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題名 CEO自戀特質在不確定性時期的展現- 來自盈餘管理的證據
CEO narcissism in the period of high uncertainty: Evidence from earnings management作者 陳晏慈
Chen, Yen-Tzu貢獻者 詹凌菁
Chan, Ling-Ching
陳晏慈
Chen, Yen-Tzu關鍵詞 CEO自戀特質
盈餘管理
經濟政策不確定性
取捨
CEO narcissism
Earnings management
Economic policy uncertainty
Trade-off日期 2023 上傳時間 1-Sep-2023 14:40:27 (UTC+8) 摘要 Hambrick & Mason(1984)提出高層理論指出CEO的個人特質對於公司的經營方向和財務表現有所影響。Zang(2012)的文獻中則提及盈餘管理相關成本會影響管理階層選擇使用何種類型的盈餘管理。而Gulen & Ion(2015)文獻中則提及公司的行為展現會因應外部經濟政策不確定性的變動而有所變化。本研究主要目的即是透過實證分析CEO自戀特質與盈餘管理相關成本之間的交互作用在不同不確定性時期對於選擇盈餘管理類型決策的影響，以驗證CEO自戀特質的展現是否會因應外部經濟政策不確定性的變動而不同。本研究以2003至2019年之標準普爾 1500 綜合指數公司作為樣本，首先透過基準模型衡量盈餘管理相關成本對於應計盈餘管理以及實質盈餘管理的影響，之後加入CEO自戀特質變數，研究CEO自戀特質與盈餘管理相關成本之間的交互作用是否影響管理階層選擇盈餘管理類型的決策。之後本研究再將樣本依據不同的不確定性時期分為2組，檢驗在不同的不確定性時期，CEO自戀特質與盈餘管理相關成本之間的交互作用對於盈餘管理影響程度之變動情形。研究之實證結果顯示CEO自戀特質與盈餘管理相關成本之間的交互作用對於實質盈餘管理的決策較具顯著影響，且當公司處於較穩定時期，亦即不確定性較低的時期時，交互作用之影響程度相較於高度不確定性時期更加明顯。本研究透過實證方式驗證CEO自戀特質與盈餘管理相關成本之間的交互作用在盈餘管理的展現，顯示CEO自戀特質的展現會因應經濟政策不確定性的變化而有所變動。
The upper echelon theory proposed by Hambrick and Mason (1984) posits that the personal traits of CEOs may impact the direction of corporate strategy and financial performance. Zang (2012) mentions that the costs associated with earnings management may affect management`s decisions regarding the adoption of earnings management strategies. Additionally, Gulen and Ion (2015) highlighted that a company`s behaviour may change in response to fluctuations in external economic policy uncertainty. The primary objective of this study is to investigate how the interaction between CEO narcissism and costs associated with earnings management influences the selection of earnings management strategies, particularly in various uncertainty periods. We aim to verify whether the manifestation of CEO narcissism varies in response to changes in external economic policy uncertainty. The sample used in this study consists of companies listed in the Standard & Poor`s 1500 Composite Index from 2003 to 2019. This study begins by investigating the influence of the costs associated with earnings management on both accrual-based and real earnings management using a baseline model. Subsequently, CEO narcissism variables are introduced to examine whether the interaction between CEO narcissism and the costs associated with earnings management affects the choice of earnings management strategies by management. Additionally, the sample is divided into two groups based on different levels of uncertainty to examine the varying effects of the interaction between CEO narcissism and the costs associated with earnings management on earnings management strategies during different periods of uncertainty. The empirical results indicate that the interaction between CEO narcissism and the costs related to earnings management has a significant impact on the choice of real earnings management. Moreover, this effect is more pronounced when companies are in periods of lower uncertainty, indicating that the influence of this interaction is stronger when companies operate in relatively stable conditions. The study provides empirical evidence supporting the interaction between CEO narcissism and the costs associated with earnings management in the manifestation of earnings management strategies. The empirical evidence demonstrates that CEO narcissism`s manifestation adapts to fluctuations in economic policy uncertainty, affecting the selection of earnings management strategies.參考文獻 Abdel-Meguid, A., Jennings, J. N., Olsen, K. J., & Soliman, M. T. (2021). The impact of the CEO`s personal narcissism on Non-GAAP Earnings. The Accounting Review, 96(3), 1-25. https://doi.org/10.2308/tar-2017-0612Altman, E. I. (2013). Predicting financial distress of companies: revisiting the Z-score and ZETA® models. In handbook of research methods and applications in empirical finance (pp. 428-456). Edward Elgar Publishing.Amernic, J. H., & Craig, R. J. (2010). Accounting as a facilitator of extreme narcissism. Journal of Business Ethics, 96(1), 79-93. https://doi.org/10.1007/s10551-010-0450-0Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics, 131(4), 1593-1636.Bergstresser, D., & Philippon, T. (2006). CEO incentives and earnings management. Journal of Financial Economics, 80(3), 511-529. https://doi.org/10.1016/j.jfineco.2004.10.011Bloom, N. (2009). The impact of uncertainty shocks. Econometrica, 77(3), 623-685.Buchholz, F., Lopatta, K., & Maas, K. (2020). The deliberate engagement of narcissistic CEOs in earnings management. Journal of Business Ethics, 167(4), 663-686. https://doi.org/10.1007/s10551-019-04176-xBurgstahler, D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24(1), 99-126.Buyl, T., Boone, C., & Wade, J. B. (2017). CEO narcissism, risk-taking, and resilience: An empirical analysis in U.S. commercial banks. Journal of Management, 45(4), 1372-1400. https://doi.org/10.1177/0149206317699521Capalbo, F., Frino, A., Lim, M. Y., Mollica, V., & Palumbo, R. (2018). The impact of CEO narcissism on earnings management. Abacus, 54(2), 210-226.Chatterjee, A., & Hambrick, D. C. (2007). It`s all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative Science Quarterly, 52(3), 351-386.Cohen, D. A., Dey, A., & Lys, T. Z. (2008). Real and accrual‐based earnings management in the pre‐and post‐Sarbanes‐Oxley periods. The Accounting Review, 83(3), 757-787.El Ghoul, S., Guedhami, O., Kim, Y., & Yoon, H. J. (2021). Policy uncertainty and accounting quality. The Accounting Review, 96(4), 233-260. https://doi.org/10.2308/tar-2018-0057Frino, A., Lim, M. Y., Mollica, V., & Palumbo, R. (2015). CEO narcissism and earnings management. Available at SSRN 2539555.Gulen, H., & Ion, M. (2015). Policy uncertainty and corporate investment. Review of Financial Studies. https://doi.org/10.1093/rfs/hhv050Ham, C., Lang, M., Seybert, N., & Wang, S. (2017). CFO narcissism and financial reporting quality. Journal of Accounting Research, 55(5), 1089-1135. https://doi.org/10.1111/1475-679x.12176Ham, C., Seybert, N., & Wang, S. (2017). Narcissism is a bad sign: CEO signature size, investment, and performance. Review of Accounting Studies, 23(1), 234-264. https://doi.org/10.1007/s11142-017-9427-xHambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.Harris, M. S. (1998). The association between competition and managers` business segment reporting decisions. Journal of Accounting Research, 36(1), 111-128.Hsieh, T. S., Bedard, J. C., & Johnstone, K. M. (2014). CEO overconfidence and earnings management during shifting regulatory regimes. Journal of Business Finance & Accounting, 41(9-10), 1243-1268.Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228.Kontesa, M., Brahmana, R., & Tong, A. H. H. (2021). Narcissistic CEOs and their earnings management. Journal of Management and Governance, 25, 223-249.Lin, F., Lin, S.-W., & Fang, W.-C. (2020). How CEO narcissism affects earnings management behaviors. The North American Journal of Economics and Finance, 51. https://doi.org/10.1016/j.najef.2019.101080Nagar, V., Schoenfeld, J., & Wellman, L. (2019). The effect of economic policy uncertainty on investor information asymmetry and management disclosures. Journal of Accounting and Economics, 67(1), 36-57. https://doi.org/10.1016/j.jacceco.2018.08.011Nodari, G. (2014). Financial regulation policy uncertainty and credit spreads in the US. Journal of Macroeconomics, 41, 122-132. https://doi.org/10.1016/j.jmacro.2014.05.006Olsen, K. J., Dworkis, K. K., & Young, S. M. (2014). CEO narcissism and accounting: A Picture of Profits. Journal of Management Accounting Research, 26(2), 243-267. https://doi.org/10.2308/jmar-50638Olsen, K. J., & Stekelberg, J. (2016). CEO narcissism and corporate tax sheltering. The journal of the American Taxation Association, 38(1), 1-22.Raskin, R., & Terry, H. (1988). A principal-components analysis of the Narcissistic Personality Inventory and further evidence of its construct validity. Journal of Personality and Social Psychology, 54(5), 890.Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370.Schipper, K. (1989). Earnings management. Accounting horizons, 3(4), 91.Shipman, J. E., Swanquist, Q. T., & Whited, R. L. (2017). Propensity score matching in accounting research. The Accounting Review, 92(1), 213-244.VandenBos, G. R. (2007). APA dictionary of psychology. American Psychological Association.Zang, A. Y. (2012). Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review, 87(2), 675-703. 描述 碩士
國立政治大學
會計學系
110353039資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353039 資料類型 thesis dc.contributor.advisor 詹凌菁 zh_TW dc.contributor.advisor Chan, Ling-Ching en_US dc.contributor.author (Authors) 陳晏慈 zh_TW dc.contributor.author (Authors) Chen, Yen-Tzu en_US dc.creator (作者) 陳晏慈 zh_TW dc.creator (作者) Chen, Yen-Tzu en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 14:40:27 (UTC+8) - dc.date.available 1-Sep-2023 14:40:27 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 14:40:27 (UTC+8) - dc.identifier (Other Identifiers) G0110353039 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146826 - 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) 110353039 zh_TW dc.description.abstract (摘要) Hambrick & Mason(1984)提出高層理論指出CEO的個人特質對於公司的經營方向和財務表現有所影響。Zang(2012)的文獻中則提及盈餘管理相關成本會影響管理階層選擇使用何種類型的盈餘管理。而Gulen & Ion(2015)文獻中則提及公司的行為展現會因應外部經濟政策不確定性的變動而有所變化。本研究主要目的即是透過實證分析CEO自戀特質與盈餘管理相關成本之間的交互作用在不同不確定性時期對於選擇盈餘管理類型決策的影響，以驗證CEO自戀特質的展現是否會因應外部經濟政策不確定性的變動而不同。本研究以2003至2019年之標準普爾 1500 綜合指數公司作為樣本，首先透過基準模型衡量盈餘管理相關成本對於應計盈餘管理以及實質盈餘管理的影響，之後加入CEO自戀特質變數，研究CEO自戀特質與盈餘管理相關成本之間的交互作用是否影響管理階層選擇盈餘管理類型的決策。之後本研究再將樣本依據不同的不確定性時期分為2組，檢驗在不同的不確定性時期，CEO自戀特質與盈餘管理相關成本之間的交互作用對於盈餘管理影響程度之變動情形。研究之實證結果顯示CEO自戀特質與盈餘管理相關成本之間的交互作用對於實質盈餘管理的決策較具顯著影響，且當公司處於較穩定時期，亦即不確定性較低的時期時，交互作用之影響程度相較於高度不確定性時期更加明顯。本研究透過實證方式驗證CEO自戀特質與盈餘管理相關成本之間的交互作用在盈餘管理的展現，顯示CEO自戀特質的展現會因應經濟政策不確定性的變化而有所變動。 zh_TW dc.description.abstract (摘要) The upper echelon theory proposed by Hambrick and Mason (1984) posits that the personal traits of CEOs may impact the direction of corporate strategy and financial performance. Zang (2012) mentions that the costs associated with earnings management may affect management`s decisions regarding the adoption of earnings management strategies. Additionally, Gulen and Ion (2015) highlighted that a company`s behaviour may change in response to fluctuations in external economic policy uncertainty. The primary objective of this study is to investigate how the interaction between CEO narcissism and costs associated with earnings management influences the selection of earnings management strategies, particularly in various uncertainty periods. We aim to verify whether the manifestation of CEO narcissism varies in response to changes in external economic policy uncertainty. The sample used in this study consists of companies listed in the Standard & Poor`s 1500 Composite Index from 2003 to 2019. This study begins by investigating the influence of the costs associated with earnings management on both accrual-based and real earnings management using a baseline model. Subsequently, CEO narcissism variables are introduced to examine whether the interaction between CEO narcissism and the costs associated with earnings management affects the choice of earnings management strategies by management. Additionally, the sample is divided into two groups based on different levels of uncertainty to examine the varying effects of the interaction between CEO narcissism and the costs associated with earnings management on earnings management strategies during different periods of uncertainty. The empirical results indicate that the interaction between CEO narcissism and the costs related to earnings management has a significant impact on the choice of real earnings management. Moreover, this effect is more pronounced when companies are in periods of lower uncertainty, indicating that the influence of this interaction is stronger when companies operate in relatively stable conditions. The study provides empirical evidence supporting the interaction between CEO narcissism and the costs associated with earnings management in the manifestation of earnings management strategies. The empirical evidence demonstrates that CEO narcissism`s manifestation adapts to fluctuations in economic policy uncertainty, affecting the selection of earnings management strategies. en_US dc.description.tableofcontents 1 Introduction 12 Literature Review 42.1 CEO narcissism 42.2 Economic policy uncertainty 52.3 Earnings management 63 Hypotheses Development 74 Methodology 94.1 Measurement of CEO narcissism 94.2 Economic policy uncertainty 114.3 Earnings management 124.3.1 Accrual-based earnings management 124.3.2 Real earnings management 134.4 Cost associated with earnings management 144.5 Control variables 164.6 Model and variables 174.7 Data and sample 195 Results 205.1 Summary of descriptive results 205.2 Correlation matrix 225.3 Findings 245.3.1 The baseline model 245.3.2 The regression results for the first hypothesis 285.3.3 The regression result for the second hypothesis 335.4 Additional tests 405.4.1 Earnings management for income increase or decrease 405.4.2 Consideration of CEO characteristics 455.4.3 Propensity score matching 486 Conclusion 51Reference 55Appendix 59 zh_TW dc.format.extent 2115969 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353039 en_US dc.subject (關鍵詞) CEO自戀特質 zh_TW dc.subject (關鍵詞) 盈餘管理 zh_TW dc.subject (關鍵詞) 經濟政策不確定性 zh_TW dc.subject (關鍵詞) 取捨 zh_TW dc.subject (關鍵詞) CEO narcissism en_US dc.subject (關鍵詞) Earnings management en_US dc.subject (關鍵詞) Economic policy uncertainty en_US dc.subject (關鍵詞) Trade-off en_US dc.title (題名) CEO自戀特質在不確定性時期的展現- 來自盈餘管理的證據 zh_TW dc.title (題名) CEO narcissism in the period of high uncertainty: Evidence from earnings management en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Abdel-Meguid, A., Jennings, J. N., Olsen, K. J., & Soliman, M. T. (2021). The impact of the CEO`s personal narcissism on Non-GAAP Earnings. The Accounting Review, 96(3), 1-25. https://doi.org/10.2308/tar-2017-0612Altman, E. I. (2013). Predicting financial distress of companies: revisiting the Z-score and ZETA® models. In handbook of research methods and applications in empirical finance (pp. 428-456). Edward Elgar Publishing.Amernic, J. H., & Craig, R. J. (2010). Accounting as a facilitator of extreme narcissism. Journal of Business Ethics, 96(1), 79-93. https://doi.org/10.1007/s10551-010-0450-0Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics, 131(4), 1593-1636.Bergstresser, D., & Philippon, T. (2006). CEO incentives and earnings management. Journal of Financial Economics, 80(3), 511-529. https://doi.org/10.1016/j.jfineco.2004.10.011Bloom, N. (2009). The impact of uncertainty shocks. Econometrica, 77(3), 623-685.Buchholz, F., Lopatta, K., & Maas, K. (2020). The deliberate engagement of narcissistic CEOs in earnings management. Journal of Business Ethics, 167(4), 663-686. https://doi.org/10.1007/s10551-019-04176-xBurgstahler, D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24(1), 99-126.Buyl, T., Boone, C., & Wade, J. B. (2017). CEO narcissism, risk-taking, and resilience: An empirical analysis in U.S. commercial banks. Journal of Management, 45(4), 1372-1400. https://doi.org/10.1177/0149206317699521Capalbo, F., Frino, A., Lim, M. Y., Mollica, V., & Palumbo, R. (2018). The impact of CEO narcissism on earnings management. Abacus, 54(2), 210-226.Chatterjee, A., & Hambrick, D. C. (2007). It`s all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative Science Quarterly, 52(3), 351-386.Cohen, D. A., Dey, A., & Lys, T. Z. (2008). Real and accrual‐based earnings management in the pre‐and post‐Sarbanes‐Oxley periods. The Accounting Review, 83(3), 757-787.El Ghoul, S., Guedhami, O., Kim, Y., & Yoon, H. J. (2021). Policy uncertainty and accounting quality. The Accounting Review, 96(4), 233-260. https://doi.org/10.2308/tar-2018-0057Frino, A., Lim, M. Y., Mollica, V., & Palumbo, R. (2015). CEO narcissism and earnings management. Available at SSRN 2539555.Gulen, H., & Ion, M. (2015). Policy uncertainty and corporate investment. Review of Financial Studies. https://doi.org/10.1093/rfs/hhv050Ham, C., Lang, M., Seybert, N., & Wang, S. (2017). CFO narcissism and financial reporting quality. Journal of Accounting Research, 55(5), 1089-1135. https://doi.org/10.1111/1475-679x.12176Ham, C., Seybert, N., & Wang, S. (2017). Narcissism is a bad sign: CEO signature size, investment, and performance. Review of Accounting Studies, 23(1), 234-264. https://doi.org/10.1007/s11142-017-9427-xHambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.Harris, M. S. (1998). The association between competition and managers` business segment reporting decisions. Journal of Accounting Research, 36(1), 111-128.Hsieh, T. S., Bedard, J. C., & Johnstone, K. M. (2014). CEO overconfidence and earnings management during shifting regulatory regimes. Journal of Business Finance & Accounting, 41(9-10), 1243-1268.Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228.Kontesa, M., Brahmana, R., & Tong, A. H. H. (2021). Narcissistic CEOs and their earnings management. Journal of Management and Governance, 25, 223-249.Lin, F., Lin, S.-W., & Fang, W.-C. (2020). How CEO narcissism affects earnings management behaviors. The North American Journal of Economics and Finance, 51. https://doi.org/10.1016/j.najef.2019.101080Nagar, V., Schoenfeld, J., & Wellman, L. (2019). The effect of economic policy uncertainty on investor information asymmetry and management disclosures. Journal of Accounting and Economics, 67(1), 36-57. https://doi.org/10.1016/j.jacceco.2018.08.011Nodari, G. (2014). Financial regulation policy uncertainty and credit spreads in the US. Journal of Macroeconomics, 41, 122-132. https://doi.org/10.1016/j.jmacro.2014.05.006Olsen, K. J., Dworkis, K. K., & Young, S. M. (2014). CEO narcissism and accounting: A Picture of Profits. Journal of Management Accounting Research, 26(2), 243-267. https://doi.org/10.2308/jmar-50638Olsen, K. J., & Stekelberg, J. (2016). CEO narcissism and corporate tax sheltering. The journal of the American Taxation Association, 38(1), 1-22.Raskin, R., & Terry, H. (1988). A principal-components analysis of the Narcissistic Personality Inventory and further evidence of its construct validity. Journal of Personality and Social Psychology, 54(5), 890.Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370.Schipper, K. (1989). Earnings management. Accounting horizons, 3(4), 91.Shipman, J. E., Swanquist, Q. T., & Whited, R. L. (2017). Propensity score matching in accounting research. The Accounting Review, 92(1), 213-244.VandenBos, G. R. (2007). APA dictionary of psychology. American Psychological Association.Zang, A. Y. (2012). Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review, 87(2), 675-703. zh_TW
