政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30151

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30151

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政大典藏 > College of Commerce > Department of Accounting > Theses > Item 140.119/30151

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30151

Title:	不同法律環境與會計特性下資本市場對於會計師聲譽受損反應程度差異之研究:跨國性證據
Authors:	游佳玲
Contributors:	戚務君游佳玲
Keywords:	法律環境會計特性會計師聲譽 legal environment accounting characteristics auditor`s reputation
Date:	2003
Issue Date:	2009-09-11 17:21:00 (UTC+8)
Abstract:	安隆財報醜聞造成其簽證會計師事務所聲譽受損，有鑑於以往的文獻對於Andersen聲譽受損與其簽證客戶股價關聯之探討，多僅限於美國本土，因此，本研究希望能擴大視野，由全球的角度來探討國際結盟會計師事務所聲譽受損在各地資本市場的外溢效果。本研究將針對世界各國Andersen簽證客戶進行研究，研究對象選取同Bhattacharya, Daouk and Welker(2003)所研究之國家，並扣除無法從Datastream獲取股價資料的簽證客戶，故最後選取34個國家892家公司為研究對象。本研究旨在透過股價的分析，探討國際結盟會計師事務所聲譽受損對客戶股價的影響，研究結果指出，法律執行力較差、避免負盈餘程度越高、資本市場重要性越大的國家，簽證客戶股價因為國際結盟事務所聲譽受損而遭受股價下跌的機率較高。本研究進一步探討股價下跌幅度與不同地區之法律環境、會計資訊品質與資本市場成熟度間的關係，實證結果均無法支持本文先前的預期，各國股價下跌的幅度與該國法律環境、會計特性以及資本市場規模並沒有系統性的相關連。 The financial scandal surrounding the collapse of Enron Corporation caused an erosion in the reputation of its auditor, Andersen. In consideration of past research about such article was confined to America only, we extend the field of vision to investigate the spillover effects by examining the cumulative abcdrmal returns of clients of the auditors across 34 different areas. In order to include the CPA-firm clients’ name and price data, we merged the data from Worldscope and Datastream, and our sample was 892 firms across 34 countries. In this paper, we examine the auditor’s clients’ stock price reactions to the deterioration of Andersen’s reputation after its admission that a significant number of documents had been shredded on January 10, 2002. Our results suggest that when news about Andersen’s January 10, 2002 shredding admission was released, the areas with weaker law enforcement, higher degree of the loss avoidance, and more developed financial market are more likely to react negatively to Andersen’s tarnished reputation, but there is no further evidence to show that the magnitude of the respond is associated with the legal environments, the characteristics of accounting earnings, and the development of the financial market.
Reference:	沈中華與李建然，事件研究法--財務與會計實證研究必備，華泰文化吳婉婷，2003，市場對Price Waterhouse與Coopers & Lybrand會計師事務所合併案反應之研究，國立台灣大學會計研究所未出版論文林孝臻，2002，安隆( Enron ) 事件研究-檢驗我國公司內部監理及會計審計制度，國立台北大學企業管理研究所未出版碩士論文林炳滄，2002，安隆（Enron）破產事件引發的會計危機，會計研究月刊，第195期，21-28。彭子玲，2002，從投資人保護觀點與展望理論探討各國銀行業盈餘管理之現象與動機，私立銘傳大學國際企業管理研究所未出版碩士論文葉銀華、李存修、柯承恩，2002，公司治理與評等系統，商智文化。蔡昇峰，2003，盈餘管理與公司治理關係之研究-以十三國新興市場為例，國立台北大學合作經濟研究所未出版碩士論文 Asthana, S., S. Balsam and J. Krishnan. 2003. Audit firm reputation and client stock price reactions:evidence from the enron experience. Working Paper, Temple University. Baber, W.R., K.R. Kumar, and T. Verghese. 1995. Client security price reactions to the Laventhol and Horwath bankruptcy. Journal of Accounting Research 33 (Autumn): 385-396. Ball, R., S. Kothari, A. Robin. 2000. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics. 29 (Feburary) :1-52. Bhattacharya U., H. Daouk, and M. Welker. 2003. The world price of earnings opacity. The Accounting Review. 78 (July) :641-678 Chaney, P.K., and K.L. Philipich. 2002. Shredded reputation: the cost of audit failure. Journal of Accounting Research 40 (September): 1221-1245. Choi. J.H., and T. J. Wong. 2002. Audit markets and legal environments: an international investigation. Working Paper, Hong Kong University of Science & Technology. Clarkson, P., and D. A.Simunic. 