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題名 獨立董事多樣性與企業內部控制缺失數之關聯性
The Association between Diversity of Independent Directors and Internal Control Weaknesses作者 徐慈卿
Hsu, Tzu-Ching貢獻者 林禹銘
Lin, Yu-Ming
徐慈卿
Hsu, Tzu-Ching關鍵詞 獨立董事
多樣性
內控缺失
Independent director
Diversity
Internal control weakness日期 2021 上傳時間 4-Aug-2021 14:28:52 (UTC+8) 摘要 美國沙氏法第404條規定上市公司之管理階層每年應針對與財務報導有關之內部控制進行評估，並出具聲明書。本研究主要探討獨立董事多樣性與企業內部控制重大缺失數之關聯性，並以2009年至2019年之美國上市公司為研究對象。實證結果發現，當獨立董事之任期多樣性越高時，企業之內控重大缺失數越少，代表獨立董事之任期多樣性與內控重大缺失數呈顯著負相關。但若聚焦於獨立董事之年齡多樣性，則與企業內控重大缺失數呈顯著正相關，意謂著當獨立董事之年齡多樣性越高，企業之內控重大缺失數越多，可能原因為當獨立董事之年齡多樣性較高時，董事會中同時存有不同年齡之獨立董事，而獨立董事間之年齡差異使其溝通不順暢，進而導致議事效率下降及決策品質不佳。
Section 404 of the Sarbanes-Oxley Act (SOX) requires a public company’s management to assess the effectiveness of internal controls over financial reporting annually. Based on a sample of U.S. listed companies over the period of 2009-2019, this study examines the relationship between the diversity of independent directors and material weaknesses in internal controls. This study finds a significant negative association between tenure diversity of independent directors and the number of material weaknesses in internal controls, but a significant positive association between age diversity of independent directors and the number of material weaknesses in internal controls. One possible explanation is that age difference between independent directors results in poor communication, which leads to poor decision-making.參考文獻 王怡心、吳三梅、周台俊、周靜幸、莊詠玲、陳錦烽等人（2013）。COSO 內部控制-整合架構。台北：中華民國內部稽核協會。中華民國行政院金融監督管理委員會（2010）。公司治理3.0-永續發展藍圖。台北：行政院金融監督管理委員會。朱博湧、林裕淩、王筠傑 （2015）。 獨立董事多樣性對於公司價值之研究。管理資訊計算， 4（2），頁 65-82。邱垂昌、莊清騄 （2010）。 獨立董監事、公司資訊透明度與公司價值之關聯性。中山管理評論， 18（4），頁 949-1008。邱垂昌、黃秀姿 （2006）。 自願設立獨立董事、關係人交易與公司價值關聯性之研究: 代理理論與訊號發射理論之比較。Asian Journal of Management and Humanity Sciences， 1（3），頁 379-403。粘季為、張元、許敏政 （2017）。 公司董事會多樣性是否有助於降低公司風險？。兩岸金融季刊， 5（3），頁 69-111。鄭桂蕙、余俊憲、王蘭芬 （2012）。 內部控制缺失與應計品質-獨立董監之調節效果。東吳經濟商學學報（79），頁 81-120。Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of accounting and economics, 37(3), 315-342.Armstrong, C. S., Core, J. E., & Guay, W. R. (2014). Do independent directors cause improvements in firm transparency? Journal of financial economics, 113(3), 383-403.Ashbaugh-Skaife, H., Collins, D. W., & Kinney Jr, W. R. (2007). The discovery and reporting of internal control deficiencies prior to SOX-mandated audits. Journal of accounting and economics, 44(1-2), 166-192.Ashbaugh‐Skaife, H., Collins, D. W., Kinney Jr, W. R., & LaFond, R. (2009). The effect of SOX internal control deficiencies on firm risk and cost of equity. Journal of Accounting research, 47(1), 1-43.Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207-221.Bhat, K. U., Chen, Y., Jebran, K., & Memon, Z. A. (2019). Board diversity and corporate risk: evidence from China. Corporate Governance: The international journal of business in society, 20(2), 280-293.Carter, D. A., D`Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate governance: An international review, 18(5), 396-414.Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial review, 38(1), 33-53.Chen, Y., Eshleman, J. D., & Soileau, J. S. (2016). Board gender diversity and internal control weaknesses. Advances in accounting, 33, 11-19.Chen, Y. Y., Knechel, W. R., Marisetty, V. B., Truong, C., & Veeraraghavan, M. (2017). Board Independence and Internal Control Weakness: Evidence from SOX 404 Disclosures. Auditing-a Journal of Practice & Theory, 36(2), 45-62. doi:10.2308/ajpt-51577Choi, J. J., Park, S. W., & Yoo, S. S. (2007). The value of outside directors: Evidence from corporate governance reform in Korea. Journal of financial and Quantitative Analysis, 941-962.Cotter, J. F., Shivdasani, A., & Zenner, M. (1997). Do independent directors enhance target shareholder wealth during tender offers? Journal of financial economics, 43(2), 195-218.DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of accounting and economics, 3(3), 183-199.Doyle, J., Ge, W., & McVay, S. (2007). Determinants of weaknesses in internal control over financial reporting. Journal of accounting and economics, 44(1-2), 193-223. doi:10.1016/j.jacceco.2006.10.003Doyle, J. T., Ge, W., & McVay, S. (2007). Accruals quality and internal control over financial reporting. The accounting review, 82(5), 1141-1170.Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate governance: An international review, 11(2), 102-111.Farag, H., & Mallin, C. (2016). The impact of the dual board structure and board diversity: Evidence from Chinese initial public offerings (IPOs). Journal of Business Ethics, 139(2), 333-349.Feng, M., Li, C., & McVay, S. (2009). Internal control and management guidance. Journal of accounting and economics, 48(2-3), 190-209. doi:10.1016/j.jacceco.2009.09.004Ge, W., & McVay, S. (2005). The disclosure of material weaknesses in internal control after the Sarbanes‐Oxley Act. Accounting Horizons, 19(3), 137-158.Goh, B. W. (2008). Audit committees, boards of directors, and remediation of material weaknesses in internal control. Contemporary Accounting Research, 26(2), 549-579.Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of accounting and economics, 51(3), 314-338.Harjoto, M. A., Laksmana, I., & Yang, Y.-w. (2018). Board diversity and corporate investment oversight. Journal of Business Research, 90, 40-47.Harrison, D. A., & Klein, K. J. (2007). What`s the difference? Diversity constructs as separation, variety, or disparity in organizations. Academy of management review, 32(4), 1199-1228.Hoitash, U., Hoitash, R., & Bedard, J. C. (2009). Corporate governance and internal control over financial reporting: A comparison of regulatory regimes. The accounting review, 84(3), 839-867. doi:10.2308/accr.2009.84.3.839Hu, G., Yuan, R., & Xiao, J. Z. (2017). Can independent directors improve internal control quality in China? The European Journal of Finance, 23(7-9), 626-647.Huang, J.-K., Cheng, J.-H., & Huang, K.-P. (2019). The Voluntary Appointment of Independent Directors, Foreign Ownership and Corporate Performance: Evidence from Taiwan. International Journal of Organizational Innovation, 11(4), 180-195.Ji, J., Peng, H., Sun, H., & Xu, H. (2021). Board tenure diversity, culture and firm risk: Cross-country evidence. Journal of International Financial Markets, Institutions and Money, 70, 101276.Khlif, H., & Samaha, K. (2019). Board independence and internal control quality in Egypt: does CEO duality matter? International Journal of Law and Management, 61(2), 345-358.Kim, H., & Lim, C. (2010). Diversity, outside directors and firm valuation: Korean evidence. Journal of Business Research, 63(3), 284-291.Klein, A. (2002). Economic determinants of audit committee independence. The accounting review, 77(2), 435-452.Krishnan, J. (2005). Audit committee quality and internal control: An empirical analysis. The accounting review, 80(2), 649-675. doi:DOI 10.2308/accr.2005.80.2.649Li, N., & Wahid, A. S. (2018). Director tenure diversity and board monitoring effectiveness. Contemporary Accounting Research, 35(3), 1363-1394.Liu, Y., Miletkov, M. K., Wei, Z., & Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30, 223-244.Ogneva, M., Subramanyam, K. R., & Raghunandan, K. (2007). Internal control weakness and cost of equity: Evidence from SOX Section 404 disclosures. The accounting review, 82(5), 1255-1297.Poletti-Hughes, J., & Briano-Turrent, G. C. (2019). Gender diversity on the board of directors and corporate risk: A behavioural agency theory perspective. International Review of Financial Analysis, 62, 80-90.Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20(3), 447-483.Vafeas, N. (2003). Length of board tenure and outside director independence. Journal of Business Finance & Accounting, 30(7‐8), 1043-1064.Xie, B., Davidson III, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295-316.Xu, Y., Zhang, L., & Chen, H. (2018). Board age and corporate financial fraud: An interactionist view. Long Range Planning, 51(6), 815-830.Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of financial economics, 40(2), 185-211.Zhang, Y., Zhou, J., & Zhou, N. (2007). Audit committee quality, auditor independence, and internal control weaknesses. Journal of accounting and public policy, 26(3), 300-327. 描述 碩士
國立政治大學
會計學系
108353004資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353004 資料類型 thesis dc.contributor.advisor 林禹銘 zh_TW dc.contributor.advisor Lin, Yu-Ming en_US dc.contributor.author (Authors) 徐慈卿 zh_TW dc.contributor.author (Authors) Hsu, Tzu-Ching en_US dc.creator (作者) 徐慈卿 zh_TW dc.creator (作者) Hsu, Tzu-Ching en_US dc.date (日期) 2021 en_US dc.date.accessioned 4-Aug-2021 14:28:52 (UTC+8) - dc.date.available 4-Aug-2021 14:28:52 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2021 14:28:52 (UTC+8) - dc.identifier (Other Identifiers) G0108353004 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136288 - 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) 108353004 zh_TW dc.description.abstract (摘要) 美國沙氏法第404條規定上市公司之管理階層每年應針對與財務報導有關之內部控制進行評估，並出具聲明書。本研究主要探討獨立董事多樣性與企業內部控制重大缺失數之關聯性，並以2009年至2019年之美國上市公司為研究對象。實證結果發現，當獨立董事之任期多樣性越高時，企業之內控重大缺失數越少，代表獨立董事之任期多樣性與內控重大缺失數呈顯著負相關。但若聚焦於獨立董事之年齡多樣性，則與企業內控重大缺失數呈顯著正相關，意謂著當獨立董事之年齡多樣性越高，企業之內控重大缺失數越多，可能原因為當獨立董事之年齡多樣性較高時，董事會中同時存有不同年齡之獨立董事，而獨立董事間之年齡差異使其溝通不順暢，進而導致議事效率下降及決策品質不佳。 zh_TW dc.description.abstract (摘要) Section 404 of the Sarbanes-Oxley Act (SOX) requires a public company’s management to assess the effectiveness of internal controls over financial reporting annually. Based on a sample of U.S. listed companies over the period of 2009-2019, this study examines the relationship between the diversity of independent directors and material weaknesses in internal controls. This study finds a significant negative association between tenure diversity of independent directors and the number of material weaknesses in internal controls, but a significant positive association between age diversity of independent directors and the number of material weaknesses in internal controls. One possible explanation is that age difference between independent directors results in poor communication, which leads to poor decision-making. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究背景及動機 1第二節 研究問題 3第三節 研究架構 4第貳章 文獻探討與假說發展 5第一節 獨立董事對於企業的影響 5第二節 董事會的多樣性 7第三節 企業內部控制 8第四節 假說發展 10第參章 實證模型與變數衡量 12第一節 樣本選取與資料來源 12第二節 實證模型 13第三節 變數定義與衡量 14第肆章 實證結果與分析 19第一節 研究樣本分析 19第二節 敘述性統計分析 22第三節 相關性分析 23第四節 迴歸分析 25第伍章 結論與建議 28參考文獻 29 zh_TW dc.format.extent 1910390 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353004 en_US dc.subject (關鍵詞) 獨立董事 zh_TW dc.subject (關鍵詞) 多樣性 zh_TW dc.subject (關鍵詞) 內控缺失 zh_TW dc.subject (關鍵詞) Independent director en_US dc.subject (關鍵詞) Diversity en_US dc.subject (關鍵詞) Internal control weakness en_US dc.title (題名) 獨立董事多樣性與企業內部控制缺失數之關聯性 zh_TW dc.title (題名) The Association between Diversity of Independent Directors and Internal Control Weaknesses en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 王怡心、吳三梅、周台俊、周靜幸、莊詠玲、陳錦烽等人（2013）。