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

標題:Corporate Governance, Earnings Management, and Firm Performance: An Endogenous Switching Regression Model
學年100
學期1
發表日期2011/09/26
作品名稱Corporate Governance, Earnings Management, and Firm Performance: An Endogenous Switching Regression Model
作品名稱(其他語言)
著者Tang, Hui-wen; Chang, Chong-Chuo
作品所屬單位淡江大學保險學系
出版者
會議名稱World Business, Economics and Finance Conference
會議地點Bangkok, Thailand
摘要This paper employs an endogenous switching regression model (ESRM) to investigate the relation between earnings management and firm performance under different governance status. We find that both discretionary accruals (DA) and discretionary current accruals (DCA) have a significantly negative impact on ROA and Tobin’s Q for firms classified as into a weak governance regime. The results imply that these firms suffer severe agency problems and information asymmetry. Thus, corporate managers of the regime are likely to window dress earnings through accounting discretion, resulting in a reversal of operating performance and stock returns in subsequent periods. On the contrary, we find that DA and DCA are positive and significant associated with ROA and Tobin’s Q in the strong governance regime. These findings imply that the managers of a strong governance firm would select accounting policies that best reflect economic events, transactions and cash-flow. Therefore, the choice of accounting method under good corporate governance does not harm firm performance but increase firm value. It is also interesting to note that managers prefer to use DCA to window dress financial figures than DA, leading to a more serious reversal of firm value in the next period.
關鍵字
語言英文
收錄於
會議性質國際
校內研討會地點
研討會時間20110926~20110927
通訊作者湯惠雯
國別泰國
公開徵稿Y
出版型式電子版
出處World Business, Economics and Finance Conference
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