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題名 Corporate Ownership Structure and Accuracy and Bias of Mandatory Earnings Forecast: Evidence from Taiwan
作者 金成隆;Gary Kleinman;Picheng Phil Le;Mei-Feng Lin
Chin, Chen-Lung ; Kleinman, Gary ; Lee, Picheng ; Lin, Mei-Feng
貢獻者 會計系
日期 2006
上傳時間 23-Dec-2008 15:05:19 (UTC+8)
摘要 The primary objective of this study is to examine the association between the quality of mandatory earnings forecast, measured by forecast accuracy and bias, and the ownership structure of Taiwanese firms, measured by the divergence between the ultimate owner`s control and the equity ownership level. The study is based on 528 forecasts issued by Taiwanese-listed firms from 1999 to 2001, which were affected by the regulation on disclosure-of-earnings forecasts issued by the Taiwan Securities and Futures Exchange Commission (TSFEC). First, we find that concentrated ownership structures created agency conflicts between controlling owners and outside investors. Second, we also find that firms tend to issue more inaccurate and optimistically biased forecasts in the presence of the greater divergence between the ultimate owner`s control and the equity ownership level. Third, the firms with serious agency problems tended to revise their forecasts more to reduce error or bias or manipulate accruals more (e.g. through discretionary accruals) in order to avoid violating the 20 percent forecast error threshold as the end of the period approached. Finally, the resulting post-managed forecast error or bias does not significantly vary with the level of ownership concentration.
關聯  Journal of International Accounting Research, 5(2), 41-62
資料類型 article
dc.contributor 會計系en_US
dc.creator (作者) 金成隆;Gary Kleinman;Picheng Phil Le;Mei-Feng Linzh_TW
dc.creator (作者) Chin, Chen-Lung ; Kleinman, Gary ; Lee, Picheng ; Lin, Mei-Feng-
dc.date (日期) 2006en_US
dc.date.accessioned 23-Dec-2008 15:05:19 (UTC+8)-
dc.date.available 23-Dec-2008 15:05:19 (UTC+8)-
dc.date.issued (上傳時間) 23-Dec-2008 15:05:19 (UTC+8)-
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/18612-
dc.description.abstract (摘要) The primary objective of this study is to examine the association between the quality of mandatory earnings forecast, measured by forecast accuracy and bias, and the ownership structure of Taiwanese firms, measured by the divergence between the ultimate owner`s control and the equity ownership level. The study is based on 528 forecasts issued by Taiwanese-listed firms from 1999 to 2001, which were affected by the regulation on disclosure-of-earnings forecasts issued by the Taiwan Securities and Futures Exchange Commission (TSFEC). First, we find that concentrated ownership structures created agency conflicts between controlling owners and outside investors. Second, we also find that firms tend to issue more inaccurate and optimistically biased forecasts in the presence of the greater divergence between the ultimate owner`s control and the equity ownership level. Third, the firms with serious agency problems tended to revise their forecasts more to reduce error or bias or manipulate accruals more (e.g. through discretionary accruals) in order to avoid violating the 20 percent forecast error threshold as the end of the period approached. Finally, the resulting post-managed forecast error or bias does not significantly vary with the level of ownership concentration.-
dc.format application/en_US
dc.language enen_US
dc.language en-USen_US
dc.language.iso en_US-
dc.relation (關聯)  Journal of International Accounting Research, 5(2), 41-62en_US
dc.title (題名) Corporate Ownership Structure and Accuracy and Bias of Mandatory Earnings Forecast: Evidence from Taiwanen_US
dc.type (資料類型) articleen