题名

公司之審計網絡中心性對盈餘資訊性與股價同步性之影響

并列篇名

The Influence of Corporate Auditors' Networks Centrality on the Informativeness of Accounting Earnings and Stock Price Synchronicity

作者

葉淑玲(Shu-Ling Yeh)；吳叢楷(Tsung-Kai Wu)

关键词

審計簽證網絡 ； 盈餘資訊性 ； 股價同步性 ； 會計師資訊角色 ； Corporate auditors' networks ； Informativeness of accounting earnings ； Stock price synchronicity ； The information role of the auditor

期刊名称

會計審計論叢

卷期/出版年月

13卷2期（2023 / 12 / 01）

页次

41 - 74

内容语文

繁體中文;英文
中文摘要

本研究利用台灣審計市場會計師雙簽與揭露簽證會計師姓名的特性，並透過台灣上市櫃公司因共同簽證會計師此一連結所形成的審計網絡，以網絡研究以及會計師資訊角色觀點，探討公司於審計網絡之位置（網絡中心性）對資本市場的影響。研究內容分為兩部分，第一部分主要工作在驗證公司之審計簽證網絡中心性是否會增強盈餘資訊性；第二部分則探討公司之審計簽證網絡中心性對股價同步性的影響。研究樣本選自2013年至2020年間於國內公開交易之上市、櫃公司。實證結果發現公司之審計簽證網絡中心性確實能夠提升本期之盈餘資訊性，此外，除了公司審計簽證網絡之中介中心性外，本研究並未提供足夠證據證明公司之審計簽證網絡中心性與公司之股價同步性有顯著關聯。本研究結果除可將審計領域與資本市場領域研究進行連結外，特別是有關審計網絡關係對資本市場的影響方面，同時，對於簽證會計師資訊中介者的角色，亦提供更進一步的證據。
英文摘要

