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題名 總體經濟事件對年報可讀性與會計績效之關係的影響-以台灣金融業為例
The Effect of Macro-Economic Events on the Relation between Annual Report Readability and Accounting Performance within the Financial Industry in Taiwan作者 廖威翔
Liao, Wei-Hsiang貢獻者 蔡政憲
Tsai, Jason
廖威翔
Wei-Hsiang Liao關鍵詞 年報可讀性
公司績效
混淆理論
台灣金融業
Annual report readability
Firm performance
Obfuscation theory
Taiwanese financial industry日期 2023 上傳時間 6-Apr-2023 18:05:16 (UTC+8) 摘要 Annual report readability determines the quality of communication between a company and its stakeholders. Courtis (1998) raised the obfuscation hypothesis and suggested that worse annual report readability implies a poor financial performance of the company because of the manager`s tendency to hide bad news. This is clear for events within the company, but not so clear for events in the macroeconomy. This study is the first one to do research on investigating annual report readability within the financial industry in Taiwan and also the first one to investigate the impact of macro-economic events on annual report readability. This study uses regression to explore the relationship between annual report readability, macro-economic events, and accounting performance. The results of this study suggest that the annual report readability in the Taiwanese financial sector has a significant negative relationship with ROE but a positive one with EPS. Besides, this study finds no obvious evidence to support the obfuscation hypothesis. Finally, this study also indicates that macro-economic events do have an impact on annual report readability, but only the year of the outbreak of Covid-19 has a significant relationship with it, and annual report readability in the banking sector is more highly affected by macro-economic events than that in the non-banking sector. Keywords: Annual report readability, Firm performance, Obfuscation theory, Taiwanese financial industry 參考文獻 6. References Adão, L. F., Silveira, D., Ely, R. A., & Cajueiro, D. O. (2022). The impacts of interest rates on banks’ loan portfolio risk-taking, 144(C). Adelberg, A. H. (1979). Narrative disclosures contained in financial reports: means of communication or manipulation?, Accounting and Business Research(9), Article 35, 179–189. Adrian, T., & Song Shin, H. (2010). Financial Intermediaries and Monetary Economics. In T. Adrian & H. Song Shin (Eds.), Handbook of Monetary Economics. Financial Intermediaries and Monetary Economics (Vol. 3, pp. 601–650). Elsevier. https://doi.org/10.1016/B978-0-444-53238-1.00012-0 Alduais, F. (2022). Textual analysis of the annual report and corporate performance: evidence from China. Journal of Financial Reporting and Accounting. Advance online publication. https://doi.org/10.1108/JFRA-04-2022-0129 Attamimi, A. A. B., & Ameer, R. (2010). Readability of Corporate Social Responsibility Communication in Malaysia. SSRN Electronic Journal(18), Article 1, 50–60. https://doi.org/10.2139/ssrn.1572131 Baker, H., & Kare, D. (1992). Relationship between annual report readability and corporate financial performance. Management Research News, 15(1-4). Bargate, K. (2012). The readability of Managerial Accounting and Financial Management textbooks. Meditari Accountancy Research, 20(1), 4–20. https://doi.org/10.1108/10222521211234192 Bayerlein, L., & Davidson, P. (2012). The influence of connotation on readability and obfuscation in Australian chairman addresses. Managerial Auditing Journal, 27(2), 175–198. https://doi.org/10.1108/02686901211189853 Beck, T., & Levine, R. (2004). Stock Markets, Banks, and Growth: Panel Evidence. Journal of Banking and Finance, 28, 423–442. https://doi.org/10.3386/w9082 Bloomfield, R. J. (2002). The `Incomplete Revelation Hypothesis` and Financial Reporting. Accounting Horizons, 16(3), 233–243. https://doi.org/10.2139/ssrn.312671 Bloomfield, R. J. (2008). Discussion