:::

詳目顯示

回上一頁
題名:CEO異動與盈餘管理
作者:陳信吉 引用關係
作者(外文):CHEN, HSIN-CHI
校院名稱:國立臺北大學
系所名稱:會計學系
指導教授:李建然
學位類別:博士
出版日期:2008
主題關鍵詞:總經理異動盈餘管理家族企業CEO turnoverfamily firmsearnings management
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:3
  • 共同引用共同引用:0
  • 點閱點閱:53
本研究的主要目的,在探討CEO異動期間,經理人是否會藉由裁決性應計數盈餘操弄,以謀取私人利益的情形。研究發現在CEO異動期間,僅有在新任CEO繼任當年度,有明顯的藉由裁決性應計數向下調整盈餘;而家族企業CEO在該期的向下調整程度,顯著小於非家族企業的CEO,至於在卸任CEO離職前1年(或前2年)及新任CEO在繼任後第1年(或第2年),則無明顯使用裁決性應計數,使盈餘向上調整。然而;當卸任CEO成為董事長後,新任CEO在繼任後第1年及第2年明顯地藉由裁決性應計數,向上調整盈餘。尤其是當新任CEO係來自公司內部高階主管的升任,其原因有可能如Lucier, Wheeler, and Habbel (2007)所述,前任CEO繼續擔任董事長一職,董事會有可能選擇不具備CEO的必要能力,但聽任於董事長的人物,使董事長仍能在經理人團隊保留影響力;而新任CEO在董事長的庇護下,降低了新CEO因績效不佳而離職的可能性,因而允許其就任之初的盈餘管理行為;亦有可能是最後盈餘操弄的決定權係取決於董事長而非CEO。當新任CEO由董事長兼任,則會助長新任CEO繼任當年度盈餘管理的行為。
The main purpose of this dissertation is to investigate the relationship between chief execute officer (CEO) turnover and earnings management. The result indicates that the incoming CEO adjusts the earnings downward by discretionary accrual (DA) in his succession year, and the adjusting extent in non-family firms is larger than the non-family firms. However, our result can not support that the departing CEO adjusts earnings upward by DA in his final year (or the final second year) and the incoming CEOs’ first full year (or the second full year). When the departing CEO is to be a chairman of the board of directors, the incoming CEO manipulates the earnings upward by DA in his first full year and the second full year. This result is consistent with Lucier, Wheeler, and Habbel (2007) that the chairman who was former CEO would like to appoint an ineffective CEO but comply with chairman’s command (we call apprentice CEO) to keep his influence in management team. Therefore, the chairman who was a former CEO admits the new CEO to manipulate earnings upward to cover up his poor performance, especially when an incoming is promoted from inside. We also find that the negative DA is significantly exacerbated in incoming CEO’s succession year when incoming CEO is served by the chairman of the board.
金成隆、呂倩如與蘇淑慧,2007,家族公司與盈餘品質關係之研究:所有權、管理權與控制權,21世紀會計專業、會計產業與會計揭露研討會論文集,台灣大學管理學院。new window
陳靖誼,2005,總經理更換、盈餘管理與公司治理,國立彰化師範大學會研所未出版碩士論文。
Adhikari, A., C. Derashid, and H. Zhang, 2005, Earnings management to influence tax policy: evidence from large Malaysian firms, Journal of International Financial Management and Accounting, Vol.16, pp.142-163.
Aharony, J., C. Lin, and M. Loeb, 1993, Initial public offerings, accounting choices, and earnings management, Contemporary Accounting Research, Vol.10, pp.61-81.
Ali, A., T. Chen, and S. Radhakrishnan, 2007, Corporate disclosures by family firms, Journal of Accounting and Economics, Vol.44, pp.238-286.
Anderson, R., and D. M. Reeb, 2003, Founding family ownership and firm performance: evidence from the S&P 500, Journal of Finance, Vol.58, pp.1301-1329.