In Taiwan's audit market, two individual auditors are required to sign their names on the audit report, and each auditor is engaged by multiple clients. Therefore, there exists a network filled with common signing auditor ties in the audit market. The nodes, representing individual firms, and the linkages, representing the common signing auditor between firms, form a common signing auditor network. The purposes of this study is to examine the impact of the centrality of the audit market of the company on the capital market through the perspective of networks research and the information intermediary role of the auditor. In the first part, we will test if the network centrality of the company has a significant positive influence on the informativeness of accounting earnings. In the second part, we'd like to test the association between the network centrality of the company and stock price synchronicity. Research samples will be collected from Taiwanese list and OTC firms in Taiwan from 2013 to 2020. The results show that the network centrality of the company has a significant positive influence on the informativeness of accounting earnings. We also find the betweenness centrality of the company has a significant negative influence on the stock price synchronicity. The research findings will connect the research between auditing field and capital market, especially draw a better understanding about the effect of company's audit market centrality on the capital market. Moreover. the research findings provide a more complete evidence about the information intermediary role of the auditor.
主题分类 社會科學 > 財金及會計學
社會科學 > 管理學
社會科學 > 法律學
参考文献
  1. Lew, J. F.,Wu, S. J.(2013).Controlling shareholders and earnings informativeness: Evidence from Taiwan.Asia Pacific Management Review,18(1),93-124.
    連結：
  2. Lew, J. F.,Wu, S. J.(2013).Controlling shareholders and earnings informativeness: Evidence from Taiwan.Asia Pacific Management Review,18(1),93-124.
    連結：
  3. 紀信義, Hsin-Yi,翁慈青, Tzu-Ching,黃馨儀, Hsin-Yi(2016)。董事會政治關連與財務報表重編之關係。中山管理評論，24(3)，409-445。
    連結：
  4. 紀信義, Hsin-Yi,翁慈青, Tzu-Ching,廖芝嫻, Chih-Hsien,黃馨儀, Hsin-Yi(2017)。董事及高階主管政治連結與公司績效之關聯性。臺大管理論叢，27(2)，1-34。
    連結：
  5. 翁慈青, Tzu-Ching,曾家璿, Chia-Hsuan,陳怡秀, Yi-Shiou(2017)。董事會政治連結對法人說明會的影響。管理學報，34(1)，85-118。
    連結：
  6. 廖秀梅, Hsiu-Mei,陳依婷, Yi-Ting(2010)。資訊揭露透明度、家族控制因素與盈餘價值攸關性。會計學報，2(2)，1-23。
    連結：
  7. 薛敏正, Min-Jeng,曾乾豪, Chien-Hao,邱彥毅, Yan-Yi(2018)。資訊揭露評鑑透明度對盈餘資訊性與未來績效之影響。臺大管理論叢，28(3)，47-82。
    連結：
  8. Akbas, F.,Meschke, F.,Wintoki, M. B.(2016).Director networks and informed traders.Journal of Accounting and Economics,62(1),1-23.
  9. An, H.,Zhang, T.(2013).Stock price synchronicity, crash risk and institutional investors.Journal of Corporate Finance,21,1-15.
  10. Aobdia, D.,Lin, C.-J.,Petacchi, R.(2015).Capital market consequences of audit partner quality.The Accounting Review,90(6),2143-2176.
  11. Bae, G. S.,Choi, S. U.,Dhaliwal, D. S.,Lamoreaux, P. T.(2017).Auditors and client investment efficiency.The Accounting Review,92(2),19-40.
  12. Bai, X.,Hu, N.,Liu, L.,Zhu, L.(2016).Credit derivatives and stock return synchronicity.Journal of Financial Stability,28,79-90.
  13. Ball, R.,Brown, P.(1968).An empirical evaluation of accounting income numbers.Journal of Accounting Research,6(2),159-178.
  14. Becchetti, L.,Ciciretti, R.,Hasan, I.(2013).Corporate social responsibility, stakeholder risk, and idiosyncratic volatility.Journal of Corporate Finance,35,297-309.
  15. Berkman, H., P. D. Koch, and P. J. Westerholm. 2017. Inside the director network: When directors trade inside, interlock, and unconnected stocks. Working paper, University of Auckland Business School, Iowa State University, and University of Sydney Business School.
  16. Bianchi, P. A.(2018).Auditors’ joint engagements and audit quality: Evidence from Italian private companies.Contemporary Accounting Research,35(3),1533-1577.
