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Title: Consequences of real earnings management and corporate governance: evidence from cash holdings.
Creator: Greiner, Adam J., College of Business, School of Accounting
Abstract/Description: I examine the impact of real earnings management (REM) and corporate governance on cash holdings. Extant research documents an increase in both cash holdings and REM activity in recent years and shows that agency conflicts influence both the levels and valuations of cash holdings. Motivated by agency problems of REM and Jensen's (1986) arguments concerning the free cash flow problem, I investigate whether opportunistic asset sales and reductions in discretionary expenditures are associated...
Show moreI examine the impact of real earnings management (REM) and corporate governance on cash holdings. Extant research documents an increase in both cash holdings and REM activity in recent years and shows that agency conflicts influence both the levels and valuations of cash holdings. Motivated by agency problems of REM and Jensen's (1986) arguments concerning the free cash flow problem, I investigate whether opportunistic asset sales and reductions in discretionary expenditures are associated with levels and valuations of cash holdings. Prior research also shows that strong corporate governance mitigates opportunistic earnings management behavior and enhances the valuation of cash holdings. Using empirical models from prior research, I document that REM is positively associated with cash holdings, investors discount cash holdings of high REM firms, and, among high REM firms, valuations of cash holdings of weak corporate governance firms are discounted significantly lower relative to those of strong corporate governance firms. My study unites two lines of research by incorporating agency problems concerning REM with levels and valuations of cash holdings.
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Date Issued: 2013
PURL: http://purl.flvc.org/fcla/dt/3360788
Subject Headings: Econometrics, Corporate governance, Corporations, Corrupt practices, Corporations, Finance, Accounting, Industrial management
Format: Document (PDF)

Title: The impact of reputation orientation on marketing strategy formation and performance.
Creator: Goldring, Deborah, College of Business, Department of Marketing
Abstract/Description: This research explores the attitudes held by marketing managers about building their company's corporate reputation, and about the impact of their actions on performance. In an environment of costly brand building, declining customer loyalty, and increasing scrutiny from stakeholders who demand corporate responsibility and transparency, a concern for corporate reputation is increasingly important for everyone in the company, including marketing managers. The marketing literature, however, has...
Show moreThis research explores the attitudes held by marketing managers about building their company's corporate reputation, and about the impact of their actions on performance. In an environment of costly brand building, declining customer loyalty, and increasing scrutiny from stakeholders who demand corporate responsibility and transparency, a concern for corporate reputation is increasingly important for everyone in the company, including marketing managers. The marketing literature, however, has not explored how managers who are concerned about the reputation of their companies can effectively adapt marketing strategy for reputation enhancement. The theoretical justification for this research is grounded in stakeholder theory, dynamic capabilities theory, and strategic choice theory. The study contributes to the marketing strategy literature and the nascent field of stakeholder marketing. It makes a theoretical connection between the corporate-level construct of reputation orientation, and its impact on functional-level decisions about marketing strategy. Reputation orientation is the concern that top management and employees share about their company's commitment to nurturing a positive corporate reputation among key stakeholders. A scale for reputation was conceptually defined and empirically tested (Churchill, 1979). It consists of three dimensions: consciously created corporate identity, internal identity dissemination, and external stakeholder impact. Reputation orientation was found to be a valid and reliable construct that was further tested within the framework of how marketing managers formulate, implement, and evaluate their strategic marketing decisions. This research also tested the impact of stakeholder-conscious marketing strategy on corporate reputation and marketing performance., The results from the empirical research indicate that organizations with a reputation orientation devise and select marketing strategies that focus on the needs and concerns of customers and other key stakeholders. Reputation orientation guides a stakeholder-conscious marketing strategy, such that marketing strategy decisions take into consideration both the impacts on corporate reputation and marketing performance without sacrificing either. The implications for marketing practice is that marketing managers can deliberately choose marketing strategies that build a strong corporate reputation by considering the concerns of customers and other key stakeholders at the earliest stages of marketing strategy formulation.
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Date Issued: 2011
PURL: http://purl.flvc.org/FAU/3357426
Subject Headings: Communication in marketing, Communication in organizations, Corporate image, Management, Business communication, Corporate governance, Industrial management
Format: Document (PDF)

