3,478
Views
10
CrossRef citations to date
0
Altmetric
ACCOUNTING, CORPORATE GOVERNANCE & BUSINESS ETHICS

Chief executive officer characteristics and discretionary accruals in an emerging economy

ORCID Icon, ORCID Icon, ORCID Icon & ORCID Icon
Article: 2024117 | Received 01 May 2021, Accepted 24 Dec 2021, Published online: 23 Jan 2022

References

  • Abdul Latif, R. A., Mohd, K. N. T., & Kamardin, H. (2016). CEO characteristics and frequency of share repurchases. International Information Institute (Tokyo). Information, 19(8A), 3155–20. https://www.researchgate.net/publication/310447419
  • Abdul Rahman, R., Rahman, A., Ghani, E. K., & Omar, N. H. (2019). Government-Linked Investment Companies and Real Earnings Management: Malaysian Evidence. International Journal of Financial Research, 10(3), 299–313. https://doi.org/10.5430/ijfr.v10n3p299
  • Abdullah, N. M., & Wan-Hussin, W. N. (2015). Related party transactions, audit committees and real earnings management: The moderating impact of family ownership. Advanced Science Letters, 21(6), 2033–2037. https://doi.org/10.1166/asl.2015.6195
  • Aghghaleh, S. F., Mohamed, Z. M., & Rahmat, M. M. (2016). Detecting financial statement frauds in Malaysia: Comparing the abilities of beneish and dechow models. Asian Journal of Accounting and Governance, 7(5), 57–65. https://doi.org/10.17576/AJAG-2016-07-05
  • Ahmed, A. S., & Duellman, S. (2007). Accounting conservatism and board of director characteristics: An empirical analysis. Journal of Accounting and Economics, 43(2), 411–437. https://doi.org/10.1016/j.jacceco.2007.01.005
  • Aier, J. K., Comprix, J., Gunlock, M. T., & Lee, D. (2005). The financial expertise of CFOs and accounting restatements. Accounting Horizons, 19(3), 123–135. https://doi.org/10.2308/acch.2005.19.3.123
  • Alhmood, M. A., Shaari, H., & Al-dhamari, R. (2020). CEO Characteristics and Real Earnings Management in Jordan. International Journal of Financial Research, 11(4), 255. https://doi.org/10.5430/ijfr.v11n4p255
  • AlQadasi, A., & Abidin, S. (2018). The effectiveness of internal corporate governance and audit quality: The role of ownership concentration–Malaysian evidence. Corporate Governance: The International Journal of Business in Society, 18(2), 233–253. https://doi.org/10.1108/CG-02-2017-0043
  • Alqatamin, R. M., Aribi, Z. A., & Arun, T. (2017). The effect of the CEO’s characteristics on EM: Evidence from Jordan. International Journal of Accounting & Information Management, 25(3), 356–375. https://doi.org/10.1108/IJAIM-10-2016-0099
  • Altarawneh, M., Shafie, R., & Ishak, R. (2020). CEO Characteristics: A Literature Review and Future Directions. Academy of Strategic Management Journal, 19(1), 1–10. https://www.researchgate.net/publication/340077212
  • Arun, T. G., Almahrog, Y. E., & Aribi, Z. A. (2015). Female directors and earnings management: Evidence from Uk companies. International Review of Financial Analysis, 39(May), 137–146. https://doi.org/10.1016/j.irfa.2015.03.002
  • Athanassiou, N., & Nigh, D. (1999). The impact of US company internationalisation on top management team advice networks: A tacit knowledge perspective. Strategic Management Journal, 20(1), 83–92. https://doi.org/10.1002/(SICI)1097-0266(199901)20:1<83::AID-SMJ10>3.0.CO;2-Y
  • Baatwah, S. R., Salleh, Z., & Ahmad, N. (2015). CEO characteristics and audit report timeliness: Do CEO tenure and financial expertise matter? Managerial Auditing Journal, 30(8/9), 998–1022. https://doi.org/10.1108/MAJ-09-2014-1097
  • Badru, B. O., Ahmad-Zaluki, N. A., & Wan-Hussin, W. N. (2017). CEO characteristics and the amount of capital raised in Malaysian IPOs. International Journal of Management Practice, 10(4), 327–360. https://doi.org/10.1504/IJMP.2017.086906
  • Baker, T. A., Lopez, T. J., Reitenga, A. L., & Ruch, G. W. (2019). The influence of CEO and CFO power on accruals and real earnings management. Review of Quantitative Finance and Accounting, 52(1), 325–345. https://doi.org/10.1007/s11156-018-0711-z
  • Bamber, L. S., Jiang, J., & Wang, I. Y. (2010). What’s my style? The influence of top managers on voluntary corporate financial disclosure. The Accounting Review, 85(4), 1131–1162. https://doi.org/10.2308/accr.2010.85.4.1131
