學術產出-Theses
Article View/Open
Publication Export
-
題名 獨立董事財務背景與成本僵固性之關聯
The Association Between Financial Background of Independent Directors and Cost Stickiness作者 葉芮甄
Yeh, Jui-Chen貢獻者 潘健民
Pan, Chien-Min
葉芮甄
Yeh, Jui-Chen關鍵詞 成本僵固性
獨立董事
獨立董事財務背景
Cost stickiness
Independent director
Financial background of independent director日期 2023 上傳時間 6-Jul-2023 16:49:54 (UTC+8) 摘要 本研究以東京證券交易所上市企業作為研究對象，探究日本企業在不強制聘任獨立董事之制度下，獨立董事之聘任及獨立董事產業背景與成本僵固性間之關聯性。成本僵固性係反映管理階層有意識之管理決策，代表企業於銷貨收入下降時，會傾向暫時保留先前之資源投入，而不貿然刪減成本。而獨立董事係為一專業且獨立之角色，能跳脫企業內部人角度，提供有用之觀點與建議。從本研究之實證結果可知，日本企業普遍存有成本僵固之現象。當聘有獨立董事時，會加深企業之成本僵固性。本研究亦發現獨立董事之產業背景除主要往來銀行外，與成本僵固之現象並無顯著關聯。綜上實證結果可知，聘任獨立董事會改變企業成本刪減的幅度，而獨立董事之產業背景為何對成本僵固性無顯著影響。
Taking the advantage of the unique setting in Japan where the appointment of independent directors are not mandatory, this study investigates the association between independent director appointments and cost stickiness using data from firms listed on the Tokyo Stock Exchange. Cost stickiness reflects conscious management decisions, indicating that firms tend to temporarily retain resources rather than abruptly cutting costs when sales declines. In this study, while independent directors play a role in enhancing corporate governance, we further expected independent directors to provide insights from outside the firm.The empirical results show that cost of Japanese firms are generally sticky. When independent directors are appointed, it amplifies the cost stickiness. The results also show that the industry background of independent directors, except for those who are connected with firms’ main banks, are not associated with cost stickiness. In summary, the appointment of independent directors influences the magnitude of cost reduction within firms, while the industry background of independent directors does not have significant impact on cost stickiness.參考文獻 Aboody, D., S. Levi, and D. Weiss. 2018. Managerial incentives, options, and cost-structure choices. Review of Accounting Studies 23 (2): 422-451.Anderson, M. C., R. D. Banker, and S. N. Janakiraman. 2003. Are selling, general, and administrative costs “sticky”? Journal of Accounting Research 41 (1): 47-63.Balakrishnan, R., and T. S. Gruca. 2008. Cost stickiness and core competency: A note. Contemporary Accounting Research 25 (4): 993-1006.Banker, R. D., D. Byzalov, and J. M. Plehn-Dujowich. 2014. Demand uncertainty and cost behavior. The Accounting Review 89 (3): 839-865.Banker, R. D., D. Byzalov, and L. T. Chen. 2013. Employment protection legislation, adjustment costs, and cross-country differences in cost behavior. Journal of Accounting and Economics 55 (1): 111-127.Banker, R. D., D. Byzalov, M. Ciftci, and R. Mashruwala. 2014. The moderating effect of prior sales changes on asymmetric cost behavior. Journal of Management Accounting Research 26 (2): 221-242.Banker, R. D., R. Huang, and Y. Yan. 2022. Flexible or rigid? Evidence on managerial ability and cost structure. Baruch College Zicklin School of Business Research Paper No. 2019-05-01.Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71 (4): 443-465.Brickley, J. A., J. L. Coles, and R. L. Terry. 1994. Outside directors and the adoption of poison pills. Journal of Financial Economics 35 (3): 371-390.Byrd, J. W., and K. A. Hickman. 1992. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics 32 (2): 195-221.Chang, H., C. M. Hall, and M. T. Paz. 2021. Suppliers’ product market competition, customer concentration, and cost structure. Journal of Management Accounting Research 33 (3): 9-27.Chen, C. J. P., and B. Jaggi. 2000. Association between independent non-executive directors, family control and fnancial disclosures in Hong Kong. Journal of Accounting and Public Policy 19 (4): 285-310.Chen, C. X., H. Lu, and T. Sougiannis. 