| Summary: | 碩士 === 淡江大學 === 會計學系碩士在職專班 === 94 === Prior researches were focused on better corporate governance, but were not considered whether the stronger corporate governance will affect the discretionary power of managers. This study was intended to examine the associations between the strength of corporate governance and the discretionary expenditure, and explored their relationship under both growth opportunities and scales of company. The samples were selected from publicly listed companies of electronic industry in Taiwan, 2001-2004.
The main findings of this research as follows:
1. In the whole samples, the association between research and development expenditure (RDE) and number of the member of the director board or opinions from independent auditors are positive but the RDE and receivable items due from related parties is negative.
2. In the higher growth opportunity samples, number of the member of the director board, auditor’s quality and the RDE show a positive relationship, as the receivable items due from related parties and RDE is a negative one but positive with advertisement expenditure(AE).
3. In the large-scale samples, chairman served concurrently with general manager and the receivable items due from related parties has the negative impact to the RDE, also the supervisors’ stock mortgage and independent auditor’s opinion to the AE, as auditor’s quality and the RDE show a positive one.
4. In the small-scale samples, there is a negative relationship exists between institutional investors and RDE.
In a whole, three major’s findings are found in this study: (1) There is an interfering effect of the mechanisms of corporate governance on RDE. (2)The AE has a low degree of linear dependence with the corporate governance. (3)The mechanisms of corporate governance hold impact upon discretionary expenditure in the companies with higher growth opportunity and large scale.
|
|---|
