學術產出-Theses
Article View/Open
Publication Export
-
題名 企業社會責任與盈餘平穩化之關聯性
The relationship between corporate social responsibility and earnings smoothing作者 邱譯模
Chiu, I Mo貢獻者 詹凌菁
Chan,Ling Ching
邱譯模
Chiu,I Mo關鍵詞 企業社會責任
盈餘平穩化
資訊不對稱
Corporate social responsibility
Earnings smoothing
Information asymmetry日期 2015 上傳時間 27-Jul-2015 11:19:50 (UTC+8) 摘要 本文探討重視企業社會責任的公司在盈餘報導時是否會透過盈餘管理的手段使盈餘呈現平穩化的形態，研究對象為美國上市公司，涵蓋期間為2005年至2013年間。研究結果顯示企業社會責任與盈餘平穩化呈現顯著的正向關係，意謂著重視企業社會責任的公司將盈餘平穩化視為管理目標，接著，進而探討良好的企業社會責任公司中是否因為資訊不對稱越嚴重而使盈餘平穩化的情形更明顯。實證結果顯示，資訊不對稱對企業社會責任與盈餘平穩化之關聯沒有影響。
This study examines whether more socially responsible firms in the US are likely to engage in earning smoothing during 2005 – 2013. The empirical result of this study shows a positive relationship between corporate social responsibility and earnings smoothing. This implies that socially responsible firms set earnings smoothing as a management goal. Furthermore, this study explores whether the positive relationship between corporate social responsibility and earnings smoothing is more pronounced among firms with severe information asymmetry between managers and investors. Results indicate that the degrees of information asymmetry do not have an impact on the relationship between corporate social responsibility and earnings smoothing.參考文獻 Aboody, D. and B. Lev, 2000. Information asymmetry, R&D, and insider gains. The Journal of Finance 55 (December): 2747-2766.Arrow, K. J. 1973. Social responsibility and economic efficiency. Public Policy and Finance.Becker, C., M. DeFond, J. Jiambalvo, and K. R. Subramanyam. 1998. The effect of audit quality on earnings management. Contemporary Accounting Research 15 (April): 1-24.Beidleman, C. 1973. Income smoothing: The role of management. The Accounting Review 48(October): 653–667.Bitner, L. N. and R. Dolan .1998. Does smoothing earnings add value? Management Accounting Review 76(October): 44-47.Bowen, H. 1953. Social responsibilities of the businessman. New York, Harper.Carroll, A. B. 1979. Business and society, Ethics and Stakeholder Management, South-Western.Caballero, R. J., and A Krishnamurthy. 2008. Collective risk management in a flight to quality episode. The Journal of Finance 63(October): 2195-2230.Chih, H., C. Shen, and F. Kang. 2008. Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of Business Ethics 79(April): 179-198.Chatterji, A., D. Levine, and M. Toffel. 2009. How well do social ratings actually measure corporate social responsibility? Journal of Economics and Management Strategy 18 (Feburary): 125–169.Demerjian,P ,M Lewis, and S. McVay. 2014. Earning smoothing: for good or evil? Working paper, Emory University.Dechow, P., R. Sloan, and A. Sweeney. 1996. Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13(April): 1–36.Dechow, P., and I. Dichev. 2002. The quality of accruals and earnings: The role of accrual estimation error. The Accounting Review 77 (January): 35–59.DeFond, M., and K. R. Subramanyam. 1998. Auditor changes and discretionary accruals. Journal of Accounting and Economics 25 (February): 35–67.Dhaliwal,D.S , ,O.Z. Li, and Y.G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(January): 59–100Drucker, P.F. 1993. Post Capitalist Society, Oxford, U K: Butterworth Heinemann.Dye, R. 1988. Earnings management in an overlapping generation model. Journal of Accounting Research 26 (Autumn): 195-235.Fama, E. F., and K. R. French. 1992. The cross-section of expected stock returns. The Journal of Finance 47 (June): 427-465.Fama, E. F., and K. R. French. 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33 (February): 3-56.Fukui, Y.: 2000, Earnings management with the help of historical cost accounting: not for managers but for investors, Working Paper, Tohoku University.Francis, J. R., E. L. Maydew, and H. C. Sparks. 1999. The role of Big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice & Theory 18 (September): 17-34.Friedman, M. 1970. The social responsibility of business is to increase its profits. N.Y. TIMES, Sep: 13.Goel, A. M. and A. V. Thakor. 2003, Why do firms smooth earnings? Journal of Business 76(January): 151–192.Goss.A and G.S. Roberts. 2011. The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance 35 (July): 1794–1810.Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(June): 3-73.Griffin, J., and J. Mahon. 