DSpace community: 當代會計期刊

企業環境責任與環境會計資訊揭露之關係－綠色智慧資本與環境績效的中介效果

title: 企業環境責任與環境會計資訊揭露之關係－綠色智慧資本與環境績效的中介效果 abstract: 有鑒全球及社會環保意識的抬頭，並認為企業對環境的影響深遠，所以對其環保行為也就特別重視。諸多因素令企業逐漸意識到利害關係人所帶來的環保壓力，因此在營運過程中，須將企業環境議題列入經營決策考量，甚至以更前瞻性的環保策略來因應，使得企業近年來興起提倡環境的社會責任等相關綠色管理趨勢。本研究以利益關係人理論及資源基礎觀點出發，探討企業環境責任的建立對環境會計資訊揭露的影響過程中，是否透過一些中介因子來強化其資訊揭露的效益。研究以上市（櫃）電子或製造業公司為分析對象，運用問卷調查進行資料蒐集，以 SEM 並輔以偏差校正 bootstrap 檢定模式的中介效果。計回收 90 家有效樣本公司，結果顯示：綠色智慧資本與環境績效在企業環境責任與環境會計資訊揭露間具完全中介效果。此結果對企業環境責任到環境會計資訊揭露間的過程有更進一步的認識。 Corporations now pay more attention to their environmental protection due to growing global awareness of the issue and concern that corporate behaviors have long term environmental impact. Stakeholders have pressed corporations to become more sensitive to environmental protection, thus, corporations in recent years include environmental issues in their operational processes, even adopting more proactive environmental strategies in their management decision-making. This has ushered in the trend of green management which advocates environmental responsibility in society. Using the viewpoints of stakeholder theory and resource-based theory as springboard, this study aims to explore, in the establishment of corporate environmental responsibility, whether certain mediating factors are utilized in the process to strengthen the effects of environmental accounting information disclosure. Using Taiwanese listed companies of electronics or manufacturing sectors as analytical subjects, this study conducts survey questionnaires and employs structural equation modeling (SEM) supplemented with bias-corrected bootstrap analysis to evaluate the model’s mediating effects. With a recovery total of 90 companies serving as valid sample for analysis, this study found that: green intellectual capital and environmental performance have full mediating effects on the relationship between corporate environmental responsibility of TMT and environmental accounting information disclosure.

薪酬委員會品質、高階經理人現金紅利薪酬與企業績效關聯性之研究

title: 薪酬委員會品質、高階經理人現金紅利薪酬與企業績效關聯性之研究 abstract: 本研究主要探討薪酬委員會的監督品質對於高階經理人的現金紅利薪酬與企業績效之影響。研究對象為我國上市及上櫃公司，樣本期間主要為 2011 年與 2012 年，本研究以五項品質特性衡量薪酬委員會的監督品質（薪酬委員會委員之董事年資、規模、每年開會次數、委員出席率與獨立董事比例），採用兩階段估計方法（two-stage method）探討薪酬委員會的品質對於高階經理人現金紅利薪酬與企業績效關聯性之影響。研究結果指出當薪酬委員會品質提高時，在薪酬合約制定可降低現金紅利薪酬的權重達到相同的企業績效。本研究之結果除可彌補相關文獻之不足外，亦可作為企業未來在調整薪酬委員會的功能及制定高階經理人薪酬時之參考。 The objective of this study is to discuss the substitution effect of managers’ cash bonuses and the quality of compensation committee on firm performance. In this study we used public listed companies in Taiwan as our study sample and our sample period is from Jan. 2011 to Dec. 2012. Cash bonus were used as a proxy for managers’ incentive compensation, and five quality characteristics (directors’ seniority, size of compensation committee, frequency of meetings, members attendance rate and proportion of independent directors) were used to measure the quality of compensation committee. We used two-stage least squared regression to examine the effect of the quality of compensation committee on the association between managers’ cash bonuses and firm performance. Our results found that there is a substitution relationship exists between managers’ cash bonuses and the quality of the compensation committee. This provides evidence for the supposition that companies with a high quality compensation committee could reduce cash bonuses and still achieve the same business performance.

高階主管薪酬結構、支配能力與研究發展支出

title: 高階主管薪酬結構、支配能力與研究發展支出 abstract: 本文從薪酬誘因與董事會監督機制兩個公司治理構面，探討高階主管薪酬結構與支配能力，對企業裁減研發支出之短視行為的影響。實證結果發現，在自利的動機下，高階主管會利用裁減研發支出方式，提高當期盈餘以增加其薪酬。而提高高階主管股票基礎薪酬比率，會降低裁減研發支出的可能性，且在股票基礎導向的薪酬結構下，透過股票基礎薪酬比率降低企業裁減研發支出的可能性，會高於現金基礎導向的薪酬結構。此外高階主管具支配能力，所受監督的程度較低，出現裁減研發支出的可能性較高，但是提高股票基礎薪酬比率，所降低裁減研發支出可能性的效果，反而會較大。 From two aspects of corporate governance: namely compensation incentive and board monitoring mechanism, this paper aims to explore the impact of CEO compensation structure and dominance on R&D expenditure reduction. Empirical results indicate that myopic CEOs with their self-interest incentive tend to curtail R&D expenditure so as to increase the current earnings and their compensation. If their share-based compensation ratio increased, CEOs will be less likely to curtail R&D expenditures, this likelihood being higher than in cash-based compensation structure. In addition, the dominance power granted by CEOs with means they receive less monitoring, hence the higher likelihood of curtaining R&D expenditure, this likelihood becoming more prominent when the share-based compensation ratio is increased.