  • Banderlipe, I. I., & Mc Reynald, S. (2009). The impact of selected corporate governance variables in mitigating earnings management in the Philippines. DLSU Business & Economics Review, 19(1), 17–27. https://doi.org/10.3860/ber.v19i1.1110
  • Belot, F., & Serve, S. (2018). Earnings quality in private SMEs: Do CEO demographics matter? Journal of Small Business Management, 56(12), 323–344. https://doi.org/10.1111/jsbm.12375
  • Bernardi, R. A., & Arnold, D. F. (1997). An examination of moral development within public accounting by gender, staff level, and firm. Contemporary Accounting Research, 14(4), 653–668. https://doi.org/10.1111/j.1911-3846.1997.tb00545.x
  • Betz, M., Skepard, J. M., & Shepard, J. M. (1989). Gender differences in proclivity for unethical behavior. Journal of Business Ethics, 8(5), 321–324. https://doi.org/10.1007/BF00381722
  • Bhandari, A., Mammadov, B., Shelton, A., & Thevenot, M. (2018). It is not only what you know, it is also who you know: CEO network connections and financial reporting quality. Auditing: A Journal of Practice & Theory, 37(2), 27–50. https://doi.org/10.2308/ajpt-51821
  • Bhasin, M. L. (2015). Creative accounting practices in the Indian corporate sector: An empirical study. International Journal of Management Sciences and Business Research, 4(10), 1–18. https://doi.org/10.5281/zenodo.3462891
  • Bhasin, M. L. (2016). Fraudulent financial reporting practices: Case study of Satyam Computer Limited. The Journal of Economics, Marketing and Management, 4(3), 12–24. http://doi.org/10.13106/jemm.2016.vol4.no3.12
  • Boonlert-U-Thai, K., Meek, G. K., & Nabar, S. (2006). Earnings attributes and investor-protection: International evidence. The International Journal of Accounting, 41(4), 327–357. https://doi.org/10.1016/j.intacc.2006.09.008
  • Bouaziz, D., Salhi, B., & Jarboui, A. (2020). CEO characteristics and earnings management: Empirical evidence from France. Journal of Financial Reporting and Accounting, 18(1), 77–110. https://doi.org/10.1108/JFRA-01-2019-0008
  • Buniamin, S., Johari, N. H., Rahman, N. R. A., & Rauf, F. H. A. (2012). Board diversity and discretionary accruals of the Top 100 Malaysia corporate governance (MCG) index company. African Journal of Business Management, 6(29), 8496–8503. http://doi.org/10.5897/AJBM11.1052
  • Carcello, J. V., & Neal, T. L. (2000). Audit committee composition and auditor reporting. The Accounting Review, 75(4), 453–467. https://doi.org/10.2308/accr.2000.75.4.453
  • Chandren, S., Qaderi, S. A., & Ghaleb, B. A. A. (2021). The influence of the chairman and CEO effectiveness on operating performance: Evidence from Malaysia. Cogent Business & Management, 8(1), 1935189. https://doi.org/10.1080/23311975.2021.1935189
  • Chatterjee, A., & Hambrick, D. C. (2007). It’s all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative Science Quarterly, 52(3), 351–386. https://doi.org/10.2189/asqu.52.3.351
  • Chen, G., Luo, S., Tang, Y., & Tong, J. Y. (2015). Passing probation: Earnings management by interim CEOs and its effect on their promotion prospects. Academy of Management Journal, 58(5), 1389–1418. https://doi.org/10.5465/amj.2013.0351
  • Cheng, L. T., & Leung, T. Y. (2012). The effects of management demography on auditor choice and earnings quality: Evidence from China. Review of Pacific Basin Financial Markets and Policies, 15(2), 1150009. https://doi.org/10.1142/S0219091511500093
  • Chi, J., Liao, J., & Chen, X. (2016). Politically connected CEOs and earnings management: Evidence from China. Journal of the Asia Pacific Economy, 21(3), 397–417. https://doi.org/10.1080/13547860.2016.1176644
  • Cialdini, R. B., Kallgren, C. A., & Reno, R. R. (1991). A focus theory of normative conduct: A theoretical refinement and reevaluation of the role of norms in human behavior. Advances in Experimental Social Psychology, 24(1991), 201–234. https://doi.org/10.1016/S0065-2601(08)60330-5
  • Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2–19. https://doi.org/10.1016/j.jacceco.2010.01.002
  • Cramer, D., & Howitt, D. (2004). The sage dictionary of statistics a practical resource for students in the social sciences. SAGE Publications https://doi.org/10.4135/9781446279137.
  • Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(s–1), 35–59. https://doi.org/10.2308/accr.2002.77.s-1.35
  • Dechow, P. M., & Skinner, D. J. (2000). Earnings management: Reconciling the views of accounting academics, practitioners, and regulators. Accounting Horizons, 14(2), 235–250. https://doi.org/10.2308/acch.2000.14.2.235
  • Dechow, P., Sloan, R., & Sweeney, A. (1995). Detecting earnings management. The Accounting Review, 70(2), 193–225. https://www.jstor.org/stable/248303
  • Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2012). Managerial ability and earnings quality. The Accounting Review, 88(2), 463–498. https://doi.org/10.2308/accr-50318
  • Desai, H., Hogan, C. E., & Wilkins, M. S. (2006). The reputational penalty for aggressive accounting: Earnings restatements and management turnover. The Accounting Review, 81(1), 83–112. https://doi.org/10.2308/accr.2006.81.1.83
  • Eduardo, M., & Poole, B. (2016). CEO age and gender: Subsequent market performance. Cogent Business & Management, 3(1), 1146389. https://doi.org/10.1080/23311975.2016.1146389
  • Enomoto, M., Kimura, F., & Yamaguchi, T. (2015). Accrual-based and real earnings management: An international comparison for investor protection. Journal of Contemporary Accounting & Economics, 11(3), 183–198. https://doi.org/10.1016/j.jcae.2015.07.001
  • Falato, A., Li, D., & Milbourn, T. (2015). Which skills matter in the market for CEOs? Evidence from pay for CEO credentials. Management Science, 61(12), 2845–2869. https://doi.org/10.1287/mnsc.2014.2024
  • Feng, M., Ge, W., Luo, S., & Shevlin, T. (2011). Why do CFOs become involved in material accounting manipulations? Journal of Accounting and Economics, 51(1–2), 21–36. https://doi.org/10.1016/j.jacceco.2010.09.005
  • Francis, B., Hasan, I., Park, J. C., & Wu, Q. (2015). Gender differences in financial reporting decision making: Evidence from accounting conservatism. Contemporary Accounting Research, 32(3), 1285–1318. https://doi.org/10.1111/1911-3846.12098
  • Francis, J. R., Maydew, E. L., & Sparks, H. C. (1999). The role of Big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice & Theory, 18(2), 17–34. https://doi.org/10.2308/aud.1999.18.2.17
  • Francis, J., Huang, A. H., Rajgopal, S., & Zang, A. Y. (2008). CEO reputation and earnings quality. Contemporary Accounting Research, 25(1), 109–147. https://doi.org/10.1506/car.25.1.4
  • Gavious, I., Segev, E., & Yosef, R. (2012). Female directors and earnings management in high-technology firms. Pacific Accounting Review, 24(1), 4–32. https://doi.org/10.1108/01140581211221533
  • Ge, W., & Kim, J. B. (2014). Real earnings management and the cost of new corporate bonds. Journal of Business Research, 67(4), 641–647. https://doi.org/10.1016/j.jbusres.2013.01.021
  • Ghafran, C. (2013). Audit committees and financial reporting quality. University of Sheffield.
