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題名 Clawback條款、權益基礎薪酬和審計委員會之監督效率性
Clawback provisions, equity-based compensation, and audit committees` oversight effectiveness
作者 林玉君
Lin, Yu Chun
貢獻者 俞洪昭
Yu, Hung Chao
林玉君
Lin, Yu Chun
關鍵詞 審計委員會薪酬
Clawback 條款
財務報表重編
內部控制
Audit Committee Compensation
Clawback Provisions
Restatements
Internal Control
日期 2011
上傳時間 30-Oct-2012 14:21:12 (UTC+8)
摘要 This study first examines whether equity-based compensation (i.e., stocks and options) is associated with audit committees’ oversight failures. I then examine whether this association between equity-based compensation and oversight failures is affected when firms initiate the clawback provisions in their compensation contracts. I use the likelihood of restatements, the incidence of internal control weaknesses (ICW), and earnings management measures to proxy for audit committees’ oversight failures. Based on a sample of 129 firms that voluntarily adopt the clawback provisions during 2003-09 and a matched sample created from the propensity score matching technique, I find several important results. First, larger amounts and portions of stocks and options are associated with higher restatement and ICW likelihood and greater earnings management. Second, equity-based compensation appears to harm audit committees` oversight effectiveness. However, the adoption of the clawback provisions significantly mitigates such negative effect. Finally, the clawback provisions are effective in reducing restatements, ICW, and earnings management only when these provisions are triggered by "bad faith" rather than restatements. Overall, my empirical results bear policy implications on audit committees’ compensation practice and the mandatory adoption of the clawback provisions.
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描述 博士
國立政治大學
會計研究所
95353503
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095353503
資料類型 thesis
dc.contributor.advisor 俞洪昭zh_TW
dc.contributor.advisor Yu, Hung Chaoen_US
dc.contributor.author (Authors) 林玉君zh_TW
dc.contributor.author (Authors) Lin, Yu Chunen_US
dc.creator (作者) 林玉君zh_TW
dc.creator (作者) Lin, Yu Chunen_US
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 14:21:12 (UTC+8)-
dc.date.available 30-Oct-2012 14:21:12 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 14:21:12 (UTC+8)-
dc.identifier (Other Identifiers) G0095353503en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54908-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 95353503zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) This study first examines whether equity-based compensation (i.e., stocks and options) is associated with audit committees’ oversight failures. I then examine whether this association between equity-based compensation and oversight failures is affected when firms initiate the clawback provisions in their compensation contracts. I use the likelihood of restatements, the incidence of internal control weaknesses (ICW), and earnings management measures to proxy for audit committees’ oversight failures. Based on a sample of 129 firms that voluntarily adopt the clawback provisions during 2003-09 and a matched sample created from the propensity score matching technique, I find several important results. First, larger amounts and portions of stocks and options are associated with higher restatement and ICW likelihood and greater earnings management. Second, equity-based compensation appears to harm audit committees` oversight effectiveness. However, the adoption of the clawback provisions significantly mitigates such negative effect. Finally, the clawback provisions are effective in reducing restatements, ICW, and earnings management only when these provisions are triggered by "bad faith" rather than restatements. Overall, my empirical results bear policy implications on audit committees’ compensation practice and the mandatory adoption of the clawback provisions.zh_TW
dc.description.tableofcontents CHAPTER 1 INTRODUCTION 1
1.1 Equity-based Compensation and Audit Committees’ Oversight Effectiveness 1
1.2 The Clawback Provisions 3
1.3 The Interaction of Equity-based Compensation and Clawback Provisions 5
CHAPTER 2 BACKGROUND, LITERATURE AND HYPOTHESIS DEVELOPMENT 8
2.1 Clawback Provisions 8
2.1.1 Institutional background 8
2.1.2 The nature of clawbacks 9
2.1.3 Evidence of clawback provisions 12
2.2 Audit Committee Compensation 14
2.3 Hypothesis Development 15
CHAPTER 3 RESEARCH DESIGN 19
3.1 Data and Sample Selection 19
3.2 The Endogenous Biases 20
3.2.1 Propensity score matching 21
3.2.2 Voluntary adoption model 22
3.3 Regression Model 24
3.3.1 Restatement likelihood 24
3.3.2 Incidence of internal control weaknesses 29
3.3.3 Earnings management 31
3.3.4 Control for CEO compensation 35
CHAPTER 4 EMPIRICAL RESULTS 36
4.1 Descriptive Statistics 36
4.2 Regression Results 39
4.2.1 The voluntary adoption model 39
4.2.2 Audit committees’ oversight failure – Proxied by restatement likelihood 40
4.2.3 Audit committees’ oversight failure – Proxied by the incidence of ICW 42
4.2.4 Audit committees’ oversight failure – Proxied by accruals quality 45
4.2.5 Audit committees’ oversight failure – Proxied by real earnings management 46
4.3 Additional Tests 48
4.3.1 Trigger effects 48
4.3.2 Excluding special restatement period 49
4.3.3 Panel data results for restatements 49
4.3.4 Excluding certain industries 50
4.3.5 Excluding cash compensation ratio variable 50
4.3.6 Corporate governance effects 51
4.3.7 Effects of board compensation 51
4.3.8 Heckman two stage results 52
4.3.9 Alternative measures in firm performances 53
4.3.10 Excluding financial crisis period 53
CHAPTER 5 SUMMARY AND CONCLUSIONS 54
REFERENCES 55
TABLE 68
APPENDIX A 122
APPENDIX B 126		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095353503en_US
dc.subject (關鍵詞) 審計委員會薪酬zh_TW
dc.subject (關鍵詞) Clawback 條款zh_TW
dc.subject (關鍵詞) 財務報表重編zh_TW
dc.subject (關鍵詞) 內部控制zh_TW
dc.subject (關鍵詞) Audit Committee Compensationen_US
dc.subject (關鍵詞) Clawback Provisionsen_US
dc.subject (關鍵詞) Restatementsen_US
dc.subject (關鍵詞) Internal Controlen_US
dc.title (題名) Clawback條款、權益基礎薪酬和審計委員會之監督效率性zh_TW
dc.title (題名) Clawback provisions, equity-based compensation, and audit committees` oversight effectivenessen_US
dc.type (資料類型) thesisen
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