Please use this identifier to cite or link to this item: https://ah.lib.nccu.edu.tw/handle/140.119/127754
題名: 會計品質是否影響策略聯盟的形成?
Does Accounting Quality Affect Corporate Alliance Formation?
作者: 黃榆芳
貢獻者: 梁嘉紋
黃榆芳
關鍵詞: 策略聯盟
夥伴選擇
盈餘品質
交易成本
Strategic alliances
Partner selection
Earnings quality
Transaction cost
日期: 2019
上傳時間: 6-Dec-2019
摘要: The business world has been experiencing a worldwide trend towards greater integration and consolidation during the past decades. Firms increasingly cooperate with partners that can enhance efficiency and firm value. However, alliances could imply risks and costs. To control the transaction risk of failure and reduce the uncertainty, firms need to devote much effort to partner selection. Our study investigates this issue from the perspective of accounting. We investigate whether earnings quality is an important determinant for forming alliances. We find that earnings quality, measured as discretionary accruals and restatements, is positively related to the likelihood of strategic alliances formation and the number of strategic alliances formed. We also find that earnings quality is particularly important when forming R&D alliances. Finally, our results demonstrate that the importance of earnings quality in forming strategic alliances increases for firms with high information asymmetry.
參考文獻: Achrol, R. S., L. K. Scheer, and L. W. Stern. 1990. Designing Successful Transorganizational Marketing Alliances, Report No. 90-118. Cambridge, MA:Marketing Science Institute.\nAkrich, M., M, Callon, B. Latour, 2002. The key to success in innovation part I: the art of interessement.International Journal of Innovation Management 6(2): 187-206.\nAmel-Zadeh, A., and Y. Zhang. 2015. The economic consequences of financial restatements: evidence from the market for corporate control. The Accounting Review 90(1): 1-29.\nAnand, B. N., and T. Khanna. 2000. Do firms learn to create value? the case of alliances. Strategic Management Journal, March Special Issue 21: 295-315.\nAnderson, S. W., and K. L. Sedatole. 2003. Management accounting for the extended enterprise: performance management for strategic alliances and networked partners. In: Bhimani, A. (Ed.) Management Accounting in the Digital Economy. Oxford: Oxford University Press.\nAnderson, S., and H. C. Dekker. 2005. Management control for market transactions: the relation between transaction characteristics, incomplete contract design and subsequent performance. Management Science 51: 1734-1752.\nArino, A., J. de la Torre., and P. S. Ring. 2001. Relational quality: managing trust in corporate alliances. California Management Review 44(1): 109-131.\nArino, A. M., R. Ragozzino, J. J. Reuer, and A. Pearson. 2008. Alliance dynamics for entrepreneurial firms. Journal of Management Studies 45(1): 147-168.\nArthaud-Day, M. L., S. T. Certo, C. M. Dalton, and D. R. Dalton. 2006. A changing of the guard: executive and director turnover following corporate financial restatements. Academy of Management Journal 49: 1119-1136.\nAslan, H., D. Easley, S. Hvidkjaer, and M. O`Hara. 2011. The characteristics of informed trading: Implications for asset pricing. Journal of Empirical Finance 18: 782-801.\nBarney, J. 1991. Firm resources and sustained competitive advantage. Journal of Management 17: 99-120.\nBeneish, M. D. 1999. Incentives and penalties related to earnings overstatements that violate GAAP. The Accounting Review 74(4): 425-457.\nBiddle, G. and G. Hilary. 2006. Accounting quality and firm-level capital investment. The Accounting Review 5: 963-982.\nBlumberg, B. 2001. Efficient partner search: embedded firms seeking cooperative partners. Journal of Mathematical Sociology 25: 329-354.\nBoulton, T. J., S. B. Smart, and C. J. Zutter. 2010. IPO underpricing and international corporate governance. Journal of International Business Studies 41(2): 206-222.\nBowen, R. M., L. DuCharme, and D. Shores. 1995. Stakeholders’ implicit claims and accounting method choice. Journal of Accounting and Economics 20(3): 255-295.\nBucklin, L. P., and S. Sengupta. 1993. Organizing successful co-marketing alliances. Journal of Marketing 57: 32-46.\nCarcello, J. V., and C. Li. 2013. Costs and benefits of requiring an engagement partner signature: recent experience in the United Kingdom. The Accounting Review 88: 1511-1546.\nCassell, C. A., L. A. Myers, and T. A. Seidel. 