2012. The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research 29 (1): 252-282.Chen, J., R. R. Duh, A. W.H. Hsu, and C. M. Pan. 2015. Can Anglo-Saxon audit committee scheme improve earnings quality in non-Anglo-Saxon environments? Journal of Contemporary Accounting & Economics 11 (1): 61-74.Cheng, S. 2008. Board size and the variability of corporate performance. Journal of Financial Economics 87 (1): 157-176.Cooper, R. W., and R. S. Kaplan. 1998. The Design of Cost Management System: Text, Cases, and Readings (2nd ed.). Upper Saddle River, NJ: Prentice Hall.Cordis, A. S., and C. Kirby. 2017. Capital expenditures and firm performance: Evidence from a cross-sectional analysis of stock returns, Accounting and Finance 57 (4): 1019-1042.Demerjian, P. R., B. Lev, and S. McVay. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 58 (7): 1229-1248.Demerjian, P. R., B. Lev, M. F. Lewis, and S. E. McVay. 2013. Managerial ability and earnings quality. The Accounting Review 88 (2): 463-498.Holzhacker, M., R. Krishnan, and M. D. Mahlendorf. 2015. Unraveling the black box of cost behavior: An empirical investigation of risk drivers, managerial resource procurement, and cost elasticity. The Accounting Review 90 (6): 2305-2335.Hovakimian, G. 2009. Determinants of investment cash flow sensitivity. Financial Management 38 (1): 161-183.Irvine, P. J., S. S. Park, and Ç. Yildizhan. 2016. Customer-base concentration, profitability, and the relationship life cycle. The Accounting Review 91 (3): 883-906.Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance 48 (3): 831-880.Jiang, C. H., H. L. Chen, and Y. S. Huang. 2006. Capital expenditures and corporate earnings: Evidence from the Taiwan stock exchange. Managerial Finance 32 (11): 853-861.John, K., and L. W. Senbet. 1998. Corporate governance and board effectiveness. Journal of Banking & Finance 22 (4): 371-403.Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33 (3): 375-400.Linck, J. S., J. M. Netter, and T. Yang. 2008. The determinants of board structure. Journal of Fnancial Economics 87 (2): 308-328.Nagata, K., and P. Nguyen. 2017. Ownership structure and disclosure quality: Evidence from management forecasts revisions in Japan. Journal of Accounting and Public Policy 36 (6): 451-467.Nakano, M., and P. Nguyen. 2012. Board Size and Corporate Risk Taking: Further Evidence from Japan. Corporate Governance: An International Review 20 (4): 369-387.Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson. 1999. The determinants and implications of corporate cash holdings. Journal of Financial Economics 52 (1): 3-46.Prevost, A. K., R. P. Rao, and M. Hossain. 2002. Determinants of board composition in New Zealand: A simultaneous equations approach. Journal of Empirical Finance 9 (4): 379-397.Rajgopal, S., T. Shevlin. 2002. Empirical evidence on the relation between stock option compensation and risk taking. Journal of Accounting & Economics 33 (2): 145-171.Sanders, W. G., and D. C. Hambrick. 2007. Swinging for the fences: The effect of CEO stock options on company risk taking and performance. The Academy of Management Journal 50 (5): 1055-1078.Schellenger, M. H., D. D. Wood, and A. Tashakori. 1989. Board of director composition, shareholder wealth, and dividend policy. Journal of Management 15 (3): 457-467. 描述 碩士
國立政治大學
會計學系
110353026資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353026 資料類型 thesis dc.contributor.advisor 潘健民 zh_TW dc.contributor.advisor Pan, Chien-Min en_US dc.contributor.author (Authors) 葉芮甄 zh_TW dc.contributor.author (Authors) Yeh, Jui-Chen en_US dc.creator (作者) 葉芮甄 zh_TW dc.creator (作者) Yeh, Jui-Chen en_US dc.date (日期) 2023 en_US dc.date.accessioned 6-Jul-2023 16:49:54 (UTC+8) - dc.date.available 6-Jul-2023 16:49:54 (UTC+8) - dc.date.issued (上傳時間) 6-Jul-2023 16:49:54 (UTC+8) - dc.identifier (Other Identifiers) G0110353026 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145875 - 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) 110353026 zh_TW dc.description.abstract (摘要) 本研究以東京證券交易所上市企業作為研究對象，探究日本企業在不強制聘任獨立董事之制度下，獨立董事之聘任及獨立董事產業背景與成本僵固性間之關聯性。