메뉴 건너뛰기




Volumn 45, Issue 2, 2019, Pages 701-727

The Interactive Effect of Monitoring and Incentive Alignment on Agency Costs

Author keywords

agency theory; CEO decision making; executive compensation; incentive alignment

Indexed keywords


EID: 85058624521     PISSN: 01492063     EISSN: 15571211     Source Type: Journal    
DOI: 10.1177/0149206316678453     Document Type: Article
Times cited : (37)

References (130)
  • 2
    • 0043076255 scopus 로고    scopus 로고
    • Do nonaudit services compromise auditor independence? Further evidence
    • Ashbaugh H., LaFond R., Mayhew B. W., 2003. Do nonaudit services compromise auditor independence? Further evidence. The Accounting Review, 78(3): 611-639
    • (2003) The Accounting Review , vol.78 , Issue.3 , pp. 611-639
    • Ashbaugh, H.1    LaFond, R.2    Mayhew, B.W.3
  • 3
    • 0000147433 scopus 로고
    • Agency research in managerial accounting: A second look
    • Baiman S., 1990. Agency research in managerial accounting: A second look. Accounting, Organizations and Society, 15(4): 341-371
    • (1990) Accounting, Organizations and Society , vol.15 , Issue.4 , pp. 341-371
    • Baiman, S.1
  • 4
    • 0003377027 scopus 로고    scopus 로고
    • Discretionary-accruals models and audit qualifications
    • Bartov E., Gul F. A., Tsui J., 2000. Discretionary-accruals models and audit qualifications. Journal of Accounting and Economics, 30(3): 421-452
    • (2000) Journal of Accounting and Economics , vol.30 , Issue.3 , pp. 421-452
    • Bartov, E.1    Gul, F.A.2    Tsui, J.3
  • 5
    • 79960948624 scopus 로고
    • Managerial incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings
    • Beatty R. P., Zajac E. J., 1994. Managerial incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly, 8(2): 87-96
    • (1994) Administrative Science Quarterly , vol.8 , Issue.2 , pp. 87-96
    • Beatty, R.P.1    Zajac, E.J.2
  • 7
    • 84906006114 scopus 로고
    • Myopic loss aversion and the equity premium puzzle
    • Benartzi S., Thaler R. H., 1995. Myopic loss aversion and the equity premium puzzle. The Quarterly Journal of Economics, 110(1): 73-92
    • (1995) The Quarterly Journal of Economics , vol.110 , Issue.1 , pp. 73-92
    • Benartzi, S.1    Thaler, R.H.2
  • 8
    • 84962209315 scopus 로고    scopus 로고
    • Using meta-analytic structural equation modeling to advance strategic management research: Guidelines and an empirical illustration via the strategic leadership-performance relationship
    • in press
    • Bergh D. D., Aguinis H., Heavey C., Ketchen D. J., Boyd B. K., Peiran S. U., … Joo H., in press. Using meta-analytic structural equation modeling to advance strategic management research: Guidelines and an empirical illustration via the strategic leadership-performance relationship. Strategic Management Journal. doi:10.1002/smj.2338
    • Strategic Management Journal
    • Bergh, D.D.1    Aguinis, H.2    Heavey, C.3    Ketchen, D.J.4    Boyd, B.K.5    Peiran, S.U.6    Joo, H.7
  • 10
    • 0004347414 scopus 로고
    • Temporary National Economic Committee, Distribution of Ownership
    • Berle A. A., Means G., 1932. The modern corporation. Temporary National Economic Committee, Distribution of Ownership
    • (1932) The modern corporation
    • Berle, A.A.1    Means, G.2
  • 11
    • 0001772744 scopus 로고    scopus 로고
    • Within-group agreement, non-independence, and reliability: Implications for data aggregation and analyses
    • Klein K.J., Kozlowski S.W.J., (eds), San Francisco, Jossey-Bass, (Eds
    • Bliese P. D., 2000. Within-group agreement, non-independence, and reliability: Implications for data aggregation and analyses. In Klein K. J., Kozlowski S. W. J., (Eds.), Multilevel theory, research, and methods in organization: 349-381. San Francisco: Jossey-Bass
    • (2000) Multilevel theory, research, and methods in organization , pp. 349-381
    • Bliese, P.D.1
  • 12
    • 84989082201 scopus 로고
    • Board control and CEO compensation
    • Boyd B. K., 1994. Board control and CEO compensation. Strategic Management Journal, 15(5): 335-344
    • (1994) Strategic Management Journal , vol.15 , Issue.5 , pp. 335-344
    • Boyd, B.K.1
  • 13
    • 84977142298 scopus 로고    scopus 로고
    • Ownership of corporations: A review, synthesis, and research agenda
    • Boyd B. K., Solarino A. M., 2016. Ownership of corporations: A review, synthesis, and research agenda. Journal of Management 42(5): 1282-1314
    • (2016) Journal of Management , vol.42 , Issue.5 , pp. 1282-1314
    • Boyd, B.K.1    Solarino, A.M.2
  • 14
    • 0032116927 scopus 로고    scopus 로고
    • The influence of institutional investors on myopic R&D investment behavior
    • Bushee B. J., 1998. The influence of institutional investors on myopic R&D investment behavior. Accounting Review, 73(3): 305-333
    • (1998) Accounting Review , vol.73 , Issue.3 , pp. 305-333
    • Bushee, B.J.1
  • 15
    • 0001151593 scopus 로고    scopus 로고
    • Do institutional investors prefer near-term earnings over long-run value?
