論文使用權限 Thesis access permission：校內校外均不公開 not available
校內 Campus：永不公開 not available
校外 Off-campus：永不公開 not available
How Corporate Governance Mitigates the Abuse of Earnings Management：The Perspective of Firm Performance
Number of pages
高蘭芬, 周建新, 江明憲
Lanfeng Kao; Jian-Hsin Chou; Min-Hsien Chiang
Date of Exam
Date of Submission
Earnings management, Firm performance, Accounting discretion, Accounting accruals, Corporate governance
本論文已被瀏覽 5750 次，被下載 0 次
The thesis/dissertation has been browsed 5750 times, has been downloaded 0 times.
Earnings management can be used to respond to a variable economics environment to improve firm performance under efficient contracting perspective but earnings management can also be abused to hurt a firm’s performance under opportunistic behavioral perspective. Investors, therefore, have difficulty to understand and know about the purpose of earnings management, especially for firms in Taiwan that are very likely to engage in earnings management due to poor governance. Although numerous literatures have shed light on managers’ incentives on earnings management and the effects of earnings management on firm performance, little attention has been devoted to disentangle the relation among corporate governance, earnings management and firm performance.
The purpose of this dissertation is to unravel manager’s intension on earnings management and to clarify whether proper governance can alleviate the abuse of earnings management and, therefore, enhance firm performance. Without distilling the effect of corporate governance on earnings management, the empirical results indicate that there is an inverse relation between earnings management and firm performance, implying that managers are more likely to exploit the latitude of earnings management to mislead investors and gain opportunistic profit. This dissertation further examines the relation between earnings management and the features of corporate governance including ownership structure and board characteristics. These results show that stronger corporate governance can effectively reduce the abuse of earnings management. Furthermore, this dissertation provides the evidence that the relation between earnings management and firm performance is improved when the use of earnings management is monitored under proper governance.
目次 Table of Contents
Table of Content
Table of Content iv
Lists of Figure and Tables vi
Chapter 1 Introduction 1
1.1 Background 1
1.2 Rationale 4
1.3 Structure 9
Chapter 2 Literature Review 10
2.1 Earnings Management Incentives 10
2.2 Earnings Management and Performance 18
2.3 Corporate Governance and Earnings Management 20
2.4 Remarks 31
Chapter 3 Data and Methodology 33
3.1 Data and Sample Selection 33
3.2 Variable Measurement 33
3.3 Data Description and Correlation Analysis 42
3.4 Research Design 45
Chapter 4 Earnings Management and Firm Performance 48
4.1 The Models 48
4.2 Empirical Results 52
4.3 Additional Test 53
Chapter 5 Corporate Governance and Earnings Management 55
5.1 The Model 55
5.2 Empirical Results 58
5.3 Additional Test 61
Chapter 6 Earnings Management under Governance and Firm Performance 62
6.1 The Models 62
6.2 Empirical Results 66
6.3 Additional Test 67
Chapter 7 Conclusions and Suggestions 72
7.1 Conclusions 72
7.2 Limitation of Research 74
7.3 Suggestion for Further Research 75
Figure and Tables 85
List of Figure and Tables
Figure 3-1 The Framework of Methodology 85
Table 3-1 Sample Selection process 86
Table 3-2 Variable Definitions 87
Table 3-3 Descriptive Statistics for Earnings Management, Governance Variables, Economics Determinants, and Performance Measures 88
Table 3-4 Descriptive Statistics for Earnings Management and Earnings Management under Governance 90
Table 3-5 Spearman Correlation for Abnormal Accrual, Governance Variables and Economics Variables 91
Table 4-1 Relation between Accounting Performance and Earnings Management 93
Table 4-2 Relation between Stock Performance and Earnings Management 94
Table 4-3 Association between Earnings Management and Subsequent Accounting Performance 95
Table 4-4 Association between Earnings Management and Subsequent Stock Performance 96
Table 5-1 Relation between Corporate Governance and Earnings Management 97
Table 6-1 Relation between Accounting Performance and Earnings Management under Governance 99
Table 6-2 Relation between Stock Performance and Earnings Management under Corporate Governance 100
Table 6-3 Association between Earnings Management under Governance and Subsequent Accounting Performance 101
Table 6-4 Association between Earnings Management under Governance and Subsequent Stock Performance 102
Table 6-5 Relation between Earnings Management under Governance and Abnormal Returns under Governance on Firm Performance 103
1. Baker, T., D. Collins, and A. Reitenga, 2003, Stock option compensation and earnings management incentives, Journal of Accounting, Auditing, and Finance 18, 557-582.
2. Balsam, S., 1998, Discretionary accounting choices and CEO compensation, Contemporary Accounting Research 15 (3), 229-252.
3. Bange, M. M. and W. F. M. De Bondt, 1998, R&D budgets and corporate earnings targets, Journal of Corporate Finance 4(2), 153-184.
4. Banz, R. W., 1981, The relationship between return and market value of common stocks, Journal of Financial Economics 9, 3-18.
5. Beasley M. S., 1996, An empirical analysis of the relation between the board of director composition and financial statement fraud, The Accounting Review 71(4), 443-465.
6. Beasley, M.S., J. V. Carcello, D. R. Hermanson, and P. D. Lapides, 2000, Fraudulent financial reporting: consideration of industry traits and corporate governance mechanisms, Accounting Horizons 14(4), 441-454.
7. Beatty, A., S. Chamberlain, and J. Magliolo, 1995, Managing financial reports of commercial banks: The influence of taxes, regulatory capital and earnings, Journal of Accounting Research 33 (2), 231-261.
8. Becker, C., M. DeFond, J. Jiambalvo, and K. R. Subramanyam, 1998, The effect of audit quality on earnings management, Contemporary Accounting Research 15, 1-24.
9. Bowen, R., S. Rajgopal, and M. Venkatachalam, 2004, Accounting discretion, corporate governance and firm Performance, Working Papers, University of Washington.
10. Burgstahler, D. and M. Eames, 1998, Management of earnings and analysts forecasts, Working paper.
11. Bushee, B. J., 1998, The Influence of institutional investors on myopic R&D investment behavior, Accounting Review 73(3), 305-333.
12. Bushee, B. J., 2001, Do institutional investors prefer near-term earnings over long-run value? Contemporary Accounting Research 18 (2), 207-246.
13. Byrd, J. W. and K. A. Hickman, 1992, Do outside directors monitor managers? Evidence from tender offer bids, Journal of Financial Economics 32, 195-222.
14. Cahan, S., 1992, The effect of antitrust investigations on discretionary accruals: A refined test of the political cost hypothesis, The Accounting Review 67, 77-95.
15. Chaney, P. and C. M. Lewis, 1998, Income smoothing and underperformance in initial public offerings, Journal of Corporate Finance, 4, 1-29.
16. Chen, A. and L. Kao, 2005, The conflict between agency theory and corporate control on managerial ownership: The evidence from Taiwan IPO performance, International Journal of Business 10 (1), 39-61.
17. Chen, A., L. Kao, M. Tsao, and C. Wu (2006), Building a Corporate Governance Index from the Perspectives of Ownership and Leadership for Firms in Taiwan, Corporate Governance: An International Review, forthcoming.
18. Chen, J. P., S. Chen, and X. Su, 2001, Practice summaries-Profitability regulation, earnings management, and modified audit options: Evidence from China, Auditing 20 (2), 1.
19. Chou, D. W., M. Gombola, and F. Y. Liu, 2006, Earnings management and stock performance of reverse leveraged buyouts, Journal of Financial and Quantitative Analysis 41(2), 407-438.
20. Christie, A. and J. Zimmerman, 1994, Efficient and opportunistic choices of accounting procedures: Corporate control contests, Accounting Review 69 (4), 539-66.
21. Christie, A., 1990, Aggregation of test statistics: An evaluation of the evidence on contracting and size hypotheses, Journal of Accounting and Economics 12, 15-36.
22. Chung, R., M. Firth, and J. B. Kim, 2002, Institutional monitoring and opportunistic earnings management, Journal of Corporate Finance 8, 29-48.
23. Claessens, S. and K. Tzioumis, 2006, Ownership and Financing Structures of Listed and Large Non-listed Corporations, Corporate Governance: An International Review, 14 (4), 266-276.
24. Claessens, S., S. Djankov, S., and L. Lang, 2000, The separation of ownership and control in East Asian corporations, Journal of Financial Economics 58, 81–112.
