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Earning Management

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TABLE OF CONTENTS

1. INTRODUCTION .......................................................................................................................3

1.1 Rationale of study ................................................................................................................3

1.2 Scope of present investigation .............................................................................................4

1.2 Research Aim .........................................................................................................................4

1.3 Research Objectives .............................................................................................................4

1.4 Researcher Questions ...........................................................................................................4

2. LITERATURE REVIEW ............................................................................................................5

2.1 Earning management .............................................................................................................5

2.2 Corporate governance variables and their relationship with earning management ...............6

2.3 Evaluating the relationship between earning management and different business operations9

3. RESEARCH METHODOLOGY ...........................................................................................10

3.1 Research type .....................................................................................................................10

2.2 Research design .................................................................................................................11

2.3 Research philosophy ............................................................................................................11

2.4 Research approach ...............................................................................................................12

2.5 Data collection method ........................................................................................................12

2.6 Sampling approach...............................................................................................................13

2.7 Data analysis ........................................................................................................................14

2.8 Ethical consideration ............................................................................................................14

2.9 Limitation of study ...............................................................................................................15

4. EXPECTED OUTCOMES ......................................................................................................15

REFERENCES ..............................................................................................................................17

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1. INTRODUCTION

In the modern era, every organization makes efforts in order to present a distinct image with the

help of high profitability and earning capacity. This element plays an important role for

influencing the market value of share along with the goodwill of company in front of

shareholders, investors and other individuals of the firm. In this process, earning management is

identified as one of the most crucial and effective tools which are used by the management of

different companies for enhancing the market value through which organization would generate

good returns during initial public offering. In addition to that, by showing high profitability,

business entity can assess the support of different investors and banks. During business

expansion and mergers (Beiner, Drobetz, Schmid and Zimmermann, 2006). Apart from that, it

has been evaluated that this approach has found to be very effective to increase the profitability

of company but unethical manipulation of financial data leads to negative impact on the

corporate image of company. In this process, different aspects of corporate governance such as

composition of broad of director, audit committee and compensation of managers are playing an

important role in earning management practice. In this regard, present study will be carried out to

assess the impact of earning management on corporate governance. In this process, investigator

will consider the business operations of InterContinental Hotels Group PLC (IHG) (Corporate

Governance and Corporate Performance: UK FTSE 350 Companies, 2010). It is one of the

leading UK based hospitality groups that is managing different operations in all over the world.

The InterContinental Hotels Group PLC is considered as one of the FTSE100 UK companies.

1.3 Rationale of study

As per the change in business environment and market trends, the management of every

organization takes a wide range of decisions associated with fund raising, expansion of business

as well as mergers and acquisition. In this process, financial results of an organization such as

income, growth and profit are playing an important role for assessing the support of investors,

banks and other stakeholders. Therefore, big companies like InterContinental Hotels Group PLC

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manipulate accounting and financial data to assess the support of different stakeholders by

promoting higher profit as compared to actual profit (Agrawal and Chadha, 2005). Therefore, the

present report will address the impact of earning management on corporate governance within

FTSE100 companies. Therefore, InterContinental Hotels Group PLC will be considered by

researcher for handling different aspects of business management. In this process, the present

research will enhance the understanding of researcher about positive and negative impact of

earning management. It will analyze the situation in which alternation of financial data within an

organization for personal and business motive will be considered as unethical practices (Carney,

2005). Apart from that, the rationale behind selection of present topic is increasing understanding

of different aspects of corporate governance and their impact on profit manipulation practices

through which management of IHG is able to generate good returns.

1.4 Scope of present investigation

In the present research, investigator is going to evaluate the impact of earning

management on corporate governance with reference to business operations of InterContinental

Hotels Group PLC. The present research will examine different aspects that are associated with

This is a Sample Report On Earning Management

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the earning management practices within hospitality organization. It will provide information

about the impact of earning management on corporate governance structure that include board of

directors, audit committee, institutional shareholding, etc. (Brown and Caylor, 2006). The

present research will increase understanding of researcher about different aspects of corporate

governance through which an organization is able to control the profit manipulation practices.

The present research will provide a wide range of data about positive and negative outcomes of

profit manipulation during business expansion and mergers.

1.5 Research Aim

The purpose of present study is “To assess the impact of earning management on

corporate governance: A Study on InterContinental Hotels Group PLC”.

