博碩士論文 984210009 詳細資訊




以作者查詢圖書館館藏 以作者查詢臺灣博碩士 以作者查詢全國書目 勘誤回報 、線上人數:41 、訪客IP:54.198.200.128
姓名 盧冠佑(Guan-you Lu)  查詢紙本館藏   畢業系所 會計研究所
論文名稱 審計委員會財務專家與CEO誘因薪酬:對公司績效與盈餘管理之影響
(Audit Committee Financial Expertise and CEO Incentive Pay:The Impact of Firm Performance and Earnings Management)
相關論文
★ 申請首次公開發行過程分析 -以LED 產業之A 公司為例★ 探討美元匯率與臺股指數變化之關係
★ 台灣血糖檢測儀產業的商業模式探討 -以產業領導廠商為例★ 台灣上市公司董監薪酬與公司績效之關聯性 -以電子零組件產業為例
★ 企業資源規劃系統-典型ERP與非典型ERP之比較★ 執行長誘因獎酬,會計師特性:沙賓法案前後期
★ 財務壓力、審計與薪酬委員會成員重疊與審計品質對盈餘管理之影響:真實與應計盈餘管理★ 盈餘壓力,財務專家對盈餘管理之影響:應計盈餘管理與實質盈餘管理
★ 公司治理、高階經理人薪酬與企業績效敏感度之關連性★ 強制設置薪酬委員會對高階經理人薪酬與企業績效關係之影響
★ 獨立董事特性、高階經理人現金薪酬 與會計績效表現之關聯性★ 高階經理人誘因薪酬與審計與薪酬委員會成員重疊對公司生產效率之影響
★ 審計委員會與薪酬委員會成員重疊在經理人權益薪酬與企業風險承擔關係中扮演之角色★ 合併報表與母公司報表之資訊差異對盈餘持續性之影響
★ 雙簽制度下產業專精對查核任期與會計重編間關係之影響★ 上市IPO之盈餘管理與審計品質
檔案 [Endnote RIS 格式]    [Bibtex 格式]    [相關文章]   [文章引用]   [完整記錄]   [館藏目錄]   至系統瀏覽論文 ( 永不開放)
摘要(中) 在實施沙賓法案後美國證期局規定公開發行公司審計委員會應至少有一位財務專家。本篇研究欲檢視審計委員會財務專家及CEO誘因薪酬對於公司績效及盈餘管理之影響。我們使用2005至2007共計2756筆樣本觀察值包含審計委員會財務專家、CEO誘因薪酬、董事會特質及公司特質的資料。研究結果顯示當審計委員會財務專家之人數越多及占審計委員會的比例越高與盈餘管理呈負向關係,而對於公司績效及未受操縱盈餘皆呈正向關係。根據結果我們認為審計委員會財務專家透過具專業性的監督能夠藉由降低盈餘管理提高財務報導的品質,進而透過監督令CEO能夠專注於公司的經營管理上並增加公司的真實績效。另一方面,我們也發現給予越多CEO誘因薪酬的公司會導致CEO從事更多盈餘管理,此外也發現CEO誘因薪酬和未受操縱盈餘無關聯性。實證結果支持審計委員會財務專家能夠有助公司減輕盈餘管理進而增加公司績效之公司治理機制以及CEO誘因薪酬使CEO為增加自我財富而窗飾財務報表,也顯示給予較多CEO誘因薪酬對於公司真實績效並無幫助。
摘要(英) Due to SOX 407, SEC requires public traded company to have at least one member with financial background on audit committee. We examine the impact of the audit committee financial expertise and CEO incentive pay on unmanaged performance eliminated the effect of earning management from firm performance. In this paper we use 2756 firms included audit committee financial expertise data, CEO incentive pay, board characteristics and firm characteristics. We find a negative relation between the number and ratio of financial expertise on audit committee and discretionary accruals and a positive relation between the number and ratio of financial expertise on audit committee and unmanaged performance. Firm with more financial expertise on audit committee can enhance the quality of financial report and through the monitoring of financial expertise on audit committee CEO can pay more attention to firm operation. Moreover, we find a positive relation between CEO incentive pay and discretionary accruals and no relation between CEO incentive pay and unmanaged performance. Therefore, our results show audit committee with financial expertise can be a good corporate governance mechanism to ease the earnings management and better firm performance, and we indicate CEO given more incentive pay will increase firm performance by using discretionary accruals and they do no good to unmanaged performance.
