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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/89018

    Title: Insider Trading, Accrual Abuse, and Corporate Governance in Emerging Markets - Evidence from Taiwan
    Other Titles: 內部人交易、應計項目濫用與公司治理在新興市場中的關係
    Authors: Tang, Hui-wen;Chen, An-lin;Chang, Chong-chuo
    Contributors: 淡江大學保險學系
    Keywords: 異常應計項目;控制權;公司治理;盈餘管理;家族控制;內部人交易;Abnormal Accruals;Control Rights;Corporate Governance;Earnings Management;Family Control;Insider Trading
    Date: 2013-09-01
    Issue Date: 2013-05-02 17:55:18 (UTC+8)
    Publisher: Amsterdam: Elsevier BV * North-Holland
    Abstract: This study investigates the endogenous relationship between abnormal insider trading and accrual abuse, and explores whether corporate governance affects this relationship. Our results suggest that insiders take advantage of private information on abnormal accruals to time their trading and manipulate accruals opportunistically to mislead the stock market prior to their planned trading. More important, we find that the abuse of inside information for stock trading becomes more serious when a firm’s ultimate controller has a great divergence of control rights (or seat-control rights) from cash flow rights. We also find that higher family ownership and control, increased managerial ownership, or a dual leadership structure not only induces more private information trading prior to financial reports disclosure, but also intensifies accrual abuse for future trading. The results for composite governance indices are also consistent with our expectation. Taken together, our evidence suggests that a poor corporate governance system interacts with abnormal insider trading and abnormal accruals, thereby aggravating insider expropriation on outside investors.
    Relation: Pacific-Basin Finance Journal 24, pp.132-155
    【SSCI】【國科會財務領域 A tier2 級國際期刊】
    DOI: 10.1016/j.pacfin.2013.04.005
    Appears in Collections:[保險學系暨研究所] 期刊論文

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