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題名 具會計專長之執行長與投資人、會計師及分析師之反應
Chief Executive Officer with Accounting Expertise and Reactions of Investors, Auditors and Analysts作者 陳嬿如
Chen, Yen Ju貢獻者 林禹銘
陳嬿如
Chen, Yen Ju關鍵詞 執行長
會計專長
盈餘管理
審計公費
分析師追隨
累積異常報酬
Chief Executive Officer
Accounting expertise
Earnings management
Audit fees
Analyst following
Cumulative abnormal returns日期 2016 上傳時間 20-Jul-2016 16:40:22 (UTC+8) 摘要 本研究以1980年至2015年美國及加拿大上市公司為研究對象，探討具有會計專長之執行長（CEO）與外界反應的關係。在探討外界反應之前，本文先檢視具有會計專長之CEO對於盈餘品質的影響，透過此結果，推論專業人士（包含會計師與分析師）與市場投資人之反應。本研究預期，當CEO具有會計專長時，會使盈餘品質降低，故審計風險隨之提高，導致審計公費增加，且分析師的追隨意願降低，同時也將影響市場投資人的反應。研究結果發現，具會計專長CEO與盈餘管理、審計公費、公司累積異常報酬呈現顯著正相關，與分析師追隨數則為顯著負相關，顯示當CEO具有會計專長時，因有盈餘操控的情況，所以審計公費提高、分析師追隨數減少；但市場投資人或許無法體認盈餘操控的事實，故仍相信具有會計專長之CEO，有可能為公司帶來正面的影響。
This study investigates the relationship between CEOs with accounting expertise and external reactions of investors, auditors and analysts. The sample firms used in this study are all the stock-listed companies in America and Canada during 1980-2015.Before examining such external reactions, this paper explores the association between CEOs with accounting expertise and earnings quality, which help us to obtain an explanation why auditors, analysts and investors have such reactions.The empirical results show that CEOs with accounting expertise manage earnings more aggressively than CEOs without such expertise. As a consequence, the firms with such CEOs will be charged higher audit fees and have less analyst following. However, investors might not recognize this fact; they still believe that CEOs with accounting expertise will have a positive influence on firms. Our findings could offer a reference for a company looking for a CEO that could bring accounting quality.參考文獻 沈中華、李建然，2000，事件研究法：財務與會計實證研究必備。台北：華泰書局。 呂倩如、楊禮任與陳昭蓉，2012，產品保證與分析師預期誤差，當代會計，第13卷第2期：161-194。李啟華、郭翠菱，2014，「獎酬契約與盈餘管理」，《輔仁管理評論》，第21卷第3期，23-47。金成隆、陳美惠，2012，高等財務會計研究：理論與實證，滄海書局。金慶平、周彥妤、李佳玲，2015，機構投資者持股與分析師跟隨對企業股權價值評估之攸關性，當代會計，第16卷第2期：175-209。陳冠宏，2009，CEO特質對企業經營績效之影響，國立高雄第一科技大學財務管理學系碩士論文。陳椲中，2014，審計公費、審計委員會特性與公司治理關聯性之研究，國立高雄應用科技大學會計系碩士論文。陳錫昌，1999，股份有限公司董事長與總經理關聯性之比較研究。東海大學管理學系碩士論文。張容薰，2012，高階管理團隊特質與經營績效的影響—CEO的角色，東海大學會計系碩士論文。湯家良，2004，總經理特質與經營績效之關聯：以我國資訊電子業為例，國立中正大學會計學系碩士論文。黃琦勛，2011，CEO具財會專家身分與盈餘品質之關聯—考量CFO角色，東海大學會計學系碩士論文。廖秀梅、王貞靜、戚務君，2012，一套臺灣完整的審計公費資訊告訴我們什麼？。中華會計學刊，8(1)，49-88。劉士豪，2014，審計公費、CEO及CFO財會專業之關聯性研究，國立臺中科技大學會計資訊系會計與財稅學系碩士論文。蔡宜真，2005，臺灣集團家族企業的公司治理、董事會獨立性與公司價值之實證分析，國立中興大學企業管理學系碩士論文。劉家樵，2007，教育背景及工作經驗對於CEO領導績效之影響，雲林科技大學應用外語學系碩士論文。謝佳君，2009，股權結構、董事會組成與審計品質對財務報表重編關聯性之研究，國立中山大學企業管理學系碩士論文。薛敏正、張瑀珊、高君慈，2008，公司自我選擇聘任會計師與審計公費，當代會計，第9卷第2期：167-200。謝琬羽，2012，CEO教育背景及職場經驗對企業績效之影響，雲林科技大學應用外語學系碩士論文。