Title: Essays on high-tech acquisitions and divestitures.
Creator: Benou, Georgia., Florida Atlantic University, Madura, Jeff
Abstract/Description: Since the early 1990s there has been a substantial increase both in mergers and acquisitions (M&A) as well as in divestitures of high-tech companies. This dissertation examines the takeover and divestiture activity in high-tech markets in an effort to extend our current knowledge regarding high-tech companies. In that context, various firm characteristics and their relation to firm performance are investigated. Furthermore, an attempt is made to examine the role of investment banks and their...
Show moreSince the early 1990s there has been a substantial increase both in mergers and acquisitions (M&A) as well as in divestitures of high-tech companies. This dissertation examines the takeover and divestiture activity in high-tech markets in an effort to extend our current knowledge regarding high-tech companies. In that context, various firm characteristics and their relation to firm performance are investigated. Furthermore, an attempt is made to examine the role of investment banks and their impact---if any---on shareholder wealth. This study finds that for domestic high-tech acquisitions, the higher the level of the target's R&D expenditures, the lower the bidder's announcement period wealth effects. Furthermore, the more MEDIA attention the tech target receives prior to the acquisition the more favorably investors react to news about the acquisition. This finding is common both for domestic and international tech acquisitions. Findings on the role of investment bank advisors vary across the three studies. Essay 1 shows that high-tech acquisitions advised by top-tier investment banks perform worse upon announcement than acquisitions advised by lower-tier investment banks. In Essay 2 the tier of the investment bank advisor makes a difference only during the difficult and uncertain years of the tech downturn time period. Finally, in Essay 3 it is found that sellers benefit from the presence of an investment bank advising the buyer, suggesting that whenever the buyer uses an investment bank, the assets are divested at a high price. However, it is only during the years following the end of the tech-bubble period that buying-firm shareholders reacted less favorably to acquisitions of high-tech divested assets certified by an investment bank.
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Date Issued: 2004
PURL: http://purl.flvc.org/fau/fd/FADT12101
Subject Headings: Corporate divestiture--United States, Consolidation and merger of corporations--Management, High technology industries--Management, Corporations--Finance
Format: Document (PDF)

Title: The dividend reinvestment plan puzzle: Theoretical and empirical evidence.
Creator: Lyroudi, Katerina., Florida Atlantic University, McDaniel, William R.
Abstract/Description: This study examines the significance and implications of Dividend Reinvestment Plans (DRPs) for the sponsoring company and for the shareholders' wealth from a theoretical and an empirical point of view. It develops a DRP theory, as an extension of dividend and capital structure theories. Furthermore, the study tests empirically several hypotheses related to the market reaction at the announcement of a DRP adoption, to the market reaction at the announcement of a DRP discontinuance and to the...
Show moreThis study examines the significance and implications of Dividend Reinvestment Plans (DRPs) for the sponsoring company and for the shareholders' wealth from a theoretical and an empirical point of view. It develops a DRP theory, as an extension of dividend and capital structure theories. Furthermore, the study tests empirically several hypotheses related to the market reaction at the announcement of a DRP adoption, to the market reaction at the announcement of a DRP discontinuance and to the performance of the company sponsoring a DRP. The results indicated that the market reaction to the announcement of a DRP establishment is favorable on days 1 and 2, significant only for the latter. In the long-run, DRPs create value for the sponsoring firm and its shareholders (as measured by Tobin's Q). The announcement of a DRP termination is followed by a negative market reaction, consistent with the thesis of this study. Finally, several factors such as the DRP type (Type I and Type II plans), the industry of the sponsoring company (utilities and non-utilities), tax legislation, the discount feature and the dividend payout ratio are examined in relation to the market reaction at the announcement of a DRP adoption. The Type II DRPs create more favorable reaction to Type I plans at the announcement of their introduction. There are significant differences between the market reaction at the DRP introduction of utilities and non-utilities. The tax legislation affects corporate dividend policy and DRPs. Finally, the discount feature is not regarded favorably by investors as it was hypothesized, which explains its elimination from many DRPs in the recent years.
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Date Issued: 1993
PURL: http://purl.flvc.org/fcla/dt/12328
Subject Headings: Dividend reinvestment, Corporations--Finance, Investments, Portfolio management
Format: Document (PDF)

Title: The relationship between underwriter experience, excess offering yield and underwriter compensation in the market for corporate debt.
Creator: Jones, Wesley Matthew, Jr., Florida Atlantic University, McDaniel, William R.
Abstract/Description: Contemporary finance theory suggests that the appropriate goal of the management of a corporation should be to maximize the contribution of the shareholder's ownership in the corporation to the shareholder's wealth. A related objective of the firm's management that is consistent with this prime objective should be to minimize the cost of all inputs into the firm's income producing process. This would include minimizing the cost of the capital required to fund the firm's operations. This study...
Show moreContemporary finance theory suggests that the appropriate goal of the management of a corporation should be to maximize the contribution of the shareholder's ownership in the corporation to the shareholder's wealth. A related objective of the firm's management that is consistent with this prime objective should be to minimize the cost of all inputs into the firm's income producing process. This would include minimizing the cost of the capital required to fund the firm's operations. This study examines the cost of debt to firms issuing new debt. Using a sample of new debt issues between 1988 and 1993 drawn from a listing compiled by the Capital Markets Division of the Federal Reserve Board of Governors, this study finds that when underwriters are categorized by recent (last year) experience, the issuing firm's choice of an underwriter does not affect the offering yield required of the issuer in excess of several benchmark yields. Excess yield is tested with respect to 3-month treasury bills, 10-year constant maturity treasury securities, the average contemporary yield on AAA rated corporate bonds, and the average contemporary yield on new corporate issues carrying the same rating. The results do suggest that the issuing firm's choice of underwriter does affect the underwriter spread that the issuer will be charged. The implication of the results to corporate issuers of new debt is that choosing an experienced underwriter (defined in the study as having appeared in the listing of the top ten underwriters of corporate debt reported by Wall Street Journal in the previous year) could lead to reduced overall net interest costs stemming from the reduced underwriter spread.
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Date Issued: 1997
PURL: http://purl.flvc.org/fcla/dt/12521
Subject Headings: Corporate debt, Monetary policy, Industrial management, Investment banking
Format: Document (PDF)

