dp0609 - FEP - Universidade do Porto

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Watts, R. L. and Zimmerman (1990), “Positive Accounting Theory: A Ten Year Perspective, The Accounting Review, Vol. 65, nº 1, pp. 131-158. Xie, B., W. N. Davidson III and P. J. Dadalt (2003), “Earnings management and corporate governance: the role of the board and the audit committee”, Journal of Corporate Finance 9, pp. 296-316. 49
Figure 1 – Relation between the board of directors and accounting Transparent financial statements Financial statements with earnings management Xie et al. (2003) Klein (2002a) information quality 50 Financial statements with auditor modifications Fraudulent financial reporting Beasley (1996) Dechow et al. (1996) + - Accounting Information Quality
Page 1 and 2: DP 2006 - 09 Board Structure and Mo
Page 3 and 4: BOARD STRUCTURE AND MODIFIED AUDIT
Page 5 and 6: ecent accounting scandals, the “S
Page 7 and 8: are higher if a firm is identified
Page 9 and 10: etter judge the “the true and fai
Page 11 and 12: than other auditors, which can be i
Page 13 and 14: emphases, before the issuance, in t
Page 15 and 16: Pr ob( OPIN = 1) = F( α + β NUM +
Page 17 and 18: Asset profitability (ROA) is introd
Page 19 and 20: Given the above, our first step in
Page 21 and 22: 5. Empirical results 5.1. Auditing
Page 23 and 24: information on any executive commit
Page 25 and 26: The extant literature (e.g., Beasle
Page 27 and 28: modified opinion, the difference be
Page 29 and 30: (p-value=0.34), at the same time th
Page 31 and 32: percentage of non-executive board m
Page 33 and 34: Klein (2002a) finds evidence that a
Page 35 and 36: corporate governance reports of lis
Page 37 and 38: 26 Mota—Engil, SGPS, SA Mota-Engi
Page 39 and 40: Bradshaw, M. T., S. A. Richardson a
Page 41 and 42: Dechow, P.M. and D. J. Skinner (200
Page 43 and 44: Gaver, J. J., K. M. Gaver and J. R.
Page 45 and 46: Kang, S. and K. Sivaramakrishnan (1
Page 47 and 48: Nelson, M. W., J. A. Elliott and R.
Page 49: Teoh, S. H., I. Welch and T. J. Won
Page 53 and 54: Table 2 Sample Industry Distributio
Page 55 and 56: Variable Mean Std Dev. Quantitative
Page 57 and 58: Table 7 Mean (median) figures of va
Page 59 and 60: Table 10 Logistic regression result
Page 61 and 62: Variable Expected sign Constant ? N

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