"It wasn't so much about the money," reports Jobs told the SEC. I felt that the board was really doing the same with me." Apple's chief-of-chiefs has only been paid a token $1 per year salary since his return to the company.Combined with the eroded value of his stock options in the dot-com bust, Jobs said he wasn't feeling properly compensated for his work.

The originality of this study is that we introduce the moderating effect of business ethics in the model.

The sample is made up of 116 Canadian high-technology firms with available data for the fiscal year ending in 2012.

We define the quality of financial reporting as the value relevance of accounting information as developed by Ohlson.

Our results show that executive stock option award alone does not improve the quality of financial reporting.

Rather, the quality improves when a firm awards stock options to its executives and investors perceive that the level of business ethics in that firm is high. Philémon Rakoto is an Associate Professor of Financial Accounting at HEC Montreal, Canada.

He holds a Ph D in Accounting from HEC Montreal and his research interests include corporate governance, financial reporting quality and earnings management.He has published in journals such as International Journal of Managerial Finance, Accounting Perspectives and Corporate Ownership & Control. This article is distributed under the terms of the Creative Commons Attribution License which permits any use, distribution, and reproduction in any medium, provided the original author(s) and the source are credited.Jobs has always maintained he was unaware of the accounting fraud involved with improper backdating of his options, and no government legal action was taken against the CEO and Apple.But the resulting investigation saw Apple's former financial chief Fred Anderson and ex-general counsel Nancy Heinen forced to settle with the SEC for a few million dollars apiece without admitting wrongdoing.There were also several derivative lawsuits filed by shareholders which Apple settled out of court for m.In the deposition, Jobs told SEC lawyers during a March 2008 interview that he initially approached Apple's board of directors in 2001 about a stock option grant out of perceived lack of respect.