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題名 產業專家與盈餘平穩化關係之研究
The Relationship Between Industrial Specialist and Income Smoothing
作者 毛韡傑
Mao, Wei-Jie
貢獻者 金成隆
Chin, Chen-Lung
毛韡傑
Mao, Wei-Jie
關鍵詞 盈餘平穩化
產業專家
Industry specialist
Industry expertise
Income smoothing
日期 2022
上傳時間 1-Jul-2022 16:05:48 (UTC+8)
摘要 本文研究個人會計師產業專家(以下簡稱為產業專家)是否能藉由該產業專家產業熟悉度的增加而降低投機性盈餘平穩化，並提升資訊性盈餘平穩化。研究結果顯示，提高產業專家的熟悉度有助於降低投機性盈餘平穩化並提升資訊性盈餘平穩化，且抑制投機性盈餘平穩化的效果遠大於提升資訊性盈餘平穩化。
本文再進一步分析將大型事務所和非大型事務所拆分估計，發現提高大型事務所所屬的產業專家的熟悉度有助於抑制投機性盈餘平穩化與資訊性盈餘平穩化；但非大型事務所的產業專家只能提高資訊性的部分。最後本文引進新的資料處理方式，其研究結果仍然顯示提高產業熟悉度有助於提升資訊性盈餘平穩化並抑制投機性盈餘平穩化。
This paper exams whether individual industry specialists can decrease speculative income smoothing and increase informative income smoothing by increasing their expertise or professional. The results show that increasing industry specialists’ familiarity promote informative income smoothing and suppress speculative income smoothing. I also show that individual industry specialists suppress more speculative one than informative one. In further analysis, I prove that specialists who belong to Big4 can decrease speculative income smoothing and increase informative income smoothing, but surprisingly non Big4 specialists can increase informative parts.
Finally, this paper also uses new method to drop outliers. The results also verify that industry specialists’ familiarity can reduce speculative parts and increase informative parts.
參考文獻 Abodia, D., C. J. Lin, and R. Petacchi. 2015. Capital market consequences of audit partner quality. The Accounting Review, 90 (6): 2143-2176.
Acharya, V. V., and Lambrecht, B. M. 2015. A theory of income smoothing when insiders know more than outsiders. The Review of Financial Studies, 28 (9), 2534-2574.
Bae, G. S., Choi, S. U., and Rho, J. H. 2016. Audit hours and unit audit price of industry specialist auditors: Evidence from Korea. Contemporary Accounting Research, 33 (1), 314-340.
Baik, B., Choi, S., and Farber, D. B. 2020. Managerial ability and income smoothing. The Accounting Review, 95 (4), 1-22.
Balsam, S., J. Krishnan, and J. S. Yang. 2003. Auditor industry specialization and earnings quality. Auditing: A Journal of Practice & Theory 22 (2): 71-97.
Baginski, S. P., K. S. Lorek, G. L. Willinger and B. C. Branson. 1999, The relationship between economic characteristics and alternative annual earnings persistence measures. The Accounting Review, 74 (1): 105-120.
Bonner, S. E., and Lewis, B. L. 1990. Determinants of auditor expertise. Journal of Accounting Research, 28, 1-20.
Bouvatier, V., Lepetit, L., and Strobel, F. 2014. Bank income smoothing, ownership concentration and the regulatory environment. Journal of Banking & Finance, 41, 253-270.
Burgstahler, D., L. Hail, and C. Leuz. 2006. The importance of reporting incentives: earnings management in European private and public firms. The Accounting Review 81 (5): 983-1016.
Cahan, S. F., Liu, G., and Sun, J. 2008. Investor protection, income smoothing, and earnings informativeness. Journal of International Accounting Research, 7 (1), 1-24.
Carling, K. 2000. Resistant outlier rules and the non-Gaussian case. Computational Statistics & Data Analysis 33 (3) 249-258.
Carson, E. 2009. Industry specialization by global audit firm networks. The Accounting Review, 84 (2), 355-382.
Christie, A. 1987. On cross-sectional analysis in accounting research. Journal of Accounting and Economics 9 (3): 231-258.
Chi, H. Y., and C. L. Chin. 2011. Firm versus partner measures of auditor industry expertise and effects on auditor quality. Auditing: A Journal of Practice & Theory 30 (2): 201-229.