  17. Bianchi, P. A.,Carrera, N.,Trombetta, M.(2020).The effects of auditor social and human capital on auditor compensation: Evidence from the Italian small audit firm market.European Accounting Review,29(4),693-721.
  18. Bianchi, P. A.,Causholli, M.,Minutti-Meza, M.,Sulcaj, V.(2023).Social networks analysis in accounting and finance.Contemporary Accounting Research,40(1),577-623.
  19. Bianchi, P. A.,Falsetta, D.,Minutti-Meza, M.,Weisbrod, E.(2019).Joint audit engagements and client tax avoidance: Evidence from the Italian statutory audit regime.Journal of The American Taxation Association,41(1),31-58.
  20. Bikhchandani, S.,Hirshleifer, D.,Welch, I.(1998).Learning from the behavior of others: Conformity, fads, and informational cascades.Journal of Economic Perspectives,12(3),151-170.
  21. Bills, K. L.,Cunningham, L. M.,Myers, L. A.(2016).Small audit firm membership in associations, networks, and alliances: Implications for audit quality and audit fees.The Accounting Review,91(3),767-792.
  22. Borgatti, S. P.,Everett, M. G.(2006).A graph-theoretic perspective on centrality.Social Networks,28(4),466-484.
  23. Boubaker, S.,Mansali, H.,Rjiba, H.(2014).Large controlling shareholders and stock price synchronicity.Journal of Banking and Finance,40,80-96.
  24. Brown, S. J.,Warner, J. B.(1985).Using daily stock returns: The case of event studies.Journal of Financial Economics,14(1),3-31.
  25. Brown, S. J.,Warner, J. B.(1980).Measuring security price performance.Journal of Financial Economics,8(3),205-258.
  26. Cai, C.,Zheng, Q.,Zhu, L.(2019).The effect of shared auditors in the supply chain on cost stickiness.China Journal of Accounting Research,12(4),337-355.
  27. Cai, Y.,Kim, Y.,Park, J. C.,White, H. D.(2016).Common auditors in M&A transactions.Journal of Accounting and Economics,61(1),77-99.
  28. Cai, Y.,Sevilir, M.(2012).Board connections and M&A transactions.Journal of Financial Economics,103(2),327-349.
  29. Chan, K.,Hameed, A.(2006).Stock price synchronicity and analyst coverage in emerging markets.Journal of Financial Economics,80(1),115-147.
  30. Chen, C.-W.,Collins, D. W.,Kravet, T. D.,Mergenthaler, R. D.(2018).Financial statement comparability and the efficiency of acquisition decisions.Contemporary Accounting Research,35(1),164-202.
  31. Chen, J. Z.,Chen, M. H.,Chin, C. L.,Lobo, G. J.(2020).Do firms that have a common signing auditor exhibit higher earnings comparability?.The Accounting Review,95(3),115-143.
  32. Cheng, S.,Felix, R.,Indjejikian, R.(2019).Spillover effects of internal control weakness disclosures: The role of audit committees and board connections.Contemporary Accounting Research,36(2),934-957.
  33. Cheng, S.,Felix, R.,Zhao, Y.(2019).Board interlock networks and informed short sales.Journal of Banking and Finance,98,198-211.
  34. Choi, J. H.,Choi, S.,Myers, L. A.,Ziebart, D.(2019).Financial statement comparability and the informativeness of stock prices about future earnings.Contemporary Accounting Research,36(1),389-417.
  35. Chu, E. L.(1996).Reconsideration for the relationship between earnings and stocks returns in Taiwan.NTU Management Review,7(1),163-186.
  36. Cimenler, O.,Reeves, K. A.,Skvoretz, J.(2014).A regression analysis of researchers’ social network metrics on their citation performance in a college of engineering.Journal of Informetrics,8(3),667-682.
  37. Cohen, L.,Frazzini, A.,Malloy, C.(2008).The small world of investing: Board connections and mutual fund returns.Journal of Political Economy,116(5),951-979.
  38. Cohen, L.,Frazzini, A.,Malloy, C.(2010).Sell-side school ties.The Journal of Finance,65(4),1409-1437.
  39. Collins, D. W.,Kothari, S. P.(1989).An analysis of intertemporal and cross-sectional determinants of earnings response coefficients.Journal of Accounting and Economics,11(2-3),143-181.
  40. Crawford, S. S.,Roulstone, D. T.,So, E. C.(2012).Analyst initiations of coverage and stock return synchronicity.The Accounting Review,87(5),1527-1553.