Title: Cross-border M&A deal incompletion: institutional processes and outcomes.
Creator: Yapici, Nilufer, Hudson, Bryant A., Florida Atlantic University, College of Business, Department of Management
Abstract/Description: My objective in this dissertation was to understand the processes leading to incompletion of the high profile cross-border deals. A conceptual framework was developed which suggests that announcement of a cross-border merger and acquisition (M&A) deal starts a string of institutional processes that leads to incompletion of the bid. I proposed that less powerful host country actors threatened by the MNC’s bid proposal politicize the transaction turning the deal into a transgression. These...
Show moreMy objective in this dissertation was to understand the processes leading to incompletion of the high profile cross-border deals. A conceptual framework was developed which suggests that announcement of a cross-border merger and acquisition (M&A) deal starts a string of institutional processes that leads to incompletion of the bid. I proposed that less powerful host country actors threatened by the MNC’s bid proposal politicize the transaction turning the deal into a transgression. These actors publicize this transgression, initiating a scandal, to gather support of multiple audiences in their attempts to thwart the threat that the MNC poses. Thanks to their efforts in appealing to audiences and publicization of the deal as a transgression, these actors mobilize audiences who reveal hostile reaction against the MNC and the proposed bid. Such mobilization and hostile reaction, in turn, lead to proposed bid’s incompletion. Qualitative analysis results based on a sample of seven high profile cross-border transactions provided support for the conceptualized processes, namely politicization, scandal, mobilization and hostile reaction, while indicating a different order of process progression compared to the linear one conceptualized. I found that in all cases the process of scandal subsumed the other processes that kept scandal alive. In turn, scandal fed these processes giving more leverage to the mobilization efforts and/or increasing the hostility of the actors opposing the deal. The findings revealed that these processes happened simultaneously and that in cases where mobilization did not emerge, hostile reaction substituted for the lack of mobilization. Additionally, analysis showed that not only less powerful actors but also powerful actors, elites, sought to initiate a scandal when the host country political, legal or bureaucratic processes did not work for them in thwarting the deal. This dissertation by examining social construction, power and politics within the host country institutional environment in the context of high profile cross-border deals, presented a framework that explained how and why the hostility leading to deal incompletion emerges in the host country. In so doing, this dissertation strengthens institutional theory, theory of scandal, social movements theory and elite theory as powerful perspectives in international strategic -management.
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Date Issued: 2014
PURL: http://purl.flvc.org/fau/fd/FA00004240
Subject Headings: Consolidation and merger of corporations, Corporate governance, International business enterprises -- Management
Format: Document (PDF)

Title: Investment bank role in corporate restructuring.
Creator: Cao, Kien., College of Business, Department of Finance
Abstract/Description: In essay 1 (Investment bank role in acquisition of private targets), using a sample of private targets from January 1992 to December 2010, I find that special information asymmetry when bidders prusue private targets alters the factors used by bidders and targets to decide whether to hire an investment bank.... It appears that the investment bank has a significant impact on the outcome of the acquisition of a private target. In essay 2 (Investment bank role in asset sell-off transactions), I...
Show moreIn essay 1 (Investment bank role in acquisition of private targets), using a sample of private targets from January 1992 to December 2010, I find that special information asymmetry when bidders prusue private targets alters the factors used by bidders and targets to decide whether to hire an investment bank.... It appears that the investment bank has a significant impact on the outcome of the acquisition of a private target. In essay 2 (Investment bank role in asset sell-off transactions), I also find that special information asymmetry when a buyer pursues divested assets alters the factors used by the buyer and seller to decide whether to hire an investment bank. ...I find that when the seller empoloys an investment bank, the increase in unsystematic and total risk of the buyer is greater than in cases when the seller does not use an investment bank.
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Date Issued: 2012
PURL: http://purl.flvc.org/FAU/3359289
Subject Headings: Banks and banking, Consolidation and merger of corporations, Corporate reorganizations, Reengineering (Management)
Format: Document (PDF)

Title: Risk dynamics, growth options, and financial leverage: evidence from mergers and acquisitions.
Creator: Coy, Jeffrey M., College of Business, Department of Finance
Abstract/Description: In essay I, I empirically examine theoretical inferences of real options models regarding the effects of business risk on the pricing of firms engaged in corporate control transactions. This study shows that the risk differential between the merging firms has a significant effect on the risk dynamic of bidding firms around control transactions and that the at-announcement risk dynamic is negatively related to that in the preannouncement period. In addition, the relative size of the target,...
Show moreIn essay I, I empirically examine theoretical inferences of real options models regarding the effects of business risk on the pricing of firms engaged in corporate control transactions. This study shows that the risk differential between the merging firms has a significant effect on the risk dynamic of bidding firms around control transactions and that the at-announcement risk dynamic is negatively related to that in the preannouncement period. In addition, the relative size of the target, the volatility of bidder cash flows, and the relative growth rate of the bidder have significant explanatory power in the cross-section of announcement returns to bidding firm shareholders as does the change in the cost of capital resulting from the transaction. Essay II provides an empirical analysis of a second set of real options models that theoretically examine the dynamics of financial risk around control transactions as well as the link between financial leverage and the probability of acquisition. In addition, I present a comparison of the financial risk dynamics of firms that choose an external growth strategy, through acquisition, and those that pursue an internal growth strategy through capital expenditures that are unrelated to acquisition.
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Date Issued: 2013
PURL: http://purl.flvc.org/fcla/dt/3362323
Subject Headings: Consolidation and merger of corporations, Financial services industry, Mathematical models, Corporations, Finance, Financial risk management
Format: Document (PDF)

