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研究生:施惠慈
研究生(外文):Hui-Tzu Shih
論文名稱:公司治理、績效薪資與分析師報導:對盈餘管理的影響
論文名稱(外文):Corporate governance, pay-for-performance and analyst coverage: The impact of earnings management
指導教授:夏侯欣榮夏侯欣榮引用關係
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:英文
論文頁數:41
中文關鍵詞:公司治理績效薪資分析師報導盈餘管理
外文關鍵詞:Corporate governancePay-for-performanceAnalyst coverageEarnings management
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  • 被引用被引用:0
  • 點閱點閱:322
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  • 收藏至我的研究室書目清單書目收藏:3
本文主要研究在控制公司治理與績效薪資之下,分析師報導是否對於公司管理階層仍有額外的監督效果。本篇樣本包含標準普爾1500之組成,樣本期間為2001至2006年。為了更精確的衡量盈餘管理,本文使用延伸修正後Jones模型來估計裁量性應計項目。實證結果顯示,當考慮公司治理與績效薪資對盈餘管理的影響之下,分析師報導對於公司管理階層有額外的監督效果,可有效使公司管理當局減少對盈餘的操弄。
This study examines whether, after controlling the influence of corporate governance and pay-for-performance on earnings management, analyst coverage still have extra effect to monitor the executives in companies and to reduce the problem of the earnings management or not. The sample in this research is the component of Standard & Poor 1500 and the sample period is during 2001-2006. To do more accurate measure of earnings management, I use the extended modified Jones model to estimate discretionary accruals. The empirical result suggests that analyst coverage have extra influence of monitor on the executives in companies to reduce earnings management after controlling the effect of corporate governance and pay-for-performance on earnings management.
I. Introduction 1
II. Literature Review and Hypotheses Development 3
II.1 Earnings Management and Corporate Governance 3
II.2 Earnings Management and Pay-for-Performance 4
II.3 Earnings Management and Analyst Coverage 5
III. Data Description 6
III.1 Sample Selection 6
III.2 Variable Definition 8
III.2.1 The Discretionary Accruals Proxy 8
III.2.2 Analyst Coverage 11
III.2.3 Executive Incentives 12
III.2.4 Corporate Governance Variables 13
III.2.4.1 Governance index 13
III.2.4.2 The fraction of independent directors on the board 13
III.2.4.3 The board size 14
III.2.4.4 CEO/Chairman duality 14
III.2.4.5 The age and tenure of CEO 15
III.2.4.6 Number of institution and institutional ownership 15
III.2.4.7 Director stock and/or option ownership 15
III.2.4.8 The average age of board directors 16
III.2.5 Control variables 16
III.3 Summary statistics 17
IV. Methodology 18
V. Empirical Results 19
VI. Additional Results 22
VII. Conclusions 23
VII. Reference 24
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