Lucky CEOs and earnings quality

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姓名

張渝祥(Yu-Hsiang Chang) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

(Lucky CEOs and earnings quality)

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至系統瀏覽論文 (2025-7-1以後開放)

摘要(中)

本研究檢測經理人運氣對盈餘品質之影響為何，並且參考Daniel, Li, and Navven (2019)的方法取得經理人運氣這項變數。運氣較好的經理人為了維持過往的表現或績效而去做較多的盈餘管理，因此我們假設運氣較好之經理會對盈餘品質造成負面影響。我們的研究結果與假設為一致，運氣較好之經理人會對裁量性應計項目、實質盈餘管理和財報重編產生正面影響，另外會對盈餘持續性及實質盈餘管理品質產生負向影響。大致上，我們的實證結果顯示經理運氣與盈餘品質有負向關係。此外，我們比較沙賓法案前後，經理人運氣對盈餘品質影響之變化。本研究發現運氣較好之經理人除了在沙賓法案後持續操弄應計項目的盈餘，並且顯著的增加了實質盈餘管理。

摘要(英)

Our paper examines the causal relationship between earnings quality and lucky CEOs, and we obtain our measure, namely, lucky CEOs by Daniel, Li, and Navven (2019). We suggest that luckier CEOs are related to lower earnings quality. When CEOs′ performance is due to luck, they tend to enhance earnings management to maintain their performance. Our suggestion is consistent with results that lucky CEOs positively affect discretionary current accruals, real earnings management, and restatement. However, they negatively affect earnings persistence, and real earnings management quality. Our empirical evidence shows that managerial luck generally reduces earnings quality. Furthermore, we test the relationship between lucky CEOs and our earnings quality measure before and after the passage of the Sarbanes-Oxley Act (SOX). We find that lucky CEOs still manage earnings with accrual-based earnings management and conduct more real earnings management after the passage of SOX.

關鍵字(中)

★ 經理人運氣
★ 盈餘品質
★ 應計項目盈餘品質

關鍵字(英)

★ Lucky CEOs
★ Earnings quality
★ Accruals quality

論文目次

Chinese Abstract ⅰ
English Abstract ⅱ
Acknowledgements ⅲ
Contents ⅳ
List of Tables ⅵ
1. Introduction 1
2. Literature review 3
2-1. Earnings quality 3
2-2. Managerial characteristics 4
3. Data and methodology 5
3-1. Data 5
3-2. Variable definition 5
3-2-1. Lucky CEOs measure 5
3-2-2. Accrual-based earnings management measure 7
3-2-3. Real earnings management measure 8
3-2-4. Earnings persistence measure 9
3-2-5. Restatements measure 9
3-2-6. Accruals quality measure 10
3-2-7. Real earnings management quality measure 10
3-2-8. Control variable 11
3-3 Regression models 11
3-3-1. Accrual-based earnings management 11
3-3-2. Earnings persistence 12
3-3-3. Restatements 12
3-3-4. Accruals quality 13
3-3-5. Real earnings management 13
3-3-6. Real earnings management quality 14
3-3-7. Earnings quality in pre-SOX and post-SOX periods 15
4. Empirical results 16
4-1. Summary statistic 16
4-2. Accrual-based earnings management 17

4-3. Earnings persistence 17
4-4. Restatements 18
4-5. Accruals quality 18
4-6. Real earnings management 18
4-7. Real earnings management quality 19
4-8. Earnings quality in pre-SOX and post-SOX periods 19
5. Conclusion 21
References 22
Appendix A. Variable definitions 25
Appendix B. Correlation table 26

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指導教授

何柏欣(Po-Hsin Ho)

審核日期

2020-7-29

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