Chin, C. L., and H. Y. Chi. 2009. Reducing restatements with increased industry expertise. Contemporary Accounting Research 26 (3): 729-765.
Chung, C. Y., Liu, C., Wang, K., & Zykaj, B. B. 2015. Institutional monitoring: Evidence from the F‐score. Journal of Business Finance & Accounting, 42 (7-8), 885-914.
Collins, D. W., S. P. Kothari, J. Shanken, and R. Sloan. 1994. Lack of timeliness and noise as explanations for the low contemporaneous return-earnings association. Journal of Accounting and Economics 18: 289-324
DeBoskey, D. G., and J. Wei. 2012. Earnings management and auditor specialization in the post-sox era: An examination of the banking industry. Journal of Banking & Finance 36: 613-623
Dechow, P., A. Hutton, and R. Sloan. 1995. Detecting earnings management. The Accounting Review 70 (2): 193-225.
Dechow, P. M., & Dichev, I. D. 2002. The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77 (s-1), 35-59.
Dou, Y., O.K. Hope, W. B. Thomas. 2013. Relationship-Specificity, contract enforceability, and income smoothing. The Accounting Review 88 (5): 1629-1656.
Dunn, K. A., & Mayhew, B. W. 2004. Audit firm industry specialization and client disclosure quality. Review of Accounting Studies, 9 (1), 35-58.
Dybvig, P. H., & Warachka, M. 2010. Tobin’s Q does not measure performance: Theory, empirics, and alternative measures. Unpublished Working paper, Washington University, Saint Louis, United Sates.
Eichenseher, J.W., and P. Danos. 1981. The analysis of industry-specific auditor concentration: towards an explanatory model. The Accounting Review 56 (3): 479-492.
Ferguson, A., J. R. Francis, and D. J. Stokes. 2003. The effects of firm-wide and office-level industry expertise on audit pricing. The Accounting Review 78 (2): 429-448.
Gaver, J. J., & Utke, S. 2019. Audit quality and specialist tenure. The Accounting Review, 94 (3), 113-147.
Hamm, S. J., Jung, B., & Lee, W. J. 2018. Labor unions and income smoothing. Contemporary Accounting Research, 35(3), 1201-1228.
Hastings Jr, C., Mosteller, F., Tukey, J. W., & Winsor, C. P. 1947. Low moments for small samples: a comparative study of order statistics. The Annals of Mathematical Statistics, 18 (3), 413-426.
Hogan, C. E., & Jeter, D. C. 1999. Industry specialization by auditors. Auditing: A Journal of Practice & Theory, 18(1), 1-17.
Hsieh, Y. T., & Lin, C. J. 2016. Audit firms` client acceptance decisions: Does partner-level industry expertise matter?. Auditing: A Journal of Practice & Theory, 35(2), 97-120.
Huang, P., Zhang, Y., Deis, D. R., and Moffitt, J. S. 2009. Do artificial income smoothing and real income smoothing contribute to firm value equivalently?. Journal of Banking & Finance, 33 (2), 224-233.
Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76 (2), 323-329.
Jensen, M. C. 2005. Agency costs of overvalued equity. Financial management, 34 (1), 5-19.
Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29 (2): 193-228.
Kallunki, J., Kallunki, J. P., Niemi, L., Nilsson, H., & Aobdia, D. 2019. IQ and audit quality: Do smarter auditors deliver better audits?. Contemporary Accounting Research, 36(3), 1373-1416.
Kimber, A. C., 1990. Exploratory data analysis for possibly censored data from skewed distribution. Journal of the Royal Statistical Society. Series C (Applied Statistics) 39 (1): 21-30.
Kothari, S. P., A. Leone, and C. Wasley. 2005. Performance matched discretionary accruals. Journal of Accounting and Economics 39 (1): 161-197.
Leuz, C., Nanda, D., & Wysocki, P. D. 2003. Earnings management and investor protection: an international comparison. Journal of Financial Economics, 69 (3), 505-527.
Liu, L. L., Xie, X., Chang, Y. S., & Forgione, D. A. 2017. New clients, audit quality, and audit partner industry expertise: Evidence from Taiwan. International Journal of Auditing, 21(3), 288-303.
Lundholm, R., and L. Myers. 2002. Bringing the future forward: The effect of disclosure on the returns-earnings relation. Journal of Accounting Research 40 (3): 809-839.