  41. Dasgupta, S.,Gan, J.,Gao, N.(2010).Transparency, price informativeness and stock return synchronicity: Theory and evidence.Journal of Financial and Quantitative Analysis,45(5),1189-1220.
  42. De Franco, G.,Kothari, S. P.,Verdi, R. S.(2011).The benefits of financial statement comparability.Journal of Accounting Research,49(4),895-931.
  43. Dhaliwal, D. S.,Lamoreaux, P. T.,Litov, L. P.,Neyland, J. B.(2016).Shared auditors in mergers and acquisitions.Journal of Accounting and Economics,61(1),49-76.
  44. Dhaliwal, D. S., J. Shenoy, and R. Williams. 2017. Common auditors and relationship-specific investment in supplier-customer relationships. Available online at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3003435.
  45. Dimmock, S. G.,Gerken, W. C.,Graham, N. P.(2018).Is fraud contagious? Coworker influence on misconduct by financial advisors.The Journal of Finance,73(3),1417-1450.
  46. Durnev, A.,Morck, R.,Yeung, B.,Zarowin, P.(2003).Does greater firm-specific return variation mean more or less informed stock pricing?.Journal of Accounting Research,41(5),797-836.
  47. Fan, J. P. H.,Wong, T. J.(2002).Corporate ownership structure and the informativeness of accounting earnings in East Asia.Journal of Accounting and Economics,33(3),401-425.
  48. Fang, J., S. Luo, and J. Pittman. 2020. Common individual auditors and analyst forecast performance. Available online at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3521996
  49. Fang, X.,Li, Y.,Xin, B.,Zhang, W. J.(2016).Financial statement comparability and debt contracting: Evidence from the syndicated loan market.Accounting Horizons,30(2),277-303.
  50. Fracassi, C.(2017).Corporate finance policies and social networks.Management Science,63(8),2397-2771.
  51. Fracassi, C.,Tate, G.(2012).External networking and internal firm governance.The Journal of Finance,67(1),153-194.
  52. Francis, J. R.,Mehta, M. N.,Zhao, W.(2017).Audit office reputation shocks from gains and losses of major industry clients.Contemporary Accounting Research,34(4),1922-1974.
  53. Francis, J. R.,Pinnuck, M. L.,Watanabe, O.(2014).Auditor style and financial statement comparability.The Accounting Review,89(2),605-633.
  54. Francis, J. R.,Wang, W.(2021).Common auditors and private bank loans.Contemporary Accounting Research,38(1),793-832.
  55. Frankel, R.,Kothari, S. P.,Weber, J.(2006).Determinants of the informativeness of analyst research.Journal of Accounting and Economics,41(1-2),29-54.
  56. Freeman, L. C.(1979).Centrality in social networks conceptual clarification.Social Networks,1(3),215-239.
  57. Ghosh, A.,Moon, D.(2005).Auditor tenure and perceptions of audit quality.The Accounting Review,80(2),585-612.
  58. Guan, Y.,Su, L.,Wu, D.,Yang, Z.(2016).Do school ties between auditors and client executives influence audit outcomes?.Journal of Accounting and Economics,61(2-3),506-525.
  59. Gul, F. A.,Kim, J.-B.,Qiu, A. A.(2010).Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China.Journal of Financial Economics,95(3),425-442.
  60. He, X.,Kothari, S. P.,Xiao, T.,Zuo, L.(2018).Long-term impact of economic conditions on auditors’ judgment.The Accounting Review,93(6),203-229.
  61. He, X.,Pittman, J. A.,Rui, O. M.,Wu, D.(2017).Do social ties between external auditors and audit committee members affect audit quality?.The Accounting Review,92(5),61-87.
  62. Hochberg, Y. V.,Ljungqvist, A.,Lu, Y.(2007).Whom you know matters: Venture capital networks and investment performance.The Journal of Finance,62(1),251-301.
  63. Horton, J.,Millo, Y.,Serafeim, G.(2012).Resources or power? Implications of social networks on compensation and firm performance.Journal of Business Finance and Accounting,39(3-4),399-426.
  64. Huang, T. C.,Chen, C.,Kaplan, S. E.,Lin, Y. H.(2021).Audit partners' co-working experience and audit outcomes.Auditing: A Journal of Practice and Theory,40(2),133-160.
  65. Hutton, A. P.,Marcus, A. J.,Tehranian, H.(2009).Opaque financial reports, R2 and crash risk.Journal of Financial Economics,94(1),67-86.
