizational performance
    • Larcker, D., Richardson, S., & Tuna, I. (2007). Corporate governance, accounting outcomes, and organizational performance. The Accounting Review, 82, 963-1008.
    • (2007) The Accounting Review , vol.82 , pp. 963-1008
    • Larcker, D.1    Richardson, S.2    Tuna, I.3
  • 54
    • 12344322164 scopus 로고    scopus 로고
    • Determinants of the size and structure of corporate boards: 1935-2000
    • University of Pittsburgh and Bentley College
    • Lehn, K., Patro, S., & Zhao, M. (2003). Determinants of the size and structure of corporate boards: 1935-2000. Working paper, University of Pittsburgh and Bentley College.
    • (2003) Working paper
    • Lehn, K.1    Patro, S.2    Zhao, M.3
  • 55
    • 0003159891 scopus 로고
    • The information contained in the components of earnings
    • Lipe, R. (1986). The information contained in the components of earnings. Journal of Accounting Research, 24, 37-64.
    • (1986) Journal of Accounting Research , vol.24 , pp. 37-64
    • Lipe, R.1
  • 56
    • 3943101329 scopus 로고    scopus 로고
    • Earnings informativeness and strategic disclosure: An empirical examination of "non-GAAP" earnings
    • Lougee, B., & Marquardt, C. (2004). Earnings informativeness and strategic disclosure: An empirical examination of "non-GAAP" earnings. The Accounting Review, 79, 769-795.
    • (2004) The Accounting Review , vol.79 , pp. 769-795
    • Lougee, B.1    Marquardt, C.2
  • 57
    • 33751168456 scopus 로고    scopus 로고
    • SEC interventions and the frequency and usefulness of non-GAAP financial measures
    • Marques, A. (2006). SEC interventions and the frequency and usefulness of non-GAAP financial measures. Review of Accounting Studies, 11, 549-574.
    • (2006) Review of Accounting Studies , vol.11 , pp. 549-574
    • Marques, A.1
  • 59
    • 33745289444 scopus 로고    scopus 로고
    • Earnings management using classification shifting: An examination of core earnings and special items
    • McVay, S. (2006). Earnings management using classification shifting: An examination of core earnings and special items. The Accounting Review, 81, 501-531.
    • (2006) The Accounting Review , vol.81 , pp. 501-531
    • McVay, S.1
  • 60
    • 33745297445 scopus 로고    scopus 로고
    • Trading incentives to meet the analyst forecast
    • McVay, S., Nagar, C., & Tang, V. (2006). Trading incentives to meet the analyst forecast. Review of Accounting Studies, 11, 575-598.
    • (2006) Review of Accounting Studies , vol.11 , pp. 575-598
    • McVay, S.1    Nagar, C.2    Tang, V.3
  • 61
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: Comparing approaches
    • Petersen, M. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22, 435-480.
    • (2009) Review of Financial Studies , vol.22 , pp. 435-480
    • Petersen, M.1
  • 62
    • 84896393937 scopus 로고    scopus 로고
    • Non-GAAP measures: Updated guidance to enhance a company's ability to communicate important information to investors
    • PricewaterhouseCoopers LLP (PwC), (January 20th)
    • PricewaterhouseCoopers LLP (PwC). (2010). Non-GAAP measures: Updated guidance to enhance a company's ability to communicate important information to investors. Dataline (January 20th).
    • (2010) Dataline
  • 63
    • 11244287728 scopus 로고    scopus 로고
    • The walk-down to beatable analyst forecasts: The role of equity issuance and insider trading incentives
    • Richardson, S., Teoh, S. H., & Wysocki, P. (2004). The walk-down to beatable analyst forecasts: The role of equity issuance and insider trading incentives. Contemporary Accounting Research, 21, 885-924.
    • (2004) Contemporary Accounting Research , vol.21 , pp. 885-924
    • Richardson, S.1    Teoh, S.H.2    Wysocki, P.3
  • 64
    • 0011537245 scopus 로고
    • Disclosure regulation in financial markets: Implications of modern finance theory and signaling theory
    • In F. R. Edwards (Ed.), New York: McGraw Hill
    • Ross, S. (1979). Disclosure regulation in financial markets: Implications of modern finance theory and signaling theory. In F. R. Edwards (Ed.). Issues in financial regulation (pp 177-202). New York: McGraw Hill.
    • (1979) Issues in financial regulation , pp. 177-202
    • Ross, S.1
  • 67
    • 0034733079 scopus 로고    scopus 로고
    • Board structure and the informativeness of earnings
    • Vafeas, N. (2000). Board structure and the informativeness of earnings. Journal of Accounting and Public Policy, 19, 139-160.
    • (2000) Journal of Accounting and Public Policy , vol.19 , pp. 139-160
    • Vafeas, N.1
  • 68
    • 0040238831 scopus 로고    scopus 로고
    • Good timing: CEO stock option awards and company news announcements
    • Yermack, D. (1996). Good timing: CEO stock option awards and company news announcements. Journal of Finance, 52, 449-476.
    • (1996) Journal of Finance , vol.52 , pp. 449-476
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.