Beaver, W.H. (2002) Perspectives on recent capital market research. The Accounting Review 77(2): 453-474.Bergstresser, D., & Philippon, T. (2006) CEO incentives and earnings management. Journal of Financial Economics 80, 511-529. Bhagat, S., Bolton, B.J., & Subramanian, A. (2010) CEO education, CEO turnover, and firm performance.Bhushan, R. (1989) Firm characteristics and analyst following. Journal of Accounting and Economics 11, 255-274.Brown, S., & Warner J. (1985) Using Daily Stock Returns: The Case of Event Studies. Journal of Financial Economics 14, 3-31.Chan, L.H., Chen, K.C.W., Chen, T.Y., & Yu, Y. (2015) Substitution between Real and Accruals-Based Earnings Management after Voluntary Adoption of Compensation Clawback Provisions. The Accounting Review: January 2015, Vol. 90, No. 1, 147-174.Cohen, D.A., Dey, A., & Lys, T.Z. (2008) Real and Accrual‐Based Earnings Management in the Pre‐ and Post‐Sarbanes‐Oxley Periods. The Accounting Review: May 2008, Vol. 83, No. 3, 757-787.Cohen, D.A., & Zarowin, P. (2010) Accrual-based and real earnings management activities around seasonal equity offerings. Journal of Accounting and Economics 50: 2-19.Craswell, A.T., & Francis, J.R. (1999) Pricing Initial Audit Engagements: A Test of Competing Theories. The Accouting Review 74 (2): 201-216.Custódio, C., & Metzger, D. (2014) Financial expert CEOs: CEO’s work experience and firm’s financial policies. Journal of Financial Economics 114 (1), 125-154Davidson III, W.N., Nemec, C., Worrell, D.L. & Lin, J. (2002) Industrial origin of CEOs in outside succession: Board preference and stockholder reaction. Journal of Management and Governance, 6, 295-321.Defond, M. L., Hann, R. N. & Hu, X. (2005) Does the Market Value Financial Expertise on Audit Committees of Boards of Directors?. Journal of Accounting Research, 43: 153-193.Elsaid, E.M., Benson, B.W., & Davidson, W.N. (2013) Successor CEO Functional and Education Background: Performance Antecedents and Consequences, Midwest Finance Association Annual Meeting Paper.Feng, M., Ge, W., Luo, S., & Shevlin, T. (2011) Why do CFOs become involved in material accounting manipulations?. Journal of Accounting and Economics 51, 21-36. Graham, J.R., Harvey, C.R., & Rajgopal, S. (2006) Value destruction and financial reporting decisions. Financial Analyst Journal 62(6): 27-39. Hambrick, D.C. & Mason, P.A. (1984) Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-106. Huson, M.R., Malatesta, P., & Parrino, R. (2004) Managerial succession and firm performance. Journal of Financial Economics, vol. 74, issue 2, 237-275Jones, J. (1991) Earnings management during import relief investigations. Journal of Accounting Research 29: 193-228.Jong, C.R., Peluchette, J.V., & Song, I. (2006) Stock Market Reactions and Firm Performance Surrounding CEO Succession: Antecedents of Succession and Successor Origin. American Journal of Business, Vol. 21 Iss: 1, 21-30.Krishnan, G.V., Su, L.N., & Visvanathan, G. (2009) Does Accounting and Financial Expertise in the C-Suite Aid or Mitigate Earnings Management?Lang, M., & Lundholm, R. (1996) Corporate disclosure policy and analyst behavior. The Accounting Review Oct : 467-492.Lehavy, R., Li, F., & Merkley, K. (2011) The Effect of Annual Report Readability on Analyst Following and the