1.7 Research Objectives

To analyze the earning management trends of last 10 years for IHG.

To evaluate different norms of corporate governance that is adopted by IHG.

To assess the relationship between earning management and corporate governance.

1.4 Research Questions

1. What are the last 10 years trends in earning management associated with IHG?

2. What are the different norms of corporate governance that are adopted by IHG?

3. How does earning management influence corporate governance practices?

2. LITERATURE REVIEW

2.1 Earning management

As per the research of Aguilera and Rupp (2006), it has been evaluated that earnings

management is identified as one of the most crucial concepts which are used by different

companies for altering different kinds of financial information. The management of an

organization uses this approach either to mislead investors about the economic status of a firm or

to gain some contractual benefits. The approach is mainly adopted by big companies for

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attainment of different business objectives such as enhance reputation of company in the share

market, increase in market value of shares. As per the different studies, the concept of earning

management is mainly addressed in FTSE100 companies. This approach is depending largely

on accounting numbers. Author further argued that accruals are the most important earnings

management instruments which are adopted by different managers of top companies to either

increase or decrease reported income. In this context, the study of Enriques and Volpin (2007)

has found that this approach is considered as an attempt to enhance the shareholders’ value and

to maximize executive’s compensation with the help of income smoothing and earnings

management respectively so that management would be able to change the market position of

company. Author further encompassed that this approach is acted as a motivation to increase the

manager's compensation and job security to avoid the violation of debt covenants along with the

reduction in regulatory costs or to increase the regulatory benefit (Ashbaugh-Skaife, Collins and

LaFond, 2006).

By considering the findings of research of Bhagat and Bolton (2008), income smoothing or

earning management is greatly influenced by several factors. In this regard, capital market

motivation is identified as the most important element which is having a significant impact on




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different business operations that are associated with capital market such as initial public

offerings, seasoned equity offerings, management buoyant plans, etc. Therefore, it can be stated

that if management presents a good image of company through changing accounting figures,

firm would gain significant benefits in the stock market. Dittmar and Mahrt-Smith (2007) have

evaluated that contracts motivation such as management compensation, debt agreement or job

security has been acted as an incentive for earnings management. Author further evaluated that

different laws and regulations such as import regulation, industrial regulation, antitrust laws, etc.

are acting as an incentive for the management.

As per the research of Bebchuk, Cohen and Ferrell (2009), it is examined that managers

apply discretionary accruals as a motivation for options that are having a significant impact on

the stock prices that enhance the managers’ wealth through restricted stock compensation.

2.2 Corporate governance variables and their relationship with earning management

As per the research of Farber (2005), corporate governance is identified as the most

important factor which is having a direct impact on different aspects of business management. It

also plays an important role for ensuring the quality of financial reporting process. Apart from

that it plays important role for managing different activities associated with the earning

management. In this process, the management considers various variables such as board

composition, institutional shareholding; audit committee and executive compensation along with

their proxies that are presented in different aspects of management accounting. As per the

research of Gillan (2006), it has been evaluated that the Board Composition is identified as one

of the most crucial aspects of corporate governance that have a significant impact on the business

decision making along with the approach of management related to earning management. The

concept of board composition is to determine the ratio of independent outside directors to total

board size that have a significant impact on the management decisions along with the accounting

operations and profitability management. Board size is viewed as an important element of board

characteristics that may affect the earnings management (Abdul Rahman and Ali, 2006). The

investigation of Hoitash, Hoitash and Bedard (2009) has indicated that larger board size might be

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less effective in monitoring the management activities. Author further argued that larger board

members facilitate more advantages and benefits for their companies by sharing alternative

experience which might decrease the incidence of earnings management. In addition to that,

some other studies have used board size as a determinant of earnings management so that it can

be examined that the influence of board size has received mixed results that are based on

corporate governance and earning management.

The research of Larcker, Richardson and Tuna (2007) has evaluated that the relation

between board composition and firm performance has found that the efficiency of CEO

monitoring mechanism between inside and outside directors is having a significant impact on the

business operations. Author further argued that outside directors play an important role in

monitoring CEO. Therefore, it can be stated that boards of different companies that are

dominated by outside directors can significantly constrain the opportunistic attitude of managers

for managing different tasks that are associated with the value maximization objective of firm. In

another context, Abed, Al-Attar and Suwaidan (2012) have examined that the impact of

corporate governance and pay-for-performance on earnings management is mainly associated

with the presence of independent outside directors that reduce the earnings management.




