進階搜尋


下載電子全文  
系統識別號 U0026-0608201915583200
論文名稱(中文) 經理人減薪與盈餘預測發布行為之關聯
論文名稱(英文) CEO Paycut and Earnings Forecast Behavior
校院名稱 成功大學
系所名稱(中) 會計學系
系所名稱(英) Department of Accountancy
學年度 107
學期 2
出版年 108
研究生(中文) 劉家毓
研究生(英文) Chia-Yu Liu
學號 R16064114
學位類別 碩士
語文別 中文
論文頁數 24頁
口試委員 指導教授-周庭楷
口試委員-林軒竹
口試委員-梁少懷
中文關鍵字 經理人盈餘預測發布行為  經理人減薪  恢復聲譽  風險趨避 
英文關鍵字 management earnings forecasts  CEO paycut  reputation repairing  risk aversion 
學科別分類
中文摘要 本研究探討經理人減薪與盈餘預測發布行為之關聯。本研究認為減薪將使經理人產生恢復聲譽或風險趨避二種動機,影響其盈餘預測之發布。實證結果發現經理人減薪後,盈餘預測發布次數相較於減薪前顯著下降,且更傾向以區間估計取代點估計。在額外測試中,減薪對較資淺的經理人盈餘預測發布次數及型式之影響更為顯著,進一步證實經理人減薪後的盈餘預測發布行為可被風險趨避動機所解釋。然而,另一額外測試則未發現減薪對經理人盈餘預測保守偏誤之影響。綜上所述,實證結果支持本研究風險趨避之論點,即經理人因減薪而提升職涯風險意識,使其產生風險趨避之動機,進而減少盈餘預測發布次數,並傾向以區間估計取代點估計。
英文摘要 The study examines the influence of CEO paycut to their subsequent earnings forecasts. We argue that paycut will result in two opposing motives: the one is to repair reputations by issuing more numbers of and substitute point estimate for range estimate, the other is to avert risk so that managers will reduce the numbers of issuing and substitute range estimate for point estimate. We find that managers exhibit decreased frequency of issuing earnings forecasts and substitute range estimate with point estimate following paycut. Furthermore, the mechanism of paycut to manager earnings forecast behaviors is more significant to less sophisticated managers. However, we do not find the relation between paycut and forecast bias. In summary, our results suggest that once managers are cut their pay, the motive of risk aversion dominantly influence their earnings forecast behavior.
論文目次 摘要 I
目錄 V
表目錄 VI
第一章 緒論 1
第二章 文獻回顧及假說推導 3
第三章 變數衡量及研究設計 5
第一節 樣本選擇 5
第二節 變數衡量 5
第四章 實證結果 8
第一節 敘述性統計 8
第二節 迴歸結果 12
第三節 額外測試一 減薪與盈餘預測偏誤之關聯 13
第四節 額外測試二 經理人任期的調節效果 15
第五節 穩健性測試 19
第五章 結論 19
References 20
參考文獻 Ajinkya, B. B., & Gift, M. J. (1984). Corporate managers' earnings forecasts and symmetrical adjustments of market expectations. Journal of Accounting Research, 22 (2), 425-444.
Ajinkya, B., Bhojraj, S., & Sengupta, P. (2005). The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research, 43 (3), 343-376.
Anilowski, C., Feng, M., & Skinner, D. J. (2007). Does earnings guidance affect market returns? The nature and information content of aggregate earnings guidance. Journal of Accounting and Economics, 44 (1), 36-63.
Baginski, S. P., Conrad, E. J., & Hassell, J. M. (1993). The effects of management forecast precision on equity pricing and on the assessment of earnings uncertainty. The Accounting Review, 68 (4), 913–927.
Baginski, S. P., Hassell, J. M., & Kimbrough, M. D. (2002). The effect of legal environment on voluntary disclosure: Evidence from management earnings forecasts issued in US and Canadian markets. The Accounting Review, 77 (1), 25-50.
Baginski, S. P., & Hassell, J. M. (1997). Determinants of management forecast precision. The Accounting Review, 72 (2), 303–12.
Baik, B. O. K., Farber, D. B., & Lee, S. A. M. (2011). CEO ability and management earnings forecasts. Contemporary Accounting Research, 28 (5), 1645-1668.
Bailey, W., Li, H., Mao, C. X., & Zhong, R. (2003). Regulation fair disclosure and earnings information: Market, analyst, and corporate responses. Journal of Finance, 58 (6), 2487-2514.
Bamber, L. S., & Cheon, Y. S. (1998). Discretionary management earnings forecast disclosures: Antecedents and outcomes associated with forecast venue and forecast specificity choices. Journal of Accounting Research, 36 (2), 167-190.
Bamber, L. S., Jiang, J., & Wang, I. Y. (2010). What’s my style? The influence of top managers on voluntary corporate financial disclosure. The Accounting Review, 85 (4), 1131-1162.
Bizjak, J. M., Lemmon, M. L., & Naveen, L. (2008). Does the use of peer groups contribute to higher pay and less efficient compensation? Journal of Financial Economics, 90 (2), 152–168.
