請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/55211
完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 何耕宇 | |
dc.contributor.author | Hsueh-Chin Lai | en |
dc.contributor.author | 賴學勤 | zh_TW |
dc.date.accessioned | 2021-06-16T03:51:29Z | - |
dc.date.available | 2020-03-13 | |
dc.date.copyright | 2015-03-13 | |
dc.date.issued | 2015 | |
dc.date.submitted | 2015-01-17 | |
dc.identifier.citation | Aboody, D., Kasznik, R., 2000. CEO stock option awards and the timing of corporate voluntary disclosures. Journal of Accounting and Economics 29, 73-100.
Ajinkya, B., Bhojraj, S., Sengupta, P., 2005. The association between outside directors, insitutsional investors and the properties of management earnings forecasts. Journal of Accounting Research 43, 343-376. Alford, A.W., Berger, P.G., 1999. A simultaneous equations analysis of forecast accuracy, analyst following, and trading volume. Journal of Accounting, Auditing & Finance 14, 219-240. Anderson, R., Bates, T., Bizjak, J., Lemmon, M., 2000. Corporate governance and firm diversification. Financial Management 78, 5-22. Andres, P., Vallelado, E., 2008. Corporate governance in banking: the role of the board of directors. Journal Banking & Finance 32, 2570-2580. Attig, N., Fong, W.M., Gadhoum, Y., Lang, L.H.P., 2006. Effects of large shareholding on information asymmetry and stock liquidity. Journal of Banking & Finance 30, 2875-2892. Badrinath, S.G., Kale, J.R., Ryan Jr, H.E., 1996. Characteristics of common stock holdings of insurance companies. The Journal of Risk and Insurance 63, 49-76. Berger, P.G., Ofek, E., 1995. Diversification’s effect on firm value. Journal of Financial Economics 37, 39-65. Boone, A.L., Field, L.C., Karpoff, J.M., Raheja, C.G., 2007. The determinants of corporate board size and composition: an empirical analysis. Journal of Financial Economics 85, 66-101. Byun, H.Y., Hwang, L.S., Lee, W.J., 2011. How does ownership concentration exacerbate information asymmetry among equity investors? Pacific-Basin Finance Journal 19, 511-534. Campa, J.M., Kedia, S., 2002. Explaining the diversification discount. The Journal of Finance 57, 1731-1762. Chau, G.K., Gray, S.J., 2002. Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting 37, 247-265. Chiang, R., Venkatesh, P.C., 1988. Insider Holdings and Perceptions of Information Asymmetry: A Note. The Journal of Finance 43, 1041-1048. Chen, C.J.P., Jaggi, B., 2000 Association between independent non-executive directors, family control and financial disclosures in Hong Kong 19, 285-310. Coles, J.L., Daniel, N.D., Naveen, L., 2008. Boards: does one size fit all? Journal of Financial Economics 87, 329-356. Diamond, D.W., Verrecchia, R.E., 1991. Disclosure, liquidity, and the cost of capital. The Journal of Finance 46, 1325-1359. Dechow, P., Sloan, R., Sweeney, A., 1996. Causes and consequences of earnings manipulation. Contemporary Accounting Research 13, 1-36. Denis, D., Denis, D., Sarin, A., 1997. Agency problems, equity ownership, and corporate diversification. Journal of Finance 52, 135-160. Donker, H., Zahir, S., 2008. Towards an impartial and effective corporate governance rating system. Corporate Governance: The international journal of business in society 8, 83-93. Dunn, K., Nathan, S., 1998. The effect of industry diversification on consensus and individual analysts’ earnings forecasts. Unpublished working paper, Geogria State University, Atlanta, GA. Ebrahim, A., 2007. Earnings management and board activity: an additional evidence. Review of Accounting and Finance 6,42-58. Falkenstein, E.G., 1996. Preferences for stock characteristics as revealed by mutual fund portfolio holdings. The Journal of Finance 51, 111-135. Fan, J.P.H., Wong, T.J., 2005. Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia. Journal of Accounting Research 43, 35-72. Ferreira, M.A., Laux, P.A., 2007. Corporate governance, idiosyncratic risk, and information flow. The journal of Finance 62, 951-989. Gilson, S., Healy, P., Noe, C.,Palepu, K., 2000. Corporate focus and the benefits from more specialized analyst coverage. Unpublished working paper, Harvard Business School, Cambridge, MA. Gorton, G., Pennacchi, G., 1993. Security baskets and index-linked securities. Journal of Business 26, 1-27. Habib, M., Johnsen, D.B., Naik, N., 1997. Spinoffs and information. Journal of Financial Intermediation 6, 153-176. Hadlock, C., Ryngaert, M., Thomas, S., 2001. Corporate structure and equity offerings: are there benefits to diversification? Journal of Business 54, 613-635. Harris, M., Raviv, A., 2010. Control of corporate decisions: shareholders vs. management. Review of Financial Studies 23, 4115-4147. Healy, P.M., Palepu, K.G., 2001. Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting and Economics 31, 405-440. Heflin, F., Shaw, K.W., 2000. Blockholder ownership and market liquidity. Journal of Financial and Quantitative Analysis 35, 621-633. Hoechle, D., Schmid, M., Walter., Yermack, D., 2012. How much of the diversification discount can be explained by poor corporate governance? Journal of Financial Economics 103, 41-60. John, K., Senbet, L.W., 1998. Corporate governance and board effectiveness. Journal og Banking & Finance 22, 371-403. Kanagaretnam, K., Lobo, G.J., Whalen, D., 2007. Does good corporate governance reduce information asymmetry around quarterly earnings announcements? Journal of Accounting and Public Policy 26, 497-522. Kim, K.H., Al-Shammari, H.A., Kim, B., Lee, S.H., 2009. CEO duality leadership and corporate diversification behavior. Journal of Business Research 62, 1173-1180. Kim, O., Verrecchia, R.E., 1994. Market liquidity and volume around earnings announcements. Journal of Accounting and Economics 17, 41-67. Klein, A., 2002b. Economic determinants of audit committee independence. The Accounting Review (2), 435-452. Laksmana, I., 2008. Corporate board governance and voluntary disclosure of executive compensation practices. Contemporary Accounting Research 25, 1147-1182. Lang, L., Stulz, R., 1994. Tobin’s q , corporate diversification, and firm value. Journal of Political Economy 102, 1248-1280. Leland, H.E., Pyle, D.H., 1977. Informational asymmetries, financial structure, and financial intermediation. The Journal of Finance 32, 371-387. Lins, K.V., Servaes, H., 2002. Is corporate diversification beneficial in emerging markets? Financial Management 31, 5-31. Maksimovic, Vojislav and Gorton Phillips, 2002, Do conglomerate firms allocate resources inefficiently across the industries? Journal of Finance, 57, 721-767. Piotroski, J.D., Roulstone, D.T., 2004. The influence of analysts, institutional investors, and insiders on the incorporation of market, industry, and firm-specific information into stock prices. The Accounting Review 79, 1119-1151. Rubin, A., 2007. Ownership level, ownership concentration and liquidity. Journal of Financial Markets 10, 219-248. Subrahmanyam, A., 1991. A theory of trading stock index futures. Review of Financial Studies 1, 17-51. Servaes, H., 1996. The value of diversification during conglomerate merger wave. Journal of Finance 51, 1201-1225. Thomas, T., 2001. Firm diversification and asymmetric information: evidence from analysts’ forecasts and earnings announcement. Journal of Financial Economics 64, 373-396. Vafeas, V., 2005. Audit committees, boards, and the quality of reported earnings. Contemporary Accounting Research 22, 1093-1122. Xie, B., Davidson III, W.N., DaDalt, P.J., 2003. Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance 9, 295-316. Yermack, D., 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40, 185-211. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/55211 | - |
