This study provides evidence for a positive association between mutual fund holdings'implied cost of capital (ICC) and future performance. Consistent with large transactioncosts of ICC-based investments impeding their exploitation and employing a ICC-basedstrategy reflecting skill, family-level...

Employing a panel dataset of Vietnamese non-financial listed firms, we find that firms with greater foreign shareholdings are aligned with higher quality of financial disclosure. More specially, we find that greater foreign shareholdings are associated with (i) lower earnings management; (ii)...

We examine whether worker representation on corporate boards results in improved monitoring or payroll maximization. Several economic theories predict that worker representatives would use control and voting rights in the boardroom to transform firm assets into private benefits and increased...

This paper investigates whether gender diversity in the boardroom is associated with corporate cash holdings and whether investor protection moderates the effect of corporate board gender diversity on corporate cash holdings. Using 20,750 firm-year observations from 33 countries, our analyses...

Purpose: Based on signal theory and legitimacy theory, this paper examines whether firms with financial reporting misstatements (restatements) would prefer conservative financial reporting to send signals regarding their determinants of improving financial reporting credibility and legitimate...

By its multiple facets, income tax is a subject of great interest both for academic and professional environment, on a microeconomic and macroeconomic level. After analyzing the relevant literature in the field, in order to demonstrate the influence of income tax over a company's performance,...

This paper examines the provision of managerial investment incentives by an accounting based incentive scheme in a multiperiod agency setting in which an impatient manager has to choose between mutually exclusive investment projects. We study the properties of accounting rules that motivate an...

Capital rationing is an empirically well-documented phenomenon. This constraint requires managers to make investment decisions between mutually exclusive investment opportunities. In a multiperiod agency setting, this paper analyses accounting rules that provide managerial incentives for...

Der internen Unternehmensrechnung werden im allgemeinen zwei Funktionen zugeschrieben (Ewert/Wagenhofer (1997), S. 6): Sie soll einerseits Informationen für Planungszwecke bereitstellen, andererseits der Verhaltenssteuerung von Entscheidungsträgern in hierarchischen, dezentralen Organisationen...