Laurent Leloup
Les auteurs soutiennent que si les mécanismes de contrôle interne étaient efficaces, il devrait y avoir une plus grande probabilité de départs forcés de dirigeants financiers dans les entreprises où l'information financière et la performance de la gestion du capital sont médiocres. Ils ont testé ces hypothèses sur la période 2002 à 2008.
Résumé :
We find that :
(1) the incidences of accounting restatements and debt covenant violations are significantly associated with the probability of forced CFO turnovers;
(2) firms are more likely to hire successor CFOs from outside the firm following accounting restatements, especially those due to irregularities;
(3) the hiring of outside CFOs is associated with improved financial reporting quality.
Further, these findings are concentrated in firms with majority independent boards, suggesting that outside directors play a greater role in monitoring CFOs than inside board members.
Lisez la suite de ce document (42 pages) ci-dessous.
Laurent Leloup
Résumé :
We find that :
(1) the incidences of accounting restatements and debt covenant violations are significantly associated with the probability of forced CFO turnovers;
(2) firms are more likely to hire successor CFOs from outside the firm following accounting restatements, especially those due to irregularities;
(3) the hiring of outside CFOs is associated with improved financial reporting quality.
Further, these findings are concentrated in firms with majority independent boards, suggesting that outside directors play a greater role in monitoring CFOs than inside board members.
Lisez la suite de ce document (42 pages) ci-dessous.
Laurent Leloup
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