of ‘annual report readability, current earnings, and earnings persistance’. Journal of Accounting and Economics, 45(Nos 2/3), 248–252. Bonsall, S. B., & Miller, B. P. (2017). The Impact of Narrative Disclosure Readability on Bond Ratings and the Cost of Debt Capital. Review of Accounting Studies, 22, 608–643. https://doi.org/10.2139/ssrn.2865761 Bushee, B. J., Gwo, I. D., & and Taylor, D. J. (2018). Linguistic Complexity in Firm Disclosures: Obfuscation or Information? Journal of Accounting Research, 56(1), 85–121. https://doi.org/10.1111/1475-679X.12179 Calice, P., & Zhou, N. (2018, July 17). Benchmarking costs of financial intermediation around the world. Policy Research Working Paper. https://blogs.worldbank.org/allaboutfinance/benchmarking-costs-financial-intermediation-around-world Central Bank of Taiwan. (2022). Retrieved December 26, 2022. https://www.cbc.gov.tw/tw/mp-1.html Chang, L. S., & Most, K. S. (1981). An international comparison of investor uses of financial statements. International Journal of Accounting, 19(Fall), 19–27. Clatworthy, M., & Jones, M. J [Michael John] (2001). The effect of thematic structure on the variability of annual report readability. Accounting, Auditing & Accountability Journal, 14(3), 311–326. https://doi.org/10.1108/09513570110399890 Cohen, J. (1992). A Power Primer. Psychological Bulletin, 112(1), 155–159. Courtis, J. K. (1986). An investigation into annual report readability and corporate risk return relationships. Accounting and Business Research, 16(64), 285–294. Courtis, J. K. (1995). Readability of annual reports: Western versus Asian evidence. Accounting, Auditing & Accountability Journal, 8(2), 4–17. https://doi.org/10.1108/09513579510086795 Courtis, J. K. (1998). Annual report readability variability: tests of the obfuscation hypothesis. Accounting, Auditing & Accountability Journal, 11(4), 459–472. https://doi.org/10.1108/09513579810231457 Courtis, J. K. (2004). Corporate report obfuscation: artefact or phenomenon? The British Accounting Review, 36(3), 291–312. https://doi.org/10.1016/j.bar.2004.03.005 Cutrim Carvalho, A., & Ferreira Carvalho, D. (2015). The importance of financial institutions for the development of the Brazilian Amazon: An application of the social accounting matrix. Revista De Análisis Económico, 30(2), 45–78. https://doi.org/10.4067/S0718-88702015000200003 Dale, E., & Chall, J. S. (1949). The Concept of Readability. Elementary English, 26(1), 19–26. Dalwai, T., Chinnasamy, G., & Mohammadi, S. S. (2021). Annual report readability, agency costs, firm performance: an investigation of Oman`s financial sector. Journal of Accounting in Emerging Economies, 11(2), 247–277. https://doi.org/10.1108/JAEE-06-2020-0142 Day, J. F. (1986). The Use of Annual Reports by UK Investment Analysts. Accounting and Business Research, 16(64), 295–307. Fajgelbaum, P., & Khandelwal, A. (2021). The Economic Impacts of the US-China Trade War. Cambridge, MA. https://doi.org/10.3386/w29315 Fernbach, N. (1990). La lisibilite dans la redaction juridique au Quebec. Canadian Legal Information. Fisher, R., Staden, J., & Richards, G. (2019). Watch that tone: an investigation of the use and stylistic consequences of tone in corporate accountability disclosures. Accounting, Auditing & Accountability Journal, 33, 77–105. Flesch, R. (1946). The art of plain talk. Harper and Brothers. FRC. (2009). Lounder than words. Principles and actions for making corporate reports less complex and more relevant. Financial Reporting Council, p. 48. Frisch, R. (1935). Statistical Confluence Analysis by means of Complete Regression System. The Economic Journal, 45(180), 741–742. Ginesti, G., Sannino, G., & Drago, C. (2017). Board connections and management commentary readability: the role of information sharing in Italy. Corporate Governance, 17(1), 30–47. https://doi.org/10.1108/CG-01-2016-0015 