上市櫃公司自願設置審計委員會及審計委員會品質之決定因素

title: 上市櫃公司自願設置審計委員會及審計委員會品質之決定因素 abstract: 本文以 2007 年至 2010 年在臺灣證券交易所及櫃檯買賣中心交易之上市櫃公司為研究樣本，探討公司自願設置審計委員會以及審計委員會品質之決定因素。本文衡量審計委員會品質的方式係建構一項包括審計委員會規模、成員具備會計或財務專長之人數、公司治理專長、出席狀況、開會次數及召集人是否具備會計或財務專長等六個指標的綜合性指標。實證結果發現，整體而言，董監事持股比率愈低、董事會規模愈大、董事長未兼任總經理、經營績效愈佳、在海外發行有價證券、未具官股性質及屬電子業的公司，愈可能自願設置審計委員會。此外，本文進一步發現負債比率愈大、機構投資人持股比率愈高、董事會規模愈大及屬電子業的公司，審計委員會運作的品質愈佳。 Using firms listed in the Taiwan Stock Exchange and Over-The-Counter from 2007 to 2010 as a sample, this study examined the relationship between determinants of voluntary formation of audit committee and the quality of audit committee. Audit committee quality was measured using a comprehensive indicator comprising the following six indicators: the size of the audit committee, the numbers of member with expertise in accounting or finance, expertise in corporate governance, frequency of meetings, the attendance of member, and whether the convener has expertise in accounting or finance. We found that firms with lower ownership of directors and supervisors, larger board size, CEO non-duality, superior operating performance, issuance of securities overseas, non-government-owned and the electronics industry are associated with the voluntary formation of audit committee. We also determined that higher quality audit committee tend to be found in firms with higher debt ratio, higher ownership of institution investors, larger board size and the electronics industry.

台灣會計師更換之市場反應

title: 台灣會計師更換之市場反應 abstract: 本文探討台灣會計師更換之市場反應，包含企業更換會計師之方向、原因與時點之影響。本文以人工方式收集自1993年到2012年間，497筆在公開資訊觀測站上揭露之會計師更換宣告。實證結果顯示，規模較大的公司若由大型事務所更換到非大型事務所，市場給予顯著負面評價，若由非大型事務所更換至大型事務所，則市場給予顯著正面評價。此外，若會計師更換的原因為會計師辭職時，市場將給予顯著負面評價。當規模較大企業跟隨原簽證會計師由非大型事務所更換到大型事務所時，股價報酬顯著為負。更換會計師時點對於企業股價報酬有顯著影響，若企業在當年第一季之前（含）更換當年會計師，市場將給予正面評價。另一方面，與美國研究不同，台灣資本市場對於會計師更換前期之審計意見，或者更換宣告中是否載明會計師對於企業內部控制有重大建議事項並未有顯著反應。本文實證結果可供企業、會計師、投資人與監管機構參考。 This study investigates the market reactions subsequent to auditor switches in Taiwan. We focus on the directions, reasons for, and timings of auditor switches. Using 497 observations of auditor switch, which were hand-collected at the Market Observation Post System the of Taiwan Stock Exchange for the period between 1993 and 2012, we reveal that the market reacts negatively (positively) when a large company switched from a Big N (non-Big N) audit firm to its non-Big N (Big N) counterpart. Furthermore, the market reacts negatively when an auditor resigned or when a large company followed the auditor from a non-Big N to a Big N auditor. The timing of auditor switches is also shown to affect market reactions; i.e., the market tends to react positively to auditor switches in the first quarter. Unlike previous studies conducted in the U.S., the capital market in Taiwan appears not to react to preceding auditors’ modified audit opinions prior to auditor switch or to audit reports indicating internal control weaknesses. This study has implications for companies, auditors, investors, and regulators.

