Please use this identifier to cite or link to this item:
標題: 在不同生命週期下董事會組成特性對資訊透明度之影響
The Relationship between Characteristics of Board of Directors and Information Transparency: A Test of the Life Cycle Hypothesis
作者: 金凱雯
Chin, Kai-Wen
關鍵字: Life cycle
Characteristics of board directors
Information Transparency
出版社: 會計學研究所
引用: 一、 中文部分 王瑄、杜榮瑞,2005,「企業資訊揭露之決定因素與效應〈上〉資訊透明度六種假說-探自願揭露六大動機」,會計研究月刊,第237期,頁64-67。 王瑄、杜榮瑞,2005,「企業資訊揭露之決定因素與效應〈下〉提昇資訊揭露程度有效降低資金成本」,會計研究月刊,第238期,頁95-99。 林瑞琴,2007,「公司經營績效、公司治理與資訊透明度之關聯性」,天主教輔仁大學會計學系在職專班未出版碩士論文。 陳玫秀,2004,「公司資訊透明度、董事結構和股權結構與公司經營績效關係之研究-以電子產業為例」,國立大學會計研究所未出版碩士論文。 陳瑞斌、許崇源,2007,「公司治理結構與資訊揭露之關連性研究」,交大管理學報,第27期,第2卷,頁55-109。 曹壽民、紀信義與陳光政,2006,「企業生命週期對商標權價值攸關性之影響」,企業管理學報,第69期(6月),頁39-72。 曹壽民、連威豪與劉奕孜,2010,「從企業生命周期探討應計項目異常現象」,會計評論,第51期,頁107-143。 葉銀華、李存修與柯承恩,2002,「公司治理與評等系統」,商治文化。 趙廷瑜,2008,「公司特質與資訊揭露平等之關連性研究」,國立中興大學,會計研究所未出版碩士論文。 劉力維,2009,「在不同生命週期下董事會組成特性對公司經營績效之影響」,國立中興大學,會計研究所未出版碩士論文。 薛敏正、李雅琳,2007,「財務困難公司之資訊透明度研究」,當代會計,第八卷,第二期,頁113-154。 二、 西文部分 Aboody, D, and R. Kasznik, 2000,”CEO stock options awards and the timing of corporate voluntary disclosure,” Journal of Accounting and Economics 29, pp. 73-100. Ahmed, K. and J. K. Courtis , 1999, ”Associations between Corporate Characteristics and Disclosure Levels in Annual Reports: A Meta-analysis, ” British Accounting Review 31, pp. 35-61. Akerlof, G. A., 1970, “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism,” Quarterly Journal of Economics, Vol. 84, No. 3, pp. 488-500. Anderson, R., D. Reeb, 2003,”Founding-family ownership and firm performance: Evidence from the S&P 500,” Journal of Financial, pp. 1301-1328. Anderson, R., D. Reeb, 2004, “Board composition: balancing family influence in S&P 500 firms,” Administrative Sciences Quarterly 49, pp. 209-237. Ashiq A. T. Y. Chen and S. Radhakrishnan, 2007, “Corporate disclosure by family firms,” Journal of Accounting and Economics 44, pp. 238-286. Berle, A. A. Jr. and G. C. Means, 1932, “The Modern Corporation and Private Property,” Macmillllan, New York , N.Y. Bacon, J., 1973, ”Corporate Directorship Practices: Membership and Committees of the Board, New York: The Conference Board, ” The Conference Board. Barry, C. B., and S. J. Brown, 1985, ”Differential information and security market equilibrium,” Journal of Financial and Quantitative Analysis, No. 20, pp. 407-422. Beasley, M. S. ,1996, ”An empirical analysis of the relation between the board of director: Performance effects of changes in board composition,” Journal of Law, Economics and Organization 1, pp. 101-134. Brennan, N. 1999,”Voluntary disclosure of profit forecasts by target companies in takeover bids,” Journal of Business Financial and Accounting 26. pp. 883-918. Bushman, R. M., J. D. Piotroski, and Smith, A. J. 2004, ”What determines corporate transparency?” Journal of Accounting Research 42, pp. 207-252. Bulan, L., N. Subramanian, and L. Tanlu, 2007, “On the timing of dividend initiation,” Financial Management, 36(Winter), pp. 31-65. Chandler, A. D., 1962, “Strategy and Structure,” Cambrige, MA: MIT Press. Chen, C. J. P. and B. Jaggi, 2000,” Association between Independent Non-Executive Directors, Family Control and Financial Disclosure in Hong Kong,” Journal of Accounting and Public Policy , 19(4), pp. 285-310. Cheung, S. Y-L., C. P. Limpaphayom and L. Zhou, 2006, “Determinants of Corporate Disclosure and Transparency: Evidence from Hong Kong and Thailand,” Western Region AAA Annual Meeting, Oregon,U.S.A. Cohen, D., R. Mashruwala, and T. Zach, 2009, “The use of advertising activities to meet earnings benchmarks evidence from monthly data, ” Review of Accounting Studies.