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CEO/CFO turnover and subsequent remediation of information technology material weaknesses

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Listed:
  • Wanyun Li
  • Soon‐Yeow Phang
  • Shuk Ying Ho

Abstract

Adding to prior research on internal control material weaknesses (ICMW), our study investigates whether information technology material weaknesses (ITMWs) are associated with CEO/CFO turnover, and whether their turnover will promote subsequent remediation. We find that disclosures of ITMW are positively associated with CEO/CFO turnover; however, only CEO turnover promotes subsequent remediation. Our findings on ITMW are different from the prior findings on ICMW – aligned with prior research on ICMW, ITMWs are associated with CEO/CFO turnover; however, unlike prior research on ICMW suggests, dismissals of CFOs do not promote subsequent remediation of ITMW. Thus, future research should consider ICMW and ITMW separately in the examination of their consequences and remediation.

Suggested Citation

  • Wanyun Li & Soon‐Yeow Phang & Shuk Ying Ho, 2019. "CEO/CFO turnover and subsequent remediation of information technology material weaknesses," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 59(4), pages 2553-2577, December.
    • Handle: RePEc:bla:acctfi:v:59:y:2019:i:4:p:2553-2577
    DOI: 10.1111/acfi.12299
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    Cited by:

    1. Ma, Wentao & Li, Wanyun, 2024. "Blockchain technology and internal control effectiveness," Finance Research Letters, Elsevier, vol. 64(C).
    2. L. Georg-Schaffner & E. Prinz, 2022. "Corporate management boards’ information security orientation: an analysis of cybersecurity incidents in DAX 30 companies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(4), pages 1375-1408, December.
    3. Dunli Zhang & Ting Zhang & Guanghua Ma, 2020. "Can non‐executive equity incentives reduce internal control ineffectiveness? Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(5), pages 4467-4496, December.

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