What drives change?

摘要

With the emerging importance of capital markets as a mechanism for mobilisation and distribution of capital, corporations are increasingly focusing on earnings stability and shareholder value creation. While the capital market has remained the most efficient institution for allocating public capital, over-emphasis on the "perceived" efficiency of corporate earnings performance has increased the scope for window dressing performance. Enron, Worldcom and other examples of corporate malfeasance underline the point. Under such circumstances, regulators have the onus of evolving uniform practices that would make the presentations of public financial information both consistent and transparent for investors to make prudent investment decisions.