關鍵字(中) ★ 審計委員會財務專家
★ 執行長之誘因薪酬
★ 審計委員會特質
★ 沙賓法案
關鍵字(英) ★ Sarbanes-Oxley Act
★ audit committee characteristics
★ audit committee financial expertise
★ CEO incentive pay
論文目次 Contents
ABSTRACT IN CHINESE I
ABSTRACT II
ACKNOWLEDGEMENTS III
CONTENTS IV
LIST OF TABLES V
1 INTRODUCTION 1
2 PRIOR EMPIRICAL LITERATURES 5
2.1 CORPORATE GOVERNANCE MECHANISMS 5
2.2 BOARD CHARACTERISTICS 6
2.3 CEO INCENTIVE PAY 8
2.4 EARNINGS MANAGEMENT 8
2.5 CEO CHARACTERISTICS 9
2.6 SUMMARY 9
3 HYPOTHESES DEVELOPMENT 10
4 DATA AND METHODOLOGY 13
4.1 SAMPLE 13
4.2 SAMPLE DISTRIBUTION 13
4.3 VARIABLE DEFINITION 18
4.4 DISCRETIONARY ACCRUALS 14
4.5 FIRM PERFORMANCE 16
4.6 INCENTIVE RATIO 16
4.7 AUDIT COMMITTEE FINANCIAL EXPERTISE 17
4.8 OTHER BOARD CHARACTERISTICS 17
4.9 CONTROL VARIABLES 18
4.10 METHODOLOGY 20
5 EMPIRICAL RESULT 23
5.1 DESCRIPTION STATISTICS 23
5.2 MULTIVARIATE ANALYSIS 27
6. ROBUSTNESS CHECK 34
7 CONCLUSION 42
REFERENCE 43
參考文獻 Alderfer, C.P., 1986. “The invisible director on corporate boards.” Harvard Business Review 64, 38–52
Anderson, R., Mansi, S., Reeb, D., 2004. “Board characteristics, accounting report integrity, and the cost of debt.” Journal of Accounting and Economics 37, 315-342.
Ameer, R., Ramli, F., Zakaria, H., 2010. “A new perspective on board composition and firm performance in an emerging market.” Corporate governance 10, 647-661
Bédard, J., Chtourou M., S., Courteau, L., 2004. “The effect of audit committee expertise, independence, and activity on aggressive earnings management.” Auditing: a Journal of practice&theory 23, 13–35
Bergstresser, D., Philippon T., 2006. “CEO incentives and earnings management: evidence from the 1990s.” Journal of Financial Economics 80, 511–529.
Bergstresser, D., Desai, M. Rauh, J., 2006. “Earnings manipulation, pension assumptions, and managerial investment decisions.”Quarterly Journal of Economics 121,157–195.
Blue Ribbon Committee (BRC), 1999. Report and recommendations of the blue ribbon committee on improving the effectiveness of corporate audit committees. New York, NY: New York Stock Exchange and National Association of Securities Dealers.
Bradbury M., Mak, Y. T., Tan, S. M., 2006. “Board characteristics, audit committee characteristics and abnormal accruals.” Pacific Accounting Review18, 47 - 68
Brick, I. E., Chidambaran, N.K., 2010. “Board meetings, committee structure, and firm value.” Journal of Corporate Finance16,533-553
Brown, L. D., Caylor, M. L., 2006. “Corporate governance and firm valuation.” Journal of Accounting and Public Policy 25, 409-434
Burns, N., Kedia S., 2006. “Do executive stock options generate incentives for earnings management? Evidence from accounting restatements.” Journal of Financial Economics79, 35-72.
Carcello, J. V., Hollingsworth, C. W. Klein A., 2006. “Audit committee financial expertise, competing corporate governance mechanisms, and earnings management.” NYU Working Paper.
Cheng, Q., Warfield, T.D., 2005. “Equity incentives and earnings management.” Accounting Review 80, 441-476.
Conyon, M. J., He L., 2008. “Executive compensation and CEO equity incentives in china’s listed firms.” Working Paper.
Core, J., Guay, W., 1999. “The use of equity grants to manage optimal equity incentive levels.” Journal of Accounting and Economics 28, 151-184.
Cornett, M.M., Marcus, A.J., Tehranian, H., 2008. “Corporate governance and pay-for-performance: the impact of earnings management.” Journal of Financial Economics 87, 357-373.
Dalton, D., Daily, C., Johnson, J., Ellstrand, A., 1999. “Number of directors and financial performance: a meta-analysis.” Academy of Management Journal 42, 674-686.
Dechow, P.M., Sloan, R.G., Sweeney, A.P., 1995. “Detecting earnings management.” Accounting Review 70, 193-226.
DeZoort, T., Salterio, S. E., 2001. “The effects of corporate governance experience and financial reporting and audit knowledge on audit committee members' judgments.” Auditing: A Journal of Practice & Theory 20,31-47.
Eisenberg, T., Sundgren, S., Wells, M., 1998. “Larger board size and decreasing firm value in small firms.” Journal of Financial Economics 48, 35-54.
Hanlon, M., 2003. “The persistence and pricing of earnings, accruals, and cash flows when firms have large book-tax differences.” The Accounting Review 80,137-166
Healy, P.M., Wahlen, J.M. 1999. “A review of the earnings management literature and its implications for standard setting.” Accounting Horizons 13, 365-383.