Properties of Their Earnings Forecasts. The Accounting Review: May 2011, Vol. 86, No. 3, 1087-1115.Li, C., Sun, L., & Ettredge, M. (2010) Financial executive qualifications, financial executive turnover, and adverse SOX 404 opinions. Journal of Accounting and Economics 50 (1), 93-110Matsunaga, S., Wang, S., & Yeung, P. (2013) Does Appointing a Former CFO as CEO Influence a Firm’s Financial Reporting, Disclosure and Tax Policies?Rajan, R. & Servaes, H. (1997) Analyst following of initial public offerings. Journal of Finance 52, 507-529. Whisenant, S., Sankaraguruswamy, S., & Raghunandan, K. (2003) Evidence on the Joint Determination of Audit and Non-Audit Fees. Journal of Accounting Research, 41: 721-744.Zouari, Z., Lakhal, F., & Nekhili, M. (2012) Do CEO’s Characteristics Affect Earnings Management? Evidence from France. 描述 碩士
國立政治大學
會計學系
103353009資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103353009 資料類型 thesis dc.contributor.advisor 林禹銘 zh_TW dc.contributor.author (Authors) 陳嬿如 zh_TW dc.contributor.author (Authors) Chen, Yen Ju en_US dc.creator (作者) 陳嬿如 zh_TW dc.creator (作者) Chen, Yen Ju en_US dc.date (日期) 2016 en_US dc.date.accessioned 20-Jul-2016 16:40:22 (UTC+8) - dc.date.available 20-Jul-2016 16:40:22 (UTC+8) - dc.date.issued (上傳時間) 20-Jul-2016 16:40:22 (UTC+8) - dc.identifier (Other Identifiers) G0103353009 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99295 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 103353009 zh_TW dc.description.abstract (摘要) 本研究以1980年至2015年美國及加拿大上市公司為研究對象，探討具有會計專長之執行長（CEO）與外界反應的關係。在探討外界反應之前，本文先檢視具有會計專長之CEO對於盈餘品質的影響，透過此結果，推論專業人士（包含會計師與分析師）與市場投資人之反應。本研究預期，當CEO具有會計專長時，會使盈餘品質降低，故審計風險隨之提高，導致審計公費增加，且分析師的追隨意願降低，同時也將影響市場投資人的反應。研究結果發現，具會計專長CEO與盈餘管理、審計公費、公司累積異常報酬呈現顯著正相關，與分析師追隨數則為顯著負相關，顯示當CEO具有會計專長時，因有盈餘操控的情況，所以審計公費提高、分析師追隨數減少；但市場投資人或許無法體認盈餘操控的事實，故仍相信具有會計專長之CEO，有可能為公司帶來正面的影響。 zh_TW dc.description.abstract (摘要) This study investigates the relationship between CEOs with accounting expertise and external reactions of investors, auditors and analysts. The sample firms used in this study are all the stock-listed companies in America and Canada during 1980-2015.Before examining such external reactions, this paper explores the association between CEOs with accounting expertise and earnings quality, which help us to obtain an explanation why auditors, analysts and investors have such reactions.The empirical results show that CEOs with accounting expertise manage earnings more aggressively than CEOs without such expertise. As a consequence, the firms with such CEOs will be charged higher audit fees and have less analyst following. However, investors might not recognize this fact; they still believe that CEOs with accounting expertise will have a positive influence on firms. Our findings could offer a reference for a company looking for a CEO that could bring accounting quality. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究背景與動機 1第二節 研究架構 4第貳章 文獻探討與研究假說 5第一節 CEO與會計專長之相關探討 5第二節 假說發展 10第參章 研究方法 12第一節 實證模型與變數定義 12第二節 研究期間、資料來源與樣本之選取 33第肆章 實證結果 37第一節 具會計專長CEO對盈餘品質之影響 37第二節 具會計專長CEO對審計公費之影響 44第三節 具會計專長CEO對分析師追隨之影響 51第四節 投資市場對於具有會計專長CEO之影響 56第伍章 結論與建議 60第一節 研究結論 60第二節 研究限制與建議 61 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103353009 en_US dc.subject (關鍵詞) 執行長 zh_TW dc.subject (關鍵詞) 會計專長 zh_TW dc.subject (關鍵詞) 盈餘管理 zh_TW dc.subject (關鍵詞) 審計公費 zh_TW dc.subject (關鍵詞) 分析師追隨 zh_TW dc.subject (關鍵詞) 累積異常報酬 zh_TW dc.subject (關鍵詞) Chief Executive Officer en_US dc.subject (關鍵詞) Accounting expertise en_US dc.subject (關鍵詞) Earnings management en_US dc.subject (關鍵詞) Audit fees en_US dc.subject (關鍵詞) Analyst following en_US dc.subject (關鍵詞) Cumulative abnormal returns en_US dc.title (題名) 具會計專長之執行長與投資人、會計師及分析師之反應 zh_TW dc.title (題名) Chief Executive Officer with Accounting Expertise and Reactions of Investors, Auditors and Analysts en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 沈中華、李建然，2000，事件研究法：財務與會計實證研究必備。台北：華泰書局。 呂倩如、楊禮任與陳昭蓉，2012，產品保證與分析師預期誤差，當代會計，第13卷第2期：161-194。李啟華、郭翠菱，2014，「獎酬契約與盈餘管理」，《輔仁管理評論》，第21卷第3期，23-47。金成隆、陳美惠，2012，高等財務會計研究：理論與實證，滄海書局。金慶平、周彥妤、李佳玲，2015，機構投資者持股與分析師跟隨對企業股權價值評估之攸關性，當代會計，第16卷第2期：175-209。陳冠宏，2009，CEO特質對企業經營績效之影響，國立高雄第一科技大學財務管理學系碩士論文。陳椲中，2014，審計公費、審計委員會特性與公司治理關聯性之研究，國立高雄應用科技大學會計系碩士論文。陳錫昌，1999，股份有限公司董事長與總經理關聯性之比較研究。東海大學管理學系碩士論文。張容薰，2012，高階管理團隊特質與經營績效的影響—CEO的角色，東海大學會計系碩士論文。湯家良，2004，總經理特質與經營績效之關聯：以我國資訊電子業為例，國立中正大學會計學系碩士論文。黃琦勛，2011，CEO具財會專家身分與盈餘品質之關聯—考量CFO角色，東海大學會計學系碩士論文。廖秀梅、王貞靜、戚務君，2012，一套臺灣完整的審計公費資訊告訴我們什麼？。中華會計學刊，8(1)，49-88。劉士豪，2014，審計公費、CEO及CFO財會專業之關聯性研究，國立臺中科技大學會計資訊系會計與財稅學系碩士論文。蔡宜真，2005，臺灣集團家族企業的公司治理、董事會獨立性與公司價值之實證分析，國立中興大學企業管理學系碩士論文。劉家樵，2007，教育背景及工作經驗對於CEO領導績效之影響，雲林科技大學應用外語學系碩士論文。謝佳君，2009，股權結構、董事會組成與審計品質對財務報表重編關聯性之研究，國立中山大學企業管理學系碩士論文。薛敏正、張瑀珊、高君慈，2008，公司自我選擇聘任會計師與審計公費，當代會計，第9卷第2期：167-200。謝琬羽，2012，CEO教育背景及職場經驗對企業績效之影響，雲林科技大學應用外語學系碩士論文。Beaver, W.H. (2002) Perspectives on recent capital market research. The Accounting Review 77(2): 453-474.Bergstresser, D., & Philippon, T. (2006) CEO incentives and earnings management. Journal of Financial Economics 80, 511-529. Bhagat, S., Bolton, B.J., & Subramanian, A. (2010) CEO education, CEO turnover, and firm performance.Bhushan, R. (1989) Firm characteristics and analyst following. Journal of Accounting and Economics 11, 255-274.Brown, S., & Warner J. (1985) Using Daily Stock Returns: The Case of Event Studies. Journal of Financial Economics 14, 3-31.Chan, L.H., Chen, K.C.W., Chen, T.Y., & Yu, Y. (2015) Substitution between Real and Accruals-Based Earnings Management after Voluntary Adoption of Compensation Clawback Provisions. The Accounting Review: January 2015, Vol. 90, No. 1, 147-174.Cohen, D.A., Dey, A., & Lys, T.Z. (2008) Real and Accrual‐Based Earnings Management in the Pre‐ and Post‐Sarbanes‐Oxley Periods. The Accounting Review: May 2008, Vol. 83, No. 3, 757-787.Cohen, D.A., & Zarowin, P. (2010) Accrual-based and real earnings management activities around seasonal equity offerings. Journal of Accounting and Economics 50: 