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Independent directors, investment op...

Zhang, Liping.

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Independent directors, investment opportunities and earnings conservatism.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Independent directors, investment opportunities and earnings conservatism./
Author:	Zhang, Liping.
Description:	86 p.
Notes:	Adviser: Krishna R. Kumar.
Contained By:	Dissertation Abstracts International67-08A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3230286
ISBN:	9780542849497

Independent directors, investment opportunities and earnings conservatism.
Zhang, Liping.

Independent directors, investment opportunities and earnings conservatism. - 86 p.

Adviser: Krishna R. Kumar.

Thesis (Ph.D.)--The George Washington University, 2007.

Prior research is inconclusive on the associations between independent directors and earnings conservatism. These studies suffer from deficiencies in research design, including a failure to consider the moderating effects of firm characteristics on the associations. This study reexamines the issue while conditioning the investigation on the extent that investment opportunities (IOS) comprise firm value and addressing research design limitations in prior studies. The analysis employs two measures of earnings conservatism. One is accrual-based advanced by Givoly and Hayn (2000) and Ahmed et al. (2002); the other is based on the differential sensitivity of earnings to negative versus nonnegative returns as developed by Basu (1997). The sample comprises 3,134 (2,516) S&P 500, S&P MidCap 400 and SmallCap 600 public companies from 1997 to 2003 for accrual-based (Basu) measure of conservatism.

ISBN: 9780542849497Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Independent directors, investment opportunities and earnings conservatism.
LDR:02541nam 2200277 a 45 001 967526
005 20110915
008 110915s2007 eng d
020 $a 9780542849497
035 $a (UMI)AAI3230286
035 $a AAI3230286
040 $a UMI $c UMI
100 1 $a Zhang, Liping. $3 1291396
245 1 0 $a Independent directors, investment opportunities and earnings conservatism.
300 $a 86 p.
500 $a Adviser: Krishna R. Kumar.
500 $a Source: Dissertation Abstracts International, Volume: 67-08, Section: A, page: 3052.
502 $a Thesis (Ph.D.)--The George Washington University, 2007.
520 $a Prior research is inconclusive on the associations between independent directors and earnings conservatism. These studies suffer from deficiencies in research design, including a failure to consider the moderating effects of firm characteristics on the associations. This study reexamines the issue while conditioning the investigation on the extent that investment opportunities (IOS) comprise firm value and addressing research design limitations in prior studies. The analysis employs two measures of earnings conservatism. One is accrual-based advanced by Givoly and Hayn (2000) and Ahmed et al. (2002); the other is based on the differential sensitivity of earnings to negative versus nonnegative returns as developed by Basu (1997). The sample comprises 3,134 (2,516) S&P 500, S&P MidCap 400 and SmallCap 600 public companies from 1997 to 2003 for accrual-based (Basu) measure of conservatism.
520 $a The study documents (1) positive associations between both measures of conservatism and the fraction of independent directors on the board and (2) the association between board independence and accrual-based measure of conservatism declines significantly with IOS. Overall, the evidence is consistent with the hypotheses that independent directors encourage conservative accounting, and as IOS and the related information asymmetry between insiders and outsiders increases, the efficacy of independent directors in promoting conservative accounting declines. In addition, the evidence indicates that failure to consider IDS can undermine the ability to detect empirical relationships between board and audit committee independence and earnings conservatism.
590 $a School code: 0075.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 0 $a The George Washington University. $3 1017405
773 0 $t Dissertation Abstracts International $g 67-08A.
790 $a 0075
790 1 0 $a Kumar, Krishna R., $e advisor
791 $a Ph.D.
792 $a 2007
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3230286