標題: The role of the audit committee and the informativeness of accounting earnings in East Asia
作者: Woidtke, Tracie
Yeh, Yin-Hua
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: Corporate governance;Ownership;Earnings informativeness;Audit committee
公開日期: 1-Jun-2013
摘要: Policy makers around the world have focused on corporate governance reform since the Asian financial crisis and scandals in the United States such as the Enron debacle. In particular, policy makers have focused on the establishment of independent audit committees to improve investor confidence in reported accounting information. In a sample of East Asian companies, we find that the negative relation between concentrated control and earnings informativeness that was documented prior to the Asian financial crisis persists in a more recent period, even though many corporate governance reforms have been adopted since the crisis to improve financial disclosure. We do, however, find that earnings informativeness is strengthened by both fully independent audit committees and audit committees with a majority of independent directors with accounting financial or legal expertise. In addition, the increased reliability that is associated with these audit committee characteristics appears to more than offset the detrimental effect that is associated with concentrated control. The results in this paper suggest that an emphasis on audit committee independence alone may not be enough to enhance earnings informativeness. Instead, focusing on both complete independence and the financial or legal expertise of independent directors who are appointed to the audit committee may be a more fruitful way to increase investor confidence in accounting information, especially when ownership is concentrated. (C) 2012 Elsevier B.V. All rights reserved.
URI: http://dx.doi.org/10.1016/j.pacfin.2012.12.002
http://hdl.handle.net/11536/21806
ISSN: 0927-538X
DOI: 10.1016/j.pacfin.2012.12.002
期刊: PACIFIC-BASIN FINANCE JOURNAL
Volume: 23
Issue: 
起始頁: 1
結束頁: 24
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