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標題: 企業社會責任、分析師預測誤差與盈餘管理之關聯
Empirical Study on the Relationship among Corporate Social Responsibility, Analyst Forecast Error and Earnings Management
作者: Ya-Ning Lee
關鍵字: 企業社會責任(CSR)
Corporate Social Responsibility(CSR)
analysts forecast error
earnings quality
discretionary accruals
real earnings management
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摘要: 本研究藉由企業社會責任(Corporate Social Responsibility, CSR),探討其與分析師預測誤差以及公司盈餘品質間的互動關係。研究期間為1991年至2012年,美國有接受CSR評鑑之上市公司。利用分析師對EPS預測誤差當作檢驗盈餘品質的衡量變數,觀察CSR表現和盈餘品質之間的關係。藉由分組差異性檢定及迴歸分析,締結三者的關聯性。 利用KLD資料庫建構出CSR分數,並根據CSR分數界定出具有強烈企業社會責任性質的公司。實證結果發現,CSR表現較好的公司分析師預測誤差顯著小於CSR表現較差的公司,換句話說,CSR做得好的公司,使分析師能夠較正確預測公司未來獲利狀況。另外,也獲致CSR表現優越之公司進行應計基礎盈餘操弄可能性低的結果。作者認為注重CSR的公司,對財務報表的揭露較負責任,除了致力於社會及環境的議題,亦規矩地遵守會計原則與法規,讓公司財報忠實表達,故分析師才能有較準確的預測表現。
This paper studied the relationship among corporate social responsibility(CSR), analyst forecast error(FERROR) and earnings quality. Research samples are the United States companies with CSR evaluation data during 1991 to2012. Using EPS forecast error as proxy variable of earnings quality to observe the interaction between CSR and earnings quality. By difference tests and regression analysis, we conclude the association relationship among the three variables. Using KLD database to construct the CSR scores, and define the company whether a strong corporate social responsibility or not according to CSR scores in KLD. The empirical results showed that analyst forecast error of high CSR-score companies is less than the low CSR-score counterpart group. In other words, companies do CSR well so that analysts can more correctly predict the company's future profit status. In addition, high CSR-score company, its discretionary accruals is smaller than the low group, but this phenomenon only exists in extreme groups. Authors believe that the financial statements of the companies dedicated to CSR disclose more responsibly. They put effort on social and environmental issues, and also comply with the accounting principles and related regulations. So the companies express financial statements faithfully, the analyst can have more accurate prediction informations.
其他識別: U0005-2306201415522300
文章公開時間: 2014-06-27
Appears in Collections:財務金融學系所



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