25. Classens, S., S. Djankov, Joseph P.H. Fan, and Larry H.P. Lang, 2002, Disentangling the incentive and entrenchment effects of large shareholdings, Journal of Finance 57, 2741-2771
26. Coles, J. L., M. Hertzel, and S. Kalpathy, 2006, Earnings management around employee stock option reissues, Journal of Accounting and Economics 41,173-200.
27. Collins, D. W. and P. Hribar, 2000, Earnings-based and accrual-based market anomalies: one effect or two? Journal of Accounting and Economics 29, 101-123.
28. Collins, J., D. Shackelford, and J. Wahlen, 1995, Bank differences in the coordination of regulatory capital, earnings and taxes, Journal of Accounting Research 33 (2), 263-291.
29. Core, J., R. Holthausen and D. Larcker, 1999, Corporate governance, chief executive officer compensation, and firm performance, Journal of Financial Economics 51, 371-406.
30. Cornett M. M., E. Ors, and H. Tehranian, 2002, Bank performance around the introduction of a Section 20 subsidiary, The Journal of Finance, 57 (1), 501-521.
31. Daines, R., 2001, Does Delaware law improve firm value? Journal of Financial Economics 62, 525-558.
32. Davidson, R., J. Goodwin-Stewart, and P. Kent, 2005, Internal governance structures and earnings management, Accounting and Finance 45(2), 241-267.
33. De Andres, P., V. Azofra, and F. Lopez, 2005, Corporate Boards in OECD Countries: size, composition, functioning and effectiveness, Corporate Governance: An International Review 13(2), 197-210.
34. DeAngelo, L. E., 1988, Managerial competition, information costs, and corporate governance: The use of accounting performance measures in proxy contests, Journal of Accounting and Economics 10, 3-36.
35. Dechow, P., R. Sloan, and A. Sweeney, 1995, Detecting earnings management, The Accounting Review 70, 193-225.
36. Dechow, P., R. Sloan, and A. Sweeney, 1996, Causes and consequences of earnings manipulations: An analysis of firms subject to enforcement actions by the SEC, Contemporary Accounting Research, 13 (1), 1-36.
37. DeFond, M. L. and J. Jiambalvo, 1991, Incidence and Circumstances of Accounting Errors, The Accounting Review 66, 643-655.
38. DeFond, M. L. and J. Jiambalvo, 1993, Factors Related to Auditor-Client Disagreements over Income-Increasing Accounting Methods, Contemporary Accounting Research 9, 415-431.
39. DeFond, M. L. and J. Jiambalvo. 1994, Debt covenant effects and the manipulation of accruals, Journal of Accounting and Economics 17, 145-176.
40. Dempsey, S. J., H. G. Hunt III and N. Schroder, 1993, Earnings management and corporate ownership structure: An examination of extraordinary item reporting, Journal of Business Finance & Accounting 20(4), 479-500.
41. Demsetz, H. and B. Villalonga, 2001, Ownership structure and corporate performance, Journal of Corporate Finance 7, 209–233.
42. Drobetz, W., A. Schillhofer, and H. Zimmermann, 2004, Corporate governance and expected stock returns: Evidence from Germany, European Financial Management, 10 (2), 267-293.
43. Ducharme, L., P. Malatesta, and S. Sefcik, 2001, Earnings management: IPO valuation and subsequent performance, Journal of Accounting, Auditing and Finance 16 (4), 369.
44. Emanuel D., J. Wong, and N. Wong, 2003, Efficient contracting and accounting, Accounting and Finance 43, 149-166.
45. Erickson, M. and S-w, Wang, 1999, Earnings management by acquiring firms in stock for stock mergers, Journal of Accounting and Economics (April) 27, 149-176.
46. Fama, E. F. and K. R. French, 1992, The cross-section of expected stock returns, Journal of Finance 47, 427-465.
47. Fama, E. F. and K. R. French, 1993, Common risk factors in the returns on stocks and bonds, Journal of Financial Economics 33, 3-56.
48. Fama, E. F. and K. R. French, 1996, Multifactor explanations of asset pricing anomalies, Journal of Finance 51, 55-84.
49. Francis, J. R., E. L. Maydew, and H. C. Sparks, 1999, The role of big 6 auditors in the credible reporting of accruals, Auditing: A Journal of Practice and Theory 18(2), 17-34.
50. Frankel, R., M. McNichols, and P. G. Wilson, 1995, Discretionary disclosure and external financing, Accounting Review 70 (1), 135-150.