2015. Disclosure transparency about activity in valuation allowance and reserve accounts and accruals-based earnings management. Accounting, Organizations and Society 46: 23-38.\nCarcello, J. V., and C. Li. 2013. Costs and benefits of requiring an engagement partner signature: Recent experience in the United Kingdom. The Accounting Review 88: 1511-1546.\nChakravarthy, J., E. deHaan, and S. Rajgopal. 2014. Reputation repair after a serious restatement. The Accounting Review 89(4): 1329-1363.\nChua, W. F., and H. Mahama. 2007. The effect of network ties on accounting controls in a supply alliance: field study evidence. Contemporary Accounting Research 24: 47-86.\nCravens, K., E. G. Oliver, and S. Ramamoorti. 2003. The reputation index: measuring and managing corporate reputation. European Management Journal 21(2): 201-212.\nDacin, T., C. Oliver, and J-P. Roy. 2007. The legitimacy of strategic alliances: an institutional perspective. Strategic Management Journal 28(2): 169-187. Das, S., P. K. Sen, and S. Sengupta. 1998. Impact of Strategic Alliances on Firm Valuation. The Academy of Management Journal 41(1): 27-41\nDas, T. K., and N. Rahman. 2001. Partner misbehavior in strategic alliances: guidelines for effective deterrence. Journal of General Management 27(1): 43-69.\nDas, T. K., and B. S. Teng. 1998. Between trust and control: developing confidence in partner cooperation in alliances. The Academy of Management Review 23(3): 491-512.\nDechow, P. M., R. G. Sloan, and A. P. Sweeney. 1995. Detecting earnings management. The Accounting Review 70 (April): 3-42.\nDechow, P. M., R. G. Sloan, and A. P. Sweeney. 1996. Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13(1): 1-36.\nDechow, P. M., W. Ge, C. R. Larson, and R. G. Sloan. 2011. Predicting material accounting misstatements. Contemporary Accounting Research 28(1): 17-82.\nDekker, H. C. 2008. Partner selection and governance design in interfirm relationships. Accounting, Organization and Society 33: 915-941.\nDemirkan, S., and I. Demirkan. 2014. Implications of strategic alliances for earnings quality and capital market investors. Journal of Business Research 67: 1806-1816.\nDemirkan, S., and N. Zhou. 2016. Audit pricing for strategic alliances: an incomplete contract perspective. Contemporary Accounting Research 33(4): 1625-1647.\nDesai, H., C. E. Hogan, and M. S. Wilkins. 2006. The reputational penalty for aggressive accounting: earnings restatements and management turnover. The Accounting Review 81(1): 83-112.\nDing, R., H. C. Dekker, and T. Groot. 2010. An exploration of the use of interfirm cooperation and the financial manager’s governance role: evidence from Dutch firms. Journal of Accounting and Organizational Change 6: 9-26.\nDing, R., H. C. Dekker, and T. Groot. 2013. Risk, partner selection and contractual control in interfirm relationships. Management Accounting Research 24(2): 140-155.\nDoz, Y. L., and G. Hamel. 1998. Alliance Advantage: The Art of Creating Value through Partnering. Harvard Business School Press: Boston, MA.\nDollinger, M. J., P. A. Golden, and T. Saxton. 1997. The effect of reputation on the decision to joint venture. Strategic Management Journal 18(2): 127-140.\nDussauge P., B. Garrette, and W. Mitchel. 2004. Asymmetric performance: the market share impact of scale and link alliances in the global auto industry. Strategic Management Journal 25: 701-711.\nDyer, J. H., and W. Chu. 2000. The determinants of trust in supplier automaker relationships in the U.S., Japan, and Korea. Journal of International Business Studies 31(2): 259-285.\nFeroz, E. H., K. Park, and V. S. Pastena. 1991. The financial and market effects of the SEC’s accounting and auditing enforcement releases. Journal of Accounting Research 29: 107-142.\nFestel, G., A. Schicker, and R. Boutellier. 2010. Performance improvement in pharmaceutical R&D through new outsourcing models. Journal of Business Chemistry 7(2): 89-96.\nFich, E. M., L. T. Starks, and A. S. Yore. 2014. CEO deal-making activities and compensation. Journal of Financial Economics 114(3): 471-492.\nFombrun, C., and M. Shanley. 1990. What’s in a name? reputation building and corporate strategy. The Academy of Management Journal 33(2): 233-258.\nFrancis, J., R. LaFond, P. Olsson, and K. Schipper. 2005. The market pricing of accruals quality. Journal of Accounting and Economics 39: 295-327.\nGanesan, S. 1994. Determinants of long-term orientation in buyer-seller relationships. Journal of Marketing 58(2): 1-19.