| dc.contributor.advisor | 張元晨 | zh_TW |
| dc.contributor.advisor | Chang,Yuanchen | en_US |
| dc.contributor.author (Authors) | 蔡湘萍 | zh_TW |
| dc.contributor.author (Authors) | Tsai,Hsiangping | en_US |
| dc.creator (作者) | 蔡湘萍 | zh_TW |
| dc.creator (作者) | Tsai,Hsiangping | en_US |
| dc.date (日期) | 2006 | en_US |
| dc.date.accessioned | 18-Sep-2009 20:12:58 (UTC+8) | - |
| dc.date.available | 18-Sep-2009 20:12:58 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Sep-2009 20:12:58 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0913575021 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/36938 | - |
| dc.description (描述) | 博士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 91357502 | zh_TW |
| dc.description (描述) | 95 | zh_TW |
| dc.description.abstract (摘要) | Three essays are comprised in this dissertation to examine how institution and regulation frameworks affect the quality of financial reporting by banks. The empirical investigation on whether some governance mechanisms provide incentives for banks to report high quality financial information can have policy implications regarding bank regulation. Financial reporting quality is measured either by the level of earnings management or the extent of reporting conservatism. Using these two types of proxies for financial reporting quality, we examine whether reporting quality is affected by the legal protection on investors, bank supervision/regulation practices, or securities market governance mechanisms.In the first essay, we examine international differences in bank earnings management around the world. Following Leuz et al. (2003), we argue that bank earnings management is closely linked to private benefits of insiders. As a result, bank earnings management should be negatively related to institutional factors such as legal protection on investors and bank supervision policies that encourage market discipline on banks. Consistent with this prediction, we provide evidence that earnings management is less pervasive for banks in countries where investors are better protected and where supervision policies strongly encourage private-sector monitoring on banks. We also show that the legal protection mechanisms have stronger effects on curbing activities of earnings discretion, but bank supervision policies that encourage private-sector monitoring are better at limiting income smoothing activities. Our results also suggest that stringent capital requirement or strong government supervisions are less effective in reducing earnings activities of banks.In the second essay, we document that banks, especially those that are publicly traded, are conservative in their financial reporting. In particular, banks are conservative in reporting earnings changes and they incorporate more loan loss provisions when their operating cash flows decrease or when the amount of their problem loans increases. Banks also charge off more problem loans when their loan loss provisions increase. Our cross-country comparison shows that conservative financial reporting is more pronounced in countries where supervisors are empowered to take adequate actions against banks or where bank supervisory policies to encourage private-sector monitoring are more prevalent than in countries where there is less supervision or where there is less private-sector monitoring.In the third essay, we further investigate whether securities market governance explain the international differences of reporting conservatism across listing status of banks. Our results indicate that, after controlling for banking industry regulations, securities market governance has incremental effects on the reporting conservatism by public banks. The conservative reporting by public banks is stronger in countries where securities regulators are more empowered to intervene in banks for violations to securities laws. Furthermore, the stronger conservatism for public banks relative to private banks is widespread in countries with more developed bond market. The evidence suggests that public banks practice more conservative reporting than their private counterparts when debt contracting mechanisms function well. | zh_TW |
| dc.description.tableofcontents | List of Tables and Appendices…………………………………………………….………...…...... vPreface.……………………………………………………………………………………....……… viiAcknowledgements………………………………………………………………………....……… ixAbstract……………………………………………………………………………………....……… xi Chapter I. Introduction………………………………………….…………………….………… 1Chapter II. The Effects of Legal Institutions and Bank Supervision Frameworks on the Earnings Management by Banks 1. Introduction……………………………………………………………………….... 5 2. Conceptual framework: incentives and institutional effects on earnings management……………………………………………..….…………………...….. 8 2.1 Earnings management and manager incentives to manage earnings.………...... 8 2.2 Institutional factors that may limit bank incentives to manage earnings………. 11 2.2.1 Legal institutions for investor protection……………………….........…. 11 2.2.2 Bank regulation and supervision frameworks…………………………... 12 3. Earnings management measures………………………………………………….. 15 3.1 The estimation of discretionary loan loss provisions (discretionary LLP)……..... 15 3.2 Measures of earnings discretion………………………………………………..... 17 3.3 Measures of income smoothing………………………………………………….. 18 4. Sample and descriptive statistics on bank characteristics and country-level institutions…………………………………………………………………………… 19 4.1 Sample selection and data sources……………………………………………….. 19 4.2 Country-level descriptive statistics…………………………………………….... 20 5. Earnings management scores and their correlations with country-level institutions………………………………………………………………………..