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Family Control, Board of Director Characteristics and Accounting Conservatism
|關鍵字:||Family control;家族企業;Board independence;Accounting conservatism;董事會獨立性;會計穩健||出版社:||會計學研究所||引用:||中文部分 林明謙，2001，股權結構、董事組成對大股東介入股市行為影響之研究，輔仁大學金融研究所碩士論文。 林美鳳、金成隆與林良楓，2009，股權結構、會計保守性與信用評等關係之研究，臺大管理論叢，第20卷第1期，頁289-330。 林嬋娟與張哲嘉，2009，董監事異常變動、家族企業與企業舞弊之關聯性，會計評論，第48期，頁1-33。 林寶人，2010，台灣上市櫃家族企業與公司績效，會計學報，第3卷第1期，頁53-82。 翁淑育，2000，台灣上市公司股權結構、核心代理問題及公司價值之研究，輔仁大學金融研究所碩士論文。 倪衍森與廖容岑，2006，家族企業負債代理成本及股利政策之研究-以台灣上市公司為例，系統與管理，第13卷，第2期，頁153-179。 馬黛與李永全，2008，家族控制對負債融資決策的影響-以臺灣為例，臺大管理論叢，第18卷第2期，頁133-170。 高蘭芬、陳振遠與李焮慈，民國95年，「資訊透明度及席次控制權與現金流量權偏離對公司績效之影響—以台灣電子業為例」，台灣管理學刊，第6卷，第2期，頁81-104。 戚務君、廖益均與林嬋娟，2008，我國企業盈餘穩健特性之研究，會計學報，第1卷第1期，頁1-28。 葉銀華，1999，家族控股集團、核心企業與報酬互動之研究-台灣與香港證卷市場之比較，管理評論，第18卷第2期，頁57-90。 葉銀華與李存修，2003，「台灣之獨立董監制度的改革-政策性建議」，會計研究月刊，第213 期：頁66-85。 葉銀華、蘇裕惠、柯承恩與李德冠，2003，「公司治理機制對於關係人交易的影響」，證劵市場發展季刊，第15卷，第4期：頁69-106。 湯麗芬，2010，家族企業特質與盈餘品質之關聯性，當代會計，第11卷，頁371-410。 蘇淑慧、呂倩如與金成隆，2009，家族公司與盈餘品質關係之研究：所有權、管理權與控制權，臺大管理論叢，第19卷，第S2期，頁35-70。 西文部分 Adams, R. and D. Ferreira. 2007. A theory of friendly boards. 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最近文獻指出企業大多數為家族型態，但卻很少有學者針對家族企業與會計穩健之關係進行研究。本研究探討台灣上市公司家族企業與穩健會計之關係，包括非條件式穩健及條件式穩健，並進一步分析董事會特性，包括董事會獨立性、董事會規模及董事長兼任總經理等特性，對家族企業會計穩健程度的影響。本研究採Givoly and Hayn’s (2000)之應計基礎觀點及Beaver and Ryan (2000)之市場基礎觀點，作為非條件式會計穩健之衡量。有關家族企業與條件式會計穩健之關係，則以Basu (1997)模型檢測盈餘反應訊息時效性不對稱程度衡量之。
A recent stream of literature shows that family control is central in most countries of the world, but little research exists regarding family control and accounting conservatism. The primary objective of this study is to examine the association between family control and accounting conservatism including unconditional conservatism and conditional conservatism. Furthermore, this study investigates whether family control has impacts on accounting conservatism after controlled the effect of the board of director characteristics, measured by board independence, board sizes and duality. This study measures unconditional conservatism by using Givoly and Hayn's (2000) accrual-based model and Beaver and Ryan's (2000) market-value based model. In regard to conditional conservatism this study uses Basu's (1997) asymmetric timelines of earnings model.
Using a sample of firms listed in Taiwan Stock Exchange over the 2007-2009 period this study performs the fixed-effect model and year-by-year annual regression to control unobservable firm characteristic and reduce the heterogeneity in different years and different firms. After controlling standard economic determinants of the level of accounting conservatism, e.g., institutional ownership, firm size, growth opportunities, cash flow, leverage, litigation risk and audit quality, the result shows that a negative relation between family control and unconditional conservatism, indicating family control structure is inclined to adopt less conservative accounting policies. This sudy also finds no significantly positive association between family control and asymmetric timeliness of earnings. However, the greater the proportion of independent directors of the company is, the board is more capable of overseeing the managements and diminishing window dressing the finance report. As a result, independent directors contribute to the early release of bad news, and would be able to respond bad news promptly to be conditional conservatism.
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