Guay, W., Samuels, D., & Taylor, D. (2016). Guiding through the Fog: Financial statement complexity and voluntary disclosure. Journal of Accounting and Economics, 62(2-3), 234–269. Hasan, M. M., & Habib, A. (2020). Readability of narrative disclosures, and corporate liquidity and payout policies. International Review of Financial Analysis, 68, 101–460. https://doi.org/10.1016/j.irfa.2020.101460 Hassan, M. K., Abu Abbas, B., Garas, S. N., & Samy Nathan (2019). Readability, governance and performance: a test of the obfuscation hypothesis in Qatari listed firms, 19(2), 270–298. https://doi.org/10.1108/CG-05-2018-0182 Hesarzadeh, R., & Rajabalizadeh, J. (2019). The impact of corporate reporting readability on informational efficiency. Asian Review of Accounting, 27(4), 489–507. https://doi.org/10.1108/ARA-11-2018-0203 Hsiao Cheng. (2014). Analysis of Panel Data (3rd ed.). University of Southern California. IASB. (2010). The Conceptual Framework for Financial Reporting. IASB. Jones, M. J. (1988). A longitudinal study of the readability of the chairman`s narratives in the corporate reports of a UK company. Accounting and Business Research, 18, 297–305. Jones, M. J., & Shoemaker, P. A. (1994). Accounting narratives A review of empirical studies of content and readability, 13, 142–184. Klare, G. R. (1963). The measurement of readability. Iowa State University Press, Ames. Lee, T. A., & Tweedie, D. P. (1981). The Institutional Investor and Financial Information. The Institute of Chartered Accountants in England and Wales (ICAEW). Li, F. (2006). Annual report readability, current Earnings, and earnings persistence. Journal of Accounting and Economics, 45(2/3), 221–247. https://doi.org/10.2139/ssrn.887382 Li, F. (2008). Annual report readability, current Earnings, and earnings persistence. Journal of Accounting and Economics, 45, 221–247. https://doi.org/10.2139/ssrn.887382 Lo, K., Ramos, F., & Rogo, R. (2017). Earnings management and annual report readability. Journal of Accounting and Economics, 63(1), 1–25. https://doi.org/10.1016/j.jacceco.2016.09.002 Loughran, T., & Mcdonald, B. (2014). Measuring readability in financial disclosures. The Journal of Finance, 69(4), 1643–1671. Loughran, T., & Mcdonald, B. (2016). Textual analysis in accounting and finance: a survey. Journal of Accounting Research(54), 1187–1230. Lu, K., & Chen, K. (2020). Caught in the Crossfire The impact of US China trade tensions on Taiwanese direct investment in Mainland China. Online Journal. https://www.researchgate.net/publication/342171211_Related_Documents_Caught_in_the_Middle_Caught_in_the_Middle_An_Empirical_Assessment_of_the_Impact_of_the_Trade_War_and_Beijing`s_Taishang_Incentive_Policies_on_the_Taishang`s_Movement_in_and_out_of_Ma Luo, J.‑H., Li, X., & Chen, H. (2018). Annual report readability and corporate agency costs. China Journal of Accounting Research,, 187–212. Malkiel, B. G., & Fama, E. F. (1970). 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Journal of Accounting Research, 50(5), 1319–1354. Rutherford, B. A. (2003). Obfuscation, Textual Complexity and the Role of Regulated Narrative Accounting Disclosure in Corporate Governance, Journal of Management and Governance(7), Article 2, 187–210. Schroeder, N., & Gibson, C. (1990). Readability of management`s discussion and analysis. Accounting Horizons, 4, 78–87. Singh, G. (2019). China–US Trade War: An Overview. Management and Economics Research Journal, 5(S4). Smith, M., Dong, Y., & Ren, Y. (2011). The predictive ability of corporate narrative disclosures: Australian evidence. Asian Review of Accounting, 19(2), 157–170. https://doi.org/10.1108/13217341111181087 Smith, M., Jamil, A., Chik Johari, Y., & Ahmar Ahmad, S. (2006). The chairman`s statement in Malaysian companies: A test of the obfuscation hypothesis. Asian Review of Accounting, 14(1/2), 49–65. Smith, M., & Taffler, R. (1992). 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國立政治大學
