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The Asymmetric Timeliness of Earnings and Board of Director Characteristics
asymmetric timeliness of earnings
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為探討董事會特性是否影響公司盈餘報導的穩健程度，本研究以2007年至2009年臺灣上市公司為樣本，採用Basu (1997) 模型，檢視盈餘時效性不對稱與董事會獨立性、職務雙重性及董事會規模等之關係。實證結果顯示，我國上市公司多已採用保守穩健的會計政策，亦即盈餘能及時反應壞消息，損失之認列具有時效性。因此，董事會特性與
In Taiwan, most firms are family-owned business. Under such setting of information asymmetry between majority and minority shareholders, controlling shareholders have incentives and the ability to extract private benefits at the expense of minority shareholders. Therefore, the aim of corporate governance is to mitigate agency problems associated with entrenchment and expropriation in Taiwanese firms. In order to strengthen the board’s accountability, the Authority has introduced the concept of the independent director. By recognizing economic losses in a timelier manner, conservative accounting information provides early warning signals to boards to investigate both loss projects and the managers. This limits deadweight losses from poor investment decisions and thus increases firm and equity values. The purpose of this study is to examine the relation between board characteristics and asymmetric timeliness of earnings. Using a sample of firms listed on the Taiwan stock exchange between 2007 and 2009, this study examines the relation between three board of director characteristics that focus on the independence and monitoring incentives of boards and conditional accounting conservatism. This study employs Basu’s (1997) earnings-return model to measure the asymmetric timeliness. After controlling for institutional ownership, firm size, leverage, growth opportunities, cash flows from operations, audit quality and unobservable firm characteristics that are stable over time, the empirical results finds no significantly positive effect of board independence on asymmetric timeliness coefficient as well as board size and CEO/chair duality are unrelated to conditional accounting conservatism. Since most companies have adopted conservative accounting policies which report earnings more sensitively to bad news than to good news, the evidence shows no positive relation between board independence and conditional conservatism. This could avoid distorting reported earnings by recognizing excess losses and over-conservatism.
|Appears in Collections:||高階經理人碩士在職專班|
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