    • Bushee B. J., 2001. Do institutional investors prefer near-term earnings over long-run value? Contemporary Accounting Research, 18(2): 207-246
    • (2001) Contemporary Accounting Research , vol.18 , Issue.2 , pp. 207-246
    • Bushee, B.J.1
  • 16
    • 78649704510 scopus 로고    scopus 로고
    • Top management team functional diversity and firm performance: The moderating role of CEO characteristics
    • Buyl T., Boone C., Hendriks W., Matthyssens P., 2011. Top management team functional diversity and firm performance: The moderating role of CEO characteristics. Journal of Management Studies, 48(1): 151-177
    • (2011) Journal of Management Studies , vol.48 , Issue.1 , pp. 151-177
    • Buyl, T.1    Boone, C.2    Hendriks, W.3    Matthyssens, P.4
  • 17
    • 77958458351 scopus 로고    scopus 로고
    • Determinants of CEO pay: A comparison of ExecuComp and non-ExecuComp firms
    • Cadman B., Klasa S., Matsunaga S., 2010. Determinants of CEO pay: A comparison of ExecuComp and non-ExecuComp firms. The Accounting Review, 85(5): 1511-1543
    • (2010) The Accounting Review , vol.85 , Issue.5 , pp. 1511-1543
    • Cadman, B.1    Klasa, S.2    Matsunaga, S.3
  • 18
    • 21144475404 scopus 로고
    • Succession as a sociopolitical process: Internal impediments to outsider selection
    • Cannella A. A., Lubatkin M., 1993. Succession as a sociopolitical process: Internal impediments to outsider selection. Academy of Management Journal, 36(4): 763-793
    • (1993) Academy of Management Journal , vol.36 , Issue.4 , pp. 763-793
    • Cannella, A.A.1    Lubatkin, M.2
  • 19
    • 33646188332 scopus 로고    scopus 로고
    • Strategy research and panel data: Evidence and implications
    • Certo S. T., Semadeni M., 2006. Strategy research and panel data: Evidence and implications. Journal of Management, 3: 449-474
    • (2006) Journal of Management , vol.3 , pp. 449-474
    • Certo, S.T.1    Semadeni, M.2
  • 20
    • 43949169695 scopus 로고
    • Institutional trades and intraday stock price behavior
    • Chan L. K., Lakonishok J., 1993. Institutional trades and intraday stock price behavior. Journal of Financial Economics, 33(2): 173-199
    • (1993) Journal of Financial Economics , vol.33 , Issue.2 , pp. 173-199
    • Chan, L.K.1    Lakonishok, J.2
  • 21
    • 45849129871 scopus 로고    scopus 로고
    • Audit partner tenure, audit firm tenure, and discretionary accruals: Does long auditor tenure impair earnings quality?
    • Chen C., Lin C., Lin Y., 2010. Audit partner tenure, audit firm tenure, and discretionary accruals: Does long auditor tenure impair earnings quality? Contemporary Accounting Research, 25(2): 415-455
    • (2010) Contemporary Accounting Research , vol.25 , Issue.2 , pp. 415-455
    • Chen, C.1    Lin, C.2    Lin, Y.3
  • 22
    • 18944390386 scopus 로고    scopus 로고
    • Equity incentives and earnings management
    • Cheng Q., Warfield T. D., 2005. Equity incentives and earnings management. The Accounting Review, 80(2): 441-476
    • (2005) The Accounting Review , vol.80 , Issue.2 , pp. 441-476
    • Cheng, Q.1    Warfield, T.D.2
  • 24
    • 0002664626 scopus 로고
    • Shareholders versus managers: The strain in the corporate web
    • Coffee Jr. J.C., Lowenstein L., Rose-Ackerman S., (eds), New York, Oxford University Press, (Eds
    • Coffee J. C., Jr. 1988. Shareholders versus managers: The strain in the corporate web. In Coffee J. C., Jr. Lowenstein L., Rose-Ackerman S., (Eds.), Knights, raiders, and targets: The impact of the hostile take-over: 77-134. New York: Oxford University Press
    • (1988) Knights, raiders, and targets: The impact of the hostile take-over , pp. 77-134
    • Coffee, J.C.1
  • 25
    • 46049100780 scopus 로고    scopus 로고
    • Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods
    • Cohen D. A., Dey A., Lys T. Z., 2008. Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods. The Accounting Review, 83(3): 757-787
    • (2008) The Accounting Review , vol.83 , Issue.3 , pp. 757-787
    • Cohen, D.A.1    Dey, A.2    Lys, T.Z.3
  • 26
    • 77950950399 scopus 로고    scopus 로고
    • Accrual-based and real earnings management activities around seasoned equity offerings
    • Cohen D. A., Zarowin P., 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1): 2-19
    • (2010) Journal of Accounting and Economics , vol.50 , Issue.1 , pp. 2-19
    • Cohen, D.A.1    Zarowin, P.2
  • 27
    • 0036004049 scopus 로고    scopus 로고
    • Errors in estimating accruals: Implications for research
    • Collins D. W., Hribar P., 2002. Errors in estimating accruals: Implications for research. Journal of Accounting Research, 40(1): 105-134
    • (2002) Journal of Accounting Research , vol.40 , Issue.1 , pp. 105-134
    • Collins, D.W.1    Hribar, P.2
  • 29
    • 0001245231 scopus 로고    scopus 로고
    • The use of equity grants to manage optimal equity incentive levels
    • Core J. E., Guay W. R., 1999. The use of equity grants to manage optimal equity incentive levels. Journal of Accounting and Economics, 28(2): 151-184
