عنوان انگلیسی مقاله:

GOVERNANCE CHOICES AND EARNINGS QUALITY

ترجمه عنوان مقاله: حکومت داری و کیفیت سود

رشته: مالی و حسابداری

سال انتشار: 2016

تعداد صفحات مقاله انگلیسی: 9 صفحه

منبع: الزویر و ساینس دایرکت

نوع فایل: pdf

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Introduction GOVERNANCE CHOICES AND EARNINGS QUALITY

Australian listed companies are allowed substantial discretion regarding their choice of governance structure. The regulatory approach taken by the Australian Securities Exchange (ASX) is to outline best practice governance recommendations that companies can adopt if they consider they are appropriate to their circumstances.1 The ASX regime of voluntary governance choice seeks to overcome problems inherent in a one size fits all approach and to optimise corporate accountability in the interests of shareholders and the broader economy (ASX 2007, p.5).

The success of a voluntary governance regime is determined by the extent to which companies identify and implement governance structures that are optimal for their circumstances. Several prior studies suggest that corporate governance choices are made as an appropriate response to their company’s economic and business environment (Guest, 2008; Linck et al., 2008; Boone et al., 2007; Dey, 2008). Studies have identified company size as an influential factor associated with the selection of governance mechanisms (Boone et al., 2007; Dedman, 2000). In addition, the relative cost of implementing formal governance structures is substantially greater for small companies compared to large companies (Linck et al., 2008; Dedman 2000).

Our first research question is whether the Australi an policy of recommending corporate governance practices to all listed companies is effective for all sized listed companies. It is possible that best practice recommendations do not provide optimal corporate governance and governance mechanisms should be mandated for larger companies.

The second research question analysed in this study is whether different sized companies make governance choices that meet the needs of their particular operating environment. We use cluster analysis to identify groups of companies that have homogeneous governance characteristics, size and earnings quality.

 

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