臺灣博碩士論文加值系統

本研究以2006至2008年台灣電子業上市(櫃)公司之CEO為樣本，探討CEO聲譽是否對企業盈餘品質造成影響。實證結果顯示CEO聲譽效果確實會影響其財務報導決策，且當CEO聲譽愈高時，其企業盈餘品質愈佳，支持效率契約假說之觀點。本研究進一步加入公司治理變數，發現公司治理並不影響企業之盈餘品質，表示高聲譽CEO能充分被信任與授權，訂定其財務報導決策，而非嚴密之監督，支持管家理論的觀點。本文也發現台灣家族企業，CEO聲譽對企業之盈餘品質會有顯著的正向影響，符合利益收斂假說理論，且外聘CEO相較於家族成員CEO，其聲譽與企業之盈餘品質更有顯著的正向關連。

Financial reporting credibility is important because decision-useful information is well appreciated by all market participants. This paper explores if CEO reputation matters to corporate financial reporting quality by examining their connections. The efficient contracting hypothesis suggests that reputed CEOs are associated with good earnings quality, while the rent extraction hypothesis argues the opposite. Empirical results indicate that reputed CEOs are associated with better earnings quality than less-reputed CEOs, supporting the efficient contracting hypothesis. In addition, this paper incorporates corporate governance variables to investigate their impact on earnings quality on firms helmed by reputed CEOs. Empirical findings indicate no significant effects, advocating the stewardship theory. In-depth analysis reveals that reputation effects are more pronounced in family firms for their strong incentive to protect longevity and reputation of the family. In the family firm context, non-family member CEOs is more sensitive to reputation than family member CEOs in providing higher quality earnings information. The results respond the public interest in knowing that CEO reputation matters to financial reporting quality.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究架構及流程 3
第二章 文獻回顧與假說發展 5
第一節 CEO聲譽 5
第二節 盈餘品質 10
第三節 CEO聲譽與盈餘品質 11
第四節 公司治理、CEO聲譽與盈餘品質 15
第五節 CEO聲譽、盈餘品質與家族企業 17
第六節 CEO聲譽、盈餘品質與CEO家族淵源 21
第三章 研究方法 25
第一節 研究期間與樣本選取 25
第二節 實證模型 26
第三節 變數定義 29
第四章 實證結果與分析 37
第一節 敘述性統計及相關分析 37
第二節 CEO聲譽與盈餘品質關係之實證結果 43
第三節 公司治理、CEO聲譽與盈餘品質 45
第四節 CEO聲譽、盈餘品質與家族企業關係之實證結果 47
第五節 CEO聲譽、盈餘品質與CEO家族淵源關係之實證結果 50
第六節 穩健性分析 55
第五章 研究結論與建議 59
第一節 研究結論 59
第二節 研究限制與建議 61
第三節 研究貢獻 62
參考文獻 63

圖目錄
圖 1-3-1 研究流程 3

表目錄
表2-1-1 CEO聲譽效果之相關文獻彙總 6
表2-3-1 聲譽及盈餘品質之相關文獻彙總 14
表2-5-1 家族企業與盈餘品質關係之相關文獻彙總 19
表3-1-1 樣本選取結果 25
表3-3-1 變數衡量及預期符號彙整表 36
表4-1-1 研究樣本之敘述統計 39
表4-1-2 家族企業與非家族企業樣本之差異性檢定 40
表4-1-3 家族成員CEO與外聘CEO之差異性檢定 40