Title: PCAOB inspections and audit quality evidence from cross-listed securities.
Creator: Stewart, Errol G.G., College of Business, School of Accounting
Abstract/Description: In the period leading up to the early 2000s there were a series of large company failures attributed at least in part to audit failures. Consequently, the Sarbanes Oxley Act (SOX) was promulgated in July 2002 to restore confidence in public company financial reporting and the work of auditors. The Public Company Accounting Oversight Board (PCAOB) was established by SOX and appointed as the regulator of the accounting firms that audit the financial statements of public companies. The PCAOB is...
Show moreIn the period leading up to the early 2000s there were a series of large company failures attributed at least in part to audit failures. Consequently, the Sarbanes Oxley Act (SOX) was promulgated in July 2002 to restore confidence in public company financial reporting and the work of auditors. The Public Company Accounting Oversight Board (PCAOB) was established by SOX and appointed as the regulator of the accounting firms that audit the financial statements of public companies. The PCAOB is required to routinely inspect the operations of these accounting firms in an effort to satisfy its mandate to bring about an improvement in the audit quality of these companies. These inspections extend to the non-US auditors of companies that are cross-listed in the US. Despite various mainly US studies on inspections, there is limited evidence that the inspections have resulted in improved audit quality. ... I examine companies whose securities are cross-listed in the US in the periods before and after inspection in order to provide evidence on the benefits of inspections. I find some evidence that inspections improve the audit quality of companies that are cross-listed in the US. This suggests the audit quality of companies from countries that do not permit inspections may be positively affected should inspections be permitted.
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Date Issued: 2012
PURL: http://purl.flvc.org/FAU/3356016
Subject Headings: Auditing, Standards, Financial services industry, Management, Corporate governance, Law and legislation, Corporations, Auditing, Standards
Format: Document (PDF)

Title: Agency costs and accounting quality within an all-equity setting: the role of free cash flows and growth opportunities.
Creator: Cabán, David, Kohlbeck, Mark, Florida Atlantic University, College of Business, School of Accounting
Abstract/Description: I investigate if all-equity firms are a heterogeneous group as it relates to agency costs and accounting quality. All-equity firms are a unique group of firms that choose a “corner solution” as their capital structure. Extant research, supported by well-established theories such as trade-off theory, free cash flow theory, and Jensen’s (1986) control hypothesis, generally conclude that agency conflicts motivate such structure. Research also supports the alternative argument that poor...
Show moreI investigate if all-equity firms are a heterogeneous group as it relates to agency costs and accounting quality. All-equity firms are a unique group of firms that choose a “corner solution” as their capital structure. Extant research, supported by well-established theories such as trade-off theory, free cash flow theory, and Jensen’s (1986) control hypothesis, generally conclude that agency conflicts motivate such structure. Research also supports the alternative argument that poor accounting quality makes debt so prohibitive that such firms are driven to this capital structure. I propose that an all-equity structure is not necessarily symptomatic of agency conflicts and poor accounting quality overall. I investigate if different motivations, within an all-equity setting, reflected by free cash flows and growth opportunities, result in different levels of agency cost and accounting quality. By anchoring on theories that link implicit costs of debt to free cash flow levels and growth opportunities, I hypothesize that free cash flows and growth opportunities are strongly linked to the justification or lack thereof for the pursuit of such strategy. I hypothesize and show that firms in the extremes of the free cash flow to growth rate spectrum exhibit significantly different levels of agency cost and accounting quality within the all-equity setting. These results support my main prediction that there exists agency costs and accounting quality differences within the all-equity setting which are associated with free cash flow levels and growth opportunities and that the pessimistic conclusions for pursuing an all-equity strategy reached by prior research should not be generalized to all such firms.
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Date Issued: 2015
PURL: http://purl.flvc.org/fau/fd/FA00004432, http://purl.flvc.org/fau/fd/FA00004432
Subject Headings: Business enterprises -- Valuation, Cash management, Corporations -- Finance, Corporations -- Growth, Financial risk management, Strategic planning, Venture capital
Format: Document (PDF)