\nGhazali, A. W., N. A. Shafie, and Z. M. Sanusi. 2015. Earnings management: an analysis of opportunistic behaviour, monitoring mechanism and financial distress. Procedia Economics and Finance, 28: 190-201.\nGraham, J. R., S. Li, and J. Qiu. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89(1): 44-61.\nGranovetter, M. 1985. Economic action and social structure: the problem of embeddedness. American Journal of Sociology 91: 481-510.\nGreve, H., T. Rowley, and A. Shipilov. 2014. Network Advantage: How to Unlock Value From Your Alliances and Partnerships. San Francisco, Jossey-Bass.\nGroot, T. L. C. M., and K. A. Merchant. 2000. Control of international joint ventures.Accounting, Organization and Society 25: 579-607.\nGrossman, S., and O. Hart. 1986. The costs and benefits of ownership: a theory of vertical and lateral integration. Journal of Political Economy 94(4): 691-719.\nGulati, R. 1995. Does familiarity breed trust? the implications of repeated ties for contractual choice in alliances. Academy of Management Journal 38(1): 85-102.\nGulati, R., and H. Singh. 1998. The architecture of cooperation: managing coordination costs and appropriation concerns in strategic alliances. Administrative Science Quarterly 43(4): 781-94.\nGulati, R. 1999. Network location and learning: the influence of network resources and firm capabilities on alliance formation. Strategic Management Journal 20(5): 397-420.\nGulati, R., and J. D. Westphal. 1999. Cooperative or controlling? the effects of CEO-board relations and the content of interlocks on the formation of joint ventures.\nAdministrative Science Quarterly 44(3): 473-506.\nHagedoorn, J. 2002. Inter-firm R&D partnerships: an overview of major trends and patterns since 1960s. Research Policy 31: 477-492.\nHall, R. 1992. The strategic analysis of intangible resources. Strategic Management Journal 13: 135-144.\nHanlon, M., S. Rajgopal and T. Shevlin. 2003. Are executive stock options associated with future earnings? Journal of Accounting and Economics 36(1): 3-43.\nHart, O. 1988. Incomplete contracts and the theory of the firm. Journal of Law, Economics, and Organization 4(1): 119-39.\nHart, O., and J. Moore. 1988. Incomplete contracts and renegotiation. Econometrica 56(4): 755-785.\nHealy, P. M., and J. M. Wahlen. 1999. A review on the earnings management literature and its implication for standard setting. Accounting Horizon, 13(4): 365-383.\nHealy, 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 and Economics 31(1-3): 405-440.\nHechman, J. J. 1979. Sample selection bias as a specification error. Econometrica 47(2): 153-162.\nHiggins, M. J. 2007. The allocation of control rights in pharmaceutical alliances. Journal of Corporate Finance 13(1): 58-75.\nHill, C. W. L. 1990. Cooperation, opportunism, and the invisible hand: implications for transaction cost theory. Academy of Management Review 15: 500-513.\nHitt, M. A., D. Ahlstrom, M. T. Dacin, E. Levitas, and L. Svobodina. 2004. The institutional effects on strategic alliance partner selection in transition economies: China vs. Russia. Organization Science 15(2): 173-185.\nHribar, P., and N. Jenkins. 2004. The effect of accounting restatements on earnings revisions and the estimated cost of capital. Review of Accounting Studies 9: 337-356. Inkpen, A. C., and E. W. K. Tsang. 2005. Social Capital, Networks, and Knowledge Transfer. The Academy of Management Review 30(1): 146-165.\nIreland, R. D., M. A. Hitt, and D. Vaidyanath. 2002. Alliance Management as a Source of Competitive Advantage. Journal of Management 28(3): 413-446.\nJap, S. D. 1999. Pie-expansion efforts: collaboration processes in buyer-supplier relationships. Journal of Marketing Research 36(4): 461-475.\nJiang, X., Y. Li, and S. Gao. 2008. The stability of strategic alliances: characteristics, factors and stages. Journal of International Management 14(2): 173-189.\nJones, J. J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29(2): 193-228.\nJones, T. M. 1995. Instrumental stakeholder theory: a synthesis of ethics and economics. The Academy of Management Review 20(2): 404-437.\nKarpoff, J. M., D. S. Lee, and G. S. Martin. 2008a. The cost to firms of cooking the books. Journal of Financial and Quantitative Analysis 43(4): 581-612.\nKarpoff, J. M., D. S. Lee, and G. S. Martin. 2008b. The consequences to managers for financial misrepresentation. Journal of Financial Economics 88(2): 193-215.\nKloyer, M., and J. Scholderer. 