:::

詳目顯示

回上一頁
題名:盈餘管理動機研究與盈餘管理對公司績效之影響
作者:施忠華
作者(外文):Chung-Hua Shih
校院名稱:國立中興大學
系所名稱:財務金融學系所
指導教授:楊東曉
學位類別:博士
出版日期:2021
主題關鍵詞:盈餘管理餅乾盒洗大澡誘因效果訊息不對稱Earning managementCookie-jarBig-bathIncentive effectInformation asymmetry
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(0) 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:0
  • 共同引用共同引用:0
  • 點閱點閱:1
在盈餘管理的文獻中,餅乾盒和洗大澡的方式為一般常見的操作方式,本文以這二種盈餘管理方式為研究主題,探討兩個相關的議題。第一、有那些因素可以誘使公司採取這二種盈餘管理的方式?第二、公司採行這二種盈餘管理方式後的長期市場表現為何?第一個研究主題主要探討造成盈餘管理事前的因素為何?第二個主題研究盈餘管理後的市場表現,是否受盈餘管理的影響而有所不同。在事前動機的分析中,本文採用更換高階經理人、經理人薪酬結構、財務風險的角度、訊息不確定和公司特性等構面,藉由這些面向的分析,預期能找出重要的盈餘管理動機;本文的實證結果發現,第一、洗大澡之盈餘管理的公司在經理人薪酬中提供較低的誘因效果,於是洗大澡後的股價衝擊對經理人的影響較小;此外,執行長或財務長的更換對公司進行洗大澡的機率有正面的影響,隱含經理人更換後有其動機將過去不好的表現責任劃分清楚。第二、餅乾罐的盈餘管理公司在經理人薪酬中提供較佳的誘因效果;但是執行長的更換並不會增加進行餅乾罐的動機,反而是財務長的更換會顯著增加其動機。第三、本文亦發現經理人的更換,不論是執行長或是財務長,對洗大澡和餅乾罐盈餘管理公司的未來長期表現不存在顯著的影響,因此高階經理人的更換在其他因素的考量下並非影響公司長期表現的主要因素。第四,前五大經理人的公司持股比率對洗大澡公司的長期表現有顯著正面的影響;而誘因效果對於餅乾罐盈餘管理公司有顯著正面影響。綜合來看,經理人的持股對盈餘管理後的公司表現存在顯著的影響,差別在於影響管道的不同。最後,訊息不對稱的程度對兩類型盈餘管理公司的影響,反映在長期市場表現中為顯著負面的影響,亦即訊息不對稱在盈餘管理的公司中為一共同因子。
This dissertation works on two topics related to firms' cookie-jar and big-bath manipulations: one is the motivations that drive firms to take these two types of earning management, and the other is how their stock prices perform in the long-term after the manipulations. The first issue explores the motivations for the manipulations, and the second examines the post-manipulation stock performance. To examine the tendency of cookie-jar and big-bath manipulations, I consider a number of factors including executive turnover, executive compensation, financial risk, information asymmetry, and firm characteristics. Based on the empirical results, there are several findings. First, I find that the big bath firms provide a lower incentive than their matching sample. In addition, the change of CEO and/or CFO increases the possibility of the big bath earning management. Second, compared with big bath firms, cookie jar firms have higher incentive effects than their matching counterparts. The change of CEO does not significantly support the cookie jar earning management. The change of CFO, in contrast, significantly supports that smooth earning management. Third, the cases of big bath and cookie jar show that the change of top executives, either CEO or CFO, has an insignificant impact on a firm’s long-term performance. Therefore, the executives’ turnover is not the main factor in determining a firm’s long-term performance. Fourth, the top five executives’ ownership has a significantly positive impact on the big bath firms’ performance, which is also consistent with the hypothesis of interest alignment. The case of cookie jar shows that the incentive effect has a significantly positive effect on the long-term performance, which implies that the incentive effect is more important for cookie jar firms than big bath firms. Finally, as to information asymmetry, the big bath and cookie jar samples show that information asymmetry might decrease firms’ long-term performance.
Abarbanell, Jeffery and Reuven Lehavy, 2003, Can stock recommendations predict earnings management and analysts’ earnings forecast errors?, Journal of Accounting Research 41, 1-31.
Abed, S., Al-Attar, A., & Suwaidan, M., 2012, Corporate governance and earnings management: Jordanian evidence, International Business Research 5(1), 216.
Agrawal, Anup and Gershon Mandelker, 1987, Managerial incentives and corporate investment and financing decisions, Journal of Finance 42(4), 23–37.
Allen, M. P., Panian, S. K., and Lotz, R. E., 1979, Managerial succession and organizational performance: A recalcitrant problem revisited, Administrative Science Quarterly, 24, 167-80.
Amihud, Yakov, Baruch Lev, 1981, Risk reduction as a managerial motive for conglomerate mergers, Bell Journal of Economics 12(2), 605–617
Barber, Brad M, and John D Lyon, 1997, Detecting long-horizon abnormal stock returns: The empirical power and specification of test statistics, Journal of Finance Economics 42, 341–372.
Barro, Jason R, and Robert J Barro, 1990, Pay, performance and the turnover of bank CEOs, Journal of Labor Economics 8, 448–481.
Beidleman, Carl R., 1973, Income smoothing: The role of management, Accounting Review 48(4), 653–667.
Benkraiem, R., 2008, The influence of institutional investors on opportunistic earnings management, International Journal of Accounting, Auditing and Performance Evaluation 5(1), 89-106.
Bergstressera, D., and Thomas P., 2006, CEO incentives and earnings management, Journal of Financial Economics 80, 511–529.
Cohen, D. A., & Zarowin, P., 2010, Accrual-based and real earnings management activities around seasoned equity offerings, Journal of accounting and Economics 50(1), 2-19.
Coles, J. L., Daniel, N. D., & Naveen, L., 2006, Managerial incentives and risk-taking. Journal of Financial Economics, 79(2), 431-468.
Davidson, W. N., Worrell, D. L., & Cheng, L., 1990, Key executive succession and stockholder wealth - the influence of successors origin, position, and age. Journal of Management, 16(3), 647-664.
Dechow, Patricia M., Richard G. Sloan, and Amy P. Sweeney, 1995, Detecting earnings management, Accounting Review 70, 193-225.
Demsetz, Harold, and Kenneth Lehn, 1985, The structure of corporate ownership: Causes and consequences, Journal of Political Economy 93(6), 1155–1177.
Elliott, J. A., & Shaw, W. H., 1988, Write-offs as accounting procedures to manage perceptions, Journal of Accounting Research 26, 91-119.
Fama, Eugene F., and Kenneth R. French, 1997, Industry costs of equity, Journal of Financial Economics 43, 153-193.
Fama, Eugene F., and Kenneth R. French, 2016, Dissecting anomalies with a five-factor model, Review of Financial Studies 29, 69-103.
Firth, Michael, Peter M.Y. Fung, and Oliver M. Rui., 2006, Firm performance, governance structure, and top management turnover in a transitional economy, Journal of Management Studies 43(6), 1289–1330.
Frank, Mary Margaret and Sonja Olhoft Rego, 2006, Do managers use the valuation allowance account to manage earnings around certain earnings targets? Journal of the American Taxation Association 28, 43-65.
Gong, G., Louis, H., & Sun, A. X., 2008, Earnings management and firm performance following open‐market repurchases, Journal of Finance 63(2), 947-986.
Graham, John R, Campbell R. Harvey, and Shiva Rajgopalc, 2005, The economic implications of corporate financial reporting, Journal of Accounting and Economics 40(1–3), 3–73.
Haggard, K. Stephen, John S. Howe, and Andrew Lynch, 2015, Do baths muddy the waters or clear the air, Journal of Accounting and Economics 59, 105-117.
Harris, Milton, and Artur Raviv, 1979, Optimal incentive contracts with imperfect information, Journal of Economic Theory 20(2), 231–259.
Healy, Paul M., 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economics 7(1–3), 85–107.
Healy, Paul M., and James Michael Wahlen, 1999, A review of the earnings management literature and its implications for standard setting, Accounting Horizons 13(4), 365–383.
Hepworth, Samuel R., 1953, Smoothing periodic income, Accounting Review 28(1), 32–39.
Hermalin, Benjamin, and Michael Weisbach, 1998, Endogenously chosen boards of directors and their monitoring of the CEO, American Economic Review 88(1), 96–118.
Jensen, Michael C, and William H Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3(4), 305–360.
Jensen, Michael C., 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76(2), 323–329.
Johnson, P. M., Lopez, T. J., & Sanchez, J. M., 2011, Special items: A descriptive analysis, Accounting Horizons 25(3), 511-536.
Jones, Jennifer J., 1991, Earnings management during import relief investigations, Journal of Accounting Research 29(2), 193–228.
Jordan, Charles E., and Stanley J. Clark, 2004, Big bath earnings management: The case of goodwill impairment under SFAS No. 142, Journal of Applied Business Research 20, 63-69.
Kaplan, S. N., and Zingales, L., 1997, Do investment-cash flow sensitivities provide useful measures of financing constraints?, Quarterly Journal of Economics 112, 169-215.
Kaplan, Steven N., 1994, Top executive rewards and firm performance: A comparison of japan and the US, Journal of Financial Economics 36(3), 225–258.
Kerr, Jeffrey, and Richard A Bettis., 1987, Boards of directors, top management compensation, and shareholder returns, Academy of Management Journal 30(4), 645–664.
Kesner, Idalene F, and Terrence C Sebora, 1994, Executive succession: Past, present & future, Journal of Management 20(2), 327–372.
Kim, Irene, and Douglas J. Skinner, 2012, Measuring securities litigation risk, Journal of Accounting and Economics 53, 290-310.
Kirschenheiter, Michael and Nahum Melumad, 2002, Can ‘big bath’ and earnings smoothing coexist as equilibrium financial reporting strategies?, Journal of Accounting Research 40, 761-796.
Kothari, S.P., Andrew J. Leone, and Charles E. Wasley, 2005, Performance matched discretionary accrual measures, Journal of Accounting and Economics 39, 163-197.
Li, Xianghong and Xinlei Zhao, 2006, Propensity score- matching and abnormal performance after seasoned equity offerings, Journal of Empirical Finance 13, 351-370.
Louis, Henock, 2004, Earnings management and the market performance of acquiring firms, Journal of Financial Economics 74, 121-148.
Lucas, D. J., & McDonald, R. L., 1990, Equity issues and stock price dynamics, Journal of Finance 45(4), 1019-1043.
Marshall, Blume E, and Robert F Stambaugh, 1983, Biases in computed returns: An application to the size effect, Journal of Financial Economics 12, 387–404.
Mehran, Hamid, 1995, Executive compensation structure, ownership, and firm performance, Journal of Financial Economics 43(2), 163–184.
McAnally, Lea, Anup Srivastava, and Connie D. Weaver, 2008, Executive stock options, missed earnings targets, and earnings management, Accounting Review 83, 185-216.
Morck, Randall, Andrei Shleifer, and Robert W. Vishny, 1988, Management ownership and market valuation, Journal of Financial Economics 20(3), 293–315.
Murphy, Kevin, and Jerold Zimmerman, 1993, Financial performance surrounding CEO turnover, Journal of Accounting and Economics 16(1–3), 273–315.
Palia, Darius, and Frank Lichtenberg, 1999, Managerial ownership and firm performance: A re-examination using productivity measurement, Journal of Corporate Finance 5(4), 323–339.
Peasnell, K .V., P.F. Pope, and S.E. Young, 2005, Board monitoring and earnings management: Do outside directors influence abnormal accruals?, Journal of Business Finance and Accounting 32(7–8), 1311–1346.
Petrovits, Christine M., 2006, Corporate-sponsored foundations and earnings management, Journal of Accounting and Economics 41, 335-362.
Pierk, J., 2021, Big baths and CEO overconfidence, Accounting and Business Research 51(2), 185-205.
Pourciau, Susan, 1993, Earnings management and nonroutine executive changes, Journal of Accounting and Economics 16(1–3), 317–336.
Rose, Anna M., Jacob M. Rose, Ikseon Suh, and Joseph C. Ugrin, 2017, Unanticipated effects of restricted stock on managers’ risky investment decisions, Advances in Accounting 38, 106–112.
Schipper, K, 1989, Commentary on earnings management, Accounting Horizons 3(4), 91–102.
Schulman, Craig T, Deborah W Thomas, Keith F Sellers, and Duane B Kennedy, 1996, Effects of tax integration and capital gains tax on corporate leverage, The University of Chicago Press Journals 49(1), 31–54.
Schultz, Paul, 2003, Pseudo market timing and the long-run underperformance of IPOs, Journal of Finance 58, 483-517.
Shehu, U. H., 2011, Determinants of financial reporting quality: An in-depth study of firm structure, Journal of Modern Accounting and Auditing (U.S.A) 2(4), 54-76.
Siebert, W. Stanley, and Jacob M. Wei, 1994, Compensating wage differentials for workplace accidents: Evidence for union and nonunion workers in the UK, Journal of Risk and Uncertainty 9(1), 61–76.
Strong, J. S., & Meyer, J. R., 1987, Asset writedowns: Managerial incentives and security returns, Journal of Finance 42(3), 643-661.
Sun, Lan, and Subhrendu Rath., 2012, Pre managed earnings benchmarks and earnings management of Australian firms, Journal of Accounting and Economics 6(1), 29–56.
Teoh, Siew Hong, Ivo Welch, and T.J. Wong, 1998, Earnings management and underperformance of seasoned equity offerings, Journal of Financial Economics 50(1), 63–99.
Velury, U., and Jenkins, D. S., 2006, Institutional ownership and the quality of earnings, Journal of Business Research 59(9), 1043-1051.
Watts, Ross L., and Jerold L. Zimmerman, 1990, Positive accounting theory: A ten year perspective, Accounting Review 65, 131-156.
Watts, Ross L., and Jerold L Zimmerman, 1978, Toward a positive theory of the determination of accounting standards, Accounting Review 53(1), 112–134.
Whited, T. M., and Wu, G., 2006, Financial constraints risk, Review of Financial Studies 19, 531-559.
Wruck, Karen Hopper, 1989, Equity ownership concentration and firm value: Evidence from private equity financings, Journal of Financial Economics 23(1), 3–28.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE