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題名 海外營收與盈餘管理之相關
The Association Between Overseas Sales and Earnings Management作者 徐陽馨
Hsu, Young-Shin貢獻者 潘健民
Pan, Chien-Ｍin
徐陽馨
Hsu, Young-Shin關鍵詞 海外營收
盈餘管理
Overseas sales
Earnings Management日期 2023 上傳時間 2-Aug-2023 13:24:26 (UTC+8) 摘要 根據過去之研究得知，多國籍企業會藉由不同盈餘管理之手段，以達成企業經營之績效目標，而不同國家之稅率差額便可作為盈餘管理手段之一。本研究便探討海外營收與盈餘管理間之相關，並以日本企業作為研究對象，進行回歸結果分析。研究結果顯示，當企業具有海外營收以及海外營收規模越大之企業，盈餘管理的程度越低。新冠肺炎前後以及製造業之結果均與主結果相同。而非製造業企業，則進行了實質盈餘管理。綜合所有實證結果，本研究發現，海外營收總額越高之企業，盈餘管理的程度越低。
The literature documents that firms have incentives to engage in earnings management and multinational corporations with global business can resort to manage earnings through tax rate differences across jurisdictions. This study examines the association between overseas sales and earnings management using data from Japanese firms. Empirical results indicate firms with higher overseas sales are associated with lower level earnings management. After COVID-19, firms with higher overseas sales also have lower level of earnings management. The empirical results further show that firms with overseas sales in non-manufacturing sector are associated with earnings management but firm in manufacturing sector are not associated with earnings management.參考文獻 Ahmadjian, C. L., and G. E. Robbins. 2005. A clash of capitalisms: Foreign shareholders and corporate restructuring in 1990s Japan. American Sociological Review 70 (3): 451-471. Ajinkya, B., S. Bhojraj, and P. Sengupta. 2005. The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research 43 (3): 343-376. Aman, H., and P. Nguyen. 2012. The size and composition of corporate boards in Japan. Asian Business & Management 11 (4): 425-444. Arena, M. P., and G. W. Kutner. 2015. Territorial tax system reform and corporate financial policies. Review of Financial Studies 28 (8): 2250-2280. Badertscher, B. 2011. Overvaluation and the choice of alternative earnings management mechanisms. Accounting Review 86 (5): 1491-1518. Barth, M., J. Elliott, and M. Finn. 1999. Market rewards associated with patterns of increasing earnings. Journal of Accounting Research 37 (2): 387-413. Bhojraj, S., P. Hribar, M. Picconi, and J. McInnis. 2009. Making sense of cents: An examination of firms that marginally miss or beat analyst forecasts. Journal of Finance 64 (5): 2359-2386. Cheng, S. 2008. Board size and the variability of corporate performance. Journal of Financial Economics 87 (1): 157-176. Chi, W., L. L. Lisic, and M. Pevzner. 2011. Is Enhanced Audit Quality Associated with Greater Real Earnings Management? Accounting Horizons (2): 315-335. Cohen, D., A. Dey, and T. Lys. 2008. Real and accrual based earnings management in the pre and post Sarbanes Oxley periods. Accounting Review 83 (3): 757-787. Cohen, D., and P. Zarowin. 2009. Earnings management and excess investment: Accrual-based versus real activities. Working paper, New York University. Cohen, D., and P. Zarowin. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50 (1): 2-19. Coles, J., N. Daniel, and L. Naveen. 2008. Boards: Does one size fit all? Journal of Financial Economics 87 (2): 329-356. Desai, M., C. F. Foley, and J. R. Hines Jr. 2001. Repatriation taxes and dividend distortions. National Tax Journal 54 (4): 829-851. Dhaliwal, D., C. Gleason, and L. Mills. 2004. Last chance earnings management: Using tax expense to achieve earnings targets. Contemporary Accounting Research 21 (2): 271-491. Eng, L., and Y. Mak. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22 (4): 325-345. Fama, E., and M. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26 (2): 301-325. Ferreira, M., and P. Matos. 2008. The colors of investors’ money: The role of institutional investors around the world. Journal of Financial Economics 88 (3): 499-533. Fields, T., T. Lyz, and L. Vincent. 2001. Empirical research on accounting choice. Journal of Accounting and Economics 31 (1-3): 255-308. Foley, C. F., J. C. Hartzell, S. Titman, and G. Twite. 