淡江大學機構典藏:Item 987654321/75458
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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/75458


    Title: Insider Trading, Earnings Management, and Corporate Governance in Emerging Markets - Evidence from Taiwan
    Authors: Tang, Hui-wen;Chen, Anlin;Chang, Chong-chuo
    Contributors: 淡江大學保險學系
    Keywords: Insider Trading;Earnings Management;Corporate Governance;Cash Flow Rights;Control Rights
    Date: 2010-07-01
    Issue Date: 2012-03-27 22:45:44 (UTC+8)
    Publisher: United Kingdom：University of Bristol
    Abstract: In this paper, we examine the endogeous relation between abnormal insider trading and earnings management and explore whether good corporate governance could discipline opportunistic earnings management due to insiders trading. We find that managers would decrease (increase) reported earnings through managing discretionary current accruals (DCAs) before they intend to purchase (sell) more shares in subsequent periods. Meanwhile, our evidence also indicates that insiders would increase (decrease) their shareholding simply because they observed lower (high) DCAs in advance. In particular, we find that the deviation between managers’ control rights and cash flow rights would enlarge the impact of abnormal insider trading on the magnitude of earnings management, implying that firms faced with severe agency problems demand stronger corporate governance. With institutional investors and accounting firms as monitoring mechanisms, we show that corporate governance could alleviate earnings manipulation induced by insider trading.
    Relation: Financial Reporting and Business Communication Fourteenth Annual Conference
    Appears in Collections:[Graduate Institute & Department of Insurance Insurance] Proceeding

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