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Apart from that, Enriques and Volpin (2007) have evaluated that institutional

shareholding is determined as an important aspect of corporate governance which is considered

as per the ratio of equity shares of the firm which is held by institutional investors to the total

shares outstanding. In this regard, Richardson and Tuna (2007) have evaluated that institutional

shareholders have both the incentive and power to influence the operations and decisions of

managers. Therefore, managers have to act in consonant with value maximization objective of

the firm. Author further argued that institutional ownership has been emerged as an important

tool for protecting the minority interest within business entity and decision making process. The

reason behind this situation is that the large institutions are having various opportunities as well

as resources along with the significant ability to restrain the manager’s behaviour and their

activities. The study of Beiner, Drobetz, Schmid and Zimmermann (2006) has found that the

institutional investors represent ownership concentration in some cases as they have the ability to

make bulk purchases of company’s equity shares. Therefore, it can be stated that institutional

shareholding is positively related with the firm’s performance and having appropriate authorities

for influencing the management practices related to earnings management (Earnings

Management and Corporate Governance, 2013). In addition to that, the interaction between

institutional shareholding and earnings management has explored the influence of different

aspects of corporate governance such as governance structure and incentive-based compensation

that are having a great influence on firm's performance along with different adjustments that are

made for earnings management.

As per the research of Agrawal and Chadha (2005), it is evaluated that the importance of

Audit Committee is measured by the audit governance score that is influenced by several

characteristics such as audit committee size, audit committee independence and board meetings.

Author further examined that governance score that is associated with audit committee is having

a crucial role for measuring the overall strength of the board. In this context, Hoitash, Hoitash

and Bedard (2009) have observed that a larger size of audit committee with an increased

organizational status and power that is delegated by the board of directors or top authorities is

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going to be recognized as an authoritative body of business entity by the management and

external and internal auditors. On the other hand, it has evaluated that the audit committee

independence has a positive relationship with the contents and information that has been gained

by financial reporting (Carney, 2005). The use of discretion and various other elements to

manage earnings is directly associated with the audit independence along with their dependence

on different course of actions which have been selected by audit committee.

As per the investigation of Brown and Caylor (2006), it has been examined that audit the

number of committee meetings within an organization represents effectiveness of the monitory

role of board. Furthermore, these meetings provide a significant assistance for analysing the

effectiveness of audit committee. The research of Ashbaugh-Skaife, Collins and LaFond (2006)

has found that audit committee plays a vital role in monitoring management in order to protect

the shareholders’ interest. It is also responsible for carrying out systematic evaluation about the

integrity of financial reporting along with the independence and objectivity of external auditors.

In this context, it has evaluated that integration of various elements such as composition and

independence, audit committee meetings, financial expertise of committee members, etc. greatly

influenced the effectiveness and outcomes of financial reporting. Bhagat and Bolton (2008) have




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observed that more attention has been given to financial expertise as a construct of board

competence. The result of different studies on the relationship between audit committee and

opportunistic accounting is that of determined roles of board and audit committee on earnings

management practices.

Dittmar and Mahrt-Smith (2007) have described that executive compensation is the

nature log of cash compensation plays an important role in earning management practices and

corporate governance factors. The study has paid extra attention on cash compensation rather

than stock and stock options because only some companies are disclosing this information.

Therefore, the research of Bebchuk, Cohen and Ferrell (2009) has focused on the total cash

compensation which is examined by evaluating the cash and bonus salaries. In addition to that,

agency theory has found to be very effective for curbing the agency cost that arises due to

conflict of interests between owners (shareholders) and controllers (managers). The reduction in

agency cost is mainly associated with the executive compensation that is evaluated as a

settlement to the manager for the commitment towards success of the firm. This settlement could

be made either by using cash compensation or stock options (bonus plan) or a combination of

both element (Abdul Rahman and Ali, 2006). For attainment of the objective of shareholders’

wealth maximization by covering the interest of managers, organization has to establish a proper

balance between executive compensation along with the firm's performance.