1994. The association between audit quality, retained ownership and firm-specific risk in u.s vs. canadian ipo markets. Journal of Accounting and Economics 17 (January)：207-228. Datar, S., G. Feltham, and J. Hughes. 1991. The role of audits and audit quality in valuing new issues. Journal of Accounting and Economics 14: 3-49. Fan J. P. H. and T. J. Wong. 2001. Do external auditors perform a corporate governance role in emerging markets? evidence from East Asia. Working Paper, Hong Kong University of Science & Technology. Fan J. P. H., and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33：401-425. Feltham, G.A., J.S. Hughes, and D.A. Simunic. 1991 .Empirical assessment of the impact of auditor quality on the valuation of new issues. Journal of Accounting and Economics 14 : 375-399. Francis, J.R., I.K. Khurana, and R. Pereira. 2001. Investor protection laws, accounting and auditing around the world. Working Paper, University of Missouri at Columbia Franz, D.R., D. Crawford, and E.N. Johnson. 1998. The impact of litigation against an audit firm on the market value of nonlitigating clients. Journal of Accounting, Auditing, and Finance 13 (Spring): 117-134. Heckman, J. 1979. The sample selection bias as a specification error. Econometrica 47(January):153-62. Jensen, M. C. and W. H. Meckling.1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Ecnomics 4: 305-360 Klapper, L. F., and I.Love. 2002. Corporate governance, investor protection and performance in emerging markets. World Bank Policy Research. Working Paper, World Bank La Porta, R., F. Lopez-de Silanes, A. Shleifer and R.W. Vishny. 1997. Legal determinants of external finance. The Journal of Finance 52 (July): 1131-1150. La Porta, R., F. Lopez-de Silanes, A. Shleifer and R.W. Vishny. 1998. Law and finance. Journal of Political Economy 106: 1113-1155. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54: 471-517. La Porta, R., F. Lopez-de Silanes, A. Shleifer and R.W. Vishny. 2000. Agency problems and dividend policies around the world. Journal of Finance 55 (February): 1-33. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, R. Vishny. 2000. Investor protection and corporate governance. Journal of Financial Economics 58:. 3-27. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, R. Vishny. 2002. Investor protection and corporate valuation. The Journal of Finance (June): 1147-1170 Leuz, C., D. Nanda, P. D. Wysocki. 2001. Investor protection and earnings management: an international comparison. Working Paper. MIT Sloan School of Management, Sloan. Menon, K., and D.D. Williams. 1994. The insurance hypothesis and market prices. The Accounting Review 69 (April): 327-342. Simunic, D.A., and M.T. Stein. 1987. Product differentiation in auditing: auditor choice in the market for unseasoned new issues. Research Monograph Number 13. Vancouver: The Canadian Certified General Accountant’s Research Foundation. Titman, S., and B. Trueman . 1986 .Information quality and the valuation of new issues. Journal of Accounting and Economics 8:.159-172. Wallace, W. A. 1980.The economic role of the audit in free and regulated markets. New York: Touche Rose & Co. Aid to Eduacation Program
Description:	碩士國立政治大學會計研究所 91353029 92
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0091353029
Data Type:	thesis
Appears in Collections:	[Department of Accounting] Theses

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