COSO 內部控制-整合架構。台北：中華民國內部稽核協會。中華民國行政院金融監督管理委員會（2010）。公司治理3.0-永續發展藍圖。台北：行政院金融監督管理委員會。朱博湧、林裕淩、王筠傑 （2015）。 獨立董事多樣性對於公司價值之研究。管理資訊計算， 4（2），頁 65-82。邱垂昌、莊清騄 （2010）。 獨立董監事、公司資訊透明度與公司價值之關聯性。中山管理評論， 18（4），頁 949-1008。邱垂昌、黃秀姿 （2006）。 自願設立獨立董事、關係人交易與公司價值關聯性之研究: 代理理論與訊號發射理論之比較。Asian Journal of Management and Humanity Sciences， 1（3），頁 379-403。粘季為、張元、許敏政 （2017）。 公司董事會多樣性是否有助於降低公司風險？。兩岸金融季刊， 5（3），頁 69-111。鄭桂蕙、余俊憲、王蘭芬 （2012）。 內部控制缺失與應計品質-獨立董監之調節效果。東吳經濟商學學報（79），頁 81-120。Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of accounting and economics, 37(3), 315-342.Armstrong, C. S., Core, J. E., & Guay, W. R. (2014). Do independent directors cause improvements in firm transparency? Journal of financial economics, 113(3), 383-403.Ashbaugh-Skaife, H., Collins, D. W., & Kinney Jr, W. R. (2007). The discovery and reporting of internal control deficiencies prior to SOX-mandated audits. Journal of accounting and economics, 44(1-2), 166-192.Ashbaugh‐Skaife, H., Collins, D. W., Kinney Jr, W. R., & LaFond, R. (2009). The effect of SOX internal control deficiencies on firm risk and cost of equity. Journal of Accounting research, 47(1), 1-43.Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207-221.Bhat, K. U., Chen, Y., Jebran, K., & Memon, Z. A. (2019). Board diversity and corporate risk: evidence from China. Corporate Governance: The international journal of business in society, 20(2), 280-293.Carter, D. A., D`Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate governance: An international review, 18(5), 396-414.Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial review, 38(1), 33-53.Chen, Y., Eshleman, J. D., & Soileau, J. S. (2016). Board gender diversity and internal control weaknesses. Advances in accounting, 33, 11-19.Chen, Y. Y., Knechel, W. R., Marisetty, V. B., Truong, C., & Veeraraghavan, M. (2017). Board Independence and Internal Control Weakness: Evidence from SOX 404 Disclosures. Auditing-a Journal of Practice & Theory, 36(2), 45-62. doi:10.2308/ajpt-51577Choi, J. J., Park, S. W., & Yoo, S. S. (2007). The value of outside directors: Evidence from corporate governance reform in Korea. Journal of financial and Quantitative Analysis, 941-962.Cotter, J. F., Shivdasani, A., & Zenner, M. (1997). Do independent directors enhance target shareholder wealth during tender offers? Journal of financial economics, 43(2), 195-218.DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of accounting and economics, 3(3), 183-199.Doyle, J., Ge, W., & McVay, S. (2007). Determinants of weaknesses in internal control over financial reporting. Journal of accounting and economics, 44(1-2), 193-223. doi:10.1016/j.jacceco.2006.10.003Doyle, J. T., Ge, W., & McVay, S. (2007). Accruals quality and internal control over financial reporting. The accounting review, 82(5), 1141-1170.Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate governance: An international review, 11(2), 102-111.Farag, H., & Mallin, C. (2016). The impact of the dual board structure and board diversity: Evidence from Chinese initial public offerings (IPOs). Journal of Business Ethics, 139(2), 333-349.Feng, M., Li, C., & McVay, S. (2009). Internal control and management guidance. Journal of accounting and economics, 48(2-3), 190-209. doi:10.1016/j.jacceco.2009.09.004Ge, W., & McVay, S. (2005). The disclosure of material weaknesses in internal control after the Sarbanes‐Oxley Act. Accounting Horizons, 19(3), 137-158.Goh, B. W. (2008). Audit committees, boards of directors, and remediation of material weaknesses in internal control. Contemporary Accounting Research, 26(2), 549-579.Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of accounting and economics, 51(3), 314-338.Harjoto, M. A., Laksmana, I., & Yang, Y.-w. (2018). Board diversity and corporate investment oversight. Journal of Business Research, 90, 40-47.Harrison, D. A., & Klein, K. J. (2007). What`s the difference? Diversity constructs as separation, variety, or disparity in organizations. Academy of management review, 32(4), 1199-1228.Hoitash, U., Hoitash, R., & Bedard, J. C. (2009). Corporate governance and internal control over financial reporting: A comparison of regulatory regimes. The accounting review, 84(3), 839-867. doi:10.2308/accr.2009.84.3.839Hu, G., Yuan, R., & Xiao, J. Z. (2017). Can independent directors improve internal control quality in China? The European Journal of Finance, 23(7-9), 626-647.Huang, J.-K., Cheng, J.-H., & Huang, K.-P. (2019). The Voluntary Appointment of Independent Directors, Foreign Ownership and Corporate Performance: Evidence from Taiwan. International Journal of Organizational Innovation, 11(4), 180-195.Ji, J., Peng, H., Sun, H., & Xu, H. (2021). Board tenure diversity, culture and firm risk: Cross-country evidence. Journal of International Financial Markets, Institutions and Money, 70, 101276.Khlif, H., & Samaha, K. (2019). Board independence and internal control quality in Egypt: does CEO duality matter? International Journal of Law and Management, 61(2), 345-358.Kim, H., & Lim, C. (2010). Diversity, outside directors and firm valuation: Korean evidence. Journal of Business Research, 63(3), 284-291.Klein, A. (2002). Economic determinants of audit committee independence. The accounting review, 77(2), 435-452.Krishnan, J. (2005). Audit committee quality and internal control: An empirical analysis. The accounting review, 80(2), 649-675. doi:DOI 10.2308/accr.2005.80.2.649Li, N., & Wahid, A. S. (2018). Director tenure diversity and board monitoring effectiveness. Contemporary Accounting Research, 35(3), 1363-1394.Liu, Y., Miletkov, M. K., Wei, Z., & Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30, 223-244.Ogneva, M., Subramanyam, K. R., & Raghunandan, K. (2007). Internal control weakness and cost of equity: Evidence from SOX Section 404 disclosures. The accounting review, 82(5), 1255-1297.Poletti-Hughes, J., & Briano-Turrent, G. C. (2019). Gender diversity on the board of directors and corporate risk: A behavioural agency theory perspective. International Review of Financial Analysis, 62, 80-90.Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20(3), 447-483.Vafeas, N. (2003). Length of board tenure and outside director independence. Journal of Business Finance & Accounting, 30(7‐8), 1043-1064.Xie, B., Davidson III, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295-316.Xu, Y., Zhang, L., & Chen, H. (2018). Board age and corporate financial fraud: An interactionist view. Long Range Planning, 51(6), 815-830.Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of financial economics, 40(2), 185-211.Zhang, Y., Zhou, J., & Zhou, N. (2007). Audit committee quality, auditor independence, and internal control weaknesses. Journal of accounting and public policy, 26(3), 300-327. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202101061 en_US
