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This paper reviews academic literature related to the consequences that outside directors and boards may face in the wake of earnings restatements and suggests directions for future research. We examine loss of board seats; recruitment of new directors; proxy recommendations and shareholder support; pre-emptive director departures; director wealth effects; director reputation, litigation, and sanction risks; international evidence; and legal proposals for reform. The overall picture that emerges from the literature is that directors’ primary risk in the wake of earnings restatements is loss of board seats, in part through adverse proxy advisor recommendations and reduced shareholder support. Directors typically face little risk of legal liability or SEC sanctions, and some directors pre-emptively leave a problem company’s board and reduce their loss of interlocked board seats. Some legal scholars have called for director liability to be increased so as to promote more vigilant board oversight. Companies often focus on increasing the independence of the board in the wake of a restatement in an effort to repair organizational reputation. While researchers have revealed a host of important findings to date, much more can be learned about the effects of restatements on outside directors and boards.

In 2001, the US moved to regulate internal control reporting by management and auditors. While some jurisdictions have followed the lead of the US, many others have not. An important question, therefore, is the relevance of internal control to stakeholders. The more specific issue of the benefits of US-style regulation of internal control reporting is also topical. We review studies on the determinants of internal control quality and its economic consequences for stakeholders including investors, creditors, managers, auditors and financial analysts. We extend previous reviews by focusing on US studies published since 2013 as well as all non-US studies investigating IC quality including countries regulating IC disclosure as well as unregulated settings and both developed and developing economies. In doing so, we identify research questions where evidence remains mixed and new directions in which there are research opportunities.

Three main insights arise from our analysis. First, evidence on the economic consequences of internal control quality suggests that the quality of internal control can have a significant effect on decision making by users of financial information. Second, the results of research on the empirical association between ownership structure, certain board characteristics and internal control quality is generally mixed. Empirical evidence concerning the association between audit committee characteristics and internal control quality generally supports a positive and significant association. Finally, while studies in non-US jurisdictions are increasing, opportunities remain to explore the determinants and consequences of internal control in other jurisdictions. Our review provides evidence for policy makers of whether there are benefits from requiring management and auditors to report on internal control over financial reporting.

This systematic literature review analyses the determinants and consequences of executive compensation-related shareholder activism and say-on-pay (SOP) votes. The review covers 71 empirical articles published between January 1995 and September 2017. The studies are reviewed within an empirical research framework that separates the reasons for shareholder activism and SOP voting dissent as input factor on the one hand and the consequences of shareholder pressure as output factor on the other. This procedure identifies the five most important groups of factors in the literature: the level and structure of executive compensation, firm characteristics, corporate governance mechanisms, shareholder structure and stakeholders. Of these, executive compensation and firm characteristics are the most frequently examined. Further examination reveals that the key assumptions of neoclassical principal agent theory for both managers and shareholders are not always consistent with recent empirical evidence. First, behavioral aspects (such as the perception of fairness) influence compensation activism and SOP votes. Second, non-financial interests significantly moderate shareholder activism. Insofar, we recommend integrating behavioral and non-financial aspects into the existing research. The implications are analyzed, and new directions for further research are discussed by proposing 19 different research questions.

Studies which assess the relationship between scanning behavior (SB) and strategic uncertainty (SU) have shown mixed results. The lack of consistency in measurement constructs and differences in underlying assumptions for SU may explain these empirical inconsistencies. Earlier studies have adopted measurement constructs which ignore the interaction effect between the two dimensions of SU – variability and complexity. Our study suggests adopting new measurement constructs for SU that sort uncertainty into four distinct categories based on the interaction of the two environmental constructs, variability and complexity, as drawn from categorizations originally proposed by Duncan. This new measurement approach will provide a means to generate consistent results in research on the relationship between SB and SU. We provide a practical example using the strategic environment in the health care industry to illustrate for managers a more precise way to assess their external environment.

This synthesis covers academic research on the use of valuation, tax, information technology (IT), and forensic specialists on audit engagements. The importance and role of specialists on audit engagements have recently increased, and specialist use has garnered significant attention from regulators and academics. Given the PCAOB’s (2017b) recent proposal to revise auditing standards regarding specialists’ involvement, it is important to review the specialist literature as a whole. By integrating research across these four domains, I identify commonalities and differences related to: (1) factors associated with the use of specialists on audit engagements (including the nature, timing, and extent of use); (2) factors impacting auditors’ interactions with specialists (including specialists contracted by the auditor or management); and (3) outcomes associated with the use of specialists. This integrated analysis of the specialist literatures shows variation in the use of specialists, and various factors affecting both if and how they are involved and whether auditors use specialists internal or external to the audit firm. Additionally, research has sometimes (but not always) linked specialist involvement to higher audit quality. The commonalities and areas of variation identified are informative to audit research and practice, particularly as regulators and audit firms look to improve the quality of audits using specialists. Throughout the synthesis, I also provide a number of directions for future research.

Technology has always inspired social change, but its scale and complexity have begun to bewilder even the politicians and policymakers. Several recent national foresight studies point to a need for socio‐organizational or “soft” technologies to help Europe manage change and respond to major new economic opportunities. Research is required in fields such as neuro‐linguistic programming, the psychology of knowledge management and the ergonomics of the man‐machine interface. “Electronic pets” showed that we can learn to love machines – now the challenge is to embed technology in such a way as to marry science with society.

This paper aims on the trajectory tracking of the developed six wheel-legged robot with heavy load conditions under uncertain physical interaction. The accuracy of trajectory tracking and stable operation with heavy load are the main challenges of parallel mechanism for wheel-legged robots, especially in complex road conditions. To guarantee the tracking performance in an uncertain environment, the disturbances, including the internal friction, external environment interaction, should be considered in the practical robot system.

In this paper, a fuzzy approximation-based model predictive tracking scheme (FMPC) for reliable tracking control is developed to the six wheel-legged robot, in which the fuzzy logic approximation is applied to estimate the uncertain physical interaction and external dynamics of the robot system. Meanwhile, the advanced parallel mechanism of the electric six wheel-legged robot (BIT-NAZA) is presented.

Co-simulation and comparative experimental results using the BIT-NAZA robot derived from the developed hybrid control scheme indicate that the methodology can achieve satisfactory tracking performance in terms of accuracy and stability.

This research can provide theoretical and engineering guidance for lateral stability of intelligent robots under unknown disturbances and uncertain nonlinearities and facilitate the control performance of the mobile robots in a practical system.

If complaints about an agent’s sale of “ABC” mutual fund are handled by the state securities commissioner… Why should complaints about the same agent’s sale of a variable annuity invested in “ABC” mutual fund be handled exclusively by the state insurance commissioner? Are state laws enacted 35 years ago still relevant today when most agents who sell variable annuities are also licensed to sell mutual funds?