2.3 Evaluating the relationship between earning management and different business operations

As per the research of Farber (2005), it has found that the relationship between Earnings

Management and Resource Allocation has played an important role for analysing different

aspects that are associated with the properties of accounting information and investment

decisions. Author has argued that only a small part of the earnings management has been

addressed by different researchers that are mainly associated with the consequences of earnings

management or resource allocation on financial outcomes. In this context, the study of Gillan

(2006) has concluded that earnings management plays an important role during IPO mispricing.

Furthermore, it has examined that long term returns related with IPOs are mainly similar to those

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of seasoned firms that are having similar market capitalizatism. As per the investigation of

Brown and Caylor (2006), it has found that company would face adverse market reaction during

disclosure of misleading reporting. This approach is also indicating that investors were not

completely aware of the manipulation of financial reports along with the profitability of

company.

Richardson and Tuna (2007) has evaluated the impact of research and development (R & D)

spending for the attainment of earnings targets and has found that whether this approach is

influenced by the composition of firm's institutional investors or not. Author further argued that

Earnings Management and Investment Decisions both are interrelated factors. In this regard, it is

examined that an organization which is targeted by SEC enforcement actions always makes

efforts to attract the external financing at a certain cost (Carney, 2005). Therefore, it can be

stated that this approach is identified as an important motivation for managing different practices

that are associated with the earning manipulation.

Beiner, Drobetz, Schmid and Zimmermann (2006) have predicted that inefficient

investment projects will more likely to be undertaken by companies with the help of misreported

financial statement. In additional to that, companies are overstating their financial results through

which they will be able to obtain cheaper financing for the accomplishment of different




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requirements of projects. Author further has addressed that misreporting firms are always trying

to over-invest in R & D and stock financed merger along with the acquisition that provides

significant assistance for lowering the risk on investment along with the generation of good

returns. Apart from that, Aguilera and Rupp (2006) have derived different aspects associated

with the Earnings Quality and Investment Decisions. On the basis of these elements, author has

stated that better accounting information has found to be very effective in order to reduce the

information imbalance that has been addressed between managers and outside suppliers of

capital. It plays an important role for allowing more investment as per the distinct requirement of

business. As per the investigation of Enriques and Volpin (2007), it has been found that different

measures of accounting quality are negatively associated with the investment-cash-flow

sensitivities which are indicating that the impact of financing confinement on investment is

lower for such organization that have managed high quality in different accounting practise

accounting quality. The research of Dittmar and Abed, Al-Attar and Suwaidan (2012) has

derived that accruals quality is significantly negatively associated with both over investment and

under investment. Author further argued that the timely accounting recognition of different

economic losses influence the managers in order to avoid such projects that can hamper the

performance and outcomes of company.

3. RESEARCH METHODOLOGY

The research methodology is termed as the most important and basic framework in which

researcher will be able manage various tools and operations of particular investigation. In the

context of present study, the success of research will be greatly influenced by an appropriate

research methodology (Coolican, 2009). As per nature of present investigation, researcher will

consider different aspects of research framework that are evaluated under this statement:

3.1 Research type

The selection of research method is carried out with an appropriate evaluation of the aim

and nature of the study. Therefore, wide range of research method are available for investigator

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through which researcher will be able to control different aspects of investigation by applying

either qualitative research type or quantitative type (Merriam, 2009). As per the detail evaluation

of the aim and objectives of present study, researcher will adopt the quantitative method of

investigation through which researcher will be able to examine a variety of information and

statistics and facts associated with the profitability of InterContinental Hotels Group PLC for

evaluating different aspects of earning management. The present research work will be carried

out to assess the impact of earning management on corporate governance with reference to

business operations of InterContinental Hotels Group PLC. Quantitative method of research will

be very effective in the present investigation for enhancing understanding about different norms

of earning management and their implication on the business accounting (McBurney and White,

2009). On the other hand, qualitative method of research will not be appropriate in the present

research work. This is because this tool will facilitate good results when researcher wants to

examine human behaviour etc. It will provide significant support in evaluating the theoretical

data.

.