國際經營管理英語碩士學位學程(IMBA)
109933014資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109933014 資料類型 thesis dc.contributor.advisor 蔡政憲 zh_TW dc.contributor.advisor Tsai, Jason en_US dc.contributor.author (Authors) 廖威翔 zh_TW dc.contributor.author (Authors) Wei-Hsiang Liao en_US dc.creator (作者) 廖威翔 zh_TW dc.creator (作者) Liao, Wei-Hsiang en_US dc.date (日期) 2023 en_US dc.date.accessioned 6-Apr-2023 18:05:16 (UTC+8) - dc.date.available 6-Apr-2023 18:05:16 (UTC+8) - dc.date.issued (上傳時間) 6-Apr-2023 18:05:16 (UTC+8) - dc.identifier (Other Identifiers) G0109933014 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/144062 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 109933014 zh_TW dc.description.abstract (摘要) Annual report readability determines the quality of communication between a company and its stakeholders. Courtis (1998) raised the obfuscation hypothesis and suggested that worse annual report readability implies a poor financial performance of the company because of the manager`s tendency to hide bad news. This is clear for events within the company, but not so clear for events in the macroeconomy. This study is the first one to do research on investigating annual report readability within the financial industry in Taiwan and also the first one to investigate the impact of macro-economic events on annual report readability. This study uses regression to explore the relationship between annual report readability, macro-economic events, and accounting performance. The results of this study suggest that the annual report readability in the Taiwanese financial sector has a significant negative relationship with ROE but a positive one with EPS. Besides, this study finds no obvious evidence to support the obfuscation hypothesis. Finally, this study also indicates that macro-economic events do have an impact on annual report readability, but only the year of the outbreak of Covid-19 has a significant relationship with it, and annual report readability in the banking sector is more highly affected by macro-economic events than that in the non-banking sector. Keywords: Annual report readability, Firm performance, Obfuscation theory, Taiwanese financial industry en_US dc.description.tableofcontents 1. Introduction 1 1.1. Research background 1 1.2. Research gap 3 1.3. Research question 5 1.4. Research contribution 6 1.5. Research structure 7 2. Literature review and Hypothesis 7 2.1. Obfuscation theory 7 2.2. Summary of prior studies on readability 11 2.3. Relationship between annual report readability and firm performance 14 2.4. Hypothesis development 16 2.5. Readability testing measurements 18 3. Methodology 22 3.1. Data sources, selection, and process 22 3.2. Variables 25 3.3. Research model building 29 4. Empirical result 30 4.1. Descriptive statistics 30 4.2. Model testing 38 4.3. Correlation analysis 39 4.4. Regression analysis 42 5. Discussion 52 5.1. Conclusions 52 5.2. Implications 55 5.3. Limitations and future research 56 6. References 58 List of Figures Figure 1 The trend of readability- The Fog Scale (Taiwanese Financial Industry) 36 Figure 2 The trend of readability- Flesch Kincaid Grade Level (Taiwanese Financial Industry) 36 Figure 3 The trend of readability- The Fog Scale (Banking sector verse Non-banking sector) 37 Figure 4 The trend of readability- Flesch Kincaid Grade Level (Banking sector vers Non-banking sector) 37 List of Tables Table 1 Readability level 22 Table 2 Expected effects of variables 28 Table 3 Descriptive statistics 31 Table 4 Descriptive statistics of two sectors in Taiwan (Mean Value based) 33 Table 5 Time-based indicators related to readability (Mean-value-based) 35 Table 6 Model testing result 38 Table 7 Variance Inflation Factor table of regression model variables 39 Table 8 Pearson correlation analysis (Taiwanese Financial Industry) 41 Table 9 One-way time-specific fixed-effects balanced regression result 44 Table 10 One-way time-specific fixed-effects regression result (only EPS as an independent valuable) 46 Table 11 One-way time-specific fixed-effects regression result (only ROE as an independent valuable) 47 Table 12 One-way individual-specific fixed-effects regression result (Taiwanese Financial Industry) 49 Table 13 One-way individual-specific fixed-effects regression result (different sectors) 51 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109933014 en_US dc.subject (關鍵詞) 年報可讀性 zh_TW dc.subject (關鍵詞) 公司績效 zh_TW dc.subject (關鍵詞) 混淆理論 zh_TW dc.subject (關鍵詞) 台灣金融業 zh_TW dc.subject (關鍵詞) Annual report readability en_US dc.subject (關鍵詞) Firm performance en_US dc.subject (關鍵詞) Obfuscation theory en_US dc.subject (關鍵詞) Taiwanese financial industry en_US dc.title (題名) 總體經濟事件對年報可讀性與會計績效之關係的影響-以台灣金融業為例 zh_TW dc.title (題名) The Effect of Macro-Economic Events on the Relation between Annual Report Readability and Accounting Performance within the Financial Industry in Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 6. References Adão, L. F., Silveira, D., Ely, R. A., & Cajueiro, D. O. (2022). The impacts of interest rates on banks’ loan portfolio risk-taking, 144(C). Adelberg, A. H. (1979). Narrative disclosures contained in financial reports: means of communication or manipulation?, Accounting and Business Research(9), Article 35, 179–189. Adrian, T., & Song Shin, H. (2010). Financial Intermediaries and Monetary Economics. In T. Adrian & H. Song Shin (Eds.), Handbook of Monetary Economics. Financial Intermediaries and Monetary Economics (Vol. 3, pp. 601–650). Elsevier. https://doi.org/10.1016/B978-0-444-53238-1.00012-0 Alduais, F. (2022). Textual analysis of the annual report and corporate performance: evidence from China. Journal of Financial Reporting and Accounting. Advance online publication. https://doi.org/10.1108/JFRA-04-2022-0129 Attamimi, A. A. B., & Ameer, R. (2010). Readability of Corporate Social Responsibility Communication in Malaysia. SSRN Electronic Journal(18), Article 1, 50–60. https://doi.org/10.2139/ssrn.1572131 Baker, H., & Kare, D. (1992). Relationship between annual report readability and corporate financial performance. Management Research News, 15(1-4). Bargate, K. (2012). The readability of Managerial Accounting and Financial Management textbooks. Meditari Accountancy Research, 20(1), 4–20. https://doi.org/10.1108/10222521211234192 Bayerlein, L., & Davidson, P. (2012). The influence of connotation on readability and obfuscation in Australian chairman addresses. Managerial Auditing Journal, 27(2), 175–198. https://doi.org/10.1108/02686901211189853 Beck, T., & Levine, R. (2004). Stock Markets, Banks, and Growth: Panel Evidence. Journal of Banking and Finance, 28, 423–442. https://doi.org/10.3386/w9082 Bloomfield, R. J. (2002). The `Incomplete Revelation Hypothesis` and Financial Reporting. Accounting Horizons, 16(3), 233–243. https://doi.org/10.2139/ssrn.312671 Bloomfield, R. J. (2008). Discussion of ‘annual report readability, current earnings, and earnings persistance’. Journal of Accounting and Economics, 45(Nos 2/3), 248–252. Bonsall, S. B., & Miller, B. P. (2017). The Impact of Narrative Disclosure Readability on Bond Ratings and the Cost of Debt Capital. Review of Accounting Studies, 22, 608–643. https://doi.org/10.2139/ssrn.2865761 Bushee, B. J., Gwo, I. D., & and Taylor, D. J. (2018). Linguistic Complexity in Firm Disclosures: Obfuscation or Information? Journal of Accounting Research, 56(1), 85–121. https://doi.org/10.1111/1475-679X.12179 Calice, P., & Zhou, N. (2018, July 17). Benchmarking costs of financial intermediation around the world. Policy Research Working Paper. https://blogs.worldbank.org/allaboutfinance/benchmarking-costs-financial-intermediation-around-world