dc.description.abstract | 許多文獻已研究公司多角化、公司治理、資訊透明度之間的關係。然而,在多角化與資訊透明度的研究上,學界存在著歧異。在公司治理與資訊透明度上,透過資本市場的實證,則是發現較差的公司治理會帶來較多的資訊不對稱。而在實證中,多角化的公司也是被發現普遍擁有比較差的公司治理。透過結合這三個論點,本篇論文利用分析師公司盈餘預測之誤差,研究多角化公司比較差的公司治理是否能解釋這項誤差的存在。透過統計結果,我發現公司是否多角化並不影響分析師公司盈餘預測誤差,反而是公司治理變數有比較大的影響。同時,我也發現董監持股、機構投資人的持股、執行長雙重性會影響分析師公司盈餘預測誤差。 | zh_TW |
dc.description.abstract | Recent evidence on the relationship between diversification and information asymmetry is mixed. Some studies document positive association, while others show insignificant results. Also, studies have demonstrated that worse information asymmetry results from poor governance. Empirically, diversification also results in poor corporate governance. By combining the above ideas and using analyst earnings forecast errors, I investigate how diversification and corporate governance would affect analyst earnings forecast error when taking them into consideration at the same time. I find that diversification is not a main driver of information asymmetry while corporate governance is. The empirical results also show that board holding and CEO duality has positive relationship with analyst earnings forecast error. Institutional shareholding is negatively associated with analyst earnings forecast error. | en |
dc.description.provenance | Made available in DSpace on 2021-06-16T03:51:29Z (GMT). No. of bitstreams: 1 ntu-104-R02723072-1.pdf: 2380667 bytes, checksum: 33f358a5c198dfcf1d29a283a6384ebc (MD5) Previous issue date: 2015 | en |
dc.description.tableofcontents | 目錄
誌謝 iii 中文摘要 iv 英文摘要 v 1. Introduction 1 2. Literature Review 4 3. Methodology and Data 7 3.1 Regression Model 7 3.1.1 Sample Year: 1999-2013 7 3.1.2 Subsample Year: 2006-2013 8 3.2 Dependent and Independent Variables 8 3.3 Descriptive Statistics 14 4. Empirical Results 16 4.1 Results for the whole sample from 1996-2013 16 4.2 Results for the subsample from 2006-2013 18 5. Robustness Test 20 5.1 Heckman sample selection model 20 5.2 Heckman selection model first stage result: Probit regression 22 5.3 Heckman selection model second stage result: OLS regression 23 6. Conclusion 25 References 28 表目錄 Table 1 Descriptive statistics: comparison of diversified and focused firms. 33 Table 2 Ordinary least square regression of analyst forecast error on diversification and corporate governance from 1999-2013. 35 Table 3 Fixed effects regressions of analyst forecast error on diversification and corporate governance from1999-2013. 36 Table 4 Ordinary least square regression of analyst forecast error on diversification and corporate governance from 2006-2013. 36 Table 5 Fixed effects regressions of analyst forecast error on diversification and corporate governance from2006-2013. 39 Table 6 Probit regressions of diversified indicator. 41 Table 7 Heckman selection model of analyst forecast errors on corporate governance variables with fixed effect from 1999-2013 42 Table 8 Heckman selection model of analyst forecast errors on corporate governance variables with fixed effect from 2006-2013 42 | |
dc.language.iso | en | |
dc.title | 多角化、公司治理、公司盈餘預測誤差之研究 | zh_TW |
dc.title | Diversification, Corporate Governance, and Firm’s Earnings Forecast Error | en |
dc.type | Thesis | |
dc.date.schoolyear | 103-1 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 周冠男,徐之強 | |
dc.subject.keyword | 多角化,公司治理,公司盈餘預測誤差,資訊不對稱, | zh_TW |
dc.subject.keyword | Diversification,Corporate Governance,Analyst Earnings Forecast Errors,Information Asymmetry, | en |
dc.relation.page | 44 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2015-01-17 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
顯示於系所單位: | 財務金融學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-104-1.pdf 目前未授權公開取用 | 2.32 MB | Adobe PDF |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。