    • (1999) Journal of Accounting and Economics , vol.28 , Issue.2 , pp. 151-184
    • Core, J.E.1    Guay, W.R.2
  • 31
    • 38149038650 scopus 로고    scopus 로고
    • Corporate governance and pay-for-performance: The impact of earnings management
    • Cornett M. M., Marcus A. J., Tehranian H., 2008. Corporate governance and pay-for-performance: The impact of earnings management. Journal of Financial Economics, 87(2): 357-373
    • (2008) Journal of Financial Economics , vol.87 , Issue.2 , pp. 357-373
    • Cornett, M.M.1    Marcus, A.J.2    Tehranian, H.3
  • 32
    • 77149122439 scopus 로고    scopus 로고
    • Perceptions of benevolence and the design of agency contracts: CEO-TMT relationships in family firms
    • Cruz C. C., Gomez-Mejia L. R., Becerra M., 2010. Perceptions of benevolence and the design of agency contracts: CEO-TMT relationships in family firms. Academy of Management Journal, 53(1): 69-89
    • (2010) Academy of Management Journal , vol.53 , Issue.1 , pp. 69-89
    • Cruz, C.C.1    Gomez-Mejia, L.R.2    Becerra, M.3
  • 33
    • 0002780568 scopus 로고    scopus 로고
    • Sources of CEO power and firm financial performance: A longitudinal assessment
    • Daily C. M., Johnson J. L., 1997. Sources of CEO power and firm financial performance: A longitudinal assessment. Journal of Management, 23(2): 97-117
    • (1997) Journal of Management , vol.23 , Issue.2 , pp. 97-117
    • Daily, C.M.1    Johnson, J.L.2
  • 34
    • 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., 2004. Earnings management following duality-creating successions: Ethnostatistics, impression management, and agency theory. Academy of Management Journal, 47(2): 267-275
    • (2004) Academy of Management Journal , vol.47 , Issue.2 , pp. 267-275
    • Davidson, W.N.1    Jiraporn, P.2    Kim, Y.S.3    Nemec, C.4
  • 35
    • 84904915848 scopus 로고
    • Organization theory and the market for corporate control: A dynamic analysis of the characteristics of large takeover targets, 1980-1990
    • Davis G. F., Stout S. K., 1992. Organization theory and the market for corporate control: A dynamic analysis of the characteristics of large takeover targets, 1980-1990. Administrative Science Quarterly 37(4): 605-633
    • (1992) Administrative Science Quarterly , vol.37 , Issue.4 , pp. 605-633
    • Davis, G.F.1    Stout, S.K.2
  • 36
    • 0001499806 scopus 로고
    • Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders
    • DeAngelo L. E., 1986. Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. Accounting Review, 61(3): 400-420
    • (1986) Accounting Review , vol.61 , Issue.3 , pp. 400-420
    • DeAngelo, L.E.1
  • 38
    • 84977703147 scopus 로고
    • Further evidence of investor overreaction and stock market seasonality
    • De Bondt W. F. M., Thaler R., 1987. Further evidence of investor overreaction and stock market seasonality. American Finance Association, 42(3): 557-581
    • (1987) American Finance Association , vol.42 , Issue.3 , pp. 557-581
    • De Bondt, W.F.M.1    Thaler, R.2
  • 39
    • 0036997124 scopus 로고    scopus 로고
    • The quality of accruals and earnings: The role of accrual estimation errors
    • Dechow P. M., Dichev I. D., 2002. The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(s-1): 35-59
    • (2002) The Accounting Review , vol.77 , Issue.s-1 , pp. 35-59
    • Dechow, P.M.1    Dichev, I.D.2
  • 40
    • 44949280589 scopus 로고
    • Executive incentives and the horizon problem: An empirical investigation
    • Dechow P. M., Sloan R. G., 1991. Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics, 14(1): 51-89
    • (1991) Journal of Accounting and Economics , vol.14 , Issue.1 , pp. 51-89
    • Dechow, P.M.1    Sloan, R.G.2
  • 42
    • 0008340651 scopus 로고    scopus 로고
    • Boards of Directors” short-term perceptions and evidence of managerial short-termism in the UK
    • Demirag I. S., 1998. “Boards of Directors” short-term perceptions and evidence of managerial short-termism in the UK. The European Journal of Finance, 4: 195-211
    • (1998) The European Journal of Finance , vol.4 , pp. 195-211
    • Demirag, I.S.1
  • 43
    • 78650017207 scopus 로고    scopus 로고
    • A dual agency view of board compensation: The joint effects of outside director and CEO stock options on firm risk
    • Deutsch Y., Keil T., Laamanen T., 2010. A dual agency view of board compensation: The joint effects of outside director and CEO stock options on firm risk. Strategic Management Journal, 32: 212-227
    • (2010) Strategic Management Journal , vol.32 , pp. 212-227
    • Deutsch, Y.1    Keil, T.2    Laamanen, T.3
  • 44
    • 61349114266 scopus 로고    scopus 로고
    • Moving closer to the action: Examining compensation design effects on firm risk
    • Devers C. E., McNamara G., Wiseman R. M., Arrfelt M., 2008. Moving closer to the action: Examining compensation design effects on firm risk. Organization Science, 4: 548-566
    • (2008) Organization Science , vol.4 , pp. 548-566