Central Bank of Taiwan. (2022). Retrieved December 26, 2022. https://www.cbc.gov.tw/tw/mp-1.html Chang, L. S., & Most, K. S. (1981). An international comparison of investor uses of financial statements. International Journal of Accounting, 19(Fall), 19–27. Clatworthy, M., & Jones, M. J [Michael John] (2001). The effect of thematic structure on the variability of annual report readability. Accounting, Auditing & Accountability Journal, 14(3), 311–326. https://doi.org/10.1108/09513570110399890 Cohen, J. (1992). A Power Primer. Psychological Bulletin, 112(1), 155–159. Courtis, J. K. (1986). An investigation into annual report readability and corporate risk return relationships. Accounting and Business Research, 16(64), 285–294. Courtis, J. K. (1995). Readability of annual reports: Western versus Asian evidence. Accounting, Auditing & Accountability Journal, 8(2), 4–17. https://doi.org/10.1108/09513579510086795 Courtis, J. K. (1998). Annual report readability variability: tests of the obfuscation hypothesis. Accounting, Auditing & Accountability Journal, 11(4), 459–472. https://doi.org/10.1108/09513579810231457 Courtis, J. K. (2004). Corporate report obfuscation: artefact or phenomenon? The British Accounting Review, 36(3), 291–312. https://doi.org/10.1016/j.bar.2004.03.005 Cutrim Carvalho, A., & Ferreira Carvalho, D. (2015). The importance of financial institutions for the development of the Brazilian Amazon: An application of the social accounting matrix. Revista De Análisis Económico, 30(2), 45–78. https://doi.org/10.4067/S0718-88702015000200003 Dale, E., & Chall, J. S. (1949). The Concept of Readability. Elementary English, 26(1), 19–26. Dalwai, T., Chinnasamy, G., & Mohammadi, S. S. (2021). Annual report readability, agency costs, firm performance: an investigation of Oman`s financial sector. Journal of Accounting in Emerging Economies, 11(2), 247–277. https://doi.org/10.1108/JAEE-06-2020-0142 Day, J. F. (1986). The Use of Annual Reports by UK Investment Analysts. Accounting and Business Research, 16(64), 295–307. Fajgelbaum, P., & Khandelwal, A. (2021). The Economic Impacts of the US-China Trade War. Cambridge, MA. https://doi.org/10.3386/w29315 Fernbach, N. (1990). La lisibilite dans la redaction juridique au Quebec. Canadian Legal Information. Fisher, R., Staden, J., & Richards, G. (2019). Watch that tone: an investigation of the use and stylistic consequences of tone in corporate accountability disclosures. Accounting, Auditing & Accountability Journal, 33, 77–105. Flesch, R. (1946). The art of plain talk. Harper and Brothers. FRC. (2009). Lounder than words. Principles and actions for making corporate reports less complex and more relevant. Financial Reporting Council, p. 48. Frisch, R. (1935). Statistical Confluence Analysis by means of Complete Regression System. The Economic Journal, 45(180), 741–742. Ginesti, G., Sannino, G., & Drago, C. (2017). Board connections and management commentary readability: the role of information sharing in Italy. Corporate Governance, 17(1), 30–47. https://doi.org/10.1108/CG-01-2016-0015 Guay, W., Samuels, D., & Taylor, D. (2016). Guiding through the Fog: Financial statement complexity and voluntary disclosure. Journal of Accounting and Economics, 62(2-3), 234–269. Hasan, M. M., & Habib, A. (2020). Readability of narrative disclosures, and corporate liquidity and payout policies. International Review of Financial Analysis, 68, 101–460. https://doi.org/10.1016/j.irfa.2020.101460 Hassan, M. K., Abu Abbas, B., Garas, S. N., & Samy Nathan (2019). Readability, governance and performance: a test of the obfuscation hypothesis in Qatari listed firms, 19(2), 270–298. https://doi.org/10.1108/CG-05-2018-0182 Hesarzadeh, R., & Rajabalizadeh, J. (2019). The impact of corporate reporting readability on informational efficiency. 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