دورية أكاديمية
Audit Committee Financial Literacy: A Work in Progress.
العنوان: | Audit Committee Financial Literacy: A Work in Progress. |
---|---|
المؤلفون: | Coates, Douglas J., Marais, M. Laurentius, Weil, Roman L. |
المصدر: | Journal of Accounting, Auditing & Finance; Spring2007, Vol. 22 Issue 2, p175-194, 20p, 3 Diagrams, 2 Charts |
مصطلحات موضوعية: | AUDIT committees, AUDITING of corporations, ACCOUNTING standards, CORPORATE finance, CORPORATE profits |
الشركة/الكيان: | NEW York Stock Exchange |
مستخلص: | We develop a classification to score the potential of corporate audit committees to be financially literate, as defined in this paper, based on listing requirements of the New York Stock Exchange (NYSE), as promulgated late in 1999. We score audit committees of approximately 300 large companies in 2000 and 2004, and of a subsample in 1996 as well. We find that scores did not change between 1996 and 2000 but have improved significantly since that time. The audit committees have room for improved financial literacy in the sense that we define. We find evidence of superior stock market returns to companies who have improved the potential for financial literacy, as we measure it, of their audit committees over the last four years. The improvers in our sample enjoyed annualized abnormal, excess returns of 4.6 percent per year more than those who did not improve. [ABSTRACT FROM AUTHOR] |
Copyright of Journal of Accounting, Auditing & Finance is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) | |
قاعدة البيانات: | Complementary Index |
كن أول من يترك تعليقا!