2011),"Earnings per share versus cash flow per share as predictor of dividends per share", Managerial Finance, Vol. 37 Iss 5 pp. 482-488 http://dx.If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractThis study has two main themes. The first is to investigate whether share prices are influenced by board of directors' decisions to change the composition of their top management teams, while the second examines the UK evidence relating to the oft-repeated suggestion that company earnings figures are likely to be manipulated by newly appointed, retiring or departing managers who are acting in their own self interest in seeking to enhance their future income; in such circumstances an identifiable pattern in earnings should emerge around the time of top management changes. Both themes confront important issues in corporate governance recently highlighted by the Cadbury Report and revisited in current debates in the financial press.