51. Graves, S. B., 1988, Institutional ownership and corporate R&D in the computer industry, Academy of Management Journal 31, 417–428.
52. Graves, S. B. and S. Waddock, 1990, Institutional ownership and control: implications for long-term corporate strategy, Academy of Management Executive 4, 75-83.
53. Guidry, F., A. Leone, and S. Rock, 1999, Earnings-based bonus plans and earnings management by business-unit managers, Journal of Accounting and Economics, 26 (1-3), 113-142.
54. Gumpers, P., J. Ishii, and A. Metrick, 2003, Corporate governance and equity prices, Quarterly Journal of Economics, 118 (1), 107-155.
55. Hansen, R. S. and C. E. Crutchley, 1990, Corporate Earnings and Financings: An Empirical Analysis, Journal of Business 63, 347-371.
56. Haw, I. M., D. Qi, and D. Wu, and W. Wu, 2005, Market consequences of earnings management in response to security regulations in China, Contemporary Accounting Research, 22 (1), 95-140.
57. Healy, P. M., 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economics, 85-107.
58. Healy, P. M. and J. M. Wahlen, 1999, A review of the earnings management literature and its implications for standard setting, Accounting Horizons 13 (4), 365-383.
59. Healy, P. M. and K. G. Palepu, 2001, Information asymmetry, corporate disclosure and the capital markets: A review of the empirical disclosure literature, Journal of Accounting & Economics 31, 405-440.
60. Healy, P., K. Palepu, and R. Ruback, 1992, Does Corporate Performance Improve After Mergers? Journal of Financial Economics 31 (2), 135-175.
61. Herrmann, D. and T. Wayne, 1996, Segment reporting in the European Union: Analyzing the effects of country, size, industry, and exchange listing, Journal of International Accounting, Auditing and Taxation 5 (1), 1-20.
62. Holland, D. and A. Ramsay, 2003, Do Australian companies manage earnings to meet simple earnings benchmarks? Accounting & Finance, 43 (1), 41-62.
63. Holthausen, R. W., 1990, Accounting method choice, Journal of Accounting and Economics 12(1-3), 207-218.
64. Holthausen, R., D. Larcker, and R. Sloan, 1995, Annual bonus schemes and the manipulation of earnings, Journal of Accounting and Economics 19, 29-74.
65. Hsu, G. C.-M. and P. Koh, 2005, Does the presence of institutional investors influence accruals management? Evidence from Australia, Corporate Governance 13(6), 809-823.
66. Jaggi, B. and P. Lee, 2002, Earnings management response to debt covenant violations and debt restructuring, Journal of Accounting, Auditing and Finance 17 (4), 295-324.
67. Jaggi, B., C. L. Chin, H. W. William Lin, and P. Lee, 2006, Earnings forecast disclosure regulation and earnings management: evidence from Taiwan IPO firms, Review of Quantitative Finance & Accounting 26 (3), 275-299.
68. Jensen, M. C. and W. H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 303-360.
69. Jensen, M., 1993, The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance 48, 831-880.
70. Jeong, S. W. and J. Rho, 2004, Big six auditors and audit quality: The Korean evidence, The International Journal of Accounting 39, 175-196.
71. Jones, J., 1991, Earnings management during import relief investigations, Journal of Accounting Research 29, 193-228.
72. Kang, J. and A. Shivdasani, 1995, Firm performance, Corporate go0vernance, and top executive turnover in Japan, Journal of Financial Economics 38, 29-58.
73. Kao, L. F. and A. Chen, 2004, The effects of board characteristics on earnings management, Corporate Ownership and Control 1 (3), 96-107.
74. Klein, A., 2002, Audit committees, board of director characteristics and earnings management, Journal of Accounting and Economics 33, 375-400.
75. Koh P., 2003, On the associations between institutional ownership and aggressive corporate earnings management in Australia, The British Accounting Review 35(2), 105-128
76. Kothari, S. P., A. J. Leone, and C. E. Wasley, 2005, Performance matched discretionary accrual measures, Journal of Accounting & Economics 39, 163-197.
77. Kothari, S. P., A. Leone, and C. Wasley, 2002, Performance matched discretionary accrual measures, Working paper, MIT and University of Rochester.
78. Krishnan, G. V., 2003, Audit quality and the pricing of discretionary accruals, Auditing 22(1), 109-126.
79. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, 1998, Law and Finance, Journal of Political Economy 106,1113-1155.
80. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, 2000, Investor protection and corporate governance, Journal of Financial Economics 58, 3-27
81. Larcker, D. F. and S. A. Richardson, 2004, Fees paid to audit firms, accrual choices, and corporate governance, Journal of Accounting Research 42(3), 625-658.
82. Lee, C. I., S. Rosenstein, N. Rangan, and W. N. Davidson III, 1992, Board composition and shareholder wealth: The case of management buyouts, Financial Management 21, 58-72.
83. Lemmon, M. L. and K. V. Lins, 2003, Ownership structure, corporate governance and firm value: Evidence from the East Asian financial crisis, Journal of Finance 58, 1445-1468
84. Leuz, C., D. Nanda, and P. Wysocki, 2003, Earnings management and investor protection: An international comparison, Journal of Financial Economics 69, 505-527.
85. Loughran, T. and J. R. Ritter, 1997, The operating performance of firms conducting seasoned equity offerings, Journal of Finance 52, 1823-1850.
86. Louis, H. and D. Robinson, 2005, Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits, Journal of Accounting and Economics 39 (2), 361-380.
87. Louis, H., 2004, Earnings management and the market performance of acquiring firms, Journal of Financial Economics 74. 121-148.
88. Malmquist, D., 1990, Efficient contracting and the choice of accounting method in the oil and gas industry, Journal of Accounting and Economics 12, 173-205.
89. Matsumoto, D. A. 2002, Management's incentives to avoid negative earnings surprises, Accounting Review 77 (3), 483.
90. Maug, E., 1998, Large shareholders as monitors: Is there a trade-off between liquidity and control? Journal of Finance 53, 65-98.
91. McMullen, D. A. and K. Raghundan, 1996, Enhancing audit committee effectiveness, Journal of Accountancy 182(August), 79-81.
92. Mian, S. L. and C. W. Smith, 1990, Incentives for unconsolidated financial reporting, Journal of Accounting and Economics 12(1-3), 141-171.
93. Minton, B. A. and C. Schrand, 1999, The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing, Journal of Financial Economics 54, 423-460.
94. Mitton T., 2002, A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis, Journal of Financial Economics 64, 215–241
95. Monks, R. and N. Minow, 1995, Corporate Governance, Blackwell, Oxford, UK.
96. Morck, R., A. Shleifer, and R. Vishny, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics, 20, 293–315.
97. Moses, D., 1987, Income smoothing and incentives: Empirical tests using accounting changes, The Accounting Review 62, 358-377.
98. Palmrose, Z., 1988, An analysis of auditor litigation and audit service quality, The Accounting Review 63, 55–73.
99. Park, Y. W. and H. Shin, 2004, Board composition and earnings management in Canada, Journal of Corporate Finance 10, 431-457.
100. Pastor, L. and R. F. Stambaugh, 2002, Mutual fund performance and seemingly unrelated assets, Journal of Financial Economics 63, 315-349.
101. Peasnell, K., P. Pope and S. Young, 2005, Board monitoring and earnings management: Do outside directors’ influence abnormal accruals? Journal of Business Finance & Accounting, 32 (7-8), 1311-1346
102. Porter, M. E., 1992, Capital choices: Changing the way America invests in industry, Boston, MA: Council on Competitiveness/Harvard Business School.
103. Pound, J., 1988, Proxy contests and the efficiency of shareholder oversight, Journal of Financial Economics 20, 237-266.
104. Rahman, R. A. and R. J. Limmack, 2004, Corporate Acquisitions and the Operating performance of Malaysian companies, Journal of Business Finance and Accounting 31(3) & (4), 359-400.
105. Rangan, S., 1998, Earnings management and the performance of seasoned equity offerings, Journal of Financial Economics 50, 101– 122.
106. Renneboog, L., 2000, Ownership, managerial control and the governance of companies listed on the Brussels stock exchange, Journal of Banking & Finance 24, 1959-1995.
107. Ritter, J., 1991, The long-run performance of initial public offerings, Journal of Finance 42, 365-394.
108. Roosenboom, P., T. van der Goot and G. Mertens, 2003, Earnings management and initial public offerings: Evidence from the Netherlands, International Journal of Accounting 38(3), 243-266.