2007. Why do firms hold so much cash? A tax-based explanation. Journal of Financial Economics 86 (3): 579-607. Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40 (1-3): 3-73. Gul, F. A., and S. Leung. 2004. Board leadership, outside directors’ expertise and voluntary corporate disclosures. Journal of Accounting and Public Policy 23 (5): 351-379. Gunny, K. A. 2010. The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks. Contemporary Accounting Research 27 (3): 855-888. Gupta, M., M. Pevzner, and C. Seethamraju. 2010. Implications of absorption costing for future firm performance and valuation. Contemporary Accounting Research 27 (3): 889-922. Hasegawa, M., and K. Kiyota. 2017. The effect of moving to a territorial tax system on profit repatriation: Evidence from Japan. Journal of Public Economics 153 (September 2017): 92-110. Jiang, L., and J. Kim. 2004. Foreign equity ownership and information asymmetry: Evidence from Japan. Journal of International Financial Management and Accounting 15 (3): 185-211. Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29 (2): 193-228. Kim, B., L. L. Lisic, and M. Pevzner. 2010. Debt covenant slacks and real earnings management. Working paper, George Mason University. Kim, J., and H. Shi. 2012. IFRS reporting, firm-specific information, and institutional environments: International evidence. Review of Accounting Studies 17 (3): 474-517. Krull, L. K. 2004. Permanently reinvested foreign earnings, taxes, and earnings management. Accounting Review 79 (3): 745-767. Lang, M., and R. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31 (2): 246-271. 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 Nguyen, P. 2012. The impact of foreign investors on the risk-taking of Japanese firms. Journal of the Japanese and International Economies 26 (2): 233-248. Pfeffer, J., and G. R. Salancik. 1978. The external control of organizations: A resource dependence perspective. New York: Harper & Row. Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42 (3): 335-370. Sato, S., and F. Takeda. 2017. IFRS adoption and stock prices of Japanese firms in governance system transition. International Journal of Accounting 52 (4): 319-337. Skinner, D. J., and R. G. Sloan. 2002. Earnings surprises, growth expectations, and stock returns or don`t let an earnings torpedo sink your portfolio. Review of Accounting Studies 7 (2): 289-312. Tajika, E., M. Hotei, and K. Shibata. 2014. The effects of dividend-exemption method on repatriation of income from abroad: the case of 2009 Japanese tax reform (In Japanese). Economic Analysis 188: 70-91. Teoh, S. H., I. Welch, and T. J. Wong. 1998. Earnings Management and the Long-Run Market Performance of Initial Public Offerings. Journal of Finance 53 (6): 1935-1974. Viner, A. 1993. The coming revolution in Japan’s board rooms. Corporate Governance: An International Review 1 (3): 112-119. Wallace, R., and K. Naser. 1995. Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the stock exchange of Hong Kong. Journal of Accounting and Public Policy 14 (1): 311-368. Wang, M., and K. Hussainey. 2013. Voluntary forward-looking statements driven by corporate governance and their value relevance. Journal of Accounting and Public Policy 32 (3): 26-49. Xiao, J. Z., H. Yang, and C. W. Chow. 2004. The determinants and characteristics of voluntary internet-based disclosures by listed Chinese companies. Journal of Accounting and Public Policy 23 (3): 191-225. Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40 (2): 185-211. 描述 碩士
國立政治大學
會計學系