(DOI:10.1007/s11142-009-0105-8) Demsetz, H., K. Lehn, 1985,”The structure of corporate ownership: causes and consequences,” Journal of Accounting and Economics 25, pp. 133-168. DeAngelo, H. L. DeAngelo, and R. Stulz, 2006, “Dividend policy and the capital mix: A test of the life cycle theory,” Journal of Financial Economics 81(August), pp. 227-254. Elliot, R. K., and P. D. Jacobson, 1994,”Costs and benefits of business information disclosure,” Accounting Horizon(December), pp.80-96. Fama, E. F., and A. B. Laffer, 1971,”Information and capital markets,” The Journal of Business, No. 44, pp. 289-298. Forker, J. J., 1986, ”Limited information as a source of risk,” The Journal of Portfolio Management 12, pp. 66-72. Forker, J. J., 1992. ”Corporate governance and disclosure quality,” Accounting and Business Research 22. pp. 111-124. Gilson R. J., and J. Gordon, 2003, “ Controlling controlling shareholders,” Working Paper No.228, Columbia Law and Economics and Working Paper No.262, Stanford Law and Economics Olin. Gul, F. A., and S. Leung., 2004, “Board leadership, outside directors’ expertise and voluntary corporate disclosures,” Journal of Accounting and Public Policy 23(5), pp. 351-379. Hayes, R., and Lundholm, 1996.”Segment reporting to the capital market in the presence of a competitor,” Journal of Accounting Research Vol.34, pp.151-280. Healy, P. M, and K. G Palepu, 2001,”Information asymmetry, corporate disclosure , and the capital markets: A review of the empirical disclosure literature,” Journal of Accounting and Economics Vol.31, No. 3, pp. 405-440. Heracleous, L., 2001, “What is the Impact of Corporate Governance on Organizational Performance? ,” Conference Papers, Vol. 9, No. 3, pp. 165-173. Hatice Uzun, Samuel H. Szewczyk, and Raj Varma, 2004, “Board Composition and Corporate Fraud,” Financial Analysts Journal Vol. 60, No. 3, pp. 33-43. Jensen, M. C. and W. H. Meckling, 1976. “Theory of the Firms: Managerial Behavior, Agency Cost, and Ownership Structure,” Journal of Financial Economics, Vol.3, No.4, pp. 305-360. Jensen, M. C., 1993, “The Modern Industrial Revolution, Exit and the Failure of Internal Control System,” Journal of Financial, 48, pp. 831-880. John, K. and L. W. Senbet, 1998, ”Corporate Governance and Board Effectiveness,” Journal of Banking and Finance, Vol. 22, pp. 371-403. Jawahar, I. M. and L. McLaughlin, 2001, “Toward a Descriptive Stakeholder Theory: An Organizational Life Cycle Approach,” Academy of Management Preview, Vol. 26, No. 3, pp. 397-414. Julian Franks, Colin Mayer, Paolo Volpin and Hannes F. Wagner, 2010,”The Life Cycle of Family Ownership: International Evidence,” Working paper, London Business School. Lev, B. and S. H. Penman, 1990, “Voluntary Disclosure,” Journal of Accounting Research 28(1), pp. 49-76. Lang, M. and R. Lundholm, 1996.”Corporate Disclosure Policy and Analyst Behavior,” The Accounting Review, Vol. 71, No. 4, pp. 467-492. Lang, M., and R. Lundholm, 1997.”Voluntary disclosure during equity offerings: reducing information asymmetry or hyping the stock?” Working paper, University of Michigan, Ann Arbor, MI. Lori, Holder-Webb, 2003, ”Strategic use of disclosure policy in distressed firms,” Working Paper, University of Wisconsin-Madison. Lynall, M. D., B. R. Golden, and A. J. Hillman, 2003, “Board composition from adolescence to maturity: A multitheoretic view, ” The Academy of Management Review, 28(3), pp.416-431. Mueller, D. C., 1972, “A Life-Cycle Theory of the Firm,” The Journal of Industrial Economics, Vol. 20, No. 3, pp.199-219. Myers, S., and N Majiuf, 1984, ”Corporate financing and investment decisions when firms have information