… 26 5.1 Earnings management scores in the 87 countries………………………..…...… 26 5.2 Correlations on earnings management indexes and country-level institutional variables……………………………………………………………………….… 31 6. The role of governance mechanisms on earnings management by banks……. 32 6.1 Earnings management and bank characteristics……………………………...…. 33 6.2 The monitoring role of law protection and bank supervision/regulation practice. 36 6.3 Underlying factors for monitoring effects of law protection and private-sector monitoring ………………………………………………………………..…...... 40 7. Conclusions…………………………………………….…………………….…...… 41Chapter III. The Influence of Supervision and Regulation on the Conservatism of Financial Reporting by Banks 1. Introduction…………………………………………………………………….....… 44 2. The role of governance mechanisms in the conservatism of financial reporting by banks………………………………………………………..………... 48 2.1 Financial reporting conservatism: definition and contracting explanation.……. 48 2.2 Direct government regulation and supervision…………………………………. 49 2.3 Private-sector monitoring……………………………………………………….. 51 3. Methodology………………………………………………………………………… 53 3.1 Models for estimating the conservatism of financial reporting by banks……….. 53 3.1.1 Conservative reporting on earnings changes…………………….…....... 53 3.1.2 Conservative reporting on loan losses relative to changes in operating cash flows……………………. ………………….………….………….. 54 3.1.3 Conservatism in reporting loan losses relative to changes in problem loans and to net charge-offs………………………..…....……………… 56 3.2 Models for measuring the effects of governance mechanisms on the conservatism of financial reporting by banks………………………………….... 58 4. Sample selection and summary statistics………………………………………… 59 4.1 Sample selection and data sources………………………………………………. 59 4.2 Descriptive statistics…………………………………………………………..… 60 5. Empirical results on conservatism in financial reporting by banks around the world………………………………………………………………………………… 63 5.1 Conservatism in financial reporting: Results from pooled regressions…………. 63 5.2 The conservatism of financial reporting by country…………………………….. 68 6. The role of governance mechanisms on reporting conservatism……………… 75 6.1 The role of governance mechanisms in the conservatism of reporting earnings changes………………………………………………………………………….. 75 6.2 The role of governance mechanisms in conservative reporting of loan losses........ 78 7. Further examinations……………………………….………………………………. 80 7.1 Influence of observations from Germany, Japan, and United States……………. 80 7.2 The role of domestic rating agencies when debt holders are mainly local investors…………………………………………………………………………. 81 7.3 How might different accounting policies across countries affect our results?...... 81 7.4 Weighted least square estimation of the second-stage regression.......................... 82 8. Conclusions…………………………………………………………………………. 82Chapter IV. The Effects of Securities Market Governance on the Conservatism in Financial Reporting: Public-traded vs. Privately-held Banks 1. Introduction…………………………………………………………………………. 86 2. Institutional incentives for bank conservatism in financial reporting………… 91 2.1 Corporate governance issues for the banking industry………………………….. 91 2.2 The role of securities market governance on reporting conservatism for public banks…………………………………………………………………………...... 92 3. Measures for bank conservatism in financial reporting………………………… 94 3.1 Conservative reporting on earnings changes……………………………………. 94 3.2 Conservative reporting on loan losses…………………………………………… 95 3.2.1 Conservative reporting on loan loss provisions to changes in bank operating cash flows…………………………………………………..… 95 3.2.2 Conservative reporting on loan losses provisions to changes in problem loans and to net charge offs…………………………………………...… 96 4. Sample selection and summary descriptive statistics…………………………… 98 4.1 Sample selection and data sources……………………………………..………… 98 4.2 Descriptive statistics and institution variables………………………..………... 99 5. Results of bank financial reporting conservatism across listing status around the globe……………………………………………………………………………... 104 5.1 Financial reporting conservatism across listing status: Results from pooled regressions………………………………………………………………………. 104 5.2 Country-by-country results of financial reporting conservatism………………. 109 6. The role of securities market governance on reporting conservatism across listing status………………………………………………………………………… 118 6.1 Factors for international variations in conservatism of public bank reporting…. 120 6.2 Factors for international variations of difference in conservatism across listing status……………………………………………………………………………. 123 7. Conclusions…………………………………………………………………………. 123Chapter V. Conclusions and Future Studies…………………………………………………….. 127Appendices……………………………………………………………………………………………. 131References…...……………………………………………………………………………………..…. 138 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0913575021 | en_US |
| dc.subject (關鍵詞) | 盈餘管理 | zh_TW |
| dc.subject (關鍵詞) | 財報保守 | zh_TW |
| dc.subject (關鍵詞) | 金融監理 | zh_TW |
| dc.subject (關鍵詞) | 證券市場監理 | zh_TW |
| dc.subject (關鍵詞) | Earnings management | en_US |
| dc.subject (關鍵詞) | Conservatism in financial reporting | en_US |
| dc.subject (關鍵詞) | Bank supervision and regulation | en_US |
| dc.subject (關鍵詞) | Securities market governance | en_US |
| dc.title (題名) | The Effects of Legal Institutions, Bank Supervision Practices, and Securities Market Governance on the Quality of Bank Financial Reporting | zh_TW |
| dc.type (資料類型) | thesis | en |
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