表4-1-4 相關係數矩陣 42
表4-2-1 CEO聲譽與盈餘品質之迴歸分析結果 44
表4-3-1 CEO聲譽與盈餘品質之迴歸分析結果 46
表4-4-1 CEO聲譽與盈餘品質之迴歸分析結果-以家族企業為樣本 48
表4-4-2 CEO聲譽與盈餘品質之迴歸分析結果-以家族企業為樣本 49
表4-5-1 CEO聲譽與盈餘品質之迴歸分析結果-以家族成員CEO為樣本 51
表4-5-2 CEO聲譽與盈餘品質之迴歸分析結果-以家族成員CEO為樣本 52
表4-5-3 CEO聲譽與盈餘品質之迴歸分析結果-以外聘CEO為樣本 53
表4-5-4 CEO聲譽與盈餘品質之迴歸分析結果-以外聘CEO為樣本 54
表4-6-1 CEO聲譽與盈餘品質之迴歸分析結果-以家族企業為樣本 57
表4-6-2 CEO聲譽與盈餘品質之迴歸分析結果-以家族企業為樣本 58

一、中文部分
李永全與馬黛，2006，台灣家族公司負債融資成本之研究，管理評論，25，3，69-91。
李建然、吳祥華與廖秀梅，2006，董事會結構特性與公司績效關係之研究兼論台灣家族企業因素的影響，東吳經濟商學報，54，1，117-160。
林嬋娟、薛敏正與蘇逸穎，2002，預期盈餘與盈餘平穩化實證研究，證券市場發展季刊，14，1，139-148。
金成隆、林修葳與黃書楣，2000，國內現金增資企業盈餘管理之實證研究，中山管理評論，8，4，709-744。
倪衍森與廖容岑，2006，家族企業負債代理成本及股利政策之研究－以台灣上市公司為例，管理與系統，13，2，153-179。
周行一、陳錦村與陳坤宏，1996，家族企業、聯屬持股與公司價值之研究，中國財務學刊，4，1，115-139。
周家丞，2009，CEO聲譽對於企業績效與策略的影響，中國文化大學國際企業管理研究所碩士論文。
陸薏婷，2007，經理人名聲對公司宣告新產品上市之財富效果的影響，國立成功大學國際企業研究所碩士論文。
曾芊緹，2011，執行長聲譽對投資人是否相關? 來自債權人的證據，國立成功大學財務金融研究所碩士論文。
葉銀華、蘇裕惠、柯承恩與李德冠，2003，公司治理機制對於關係投資人交易的影響，證券市場發展季刊，15，4，69-106。
葉銀華，1998，家族控股集團與股票報酬共變性之實證研究，臺大管理論叢， 9，1，25-49。
葉銀華，1999，家族控股集團、核心企業與報酬互動之研究：台灣與香港證券市場之比較，管理評論，18，2，59-86。
楊朝旭，2004，產品市場競爭可否降低公司內部監理機制不佳所導致的代理成本？管理學報，21，2，153-73。
蘇淑慧、呂倩如與金成隆，2009，家族公司與盈餘品質關係之研究 : 所有權、管理權與控制權，臺大管理論叢，19，S2，35-70。
夏侯欣榮，2000，台灣增資新股（SEO）上市後長期績效之整體研究，管理評論，19，2，1-33。

二、英文部分
Abbott, L. J., Park, Y. and Parker, S. 2000. The effects of audit committee activity and independence on corporate fraud. Managerial Finance, 26, 11, 55-67.
Adams, R., Almeida H. and Ferreira, D. 2005. Powerful CEOs and their impact on corporate performance. Review of Financial Studies 18, 4, 1403-32.
Agrawal, A. and Chadha, S. 2005. Corporate governance and accounting scandals. Journal of Law and Economics, 48, 2, 371-406.
Agrawal, A. and Knoeber, C. R. 2001. Do some outside directors play a political role? Journal of Law and Economics. 44, 1, 179-98
Ali and Zhang. 2012. CEO tenure and earnings management. SSRN. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2060119.
Ali, A., Chen, T. Y. and Radhakrishnan, S. 2007. Copporate disclosures by family firm. Journal of Accounting and Economics, 44, 1-2, 238-286.
Anderson, R. and Reeb, D. M. 2004. Board composition: Balancing family influence in S&;P 500 firms. Administrative Sciences Quarterly, 49, 2, 209-237.
