期刊論文

學年 102
學期 1
出版(發表)日期 2013-09-01
作品名稱 Insider Trading, Accrual Abuse, and Corporate Governance in Emerging Markets - Evidence from Taiwan
作品名稱(其他語言) 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
著者 Tang, Hui-wen; Anlin Chen; Chang, Chong-Chuo
單位 淡江大學保險學系
出版者 Amsterdam: Elsevier BV * North-Holland
著錄名稱、卷期、頁數 Pacific-Basin Finance Journal 24, pp.132-155
摘要 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.
關鍵字 Abnormal accruals;Control rights;Corporate governance;Earnings management;Family control;Insider trading
語言 en
ISSN 0927-538X
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者 Tang, Hui-wen
審稿制度
國別 NLD
公開徵稿
出版型式 ,紙本
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/89018 )

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