2-19.Craswell, A.T., & Francis, J.R. (1999) Pricing Initial Audit Engagements: A Test of Competing Theories. The Accouting Review 74 (2): 201-216.Custódio, C., & Metzger, D. (2014) Financial expert CEOs: CEO’s work experience and firm’s financial policies. Journal of Financial Economics 114 (1), 125-154Davidson III, W.N., Nemec, C., Worrell, D.L. & Lin, J. (2002) Industrial origin of CEOs in outside succession: Board preference and stockholder reaction. Journal of Management and Governance, 6, 295-321.Defond, M. L., Hann, R. N. & Hu, X. (2005) Does the Market Value Financial Expertise on Audit Committees of Boards of Directors?. Journal of Accounting Research, 43: 153-193.Elsaid, E.M., Benson, B.W., & Davidson, W.N. (2013) Successor CEO Functional and Education Background: Performance Antecedents and Consequences, Midwest Finance Association Annual Meeting Paper.Feng, M., Ge, W., Luo, S., & Shevlin, T. (2011) Why do CFOs become involved in material accounting manipulations?. Journal of Accounting and Economics 51, 21-36. Graham, J.R., Harvey, C.R., & Rajgopal, S. (2006) Value destruction and financial reporting decisions. Financial Analyst Journal 62(6): 27-39. Hambrick, D.C. & Mason, P.A. (1984) Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-106. Huson, M.R., Malatesta, P., & Parrino, R. (2004) Managerial succession and firm performance. Journal of Financial Economics, vol. 74, issue 2, 237-275Jones, J. (1991) Earnings management during import relief investigations. Journal of Accounting Research 29: 193-228.Jong, C.R., Peluchette, J.V., & Song, I. (2006) Stock Market Reactions and Firm Performance Surrounding CEO Succession: Antecedents of Succession and Successor Origin. American Journal of Business, Vol. 21 Iss: 1, 21-30.Krishnan, G.V., Su, L.N., & Visvanathan, G. (2009) Does Accounting and Financial Expertise in the C-Suite Aid or Mitigate Earnings Management?Lang, M., & Lundholm, R. (1996) Corporate disclosure policy and analyst behavior. The Accounting Review Oct : 467-492.Lehavy, R., Li, F., & Merkley, K. (2011) The Effect of Annual Report Readability on Analyst Following and the Properties of Their Earnings Forecasts. The Accounting Review: May 2011, Vol. 86, No. 3, 1087-1115.Li, C., Sun, L., & Ettredge, M. (2010) Financial executive qualifications, financial executive turnover, and adverse SOX 404 opinions. Journal of Accounting and Economics 50 (1), 93-110Matsunaga, S., Wang, S., & Yeung, P. (2013) Does Appointing a Former CFO as CEO Influence a Firm’s Financial Reporting, Disclosure and Tax Policies?Rajan, R. & Servaes, H. (1997) Analyst following of initial public offerings. Journal of Finance 52, 507-529. Whisenant, S., Sankaraguruswamy, S., & Raghunandan, K. (2003) Evidence on the Joint Determination of Audit and Non-Audit Fees. Journal of Accounting Research, 41: 721-744.Zouari, Z., Lakhal, F., & Nekhili, M. (2012) Do CEO’s Characteristics Affect Earnings Management? Evidence from France. zh_TW
