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The Asymmetric Timeliness of Earnings and Board of Director Characteristics
|關鍵字:||董事會獨立性;board independence;會計穩健;盈餘認列時效性不對稱;accounting conservatism;asymmetric timeliness of earnings||出版社:||高階經理人碩士在職專班||引用:||中文部分 蔡柳卿，2007，依會計盈餘時效性設計高階主管薪酬契約：董事會所扮演的角色，會計評論，第44 期，頁 61- 94 。 戚務君、廖益均、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。 許文馨、詹凌菁，2008，會計盈餘反應訊息時效性之不對稱與董監酬勞關係，中山管理評論，第16卷，第4期，頁851-884。 楊清溪、高惠松，2009，公司治理機制對會計盈餘穩健性之影響—以台灣資本市場為例，中華管理論評國際學報，第12卷，第3期。 高蘭芬、陳怡凱、陳美蓮，2011，代理問題與盈餘穩健性，會計評論，第52 期，頁103 -136。 西文部分 Ahmed, A.S., B.K. Billings, R.M. Morton, and M. Stanford-Harris. 2002. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review 77:867-890. Ahmed, A. S. and S. Duellman. 2007. Accounting conservatism and board of director characteristics: An empirical analysis. Journal of Accounting and Economics 43: 411-437. Ball, R. and L. Shivakumar. 2005. Earnings quality in U.K. private firm: comparative loss recognition timeliness. Journal of Accounting and Economics 39:83-128. 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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.
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