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Corporate Governance and Ethics by Zabihollah Rezaee

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Chapter 7

Regulatory Bodies, Standard Setters, and Best Practices

INTRODUCTION

Reported corporate and accounting scandals of the late 1990s and the 2000s suggest that market-based correction mechanisms have failed to prevent those scandals and properly penalize corporate wrongdoers. Therefore, regulations, rules, standards, and best practices established by governing bodies, standard setters, and professional organizations are important external mechanisms in creating an environment that promotes, monitors, and enforces responsible corporate governance, reliable financial reporting, and credible audit functions. Regulations are important external mechanisms of corporate governance intended to protect investors.

This chapter examines the role of regulatory bodies and standard setters that influences the structure, measures, and mechanisms of corporate governance in several ways through (1) regulation ...

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