109. Rosenberg, B., K. Reid, and R. Lanstein, 1985, Persuasive evidence of market inefficiency, Journal of Portfolio Management 11, 9-17.
110. Shen C. H. and H. L. Chih, 2005, Investor protection, prospect theory, and earnings management: An international comparison of the banking industry, Journal of Banking & Finance 29, 2675–2697
111. Shivakumar, L., 2002, Do firms mislead investors by overstating earnings before seasoned equity offerings? Journal of Accounting and Economics 29, 339-371.
112. Shleifer, A. and R. Vishny, 1986, Large shareholders and corporate control, Journal of Political Economy 94, 461-488.
113. Shleifer, A. and R. W. Vishny, 1997, A survey of corporate governance, Journal of Finance 25, 737-783.
114. Simunic, D. and M. T. Stein. 1987, Product differentiation in auditing: Auditor choice in the market for unseasoned new issues, Research Monograph 13, Vancouver, B.C.: Canadian Certified General Accountants' Research Foundation.
115. Sloan, R. G., 1996, Do stock prices fully reflect information in accruals and cash flows about future earnings? Accounting Review 71 (3), 289–315.
116. St. Pierre, K. and J. Anderson, 1984, An analysis of the factors associated with lawsuits against public accountants, The Accounting Review 59, 242-263.
117. Subramanyam, K. R., 1996, The pricing of discretionary accruals, Journal of Accounting and Economics 22, 249-281.
118. Sweeney, A. P., 1994, Debt-covenant violations and managers' accounting responses, Journal of Accounting and Economics (May), 281-308.
119. Tehranian H., M. M. Cornett, A. J. Marcus, and A. Saunders, 2006, Earnings management, corporate governance and true financial performance, Working Paper.
120. Teoh, S. H., I. Welch and T.J. Wong, 1998a, Earnings management and the long-run market performance of initial public offerings, Journal of Finance 53(6), 1935-1974.
121. Teoh, S. H., I. Welch and T. J. Wong, 1998b, Earnings management and the post-issue underperformance in seasoned equity offerings, Journal of Financial Economics 50, 63-99.
122. Wang, Y., 2002, Liquidity management, operating performance, and corporate value: evidence from Japan and Taiwan, Journal of Multinational Financial Management 12 (2), 159–169.
123. Warfield, T., J. Wild, and K. Wild, 1995, Managerial ownership, accounting choices, and informativeness of earnings, Journal of Accounting and Economics 20(1), 61-91.
124. Watts, R. L. and J. L. Zimmerman, 1986, Positive accounting theory, Prentice Hall, Englewood Cliffs, NJ.
125. Watts, R. L. and J. L. Zimmerman, 1990, Positive accounting theory: A ten-year perspective, Accounting Review 65, 131-156.
126. Watts, R. L. and J. L. Zimmerman. 1978, Towards a positive theory of the determination of accounting standards, The Accounting Review 53 (January), 112-134.
127. Xie, B., W. N. Davidson, and P. J. DaDalt, 2003, Earnings management and corporate governance: the role of the board and the audit committee, Journal of Corporate Finance 9(3), 295-316.
128. Yeh, Y. H. and T. Woidtke, 2005, Commitment or entrenchment?: Controlling shareholders and board composition, Journal of Banking and Finance 29(7), 1857-1885.
129. Yeo, G., P. Tan, K. Ho, and S. Chen, 2002, Corporate ownership structure and the informativeness of earnings, Journal of Business, Finance and Accounting 29, 1023-1046.
130. Yermack, D., 1996, Higher market valuation of companies with a small board of directors, Journal of Financial Economics 40, 185-211.
131. Young, S., 1998, The determinants of managerial accounting policy choice: Further evidence for the UK, Accounting & Business Research 28 (2), 131-143.
132. Zmijewski, M. E. and R. L. Hagerman, 1981, An income strategy approach to the positive theory of accounting standard setting choice, Journal of Accounting and Economics 3, 129-149.
133. Zun, W. M., 2002, The difficulties of improving Taiwanese corporate governance, Economic Daily, September 2 (only available in Mandarin Chinese).
論文使用權限 Thesis access permission：校內校外均不公開 not available
校內 Campus：永不公開 not available
校外 Off-campus：永不公開 not available
您的 IP(校外) 位址是 22.214.171.124
Your IP address is 126.96.36.199
This thesis will be available to you on Indicate off-campus access is not available.