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(1995) but using the modification (ROA) to Kothari et al. This study uses the absolute size of discretionary accruals estimated using the modified Jones model developed by Dechow et al. To assess the levels of earnings management, a selection of 89 companies listed on Oslo Stock Exchange is studied in the period 2010 to 2015. The independence of the external auditor also plays an important part in the puzzle, since the external audit works as an internal control mechanism and prevents management from practicing earnings management (Dechow, Sloan & Sweeney, 1996). Since this is a problem affecting the investment environment, regulators and the general public, it has contributed to an increased need to understand company-specific information that can act as indicators or so-called "red flags" to the accounting user (Healy & Wahlen, 1999). A common feature of all these scandals was the occurrence of accounting manipulation known under the English and academic term "earnings management". Such incidents have led to losses of billions of dollars in terms of savings, pensions, tax revenues, jobs and human lives. Major accounting scandals like Enron in the US, Parmalat in Italy and Finance Credit in Norway have shown that the financial consequences can be very big and dramatic.
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In the last century, we have witnessed a series of accounting scandals across the United States and Europe. The authors find that the impact of foreign directors on management opportunistic behavior depends on the corporate religious norms within boards of directors, in particular, suggesting that religious values affect how foreign directors influence bank managers’ behavior. The authors’ theoretical framework combines the agency, contingency, resource-dependence, stewardship and stakeholders’ theories and applies them to Shari’ah as an alternative ethical and internal governance mechanism. This could in turn improve information transparency decision-making, monitoring, advising and accounting quality. The findings in this paper may help standards-setters, auditors, investors and regulators take appropriate measures and create better policies that reduce managers’ discretion. Second, owing to the lack of foreign board directors characteristics, the authors cannot investigate the intensity of the specific characteristics that could have specific directions in affecting managerial behavior. investments, real-estates and mutual funds) complying to the Shari’ah law. The current study focuses on banks only which makes its results subject to sample bias there are many other forms of financial institutions (e.g. In addition, the authors’ evidence indicates that the existence of the Shari’ah supervisory boards helps foreign directors be more effective monitors. The authors also document that IBs (CBs) with foreign directors demonstrate less (more) earnings management and expense-preference behavior among managers. The authors use different proxies such as loss avoidance, discretionary loan loss provision and expense preference behavior to measure management opportunistic behavior.īased on sample of 3,758 bank-year observations for 164 banks over the period 1993-2015, the authors show that the presence of foreign directors in IBs increases boards’ effectiveness in impeding management opportunistic behavior, whereas the presence of foreign directors in CBs reduces boards’ effectiveness in curbing management’s unethical acts. It also examines how religious ethics and morals guide foreign directors to be better monitors.Ī panel fixed effects regression is used to analyze the effect of foreign directors on opportunistic behavior among managers in IBs and CBs. The purpose of this paper is to examine whether foreign directors’ influence on opportunistic behavior among managers varies between Islamic banks (IBs) and conventional banks (CBs). The low number of foreign directors and commissioners makes their performance unnoticeable. Meanwhile, both foreign directors and foreign commissioners have no effect on profitability. Foreign-owned banks are associated with increased profits. Acquisitions by foreign parties are considered to be able to improve the performance of local banks. The results of this study indicate that foreign institutional ownership has an effect on profitability. The research method used is multiple regression analysis. The sample used in this research is banking companies listed on the Indonesia Stock Exchange in 2014-2018. This study aims to examine whether foreign institutional ownership, foreign directors and foreign commissioners have an effect on profitability. Merger between local banks and foreign banks will allow foreign workers to work in Indonesia.
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In 2018, the banking world became a hot topic of conversation because several foreign companies announced their plans to own shares in local banks in Indonesia.