that investors do not have,” Journal of Financial Economics, No.13, pp.187-222. Miller, G., and J. Piotroski, 2000. ”The role of disclosure for high book-to-market firms,” Working Paper, Harvard University, Cambrige, MA. Maksimovic, V., and G. Phillips, 2008,”The industry life cycle, acquisitions and investment: Does firm organization matter,” The Journal of Financial, 63(April), pp. 673-708. Organization for Economic Co-operation and Development. (1999), OECD principles of corporate governance. Piotroski, J., 1999. ”Discretionary segment reporting decisions and the precision of investor beliefs,” Working Paper, University of Chicago. Quinn, R. E., and K. Cameron,1983, ”Organizational life cycles and shifting criteria of effectiveness: some preliminary evidence,” Management Science 29(1), pp. 33-51. Rink, D. R., and J. E. Swan, 1979, ”Product Life Cycle Research: A Literature Review,” Journal of Business Research, Vol. 7, No. 3, pp. 219-242. Singhvi, S. S. and H. B. Desai, 1971, “An Empirical Analysis of the Quality of the Corporate Financial Disclosure,” The Accounting Review, Vol. 46, No. 1, pp. 120-138. Sinner, D., 1994, ”Why firms voluntarily disclosure bad news,” Journal of Accounting Research Vol. 32, pp. 38-61. Sanders, W. G and M. A. Carpenter, 1998, “Internationalization and Firm Governance: The roles of CEO Compensation, Top Team Compensation and Board Structure,” Academy of Management Journal, Vol. 41, pp. 158-178. Verrecchia, R. E., 1983, ”Discretionary disclosure,” Journal of Accounting and Economics 5(3), pp. 179-195. Van de Ven, A. H., and M. S. Poole, 1995,” Explaining development and change in organizations,” Academy of Management Review, 20 (July), pp. 510-540. Villalonga, B., R. Amit, 2006, “How do family ownership, control , and management affect firm value?,” Journal of Financial Economics Vol. 80, Issue 2, pp. 385-417. Yermack, D., 1996, “Higher Market Valuation of Companies with a Small Board of Directors,” Journal of Financial Economics, 40, pp. 185-334.
摘要: 本研究探討在不同的生命週期下,董事會組成特性度資訊透明度是否有不同程度上的影響,以2003年到2009年間台灣上市櫃公司資料進行實證觀察。本文參考Anthony and Ramesh(1992)的方法。將股利支付率、銷貨成長率、資本支出率、公司成立年度以及綜合指標作為生命週期的判斷因子。 實證結果顯示,企業處於成熟期階段,董事長兼任總經理對資訊透明度有較負面的影響,其次為衰退期和成長期。董事會規模較大時對於資訊透明度的正向影響程度依序為成熟期、衰退期和成長期。獨立董事席次比率在各生命週期階段對資訊透明度皆為正向的影響,由其在衰退期更為明顯,其次為成熟期和成長期。董事內部化與資訊透明度有負向關聯,對處於成長期階段有較負向的影響,其次為成熟期和衰退期。
This study is to investigate the relationship between characteristics of board of directors and a firm's information transparency for a differential stage in a firm's life cycle. The observations are collected from Taiwan Stock Exchange and OTC during 2003-2009. According to the firm's life cycle of Anthony and Ramesh (1992), we use dividend payout ratio, sales growth rate, capital expenditures rate, establishment years, and composite score as life cycle descriptors. The empirical results show that the most negative impact to the information transparency when the chairman of the board is the CEO in the stage of mature, followed by decline and growth. The influence of the size of the Board for information transparency is positive impact in order of maturity, decline and growth stage. Independent director ratio is positively associated with the firm's information transparency in all stages and is most significant in the stage of decline, next for maturity and growth. Finally, the relationship between chairman internalization and firm's information transparency is negatively. Stage of growth has more negative influence, next for the stage of mature and decline.
其他識別: U0005-2405201115514600
Appears in Collections:會計學系所



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.