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NTU Management Review
Vol. 35 No. 1 Apr. 2025, 141-184
https://doi.org/10.6226/NTUMR.202504_35(1).0004

The Impact of Economic Policy Uncertainty on Non-GAAP
Earnings’ Quality

經濟政策不確定性對非公認盈餘品質之影響

Sheng-Yi Lo, Department of Finance, National Sun Yat-sen University
羅勝議 / 國立中山大學財務管理學系
I-Lin Chen, Department of Accounting, Providence University
陳以林 / 靜宜大學會計學系
Han-Chung Chen, Department of Accountancy, National Taipei University
陳漢鐘 / 國立臺北大學會計學系
Yun-Zhu Liu, Deloitte & Touche Taiwan
劉昀竹 / 勤業眾信聯合會計師事務所
Received 2023/8, Final revision received 2024/12

Abstract
This study investigates the role of economic policy uncertainty (EPU) in the relation
between the special item (SPI) recognition and the voluntary non-GAAP earning
disclosure, and EPU’s effect on the exclusion quality. By examining a sample of US listed
firms ranging from 2003 to 2017, we find that (1) the incremental relation between the SPI
recognition and the likelihood of voluntary disclosure of non-GAAP earnings is positive
under higher EPU; (2) the relation between EPU and the exclusion quality is positive for
firms with voluntary disclosures of non-GAAP earnings; (3) firms exclude more SPIs
under higher EPU. In addition, the monitoring role of analysts makes the positive effect
of EPU on exclusion quality stronger. Finally, the incremental relationship between the
voluntary non-GAAP earning disclosure and information asymmetry is negative under
higher EPU. These findings sustain the informative motive for non-GAAP earnings
disclosure.
【Keywords】economic policy uncertainty, voluntary disclosure, non-GAAP earnings,
special item, exclusion quality

領域主編：戚務君教授

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