منوی کاربری
  • پشتیبانی: ۴۲۲۷۳۷۸۱ - ۰۴۱
  • سبد خرید

دانلود رایگان مقاله کمیته حسابرسی، اداره امور شرکت و ثروت سهامداران

عنوان فارسی
کمیته حسابرسی، اداره امور شرکت و ثروت سهامداران: شواهدی از کره
عنوان انگلیسی
Audit committees, corporate governance, and shareholder wealth: Evidence from Korea
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
20
سال انتشار
2014
نشریه
الزویر - Elsevier
فرمت مقاله انگلیسی
PDF
کد محصول
E2466
رشته های مرتبط با این مقاله
مدیریت، حسابداری و علوم اقتصادی
گرایش های مرتبط با این مقاله
حسابداری مدیریت، مدیریت کسب و کار و اقتصاد مالی
مجله
مجله حسابداری و سیاست عمومی - Journal of Accounting and Public Policy
دانشگاه
بخش مالیه، دانشکده مدیریت کسب و کار، دانشگاه مرکزی فلوریدا، ایالات متحده
۰.۰ (بدون امتیاز)
امتیاز دهید
چکیده

abstract


This paper examines the effect of audit committee appointments on shareholder wealth in Korea after the Asian financial crisis. We find that stock prices generally increase with audit committee appointments. In contrast, chaebol (business group) affiliates and firms switching audit committee membership are associated with significantly lower stock returns, probably due to the management’s opportunistic behavior. However, the independence and financial literacy of the audit committee members appear to mitigate the opportunistic behavior. Therefore, our result confirms that the characteristics of the audit committee strengthen or weaken the existing corporate governance. We discuss the implications of our results obtained under Korea’s unique corporate governance structure.

نتیجه گیری

6. Summary and conclusion


In this paper, we examine the effects of audit committee appointments on shareholder wealth in Korea. Our results generally support the positive effect of government-mandated audit committees, enhancing shareholder wealth even in an emerging market where corporate governance is typically weak. We recognize unique features of Korean audit committees and corporate structures – business groups (e.g., chaebols). Korean audit committees conduct operational audits as well as accounting audits. Therefore, it is important to consider membership requirements accordingly when firms appoint audit committee members. Interestingly, we find a strong impact of financial literacy of audit committee members on shareholder wealth, even though financial literacy does not require any accounting background.


بدون دیدگاه