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1、THEACCOUNTINGREVIEWVol.69,No.4October1994pp.539-566EfficientandOpportunisticChoicesofAccountingProcedures:CorporateControlContestsAndrewA.ChristieJeroldL.ZimmermanUniversityofRochesterSYNOPSISANDINTRODUCTION:Accountingnumbersareanintegralpartofthefirm's
2、formalandinformalcontracts(Watts1974;HolthausenandLeftwich1983;WattsandZimmerman1986;Ball1989;Christie1990).Thiscontracting-basedtheoryofaccountingisbasedonthepremisethatmanagerschooseparticularaccountingprocedureseitherefficientlytomaximizethevalueofth
3、efirm,oropportunisticallytomakethemanagerbetteroffattheexpenseofsomeothercontractingparty(Holthausen1990).Therelativeamountsofefficiencyandoppor-tunismdependoncontrolsonmanagers'accountingdiscretion.Suchcontrolsincludemonitoringbytheboardofdirectors,com
4、petitionfromtheproductmarketsandfromwithinthefirmbyothermanagers,andthedisciplineofthemarketforcorporatecontrol.Itisdifficulttodeterminewhethermanagersmakeaccountingchoicestomaxi-mizefirm-value.Empiricaltestsoftenassumeopportunismandusuallyrejectthenull
5、hypothesisofnoassociationbetweenaccountingchoiceandfirm-specificvariablessuchasleverage(Christie1990).However,manyoftheempiricalregularitiesinterpretedasevidenceofopportunismcanalsobeinterpretedasoccurringforefficiencyreasons,whichservestoconfoundthesef
6、indings(WattsandZimmerman1986;WattsandZimmerman1990;Sweeney1994).Thefewtestsbasedonefficiencyrationalesfindanassociationbetweenthecontractingvariablesandaccountingchoice(Zimmer1986;Whittred1987;Malmquist1990;MianandSmith1990a).Financialsupportwasprovide
7、dbytheJohnM.OlinFoundationandtheBradleyPolicyResearchCenterattheUniversityofRochester.WeareindebtedtoVicBernardforhismanysuggestionsandtoRobertCommentforaccesstohisdatabaseofcorporatecontrolcontests.WealsothankR.Ball,G.Biddle,R.Bowen,J.Brickley,D.Collin
8、s,R.Comment,L.DeAngelo,M.DeFond,D.DeJong,M.Duffy,R.Holthausen,P.Jain,B.Johnson,S.P.Kothari,S.Moyer,K.Murphy,T.Shevlin,D.Shores,R.Sloan,C.Smith,K.VanNuys,J.Warner,R.Watts,M.Weisbach,anonymousreviewers,andworkshopparticipantsattheU