2.2 Research design

The research design is playing crucial role in research methodology through which

researcher will be able to handle various aspects of research with reference to goals of




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investigation. There are several types of research designs identified by researcher through which

researcher will be able to generate appropriate results as per nature of the investigation. By

considering the nature of investigation, investigator will select most important research design

from different research design such as descriptive, exploratory and casual- comparative (Sivia

and Skilling, 2006). With reference to objectives of present study, exploratory research design is

the most suitable approach for current research that will assist the researcher in examining

different facts, evidences along with the financial data of InterContinental Hotels Group PLC. It

will support researcher in handling different aspects of corporate governance and earning

management. In the contrary, descriptive research will not be reliable for carrying out detail

evaluation of statistical information related to financial statements of hospitality firm. In addition

to that, exploratory research design will provide significant support to investigator for analyzing

information about corporate governance and accounting practices that have been adopted by the

company in order to carry out earning management (Panneerselvam, 2004). Apart from that,

descriptive analysis will not be useful for analyzing different kinds associated with present study

and handling of various other operations of business. This is because descriptive evaluation will

be useful for evaluating theoretical data and if study is associated with the human nature and

behavioural aspects.

2.3 Research philosophy

Research philosophy is defined as a ideology in which researcher will present his

perception towards several operations and activities of research as per the objectives and goals of

investigation for assessing accurate and appropriate research outcomes. In this regard, there are

two types of research philosophies available for researcher to present investigation that includes

interpretivsim and positivism philosophies (Khanzode, 2004). By applying appropriate research

philosophies, investigator will be able to handle different aspects of study as per nature of the

investigation. In the context of present study, positivism research philosophy will be applied by

the researcher for managing different aspects and research operations through which researcher

will able to generate appropriate outcome according to some specific evidence along with

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accounting information of IHG. This approach will be termed as a great tool to assess views of

manager with reference to earning management and corporate governance (Merriam, 2009). In

the contrary, interpretivism philosophy will not be suitable in analyzing statistical data along

with accounting concept with reference to aim of current research work. Therefore, it can be

stated that positivism approach will provide significant assistance to the investigator for

assessing reliable research outcomes with reference to certain logic and concepts that are

associated with corporate governance and manipulation of financial information.

2.4 Research approach

By focusing on the goals of investigation, research will apply either inductive or

deductive research approach through which investigator will be able to control different aspects

of investigation as per the nature of present research work (Aaker, 2011). Therefore, researcher

will adopt the deductive research approach through which researcher will able to accomplish

goals of investigation associated with assessing the impact of earning management on corporate

governance with reference to business operations of InterContinental Hotels Group PLC. The

reason behind selecting deductive approach is that the present study will be carried out with the

help of wide range of historical data and figures which would be acquired from financial

statements of the company (Silverman, 2010). This approach will be found very effective in




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evaluating profitability of the organization along with different business practices associated

with earning management for establishing of distinct image of the company in market. On the

other hand, inductive approach will not reliable in the context of present investigation. This is

because this approach will offer appropriate research by evaluating wide range of general

information. Therefore, it can be stated that inductive research will be suitable for analyzing

wide range of theoretical data as per the objectives of study.

2.5 Data collection method

An investigator considers different tools and tactics for collecting wide range of data and

information which plays important role in generating appropriate research outcomes with

reference to aim and goals of study (PressSullivan, 2011). In this process, researcher mainly

considers primary, secondary and both sources of data. In the context of present research, the

investigator is going to assess effect of earning management on corporate governance within a

hospitality group, both primary and secondary sources of data collection will be considered by

the researcher for increasing appropriateness and accuracy of research outcomes. The primary

data collection method will be found very effective for collecting first hand information as per

the distinct requirement of investigation with the help of different tools such as survey,

questionnaire and interviews (Corbetta and et.al, 2008). All these tools would provide wide range

of data associated with earning management as per the views of different individuals within the

organization. Apart from that, secondary sources will be used by investigator for acquiring

different kinds of secondary data with the help of books, online websites and past studies along

with the annual reports of companies etc. In the present study, researcher will use all these tools

for collecting statistical data along with theoretical information as per the requirement of present

investigation. As per requirement of present research, researchers is going to use both primary

and secondary tools for gathering different kinds of information which investigator will use in

questionnaire for assessing perception of managers about earning management (Gibaldi, 2010).

In addition to that, annual report of IHG and past studies will be adopted by the researcher for

collecting wide range of statistical data associated with income and profitability of the firm.