2012. Effective incomplete contracts and milestones in market-distant R&D collaboration. Research Policy 41: 346-357.\nKim, J., and J. T. Mahoney. 2005. Property rights theory, transaction costs theory, and agency theory: an organizational economics approach to strategic management. Managerial and Decision Economics 26: 223-242.\nKim, Y., M. S. Park, and B. Wier. 2012. Is earnings quality associated with corporate social responsibility. Accounting Review 87: 761-796.\nKogut, B. 1988. Joint ventures: theoretical and empirical perspectives. Strategic Management Journal 9(4): 319-32.\nKoot, W. T. M. 1988. Underlying Dilemmas in the Management of Joint Ventures. in F. Contractor and P. Lorange (Eds.), Cooperative strategies in international business, 347-367. Lexington, MA: Lexington Books.\nKlein, B., R. G. Crawford, and A. A. Alchian. 1978. Vertical Integration, appropriable rents, and the competitive contracting process. The Journal of Law & Economics 21(2): 297-326.\nKothari, S. P., A. J. Leone, and C. E. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39(1): 163-197.\nKoza, M. P., and A. Y. Lewin. 1998. The co-evolution of strategic alliances. Organization Science 9(3): 255-264.\nKravet, T., and T. Shevlin. 2009. Accounting restatements and information risk. Review of Accounting Studies 15(2): 264-294.\nLee, L-F. 1979. Identification and estimation in binary choice models with limited (censored) dependent variables. Econometrica 47(7): 977-996.\nLerner, J., and U. Malmendier. 2010. Contractibility and the design of research agreements. American Economic Review 100(1): 214-246.\nLi, J., and J. Zhong. 2003. Explaining the growth of international R&D alliances in China. Managerial and Decision Economics, 24(2-3): 101-115.\nLi, L., B. Qi, G. Tian, and G. Zhang. 2017. The contagion effect of low-quality audits at the level of individual auditors. The Accounting Review 92(1): 137-163.\nLi, L., G. Qian, and Z. Qian. 2013. Do partners in international strategic alliances share resources, costs, and risks? Journal of Business Research 66(4): 489-498.\nLunnan, R., and S. A. Haugland. 2008. Predicting and measuring alliance performance: a multidimensional analysis. Strategic Management Journal 29: 545-556.\nMarquardt, C., and E. Zur. 2015. The Role of Accounting Quality in the M&A Market. Management Science 61(3): 604-623.\nMartin, X., and R. Shalev. 2009. Target Firm-Specific Information and Expected Synergies in Acquisitions. Working paper, Washington University in Saint Louis and New York University.\nMayer, K. J., and D. J. Teece. 2008. Unpacking strategic alliances: the structure and purpose of alliance versus supplier relationships. Journal of Economic Behavior and Organization 66: 106-127.\nMcNichols, M. F., and S. R. Stubben. 2008. Does earnings management affect firms` investment decisions? The Accounting Review 83(6): 1571-1603.\nMenon, K., and D. D. Williams. 2008. Management turnover following auditor resignations. Contemporary Accounting Research 25(2): 567-604.\nMoeller, K. 2010. Emerald Article: Partner selection, partner behavior, and business network performance: An empirical study on German business networks. Journal of Accounting & Organizational Change 6(1): 27-51.\nNelson, R. R., and S. G. Winter. 1977. In search of useful theory of innovation. Research Policy 6(1): 36-76.\nO’Connor, N. 2001. UK corporate reputation management: the role of public relations planning, research and evaluation in a new framework of company reporting. Journal of Communication Management 6(1): 53-63.\nOliver, C. 1988. The collective strategy framework: an application to competing predictions of isomorphism. Administrative Science Quarterly 33: 543-561.\nOsborn, R., and C. Baughn. 1990. Forms of interorganizational governance for multinational alliances. Academy of Management Journal 33(3): 503-19.\nOwen, S., and A. Yawson. 2013. Information asymmetry and international strategic alliances. Journal of Banking & Finance 37(10): 3890-3903.\nOxley, J. 1997. Appropriability hazards and governance in strategic alliances: a transaction cost approach. Journal of Law, Economics, and Organization 13(2): 387-409.\nPalmrose, Z. V., V. Richardson, and S. Scholz. 2004. Determinants of market reactions to restatement announcements. Journal of Accounting and Economics 37: 59-89.\nPanico, C. 2011. On the contractual governance of research collaborations: allocating control and intellectual property rights in the shadow of potential termination. Research Policy 40(1): 1403-1411.