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| Title: | CEO自戀特質在不確定性時期的展現- 來自盈餘管理的證據
CEO narcissism in the period of high uncertainty: Evidence from earnings management |
| Authors: | 陳晏慈
Chen, Yen-Tzu |
| Contributors: | 詹凌菁
Chan, Ling-Ching
陳晏慈
Chen, Yen-Tzu |
| Keywords: | CEO自戀特質
盈餘管理
經濟政策不確定性
取捨
CEO narcissism
Earnings management
Economic policy uncertainty
Trade-off |
| Date: | 2023 |
| Issue Date: | 2023-09-01 14:40:27 (UTC+8) |
| Abstract: | Hambrick & Mason(1984)提出高層理論指出CEO的個人特質對於公司的經營方向和財務表現有所影響。Zang(2012)的文獻中則提及盈餘管理相關成本會影響管理階層選擇使用何種類型的盈餘管理。而Gulen & Ion(2015)文獻中則提及公司的行為展現會因應外部經濟政策不確定性的變動而有所變化。本研究主要目的即是透過實證分析CEO自戀特質與盈餘管理相關成本之間的交互作用在不同不確定性時期對於選擇盈餘管理類型決策的影響，以驗證CEO自戀特質的展現是否會因應外部經濟政策不確定性的變動而不同。本研究以2003至2019年之標準普爾 1500 綜合指數公司作為樣本，首先透過基準模型衡量盈餘管理相關成本對於應計盈餘管理以及實質盈餘管理的影響，之後加入CEO自戀特質變數，研究CEO自戀特質與盈餘管理相關成本之間的交互作用是否影響管理階層選擇盈餘管理類型的決策。之後本研究再將樣本依據不同的不確定性時期分為2組，檢驗在不同的不確定性時期，CEO自戀特質與盈餘管理相關成本之間的交互作用對於盈餘管理影響程度之變動情形。研究之實證結果顯示CEO自戀特質與盈餘管理相關成本之間的交互作用對於實質盈餘管理的決策較具顯著影響，且當公司處於較穩定時期，亦即不確定性較低的時期時，交互作用之影響程度相較於高度不確定性時期更加明顯。本研究透過實證方式驗證CEO自戀特質與盈餘管理相關成本之間的交互作用在盈餘管理的展現，顯示CEO自戀特質的展現會因應經濟政策不確定性的變化而有所變動。
The upper echelon theory proposed by Hambrick and Mason (1984) posits that the personal traits of CEOs may impact the direction of corporate strategy and financial performance. Zang (2012) mentions that the costs associated with earnings management may affect management`s decisions regarding the adoption of earnings management strategies. Additionally, Gulen and Ion (2015) highlighted that a company`s behaviour may change in response to fluctuations in external economic policy uncertainty. The primary objective of this study is to investigate how the interaction between CEO narcissism and costs associated with earnings management influences the selection of earnings management strategies, particularly in various uncertainty periods. We aim to verify whether the manifestation of CEO narcissism varies in response to changes in external economic policy uncertainty. The sample used in this study consists of companies listed in the Standard & Poor`s 1500 Composite Index from 2003 to 2019. This study begins by investigating the influence of the costs associated with earnings management on both accrual-based and real earnings management using a baseline model. Subsequently, CEO narcissism variables are introduced to examine whether the interaction between CEO narcissism and the costs associated with earnings management affects the choice of earnings management strategies by management. Additionally, the sample is divided into two groups based on different levels of uncertainty to examine the varying effects of the interaction between CEO narcissism and the costs associated with earnings management on earnings management strategies during different periods of uncertainty. The empirical results indicate that the interaction between CEO narcissism and the costs related to earnings management has a significant impact on the choice of real earnings management. Moreover, this effect is more pronounced when companies are in periods of lower uncertainty, indicating that the influence of this interaction is stronger when companies operate in relatively stable conditions. The study provides empirical evidence supporting the interaction between CEO narcissism and the costs associated with earnings management in the manifestation of earnings management strategies. The empirical evidence demonstrates that CEO narcissism`s manifestation adapts to fluctuations in economic policy uncertainty, affecting the selection of earnings management strategies. |
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| Description: | 碩士
國立政治大學
會計學系
110353039 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110353039 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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