    • Devers, C.E.1    McNamara, G.2    Wiseman, R.M.3    Arrfelt, M.4
  • 45
    • 80051545804 scopus 로고    scopus 로고
    • Boards, CEOs & surviving a financial crisis: Evidence from the Internet shakeout
    • Dowell G. W., Shackell M. B., Stuart N. V., 2011. Boards, CEOs & surviving a financial crisis: Evidence from the Internet shakeout. Strategic Management Journal, 32(10): 1025-1045
    • (2011) Strategic Management Journal , vol.32 , Issue.10 , pp. 1025-1045
    • Dowell, G.W.1    Shackell, M.B.2    Stuart, N.V.3
  • 46
    • 85017997113 scopus 로고    scopus 로고
    • December, 7, Accessed July 10, 2015, Retrieved from
    • The Economist. 2013. The rise of BlackRock. December 7. Retrieved from http://www.economist.com/news/leaders/21591174-25-years-blackrock-has-become-worlds-biggest-investor-its-dominance-problem. Accessed July 10, 2015
    • (2013) The rise of BlackRock
  • 47
    • 0001336426 scopus 로고
    • Agency theory: An assessment and review
    • Eisenhardt K. M., 1989. Agency theory: An assessment and review. Academy of Management Journal, 14(1): 57-74
    • (1989) Academy of Management Journal , vol.14 , Issue.1 , pp. 57-74
    • Eisenhardt, K.M.1
  • 49
    • 84941601226 scopus 로고    scopus 로고
    • Motivated monitors: The importance of institutional investors’ portfolio weights
    • Fich E. M., Harford J., Tran A. L., 2015. Motivated monitors: The importance of institutional investors’ portfolio weights. Journal of Financial Economics, 118(1): 21-48
    • (2015) Journal of Financial Economics , vol.118 , Issue.1 , pp. 21-48
    • Fich, E.M.1    Harford, J.2    Tran, A.L.3
  • 50
    • 0007122285 scopus 로고
    • CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command
    • Finkelstein S., D’aveni R. A., 1994. CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command. Academy of Management Journal, 37(5): 1079-1108
    • (1994) Academy of Management Journal , vol.37 , Issue.5 , pp. 1079-1108
    • Finkelstein, S.1    D’aveni, R.A.2
  • 51
    • 0034178836 scopus 로고    scopus 로고
    • Boards of directors and shark repellents: Assessing the value of an agency theory perspective
    • Frankforter S. A., Berman S. L., Jones T. M., 2000. Boards of directors and shark repellents: Assessing the value of an agency theory perspective. Journal of Management Studies, 37(3): 321-348
    • (2000) Journal of Management Studies , vol.37 , Issue.3 , pp. 321-348
    • Frankforter, S.A.1    Berman, S.L.2    Jones, T.M.3
  • 52
    • 0000353081 scopus 로고    scopus 로고
    • Corporate governance proposals and shareholder activism: The role of institutional investors
    • Gillan S. L., Starks L. T., 2000. Corporate governance proposals and shareholder activism: The role of institutional investors. Journal of Financial Economics, 57(2): 275-305
    • (2000) Journal of Financial Economics , vol.57 , Issue.2 , pp. 275-305
    • Gillan, S.L.1    Starks, L.T.2
  • 54
    • 0002120265 scopus 로고
    • Managerial control, performance, and executive compensation
    • Gomez-Mejia L. R., Tosi H., Hinkin T., 1987. Managerial control, performance, and executive compensation. Academy of Management Journal, 30(1): 51-70
    • (1987) Academy of Management Journal , vol.30 , Issue.1 , pp. 51-70
    • Gomez-Mejia, L.R.1    Tosi, H.2    Hinkin, T.3
  • 56
    • 4344681947 scopus 로고    scopus 로고
    • Panel models in sociological research: Theory into practice
    • Halaby C. N., 2004. Panel models in sociological research: Theory into practice. Annual Review of Sociology, 30: 507-544
    • (2004) Annual Review of Sociology , vol.30 , pp. 507-544
    • Halaby, C.N.1
  • 57
    • 0001121466 scopus 로고
    • Managerial discretion: A bridge between polar views of organizational outcomes
    • Hambrick D. C., Finkelstein S., 1987. Managerial discretion: A bridge between polar views of organizational outcomes. Research in Organizational Behavior, 9: 369-406
    • (1987) Research in Organizational Behavior , vol.9 , pp. 369-406
    • Hambrick, D.C.1    Finkelstein, S.2
  • 58
    • 35748949788 scopus 로고    scopus 로고
    • Incentives to cheat: The influence of executive compensation and firm performance on financial misrepresentation
    • Harris J., Bromiley P., 2007. Incentives to cheat: The influence of executive compensation and firm performance on financial misrepresentation. Organization Science, 18(3): 350-367
    • (2007) Organization Science , vol.18 , Issue.3 , pp. 350-367
    • Harris, J.1    Bromiley, P.2
  • 59
    • 84928841557 scopus 로고
    • The changing of the guard: Turnover & structural change in the top-management positions
    • Harrison J. R., Torres D. L., Kukalis S., 1988. The changing of the guard: Turnover & structural change in the top-management positions. Administrative Science Quarterly, 33(2): 211-232
    • (1988) Administrative Science Quarterly , vol.33 , Issue.2 , pp. 211-232
    • Harrison, J.R.1    Torres, D.L.2    Kukalis, S.3
  • 60