Neal, T. L., & Riley Jr, R. R. 2004. Auditor industry specialist research design. Auditing: A Journal of Practice & Theory, 23 (2), 169-177.
Osborne, H. 1986. Symmetry as an aesthetic factor. Computers & Mathematics with Applications, 12(1-2), 77-82.
Piotroski, J. D., 2000. Value investing: The use of historical financial statement information to separate winners from losers. Journal of Accounting Research 38: 1-41.
Prencipe, A., Bar‐Yosef, S., Mazzola, P., & Pozza, L. 2011. Income smoothing in family‐controlled companies: Evidence from Italy. Corporate Governance: An International Review, 19(6), 529-546.
Reynolds, J. K., & Francis, J. R. 2000. Does size matter? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics, 30(3), 375-400.
Schwertman, N. C., M. A. Owens, and R. Adnan. 2004. A simple more general boxplot method for identifying outliers. Computational Statistics & Data Analysis 47 (12): 165-174.
St. Pierre, K., & Anderson, J. A. 1984. An analysis of the factors associated with lawsuits against public accountants. The Accounting Review 59, 242-263.
Tucker, J., and P. A. Zarowin. 2006. Does income smoothing improve earnings informativeness?. The Accounting Review 81 (1): 251-270.
Zhong, Y., Li, W., & Li, Y. 2021. Discretionary income smoothing and crash risk: evidence from China. Asia-Pacific Journal of Accounting & Economics, 28 (3), 311-333.
描述 碩士
國立政治大學
會計學系
109353111
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353111
資料類型 thesis
dc.contributor.advisor 金成隆zh_TW
dc.contributor.advisor Chin, Chen-Lungen_US
dc.contributor.author (Authors) 毛韡傑zh_TW
dc.contributor.author (Authors) Mao, Wei-Jieen_US
dc.creator (作者) 毛韡傑zh_TW
dc.creator (作者) Mao, Wei-Jieen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Jul-2022 16:05:48 (UTC+8)-
dc.date.available 1-Jul-2022 16:05:48 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2022 16:05:48 (UTC+8)-
dc.identifier (Other Identifiers) G0109353111en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140582-
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) 109353111zh_TW
dc.description.abstract (摘要) 本文研究個人會計師產業專家(以下簡稱為產業專家)是否能藉由該產業專家產業熟悉度的增加而降低投機性盈餘平穩化，並提升資訊性盈餘平穩化。研究結果顯示，提高產業專家的熟悉度有助於降低投機性盈餘平穩化並提升資訊性盈餘平穩化，且抑制投機性盈餘平穩化的效果遠大於提升資訊性盈餘平穩化。
本文再進一步分析將大型事務所和非大型事務所拆分估計，發現提高大型事務所所屬的產業專家的熟悉度有助於抑制投機性盈餘平穩化與資訊性盈餘平穩化；但非大型事務所的產業專家只能提高資訊性的部分。最後本文引進新的資料處理方式，其研究結果仍然顯示提高產業熟悉度有助於提升資訊性盈餘平穩化並抑制投機性盈餘平穩化。		zh_TW
dc.description.abstract (摘要) This paper exams whether individual industry specialists can decrease speculative income smoothing and increase informative income smoothing by increasing their expertise or professional. The results show that increasing industry specialists’ familiarity promote informative income smoothing and suppress speculative income smoothing. I also show that individual industry specialists suppress more speculative one than informative one. In further analysis, I prove that specialists who belong to Big4 can decrease speculative income smoothing and increase informative income smoothing, but surprisingly non Big4 specialists can increase informative parts.
Finally, this paper also uses new method to drop outliers. The results also verify that industry specialists’ familiarity can reduce speculative parts and increase informative parts.		en_US
dc.description.tableofcontents 壹、前言 1
貳、文獻回顧與假說 3
一、盈餘平穩化 3
二、產業專家 4
三、假說發展 5
參、研究設計與資料來源 6
一、盈餘平穩化衡量指標 6
二、產業專家變數衡量 7
三、資料來源與處理 8
四、研究模型與敘述統計 9
肆、實證結果 11
伍、額外測試 16
陸、敏感性分析:對稱的藝術 21
柒、結論 25
附錄一 變數定義表 26
附錄二 產業編號 28
參考文獻 29		zh_TW
dc.format.extent 1407480 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353111en_US
dc.subject (關鍵詞) 盈餘平穩化zh_TW
dc.subject (關鍵詞) 產業專家zh_TW
dc.subject (關鍵詞) Industry specialisten_US
dc.subject (關鍵詞) Industry expertiseen_US
dc.subject (關鍵詞) Income smoothingen_US
dc.title (題名) 產業專家與盈餘平穩化關係之研究zh_TW
dc.title (題名) The Relationship Between Industrial Specialist and Income Smoothingen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abodia, D., C. J. Lin, and R. Petacchi. 2015. Capital market consequences of audit partner quality. The Accounting Review, 90 (6): 2143-2176.
