Article2010

Value or Glamour? An empirical investigation of the effect of celebrity CEOs on financial reporting practices and firm performance

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Auditing, Earnings Management, Governance Accounting and Organizational Management Corporate Governance and Financial Management

Abstract

In this study, I investigate the impact of managerial reputation, as proxied by high-profile awards to CEOs, on financial reporting practices and firm performance. Using a sample of 269 awards given to 189 celebrity CEOs (CEOs who win awards) from 1987 to 2003, I compare within-firm changes in financial reporting practices and firm performance before and after each CEO wins their first award. I find that celebrity CEOs engage in more conservative accounting practices and are less likely to engage in opportunistic earnings management to meet short-term earnings benchmarks. In addition, firm performance improves after celebrity CEOs win awards.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1993Common risk factors in the returns on stocks and bonds 1997On Persistence in Mutual Fund Performance 1980Agency Problems and the Theory of the Firm 1991Earnings Management During Import Relief Investigations 2005Performance matched discretionary accrual measures 1995Detecting Earnings Management.2005The economic implications of corporate financial reporting

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