  • Ghaleb, B. A. A., Kamardin, H., & Al-Qadasi, A. A. (2020). Internal audit function and real earnings management practices in an emerging market. Meditari Accountancy Research, 28(6), 1209–1230. https://doi.org/10.1108/MEDAR-02-2020-0713
  • Gounopoulos, D., & Pham, H. (2018). Financial expert CEOs and earnings management around initial public offerings. The International Journal of Accounting, 53(2), 102–117. https://doi.org/10.1016/j.intacc.2018.04.002
  • Gujarati, D. N., & Porter, D. (2009) Basic econometrics (New York: Tata McGraw-Hills Education).
  • Gull, A. A., Nekhili, M., Nagati, H., & Chtioui, T. (2018). Beyond gender diversity: How specific attributes of female directors affect earnings management. The British Accounting Review, 50(3), 255–274. https://doi.org/10.1016/j.bar.2017.09.001
  • Habib, A., & Hossain, M. (2013). CEO/CFO characteristics and financial reporting quality: A review. Research in Accounting Regulation, 25(1), 88–100. https://doi.org/10.1016/j.racreg.2012.11.002
  • Hambrick, C. D. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334–343. https://doi.org/10.5465/amr.2007.24345254
  • Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organisation as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.2307/258434
  • Hashim, H. A. (2009). Board of directors, ownership structure, ethnicity and earnings quality: Malaysian evidence [Doctoral dissertation]. University of Malaya.
  • Hazarika, S., Karpoff, J. M., & Nahata, R. (2012). Internal corporate governance, CEO turnover, and earnings management. Journal of Financial Economics, 104(1), 44–69. https://doi.org/10.1016/j.jfineco.2011.10.011
  • Heminway, J. M. (2007). Sex, trust, and corporate boards. Hastings Women’s Law Journal, 18(3), 93–173. https://repository.uchastings.edu/hwlj/vol18/iss2/3
  • Hennes, K. M., Leone, A. J., & Miller, B. P. (2008). The importance of distinguishing errors from irregularities in restatement research: The case of restatements and CEO/CFO turnover. The Accounting Review, 83(6), 1487–1519. https://doi.org/10.2308/accr.2008.83.6.1487
  • Hsieh, Y. T., Chen, T. K., Tseng, Y. J., & Lin, R. C. (2018). Top Management Team Characteristics and Accrual-Based Earnings Management. The International Journal of Accounting, 53(4), 314–334. https://doi.org/10.1016/j.intacc.2018.11.004
  • Huang, H. W., Rose-Green, E., & Lee, C. C. (2012). CEO age and financial reporting quality. Accounting Horizons, 26(4), 725–740. https://doi.org/10.2308/acch-50268
  • Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822–839. https://doi.org/10.1016/j.jfineco.2012.12.005
  • Huovinen, S., & Pasanen, M. (2010). Entrepreneurial and management teams: What makes the difference? Journal of Management & Organization, 16(3), 436–453. https://doi.org/10.5172/jmo.16.3.436
  • Ishak, R., & Yusof, M. A. M. (2013). Financial restatement and CEO turnover in Malaysia. Journal of Entrepreneurship and Business, 1(1), 42–51. http://journal.umk.edu.my/index.php/jeb/article/view/25
  • Ismail, I., Shafie, R., & Ismail, K. N. I. K. (2020). Current Trends and Future Directions on Women CEOs/CFOs and Financial Reporting Quality. The Journal of Asian Finance, Economics, and Business, 7(11), 679–687. https://doi.org/10.13106/jafeb.2020.vol7.no11.679
  • Ismail, W. W., Dunstan, K. L., & Van Zijl, T. (2010). Earnings quality and corporate governance following the implementation of Malaysian code of corporate governance. working Paper, Seoul National University joint symposium, Seoul, South Korea.
