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Full-Text Articles in Business
The Interaction Among Multiple Governance Mechanisms At Young, Newly Public Firms, Tammy K. Berry, L. Paige Fields, Michael S. Wilkins
The Interaction Among Multiple Governance Mechanisms At Young, Newly Public Firms, Tammy K. Berry, L. Paige Fields, Michael S. Wilkins
School of Business Faculty Research
We focus on the relations among inside ownership, board composition, unaffiliated block ownership, and compensation structure for a sample of firms following their IPOs. Specifically, we follow firms for up to eleven years after their IPOs and examine the full sample and subsamples of firms that survive, are acquired, or that file for bankruptcy during the sample period. We find that as CEO ownership declines, board independence, board seats held by venture capitalists, and unaffiliated block ownership increase. Our findings suggest that as inside ownership decreases alternative governance mechanisms evolve to help mitigate the resulting increase in agency costs. Interestingly, …
The Reputational Penalty For Aggressive Accounting: Earnings Restatements And Management Turnover, Hemang Desai, Chris E. Hogan, Michael S. Wilkins
The Reputational Penalty For Aggressive Accounting: Earnings Restatements And Management Turnover, Hemang Desai, Chris E. Hogan, Michael S. Wilkins
School of Business Faculty Research
In this paper we investigate the reputational penalties to managers of firms announcing earnings restatements. More specifically, we examine management turnover and the subsequent re-hiring of displaced managers at firms announcing earnings restatements during 1997 or 1998. In contrast to prior research (Beneish 1999 and Agrawal, Jaffe and Karpoff, 1999), which does not find increased turnover following GAAP violations or revelation of corporate fraud, we find that 60% of restating firms experience a turnover in at least one top manager within 24 months of the restatement compared to only 35% among age-, size- and industry-matched firms. Moreover, 85% of the …
Conceptual Issues Of Global Counterfeiting On Products And Services, D. Bosworth, Deli Yang
Conceptual Issues Of Global Counterfeiting On Products And Services, D. Bosworth, Deli Yang
School of Business Faculty Research
Counterfeiting is a global problem of enormous magnitude. Despite its obvious importance, relatively little attention has been paid to the management of counterfeiting. This paper considers the difficulties of measuring counterfeiting and provides evidence of the magnitude of the problem worldwide. The focus is on counterfeiting of privately produced goods and services, rather than the issue of the counterfeiting of currency per se, which is a somewhat different though related issue. A conceptual framework of the private and social costs and benefits of anti-counterfeiting measures is also provided. The framework highlights a number of key driving forces of counterfeiting, including …