Acharya, V. V., and Lambrecht, B. M. 2015. A theory of income smoothing when insiders know more than outsiders. The Review of Financial Studies, 28 (9), 2534-2574.
Bae, G. S., Choi, S. U., and Rho, J. H. 2016. Audit hours and unit audit price of industry specialist auditors: Evidence from Korea. Contemporary Accounting Research, 33 (1), 314-340.
Baik, B., Choi, S., and Farber, D. B. 2020. Managerial ability and income smoothing. The Accounting Review, 95 (4), 1-22.
Balsam, S., J. Krishnan, and J. S. Yang. 2003. Auditor industry specialization and earnings quality. Auditing: A Journal of Practice & Theory 22 (2): 71-97.
Baginski, S. P., K. S. Lorek, G. L. Willinger and B. C. Branson. 1999, The relationship between economic characteristics and alternative annual earnings persistence measures. The Accounting Review, 74 (1): 105-120.
Bonner, S. E., and Lewis, B. L. 1990. Determinants of auditor expertise. Journal of Accounting Research, 28, 1-20.
Bouvatier, V., Lepetit, L., and Strobel, F. 2014. Bank income smoothing, ownership concentration and the regulatory environment. Journal of Banking & Finance, 41, 253-270.
Burgstahler, D., L. Hail, and C. Leuz. 2006. The importance of reporting incentives: earnings management in European private and public firms. The Accounting Review 81 (5): 983-1016.
Cahan, S. F., Liu, G., and Sun, J. 2008. Investor protection, income smoothing, and earnings informativeness. Journal of International Accounting Research, 7 (1), 1-24.
Carling, K. 2000. Resistant outlier rules and the non-Gaussian case. Computational Statistics & Data Analysis 33 (3) 249-258.
Carson, E. 2009. Industry specialization by global audit firm networks. The Accounting Review, 84 (2), 355-382.
Christie, A. 1987. On cross-sectional analysis in accounting research. Journal of Accounting and Economics 9 (3): 231-258.
Chi, H. Y., and C. L. Chin. 2011. Firm versus partner measures of auditor industry expertise and effects on auditor quality. Auditing: A Journal of Practice & Theory 30 (2): 201-229.
Chin, C. L., and H. Y. Chi. 2009. Reducing restatements with increased industry expertise. Contemporary Accounting Research 26 (3): 729-765.
Chung, C. Y., Liu, C., Wang, K., & Zykaj, B. B. 2015. Institutional monitoring: Evidence from the F‐score. Journal of Business Finance & Accounting, 42 (7-8), 885-914.
Collins, D. W., S. P. Kothari, J. Shanken, and R. Sloan. 1994. Lack of timeliness and noise as explanations for the low contemporaneous return-earnings association. Journal of Accounting and Economics 18: 289-324
DeBoskey, D. G., and J. Wei. 2012. Earnings management and auditor specialization in the post-sox era: An examination of the banking industry. Journal of Banking & Finance 36: 613-623
Dechow, P., A. Hutton, and R. Sloan. 1995. Detecting earnings management. The Accounting Review 70 (2): 193-225.
Dechow, P. M., & Dichev, I. D. 2002. The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77 (s-1), 35-59.
Dou, Y., O.K. Hope, W. B. Thomas. 2013. Relationship-Specificity, contract enforceability, and income smoothing. The Accounting Review 88 (5): 1629-1656.
Dunn, K. A., & Mayhew, B. W. 2004. Audit firm industry specialization and client disclosure quality. Review of Accounting Studies, 9 (1), 35-58.
Dybvig, P. H., & Warachka, M. 2010. Tobin’s Q does not measure performance: Theory, empirics, and alternative measures. Unpublished Working paper, Washington University, Saint Louis, United Sates.
