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:Can Corporate Governance Discipline Opportunistic Earnings Management during IPO Process?
學年100
學期1
出版(發表)日期2012/01/01
作品名稱Can Corporate Governance Discipline Opportunistic Earnings Management during IPO Process?
作品名稱(其他語言)
著者Tang, Hui-wen
單位淡江大學保險學系
出版者Inderscience Enterprises
著錄名稱、卷期、頁數International Journal of Revenue Management 6(3/4), pp.199-220
摘要This study investigates whether corporate governance can discipline opportunistic earnings management during IPO process and thus enhance long-run stock returns. Using a sample of IPOs in Taiwan, the study shows that there is a negative relation between pre-IPO discretionary current accruals (DCA) and post-issue stock performance. These findings suggest that though corporate managers might mislead the market by accrual management during IPO process, such as accelerating the recognition of revenues or deferring expenses, issuers cannot always manipulate accounting discretion to sustain their earnings. Most importantly, the results of the study demonstrate that corporate governance can deter the abuse of accounting discretion during IPO process, and thus reduce potential losses of investors who were temporarily deceived by opportunistic earnings management. Notably, in family-controlled firms, increasing institutional ownership or the presence of venture capitalists will aggravate stock reversal due to earnings management, which is different from the supervising effect on non-family controlled firms.
關鍵字corporate governance;opportunistic earnings management;family control;initial public offerings;IPOs;stock performance;revenue management;long–run stock returns;Taiwan;discretionary current accruals;post–issue stock performance;accrual management;accounting discretion;family firms
語言英文
ISSN1474-7332;1741-8186
期刊性質國外
收錄於
產學合作
通訊作者
審稿制度
國別英國
公開徵稿
出版型式,電子版,紙本
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