臺大管理論叢 NTU Management Review VOL.30 NO.2

187 NTU Management Review Vol. 30 No. 2 Aug. 2020 Table 1 Sample Selection Process # of Obs. Banks that have financial data in TEJ from 2001 to 2014 384 Less: observations with incomplete financial or corporate governance variables (35) Less: observations whose shares are not publicly traded (208) Final observations 141 Number of banks 16 Table 2 shows the distribution of the sample by year and by the number of ICWs. More than 80% ( n = 113) of the observations report zero ICWs. Approximately 10% ( n = 14) of the observations disclose one ICW, and 4% ( n = 5) and 3% ( n = 4) report two and three ICWs, respectively. With the decreasing trend, only 1% ( n = 1) of banks disclose seven ICWs. See Table 2 for the sample distribution. Table 2 Sample Distribution by Year and Number of Internal Control Weaknesses year Number of internal control weaknesses Total 0 1 2 3 4 5 7 2001 1 0 0 0 0 0 0 1 2002 3 1 0 0 0 0 0 4 2003 5 0 0 1 0 0 0 6 2004 8 1 0 0 0 0 0 9 2005 11 0 0 0 0 0 0 11 2006 9 1 1 0 0 0 0 11 2007 9 2 0 0 1 0 0 12 2008 12 1 0 0 0 0 0 13 2009 11 1 0 1 0 0 0 13 2010 10 2 0 1 0 0 0 13 2011 11 1 1 0 0 0 0 13 2012 7 2 1 1 1 0 0 12 2013 8 1 1 0 0 1 1 12 2014 8 1 1 0 1 0 0 11 Total 113 14 5 4 3 1 1 141