Eichenseher, J.W., and P. Danos. 1981. The analysis of industry-specific auditor concentration: towards an explanatory model. The Accounting Review 56 (3): 479-492.
Ferguson, A., J. R. Francis, and D. J. Stokes. 2003. The effects of firm-wide and office-level industry expertise on audit pricing. The Accounting Review 78 (2): 429-448.
Gaver, J. J., & Utke, S. 2019. Audit quality and specialist tenure. The Accounting Review, 94 (3), 113-147.
Hamm, S. J., Jung, B., & Lee, W. J. 2018. Labor unions and income smoothing. Contemporary Accounting Research, 35(3), 1201-1228.
Hastings Jr, C., Mosteller, F., Tukey, J. W., & Winsor, C. P. 1947. Low moments for small samples: a comparative study of order statistics. The Annals of Mathematical Statistics, 18 (3), 413-426.
Hogan, C. E., & Jeter, D. C. 1999. Industry specialization by auditors. Auditing: A Journal of Practice & Theory, 18(1), 1-17.
Hsieh, Y. T., & Lin, C. J. 2016. Audit firms` client acceptance decisions: Does partner-level industry expertise matter?. Auditing: A Journal of Practice & Theory, 35(2), 97-120.
Huang, P., Zhang, Y., Deis, D. R., and Moffitt, J. S. 2009. Do artificial income smoothing and real income smoothing contribute to firm value equivalently?. Journal of Banking & Finance, 33 (2), 224-233.
Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76 (2), 323-329.
Jensen, M. C. 2005. Agency costs of overvalued equity. Financial management, 34 (1), 5-19.
Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29 (2): 193-228.
Kallunki, J., Kallunki, J. P., Niemi, L., Nilsson, H., & Aobdia, D. 2019. IQ and audit quality: Do smarter auditors deliver better audits?. Contemporary Accounting Research, 36(3), 1373-1416.
Kimber, A. C., 1990. Exploratory data analysis for possibly censored data from skewed distribution. Journal of the Royal Statistical Society. Series C (Applied Statistics) 39 (1): 21-30.
Kothari, S. P., A. Leone, and C. Wasley. 2005. Performance matched discretionary accruals. Journal of Accounting and Economics 39 (1): 161-197.
Leuz, C., Nanda, D., & Wysocki, P. D. 2003. Earnings management and investor protection: an international comparison. Journal of Financial Economics, 69 (3), 505-527.
Liu, L. L., Xie, X., Chang, Y. S., & Forgione, D. A. 2017. New clients, audit quality, and audit partner industry expertise: Evidence from Taiwan. International Journal of Auditing, 21(3), 288-303.
Lundholm, R., and L. Myers. 2002. Bringing the future forward: The effect of disclosure on the returns-earnings relation. Journal of Accounting Research 40 (3): 809-839.
Neal, T. L., & Riley Jr, R. R. 2004. Auditor industry specialist research design. Auditing: A Journal of Practice & Theory, 23 (2), 169-177.
Osborne, H. 1986. Symmetry as an aesthetic factor. Computers & Mathematics with Applications, 12(1-2), 77-82.
Piotroski, J. D., 2000. Value investing: The use of historical financial statement information to separate winners from losers. Journal of Accounting Research 38: 1-41.
Prencipe, A., Bar‐Yosef, S., Mazzola, P., & Pozza, L. 2011. Income smoothing in family‐controlled companies: Evidence from Italy. Corporate Governance: An International Review, 19(6), 529-546.
Reynolds, J. K., & Francis, J. R. 2000. Does size matter? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics, 30(3), 375-400.
Schwertman, N. C., M. A. Owens, and R. Adnan. 2004. A simple more general boxplot method for identifying outliers. Computational Statistics & Data Analysis 47 (12): 165-174.
St. Pierre, K., & Anderson, J. A. 1984. An analysis of the factors associated with lawsuits against public accountants. The Accounting Review 59, 242-263.
Tucker, J., and P. A. Zarowin. 2006. Does income smoothing improve earnings informativeness?. The Accounting Review 81 (1): 251-270.
Zhong, Y., Li, W., & Li, Y. 2021. Discretionary income smoothing and crash risk: evidence from China. Asia-Pacific Journal of Accounting & Economics, 28 (3), 311-333.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202200535en_US