a5_internal control over financial reporting and managerial rent extraction

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1、Internalcontroloverfinancialreportingandmanagerialrentextraction:Evidencefromtheprofitabilityofinsidertrading内部控制与财务报告和管理租金的提取：从内幕交易的盈利证据1.IntroductionabstractThispaperexaminestheassociationbetweenineffectiveinternalcontroloverfinancialreportingandtheprofitabilityofinsidertrading.Wepredictandfindtha

2、ttheprofit-abilityofinsidertradingissignificantlygreaterinfirmsdisclosingmaterialweaknessesininternalcontrolrelativetofirmswitheffectivecontrol.Thepositiveassociationispresentintheyearsleadinguptothedisclosureofmaterialweaknesses,butdisappearsafterremediationoftheinternalcontrolproblems.Wefindinside

3、rtradingprofitabilityisevengreaterwheninsidersaremorelikelytoactintheirownself-interestasindicatedbyauditors’weak‘‘toneatthetop’’adverseinternalcontrolopinionsandthisincrementalprofitabilityisdrivenbyinsiderselling.Ourresearchidentifiesanewsettingwhereshareholdersaremostatriskforwealthtransfersviain

4、sidertradingandhighlightsmarketconsequencesofweak‘‘toneatthetop’’.本文探讨了无效的内部控制，财务报告及内幕交易的盈利能力之间的关联。我们预测和发现内幕交易的获利能力显著更大的企业披露在控制相对内重大缺陷，以公司的实际控制。的正相关关系是存在在导致重大缺陷的披露多年，但内部控制问题整治后消失。我们发现内幕交易获利就更大，当业内人士更容易受核数师的弱''高层基调''不利的内部控制意见，指示，而且此增量盈利能力是由内线售股带动其自身利益行事。我们的研究确定了新的设置，股东通过内幕交易和亮点的弱''音的市场后果上方''是最危险的财富转移

5、。Thisstudyexamineswhethertheeffectivenessofinternalcontroloverfinancialreporting(ICFR)isrelatedtotheprofitabilityofinsidertrading.ICFRarethepolicies,processes,andproceduresintendedtoensurefinancialstatementsarereliable.Itiswelldocumentedinthepriorliteraturethatreliablefinancialreportingisanimportant

6、mechanismusedbyfirmstocommunicatecredibleinformationtooutsidersfortheiruseinresourceallocationdecisionsandinevaluatingmanagement’sperformance(see,e.g.,Beyeretal.,2010).WhenfirmshaveineffectiveICFR,managershavemorediscretionoveraccountingestimatesandmethodsduetothelackofformalpoliciesandprocedurestha

7、trestrictmanagers’accountingchoices(HoganandWilkins,2008).PriorresearchprovidesevidencethatfirmswithineffectiveICFRdisseminatelessreliablefinancialinformation(Doyleetal.,2007a;Ashbaugh-Skaifeetal.,200