現金流量權、股權偏離對自願公告自結損益行為之影響

本研究探討現金流量權與股權偏離對自願公告自結損益行為之影響。實證結果發現，控制股東所掌握的現金流量權愈大對自願公告自結損益揭露具有正面影響，且一旦發佈其揭露品質之誤差愈小，會有較大的誘因做好一個有效的監督者與股東利益趨於一致。我們再進一步考慮影響現金流量權變數內生性的問題會導致係數估計的偏誤進行兩階段迴歸，實證結果與本文的假說亦得到穩固的支持。相較於現金流量權較大的公司，股權存有偏離時對自願公告自結損益揭露及揭露品質未達顯著水準，表示股權偏離對自願公告自結損益及揭露品質間沒有影響力。

關鍵字

現金流量權；股權偏離；自願公告自結損益

並列摘要

This study investigates the impact of cash flow rights and cash-vote divergence on the self-assessed income before tax behavior. We find that the controlling shareholder’s to master larger cash flow rights with a positive impact on the self-assessed income before tax, and once the release of its disclosure and the quality of the smaller error resulting in a greater incentive to do an effective supervisor in line with the interests of shareholders. We further consider the impact of cash flow rights of the endogenous variables whose problem will lead to bias coefficient estimates of a two-stage regression as well as empirical results with this hypothesis also received strong support. However, compared to larger cash flow rights of firms, the option when there is cash-vote divergence on the self-assessed income before tax and notice the quality below the level of significance revealed that will be expressed that firms with cash-vote divergence on the self-assessed income before tax and notice the quality no influence.

並列關鍵字

Cash-vote divergence ； The self-assessed income before tax ； Cash flow rights

參考文獻

金成隆、陳俞如，2006，公司治理與專利權：台灣新興市場，管理學報，第二十三卷第一期，頁99-124。

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Ajinkya, B., S. Bhojraj and P. Sengupta. 2005. The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research 43: 343-376.

國際替代計量

現金流量權、股權偏離對自願公告自結損益行為之影響

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