多角化活動與盈餘管理 : 探討企業綠色聲譽之干擾效果

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题名:	多角化活動與盈餘管理 : 探討企業綠色聲譽之干擾效果
其它题名:	Diversification and earnings management : corporate green reputation as a moderator
作者:	陳逸帆;Chen, Yi-Fan
贡献者:	淡江大學會計學系碩士班郭樂平;Kuo, Lo-pin
关键词:	盈餘管理;多角化;企業綠色聲譽;代理成本;Earnings Management;Diversification;corporate green reputation;agency costs
日期:	2011
上传时间:	2011-12-28 18:22:13 (UTC+8)
摘要:	本研究以台灣上市企業為樣本，探討企業的綠色聲譽是否能使盈餘管理問題減緩。依據Aerts and Cormier(2009)之研究，採用內容分析法量化媒體報導計算環境合理性(J-F係數)作為企業綠色聲譽的代理變數，並將企業的多角化活動區分為三種類型:一、僅從事地區多角化、二、僅從事部門多角化、三、地區及部門多角化活動都從事。研究顯示若企業的多角化活動屬於第一種時，其企業的盈餘管理問題會顯著上升，代理成本增加，支持資訊不對稱假說（informational asymmetry hypothesis），然而，企業的多角化活動屬於第二種時，其企業的盈餘管理問題會顯著下降，代理成本降低，支持應計項目抵銷假說（offsetting accruals hypothesis），基此，顯示企業從事不同類型的多角化活動對盈餘管理產生不同的效果。然而，企業在執行不同的多角化活動時若同時觀察企業的綠色聲譽，研究發現無論企業從事何種多角化活動，企業的綠色聲譽若提高將降低企業的盈餘管理。後續，在執行健全性檢定時，將樣本區分為是否具環境敏感性以及是否為資訊科技業，研究發現低環境敏感產業及資訊科技業在進行多角化活動時，當企業綠色聲譽提高可顯著的使盈餘管理問題減緩，這項研究的貢獻為外部投資者或債權人可藉由檢視企業綠色聲譽的提升，提高對該企業盈餘品質資訊的信賴並降低投資的代理成本。 This study discusses whether the corporate green reputation mitigates the earning management problems. The content analysis methods were applied according to Aerts and Cormier’s study to quantify the media reports about firms and calculate the environment legitimacy (Janis-Fadner coefficient of imbalance) as the proxy variable. The diversification of firms was further classified into three types: (1) geographic diversification only, (2) industrial diversification only and (3) both geographic and industrial diversification. The finding supports the informational asymmetry hypothesis, which indicates that when firms engaged only in geographic diversification, both the problems of earning management and agency costs increase significantly. However, both the problems of earning management and agency costs decrease significantly when firms engaged only in industrial diversification, supporting the offsetting accruals hypothesis. It is obvious that the impacts on earning management differ as firms engaged in different diversification based on the results. If a firm’s green reputation can mitigate a firm’s behavior in earnings management significantly no matter what type of diversification that a firm engaged in. As the robustness test was performed, we further classified the sample according to the degree of firms’ environmental sensitivity and whether firms are in the IT industry. It shows that in firms with low environment sensitivity and firms in the IT industry, the problems of earnings management mitigate when firms have better corporation green reputation. This study enables outside investors and debt holders to believe information about earning qualities of firms and decrease agency costs of investments by checking the corporate green reputation of firms.
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