加入非線性及多期因素後再探討穩健性與投資循環長度、管理者所有權程度以及董事會組成要素關聯性之研究

Re-examination of the relationships between conservatism and length of investment cycle, managerial ownership and board compositions by incorporating nonlinearity and multi-period lags

張亞威(Ya-Wei Chang)

指導教授 ： 劉啟群

國立臺灣大學/管理學院/會計學研究所/碩士(2011年)

https://doi.org/10.6342/NTU.2011.03053

摘要

本研究係採用林純央與劉啟群(2011)年之建議，加入非線性以及多期的概念後，重新檢視穩健性與投資循環長度、管理者所有權程度以及董事會組成要素之關聯性。本研究亦證實單純考量特定公司特質對盈餘認列之不對稱性之影響將容易導致評估上的錯誤，而同時考量盈餘認列之不對稱性的組成要素 (即盈餘對於好、壞消息之反應)是必要的。實證結果顯示，加入非線性以及多期的概念後，穩健性與執行長持股程度、經理人持股程度、執行長持股之總市值、內部董事比例、執行長與董事長是否分離、董事會成員擔任內、外董事之總席次平均數以及機構投資人持股程度之關聯性之結果與過去文獻不同。整體而言，當文獻上多採用 Basu (1997) 盈餘認列之不對稱模式以衡量穩健性與特定公司特質之關連，本研究認為加入多期以及非線性之概念並且同時考量盈餘認列之不對稱性之組成要素後，對於穩健性與公司特質間之關係能有更深入的了解。

關鍵字

條件式穩健性 ； 盈餘認列之不對稱性 ； 非線性 ； 多期 ； 投資循環長度 ； 管理者所有權程度

並列摘要

This paper re-examines the relationships between accounting conservatism and investment cycle length, managerial ownership and board compositions by incorporating nonlinearity and multi-period lags introduced by Lin and Liu (2011). I also confirm that exclusively investigating the impacts on asymmetric timeliness is prone to have measurement errors and to investigate both components of asymmetric timeliness (earnings responses to good news and bad news) simultaneously is necessary. Empirical results show different tests compared to prior literatures in the relationships between conservatism and CEO ownership, executive ownership, dollar value of CEO ownership, percentage of inside directors, separation of CEO and the chairman of a board, the board size, average directorships held on a board and institutional ownership after I incorporate nonlinearity and multi-period lags into earnings-returns regression models. Overall, when a lot of studies utilize Basu (1997) measure to access the relationships between conservatism and firm characteristics, I believe when we consider these two important attributes of earnings and investigate both components of asymmetric timeliness, we can obtain more insight of conservatism compared to prior literatures.

並列關鍵字

Conditional conservatism ； Asymmetric timeliness ； Nonlinearity ； Multi-period lags ； Investment cycle length ； Managerial Ownership ； Inside Directors

參考文獻

Ahmed, A., Duellman, S., 2007. Evidence on the role of accounting conservatism in corporate governance. Journal of Accounting and Economics 43, 411–437.

Basu, S., 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24, 3–37.

Beaver, W.H., Ryan, S.G., 2005. Conditional and unconditional conservatism: concepts and modeling. Review of Accounting Studies 10, 269–276.

Chung, H.H., Wynn, J.P., 2008. Managerial legal liability coverage and earnings conservatism. Journal of Accounting and Economics 46, 135–153.

Garcia Lara, J.M., Garcia Osma, B., Penalva, F., 2009a. Accounting Conservatism and Corporate Governance. Review of Accounting Studies 14, 161–201.