110353014資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353014 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) 徐陽馨 zh_TW dc.contributor.author (Authors) Hsu, Young-Shin en_US dc.creator (作者) 徐陽馨 zh_TW dc.creator (作者) Hsu, Young-Shin en_US dc.date (日期) 2023 en_US dc.date.accessioned 2-Aug-2023 13:24:26 (UTC+8) - dc.date.available 2-Aug-2023 13:24:26 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2023 13:24:26 (UTC+8) - dc.identifier (Other Identifiers) G0110353014 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146391 - 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) 110353014 zh_TW dc.description.abstract (摘要) 根據過去之研究得知，多國籍企業會藉由不同盈餘管理之手段，以達成企業經營之績效目標，而不同國家之稅率差額便可作為盈餘管理手段之一。本研究便探討海外營收與盈餘管理間之相關，並以日本企業作為研究對象，進行回歸結果分析。研究結果顯示，當企業具有海外營收以及海外營收規模越大之企業，盈餘管理的程度越低。新冠肺炎前後以及製造業之結果均與主結果相同。而非製造業企業，則進行了實質盈餘管理。綜合所有實證結果，本研究發現，海外營收總額越高之企業，盈餘管理的程度越低。 zh_TW dc.description.abstract (摘要) The literature documents that firms have incentives to engage in earnings management and multinational corporations with global business can resort to manage earnings through tax rate differences across jurisdictions. This study examines the association between overseas sales and earnings management using data from Japanese firms. Empirical results indicate firms with higher overseas sales are associated with lower level earnings management. After COVID-19, firms with higher overseas sales also have lower level of earnings management. The empirical results further show that firms with overseas sales in non-manufacturing sector are associated with earnings management but firm in manufacturing sector are not associated with earnings management. en_US dc.description.tableofcontents 壹、 緒論 7 第一節 研究動機與目的 7 第二節 研究架構 8 貳、 文獻探討與研究假說 9 第一節 海外營收 9 第二節 盈餘管理 13 第三節 研究假說 17 參、 研究方法 18 第一節 變數定義與衡量 18 第二節 實證模型 21 肆、 實證結果與分析 28 第一節 資料來源與樣本選取 28 第二節 敘述性統計分析 31 第三節 相關係數檢定 34 第四節 迴歸結果分析 38 伍、 追加測試 44 第一節 新冠肺炎之影響 44 第二節 製造業與非製造業之差別 50 陸、 結論 56 參考文獻 59 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353014 en_US dc.subject (關鍵詞) 海外營收 zh_TW dc.subject (關鍵詞) 盈餘管理 zh_TW dc.subject (關鍵詞) Overseas sales en_US dc.subject (關鍵詞) Earnings Management en_US dc.title (題名) 海外營收與盈餘管理之相關 zh_TW dc.title (題名) The Association Between Overseas Sales and Earnings Management en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Ahmadjian, C. L., and G. E. Robbins. 2005. A clash of capitalisms: Foreign shareholders and corporate restructuring in 1990s Japan. American Sociological Review 70 (3): 451-471. Ajinkya, B., S. Bhojraj, and P. Sengupta. 2005. The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research 43 (3): 343-376. Aman, H., and P. Nguyen. 2012. The size and composition of corporate boards in Japan. Asian Business & Management 11 (4): 425-444. Arena, M. P., and G. W. Kutner. 2015. Territorial tax system reform and corporate financial policies. Review of Financial Studies 28 (8): 2250-2280. Badertscher, B. 2011. Overvaluation and the choice of alternative earnings management mechanisms. Accounting Review 86 (5): 1491-1518. Barth, M., J. Elliott, and M. Finn. 1999. Market rewards associated with patterns of increasing earnings. Journal of Accounting Research 37 (2): 387-413. Bhojraj, S., P. Hribar, M. Picconi, and J. McInnis. 2009. Making sense of cents: An examination of firms that marginally miss or beat analyst forecasts. Journal of Finance 64 (5): 2359-2386. Cheng, S. 2008. Board size and the variability of corporate performance. Journal of Financial Economics 87 (1): 157-176. Chi, W., L. L. Lisic, and M. Pevzner. 2011. Is Enhanced Audit Quality Associated with Greater Real Earnings Management? Accounting Horizons (2): 315-335. Cohen, D., A. Dey, and T. Lys. 2008. Real and accrual based earnings management in the pre and post Sarbanes Oxley periods. Accounting Review 83 (3): 757-787. Cohen, D., and P. Zarowin. 2009. Earnings management and excess investment: Accrual-based versus real activities. Working paper, New York University. Cohen, D., and P. Zarowin. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50 (1): 2-19. Coles, J., N. Daniel, and L. Naveen. 2008. Boards: Does one size fit all? Journal of Financial Economics 87 (2): 329-356. Desai, M., C. F. Foley, and J. R. Hines Jr. 2001. Repatriation taxes and dividend distortions. National Tax Journal 54 (4): 829-851. Dhaliwal, D., C. Gleason, and L. Mills. 2004. Last chance earnings management: Using tax expense to achieve earnings targets. Contemporary Accounting Research 21 (2): 271-491. Eng, L., and Y. Mak. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22 (4): 325-345. Fama, E., and M. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26 (2): 301-325. Ferreira, M., and P. Matos. 2008. The colors of investors’ money: The role of institutional investors around the world. Journal of Financial Economics 88 (3): 499-533. Fields, T., T. Lyz, and L. Vincent. 2001. Empirical research on accounting choice. Journal of Accounting and Economics 31 (1-3): 255-308. Foley, C. F., J. C. Hartzell, S. Titman, and G. Twite. 2007. Why do firms hold so much cash? A tax-based explanation. Journal of Financial Economics 86 (3): 579-607. Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40 (1-3): 3-73. Gul, F. A., and S. Leung. 2004. Board leadership, outside directors’ expertise and voluntary corporate disclosures. Journal of Accounting and Public Policy 23 (5): 351-379. Gunny, K. A. 2010. The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks. Contemporary Accounting Research 27 (3): 855-888. Gupta, M., M. Pevzner, and C. Seethamraju. 2010. Implications of absorption costing for future firm performance and valuation. Contemporary Accounting Research 27 (3): 889-922. Hasegawa, M., and K. Kiyota. 2017. The effect of moving to a territorial tax system on profit repatriation: Evidence from Japan. Journal of Public Economics 153 (September 2017): 92-110. Jiang, L., and J. Kim. 2004. Foreign equity ownership and information asymmetry: Evidence from Japan. Journal of International Financial Management and Accounting 15 (3): 185-211. Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29 (2): 193-228. Kim, B., L. L. Lisic, and M. Pevzner. 2010. Debt covenant slacks and real earnings management. Working paper, George Mason University. Kim, J., and H. Shi. 2012. IFRS reporting, firm-specific information, and institutional environments: International evidence. Review of Accounting Studies 17 (3): 474-517. Krull, L. K. 2004. Permanently reinvested foreign earnings, taxes, and earnings management. Accounting Review 79 (3): 745-767. Lang, M., and R. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31 (2): 246-271. 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 Nguyen, P. 2012. The impact of foreign investors on the risk-taking of Japanese firms. Journal of the Japanese and International Economies 26 (2): 233-248. Pfeffer, J., and G. R. Salancik. 1978. The external control of organizations: A resource dependence perspective. New York: Harper & Row. Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42 (3): 335-370. Sato, S., and F. Takeda. 2017. IFRS adoption and stock prices of Japanese firms in governance system transition. International Journal of Accounting 52 (4): 319-337. Skinner, D. J., and R. G. Sloan. 2002. Earnings surprises, growth expectations, and stock returns or don`t let an earnings torpedo sink your portfolio. Review of Accounting Studies 7 (2): 289-312. Tajika, E., M. Hotei, and K. Shibata. 2014. The effects of dividend-exemption method on repatriation of income from abroad: the case of 2009 Japanese tax reform (In Japanese). Economic Analysis 188: 70-91. Teoh, S. H., I. Welch, and T. J. Wong. 1998. Earnings Management and the Long-Run Market Performance of Initial Public Offerings. Journal of Finance 53 (6): 1935-1974. Viner, A. 1993. The coming revolution in Japan’s board rooms. Corporate Governance: An International Review 1 (3): 112-119. Wallace, R., and K. Naser. 1995. Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the stock exchange of Hong Kong. Journal of Accounting and Public Policy 14 (1): 311-368. Wang, M., and K. Hussainey. 2013. Voluntary forward-looking statements driven by corporate governance and their value relevance. Journal of Accounting and Public Policy 32 (3): 26-49. Xiao, J. Z., H. Yang, and C. W. Chow. 2004. The determinants and characteristics of voluntary internet-based disclosures by listed Chinese companies. Journal of Accounting and Public Policy 23 (3): 191-225. Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40 (2): 185-211. zh_TW
