進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-2106202022305900
論文名稱(中文) 管理者是否使用成本僵固性作為傳遞私有資訊的工具?
論文名稱(英文) Do managers use sticky costs as a tool to signal private information?
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 108
學期 2
出版年 109
研究生(中文) 陳貞瑋
研究生(英文) Chen-Wei Chen
學號 R16074020
學位類別 碩士
語文別 中文
論文頁數 36頁
口試委員 指導教授-周庭楷
口試委員-黃華瑋
口試委員-林囿成
中文關鍵字 成本僵固性  股票購回  股票分割 
英文關鍵字 sticky costs  stock repurchases  stock splits 
學科別分類
中文摘要 本研究主要對1990-2018年之美國公司探討成本僵固性與股票購回或股票分割之間的關係。先前研究指出成本僵固性為管理者傳達公司有利信號的方式之一,因此本研究將成本僵固性與公司其他行為結合探討,發現成本僵固性若與股票購回或股票分割搭配使用的話,成本僵固性會更加顯著。另外也檢視了在不同資訊環境下成本僵固性的現象有顯著之差異。本研究的實證結果顯示成本僵固性與股票購回或股票分割搭配使用會增強彼此信號效果的結論主要是由資訊不對稱之公司所驅動,此結果表示成本僵固性搭配股票購回或股票分割可以改善投資人與內部人士資訊不對稱的問題。
英文摘要 This study focuses on the relationship between sticky costs and stock repurchases or stock splits. Previous research points out that sticky costs can be used by managers to signal private information. Therefore, this paper combines sticky costs with other company behaviors and finds that sticky costs will be more significant if used in conjunction with stock repurchases or stock splits. This study also examines the significant differences in sticky costs under different information environments. The empirical results of this study show that a combination of sticky costs and stock repurchases or stock splits enhances the signal effects of each individually and that this effect is mainly driven by asymmetric information within firms. This result indicates that sticky costs combined with stock repurchases or stock splits can improve the problem of information asymmetry between investors and insiders.
論文目次 摘要 I
Abstract II
誌謝 VI
目錄 VII
表目錄 IX
第一章 緒論 1
第二章 文獻回顧 4
第一節 股票購回 4
第二節 股票分割 6
第三節 成本僵固 6
第三章 研究設計 9
第一節 假說建立 9
第二節 假說檢驗 11
第三節 樣本及資料來源 13
第四章 實證分析 14
第一節 敘述性統計 14
第二節 相關係數 16
第三節 迴歸分析 18
第四節 穩健性測試 23
第五節 額外測試 27
第五章 結論 31
參考文獻 32
參考文獻 Akhigbe, A., J. E. McNulty, and B. A. Stevenson. 2013. How Does Transparency Affect Bank Financial Performance? International Review of Financial Analysis 29: 24-30.
Anderson, M., R. Banker, R. Huang, and S. Janakiraman. 2007. Cost Behavior and Fundamental Analysis of Sg&a Costs. Journal of Accounting, Auditing & Finance 22 (1): 1-28.
Anderson, M. C., R. D. Banker, and S. N. Janakiraman. 2003. Are Selling, General, and Administrative Costs “Sticky”? Journal of Accounting Research 41 (1): 47-63.
Ang, J. S., and S. J. Ciccone. 2000. International Differences in Financial Transparency. Paper read at Centre For Research in International Finance Conference.
Asquith, P., and D. W. Mullins Jr. 1986. Signalling with Dividends, Stock Repurchases, and Equity Issues. Financial Management 15 (3): 27-44.
Banker, R., M. Ciftci, and R. Mashruwala. 2011. Managerial Optimism and Cost Behavior. Working Paper,Temple University.
Banker, R. D., D. Byzalov, and L. T. Chen. 2013. Employment Protection Legislation, Adjustment Costs and Cross-Country Differences in Cost Behavior. Journal of Accounting and Economics 55 (1): 111-127.
Banker, R. D., and L. Chen. 2006. Predicting Earnings Using a Model Based on Cost Variability and Cost Stickiness. The Accounting Review 81 (2): 285-307.
Banker, R. D., M. Ciftci, and R. Mashruwala. 2008. Managerial Optimism, Prior Period Sales Changes, and Sticky Cost Behavior. Working Paper,Temple University.
Bartov, E. 1991. Open-Market Stock Repurchases as Signals for Earnings and Risk Changes. Journal of Accounting and Economics 14 (3): 275-294.
Bhat, G., O. K. Hope, and T. Kang. 2006. Does Corporate Governance Transparency Affect the Accuracy of Analyst Forecasts? Accounting & Finance 46 (5): 715-732.
Brav, A., J. R. Graham, C. R. Harvey, and R. Michaely. 2005. Payout Policy in the 21st Century. Journal of Financial Economics 77 (3): 483-527.
Brennan, M. J., and T. E. Copeland. 1988. Stock Splits, Stock Prices, and Transaction Costs. Journal of Financial Economics 22 (1): 83-101.
Brennan, M. J., and P. J. Hughes. 1991. Stock Prices and the Supply of Information. The Journal of Finance 46 (5): 1665-1691.
Bushman, R. M., J. D. Piotroski, and A. J. Smith. 2004. What Determines Corporate Transparency? Journal of Accounting Research 42 (2): 207-252.
Calleja, K., M. Steliaros, and D. C. Thomas. 2006. A Note on Cost Stickiness: Some International Comparisons. Management Accounting Research 17 (2): 127-140.
Chan, K., D. L. Ikenberry, I. Lee, and Y. Wang. 2010. Share Repurchases as a Potential Tool to Mislead Investors. Journal of Corporate Finance 16 (2): 137-158.
Chen, C. X., H. Lu, and T. Sougiannis. 2012. The Agency Problem, Corporate Governance, and the Asymmetrical Behavior of Selling, General, and Administrative Costs. Contemporary Accounting Research 29 (1): 252-282.
Comment, R., and G. A. Jarrell. 1991. The Relative Signalling Power of Dutch‐Auction and Fixed‐Price Self‐Tender Offers and Open‐Market Share Repurchases. The Journal of Finance 46 (4): 1243-1271.
Conroy, R. M., R. S. Harris, and B. A. Benet. 1990. The Effects of Stock Splits on Bid‐Ask Spreads. The Journal of Finance 45 (4): 1285-1295.
Cook, D. O., L. Krigman, and J. C. Leach. 2004. On the Timing and Execution of Open Market Repurchases. The Review of Financial Studies 17 (2): 463-498.
Cooper, R. ,and R. Kaplan. 1998 the Design of Cost Management Systems: Text.
Dann, L. Y. 1981. Common Stock Repurchases: An Analysis of Returns to Bondholders and Stockholders. Journal of Financial Economics 9 (2): 113-138.
Desai, H., and P. C. Jain. 1997. Long‐Run Common Stock Returns Following Stock Splits and Reverse Splits. The Journal of Business 70 (3): 409-433.
Duchin, R., J. G. Matsusaka, and O. Ozbas. 2008. When Are Outside Directors Effective. Journal of Financial Economics 89 (1): 62-82.
Eng, L. L., and Y. T. Mak. 2003. Corporate Governance and Voluntary Disclosure. Journal of Accounting and Public Policy 22 (4): 325-345.
Fama, E. F., L. Fisher, M. C. Jensen, and R. Roll. 1969. The Adjustment of Stock Prices to New Information. International Economic Review 10 (1): 1-21.
Grinblatt, M. S., R. W. Masulis, and S. Titman. 1984. The Valuation Effects of Stock Splits and Stock Dividends. Journal of Financial Economics 13 (4): 461-490.
Hertzel, M., and P. C. Jain. 1991. Earnings and Risk Changes around Stock Repurchase Tender Offers. Journal of Accounting and Economics 14 (3): 253-274.
Hirai, H., and A. Shiiba. 2006. Cost Behavior of Selling, General, and Administrative Costs. Journal of Management Accounting 14 (2): 15-27.
Hossain, M., M. H. B. Perera, and A. R. Rahman. 1995. Voluntary Disclosure in the Annual Reports of New Zealand Companies. Journal of International Financial Management & Accounting 6 (1): 69-87.
Ikenberry, D., J. Lakonishok, and T. Vermaelen. 1995. Market Underreaction to Open Market Share Repurchases. Journal of Financial Economics 39 (2-3): 181-208.
Ikenberry, D., J. Lakonishok, and T. Vermaelen. 2000. Stock Repurchases in Canada: Performance and Strategic Trading. The Journal of Finance 55 (5): 2373-2397.
Ikenberry, D. L., G. Rankine, and E. K. Stice. 1996. What Do Stock Splits Really Signal? Journal of Financial and Quantitative Analysis 31 (3): 357-375.
Jensen, M. C., and W. H. Meckling. 1979. Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. In Economics Social Institutions: Springer, 163-231.
Lakonishok, J., and B. Lev. 1987. Stock Splits and Stock Dividends: Why, Who, and When. The Journal of Finance 42 (4): 913-932.
Lee, D. S., W. H. Mikkelson, and M. M. Partch. 1992. Managers' Trading around Stock Repurchases. The Journal of Finance 47 (5): 1947-1961.
Lie, E. 2005. Operating Performance Following Open Market Share Repurchase Announcements. Journal of Accounting and Economics 39 (3): 411-436.
Louis, H., and H. White. 2007. Do Managers Intentionally Use Repurchase Tender Offers to Signal Private Information? Evidence from Firm Financial Reporting Behavior. Journal of Financial Economics 85 (1): 205-233.
McNichols, M., and A. Dravid. 1990. Stock Dividends, Stock Splits, and Signaling. The Journal of Finance 45 (3): 857-879.
Noreen, E. 1991. Conditions under Which Activity-Based Cost Systems Provide Relevant Costs. Journal of Management Accounting Research 3 (4): 159-168.
Noreen, E., and N. Soderstrom. 1997. The Accuracy of Proportional Cost Models: Evidence from Hospital Service Departments. Review of Accounting Studies 2 (1): 89-114.
Ofer, A. R., and A. V. Thakor. 1987. A Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchases and Dividends. The Journal of Finance 42 (2): 365-394.
Persons, J. C. 1994. Signaling and Takeover Deterrence with Stock Repurchases: Dutch Auctions Versus Fixed Price Tender Offers. The Journal of Finance 49 (4): 1373-1402.
Peyer, U., and T. Vermaelen. 2009. The Nature and Persistence of Buyback Anomalies. The Review of Financial Studies 22 (4): 1693-1745.
Weidenmier, M. L., and C. Subramaniam. 2003. Additional Evidence on the Sticky Behavior of Costs. Working Paper, Texas Christian University.
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2025-06-21起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2025-06-21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