Ball, R., A. Robin, and J. S. Wu, 2000, Accounting standards, the institutional environment and issuer incentives: effect on timely loss recognition in China, Asia Pacific Journal of Accounting and Economics, Vol.7, pp.71-96.
Ball, R., A. Robin, and J. S. Wu, 2003, Incentives versus standards: properties of accounting income in four East Asian countries, Journal of Accounting and Economics, Vol.38, pp.83-128.
Ball, R., and L. Shivakumar, 2005, Earnings quality in U.K. private firms: comparative loss recognition, Journal of Accounting and Economics, Vol.38, pp.83-128.
Ball, R., S. P. Kothari, and A. Robin, 2000, The effect of international institutional factors on properties of accounting earnings, Journal of Accounting and Economics, Vol.29, pp.1-51.
Bange, M. M., and W. F. M. DeBondt, 1998, R & D budgets and corporate earnings targets, Journal of Corporate Finance, Vol.4, pp.153-184.
Bartov, E., 1993, The timing of assets sales and earnings manipulation, The Accounting Review, Vol.68, pp.840-855.
Bartov, E., and P. Mohanram, 2004, Private information, earnings manipulations, and executive stock-option exercises, The Accounting Review, Vol.79, pp.889-920.
Bartov, E., F. A. Gul, and J. S. L. Tsui, 2000, Discretionary-accruals models and audit qualifications, Journal of Accounting and Economics, Vol.30, pp.421-452.
Bauwhede, H. V., M. Willekens, and A. Gaeremynck, 2003, Audit firm size, public ownership, and firms’ discretionary accruals management, The International Journal of Accounting, Vol.38, pp.1-22.
Beasley, M., 1996, An empiricall analysis of the relation between the board of director composition and financial statement fraud, The Accounting Review, Vol.71, pp.443-465.
Becker C. L., M. DeFond, J. Jiambalvo, and K. Subramanyam, 1998, The effect of audit quality on earnings management, Contemporary Accounting Research, Vol.15, pp.1-24.
Beneish, M. D., 1997, Detecting GAAP violation: implications for assessing earnings management among firms with extreme financial performance, Journal of Accounting and Public Policy, Vol.16, pp.271-309.
Bergstrom, T. C., 1989, A fresh look at the rotten kid theorem and other household mysteries, Journal of Political Economy, Vol.97, pp.1138-1159.
Black, E. L., K. F. Sellers, and T. S. Manly, 1998, Earnings management using asset sales: an international study of countries allowing noncurrent asset revaluation, Journal of Business Finance and Accounting, Vol.25, pp.1287-1317.
Brennan, J. M. and M. C. Jensen, 1994, Incentives, rationality, and society; self-interest, altruism, incentives, and agency theory, The Bank of America Journal of Applied Corporate Finance, Vol.7, pp.31.
Brickley, J., J. Linck, and J. Coles, 1999, What happens to CEOs after they retire? New evidence on career concerns, horizon problems and CEO incentives, Journal of Financial Economics, Vol.52, pp.341-377.
Brunello, G., C. Graziano, and B. M. Parigi, 2003, CEO turnover in insider-dominated boards: the Italian case, Journal of Banking and Finance, Vol.27, pp.1027-1051.
Burgstahler, D. C., L. Hail, and C. Luez, 2006, The importance of reporting incentives: earnings management in European private and public firms, The Accounting Review, Vol.81, pp.983-1016.
Burgstahler, D., and I. Dichev, 1997, Earnings management to avoid earnings decreases and losses, Journal of Accounting and Economics, Vol.24, pp.99-126.
Bushee, B., 1998, The influence of institutional investors on myopic R & D investment behavior, The Accounting Review, Vol.73, pp.305–333.
