The numbers of companies filing restatements with SEC (Securities and Exchange Commission) reached 25000 during the year 2005 and the initial nine months of the year 2006 which was evidently a record increase in the accounting history…
Empirical evidences based on the aspect revealed that the instances of accounting restatements increased almost eighteen-fold since 1997 (when the figure was 90) to 2006 (when the figure was 1,577). Researchers further stated that the frequencies of accounting restatements were recorded to accelerate from 2001 and gained historic heights in 2006 (Scholz, 2006). Subsequently, the question arises that what constitutes the instances of accounting restatements. It is the major faults recognised in the earlier presented financial statements by a firm which leads to the rectification and restatement of those financial statements (Plumlee & Yohn, 2010). The rise in the number of accounting restatements have raised various issues regarding the accountability of the auditors, the finance officers as well as the accountants who are responsible for the preparation of the financial statements (Aier & Et. Al., 2005). In the current scenario financial statements are not only used to manipulate the net profit earned by companies, but are also signified to reveal the net worth of the company as well as its financial position. Considering the fact, experts have stated financial statement to be quite significant for the investors of the company (e.g. shareholders, stakeholders and others). It is in this context that the increasing occurrences of accounting restatements are witnessed to influence the investors’ interests (Plumlee & Yohn, 2008). Moreover, the market reactions regarding the frequencies of accounting restatements have also been witnessed as negative. The reaction tends to be strongly negative when the managers of the firm intend to sell the equity or company stock to the external investors before the restatements. On the contrary, the reaction tends to be less pessimistic when the managers intend to make investments in the company through personal purchases of corporate purchases (Badertscher & Et. Al., 2009). Researches have also depicted that frequency of accounting restatements not only hamper the monetary well-being of a company, but also affect the corporate governance practised within the firm which are again influenced by the strong inclusion of institutional investors (Baber & Et. Al., 2009). The current study will thereby be focussed on the correlation existing between corporate governance with due consideration to the influence of institutional investors and the reluctance or non-reluctance of restating financial statement by the public firms listed in the UK stock exchange. 3.0 Research Question Do institutional investors create an impact on the managers’ interest of the public companies listed in the UK stock exchange in making restatements of prior period financial disclosures? 4.0 Aim and Objective of the Study The prime objective of the paper is to recognise the impact created by institutional investors on the interest of the managers of public concerns listed in the UK stock exchange to restate the prior period financial statements. Studies have revealed a significant linkage between institutional inv ...
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Accounting Restatements and Institutional Ownership: The Case of the UK Table of Contents Chapter 1: Accounting Restatements 4 1.1Introduction 4 1.2Motivations for Studying the Issue 5 1.3Research Problem 6 1.4Research Methodology 6 1.5Organisation of the Dissertation 7 Chapter 2: Literature Review 8 2.1 UK Stock Exchange (LSE) Market 8 2.2 Corporate Disclosure practices and Institutional Investors 9 2.3 The Governance Role of Institutional Investors 12 Chapter 3: Hypothesis Development 16 Chapter 4: Research Methodology 19 4.1 Sample Selection and Data Sources 19 20 4.2 Descriptive Analysis 20 4.3 Research Methodology 22 Chapter 5: Results 26 5.1 Empirical Results 26 5.2 Conclusion of Empiri
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