Anderson, R. C. and Reeb, D. M. 2003. Founding-family ownership and firm performance: Evidence from the S&;P 500. The Journal of Finance. 58, 3, 1301-1328.
Argyris, C. 1964. Integrating the Individual into the Organization, New York：Wiley and Sons.
Barber, B. M. and Qdean, T. 2001. Boys will be boys: Gender, overconfidence, and common stock investment. Quarterly Journal of Economics. 141, 116, 261-292.
Bartov, E., Gul, F. A. and Tsui, J. 2000, Discretionary-accrual Models and Audit Qualifications, Journal of Accounting and Economics, 30, 421-452.
Bernard, V. and Skinner, D. 1996. What motivates managers’ choice of discretionary accruals? Journal of Accounting and Economics, 22, 1-3, 313-25.
Bertrand, M. and Mullainathan. S. 2001. Are CEOs rewarded for luck? The ones without principals are. Quarterly Journal of Economics 116, 3, 901-32.
Black, F. 1986. Noise. Journal of Finance. 41, 529-543.
Bradford, D. J., Shleifer, A., Summers, L. H. and Waldmann, R. J. 1990. Noise trader risk in financial markets. Journal of Political Economy. 98, 4, 703-738.
Bricker, R., Previts, G., Robinson, T. and Young, S. 1995. Financial analyst assessment of company earnings quality. Journal of Accounting, Auditing and Finance, 10, 3, 541-554.
Byrne, J. A. 2002. How to fix corporate governance. Business Week, May 6, 69-78.
Chen, T. 2005. Executive compensation contracts of family firms. Working paper, University of Texas.
Cao, Y., Myers, L. A. and Omer, T. C. 2012. Does company reputation matter for financial reporting quality ? evidence from restatements. Contemporary Accounting Research. 28, 5, 1-35
Chatterjee, A. and Hambrick, D. C. 2007. It's all about me: Narcissistic Chief Executive Officers and their effects on company strategy and performance, 52, 3, 351-386.
Chen, G., Firth, M., Gao, D. N. and Rui, O. M. 2006. Ownership structure, corporate governance, and fraud : Evidence from China. Journal of Corporate Finance, 12, 3, 424-448.
Chen, K.Y. and Liu, J. L. 2010. Earnings management, CEO domination, and growth opportunities -evidence from Taiwan. International Journal of Public Information Systems, 2010, 1, 43-69.
Child, J. 1972. Organizational structure, environments and performance: The role of
strategic choice. Sociology. 6, 1, 1-22.
Chrsitman, J. J., Chua, J. H. and Litz, R. A. 2004. Comparing the Agency Cost of Family and Non-Family Firms. Entrepreneurship Theory and Practice, 28, 4, 335-54.
Davis, J. F., Schoorman, D. and Donaldson, L. 1997. Toward a stewardship theory of management. Academy of Management Review, 22, 1, 20-47.
DeAngelo, H., DeAngelo, L. and Skinner, D. J. 1994, Accounting Choice in Troubled Companies, Journal of Accounting and Economics, 17, 1-2, 113-143.
Dechow, P. and Dichev, I. D. 2002. The quality of accruals and earnings: The rule of accruals estimation errors. The Accounting Review, 77, 35-59.
Dechow, P., Sloan, R. and Sweeney, A. 1995. Detecting earnings management. The Accounting Review, 70, 2, 193-225.
Dechow, P. M., Sloan, R. G., and Sweeney, A. P. 1996. Causes and consequences of earnings manipulations: an analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research. 13, 1, 1-36.
Demsetz, H. and Lehn, K. 1985. The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93, 6, 1155-1177.
DeFond, M. L. and Jiambalvo. J. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics, 17, 145-176.
Donaldson, L. and Davis, J.H. 1991. Stewardship theory or agency theory : CEO governance and shareholder returns. Australian Journal of Management, 16, 49-64.
