内部治理结构外文文献.doc

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Internal governance structures and earnings management Ryan Davidson ,Jenny Goodwin-Stewart ,Pamela Kent Abstract This paper investigates the role of a firms internal governance structures constraint in earnings management. It is hypothesized that the practice of earnings management is systematically related to the strength of internal corporate governance mechanisms,including the board of directors ,the audit committee,the internal audit function and the choice of external auditor. Based on a broad cross-sectional sample of 434 listed Australian firms,for the financial year ending in 200,a majority of non-executive directors on the board and on the audit committee are found to be significantly associated with a lower likelihood of earnings management,as measured by the absolute level of discretionary accruals. The voluntary establishment of an internal audit function and the choice of audit are not significantly related to a reduction in the level of discretionary accruals. Our additional analysis,using small increases in earnings as a measure of earnings management,also found a negative association between this measure and the existence of an audit committee. Key words:Audit Committee;Corporate Governance;Earnings Management;Internal audit function 1 Introduction Recent cases of inappropriate accounting practices,both in Australia and overseas,have focused attention on the need for strong corporate governance mechanisms. Strong governance involves balancing corporate performance with an appropriate level monitoring(Cadbury,1997). In the present paper,we explore the relationship between governance mechanisms and earnings management by firms in Australia and,hence,our focus is on the monitoring role of governance. The mechanisms we examine are an independent board of directors(Shleifer and Vishny,1997),an independent board chair person,an effective audit committee(Menon and Williams,1994),the use of internal audit(Clikeman,2003)and the choice of external auditor(B

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