Cahan, S. F., 1992, The effect of antitrust investigations on discretionary accruals: a refined test of the political-cost hypothesis. The Accounting Review, Vol.67, pp.77-95.new window
Chaney, P. K., D. C. Jeter, and C. M. Lewis, 1998, Use of accruals in income smoothing: A permanent earnings hypothesis, Advances in quantitative analysis of finance and accounting, Vol.6, pp.103.
Chen, T., 2005, Executive compensation contracts of family firms, Working paper, University of Texas at Dallas
Christie, A., and J. Zimerman, 1994, Efficient and opportunistic choices of accounting procedures: corporate control contests, The Accounting Review, Vol.69, pp.539-566
Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang, 2000, The separation of ownership and control in East Asian corporations, Journal of Financial Economics, Vol.58, pp.81-112.
Coles, J. L., M. Hertzl, and S. Kalpathy, 2006, Earnings management around employee stock option reissues, Journal of Accounting Economics, Vol.41, pp.173-200.
Core, J. E., R. W. Holthausen, D. F. Larcker, 1999, Corporate governance, chief executive officer compensation, and firm performance, Journal of Financial Economics, Vol. 51, pp.371-406.
Davidson III, W. N., P. Jiraporn, Y. S. Kim, and C. Nemec, 2004, Earnings management following duality-creating successions: ethnostatistics, impression management, and agency theory, Academy of management Journal, Vol.47, pp.267-275.
DeAngelo, H. and L. DeAngelo, and D. J. Skinner, 1994, Accounting choice in troubled companies, Journal of Accounting and Economics, Vol.17, pp.113-143.
DeAngelo, L. E., 1981, Auditor size and audit quality, Journal of Accounting and Economics, Vol.3, pp.183-199.
DeAngelo, L. E., 1986, Accounting numbers as market valuation substitutes: a study of management buyouts of public stockholders, The Accounting Review, Vol.61, pp.400-420.
DeAngelo, L. E., 1988, Managerial competition, information costs, and corporate governance: the use of accounting performance measures in proxy contests, Journal of Accounting and Economics, Vol.10, pp.3-36.
Dechow, P. M., and Richard G. Sloan, 1991, Executive incentives and the horizon problem, Journal of Accounting and Economics, Vol.14, pp.51-89.
Dechow, P. M., R. G. Sloan, and A. P. Sweeney, 1996, Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC, Contemporary Accounting Research, Vol.13, pp.1-36.
Dechow, P., R. G. Sloan, and A. P. Sweeney, 1995, Detecting earnings management, The Accounting Review, Vol.70, pp.193-225.
Defond, M. L. and J. Jiambalvo, 1994, Debt covenant violation and manipulation of accruals, Journal of Accounting and Economics, Vol.17, pp.145-176.
Defond, M. L., and C. W. Park, 1997, Smoothing income in anticipation of future earnings, Journal of Accounting and Economics, Vol.23, pp.l15-139.
DeFond, M., and K. Subramanyam, 1998, Auditor changes and discretionary accruals, Journal of Accounting and Economics, Vol.25, pp.35-67.
Degeorge, F., J. Patel, and R. Zeckhauser, 1998, Earnings management to exceed thresholds, The Journal of Business, Vol.72, pp.1-33.
Demsetz, H., and K. Lehn, 1985, The structure of corporate ownership: Causes and consequences. Journal of Political Economy, Vol.93, pp.1155-1177
Easterwood, C. M., 1998, Takeovers and incentives for earnings management: an empirical analysis, Journal of applied business research, Vol.14, pp.29-47.
Elliott, J. A., W. H. Shaw, and G. Waymire, 1988, Write-offs as accounting procedures to manage perceptions, Journal of Accounting Research, Vol.26, pp.91-119.
Erickson, M. and S. Wang, 1999, Earnings management by acquiring firms in stock-for-stock mergers, Journal of Accounting and Economics, Vol.27, pp.149-176.
Eshel, I., L. Samuelson, and A. Shaked, 1998, Altruists, egoists, and hooligans in a local interaction model, American Economic Review, Vol.88, pp.157-179.