成本僵固性係反映管理階層有意識之管理決策，代表企業於銷貨收入下降時，會傾向暫時保留先前之資源投入，而不貿然刪減成本。而獨立董事係為一專業且獨立之角色，能跳脫企業內部人角度，提供有用之觀點與建議。從本研究之實證結果可知，日本企業普遍存有成本僵固之現象。當聘有獨立董事時，會加深企業之成本僵固性。本研究亦發現獨立董事之產業背景除主要往來銀行外，與成本僵固之現象並無顯著關聯。綜上實證結果可知，聘任獨立董事會改變企業成本刪減的幅度，而獨立董事之產業背景為何對成本僵固性無顯著影響。 zh_TW dc.description.abstract (摘要) Taking the advantage of the unique setting in Japan where the appointment of independent directors are not mandatory, this study investigates the association between independent director appointments and cost stickiness using data from firms listed on the Tokyo Stock Exchange. Cost stickiness reflects conscious management decisions, indicating that firms tend to temporarily retain resources rather than abruptly cutting costs when sales declines. In this study, while independent directors play a role in enhancing corporate governance, we further expected independent directors to provide insights from outside the firm.The empirical results show that cost of Japanese firms are generally sticky. When independent directors are appointed, it amplifies the cost stickiness. The results also show that the industry background of independent directors, except for those who are connected with firms’ main banks, are not associated with cost stickiness. In summary, the appointment of independent directors influences the magnitude of cost reduction within firms, while the industry background of independent directors does not have significant impact on cost stickiness. en_US dc.description.tableofcontents 壹、 緒論 1第一節 研究動機及目的 1第二節 研究架構 4貳、 文獻探討與研究假說 5第一節 成本僵固性 5第二節 獨立董事產業背景 10第三節 研究假說 12參、 研究方法 14第一節 實證模型 14一、 基礎模型 14二、 加入年度固定效果及產業固定效果 15三、 加入獨立董事之交乘項 15四、 加入控制變數 16第二節 資料使用及樣本選樣 22肆、 實證結果與分析 25第一節 敘述性統計 25第二節 相關係數檢定 28第三節 獨立董事之存在與成本僵固性之實證結果 32一、 基礎模型 32二、 加入年度固定效果及產業固定效果 33三、 加入獨立董事之交乘項 33四、 加入控制變數 33五、 小結 34第四節 獨立董事產業背景與成本僵固性之實證結果 37一、 獨立董事產業背景為銀行 37二、 獨立董事產業背景為主要往來銀行 40三、 獨立董事產業背景為證券業 43四、 獨立董事產業背景為保險業 46伍、 追加測試 49第一節 製造業 49第二節 非製造業 52陸、 結論 55參考文獻 57附錄 61 zh_TW dc.format.extent 1717013 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353026 en_US dc.subject (關鍵詞) 成本僵固性 zh_TW dc.subject (關鍵詞) 獨立董事 zh_TW dc.subject (關鍵詞) 獨立董事財務背景 zh_TW dc.subject (關鍵詞) Cost stickiness en_US dc.subject (關鍵詞) Independent director en_US dc.subject (關鍵詞) Financial background of independent director en_US dc.title (題名) 獨立董事財務背景與成本僵固性之關聯 zh_TW dc.title (題名) The Association Between Financial Background of Independent Directors and Cost Stickiness en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Aboody, D., S. Levi, and D. Weiss. 2018. Managerial incentives, options, and cost-structure choices. Review of Accounting Studies 23 (2): 422-451.Anderson, M. C., R. D. Banker, and S. N. Janakiraman. 2003. Are selling, general, and administrative costs “sticky”? Journal of Accounting Research 41 (1): 47-63.Balakrishnan, R., and T. S. Gruca. 2008. Cost stickiness and core competency: A note. Contemporary Accounting Research 25 (4): 993-1006.Banker, R. D., D. Byzalov, and J. M. Plehn-Dujowich. 2014. Demand uncertainty and cost behavior. The Accounting Review 89 (3): 839-865.Banker, R. D., D. Byzalov, and L. T. Chen. 2013. Employment protection legislation, adjustment costs, and cross-country differences in cost behavior. Journal of Accounting and Economics 55 (1): 111-127.Banker, R. D., D. Byzalov, M. Ciftci, and R. Mashruwala. 2014. The moderating effect of prior sales changes on asymmetric cost behavior. Journal of Management Accounting Research 26 (2): 221-242.Banker, R. D., R. Huang, and Y. Yan. 2022. Flexible or rigid? Evidence on managerial ability and cost structure. Baruch College Zicklin School of Business Research Paper No. 2019-05-01.Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71 (4): 443-465.Brickley, J. A., J. L. Coles, and R. L. Terry. 