    • 0344153909 scopus 로고    scopus 로고
    • Institutional investors and executive compensation
    • Hartzell J. C., Starks L. T., 2003. Institutional investors and executive compensation. The Journal of Finance, 58(6): 2351-2374
    • (2003) The Journal of Finance , vol.58 , Issue.6 , pp. 2351-2374
    • Hartzell, J.C.1    Starks, L.T.2
  • 61
    • 0000250716 scopus 로고
    • Specification tests in econometrics
    • Hausman J. A., 1978. Specification tests in econometrics. Econometrica, 46: 1251-1271
    • (1978) Econometrica , vol.46 , pp. 1251-1271
    • Hausman, J.A.1
  • 62
    • 84857457044 scopus 로고    scopus 로고
    • Internal corporate governance, CEO turnover, and earnings management
    • Hazarika S., Karpoff J. M., Nahata R., 2012. Internal corporate governance, CEO turnover, and earnings management. Journal of Financial Economics, 104(1): 44-69
    • (2012) Journal of Financial Economics , vol.104 , Issue.1 , pp. 44-69
    • Hazarika, S.1    Karpoff, J.M.2    Nahata, R.3
  • 63
    • 84870417856 scopus 로고    scopus 로고
    • Board informal hierarchy and firm financial performance: Exploring a tacit structure guiding boardroom interactions
    • He J., Huang Z., 2011. Board informal hierarchy and firm financial performance: Exploring a tacit structure guiding boardroom interactions. Academy of Management Journal, 54(6): 1119-1139
    • (2011) Academy of Management Journal , vol.54 , Issue.6 , pp. 1119-1139
    • He, J.1    Huang, Z.2
  • 64
    • 46549101724 scopus 로고
    • The effect of bonus schemes on accounting decisions
    • Healy J., 1985. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7: 85-107
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 85-107
    • Healy, J.1
  • 65
    • 0001574630 scopus 로고    scopus 로고
    • A review of the earnings management literature and its implications for standard setting
    • Healy P. M., Wahlen J. M., 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13: 365-383
    • (1999) Accounting Horizons , vol.13 , pp. 365-383
    • Healy, P.M.1    Wahlen, J.M.2
  • 66
  • 68
    • 0036670792 scopus 로고    scopus 로고
    • Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies
    • Hoskisson R. E., Hitt M. A., Johnson R. A., Grossman W., 2002. Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies. Academy of Management Journal, 45(4): 697-716
    • (2002) Academy of Management Journal , vol.45 , Issue.4 , pp. 697-716
    • Hoskisson, R.E.1    Hitt, M.A.2    Johnson, R.A.3    Grossman, W.4
  • 69
    • 0001693411 scopus 로고
    • The effect of a large shareholder on corporate value
    • Huddart S., 1993. The effect of a large shareholder on corporate value. Management Science, 39(11): 1407-1421
    • (1993) Management Science , vol.39 , Issue.11 , pp. 1407-1421
    • Huddart, S.1
  • 70
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen M. C., 1993. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3): 831-880
    • (1993) The Journal of Finance , vol.48 , Issue.3 , pp. 831-880
    • Jensen, M.C.1
  • 71
    • 19744364667 scopus 로고    scopus 로고
    • The agency cost of overvalued equity and the current state of corporate finance
    • Jensen M. C., 2004. The agency cost of overvalued equity and the current state of corporate finance. European Financial Management, 10(4): 549-565
    • (2004) European Financial Management , vol.10 , Issue.4 , pp. 549-565
    • Jensen, M.C.1
  • 72
    • 0000135434 scopus 로고
    • A theory of the firm: Governance, residual claims and organizational forms
    • Jensen M. C., Meckling W. H., 1976. A theory of the firm: Governance, residual claims and organizational forms. Journal of Financial Economics, 26(2): 301-325
    • (1976) Journal of Financial Economics , vol.26 , Issue.2 , pp. 301-325
    • Jensen, M.C.1    Meckling, W.H.2
  • 73
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • Jensen M. C., Murphy K. J., 1990. Performance pay and top-management incentives. Journal of Political Economy, 98(2): 225-263
    • (1990) Journal of Political Economy , vol.98 , Issue.2 , pp. 225-263
    • Jensen, M.C.1    Murphy, K.J.2
  • 74
    • 84940851112 scopus 로고    scopus 로고
    • CEO turnover and relative performance evaluation
    • Jenter D., Kanaan F., 2015. CEO turnover and relative performance evaluation. The Journal of Finance, 70(5): 2155–2184
    • (2015) The Journal of Finance , vol.70 , Issue.5 , pp. 2155-2184
    • Jenter, D.1    Kanaan, F.2
  • 75
    • 70349622833 scopus 로고    scopus 로고
    • Shareholder rights, corporate governance and earnings quality: Influence of institutional investors
    • Jiang W., Anandarajan A., 2009. Shareholder rights, corporate governance and earnings quality: Influence of institutional investors. Managerial Auditing Journal, 24(8): 767-791
    • (2009) Managerial Auditing Journal , vol.24 , Issue.8 , pp. 767-791
    • Jiang, W.1    Anandarajan, A.2
  • 76
    • 77952887064 scopus 로고    scopus 로고
    • CFOs and CEOs: Who have the most influence on earnings management?
