教師資料查詢 | 類別: 期刊論文 | 教師: 湯惠雯 Hui-wen Tang (瀏覽個人網頁)

標題:Insider Trading, Accrual Abuse, and Corporate Governance in Emerging Markets - Evidence from Taiwan
學年102
學期1
出版(發表)日期2013/09/01
作品名稱Insider Trading, Accrual Abuse, and Corporate Governance in Emerging Markets - Evidence from Taiwan
作品名稱(其他語言)內部人交易應計項目濫用與公司治理在新興市場中的關係
著者Tang, Hui-wen; Anlin Chen; Chang, Chong-Chuo
單位淡江大學保險學系
出版者Amsterdam: Elsevier BV * North-Holland
著錄名稱、卷期、頁數Pacific-Basin Finance Journal 24, pp.132-155
摘要This study investigates the endogenous relationship between abnormal insider trading and accrual abuse, and explores whether corporate governance affects this relationship. Our results suggest that insiders take advantage of private information on abnormal accruals to time their trading and manipulate accruals opportunistically to mislead the stock market prior to their planned trading. More important, we find that the abuse of inside information for stock trading becomes more serious when a firm's ultimate controller has a great divergence of control rights (or seat-control rights) from cash flow rights. We also find that higher family ownership and control, increased managerial ownership, or a dual leadership structure not only induces more private information trading prior to financial reports disclosure, but also
intensifies accrual abuse for future trading. The results for composite governance indices are also consistent with our expectation. Taken together, our evidence suggests that a poor corporate governance system interacts with abnormal insider trading and abnormal accruals, thereby aggravating insider expropriation on outside investors.
關鍵字Abnormal accruals;Control rights;Corporate governance;Earnings management;Family control;Insider trading
語言英文
ISSN0927-538X
期刊性質國外
收錄於SSCI;
產學合作
通訊作者Tang, Hui-wen
審稿制度
國別荷蘭
公開徵稿
出版型式,紙本
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