Chakravarthy, J., DeHaan, E., & Rajgopal, S. (2014). Reputation repair after a serious restatement. The Accounting Review, 89 (4), 1329–1363.
Choi, J. H., Myers, L. A., Zang, Y., & Ziebart, D. A. (2010). The roles that forecast surprise and forecast error play in determining management forecast precision. Accounting Horizons, 24 (2), 165-188.
Ciconte, W., Kirk, M., & Tucker, J. W. (2014). Does the midpoint of range earnings forecasts represent managers’ expectations? Review of Accounting Studies, 19 (2), 628–660.
Ettredge, M., Huang, Y., & Zhang, W. (2013). Restatement disclosures and management earnings forecasts. Accounting Horizons, 27 (2), 347-369.
Francis, J., Philbrick, D., & Schipper, K. (1994). Shareholder litigation and corporate disclosures. Journal of Accounting Research, 32 (2), 137-164.
Fuller, J., & Jensen, M. C. (2002). Just say no to Wall Street: Putting a stop to the earnings game. Journal of Applied Corporate Finance, 14 (4), 41–46.
Gao, H., Harford, J., & Li, K. (2009). Incentive effects of extreme CEO pay cuts. Working paper, University of British Columbia.
Gao, H., Harford, J., & Li, K. (2012). CEO pay cuts and forced turnover: Their causes and consequences. Journal of Corporate Finance, 18 (2), 291–310.
Gibbons, R., & Murphy, K. J. (1992). Optimal incentive contracts in the presence of career concerns: Theory and evidence. Journal of political Economy, 100 (3), 468-505.
Gilson, S. C. (1989). Management turnover and financial distress. Journal of financial Economics, 25 (2), 241-262.
Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40 (1), 3–73.
Hermalin, B. E., & Weisbach, M. S. (2007). Transparency and corporate governance. Working paper, National Bureau of Economic Research.
Hutton, A. P. (2005). Determinants of managerial earnings guidance prior to regulation fair disclosure and bias in analysts' earnings forecasts. Contemporary Accounting Research, 22 (4), 867-914.
Jackson, S. B., Lopez, T. J., & Reitenga, A. L. (2008). Accounting fundamentals and CEO bonus compensation. Journal of Accounting and Public Policy, 27 (5), 374-393.
Johnson, M. F., Kasznik, R., & Nelson, K. K. (2001). The impact of securities litigation reform on the disclosure of forward‐looking information by high technology firms. Journal of Accounting Research, 39 (2), 297-327.
Kasznik, R. (1999). On the association between voluntary disclosure and earnings management. Journal of Accounting Research, 37 (1), 57–81.
King, R., Pownall, G., & Waymire, G. (1990). Expectations adjustment via timely management forecasts: Review, synthesis, and suggestions for future research. Journal of Accounting Literature, 9 (1), 113-144.
Kothari, S. P., Shu, S., & Wysocki, P. D. (2009). Do managers withhold bad news? Journal of Accounting Research, 47 (1), 241–276.
Lambert, R. A., & Larcker, D. F. (1987). An analysis of the use of accounting and market measures of performance in executive compensation contracts. Journal of Accounting Research, 25 (3), 85–125.
Lee, S., Matsunaga, S. R., & Park, C. W. (2012). Management forecast accuracy and CEO turnover. The Accounting Review, 87 (6), 2095-2122.
Lobo, G. J., Manchiraju, H., & Sridharan, S. S. (2018). Accounting and economic consequences of CEO paycuts. Journal of Accounting and Public Policy, 37 (1), 1-20.
Mercer, M. (2005). The fleeting effects of disclosure forthcomingness on management's reporting credibility. The Accounting Review, 80 (2), 723-744.
Milbourn, T. T. (2003). CEO reputation and stock-based compensation. Journal of Financial Economics, 68 (2), 233–262.
Pae, S., Song, C. J., & Yi, A. C. (2016). Career concerns and management earnings guidance. Contemporary Accounting Research, 33 (3), 1172-1198.
Rogers, J. L., & Stocken, P. C. (2005). Credibility of management forecasts. The Accounting Review, 80 (4), 1233-1260.
Rogers, J. L., & Van Buskirk, A. (2009). Shareholder litigation and changes in disclosure behavior. Journal of Accounting and Economics, 47 (1), 136–156.
Sloan, R. G. (1993). Accounting earnings and top executive compensation. Journal of Accounting and Economics, 16 (1–3), 55–100.
Trueman, B. (1986). Why do managers voluntarily release earnings forecasts? Journal of Accounting and Economics, 8 (1), 53-71.
Yang, H. I. (2012). Capital market consequences of managers' voluntary disclosure styles. Journal of Accounting and Economics, 53 (1-2), 167-184.
Zajac, E. J., & Westphal, J. D. (1995). Accounting for the explanations of CEO compensation: Substance and symbolism. Administrative Science Quarterly, 40 (2), 283–308.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2019-08-12起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2019-08-12起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw