Board Characteristics and Real Earnings Management

董事會特性與實質盈餘管理

楊朝旭(Chaur-Shiuh Young) ； 蔡柳卿(Liu-Ching Tsai) ； 陳家慧(Chia-Hui Chen) ； 廖思婷(Ssu-Ting Liao)

《臺大管理論叢》 23卷1期 (2012/12) Pp. 363-399

https://doi.org/10.6226/NTURM2012.OCT.R12027

摘要

本研究結合實質盈餘管理誘因及公司治理二脈文獻，探討董事會特性是否影響管理者因為門檻壓力而從事實質盈餘管理。以2003年至2006年美國上市公司為樣本，本研究實證結果發現績效門檻（包括零盈餘、前期盈餘及分析師盈餘預測三項績效門檻）會誘發管理者從事實質盈餘管理。此外，當董事會的成員具備較高的獨立性或專業性時，可抑制績效門檻誘因所導致的實質盈餘管理幅度。本研究之實證結果符合以下觀點：董事會治理對於抑制實質盈餘管理，係扮演關鍵角色。

關鍵字

董事會特性 ； 實質盈餘管理 ； 門檻誘因

並列摘要

This study combines the real-earnings-management literature and the corporate-governance literature to examine how board characteristics affect real earnings management induced by benchmark meeting/beating incentives. Using a sample of U.S. listed companies over the period of 2003-2006, we find that managers are more likely to exercise real earnings management in order to avoid negative earnings, sustain prior year's earnings or meet/beat analysts' consensus earnings forecast. With regard to the role of board characteristics, our results indicate that boards with higher independence and professionalism can effectively constrain earnings-thresholds-induced real earnings management. Our overall findings are consistent with the notion that board governance plays a vital role in restraining real earnings management.

並列關鍵字

board characteristics ； real earnings management ； threshold incentives

參考文獻

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