The paper uses management control, resource-based, systems-based, and contingency-based strategy theories to describe a large US manufacturing company's efforts to improve profitability by designing and using a Performance Measurement Model PMM. It also addresses four research questions that help an organization to investigate the using of qualitative and quantitative analyses...
Resorting to improved merger techniques doubles a company’s profitability. Mergers are the mechanisms that rebuild a company’s reputation. The adoption of merger technique helps in the growth and development of a company. The paper deals with empirical analysis, which relates the incomplete contracts to empirical regularities in the market for...
Researches indicate that the Sarbanes-Oxley Act has made significant impact on the corporate governance. The overall result of Sarbanes-Oxley in the corporate fiduciary duty area has greater influence in a Federal arrangement. The paper examines the implications of Sarbanes-Oxley Act for fiduciary duty analysis in corporate law. The provisions of...
The Sarbanes-Oxley Act SOX has both, the potential to improve corporate governance and the ability to comply with the new regulations. The SOX Act has affected the decision of the firms’ going-private to a larger extent. The paper discusses the implications of the SOX Act and the firms’ going-private decision....
From the executive summary: ‘The paper examines the impact of the Sarbanes-Oxley Act SOX on financial reporting conservatism. The market-value-based, accrue-based, and earnings/returns relation measures of conservatism in the pre-Act period and post-Act period are analyzed. The results of the analysis indicate that the impact of the Act on measures...
From the executive summary: ‘The paper presents a dynamic model of takeovers based on the stock market valuations of merging firms. The model incorporates competition and imperfect information and determines the terms and timing of takeovers by solving option exercise games between bidding and target shareholders. The implications of the...
From the executive summary: ’Despite mixed stock returns for acquirer shareholders in large stock-for-stock mergers, acquiring-firm merger proxy votes rarely fail. The paper determines whether such votes are effective in monitoring management’s acquisition policy or are merely obligatory. Researches indicate that the margin of approval varies substantially with firm and...
From the executive summary: ‘The paper examines the effects of quantitative performance measure properties on incentive system design, using data on incentive contracts for auto dealership managers. For each performance measure, the data include information on five properties: two indicators of risk; two indicators of distortion (short-term thinking and encouraging...
From the executive summary: ‘In order to avoid Enron-like scandals among nonprofit organizations, several state Attorney Generals AGs have proposed nonprofit reform legislation that draws closely on lines of Sarbanes-Oxley Act.’ The paper explores the important and unexamined nonprofit reform efforts, and articulates the perils of perceiving the reforms as...
From the executive summary: ‘The paper presents a study which documents that firms’ management of accounting earnings increased steadily from 1987 through the second quarter of 2001, further increasing dramatically from the third quarter of 2001 until the passage of the Sarbanes-Oxley Act of 2002. This increase more than reversed...
From the executive summary: ‘The shape of demand curve for a product is fundamental to the behavior and profitability of a supplier. Demand is influenced by many factors, some of which are exogenous, such as consumers’ incomes and preferences, and others which are endogenous. For instance, advertising, marketing, and product...
From the executive summary: ‘The paper investigates the interaction between synergies and internal agency conflicts that emerge within multi-division firms. The analysis yields several empirical implications concerning observed merger and divestiture activity. For diversifying mergers, post-merger valuation might increase degree of asset specificity. The diversification process justifies both an absence...
From the executive summary: ‘Conflicts of interest in combining lending with the merger advisement of acquiring firms are found using two separate methodologies. First, commercial banks that advise acquirers with which they have had a prior lending relationship experience a significantly negative abnormal return, averaging 37 basis points over the...
Global outsourcing involves procurement of services from an external agency that is outside the national borders of the host country. Recent years have seen a significant rise in the number of firms opting for global outsourcing of their professional services. Such a strategy helps these firms to optimize cost and...
The frequent occurrence of scandals in the corporate companies has created waves in the corporate sector. The upheaval led to formulation of the Sarbanes-Oxley Act by the U.S. authorities to check the fraudulent situation. The Act had a positive impact on the companies that resorted to regulations imposed by the...
Do global trade regimes restrict countries from passing and enforcing their own strong domestic environmental standards? This Essay attempts to reign in the issue of the relationship between trade and domestic environmental policy by focusing on one test case. It is the new area of regulating harmful invasive species and...
Portfolio theory must address the fact that in reality, portfolio managers are evaluated relative to a benchmark, and therefore adopt risk management practices to account for the benchmark performance. We capture this risk management consideration by allowing a prespecified shortfall from a target benchmark-linked return, consistent with growing interest in...
The Sarbanes-Oxley Act was formulated to reinforce corporate accountability and professional responsibility in an organization. The imposition of the Act increased the market’s confidence in firms’ corporate governance, financial reports, and audit functions. The Act was enacted to keep a check on the fraudulent working of various organizations. The paper...
The paper investigates the implications of Mergers and Acquisitions techniques on an organization. The merging companies extract information about the merger from the market reaction and then consider the agreement. However, the situation varies from company to company. The paper elucidates that a market reaction is responsible for a company...
From the executive summary: ‘Principal-agent theory suggests that a manager should be paid relative to a benchmark that removes the effect of market or sector performance on the firm's own performance. Recently, it has been argued that executives do not observe such indexation in the data because executives can set...
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