Earnings performance measures and CEO turnover: Street versus GAAP earnings

被引：10

作者：

Jarva, Henry ^{[1
]}

Kallunki, Juha-Pekka ^{[1
,2
,3
]}

Livne, Gilad ^{[4
]}

机构：

[1] Aalto Univ, Espoo, Finland

[2] Univ Oulu, Oulu, Finland

[3] Stockholm Sch Econ, Stockholm, Sweden

[4] Univ Exeter, Exeter, Devon, England

来源：

JOURNAL OF CORPORATE FINANCE | 2019年 / 56卷

关键词：

Street earnings; Street exclusions; GAAP earnings; CEO turnover; PRO FORMA EARNINGS; RELATIVE INFORMATIVENESS; CORPORATE GOVERNANCE; STOCK-PRICES; MANAGERS; ANALYSTS; COMPENSATION; DISCLOSURES; PERMANENCE; SUCCESSION;

D O I：

10.1016/j.jcorpfin.2019.02.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Prior research reports that analysts focus on street earnings, which are measures that typically exceed GAAP earnings. Using a sample of CEO turnovers from 1993 to 2016 we show that the likelihood and speed of forced CEO turnover - but not voluntary turnover - are higher when analysts exclude income-decreasing items. The association between exclusions and forced turnovers is particularly pronounced for high magnitude exclusions. We also show that greater street exclusion of income-decreasing items, the lower CEO bonus payouts. We find that boards use audited and more conservative GAAP earnings in evaluating and dismissing CEOs, except in the recent period of 2010-2016.

引用

页码：249 / 266

页数：18

共 50 条

[1] GAAP versus the street: An empirical assessment of two alternative definitions of earnings
Bradshaw, MT
Sloan, RG
[J]. JOURNAL OF ACCOUNTING RESEARCH, 2002, 40 (01) : 41 - 66
[2] Opportunistic Disclosures of Earnings Forecasts and Non-GAAP Earnings Measures
Miller, Jeffrey S.
[J]. JOURNAL OF BUSINESS ETHICS, 2009, 89 : 3 - 10
[3] Opportunistic Disclosures of Earnings Forecasts and Non-GAAP Earnings Measures
Jeffrey S. Miller
[J]. Journal of Business Ethics, 2009, 89 : 3 - 10
[4] CEO Turnover and Accounting Earnings: The Role of Earnings Persistence
Suk, Inho
Lee, Seungwon
Kross, William
[J]. MANAGEMENT SCIENCE, 2021, 67 (05) : 3195 - 3218
[5] The association between stock returns and foreign GAAP earnings versus earnings adjusted to US GAAP
Chan, KC
Seow, GS
[J]. JOURNAL OF ACCOUNTING & ECONOMICS, 1996, 21 (01): : 139 - 158
[6] Letting the "tail wag the dog": The debate over GAAP versus street earnings revisited
Abarbanell, Jeffery S.
Lehavy, Reuven
[J]. CONTEMPORARY ACCOUNTING RESEARCH, 2007, 24 (03) : 675 - +
[7] Conditional conservatism in GAAP earnings and the implications for the disclosure of non-GAAP earnings
Ater, Brandon D.
Kilic, Emre
Sobngwi, Christian K.
[J]. ADVANCES IN ACCOUNTING, 2024, 66
[8] Discussion of "letting the 'tail wag the dog': The debate over GAAP versus street earnings revisited"
Bradshaw, Mark T.
Soliman, Mark
[J]. CONTEMPORARY ACCOUNTING RESEARCH, 2007, 24 (03) : 725 - +
[9] Discussion of "letting the 'tail wag the dog': The debafe over GAAP versus street earnings revisited"
Christensen, Theodore E.
[J]. CONTEMPORARY ACCOUNTING RESEARCH, 2007, 24 (03) : 741 - +
[10] Going Concern Designations and GAAP versus Non-GAAP Earnings Metrics
Bierstaker, James L.
Monahan, Thomas F.
Peters, Michael F.
[J]. ISSUES IN ACCOUNTING EDUCATION, 2013, 28 (01): : 77 - 92

← 1 2 3 4 5 →