A BRIEF REVIEW OF CREATIVE ACCOUNTING LITERATURE AND ITS CONSEQUENCES IN PRACTICE

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This phenomenon has also been found to hold outside of the United States. Kaplan (1994a, b) finds that turnover probabilities for both Japanese and German executives are significantly related to earnings and stock price performance. Estimates of turnover probability in both countries indicate that stock returns and negative earnings are significant determinants of turnover. 10 Regressions using changes in cash compensation of Japanese executives document a significant impact for pretax earnings and negative earnings, but not for stock returns and sales growth. Kaplan (1994a) compares results for Japanese executives with U.S. CEOs and finds turnover probabilities for Japanese executives more sensitive...
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A BRIEF REVIEW OF CREATIVE ACCOUNTING LITERATURE AND ITS CONSEQUENCES IN PRACTICE