1997. The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business and Society 36 (March): 5–31.Hart, S.L., and G. Ahuja.1994.“Does it pay to be green?” Working paper , Academy of Management.Hepworth, Samuel R. 1953. Smoothing periodic income. The Accounting Review 28(January): 32-39.Hirst, D., and P. Hopkins. 1998. Comprehensive income reporting and analysts` valuation judgments. Journal of Accounting Research 36(Spring): 47-75.Hunton, J., R. Libby, and C. Mazza. 2006. Financial reporting transparency and earnings management. The Accounting Review 81(January): 135-157Holman, W.R., J.R.New, and D. Singer. 1990, The impact of corporate social responsiveness on shareholder wealth,” Corporation and Society Research: Studies in Theory and Measurment . Greenwich, CT: 265-279Jo, H., and Y. Kim. 2007. Disclosure frequency and earnings management. Journal of Financial Economics 84 (May): 561-590.Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29 (Autumn): 193–228.Jones, T. 1995. Instrumental stakeholder theory: A synthesis of ethics and economics. The Academy of Management Review 20 (April): 404–437.Kim,Y, Parl M.S and Weir B. 2012. Is Earnings Quality Associated with Corporate Social Responsibility? The Accounting Review 87(July): 761–796Kile,C and M Phillips. 2009. Using industry classification codes to sample high-technology firms: Analysis and recommendations. Journal of Accounting, Auditing & Finance 24(January): 35-58.KLD Research and Analytics, Inc. (KLD). 2006. Getting Started with KLD Stats and KLD’s Ratings Definitions. Boston, MA: KLD Research & Analytics, Inc.Kothari, S. P., A. Leone, and C. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39 (February): 163–197.Leuz, C., D. Nanda, and P. Wysocki. 2003. Investor protection and earnings management. Journal of Financial Economics 69 (October): 505–527.Lev, B., and T. Sougiannis. 1996. The Capitalization, Amortization and Value Relevance of R&D. Journal of Accounting and Economics 121(April): 107-138.Maines, A., and L. McDaniel. 2000. Effects of comprehensive-income characteristics on nonprofessional investors` judgments: The role of financial-statement presentation format. The Accounting Review 75(April): 179-207.McGuire, Jean B., Alison Sundgren, and Thomas Schneeweis. 1988. Corporate social responsibility and firm financial performance, Academy of Management Journal 31(December): 854-872.McWilliams, A., and D. Siegel. 2000. Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal 21 (May): 603-609.Moses, O. D. 1987. Income smoothing and incentives: Empirical tests using accounting changes. The Accounting Review 62 (April): 358–77.Prior, D., J. Surroca, and J. A. Tribó. 2008. Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review 16 (May): 160-177.Ronen, J., and S. Sadan. 1981. Smoothing Income Numbers: Objectives, Means, and Implications.Boston, MA: Addison-Wesley Publishing Company.Rosenberg, B., K. Reid, and R. Lanstein. 1985. Persuasive evidence of market inefficiency. Journal of Portfolio Management 11 (Spring): 9-16.Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42 (December): 335-370.Schipper, K. 1989. Earnings management, Accounting Horizons 3:91-102.Tucker, J. and P. Zarowin. 2006. Does income smoothing improve earnings informativeness. The Accounting Review 81 (January): 251–270.Trueman, B., and S. Titman. 1988. An explanation for accounting income smoothing. Journal of Accounting Research 26 (Spring): 127-139.Waddock, S. A., and S. B. Graves. 1997. The corporate social performance-financial performance link. Strategic Management Journal 18 (April): 303-319.Watts, R. L. and J. L. Zimmerman. 1978. Towards a positive accounting theory of the determination of Accounting Standards, The Accounting Review 53(January): 112-134. 描述 碩士
國立政治大學
會計研究所
