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Current Issues in Finance: An Overview of the Latest Developments of the financial world

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1 ACCOUNTING SCANDALS AND CORPORATE GOVERNANCE CONFLICTS: THE NEED FOR FINANCIAL REGULATIONS I. INTRODUCTION The last few years have witnessed a constant following of corporate scandals worldwide, which led the general public to lose confidence in the overall financial system. WorldCom, Xerox, Vivendi Universal, and Enron are just the latest examples of bad management and corporate fraud. Companies that seemed in perfect financial health on their financial statements went bankrupt overnight. The thousands of investors who have seen their money vanish in a two-day period wonder whether the aim of managers is really to maximize company�s profits or if it is merely to increase their own salary and prestige. Those events shed light on the corporate governance issue, and more particularly, on the need for regulating further the financial system in order to protect investors from managers� deceptions. In view of this situation over the last few months, worldwide financial regulators have dramatically increased accounting rules and guidelines. Nevertheless in spite of this, recent data shows that corporate frauds have not decreased 1 . On the contrary, the misrepresentation of financial statements seems to be an ever growing phenomenon, which reveals that financial regulations are often useless tools in fighting corporate crime. By considering the emblematic case of Enron, this paper will illustrate that a conflict of interests between company�s owners and its managers is likely to lead managers to unethical behaviour instead of preventing it. Moreover, I will argue that the financial regulators tendency to separate further ownership and management has no beneficial impact on managers behaviour. On the contrary, recent research on American companies has shown that linking management and ownership is a far better method to increase companies� profitability (Dolmat-Connel, 2002). 1 Accounting Scandals and the SEC. Harvey Pitt fights back. The Economist (July 6 th 2002), pp. 73-74.

Anteprima della Tesi di Massimiliano Neri

Anteprima della tesi: Current Issues in Finance: An Overview of the Latest Developments of the financial world, Pagina 1

Tesi di Master

Autore: Massimiliano Neri Contatta »

Composta da 118 pagine.

 

Questa tesi ha raggiunto 1104 click dal 20/03/2004.

 

Consultata integralmente 6 volte.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.