CEO任期与盈余管理解析.pptVIP

我的笔记 高层梯队理论”认为，由于内外环境的复杂性，管理者不可能对其所有方面进行全面认识。即使在管理者视野范围内的现象，管理者也只能进行选择性观察。这样，管理者既有认知结构和价值观决定了其对相关信息的解释力。换句话说，管理者特质影响着他们的战略选择，并进而影响企业的行为。因此，高层管理团队的认知能力、感知能力和价值观等心理结构决定了战略决策过程和对应的绩效结果。不过，高层管理团队的心理结构难以度量，而高层管理团队可客观度量的人口背景特征（如年龄、任期、职业、教育等）与管理者认知能力和价值观密切相关。因此，通过观察人口特征变量就可以客观地研究高层管理团队与企业绩效之间的关系。 随着1984年HambrickMason的“高层梯队理论”的提出，目前国内外学术界已经开展了有关管理者背景特征与公司治理和投资决策方面的研究，但主要集中在3个方面：一是管理者背景特征与公司治理和经营绩效的关系，二是管理者过度自信与公司治理和经营绩效的关系，三是管理者异质性与公司治理和经营绩效的关系。 Fig. 2. Frequency distribution of years of service as CEO when leaving office. Histogram and statistics are based on 2,278 CEOs,representing1,688 firms, who leave their firms during the sample period 1992–2010. 4.Data and descriptive statistics 4.Data and descriptive statistics 5. Empirical results Earnings overstatement in the early years of CEOs service The effect of monitoring Earnings overstatement in the final year of CEOs ’ service 5.1Earnings overstatement in the early years of CEOs service 5.1 Earnings overstatement in the early years of CEOs service Earnings overstatement is greater in the early years of CEOs’ service than in the later years of CEOs service. 5.2The effect of monitoring 5.2The effect of monitoring The difference in earnings overstatement between the early and the later years of CEOs‘ service is smaller in firms with stronger monitoring of CEOs. 5.3 Earnings overstatement in the final year of CEOs ’ service 5.3 Earnings overstatement in the final year of CEOs ’ service Earnings overstatement is greater in the final year of CEOs’ service. CEO tenure and earnings managementAshiq Ali, Weining Zhang 李思乐 卢 江 张德勤 万会琴 黄 玉 秦若涵 高利君 Introduction Hypotheses development and empirical predictions Methodology Data and descriptive statistics Empirical results Sensitivity analyses Conclusion CONTENTS 1. Introduction Question Changes in CEOs incentive to manage their firms reported earnings during their tenure. the early years the final year Prior studies New CEOs associated with