Title: The Effect of Alliance Portfolio Size on Firm Performance Revisited: The Role of Firm- and Portfolio-Level Contingencies.
Creator: Siqueira Barreto, Tais, Lenartowicz, Tomasz, Florida Atlantic University, College of Business, Department of Management
Abstract/Description: Alliance portfolios, or a firm collection of simultaneous alliances, have become common phenomena particularly in technology industries. These portfolios have been found to have a significant impact on firms’ financial performance. At the same time, there is little consensus regarding the direction of this effect. Findings have shown positive, negative, curvilinear, and non-significant relationships. In this dissertation, I employed an organizational learning perspective to investigate the...
Show moreAlliance portfolios, or a firm collection of simultaneous alliances, have become common phenomena particularly in technology industries. These portfolios have been found to have a significant impact on firms’ financial performance. At the same time, there is little consensus regarding the direction of this effect. Findings have shown positive, negative, curvilinear, and non-significant relationships. In this dissertation, I employed an organizational learning perspective to investigate the effect of alliance portfolio size on firm financial performance. Using a sample of 343 firm-year observations in the U.S. software industry, I explored portfolio- and firm-level characteristics as moderators of this relationship. Findings provide evidence for a curvilinear, inverted U-shaped relationship between portfolio size and firm performance that is moderated by the timing of the alliances within the portfolio and by the firms’ Top Management Team (TMT) turnover.
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Date Issued: 2017
PURL: http://purl.flvc.org/fau/fd/FA00004888, http://purl.flvc.org/fau/fd/FA00004888
Subject Headings: Strategic alliances (Business)--Management., Management science., Corporate governance., Interorganizational relations., Business networks., Organizational behavior.
Format: Document (PDF)

Title: Maturity of IT risk management practices and reporting structure: an it manager perspective.
Creator: Vincent, Surani, Higgs, Julia, Florida Atlantic University, College of Business, School of Accounting
Abstract/Description: In December 2009, the Securities Exchange Commission (SEC) approved enhanced proxy disclosure rules requiring companies to disclose the board’s leadership structure and the board’s role in risk oversight. Apart from general business risks, boards are increasingly interested in Information Technology (IT) risks as it affects all aspects of the organization (PricewaterhouseCoopers [PwC], 2013). Since the effectiveness of IT risk management depends on senior managers’ actions, this dissertation...
Show moreIn December 2009, the Securities Exchange Commission (SEC) approved enhanced proxy disclosure rules requiring companies to disclose the board’s leadership structure and the board’s role in risk oversight. Apart from general business risks, boards are increasingly interested in Information Technology (IT) risks as it affects all aspects of the organization (PricewaterhouseCoopers [PwC], 2013). Since the effectiveness of IT risk management depends on senior managers’ actions, this dissertation attempts to answer the question of whether the maturity of IT risk management practices (the extent to which management performs particular activities to identify, assess, monitor and respond to IT-related risks) in organizations depends on the Chief Information Office (CIO) reporting structure and the board’s leadership structure.
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Date Issued: 2014
PURL: http://purl.flvc.org/fau/fd/FA00004336, http://purl.flvc.org/fau/fd/FA00004336
Subject Headings: Corporate governance, Decision making, Information technology -- Management, Information technology -- Social aspects, Management information systems, Risk management, Strategic planning
Format: Document (PDF)

Title: Strategic information disclosure when there is fundamental disagreement: an empirical investigation.
Creator: Volkov, Nikanor, Agapova, Anna, Florida Atlantic University, College of Business, Department of Finance
Abstract/Description: I empirically investigate the managements’ decision to voluntarily disclose strategic information. While carrying a benefit of reduced information asymmetry, strategic information disclosure carries a cost of investors disagreeing with managements’ strategy and thus refusing to provide funding to the firm. Using a hand- collected sample of information releases, I identify firm characteristics that affect the likelihood of strategic information disclosure.
Date Issued: 2015
PURL: http://purl.flvc.org/fau/fd/FA00004473, http://purl.flvc.org/fau/fd/FA00004473
Subject Headings: Corporate governance, Corporations -- Auditing, Disclosure of information, Management information systems, Social responsibility of business, Strategic planning
Format: Document (PDF)

Title: Imprinting Effects of Founding Conditions, Structure, and Capabilities on Social and Financial Organizational Outcome Satisfaction.
Creator: Lortie, Jason, Castrogiovanni, Gary J., Florida Atlantic University, College of Business, Department of Management
Abstract/Description: My work investigates the effects of founding conditions for organizational founders on the eventual satisfaction founders have with the financial and social outcomes of their organization. First, I introduce two new constructs, social salience and economic salience, which represent the intended social or economic goals of the founder for their organization when they found the new organization. I then utilize organizational imprinting theory to argue that the social and economic salience,...
Show moreMy work investigates the effects of founding conditions for organizational founders on the eventual satisfaction founders have with the financial and social outcomes of their organization. First, I introduce two new constructs, social salience and economic salience, which represent the intended social or economic goals of the founder for their organization when they found the new organization. I then utilize organizational imprinting theory to argue that the social and economic salience, along with founders’ previous work experience, influence the structure of the new organization via the legal form. I then argue that the legal form influences the specific capabilities that the organization will acquire or create early in the organization’s life. Finally, I argue that the capabilities established at founding will influence the eventual satisfaction founders currently have with their organizations’ social and financial outcomes as the capabilities endure over time. Based on a sample of 150 organizational founders that are still actively managing their organizations, my results support the idea that founding conditions for individual founders influence the capabilities that their organizations create or acquire. Further, founders’ current level of satisfaction with the financial and social performance of their organizations is significantly related to these capabilities. These results largely support the process based model of imprinting effects on organizational outcomes, and suggest that founders play a critical role in setting the original imprint of an organization that will endure via organizational inertia, perhaps long after the imprint’s originally designed purpose.
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Date Issued: 2016
PURL: http://purl.flvc.org/fau/fd/FA00004655, http://purl.flvc.org/fau/fd/FA00004655
Subject Headings: Corporate governance, Organizational change -- Management, Performance -- Management, Performance -- Measurement, Rational expectations (Economic theory), Social entrepreneurship, Strategic planning
Format: Document (PDF)