Eddleston, K. A., Kellermanns, F. W. and Sarathy, R. 2008. Resource Configuration in Family Firms: Linking Resources, Strategic Planning and Technological Opportunities to Performance. Journal of Management Studies, 45, 26–50.
Fama, E. 1980. Agency problems and the theory of the firm. Journal of Political Economy, 88, 2, 288-307.
Fama, E. and French, K. 1997. Industry costs of equity. Journal of Financial Economics, 43, 2, 153-93.
Fama, E. F. and Jensen, M. C. 1983. Separation of ownership and control. Journal of Law and Economics, 26, 2, 301-325.
Fan, J. P. H. and Wong, T. J. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33, 3, 401-425.
Fan, J. P. H., Wong, T. J. and Zhang, T. 2007. Asset specificity, accounting quality, and family succession. Working paper, The Chinese University of Hong Kong.
Farber, D. B. 2005. Restoring trust after fraud: does corporate governance matter? The Accounting Review, 80, 2, 539-561.
Ficha, E. M. and Shivdasani, A. 2007. Financial fraud, director reputation, and
shareholder wealth. Journal of Financial Economics. 86, 2, 306-336.
Francis, J., LaFond, R. Olsson, P. and Schipper, K. 2004. Costs of equity and earnings attributes. The Accounting Review, 79, 4, 967-1010.
Francis, J., Huang, A. H., Rajgopal, S. and Zang, A.Y. 2008. CEO Reputation and Earnings Quality. Contemporary Accounting Research, 25, 1, 109-147.
Francis, J., LaFond, R., Olsson, P. and Schipper, K. 2005. The market pricing of accruals quality. Journal of Accounting and Economics, 39, 2, 295-327.
Francis, J., Maydew, E. and Sparks, H. 1999. The role of big 6 auditors in the credible reporting of accruals. Auditing : A Journal of Practice and Theory, 18, 2, 17-34.
Francis, J., Schipper, K. and Vincent, L. 2005. Earnings and dividend informativeness when cash flow rights are separated from voting rights. Journal of Accounting and Economics, 39, 2, 329-360.
Gallo, M. A. and Vilaseca, A. 1996. Finance in family business. Family Business Review. 9, 387-401.
Gomes, A. 2000. Going public without governance: Managerial reputation effects. Journal of Finance. 55, 2, 615-646.
Garay, González and Molina, 2007. Firm performance and CEO reputation costs: new evidence from Venezuelan banks. Emerging Markets Finance and Trade. 43, 3, 16-33.
Graham, J. R., Harvey, C. R. and Rajgopal, S. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics. 40, 1-3, 3-73.
Guay, W. R., Kothari, S.P. and Watts, R. L. 1996. A market-based evaluation of discretionary accrual models. Journal of Accounting Research. 34, 83-105.
Healy P. 1985. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7, 1-3, 261-279.
Healy, P. M. and Palepu, K. G. 2001. Information asymmetry, corporate disclosure, and the capital market: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31, 3, 405-440.
Healy, P. M. and Wahlen, J. M. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13, 363-383.
Hermalin, B. E. and Weisbach, M. S. 1988. The determinants of board composition. Rand Journal of Economics, 19, 4, 589-606.
Huson, M., P. Malatesta, and Parrino. R. 2004. Managerial succession and firm performance. Journal of Financial Economics, 74, 2, 237-75.
Jensen, M. C. and Meckling, W. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 4, 305-360.
Jensen, M. C. and Ruback, R. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics. 11, 1-4, 5-50.
Jian, M. and Lee, K. W. 2011. Does CEO reputation matter for capital investments? Journal of Corporate Finance. 17, 4, 929-946.
Jiraporn, P. and DaDalt, P. J. 2009. Does founding family control affect earnings management? Applied Economics Letters. 16, 2, 113-119.
Jiang, J. X. 2007. Causes and consequences of discretionary financial reporting : Evidence from corporate governance, cost of capital and firm performance. Journal of Management 24, 1, 373-397.