    • Jiang J. X., Petroni K. R., Wang I. Y., 2010. CFOs and CEOs: Who have the most influence on earnings management? Journal of Financial Economics, 96(3): 513-526
    • (2010) Journal of Financial Economics , vol.96 , Issue.3 , pp. 513-526
    • Jiang, J.X.1    Petroni, K.R.2    Wang, I.Y.3
  • 77
    • 0000862461 scopus 로고
    • Earnings management during import relief operations
    • Jones J., 1991. Earnings management during import relief operations. Journal of Accounting Research, 29: 193-228
    • (1991) Journal of Accounting Research , vol.29 , pp. 193-228
    • Jones, J.1
  • 78
    • 0001740817 scopus 로고
    • Consequences of violating the independence assumption in analysis of variance
    • Kenny D. A., Judd C. M., 1986. Consequences of violating the independence assumption in analysis of variance. Psychology Bulletin, 99: 422-431
    • (1986) Psychology Bulletin , vol.99 , pp. 422-431
    • Kenny, D.A.1    Judd, C.M.2
  • 79
    • 80052720813 scopus 로고    scopus 로고
    • CEO ownership, external governance, and risk-taking
    • Kim E. H., Lu Y., 2011. CEO ownership, external governance, and risk-taking. Journal of Financial Economics, 102(2): 272-292
    • (2011) Journal of Financial Economics , vol.102 , Issue.2 , pp. 272-292
    • Kim, E.H.1    Lu, Y.2
  • 80
    • 84962598246 scopus 로고    scopus 로고
    • You don’t forget your roots: The influence of CEO social class background on strategic risk taking
    • Kish-Gephart J. J., Campbell J. T., 2015. You don’t forget your roots: The influence of CEO social class background on strategic risk taking. Academy of Management Journal, 58(6): 1614-1636
    • (2015) Academy of Management Journal , vol.58 , Issue.6 , pp. 1614-1636
    • Kish-Gephart, J.J.1    Campbell, J.T.2
  • 81
    • 0036331491 scopus 로고    scopus 로고
    • Audit committee, board of director characteristics, and earnings management
    • Klein A., 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3): 375-400
    • (2002) Journal of Accounting and Economics , vol.33 , Issue.3 , pp. 375-400
    • Klein, A.1
  • 82
    • 58849146609 scopus 로고    scopus 로고
    • Entrepreneurial shareholder activism: Hedge funds and other private investors
    • Klein A., Zur E., 2009. Entrepreneurial shareholder activism: Hedge funds and other private investors. The Journal of Finance, 64(1): 187-229
    • (2009) The Journal of Finance , vol.64 , Issue.1 , pp. 187-229
    • Klein, A.1    Zur, E.2
  • 83
    • 0037670661 scopus 로고    scopus 로고
    • On the association between institutional ownership and aggressive corporate earnings management in Australia
    • Koh P. S., 2003. On the association between institutional ownership and aggressive corporate earnings management in Australia. The British Accounting Review, 35(2): 105-128
    • (2003) The British Accounting Review , vol.35 , Issue.2 , pp. 105-128
    • Koh, P.S.1
  • 86
    • 84867851582 scopus 로고    scopus 로고
    • Stock option vesting conditions, CEO turnover, and myopic investment
    • Laux V., 2012. Stock option vesting conditions, CEO turnover, and myopic investment. Journal of Financial Economics, 106(3): 513-526
    • (2012) Journal of Financial Economics , vol.106 , Issue.3 , pp. 513-526
    • Laux, V.1
  • 87
    • 0042012826 scopus 로고    scopus 로고
    • Earnings management and investor protection: An international comparison
    • Leuz C., Nanda D., Wysocki P. D., 2003. Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3): 505-527
    • (2003) Journal of Financial Economics , vol.69 , Issue.3 , pp. 505-527
    • Leuz, C.1    Nanda, D.2    Wysocki, P.D.3
  • 88
    • 21144476214 scopus 로고
    • A modest proposal for improved corporate governance
    • Lipton M., Lorsch J. W., 1992. A modest proposal for improved corporate governance. The Business Lawyer, 48(1): 59-77
    • (1992) The Business Lawyer , vol.48 , Issue.1 , pp. 59-77
    • Lipton, M.1    Lorsch, J.W.2
  • 90
    • 84879661698 scopus 로고    scopus 로고
    • Executive stock options as mixed gambles: Revisiting the behavioral agency model
    • Martin G., Gomez-Mejia L., Wiseman R., 2013. Executive stock options as mixed gambles: Revisiting the behavioral agency model. Academy of Management Journal, 56(2): 451-472
    • (2013) Academy of Management Journal , vol.56 , Issue.2 , pp. 451-472
    • Martin, G.1    Gomez-Mejia, L.2    Wiseman, R.3
  • 91
    • 0035995637 scopus 로고    scopus 로고
    • Management’s incentives to avoid negative earnings surprises
    • Matsumoto D. A., 2002. Management’s incentives to avoid negative earnings surprises. The Accounting Review, 77(3): 483-514
    • (2002) The Accounting Review , vol.77 , Issue.3 , pp. 483-514
    • Matsumoto, D.A.1
  • 92
    • 84995699545 scopus 로고    scopus 로고
    • in press. Behind the scenes: The corporate governance preferences of institutional investors
    • McCahery J. A., Sautner Z., Starks L. T., in press. Behind the scenes: The corporate governance preferences of institutional investors. The Journal of Finance. doi:10.1111/jofi.12393
    • The Journal of Finance
    • McCahery, J.A.1    Sautner, Z.2    Starks, L.T.3
  • 93
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership on corporate value
    • McConnell J. J., Servaes H., 1990. Additional evidence on equity ownership on corporate value. Journal of Financial Economics, 27: 595-612
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.J.1    Servaes, H.2
  • 96
    • 77958568517 scopus 로고    scopus 로고
    • Agency theory revisited: CEO return and shareholder interest alignment
    • Nyberg A. J., Fulmer I., Gerhart B., Carpenter M., 2010. Agency theory revisited: CEO return and shareholder interest alignment. Academy of Management Journal, 53(5): 1029-1049
    • (2010) Academy of Management Journal , vol.53 , Issue.5 , pp. 1029-1049
    • Nyberg, A.J.1    Fulmer, I.2    Gerhart, B.3    Carpenter, M.4
  • 98
    • 0034389392 scopus 로고    scopus 로고
    • Accrual management to meet earnings targets: UK evidence pre- and post-Cadbury
    • Peasnell K. V., Pope P. F., Young S., 2000. Accrual management to meet earnings targets: UK evidence pre- and post-Cadbury. The British Accounting Review, 32(4): 415-445
    • (2000) The British Accounting Review , vol.32 , Issue.4 , pp. 415-445
    • Peasnell, K.V.1    Pope, P.F.2    Young, S.3
  • 99
    • 27844442294 scopus 로고    scopus 로고
    • Board monitoring and earnings management: Do outside directors influence abnormal accruals?
