臺大管理論叢 NTU Management Review VOL.28 NO.3

1 CEO 聲譽會影響財務報導品質嗎？ Does CEO Reputation Matter to Financial Reporting Quality? Abstract Financial reporting credibility is important because decision-useful information is greatly appreciated by all market participants. From a sample of 303 incumbent CEOs from Taiwanese listed electronics firms during the period from 2006-2008, the present study explores to what extent CEO reputation affects a firm’s earnings quality. The efficient contracting hypothesis predicts reputed CEOs produce higher quality financial reports while the managerial opportunism hypothesis posits the opposite. Empirical findings indicate that the efficient contracting hypothesis dominates in explaining such relationships. Moreover, the positive CEO reputation effects persist in family firms because of their strong incentive to protect the longevity and reputation of the family, supporting the alignment of interest argument. Overall, our results provide additional evidence on variations in CEO reputation-earnings quality relationships using an international setting with distinctive features related to concentrated ownership and the abundance of family firms. 【 Keywords 】 CEO reputation, earnings quality, family firm 摘 要 資本市場參與者仰賴財務資訊進行重要決策，而高品質的財務報表提供可信及有用的 資訊，更能反映企業的經濟實質。本文以 2006-2008 間 303 家台灣電子業之現任 CEO 為樣本，檢視 CEO 聲譽是否會影響企業之盈餘報導品質。效率契約假說預期 CEO 因 聲譽考量會採取效率報導行為，故其盈餘品質較高；但管理投機行為假說則認為高聲 譽 CEO 會因投機目的進行盈餘裁量，故其盈餘品質較低。實證結果顯示， CEO 聲譽 效果確實會影響企業之財務報導決策，且當 CEO 聲譽愈高時，企業之盈餘品質愈佳， 支持效率契約假說。此外， CEO 之聲譽效果在家族企業中仍然存在，支持利益一致之 觀點。本研究以所有權高度集中及家族企業林立之國家為樣本，隱含 CEO 聲譽－盈 餘品質之關係需考量機構背景不同而下定論。 【關鍵字】 CEO 聲譽、盈餘品質、家族企業 Yaying Mary Chou Yeh , Department of Accounting, Economics and Finance, Framingham State University 周雅英 / 美國麻州州立弗明罕大學會計暨經濟與財務學系 Ping-Shin Lin , Accounting and Finance Program, National Dong Hwa University 林品馨 / 國立東華大學會計與財務碩士學位學程 Received 2012/7, Final revision received 2015/6 NTU Management Review Vol. 28 No. 3 Dec. 2018, 1-46 DOI:10.6226/NTUMR.201812_28(3).0001