Behaviour and Rationality in Corporate Governance

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Routledge, Mar 10, 2008 - Business & Economics - 320 pages
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Corporate scandals due to bad accounting happen far too frequently for a system of corporate governance to be deemed effective. This book tells why the safeguards designed to prevent bad accounting so often fail. By studying why the auditors and members of a board of directors regularly fail to deliver the truth about a company’s financial state of affairs, this provocative book explores a serious problem in the system of reporting financial information.

This book is unique in that it draws together various strands of the literature on corporate governance, accounting, law, cognitive research, psychology, behavioural economics and conventional economics to shed light on questions regarding the feasibility of independence and impartiality of boards of directors and external auditors as monitors and gatekeepers in corporate governance. The book is essential reading for professional accountants and auditors, directors, regulators, law makers, corporate lawyers, and investment bankers. It will appeal to all those interested in behavioural economics and corporate governance.

 

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Contents

1 Introduction
iv
2 Overview of corporate governance
13
3 Earnings management
35
4 Rationality or rational behaviour?
60
5 Behaviour and rationality in corporate governance
96
6 Independence of auditors and directors
129
7 Recent corporate governance failures
157
8 Implications for governance policy
179
9 Conclusions
206
Notes
215
Bibliography
252
Author index
293
Subject index
300
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About the author (2008)

Oliver Marnet is a Lecturer at the University of Exeter Business School.

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