Earnings management and corporate ownership structure: an examination of extraordinary item reporting

Article Abstract:

Earnings management is monopolised by corporate ownership composition. The study examines the relation between corporate ownership composition and earnings management by contrasting the prevalance of gain/loss earnings impact and the use of extraordinary item (EI) reporting. Two hundred and forty-eight firms were classified into 3 groups: owner-managed; externally-managed and management-controlled. The results show that all 3 groups reported extraordinary gains on the income statement and extraordinary losses on the retained earnings statement. Non-owner managers tend to offer more favourable EIs.

Corporation reports, Company reports

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Corporate operating performance around the proxy contest

Article Abstract:

An analysis of corporate operating performance based on the proxy contest is presented. The analysis defines a comparison between a group of firms which exercise proxy contest control and another group with no-contest firms. It is shown that contest firmsexhibited underperformance in both pre- and post-contest stages compared with firms without proxy controls. However, results change when distinctions betweensuccessful and unsuccessful contest groups are done.

Industrial efficiency, Economic efficiency

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Stock price reactions to voluntary versus mandatory social actions: the case of South African divestiture

Article Abstract:

The US Congress promulgated Public Law 99-440 effective Nov. 12, 1986, banning American corporate investments in Soth Africa. The impact of such a social action to stock price movements is evaluated using an event-study methodology. Empirical differences are observed when firms exercise either voluntary or mandatory social actions in terms of their impact on stock price reactions.

Economic aspects, Stock-exchange, Stock exchanges, Social action

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