Faccio, M., and L. H. P. Lang, 2002, The ultimate ownership of Western European corporations, Journal of Financial Economics, Vol.65, pp.365-395.
Fama, E. F. and M. C. Jensen, 1983, Separation of ownership and control, Journal of Law and Economics, Vol.26, pp.301-326.
Fan, J. P. H, and T. J. Wong, 2002, Corporate ownership structure and the informativeness of accounting earnings in East Asia, Journal of Accounting and Economics, Vol.33, pp.401-425.
Fan, Q., 2007, Earnings management and ownership retention for initial public offering firms: theory and evidence, The Accounting Review, Vol.82, pp.27-64.
Francis J., and J. Krishnan, 1999, Accounting accruals and auditor reporting conservatism, Contemporary Accounting Research, Vol.16, pp.135-165.
Francis, J., E. Maydew, and H. Sparks, 1999, The role of big 6 auditors in the credible reporting of accruals, Auditing: A Journal of Practice and Theory, Vol.18, pp.17-34.
Friedlan, J., 1994, Accounting choices of issuers of initial public offerings, Contemporary Accounting Research, Vol.11, pp.1-31.
Ghosh, A., and D. Moon, 2005, Auditor tenure and perceptions of audit quality, The Accounting Review, Vol.80, pp.585-612.
Gomez-Mejia, L. R., M. Larraza-Kintana, and M. Makri, 2003, The determinants of executive compensation in family-controlled public corporations, Academy of Management Journal, Vol.46, pp.226-237.
Gomez-Mejia, L. R., M. Nuñez-Nickel, and I. Gutierrez, 2001, The role of family ties in agency contracts, Academy of Management Journal, Vol.44, pp.81-95.
Gonedes, N. J. and N. Dopuch, 1988, Analysis of financial statements: financial accounting and the capital market, Studies in Accounting Research, No.30 (American Accounting Association, Sarasota, F1., 1988).
Gordon, M., 1964, Postulates principals and research accounting, The Accounting Review, Vol. 65, pp. 251-263.
Grinstein, Y., and P. Hribar., 2004, CEO compensation and incentives: Evidence from M&A bonuses, Journal of Financial Economics, Vol. 73, pp.119-143.
Guay, W. R., S. P. Kothari, and R. L. Watts, 1996, A market-based evaluation of discretionary accrual models, Journal of Accounting Research, Vol.34, pp.83-105.
Hagerman, R. L., M. E. Zmijewski, 1979, Some economic determinants of accounting policy Choice, Journal of Accounting and Economics, Vol.1, pp.141-161.
Han, J. C. Y., and S. Wang, 1998, Political costs and earnings management of oil companies during the 1990 Persian Gulf Crisis, The Accounting Review, Vol.73, pp.103-117.
Healy, P. M. and J. M. Wahlen, 1999, A review of the earnings management literature and its implications for standard setting, Accounting Horizons, Vol.13, pp.365-383.
Healy, P. M., 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economics, Vol.7, pp.85-107.
Healy, P. M., and R. S. Kaplan, 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economics, Vol.7, pp.85-108.
Hribar, P., and D. W. Collins, 2002, Errors in estimating accruals: implications for empirical research, Journal of Accounting Research, Vol.40, pp.105-134.
Hribar, P., N. T. Jenkins, and W. B. Johnson, 2006, Stock repurchases as an earnings management device, Journal of Accounting and Economics, Vol.41, pp.3-27.
Hsu, G. C., and P. Koh, 2005, Does the presence of institutional investors influence accruals management? Evidence from Australia, Corporate Governance: An International Review, Vol.13, pp.809-823.
Huson, M. R., R. Parrino, and L. T. Starks, 2001, Internal monitoring mechanisms and CEO turnover: a long-term perspective, The Journal of Finance, Vol.56, pp. 2265-2297.