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2.6 Sampling approach

In the present research work, investigator will be going to consider the primary sources of

data collection. Therefore, there are two types of sampling tools available for researcher that

consist of probabilistic sampling and non-probabilistic sampling. These approaches will be very

effective for selecting the most suitable sample as per the aim of present investigation. As per the

nature of present study, investigator will consider non-probabilistic sampling approach (Jackson,

2008). As per the non-probabilistic sampling approach, investigator will apply purposive

sampling for selecting appropriate sampling size in the context of present study. On the other

hand, probabilistic sampling will not be appropriate for the present research work. This is

because probabilistic sampling provides significant assistance to researcher when researcher

wants to select an appropriate sample from large number of targeted population. Therefore, it

will not be reliable in the present investigation (Franklin, 2012). For the present research work,

researcher will take sample of 10 managers of InterContinental Hotels Group PLC by applying

purposive sampling approach. This tool will be found very effective for acquiring primary data

or firsthand information related to role of earning management within different business

operations of an organisation and its impact on corporate governance practices.

2.7 Data analysis

The accuracy and reliability of research outcomes and findings is greatly influenced by

different tools associated with evaluation of data which have been selected by the investigator.

As per the nature of present investigation, researcher will consider both primary as well as

secondary sources of data collection (Merriam, 2009). Therefore, it is essential for researcher in

order to select appropriative tools for evaluating range of primary data as well as financial

figures. In this process, investigator will apply thematic analysis along with different statistical

tools such as SPSS for analyzing wide range of theoretical and statistical data as per the aim and

objectives. SPSS is a great tool for analyzing statistical data such as sales data, growth rate etc

(McBurney and White, 2009). On the other hand, thematic analysis will assist the researcher in

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carrying out systematic evaluation of views of managers in the context of earning management

and corporate governance.

2.8 Ethical consideration

In the present research work, investigator will consider various factors for managing the

research under ethical norms. In this process, researcher will use different tools associated with

safety of data through which investigator will be ensured about safety and security of

information. In addition to that, investigator will avoid sharing of personal and professional data

of managers working in IHG who will provide their views as per requirement of present study

(Panneerselvam, 2004). Apart from that, investigator will consider appropriate and reliable

sources for collecting variety of information associated with financial of IHG as well as earning

management practice of the company. All these practices will assist researcher for completing

different tasks and will also help in generating appropriate outcomes within the ethical

consideration.

2.9 Limitation of study

For handling various aspects associated with research operation, researcher would

address some issues and limitation while managing different business operations. In this regard,




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researcher will face some issue during collection of primary data (Khanzode, 2004). This is

because; managers of IHG will not have appropriate information about the earning management

practices along with their impact on business operations. This thing may delay the other research

operations and due to this the investigator would face some issues in collection of primary data.

In addition to that, limitation of time and other resources will lead negative impact on

effectiveness of data collection process. In the present research work, investigator will consider

secondary data such as financial figures of IHG and evaluation of secondary data will be carried

with the help of SPSS and other statistical software (Merriam, 2009). Therefore, researcher

would address some problems related to appropriateness of secondary data along with the

outcomes of the present investigation. In addition to that, Investigator will find some issues for

establishing appropriate coordination among various activities with reference to the research plan.

4. EXPECTED OUTCOMES

The present research will be scheduled to assess impact of earning management and

corporate governance with reference to business operations of InterContinental Hotels Group

PLC. In this process, researcher will consider both primary and secondary sources of information.

As per the information collected from different sources, researcher would find that earning

management is identified as the most common tool which is used by each organization listed in

stock market or opening overseas business operation. Further, evaluation of various facts would

identify the manipulation of income and earnings of company in different accounting reports

which play important role to attract new investigator and increases the value of shares in the

market. This would create direct impact on corporate image and market value of the company.

The present research would address that earning management practices within a

hospitality organization also affect the corporate governance structure that include board of

directors, audit committee, institutional shareholding etc. By considering accounting data of

InterContinental Hotels Group PLC, the researcher could identify the impact of earning

management on profitability of the company and financial figures such as revenue and profit.

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The present research will increase understanding of researcher about different aspect of corporate

governance and their impact of earning manipulation practices. In this regard, the present study

will address broad composition which states that internal and external broad member is having

direct impact of earning manipulation operation. This is because if number of external director is

higher than internal director than external directors always try to control earning management

practices for protecting the interest of shareholders or vice-versa. The present research will

increase understanding of positive and negative outcomes of profit manipulation which is carried

out by manipulation of financial outcomes in the accounting reports.




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22

REFERENCES

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Hoitash, U., Hoitash, R. and Bedard, J. C., 2009. Corporate governance and internal control over

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