  • Javakhadze, D., Ferris, S. P., & French, D. W. (2016). Social capital, investments, and external financing. Journal of Corporate Finance, 37(4), 38–55. https://doi.org/10.1016/j.jcorpfin.2015.12.001
  • Jiang, F., Zhu, B., & Huang, J. (2013). CEO’s financial experience and earnings management. Journal of Multinational Financial Management, 23(3), 134–145. https://doi.org/10.1016/j.mulfin.2013.03.005
  • Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228. https://doi.org/10.2307/2491047
  • Kamardin, H., Latif, R. A., Mohd, K. N. T., & Adam, N. C. (2014). Multiple directorships and the monitoring role of the board of directors: Evidence from Malaysia. Jurnal Pengurusan (UKM Journal of Management), 42(2014), 51–62. https://doi.org/10.17576/pengurusan-2014-42-05
  • Kandori, M. (1992). Social norms and community enforcement. The Review of Economic Studies, 59(1), 63–80. https://doi.org/10.2307/2297925
  • Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375–400. https://doi.org/10.1016/S0165-4101(02)00059-9
  • Konchitchki, Y., & Patatoukas, P. N. (2014). Accounting earnings and gross domestic product. Journal of Accounting and Economics, 57(1), 76–88. https://doi.org/10.1016/j.jacceco.2013.10.001
  • Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197. https://doi.org/10.1016/j.jacceco.2004.11.002
  • Krishnan, G. V., & Parsons, L. M. (2008). Getting to the bottom line: An exploration of gender and earnings quality. Journal of Business Ethics, 78(1), 65–76. https://doi.org/10.1007/s10551-006-9314-z
  • Krishnan, G. V., Raman, K. K., Yang, K., & Yu, W. (2011). CFO/CEO-board social ties, Sarbanes-Oxley, and earnings management. Accounting Horizons, 25(3), 537–557. https://doi.org/10.2308/acch-50028
  • Krishnan, H. A., & Park, D. (2005). A few good women on top management teams. Journal of Business Research, 58(12), 1712–1720. https://doi.org/10.1016/j.jbusres.2004.09.003
  • Krishnan, J., & Press, E. (2003). The North American industry classification system and its implications for accounting research. Contemporary Accounting Research, 20(4), 685–717. https://doi.org/10.1506/N57L-0462-856V-7144
  • Lakhal, F., Nekhili, M., & Zouari, Z. (2015). Do CEO characteristics affect earnings management? Evidence from France. International Journal of Innovation and Applied Studies, 2(4), 804–819. http://doi.org/10.2139/ssrn.2082009
  • Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Profit management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505 527. https://doi.org/10.1016/S0304-405X(03)00121-1
  • Matsunaga, S. R., & Yeung, P. E. (2008). Evidence on the impact of a CEO’s financial experience on the quality of the firm’s financial reports and disclosures. working paper, University of Oregon and University of Georgia.
  • Michel, J. G., & Hambrick, D. C. (1992). Diversification posture and top management team characteristics. Academy of Management Journal, 35(1), 9–37. https://www.jstor.org/stable/256471
  • Mudrack, P. E. (1989). Age-related differences in Machiavellianism in an adult sample. Psychological Reports, 64(2), 1047–1050. https://doi.org/10.2466/pr0.1989.64.3c.1047
  • Na, K., & Hong, J. (2017). CEO Gender and Earnings Management. Journal of Applied Business Research, 33(2), 297–308. https://doi.org/10.19030/jabr.v33i2.9902
  • Nasir, N. A., Binti, M., Ali, M. J., Razzaque, R. M., & Ahmed, K. (2018). Real earnings management and financial statement fraud: Evidence from Malaysia. International Journal of Accounting & Information Management, 26(4), 508–526. https://doi.org/10.1108/IJAIM-03-2017-0039
  • Orser, B., Spence, M., Riding, A., & Carrington, C. A. (2010). Gender and export propensity. Entrepreneurship Theory and Practice, 34(5), 933–957. https://doi.org/10.1111/j.1540-6520.2009.00347.x
  • Peni, E., & Vähämaa, S. (2010). Female executives and earnings management. Managerial Finance, 36(7), 629–645. https://doi.org/10.1108/03074351011050343
  • Peterson, D., Rhoads, A., & Vaught, B. C. (2001). Ethical beliefs of business professionals: A study of gender, age and external factors. Journal of Business Ethics, 31(3), 225–232. https://doi.org/10.1023/A:1010744927551
  • Pham, H. M. (2016). The impact of credit ratings and CEOs’ work experience on earnings management and post-issue performance of US IPOs. University of Sussex.
