Earnings Management under Bull and Bear Markets: The Taiwan Stock Market

淡江大學機構典藏 > 商管學院 > 統計學系暨研究所 > 期刊論文 > Item 987654321/92595

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題名:	Earnings Management under Bull and Bear Markets: The Taiwan Stock Market
作者:	邱志昌
貢獻者:	淡江大學統計學系
關鍵詞:	Discretionary Accruals
日期:	2013-04
上傳時間:	2013-10-20 11:39:44 (UTC+8)
出版者:	Society for Business Research Promotion
摘要:	Earning management,Discretionary Accrual,Factor model Earnings management is the typical agency management of corporate finance in bull and bear stock markets. The chief executive officer (CEO) demonstrates his or her own talent and skill for his or her excursive stock options to increase personal wealth. In a bear market, the CEO adds corporate performance to protect the personal tenure position. In numerous situations, earnings management prevails in bull and bear stock markets. We consider that the purpose of earnings management is to raise corporate value for stock price. Therefore, we examine these scenarios using Taiwan stock market listed corporations. Our findings show that earnings management does not have a systematical effect in bull and bear markets for stock price. Our results indicate that (a) the most important factor is free cash flow when CEOs desire to conduct earnings management; (b) in both bull and bear markets, free cash flow remains the best factor; (c) the control variables are significant when the market value is divided by the book value and company size, which are MB and SIZE, but non-significant in fixed asset ratios and debt ratios, which are the FFASSET ratio and the LLASSET ratio; and (d) CEOs that include board of director shareholders have asymmetric effects in bull and bear markets.
關聯:	Asian Journal of Business and Management Sciences,10(2), 20-37
顯示於類別:	[統計學系暨研究所] 期刊論文

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