Jaggi, B., and L., Picheng, 2002, Earnings management response to debt covenant violations and debt restructuring, Journal of Accounting, Auditing and Finance, Vol.17, pp. 295-324.
Jensen, M. C. and W. Meckling, 1976, Tehory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, Vol.3, pp.305-360.
Jones, J., 1991, Earnings management during import relief investigations, Journal of Accounting Research, Vol.29, pp.193-228.
Kaplan, R. S., 1985, Comments on Paul Healy: evidence on the effect of bonus schemes on accounting procedures and accrual decisions, Journal of Accounting and Economics, Vol.7, pp.109-113
Kets de Vries, M. E. R., 1988, The dark side of CEO succession, Harvard Business Review Vol. 56, pp.56-60.
Koh, P., 2003, On the association between institutional ownership and aggressive corporate earnings management in Australia, British Accounting Review, Vol.35, pp.105-128.
Kothari, S. P. and A. J. Leone, and C. E. Wasley , 2005, Performance matched discretionary accrual measures, Journal of Accounting and Economics, Vol.39, pp.163-197.
Koumanakos, E., C. Siriopoulos, and A. Georgopoulos, 2005, Firm acquisitions and earnings management: evidence from Greec, Managerial Auditing Journal, Vol.20, pp.663-678.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, 1999, Corporate ownership around the world, Journal of Finance, Vol.54, pp.471-517.
LaSalle, R. E., S. K. Jones, and R. Jain, 1993, The association between executive succession and discretionary accounting changes: earnings management or different perspectives? Journal of Business Finance and Accounting, Vol.20, pp.653-671.
Leuz, C., D. Nanda, and P.D. Wysocki, 2003, Earnings management and investor protection: an international comparison, Journal of Financial Economics, Vol.69, pp.505-527.
Lev, B., 1989, On the usefulness of earnings and earnings and earnings research: Lessons and directions from two decades of empirical research, Journal of Accounting Research, Vol.27, pp.153-201.
Lew, M. I., and E. A. Kolozeij, 1993, Compensation in a family-owned business, Human Resources Professional, Vol.5, pp.55-57.
Louis, H., 2004, Earnings management and the market performance of acquiring firms, Journal of Financial Economics, Vol.74, pp.121-148.
Lucier, C., W. Steven, and H. Rolf, 2007, The era of the inclusive leader, Strategy+Business, www.strategy-business.com/press/article/07205
McAnally, M. L., A. Srivastava, and C. D. Weaver, 2008, Executive stock option, missed earnings targets, and earnings management, The Accounting Review, Vol.83, pp.185-216.
McNichols, M., and G. P. Wilson, 1988, Evidence of earnings management from the provisions for bad debts, Journal of Accounting Research, Vol.26, pp.1-31.
Moore, M. L., 1973, Management changes and discretionary accounting decisions, Journal of Accounting Research, Vol.11, pp.100-107.
Morck, R., 1996, On the economics of concentrated ownership, Canadian Business Law Journal, Vol.26, pp.63-85.
Morck, R., A. Shleifer, and R. Vishny, 1988, Management ownership and market valuation: an empirical analysis, Journal of Financial Economics, Vol.20, pp.293-315.
Murphy, K. J., J. L. Zimmerman, 1993, Financial performance surrounding CEO turnover, Journal of Accounting and Economics, Vol.16, pp.273-315.
Myers, J. N., L. A. Myers, and T. C. Omer, 2003, Exploring the term of the auditor-client relationship and the quality of earnings, The Accounting Review, Vol.78, pp.779-799.
Park, Y. W., and H. Shin, 2004, Board composition and earnings management in Canada, Journal of Corporate Finance, Vol.10, pp.431-457.
Peasnell, K. V., 1998, Discussion of earnings management using asset sales: an international study of countries allowing noncurrent asset revaluation, Journal of Business Finance and Accounting, Vol.25, pp.1319-1324.