1994. Outside directors and the adoption of poison pills. Journal of Financial Economics 35 (3): 371-390.Byrd, J. W., and K. A. Hickman. 1992. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics 32 (2): 195-221.Chang, H., C. M. Hall, and M. T. Paz. 2021. Suppliers’ product market competition, customer concentration, and cost structure. Journal of Management Accounting Research 33 (3): 9-27.Chen, C. J. P., and B. Jaggi. 2000. Association between independent non-executive directors, family control and fnancial disclosures in Hong Kong. Journal of Accounting and Public Policy 19 (4): 285-310.Chen, C. X., H. Lu, and T. Sougiannis. 2012. The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research 29 (1): 252-282.Chen, J., R. R. Duh, A. W.H. Hsu, and C. M. Pan. 2015. Can Anglo-Saxon audit committee scheme improve earnings quality in non-Anglo-Saxon environments? Journal of Contemporary Accounting & Economics 11 (1): 61-74.Cheng, S. 2008. Board size and the variability of corporate performance. Journal of Financial Economics 87 (1): 157-176.Cooper, R. W., and R. S. Kaplan. 1998. The Design of Cost Management System: Text, Cases, and Readings (2nd ed.). Upper Saddle River, NJ: Prentice Hall.Cordis, A. S., and C. Kirby. 2017. Capital expenditures and firm performance: Evidence from a cross-sectional analysis of stock returns, Accounting and Finance 57 (4): 1019-1042.Demerjian, P. R., B. Lev, and S. McVay. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 58 (7): 1229-1248.Demerjian, P. R., B. Lev, M. F. Lewis, and S. E. McVay. 2013. Managerial ability and earnings quality. The Accounting Review 88 (2): 463-498.Holzhacker, M., R. Krishnan, and M. D. Mahlendorf. 2015. Unraveling the black box of cost behavior: An empirical investigation of risk drivers, managerial resource procurement, and cost elasticity. The Accounting Review 90 (6): 2305-2335.Hovakimian, G. 2009. Determinants of investment cash flow sensitivity. Financial Management 38 (1): 161-183.Irvine, P. J., S. S. Park, and Ç. Yildizhan. 2016. Customer-base concentration, profitability, and the relationship life cycle. The Accounting Review 91 (3): 883-906.Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance 48 (3): 831-880.Jiang, C. H., H. L. Chen, and Y. S. Huang. 2006. Capital expenditures and corporate earnings: Evidence from the Taiwan stock exchange. Managerial Finance 32 (11): 853-861.John, K., and L. W. Senbet. 1998. Corporate governance and board effectiveness. Journal of Banking & Finance 22 (4): 371-403.Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33 (3): 375-400.Linck, J. S., J. M. Netter, and T. Yang. 2008. The determinants of board structure. Journal of Fnancial Economics 87 (2): 308-328.Nagata, K., and P. Nguyen. 2017. Ownership structure and disclosure quality: Evidence from management forecasts revisions in Japan. Journal of Accounting and Public Policy 36 (6): 451-467.Nakano, M., and P. Nguyen. 2012. Board Size and Corporate Risk Taking: Further Evidence from Japan. Corporate Governance: An International Review 20 (4): 369-387.Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson. 1999. The determinants and implications of corporate cash holdings. Journal of Financial Economics 52 (1): 3-46.Prevost, A. K., R. P. Rao, and M. Hossain. 2002. Determinants of board composition in New Zealand: A simultaneous equations approach. Journal of Empirical Finance 9 (4): 379-397.Rajgopal, S., T. Shevlin. 2002. Empirical evidence on the relation between stock option compensation and risk taking. Journal of Accounting & Economics 33 (2): 145-171.Sanders, W. G., and D. C. Hambrick. 2007. Swinging for the fences: The effect of CEO stock options on company risk taking and performance. The Academy of Management Journal 50 (5): 1055-1078.Schellenger, M. H., D. D. Wood, and A. Tashakori. 1989. Board of director composition, shareholder wealth, and dividend policy. Journal of Management 15 (3): 457-467. zh_TW