植基於效率分解資料包絡分析法探究政府審計機關之績效

title: 植基於效率分解資料包絡分析法探究政府審計機關之績效 abstract: 本研究運用「加法型效率分解資料包絡分析法（Additive Efficiency Decomposition DEA）」探究政府審計機關「審計效率」與「審計效能」，該模型無法有效區隔有效率審計機關之排序及內部資源運用之強、弱勢分析，故本研究進一步結合「以參考網路為基礎之排序法（Network-Based Ranking Method）」，以利區分不同階段的標竿單位與內部強弱項的資源運用項目分析比較，並探究資本支出規模與政黨因素對審計機關績效之影響，提供有關單位資源配置與政策推動之參考。而迴歸分析結果也顯示出，資本支出規模對審計機關的審計效率及效能有顯著之影響。 This study investigates “audit efficiency” and “audit effectiveness” in audit agencies using the Additive Efficiency Decomposition DEA model. The model cannot sufficiently distinguish between audit agencies’ efficiency ranking and strength-weaknesses analysis of their internal resources. Thus, the model is further integrated with Network-Based Ranking Method, so as to distinguish the benchmark units from various stages of analysis and allow strengths and weaknesses of internal resources to be compared. In addition, the study examines the effect of capital expenditure scale and political party affiliation on audit performance. This is to provide relevant agencies with reference in resource allocation and policy implementation. Regression analysis results further indicate that capital expenditure scale has no significant influence on audit efficiency and effectiveness of auditing agencies.

內部稽核質量與內控缺失

title: 內部稽核質量與內控缺失 abstract: 內部稽核的角色主要係確保內部控制之有效性，然囿於內稽資料取得不易，學術研究著墨不多。本研究得於運用台灣獨特之上市櫃公司為研究對象，探討內部稽核質量對內控缺失之影響。實證結果顯示，就內控缺失與否之分析，內稽品質愈佳則內控缺失愈少，但未達顯著水準；內稽投入量與內控缺失呈顯著負相關，即內稽人數投入愈多，內控缺失則愈少。進一步同時納入內稽個別特質（內稽個別適任條件），證實稽核人員具外稽經驗，會計師或內部稽核師證照之特質愈多，則內控缺失愈少，呈顯著負相關，但具有資訊專業經驗者與內控缺失，呈顯著正相關。至於內部稽核質量與內控缺失比率之關係，其實證結果相似於內控缺失與否。整體而言，內稽具備優質適任條件，投入較多內稽人力，則有助於內部控制更能落實。 The primary role played by internal audit is to assure the effectiveness of internal control within a company. However, there is little research in this area due to the difficulty in accessing internal audit data. Using Taiwanese listing firms as research objects, the study investigates the effect of internal audit quality and quantity on internal control weakness (ICW). Empirical results indicate that the better the internal audit quality the less the ICW, although this is not statistically significant. Meanwhile, significant negative association exists between internal audit input and ICW, indicating that the more the internal audit input the less the ICW. In addition, the study further incorporated individual attributes of internal auditors and found significant negative association, indicating there is less ICW when internal auditors have external audit experiences, CPA or CIA license. On the other hand, significant positive association exists between internal auditors with information technology experiences and ICW. Relationship studies between the attributes of internal auditors and ICW ratio produce similar findings. To sum up, competence quality of internal auditors and more internal audit input are beneficial to implementing the internal control system.

銷管費用僵固性、帝國建立動機與公司治理個別機制之成效

title: 銷管費用僵固性、帝國建立動機與公司治理個別機制之成效 abstract: 本研究以2005年至2012年台灣上市櫃公司的公司年資料為樣本驗證Chen, Lu, and Sougiannis (2012)帝國建立動機是銷管費用僵固性成因之發現，並進一步探討公司治理個別機制是哪些帝國建立動機所造成僵固性的抑制對策。本研究發現以自由現金流量、總經理任期、總經理離職前、與總經理變動薪酬比率四個變數衡量的帝國建立動機，都會造成銷管費用僵固性。本研究也發現，法人持股比率越高、董事會規模越小、獨立董事比率越大、與總經理兼任董事長，各分別越能抑制一至三項帝國建立動機造成之僵固性，而且台灣公司治理個別機制的整體設計有「所有帝國建立動機所造成的僵固性都能抑制」與「每一個別機制都是有效的，且不會負向增強僵固性」的良好特質。 This paper uses a sample of firms listed on the Taiwan Stock Exchange over the 2005-2012 period to examine whether the stickiness of selling, general, and administrative costs (SGA costs) can be attributed to the empire building incentives of managers, as hypothesized by Chen, Lu, and Sougiannis (2012). This paper also explores whether individual corporate governance mechanisms can help alleviate SGA cost stickiness caused by the empire building incentives. I adopt free cash flow, CEO’s tenure, CEO’s short horizon, and CEO’s variable pay ratio as proxies for empire building incentives. The results provide evidence to support the Chen et al.(2012)’s hypothesis. Moreover, the adoption of individual corporate governance mechanisms (i.e., higher institutional ownership ratio, smaller board size, higher ratio of outside directors, and CEO’s duality) help alleviate cost stickiness imposed by some (one to three) empire building incentives. Furthormore, the empirical evidence indicates that the corporate governance mechanisms of firms in Taiwan’s tend to forestall all incentives to empire building. In addition, each of the mechanisms helps to alleviate some of these incentive problems, without imposing adverse side-effects.

DSpace community: 當代會計期刊

企業環境責任與環境會計資訊揭露之關係－綠色智 慧資本與環境績效的中介效果

薪酬委員會品質、高階經理人現金紅利薪酬與企業 績效關聯性之研究