    • Peasnell K. V., Pope P. F., Young S., 2005. Board monitoring and earnings management: Do outside directors influence abnormal accruals? Journal of Business Finance & Accounting, 32(7-8): 1311-1346
    • (2005) Journal of Business Finance & Accounting , vol.32 , Issue.7-8 , pp. 1311-1346
    • Peasnell, K.V.1    Pope, P.F.2    Young, S.3
  • 100
    • 43949157366 scopus 로고
    • Earnings management preceding management buyout offers
    • Perry S. E., Williams T. H., 1994. Earnings management preceding management buyout offers. Journal of Accounting and Economics, 18(2): 157-179
    • (1994) Journal of Accounting and Economics , vol.18 , Issue.2 , pp. 157-179
    • Perry, S.E.1    Williams, T.H.2
  • 102
    • 0030529174 scopus 로고    scopus 로고
    • Transformational leader behaviors and substitutes for leadership as determinants of employee satisfaction, commitment, trust, and organizational citizenship behaviors
    • Podsakoff P. M., MacKenzie S. B., Bommer W. H., 1996. Transformational leader behaviors and substitutes for leadership as determinants of employee satisfaction, commitment, trust, and organizational citizenship behaviors. Journal of Management, 22(2): 259-298
    • (1996) Journal of Management , vol.22 , Issue.2 , pp. 259-298
    • Podsakoff, P.M.1    MacKenzie, S.B.2    Bommer, W.H.3
  • 103
    • 0026829207 scopus 로고
    • Beyond takeovers: Politics comes to corporate control
    • Pound J., 1992. Beyond takeovers: Politics comes to corporate control. Harvard Business Review, 70: 83-93
    • (1992) Harvard Business Review , vol.70 , pp. 83-93
    • Pound, J.1
  • 104
    • 0043227323 scopus 로고    scopus 로고
    • Is institutional ownership associated with earnings management and the extent to which stock prices reflect future earnings?
    • Rajgopal S., Venkatachalam M., Jiambalvo J., 2002. Is institutional ownership associated with earnings management and the extent to which stock prices reflect future earnings? Contemporary Accounting Research, 19: 117-136
    • (2002) Contemporary Accounting Research , vol.19 , pp. 117-136
    • Rajgopal, S.1    Venkatachalam, M.2    Jiambalvo, J.3
  • 106
    • 0002061364 scopus 로고
    • Boards of directors and substitution effects of alternative governance mechanisms
    • Rediker K. J., Seth A., 1995. Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal, 16(2): 85-99
    • (1995) Strategic Management Journal , vol.16 , Issue.2 , pp. 85-99
    • Rediker, K.J.1    Seth, A.2
  • 107
    • 84918539554 scopus 로고    scopus 로고
    • Framing controversial actions: Regulator focus, source credibility, and stock market reaction to poison pill adoption
    • Rhee E., Fiss P., 2014. Framing controversial actions: Regulator focus, source credibility, and stock market reaction to poison pill adoption. Academy of Management Journal, 57(6): 1734-1758
    • (2014) Academy of Management Journal , vol.57 , Issue.6 , pp. 1734-1758
    • Rhee, E.1    Fiss, P.2
  • 108
    • 36749081591 scopus 로고    scopus 로고
    • Swinging for the fences: The effects of CEO stock options on company risk-taking
    • Sanders W. G., Hambrick D. C., 2007. Swinging for the fences: The effects of CEO stock options on company risk-taking. Academy of Management Journal, 50: 1055-1078
    • (2007) Academy of Management Journal , vol.50 , pp. 1055-1078
    • Sanders, W.G.1    Hambrick, D.C.2
  • 111
    • 40849102405 scopus 로고    scopus 로고
    • Type of earnings management and the effect of ownership structure, firm size, and corporate governance practices: Evidence from Indonesia
    • Siregar S., Utama S., 2008. Type of earnings management and the effect of ownership structure, firm size, and corporate governance practices: Evidence from Indonesia. The International Journal of Accounting, 43: 1-27
    • (2008) The International Journal of Accounting , vol.43 , pp. 1-27
    • Siregar, S.1    Utama, S.2
  • 112
    • 52649103582 scopus 로고    scopus 로고
    • Earnings surprises, growth expectations, and stock returns or don’t let an earnings torpedo sink your portfolio
    • Skinner D. J., Sloan R. G., 2002. Earnings surprises, growth expectations, and stock returns or don’t let an earnings torpedo sink your portfolio. Review of Accounting Studies, 7(2-3): 289-312
    • (2002) Review of Accounting Studies , vol.7 , Issue.2-3 , pp. 289-312
    • Skinner, D.J.1    Sloan, R.G.2
  • 113
    • 0039120739 scopus 로고    scopus 로고
    • Shareholder activism by institutional investors: Evidence from CalPERS
    • Smith M. P., 1996. Shareholder activism by institutional investors: Evidence from CalPERS. The Journal of Finance, 51(1): 227-252
    • (1996) The Journal of Finance , vol.51 , Issue.1 , pp. 227-252
    • Smith, M.P.1
  • 114
    • 0000545801 scopus 로고    scopus 로고
    • Earnings management and the underperformance of seasoned equity offerings
    • Teoh S. H., Welch I., Wong T. J., 1998. Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50: 63-99
    • (1998) Journal of Financial Economics , vol.50 , pp. 63-99
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3
  • 116
    • 0040833096 scopus 로고    scopus 로고
    • The effect of myopia and loss aversion on risk taking: An experimental test
    • Thaler R. H., Tversky A., Kahneman D., Schwartz A., 1997. The effect of myopia and loss aversion on risk taking: An experimental test. Quarterly Journal of Economics, 112(2): 647-661
    • (1997) Quarterly Journal of Economics , vol.112 , Issue.2 , pp. 647-661
    • Thaler, R.H.1    Tversky, A.2    Kahneman, D.3    Schwartz, A.4
  • 117
    • 1842754783 scopus 로고
    • CEO compensation monitoring and firm performance
    • Tosi H. L., Gomez-Mejia L. R., 1994. CEO compensation monitoring and firm performance. Academy of Management Journal, 37(4): 1002-1016
    • (1994) Academy of Management Journal , vol.37 , Issue.4 , pp. 1002-1016
    • Tosi, H.L.1    Gomez-Mejia, L.R.2
  • 119
    • 0031529353 scopus 로고    scopus 로고
    • Disaggregating the agency contract: The effects of monitoring, incentive alignment, and term in office on agent decision making
    • Tosi H. L., Katz J. P., Gomez-Mejia L. R., 1997. Disaggregating the agency contract: The effects of monitoring, incentive alignment, and term in office on agent decision making. Academy of Management Journal, 40(3): 584-603
    • (1997) Academy of Management Journal , vol.40 , Issue.3 , pp. 584-603
    • Tosi, H.L.1    Katz, J.P.2    Gomez-Mejia, L.R.3
  • 122
    • 0033248829 scopus 로고    scopus 로고
    • Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties
    • Westphal J. D., 1999. Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties. Academy of Management Journal, 42(1): 7-24
    • (1999) Academy of Management Journal , vol.42 , Issue.1 , pp. 7-24
    • Westphal, J.D.1
  • 124
    • 85060598154 scopus 로고    scopus 로고
    • Inducements and motives at the top: Holistic perspective on motives of executive behavior
    • in press
    • Wowak A. J., Gomez-Mejia L. R., Steinbech A. L., in press. Inducements and motives at the top: Holistic perspective on motives of executive behavior. Academy of Management Annals
    • Academy of Management Annals
    • Wowak, A.J.1    Gomez-Mejia, L.R.2    Steinbech, A.L.3
  • 125
    • 0037409183 scopus 로고    scopus 로고
    • Earnings management and corporate governance: The role of the board and the audit committee
    • Xie B., Davidson W. N., DaDalt P. J., 2003. Earnings management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance, 9(3): 295-316
    • (2003) Journal of Corporate Finance , vol.9 , Issue.3 , pp. 295-316
    • Xie, B.1    Davidson, W.N.2    DaDalt, P.J.3
  • 126
    • 33746567946 scopus 로고    scopus 로고
    • Golden handshakes: Separation pay for retired and dismissed CEOs
    • Yermack D., 2006. Golden handshakes: Separation pay for retired and dismissed CEOs. Journal of Accounting and Economics, 41(3): 237-256
    • (2006) Journal of Accounting and Economics , vol.41 , Issue.3 , pp. 237-256
    • Yermack, D.1
  • 127
    • 84989092209 scopus 로고
    • The costs and benefits of managerial incentives and monitoring in large US corporations: When is more not better?
    • Zajac E. J., Westphal J. D., 1994. The costs and benefits of managerial incentives and monitoring in large US corporations: When is more not better? Strategic Management Journal, 15(S1): 121-121
    • (1994) Strategic Management Journal , vol.15 , Issue.S1 , pp. 121
    • Zajac, E.J.1    Westphal, J.D.2
  • 128
    • 0942289771 scopus 로고    scopus 로고
    • Do real options lead to escalation of commitment?
    • Zardkoohi A., 2004. Do real options lead to escalation of commitment? Academy of Management Review, 29(1): 111-119
    • (2004) Academy of Management Review , vol.29 , Issue.1 , pp. 111-119
    • Zardkoohi, A.1
  • 130
    • 85040465219 scopus 로고    scopus 로고
    • Board interlocks and firm performance: Toward a combined agency-resource dependence perspective
    • Zona F., Gomez-Mejia L. R., Withers M., 2018. Board interlocks and firm performance: Toward a combined agency-resource dependence perspective. Journal of Management, 44: 589-618
    • (2018) Journal of Management , vol.44 , pp. 589-618
    • Zona, F.1    Gomez-Mejia, L.R.2    Withers, M.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.