  66. Jin, L.,Myers, S. C.(2006).R2 around the world: New theory and new tests.Journal of Financial Economics,79(2),257-292.
  67. Jiu, L.,Liu, B.,Liu, Y.(2020).How a shared auditor affects firm-pair comparability: Implications of both firm and individual audit styles.Auditing: A Journal of Practice and Theory,39(3),133-160.
  68. Kallunki, J.,Kallunki, J.-P.,Niemi, L.,Nilsson, H.(2019).IQ and audit quality: Do smarter auditors deliver better audits?.Contemporary Accounting Research,36(3),1373-1416.
  69. Kelly, P. J.(2014).Information efficiency and firm-specific return variation.The Quarterly Journal of Finance,4(4),1450018.
  70. Kim, J. B.,Li, L.,Lu, L. Y.,Yu, Y.(2016).Financial statement comparability and expected crash risk.Journal of Accounting and Economics,61(2-3),294-312.
  71. Kim, S.,Kraft, P.,Ryan, S. G.(2013).Financial statement comparability and credit risk.Review of Accounting Studies,18(3),783-823.
  72. Kim, Y.,Su, L.,Wang, Z.,Wu, H.(2021).The effect of trade secrets law on stock price synchronicity: Evidence from the inevitable disclosure doctrine.The Accounting Review,96(1),325-348.
  73. Knechel, W. R.,Vanstraelen, A.,Zerni, M.(2015).Does the identity of engagement partners matter? An analysis of audit partner reporting decisions.Contemporary Accounting Research,32(4),1443-1478.
  74. Kwon, S. Y.,Yi, H. S.(2018).Do social ties between CEOs and engagement audit partners affect audit quality and audit fees?.Auditing: A Journal of Practice and Theory,37(2),139-161.
  75. Larcker, D. F.,So, E. C.,Wang, C. C. Y.(2013).Boardroom centrality and firm performance.Journal of Accounting and Economics,55(2–3),225-250.
  76. Li, L.,Qi, B.,Tian, G.,Zhang, G.(2017).The contagion effect of low-quality audits at The level of individual auditors.The Accounting Review,92(1),137-163.
  77. Liu, M. H.(2011).Analysts' incentives to produce industry-level versus firm-specific information.Journal of Financial and Quantitative Analysis,46(3),757-784.
  78. Lo, B. H.,Shieh, L. F.,Shih, Y. C.,Hsieh, M. D.(2023).Does Directors and Officers Liability Insurance Matter for Stock-Price Synchronicity?.Advances in Pacific Basin Business, Economics and Finance,11,221-240.
  79. Lundholm, R.,Myers, L. A.(2002).Bring the future forward: The effect of disclosure on The returns-earnings relation.Journal of Accounting Research,40(3),809-839.
  80. Morck, R.,Yeung, B.,Yu, W.(2000).The information content of stock markets: Why do emerging markets have synchronous stock price movements?.Journal of Financial Economics,58(1-2),215-260.
  81. Roll, R.(1988).R2.The Journal of Finance,43(3),541-566.
  82. Sila, V.,Gonzalez, A.,Hagendorff, J.(2017).Independent director reputation incentives and stock price informativeness.Journal of Corporate Finance,47,219-235.
  83. Skousen, C. J.,Song, X. J.,Sun, L.(2018).CEO network centrality and bond ratings.Advances in Accounting,40,42-60.
  84. Teoh, S. H.,Wong, T. J.(1993).Perceived auditor quality and the earnings response coefficient.The Accounting Review,68(2),346-366.
  85. Tucker, J. W.,Zarowin, P. A.(2006).Does income smoothing improve earnings informativeness?.The Accounting Review,81(1),251-270.
  86. Visvanathan, G.(2006).An empirical investigation of closeness to cash as a determinant of earnings response coefficients.Accounting and Business Research,36(2),109-120.
  87. Wasserman, S.,Faust, K.(1994).Social Network Analysis: Methods and Applications.Cambridge, UK:Cambridge University Press.
  88. Wen, F.,Yuan, Y.,Zhou, W. X.(2021).Cross‐shareholding networks and stock price synchronicity: Evidence from China.International Journal of Finance and Economics,26(1),914-948.
  89. Yeo, G. H. H.,Tan, P. M. S.,Ho, K. W.,Chen, S. S.(2002).Corporate ownership structure and the informativeness of earnings.Journal of Business Finance and Accounting,29(7-8),1023-1046.
  90. 沈中華, Chung-Hua,李建然, Jan-Zan(2000).事件研究法：財務與會計實證研究必備.臺北=Taipei:華泰文化事業=Hwa Tai Publishing CO., LTD..
print cancel