102352038資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102353038 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) 邱譯模 zh_TW dc.contributor.author (Authors) Chiu,I Mo en_US dc.creator (作者) 邱譯模 zh_TW dc.creator (作者) Chiu, I Mo en_US dc.date (日期) 2015 en_US dc.date.accessioned 27-Jul-2015 11:19:50 (UTC+8) - dc.date.available 27-Jul-2015 11:19:50 (UTC+8) - dc.date.issued (上傳時間) 27-Jul-2015 11:19:50 (UTC+8) - dc.identifier (Other Identifiers) G0102353038 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76849 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計研究所 zh_TW dc.description (描述) 102352038 zh_TW dc.description.abstract (摘要) 本文探討重視企業社會責任的公司在盈餘報導時是否會透過盈餘管理的手段使盈餘呈現平穩化的形態，研究對象為美國上市公司，涵蓋期間為2005年至2013年間。研究結果顯示企業社會責任與盈餘平穩化呈現顯著的正向關係，意謂著重視企業社會責任的公司將盈餘平穩化視為管理目標，接著，進而探討良好的企業社會責任公司中是否因為資訊不對稱越嚴重而使盈餘平穩化的情形更明顯。實證結果顯示，資訊不對稱對企業社會責任與盈餘平穩化之關聯沒有影響。 zh_TW dc.description.abstract (摘要) This study examines whether more socially responsible firms in the US are likely to engage in earning smoothing during 2005 – 2013. The empirical result of this study shows a positive relationship between corporate social responsibility and earnings smoothing. This implies that socially responsible firms set earnings smoothing as a management goal. Furthermore, this study explores whether the positive relationship between corporate social responsibility and earnings smoothing is more pronounced among firms with severe information asymmetry between managers and investors. Results indicate that the degrees of information asymmetry do not have an impact on the relationship between corporate social responsibility and earnings smoothing. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 研究目的與問題 4第二章 文獻探討 5第一節 企業社會責任 5第二節 盈餘平穩化 14第三節 資訊不對稱 17第三章 研究假說與方法 18第一節 研究假說 18第二節 資料來源與樣本選擇 21第三節 變數衡量 23第四節 實證模型 29第四章 實證結果與分析 31第一節 敘述性統計與相關係數分析 31第二節 迴歸分析 37第三節 額外測試 43第五章 結論及建議 45第一節 研究結論 45第二節 研究限制與後續研究建議 47參考文獻 48 zh_TW dc.format.extent 874789 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102353038 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 盈餘平穩化 zh_TW dc.subject (關鍵詞) 資訊不對稱 zh_TW dc.subject (關鍵詞) Corporate social responsibility en_US dc.subject (關鍵詞) Earnings smoothing en_US dc.subject (關鍵詞) Information asymmetry en_US dc.title (題名) 企業社會責任與盈餘平穩化之關聯性 zh_TW dc.title (題名) The relationship between corporate social responsibility and earnings smoothing en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Aboody, D. and B. Lev, 2000. Information asymmetry, R&D, and insider gains. The Journal of Finance 55 (December): 2747-2766.Arrow, K. J. 1973. Social responsibility and economic efficiency. Public Policy and Finance.Becker, C., M. DeFond, J. Jiambalvo, and K. R. Subramanyam. 1998. The effect of audit quality on earnings management. Contemporary Accounting Research 15 (April): 1-24.Beidleman, C. 1973. Income smoothing: The role of management. The Accounting Review 48(October): 653–667.Bitner, L. N. and R. Dolan .1998. Does smoothing earnings add value? Management Accounting Review 76(October): 44-47.Bowen, H. 1953. Social responsibilities of the businessman. New York, Harper.Carroll, A. B. 1979. Business and society, Ethics and Stakeholder Management, South-Western.Caballero, R. J., and A Krishnamurthy. 2008. Collective risk management in a flight to quality episode. The Journal of Finance 63(October): 2195-2230.Chih, H., C. Shen, and F. Kang. 2008. Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of Business Ethics 79(April): 179-198.Chatterji, A., D. Levine, and M. Toffel. 2009. How well do social ratings actually measure corporate social responsibility? Journal of Economics and Management Strategy 18 (Feburary): 125–169.Demerjian,P ,M Lewis, and S. McVay. 2014. Earning smoothing: for good or evil? Working paper, Emory University.Dechow, P., R. Sloan, and A. Sweeney. 1996. Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13(April): 1–36.Dechow, P., and I. Dichev. 2002. The quality of accruals and earnings: The role of accrual estimation error. The Accounting Review 77 (January): 35–59.DeFond, M., and K. R. Subramanyam. 1998. Auditor changes and discretionary accruals. Journal of Accounting and Economics 25 (February): 35–67.Dhaliwal,D.S , ,O.Z. Li, and Y.G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(January): 59–100Drucker, P.F. 1993. Post Capitalist Society, Oxford, U K: Butterworth Heinemann.Dye, R. 1988. Earnings management in an overlapping generation model. Journal of Accounting Research 26 (Autumn): 195-235.Fama, E. F., and K. R. French. 1992. The cross-section of expected stock returns. The Journal of Finance 47 (June): 427-465.Fama, E. F., and K. R. French. 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33 (February): 3-56.Fukui, Y.: 2000, Earnings management with the help of historical cost accounting: not for managers but for investors, Working Paper, Tohoku University.Francis, J. R., E. L. Maydew, and H. C. Sparks. 