The Association between Boards Structure and the Properties of Management Voluntary Earnings Forecasts

• Main Authors: Mei-Hua Chen, 陳美華
• Other Authors: Shou-Min Tsao
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/22722467334941456079

碩士 === 國立中央大學 === 企業管理學系碩士在職專班 === 99 === 　　This research investigates the association between boards structure and voluntary earnings forecasts. The samples are selected from companies listed on Taiwan Stock Exchange. I obtain boards structure & the properties of management voluntary earnings forecasts data from the TEJ database. The data covers the period from 2005 to 2007, total 3 years. I use the Logistic, Poisson & OLS regressions analyses as methodology here. The purposes of this paper are a) investigate whether firms expose earnings forecasts or not and the exposition frequencies will impact the voluntary earnings forecasts or not? b) investigate whether forecast accuracy & bias will impact the quality of voluntary earnings forecasts or not? We use 4 main variables to weigh the boards structure. (1) Chairman concurrently general manager; (2) board size; (3) inside directors seat ratio (4) outside directors own stocks ratio. 　　We find that the boards structure to the voluntary earnings forecasts exposition will (1) Firms with chairman concurrently general manager are less likely to issue the voluntary earnings forecasts, but non conspicuousness; (2) Firms with greater board size are more likely to issue the voluntary earnings forecasts and conspicuousness; (3) Firms with a greater percentage of inside directors seat ratio are less likely to issue the voluntary earnings forecasts, but conspicuousness; (4) Firms with a greater percentage of outside directors own stocks ratio are more likely to issue the voluntary earnings forecasts and conspicuousness。 In addition, we find the boards structure to the voluntary earnings forecasts quality (1) Firms with chairman concurrently general manager are non conspicuousness; (2) Firms with greater board size are non conspicuousness; (3) Firms with a greater percentage of inside directors seat ratio are more accurate and less optimistically; (4) Firms with a greater percentage of outside directors own stocks ratio are non conspicuousness.