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公司盈餘平穩化行為與盈餘資訊性之關係－合格境外機構投資者角色之檢測
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QFII
t
*IS
t
*X
t3
are -0.002 (
t
= -0.60) and -0.005 (
t
= -2.12) in the pre- and post-deregulation
subperiods, the latter coefficient is statistically significant at the 5% level. It suggests that the
influence of QFIIs on the earnings informativeness for firms with income smoothing in
Section 4.3 can be attributed to the subperiod after the QFIIs deregulation. It is also found
that the coefficients of QFII_HH
t
*IS
t
*X
t3
and QFII_HL
t
*IS
t
*X
t3
in the IS_HH_HL model are
-0.128 (
t
= -4.30) and -0.063 (
t
= -1.20) in the post-deregulation period. The former
coefficient is negative and statistically significant at the 1% level and supports Hypothesis
2a.
7
The negative and statistically insignificant coefficient of QFII_HL
t
*IS
t
*X
t3
, as
conjectured, suggests that the opportunistic role of QFIIs in earnings informativeness of
income smoothing is mitigated for low QFIIs’ shareholdings volatility and supports
Hypothesis 2b. On the other hand, the coefficients of QFII_HH
t
*IS
t
*X
t3
and QFII_
HL
t
*IS
t
*X
t3
in the IS_HH_HL model are 0.011 (
t
= 0.10) and -0.124 (
t
= -1.98) in the pre-
deregulation period. The latter coefficient is negative and statistically significant at the 5 %
level. In the QFIIs with low shareholdings volatility case, this surprising result suggests that
QFIIs’ ownership with long-term oriented investing strategy reduced the earnings
informativeness of income smoothing in the pre-deregulation subperiod. However, it is found
that the coefficients of IS
t
*X
t3
are 0.022 (
t
= 1.04) and 0.027 (
t
= 1.38), which are both
statistically insignificant in the IS_QFII and IS_HH_HL models in this subperiod
examination. Thus, this unexpected result may be attributed to the relatively small magnitude
of earnings informativeness being contained by the income smoothing during the pre-
deregulation period. Nevertheless, the negative impact of earnings informativeness of
income smoothing raised by the QFIIs with low shareholdings volatility is indeed mitigated
in the post-deregulation period. In the QFIIs with high shareholdings volatility case, the
deregulation of QFIIs significantly reduces the earnings informativeness of income
7 We winsorize the top and bottom 0.5% of outlier samples based on the R
t
and X
t
variables and reexamine the
equations. The untabulated results reveal that the coefficients of QFII_HH
t
*IS
t
*X
t3
and QFII_HL
t
*IS
t
*X
t3
in
the IS_HH_HL models are -0.114 (
t
= -2.83), -0.046 (
t
= -1.26) in the post-deregulation period. The former
coefficient is negative and statistically significant at the 1% level. The empirical findings are again confirmed
by the additional test of this refined sample.