Jones J. J. 1991. Earnings management during import relief investigation. Journal of Accounting Research, 29, 2, 193-228.
Kao, L. and Chen. A. 2004. The effects of board characteristics on earnings management. Corporate Ownership and Control, 1, 3, 96-107.
Kasznik, R. 1999. On the association between voluntary disclosure and earnings management. Journal of Accounting Research. 37, 1, 57-81.
Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics. 33, 3, 375-400.
Kothari, S. P., Leone, A. J. and Wasley, C. E. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39, 1, 163-197.
Kreps, D., P. Milgrom, J. Roberts, and R. Wilson. 1982. Rational cooperation in the finitely repeated prisoner’s dilemma. Journal of Economic Theory 27, 2, 245-82.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A.1999. Corporate ownership around the world. Journal of Finance. 54, 2, 471-517.
Larcker, D. and Richardson, R. 2004. Fees paid to audit firms, accrual choices, and
corporate governance. Journal of Accounting Research, 42, 3, 625-658.
Lev, B. and Thiagarajan, S. R. 1993. Fundamental information analysis. Journal of Accounting Research, 31, 2, 190-215.
Lipe, R., 1990. The relation between stock returns and accounting earnings given alternative information. The Accounting Review, 65, 1, 49-71.
Lobo, G. J. and Zhou, J. 2001. Disclosure quality and earnings management. Asia-Pacific Journal of Accounting &; Economics. 8, 1, 1-20.
Marquardt, C. A. and Wiedman, C. I. 2004. The effect of earnings management on the value relevance of accounting information. Journal of Business Finance and Accounting, 31, 3, 297-330.
Malmendier, U. and Tate, G. 2009. Superstar CEOs. The Quarterly Journal of Economics, 124, 4, 1593-1638.
Matsunaga, S. R. and C. W. Park, 2000. Does the CEO bear a cost from missing a earnings target? Working paper, University of Oregon and Hong Kong University of Science and Technology.
McKnight, P. J. and Charlie, W. 2009. Agency Costs, Corporate Governance Mechanisms and Ownership Structure in Large UK Publicly Quoted Companies : A Panel Data Analysis. Quarterly Review of Economics and Finance, 49, 2, 139-158.
Meltem, G. 2009. The Evolution of Corporate Governance Mechanisms after Going Public : Evidence from Turkish Panel Data. International Journal of Economic Perspectives, 3, 1, 59-82.
Milbourn, T. 2003. CEO reputation and stock-based compensation. Journal of Financial Economics, 68, 2, 233-62.
Miller, Breton-Miller and Scholnick, 2007. Stewardship vs. Stagnation: An empirical comparison of small family and non-family businesses. Journal of Management Studies,
45, 1, 51–78.
Mok, H. M., Lam, K., and Cheung, I. 1992. Family control and return covariation in Hong Kong's common stocks. Journal of Business Finance and Accounting, 19, 2, 277-293.
Morck, R. K., Shleifer, A. and Vishny, R. W. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 1-2, 293-315.
Palia, D. and Ravid, S. A. 2002. The role of founders in large companies: Entrenchment or valuable human capital? Working Paper, Rutgers University.
Parrino, R. 1997. CEO turnover and outside succession: A cross-sectional analysis. Journal of Financial Economics. 46, 2, 165-97.
Peasnell, K. V., Pope, P. F. and Young, S. 2005. Board monitoring and earnings management：Do outside directors influence abnormal accruals？Journal of Business Finance and Accounting, 32, 7-8, 1311-1345.
Penman, S. H. and Zhang, X. J. 2002. Accounting conservatism, the quality of earnings, and stock returns. The Accounting Review, 77, 2, 237-264.
Prencipe, A., Markarian, G. and Pozza, L. 2008. Earnings management in family firms: Evidence from R&;D cost capitalization in Italy. Family Business Review. 21, 71-88.
Puffer, S. M. and Weintrop, J. B. 1991. Corporate performance and CEO turnover: The role of performance expectation. Administrative Science Quarterly. 36, 1-19.