Jensen, M. 1993. “The modern industrial revolution, exit, and the failure of internal control systems.” Journal of Finance 48, 831-880.
Jensen, M. C., Meckling, W. H.,1976. “Theory of the firm: managerial behavior, agency costs and ownership structure. ”Journal of Financial Economics 3, 305-360 .
Jones, J. 1991 “Earnings management during import relief investigations.” Journal of Accounting Research 29, 193-228.
Kalbers, L., Fogarty, T., 1993. “Audit committee effectiveness: An empirical investigation of the contribution of power.” Auditing: A Journal of Practice & Theory (Spring), 24-49.
Klein, A. 2002. “Audit committee, board of director characteristics, and earnings management.” Journal of Accounting and Economics 33, 375-400.
Kothari, S.P., Leone, A.J., Wasley, C.E., 2005. “Performance matched discretionary accrual measures.” Journal of Accounting and Economics 39, 163-197.
Krishnan, J., 2005. “Audit committee quality and internal control: An empirical analysis.” The Accounting Review 80, 649-678.
Krishnan, G. V., Visvanathan, G., 2008. “Does the SOX definition of an accounting expert matter? The association between audit committee directors' accounting expertise and accounting conservatism.” Contemporary Accounting Research 25, 827-858.
Lin J.W., Li J. F., Yang J. S., 2006. “The effect of audit committee performance on earnings quality.” Managerial Auditing Journal 21, 921-933.
Lipton, M., Lorsch, J., 1992. “A modest proposal for improved corporate governance.” Business Lawyer 1, 59-77.
Meek G. K., Rao, R. P., Skousen, C. J., 2007 “Evidence on factors affecting the relationship between CEO stock option compensation and earnings management.” Review of Accounting and Finance 6,304-323
Mehran, H., 1995. “Executive compensation structure, ownership, and firm performance.” Journal of Financial Economics 38 ,163-184.
Morgan, A., Poulsen, A., 2001. “Linking pay to performance-compensation proposals in the S&P 500.” Journal of Financial Economics 62, 489-523.
PricewaterhouseCoopers and Corporate Board Member, 2005. “What directors think annual survey.”
Pincus, K., M. Rusbarsky, Wong, J., 1989. “Voluntary formation of corporate audit committees among NASDAQ firms.” Journal of Accounting and Public Policy 8, 239-265.
Stanwick, P. A., Stanwick, S. D., 2010. “The relationship between corporate governance and financial performance: an empirical study of Canadian firms.” The Business Review, Cambridge 16, 35-42
Rahman, R.A., Ali F. H. M., 2006. “Board, audit committee, culture and earnings management: Malaysian evidence.” Managerial Auditing Journal 21, 783-804.
Shleifer, A., Vishny, R., 1997. “A survey of corporate governance.” Journal of Finance 52, 737-783.
Smith, C., Stulz, R., 1985. “The determinants of firms hedging policies.” The Journal of Financial and Quantitative Analysis 20, 391-405.
Smith, G., Swan, P. L., 2008. “The road to riches: CEO incentives and firm performance.” Working paper.
Steinberg, R. M. 2005. “Rules and expectations: What’s an audit committee to do? ” Compliance Week May, 65-66.
Securities and Exchange Commission (SEC), 2002. Proposed Rule: Disclosure required by sections 404, 406 and 407 of the Sarbanes-Oxley Act of 2002 Release.
Vafeas, N., 2005. “Audit committees, boards, and the quality of reported earnings.” Contemporary Accounting Research 22, 1093-1122
Vafeas N., Waegelein, J. F., 2007. “The association between audit committees, compensation incentives, and corporate audit fees.” Review of Quantitative Finance and Accounting 28, 241-255.
Xie, B., Davison, W.N. III., DaDAlt, P.J., 2001. “Earnings management and corporate governance: The roles of the board and the audit committee.” Journal of Corporate Finance 9, 295-316
Warfield, T.D. Wild, J.J., Wild, K.L., 1995. “Managerial ownership, accounting choices, and informativeness of earnings.” Journal of Accounting and Economics 20,61-91.
Yermack, D., 1996. “Market valuation of companies with a small board of directors.” Journal of Financial Economics 4, 185-211.
Zhang, Y, Zhou, J., Zhou. N., 2007. “Audit committee quality, auditor independence and internal control weaknesses.“ Journal of Accounting and Public Policy 26, 300-327.
指導教授 盧佳琪(Chia-chi Lu) 審核日期 2011-7-4
推文 facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu   
網路書籤 Google bookmarks   del.icio.us   hemidemi   myshare   

若有論文相關問題,請聯絡國立中央大學圖書館推廣服務組 TEL:(03)422-7151轉57407,或E-mail聯絡  - 隱私權政策聲明