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Authors:听Gao. Y.,听Kim, J.B.,听Tsang, D.,听Wu, H.聽

Publication: Review of Accounting Studies

Abstract:听

This study investigates whether outside directors are aware of financial fraud. Our analysis focuses on the abnormal turnover of these directors聽during聽the fraud committing period,听before聽fraud is discovered and聽before聽lawsuits are filed. Our empirical analysis shows that, during the fraud committing period, outside directors in fraud firms exhibit an abnormal level of turnover. Examining the characteristics of outside directors and boards at these fraud firms, we find strong evidence that female directors, directors who have greater stock ownership in the firm, and directors with multiple directorships at other firms are more likely to depart fraud firms. We also find some evidence that board size, number of meetings, and fraction of financial experts are related to abnormal turnover in fraud firms during the fraud committing period. We show that abnormal director turnover is significantly higher for fraud that is considered more egregious (i.e., involving fictitious transactions and disclosure problems). Lastly, directors are more likely to depart fraud firms with more serious fraud, as proxied by higher ex-post settlement amounts and longer fraud duration.

Read full article: , March 2017聽