\nParkhe, A. 1993. Partner nationality and the structure performance relationship in strategic alliances. Organization Science 4(2): 301-325.\nPisano, G. P. 1990. The R&D boundaries of the firm: an empirical analysis. Administrative Science Quarterly 35(1): 153-176.\nPisano, G. P., and P. Mang. 1993. Collaborative product development and the market for know-how: strategies and structures in the biotechnology industry. In: Rosenbloom, R., Burgelman, R. (Eds.), Research on Technological Innovation, Management, and Policy, 5: 109-136. Greenwich, CT: JAI Press.\nRigsbee, E. 2010. Should I start a strategic alliance or joint venture? Available online at http://www.rigsbee.com/strategic-alliance-article-Rigsbee-88.htm retrieved September 22, 2015.\nRing, P. S., and A. H. Van de Ven. 1992. Structuring cooperative relationships between organizations. Strategic Management Journal 13: 483-498.\nReuer, J. J., and R. Ragozzino. 2006. Agency hazards and alliance portfolios. Strategic Management Journal 27(1): 27-43.\nRoberts, P. W., and G. R. Dowling. 2002. Corporate reputation and sustained superior financial performance. Strategic Management Journal 23(12): 1077-1093.\nRothaermel, F., and D. Deeds. 2004. Exploration and exploitation alliances in biotechnology: a system of new product development. Strategic Management Journal 25: 201-221.\nRothaermel, F., and W. Boeker. 2008. Old technology meets new technology: complementarities, similarities and alliance formation. Strategic Management Journal 29(1), 47-77.\nScherer, F. M. 2010. Pharmaceutical innovation. In: Hall, B.H., Rosenberg, N. (Eds.), Handbook of the Economics of Innovation. Elsevier, North Holland: 539-574.\nShah, R. H., and V. Swaminathan. 2008. Factors influencing partner selection in strategic alliances: the moderating role of alliance context. Strategic Management Journal 29(5): 471-494.\nSitkin, S. B., and N. L. Roth. 1993. Explaining the limited effectiveness of legalistic "remedies" for trust/distrust. Organization Science 4: 367-392.\nSmith, J. B., and D. W. Barclay. 1997. The effects of organizational differences and trust on the effectiveness of selling partner relationships. Journal of Marketing 61(1): 3-21.\nStuart, T. E. 1998. Network positions and propensities to collaborate: an investigation of strategic alliance formation in a high-technology industry. Administrative Science Quarterly 43(3): 668-698.\nTeece, D. J. 1986. Transactions cost economics and the multinational enterprise: an assessment. Journal of Economic Behavior & Organization 7(1), 21-45.\nTeece, D. J. 1992. Competition, cooperation, and innovation: organizational arrangements for regimes of rapid technological progress. Journal of Economic Behavior & Organization 18(1): 1-25.\nTeoh, S. H., I. Welch, and T. J. Wong. 1998. Earnings management and the long‐run market performance of initial public offerings. The Journal of Finance 53(6): 1935-1974.\nTrevino, L. K., G. R. Weaver, and S. J. Reynolds. 2006. Behavioral ethics in organizations: a review. Journal of Management 32(6): 951-990.\nWang, T. 2006. Real Investment and Corporate Securities Fraud. Working paper, University of Minnesota.\nWatts, R. L., and J. L. Zimmerman. 1986. Positive accounting theory. Englewood Cliffs, NJ: Prentice-Hall.\nWeigelt, K. and C. Camerer. 1988. Reputation and corporate strategy: a review of recent theory and application, Strategic Management Journal 9(5): 443-454.\nWilliamson, O. E. 1975. Markets and Hierarchies. Free Press: New York.\nWuyts, S., and I. Geyskens. 2005. The formation of buyer supplier relationships: detailed contract drafting and close partner selection. Journal of Marketing 69(4): 103-117.\nZamir, Z., A. Sahar, F. Zafar. 2014. Strategic alliances: a comparative analysis of\nsuccessful alliances in large and medium scale enterprises around the world. Educational Research International 3(1): 25-39.\nZhang, M., and X. Yin. 2012. The relationship between function and motivation of R&D alliances: an empirical analysis of Chinese software firms. Physics Procedia 25: 1162-1167
描述: 博士
國立政治大學
會計學系
103353501
資料來源: http://thesis.lib.nccu.edu.tw/record/#G0103353501
資料類型: thesis
Appears in Collections:學位論文

Files in This Item:
File SizeFormat
350101.pdf1.6 MBAdobe PDF2View/Open
Show full item record

Google ScholarTM

Check

Altmetric

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.