دانلود مقاله ISI انگلیسی شماره 17659
عنوان فارسی مقاله

تقلب شرکت، ریسک سیستماتیک و غنی سازی سهامداران

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
17659 2000 13 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Corporate fraud, systematic risk, and shareholder enrichment
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : The Journal of Socio-Economics, Volume 29, Issue 2, 2000, Pages 189–201

کلمات کلیدی
تقلب شرکت - ریسک سیستماتیک - غنی سازی سهامداران
پیش نمایش مقاله
پیش نمایش مقاله تقلب شرکت، ریسک سیستماتیک و غنی سازی سهامداران

چکیده انگلیسی

The impact of the disclosure of alleged illegal corporate activities together with the possible motives for their use increasingly has become the subject of research by financial scholars. These studies primarily analyze the disclosure’s effect on the market returns of the firm’s equity. The consensus of these studies is that the initial disclosure of alleged illegal corporate activities results in significant negative abnormal returns to the existing shareholders. The size of these abnormal returns generally exceeds the actual fines, fees and penalties that the firms eventually experience. The impact of these disclosures on systematic risk and their possible implications for managerial behavior and corporate policy have suffered from relative neglect. The present research seeks to establish what, if any, impact the disclosure of alleged corporate fraud has on systematic risk. Using the data set provided by Karpoff and Lott (1993, The reputational penalty firms bear from committing corporate fraud. J Law Econ, 34, 757–802), this research tests whether securities experience any significant beta shifts upon the initial disclosure of alleged corporate fraud. Empirical tests find evidence consistent with the theory that agents engage in illegal activity in an attempt to enhance share price. The empirical results also provide additional insight into the question of why corporations engage in criminal activity.

مقدمه انگلیسی

The impact of the disclosure of alleged illegal corporate activities together with the possible motives for their use has increasingly become the subject of research by financial scholars. These studies primarily analyze the disclosure’s effect on the market returns of the firm’s equity. The consensus of these studies is that the initial disclosure of alleged illegal corporate activities results in significant negative abnormal returns to the existing shareholders. The size of these abnormal returns generally exceeds the actual fines, fees and penalties that the firms eventually experience. The impact of these disclosures on systematic risk and their possible implications for managerial behavior and corporate policy have suffered from relative neglect. The present research seeks to establish what, if any, impact the disclosure of alleged corporate fraud has on systematic risk. These results together with existing research provide useful implications for corporate policy.

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