Rajgopal, S., Shevlin, T. and Zamora. V. 2006. CEOs’ outside employment opportunities and the lack of relative performance evaluation in compensation contracts. The Journal of Finance. 61, 4, 1813-44.
Rangan, S. 1998. Earnings management and the performance of seasoned equity offerings. Journal of Financial Economics, 50, 1, 101-122.
Reed, R. and DeFillippi, R. J. 1990. Causal ambiguity, barriers to imitation and sustainable competitive advantage. Academy of Management Review, 15, 1, 88-102.
Reynolds, J. K. and Francis, J. R. 2001. Does size matter ? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics, 30, 3, 375-400.
Rosenblatt, P. C., Demik, L., Anderson, R. M. and Johnson, P. A. 1985. The family in business：Understanding and dealing with the challenges entrepreneurial families face. Sanfrancisco：Jossey-Bass.
Rutherford, M. A. and Buchholtz, A. K. 2007. Investigating the relationship between board characteristics and board information. Corporate Governance: An International Review, 15, 4, 574-584.
Schulze,W., Lubatkin, M. and Dino, R. 2003. Toward a theory of agency and altruism in family firms. Journal of Business Venturing. 18, 4, 473-490.
Shleifer, A. and Vishny, R. W. 1986. Large shareholders and corporate control. Journal of Political Economy, 94, 3, 461-488.
Solomon, J. F., Lin, S. W., Norton S. D. and A. Solomon, 2003. “Corporate Governance in Taiwan : Empirical Evidence from Taiwanese Company Directors.” Corporate Governance, 11, 235-248.
Steier, L. P., Chrisman, J. J. and Chua, J. H. 2004. Entrepreneurial management and governance in family firms: An introduction. Entrepreneurship Theory and Practice, 28, 4, 295-303.
Tsai, W. H., Hung, J. H., Kuo, Y. C. and Kuo, L. 2006. CEO tenure in Taiwanese family and nonfamily firms: A agency theory perspective. Family Business Review, 19, 1, 11-28.
Tucker, J. W. and Zarowin, P. A. 2006. Does income smoothing improve earnings informativeness. The Accounting Review, 81, 251-270.
Villalonga, B. and Amit, R. 2006. How do family ownership, management, and control affect firm value？ Journal of financial Economics, 80, 2, 385-417.
Wang, D. 2006. Founding family ownership and earnings quality. Journal of Accounting Research, 44, 3, 619-656.
Watts, R. L. and Zimmerman, J. L. 1978. Towards a positive theory of the determination of accounting standards. The Accounting Review. 53,1, 112-134.
Weber, J., Lavelle, L., Lowry, T., Zellner, W. and Barrett, A. 2003. Family Inc. Business Week, November. 10, 100-110.
Weisbach, M. 1988. Outside directors and CEO turnover, Journal of Financial Economics, 20, 431-460.
Weisbach, M. 1995. CEO turnover and firm’s investment decisions. Journal of Financial Economics. 37, 2, 159-88.
Xie, B., Davidson, W. N. and DaDalt. P. J. 2003. Earnings management and corporate governance：The role of the board and the audit committee. Journal of Corporate Finance, 9, 2, 295-316.
Yang, M. L. 2010. The impact of controlling families and family CEOs on earnings management. Family Business Review, 2010, 23, 266-279.
Young, C. S. and Tsai, L. C. 2008. The sensitivity of compensation to social capital: Family CEOs vs. nonfamily CEOs in the family. Journal of Business Research, 61, 4, 363-374.
Zhao, R. and Millet-Reyes, B. 2007. Ownership structure and accounting information content: Evidence from France. Journal of International Financial Management &; Accounting. 18, 3, 223-46.
Zahra, S. A. and Pearce, J. A. 1989. Boards of directors and corporate financial performance：A review and integrative model. Journal of Management,15,2, 291-334.