Title: Application of reference point theory to merger activity and characteristics.
Creator: Chira, Inga., College of Business, Department of Finance
Abstract/Description: In Essay I, I analyze the impact of the target and bidder reference points on the probability of acquisition under general economic conditions as well as in strong/weak economic periods. I find that the target and the bidder reference points have a significant impact on the probability of a firm becoming a bidder or a target. While the target reference point also has a significant impact on the successful completion of the merger, the bidder reference point does not. In addition, I find that...
Show moreIn Essay I, I analyze the impact of the target and bidder reference points on the probability of acquisition under general economic conditions as well as in strong/weak economic periods. I find that the target and the bidder reference points have a significant impact on the probability of a firm becoming a bidder or a target. While the target reference point also has a significant impact on the successful completion of the merger, the bidder reference point does not. In addition, I find that the target reference point is a significant determinant of management-led buyout mergers, while the bidder reference point has a significant impact on the probability of the bidder launching a hostile bid. In Essay II, I focus on the impact of the target and bidder reference points on the method of payment in the context of what the target seeks, what the bidder offers, and what the two parties use as their final method of payment. The analysis is performed under general economic conditions and in strong/weak economic periods. I find that while the target reference point has a strong impact on the method of payment agreed upon between the two parties, the bidder reference point does not. This is especially important given that the bidder reference point influences the consideration offered by the bidder but does not translate into a significant impact on the final method of payment. In essay III, I examine the impact of bidder reference point on public targets and the impact of bidder and target reference points on private firms. I analyze the aforementioned relationships under different economic conditions. Consistent with the literature on premium and public targets, I find that the target reference point has a strong and positive relationship with the premium paid for private firms. The relationship is stronger in weak economic times., At the same time, I do not find any evidence that the bidder reference point exerts a significant influence on the premium paid for public firms. Interestingly, the relationship between the bidder reference point and the premium paid for private firms is negative and significant.
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Date Issued: 2013
PURL: http://purl.flvc.org/FAU/3360773
Subject Headings: Consolidation and merger of corporations, Market segmentation, Negotiation in business, Industrial management
Format: Document (PDF)

Title: Antecedents and consequences of pay disparity between CEO and non-CEO executives.
Creator: Pissaris, Seema., Florida Atlantic University, College of Business, Department of Management
Abstract/Description: This dissertation investigates the antecedents and consequences to pay disparity between the CEO and non-CEO executives from an equity-based perspective. While the principles of agency theory suggest that CEOs are granted higher compensation packages to better align their motives to those of the firm's shareholders, empirical research has not supported a positive relationship between rising CEO pay and firm performance. Some results even suggest a negative relationship. This dissertation...
Show moreThis dissertation investigates the antecedents and consequences to pay disparity between the CEO and non-CEO executives from an equity-based perspective. While the principles of agency theory suggest that CEOs are granted higher compensation packages to better align their motives to those of the firm's shareholders, empirical research has not supported a positive relationship between rising CEO pay and firm performance. Some results even suggest a negative relationship. This dissertation argues that if organizational outcomes are determined by the integrated skills and talents of its dominant coalition, and if the management of a firm's trajectory is a shared process, then, the disparity in rewards between the CEO and those that work closest to him becomes an important area of study., The dissertation investigates the antecedents of pay disparity and proposes that the quality of a firm's governance marked by independent boards as well as higher levels of blockholders will be more likely to temper and better align the CEO's compensation and thereby reduce pay disparity. Empirical results support the major propositions as firms with independent Chairman of the Board, fewer interlocking directors, and higher levels of blockholders were found to have lower levels of pay disparity between the CEO and non-CEO executives. Pay disparity was tested both at the firm level and at the individual executive level and both were found have a significant effect on non-CEO executive turnover for up to two years., Central to the dissertation is a moderation model which proposes that pay disparity has a profound effect on an executive team's ability to integrate its diverse experience and educational background, and consequently, its capacity to respond strategically to its changing competitive landscape. The study examines the education, age, tenure and functional background of top management teams of Fortune 500 firms and finds support for the assertion that the positive relationship between heterogeneously composed teams and firm performance is contingent on rewards equality between the CEO and balance of the top team membership. The findings suggest that higher levels of pay disparity attenuate the negative aspects of cognitive diversity serving to impede the firm's competitive performance.
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Date Issued: 2008
PURL: http://purl.flvc.org/FAU/58009
Subject Headings: Chief executive officers, Salaries, etc, Corporate governance, Compensation management, Managerial economics
Format: Document (PDF)

Title: Improving methods of communication based on culture in the business environment.
Creator: Burton, Walter N., Dorothy F. Schmidt College of Arts and Letters, School of Communication and Multimedia Studies
Abstract/Description: The ability to understand the individuals that we deal with on a daily basis can give anyone who focuses on this knowledge a competitive advantage in today's business world. In today's fast paced and globally expanding business world, it is critical to explore innovative approaches that will facilitate the process and time it typically takes to establish business relationships. When it is imperative to quickly create a business relationship between individuals that are unknown to each other,...
Show moreThe ability to understand the individuals that we deal with on a daily basis can give anyone who focuses on this knowledge a competitive advantage in today's business world. In today's fast paced and globally expanding business world, it is critical to explore innovative approaches that will facilitate the process and time it typically takes to establish business relationships. When it is imperative to quickly create a business relationship between individuals that are unknown to each other, identifying the city or region of the individual with whom a relationship is being formed and understanding that culture will help build a common ground which will facilitate and enhance the newly established working relationship. This paper shows how this can be achieved.
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Date Issued: 2008
PURL: http://purl.flvc.org/FAU/165671
Subject Headings: Business communication, Communication in management, Organizational effectiveness, Interpersonal relations, Relationship marketing, Corporate culture
Format: Document (PDF)

Title: Three essays on competitive acquisition bids.
Creator: Glambosky, Mina C., College of Business, Department of Finance
Abstract/Description: Many factors contribute to the outcome of an acquisition; these factors arise from both the objective of the target and acquirer. This dissertation focuses on how the bidding strategy, acquirer and target characteristics impact the transaction. The first essay examines how the timing and size of the acquirer's bid for a U.S. target firm impacts their return. I find that successful first and low bid acquirers experience significantly larger returns than successful secondary and non-low bid...
Show moreMany factors contribute to the outcome of an acquisition; these factors arise from both the objective of the target and acquirer. This dissertation focuses on how the bidding strategy, acquirer and target characteristics impact the transaction. The first essay examines how the timing and size of the acquirer's bid for a U.S. target firm impacts their return. I find that successful first and low bid acquirers experience significantly larger returns than successful secondary and non-low bid acquirers. The cross-sectional analysis determines that higher levels of target institutional ownership and acquisitions completed prior to the passage of Sarbanes-Oxley result in reduced returns to the acquirer. In addition, the likelihood of a successful first bid acquirer increases with a revised bid and when the acquirer is both the first and low bid acquirer simultaneously. The likelihood of a successful first bid acquirer decreases as the number of bidders increases and as the bidding process lengthens. I also find that the likelihood of a successful low bid acquirer increases the longer the bidding process. The second essay examines how the timing and size of the acquirer's bid for an international target impacts their return. I find that successful first and low bid acquirers experience insignificant abnormal returns following the acquisition announcement. In addition, the likelihood of a successful first bid acquirer increases when the acquirer and target have similar cultures, with higher levels of target government corruption and when the acquirer is both the first and low bid acquirer simultaneously. The likelihood of a successful low bid acquirer decreases with higher levels of target government corruption. I also examine what factors affect the target premium and find that larger transactions and successful first bid acquirers increase the target premium., Conversely, similar cultures and higher levels of government corruption, rule of law, bureaucracy, expropriation and ethnic tension decrease the premium to the target. Lastly, successful first and low bid acquirers experience statistically larger long run abnormal returns than successful secondary and non-low bid acquirers. The third essay examines how a stake accumulation by a conflicted blockholder influences the target's return. I find that targets experience positive cumulative abnormal returns upon the announcement of the Family, ESOP, Management and High Profile Investor stake accumulation. The cross-sectional analysis determines that privately negotiated transactions reduce the return to the target and that higher levels of stake accumulation are positively related to the target's return. Finally, targets experience negative abnormal long run returns following all four types of stake accumulation.
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Date Issued: 2009
PURL: http://purl.flvc.org/FAU/228768
Subject Headings: Consolidation and merger of corporations, Industrial management, Negotiation in business, Strategic planning
Format: Document (PDF)

Title: The effect of income-increasing earnings management on analysts' responses.
Creator: Sankara, Jomo., College of Business, School of Accounting
Abstract/Description: As a consequence of financial analysts' joint role as information intermediaries and firm monitors, I investigate analysts' responses to opportunistic corporate earnings management as firm mispricing increases. While firms' management have capital markets and executive equity incentives to manage earnings, financial analysts have trading volume, investment banking, and management information incentives which result in analysts' optimism bias. However, prior research also finds that analysts...
Show moreAs a consequence of financial analysts' joint role as information intermediaries and firm monitors, I investigate analysts' responses to opportunistic corporate earnings management as firm mispricing increases. While firms' management have capital markets and executive equity incentives to manage earnings, financial analysts have trading volume, investment banking, and management information incentives which result in analysts' optimism bias. However, prior research also finds that analysts have reputational incentives, which motivate them to provide accurate and profitable outlooks. Using a generalized linear model (GLM), I estimate analysts' stock recommendation (price targets) responses for earnings management firms. I use the residual income model to compute fundamental value and I add proxies for earnings management to my analyst-responses models.... The main implications of my findings are that analysts use corporate earnings management and firm fundamental value in their stock recommendations (price targets) responses. In addition, my results provide evidence that, after controlling for earnings quality, analysts' stock recommendations (price targets) are consistent with strategies based on residual income models. These findings will be of interest to shareholders, regulators, and researchers as well as to finance and accounting practitioners.
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Date Issued: 2012
PURL: http://purl.flvc.org/FAU/3355872
Subject Headings: Investment analysis, Portfolio management, Earnings per share, Accounting, Financial statements, Corporations, Finance
Format: Document (PDF)

