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A.Marra, P. Mazzola. Is Corporate Board more effective under IFRS? or is "Just an illusion". Journal of Accounting, Auditing and Finance, Vol. 29, No. 1, 2014.

The present study contends that the increased effectiveness of corporate boards in constraining earnings management around International Financial Reporting Standards (IFRS) introduction might be ‘‘transitory’’ and fade away over time. Drawing on the attention  based view (ABV) of the firm, we argue that the higher effectiveness of corporate boards might have been driven by a temporary higher level of attention, which independent directors (INDs) and audit committees (ACs) allocated to accounting issues at the time of transition to IFRS. Our empirical results highlight that corporate board’s effectiveness reaches its peak around the adoption time, showing an ‘‘inverted-U’’ path. This study contributes to the current debate on the extent to which additional contextual factors might prevail on accounting standard regulation—per se—in improving earnings quality. We further suggest that boards’ effectiveness in monitoring the corporate financial accounting process is contextually dependent.