Pourciau, S., 1993, Earnings management and nonroutine executive changes, Journal of Accounting and Economics, Vol.16, pp.317-336.
Reitenga, A. L., and M. G. Tearney, 2003, Mandatory CEO retirements, discretionary accruals, and corporate governance mechanisms, Journal of Accounting, Auditing and Finance, Vol.18, pp.255-280.
Saleh, N. M., and K. Ahmed, 2005, Earnings management of distressed firms during debt renegotiation, Accounting and Business Research, Vol.35, pp.69-86.
Schipper, K., 1989, Commentary on earnings management, Accounting Horizons, Vol.3, pp.91-102.
Schulze, W. S., M. H. Lubatkin, R. N. Dino and A. K. Buchholtz (2001), Agency relationships in family firms: theory and evidence, Organization Science, Vol.12, pp.99-116.
Shivdasani, A., and D. Yermack, 1999, CEO involvement in the selection of new board members: An empirical analysis. Journal of Finance, Vol. 54, pp.1829-1853.
Shleifer, A., and R. Vishny, 1997, A survey of corporate governance, Journal of Finance, Vol.52, pp.737-783.
Simon, H. A., 1993, Altruism and economics, American Economic Review, Vol.83, pp.156-161.
Stark, O. and I. Falk, 1998, Transfers, empathy formation, and reverse transfers, American Economic Review, Vol.88, pp.271-276.
Strong, J. S. and J. R. Meyer, 1987, Asset writedowns: managerial incentives and security returns. Journal of Finance, Vol.42, pp.643-661.
Subramanyam, K. R., 1996, The pricing of discretionary accruals, Journal of Accounting and Economics, Vol.22, pp.249-281.
Teoh, S. H., I. Welch, and T. J. Wong, 1998, Earnings management and the long-run market performance of initial public offerings, Journal of Financial, Vol.53, pp.1935-1974.
Teoh, S.H. T. J. Wong, and G. R. Rao, 1998, Are accruals during initial public offerings opportunistic? Review of Accounting Studies, Vol.3, pp.175-208.
Vancil, R.F., 1987, Passing the baton: managing the process of CEO succession, Harvard Business School Press, Boston, MA
Villalonga, B. and R. Amit., 2006, How do family ownership, control and management affect firm value? Journal of Financial Economics, Vol.80, pp.385-417.
Wang, B., 2006, Founding family ownership and earnings quality, Journal of Accounting Research, Vol. 44, pp.619- 656.
Warfield, T. D., J. J. Wild, and K. L. Wild, 1995, Managerial ownership, accounting choices, and informativeness of earnings, Journal of Accounting and Economics, Vol.20, pp.61-91.
Watts, R. L., and J. L. Zimmerman, 1978, Towards a positive theory of the determination of accounting standards, The Accounting Review, Vol.53, pp.112-134.
Watts, R. L., and J. L. Zimmerman, 1979, The demand for and supply of accounting theories: The market for excuses, The Accounting Review, Vol.54, pp.273-305.
Watts, R. L., and J. L. Zimmerman, 1986, Positive Accounting Theory, Prentice-Hall, New York
Weber, J., L. Lavelle, T. Lowry, W. Zellner, and A. Barrent, 2003, Family, Inc., Business Week, November 10, pp.100-114.
Weisbach, M., 1988, Outside directors and CEO turnover, Journal of Financial Economics, Vol.20, pp.431-460.
Wells, P., 2002, Earnings management surrounding CEO changes, Accounting and Finance, Vol.42, pp.169-193.
Yeh, Y., T. Lee, and T. Woidtke, 2001, Family control and corporate governance: evidence from Taiwan, International Review of Finance, Vol.2, pp.21-48.
Zmijewski, M. E., and R. L. Hagerman, 1981, An income strategy approach to the positive theory of accounting standard setting/choice, Journal of Accounting and Economics, Vol.3, pp.129-149.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top