Title: The economic consequences of auditor industry specialization.
Creator: Almutairi, Ali R., Florida Atlantic University, Skantz, Terrance R., Dunn, Kimberly
Abstract/Description: This paper examines the association between the employment of industry specialist auditors, and the degree of information asymmetry and the cost of debt of a client company. Unlike auditors without industry expertise, auditors with industry expertise can better improve the credibility of financial statements (Krishnan 2003; Balsam et al. 2003) and verify management forecasts, thereby minimizing management's discretion in applying accounting principles and standards (Kwon 1996). This suggests...
Show moreThis paper examines the association between the employment of industry specialist auditors, and the degree of information asymmetry and the cost of debt of a client company. Unlike auditors without industry expertise, auditors with industry expertise can better improve the credibility of financial statements (Krishnan 2003; Balsam et al. 2003) and verify management forecasts, thereby minimizing management's discretion in applying accounting principles and standards (Kwon 1996). This suggests that industry specialist auditors can enhance audit quality. Consequently, clients of industry specialist auditors are expected to achieve more significant economic benefits than clients of nonspecialist auditors. Based on product differentiation theory and signaling theory, it is hypothesized in this study that clients of industry specialist auditors are more likely to enjoy a lower level of information asymmetry and a lower cost of debt than clients of nonindustry specialist auditors. In addition, this study hypothesizes that the marginal economic value added by auditor industry specialization varies between financially troubled clients and financially healthy clients that seek external financing. The results indicate that clients of specialists experience a lower information asymmetry level than clients of nonspecialists. This economic value provided by specialists is important and more pronounced for unregulated firms than for regulated firms. This inference, however, does not hold when information asymmetry is measured using analyst forecast dispersion. In addition, clients hiring specialists enjoy better credit ratings and lower cost of debt than clients of nonspecialists, and this economic value is more significant for financially troubled firms than for financially healthy firms. However, these findings do not hold for each proxy of auditor industry specialization.
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Date Issued: 2006
PURL: http://purl.flvc.org/fcla/dt/12191
Subject Headings: Financial services industry--Auditing, Corporations--Auditing, Total quality management, Organizational effectiveness--Measurement
Format: Document (PDF)

Corporate governance (11)	+ -
Corporations (6)	+ -
Industrial management (6)	+ -
Consolidation and merger of corporations (5)	+ -
Strategic planning (5)	+ -

Corporate culture (4)	+ -
Management (4)	+ -
Finance (3)	+ -
Financial services industry (3)	+ -
Organizational effectiveness (3)	+ -
Accounting (2)	+ -
Auditing (2)	+ -
Business communication (2)	+ -
Business networks. (2)	+ -
Communication in organizations (2)	+ -
Corporate governance. (2)	+ -
Corporations--Finance (2)	+ -
Financial risk management (2)	+ -
Financial services industry -- Management (2)	+ -
Law and legislation (2)	+ -
Negotiation in business (2)	+ -
Portfolio management (2)	+ -
Public Company Accounting Oversight Board (2)	+ -
Standards (2)	+ -
Administrative agencies--United States--Planning (1)	+ -
Auditing -- Standards -- United States (1)	+ -
Auditing standards -- United States (1)	+ -
Auditing--Standards--United States. (1)	+ -
Banks and banking (1)	+ -
Benchmarking (Management) (1)	+ -

College of Business (22)	+ -
Florida Atlantic University (20)	+ -
School of Accounting (10)	+ -
Department of Finance (5)	+ -
Department of Management (5)	+ -

Kohlbeck, Mark (3)	+ -
College for Design and Social Inquiry (2)	+ -
Higgs, Julia (2)	+ -
McDaniel, William R. (2)	+ -
School of Public Administration (2)	+ -
Skantz, Terrance R. (2)	+ -
Accounting (1)	+ -
Agapova, Anna (1)	+ -
Almutairi, Ali R. (1)	+ -
Beals, Stacey Lisbeth (1)	+ -
Benou, Georgia. (1)	+ -
Bhandari, Avishek (1)	+ -
Burton, Walter N. (1)	+ -
Cabán, David (1)	+ -
Cao, Jian (1)	+ -
Cao, Kien. (1)	+ -
Carr, Kellie M. (1)	+ -
Castrogiovanni, Gary J. (1)	+ -
Chira, Inga. (1)	+ -
College of Education (1)	+ -
Coy, Jeffrey M. (1)	+ -
Department of Educational Leadership and Research Methodology (1)	+ -
Department of Marketing (1)	+ -
Donohue, John J. (1)	+ -
Dorothy F. Schmidt College of Arts and Letters (1)	+ -

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