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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 6-四月-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
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     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
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     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
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     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
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     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
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描述 碩士
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, Jasonen_US
dc.contributor.author (作者) 廖威翔zh_TW
dc.contributor.author (作者) Wei-Hsiang Liaoen_US
dc.creator (作者) 廖威翔zh_TW
dc.creator (作者) Liao, Wei-Hsiangen_US
dc.date (日期) 2023en_US
dc.date.accessioned 6-四月-2023 18:05:16 (UTC+8)-
dc.date.available 6-四月-2023 18:05:16 (UTC+8)-
dc.date.issued (上傳時間) 6-四月-2023 18:05:16 (UTC+8)-
dc.identifier (其他 識別碼) G0109933014en_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) 109933014zh_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/#G0109933014en_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 readabilityen_US
dc.subject (關鍵詞) Firm performanceen_US
dc.subject (關鍵詞) Obfuscation theoryen_US
dc.subject (關鍵詞) Taiwanese financial industryen_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 Taiwanen_US
dc.type (資料類型) thesisen_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.
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