1999. The role of Big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice & Theory 18 (September): 17-34.Friedman, M. 1970. The social responsibility of business is to increase its profits. N.Y. TIMES, Sep: 13.Goel, A. M. and A. V. Thakor. 2003, Why do firms smooth earnings? Journal of Business 76(January): 151–192.Goss.A and G.S. Roberts. 2011. The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance 35 (July): 1794–1810.Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(June): 3-73.Griffin, J., and J. Mahon. 1997. The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business and Society 36 (March): 5–31.Hart, S.L., and G. Ahuja.1994.“Does it pay to be green?” Working paper , Academy of Management.Hepworth, Samuel R. 1953. Smoothing periodic income. The Accounting Review 28(January): 32-39.Hirst, D., and P. Hopkins. 1998. Comprehensive income reporting and analysts` valuation judgments. Journal of Accounting Research 36(Spring): 47-75.Hunton, J., R. Libby, and C. Mazza. 2006. Financial reporting transparency and earnings management. The Accounting Review 81(January): 135-157Holman, W.R., J.R.New, and D. Singer. 1990, The impact of corporate social responsiveness on shareholder wealth,” Corporation and Society Research: Studies in Theory and Measurment . Greenwich, CT: 265-279Jo, H., and Y. Kim. 2007. Disclosure frequency and earnings management. Journal of Financial Economics 84 (May): 561-590.Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29 (Autumn): 193–228.Jones, T. 1995. Instrumental stakeholder theory: A synthesis of ethics and economics. The Academy of Management Review 20 (April): 404–437.Kim,Y, Parl M.S and Weir B. 2012. Is Earnings Quality Associated with Corporate Social Responsibility? The Accounting Review 87(July): 761–796Kile,C and M Phillips. 2009. Using industry classification codes to sample high-technology firms: Analysis and recommendations. Journal of Accounting, Auditing & Finance 24(January): 35-58.KLD Research and Analytics, Inc. (KLD). 2006. Getting Started with KLD Stats and KLD’s Ratings Definitions. Boston, MA: KLD Research & Analytics, Inc.Kothari, S. P., A. Leone, and C. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39 (February): 163–197.Leuz, C., D. Nanda, and P. Wysocki. 2003. Investor protection and earnings management. Journal of Financial Economics 69 (October): 505–527.Lev, B., and T. Sougiannis. 1996. The Capitalization, Amortization and Value Relevance of R&D. Journal of Accounting and Economics 121(April): 107-138.Maines, A., and L. McDaniel. 2000. Effects of comprehensive-income characteristics on nonprofessional investors` judgments: The role of financial-statement presentation format. The Accounting Review 75(April): 179-207.McGuire, Jean B., Alison Sundgren, and Thomas Schneeweis. 1988. Corporate social responsibility and firm financial performance, Academy of Management Journal 31(December): 854-872.McWilliams, A., and D. Siegel. 2000. Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal 21 (May): 603-609.Moses, O. D. 1987. Income smoothing and incentives: Empirical tests using accounting changes. The Accounting Review 62 (April): 358–77.Prior, D., J. Surroca, and J. A. Tribó. 2008. Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review 16 (May): 160-177.Ronen, J., and S. Sadan. 1981. Smoothing Income Numbers: Objectives, Means, and Implications.Boston, MA: Addison-Wesley Publishing Company.Rosenberg, B., K. Reid, and R. Lanstein. 1985. Persuasive evidence of market inefficiency. Journal of Portfolio Management 11 (Spring): 9-16.Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42 (December): 335-370.Schipper, K. 1989. Earnings management, Accounting Horizons 3:91-102.Tucker, J. and P. Zarowin. 2006. Does income smoothing improve earnings informativeness. The Accounting Review 81 (January): 251–270.Trueman, B., and S. Titman. 1988. An explanation for accounting income smoothing. Journal of Accounting Research 26 (Spring): 127-139.Waddock, S. A., and S. B. Graves. 1997. The corporate social performance-financial performance link. Strategic Management Journal 18 (April): 303-319.Watts, R. L. and J. L. Zimmerman. 1978. Towards a positive accounting theory of the determination of Accounting Standards, The Accounting Review 53(January): 112-134. zh_TW