  • Qawasmeh, S., & Azzam, M. (2020). CEO characteristics and earnings management. Accounting, 6(7), 1403–1410. https://doi.org/10.5267/j.ac.2020.8.009
  • Rahman, R. A., Omar, N. H., Rahman, A., & Muda, R. (2018). Islamic ethical values of corporate top leadership and real earnings management. International Journal of Law and Management, 60(3), 869–884. http://doi.org/10.1108/IJLMA-03-2017-0029
  • Rahman, R. A., Sulaiman, S., Fadel, E. S., & Kazemian, S. (2016). Earnings management and fraudulent financial reporting: The Malaysian story. Journal of Modern Accounting and Auditing, 12(2), 91–101. http://doi.org/10.17265/1548-6583/2016.02.003
  • Ramón-Llorens, M. C., García-Meca, E., & Duréndez, A. (2017). Influence of CEO characteristics in family firms internationalization. International Business Review, 26(4), 786–799. https://doi.org/10.1016/j.ibusrev.2017.01.007
  • Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
  • Saleh, N. M., Iskandar, T. M., & Rahmat, M. M. (2005). Earnings management and board characteristics: Evidence from Malaysia. Jurnal Pengurusan, 24(2005), 77–103. https://ejournal.ukm.my/pengurusan/article/view/1455
  • Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91–102. https://www.proquest.com/docview/208918065
  • Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25(4), 251–273. https://doi.org/10.1016/j.jcorpfin.2013.12.013
  • Shawver, T. J., Bancroft, P. C., & Sennetti, J. (2006). Can the ‘clan effect reduce the gender sensitivity to fraud? The case of the IPO environment. Journal of Forensic Accounting, 7(1), 185–208. https://www.researchgate.net/publication/238783571
  • Smith, K. G., Smith, K. A., Olian, J. D., Sims, H. P., Jr, O’Bannon, D. P., & Scully, J. A. (1994). Top management team demography and process: The role of social integration and communication. Administrative Science Quarterly, 39(3), 412–438. https://doi.org/10.2307/2393297
  • Spagnolo, G. (1999). Social relations and cooperation in organisations. Journal of Economic Behavior & Organization, 38(1), 1–25. https://doi.org/10.1016/S0167-2681(98)00119-X
  • Sundaram, R. K., & Yermack, D. L. (2007). Pay me later: Inside debt and its role in managerial compensation. The Journal of Finance, 62(4), 1551–1588. https://doi.org/10.1111/j.1540-6261.2007.01251.x
  • The Sun daily. (2017). SC’s case against ex-CEO of Transmile goes back to sessions court. Retrieved March 16, 2017, from http://www.thesundaily.my/news/2195486
  • Vafeas, N. (2009). Is accounting education valued by the stock market? Evidence from corporate controller appointments. Contemporary Accounting Research, 26(4), 1143–1174. https://doi.org/10.1506/car.26.4.6
  • Wang, G., Holmes, R. M., Jr, Oh, I. S., & Zhu, W. (2016). Do CEOs matter to firm strategic actions and firm performance? A meta‐analytic investigation based on upper echelons theory. Personnel Psychology, 69(4), 775–862. https://doi.org/10.1111/peps.12140
  • Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press.
  • Yang, J. S., & Krishnan, J. (2005). Audit committees and quarterly earnings management. International Journal of Auditing, 9(3), 201–219. https://doi.org/10.1111/j.1099-1123.2005.00278.x
  • Zalata, A. M., Ntim, C., Aboud, A., & Gyapong, E. (2019). Female CEOs and core earnings quality: New evidence on the ethics versus risk-aversion puzzle. Journal of Business Ethics, 160(2), 515–534. https://doi.org/10.1007/s10551-018-3918-y
  • Zhang, D. (2019). Top management team characteristics and financial reporting quality. The Accounting Review, 94(5), 349–375. https://doi.org/10.2308/accr-52360
  • Zhang, Y., & Wiersema, M. F. (2009). Stock market reaction to CEO certification: The signaling role of CEO background. Strategic Management Journal, 30(7), 693–710. https://doi.org/10.1002/smj.772
  • Zweig, J. (2019). Ironing out an investing mystery. The Wall Street Journal, online, available at: https://www.wsj.com/articles/ironing-out-an-investing-mystery-11573228804