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TheInternationalJournalofAccountingStudies42200611-221**20050420051224220061EffectsoftheInformationDisclosureandEvaluationSystemonEarningsManagementRuey-DangChangNationalSunYat-senUniversityChun-JuFangNationalSunYat-senUniversityAbstractInformationtransparencyenhancescorporategovernance.InanattempttoimproveinformationtransparencyofthepubliclytradedandOTCcompaniesandbringthepowerofthepublicintoimprovementsoncorporategovernance,theTaiwanStockExchangeCorporation(TSEC)requestedtheSecurities&FuturesInstitute(SFI)toimplementaninformationdisclosureandevaluationsystemforallpubliclytradedandOTCcompanieslistedinTSEC.Thisstudyinvestigateseffectsofthesystemonearningsmanagementbehaviorandtheabilityofthesystemtodifferentiateearningsmanagementbehavioramongfirmsdifferedintheirextentsofinformationtransparency.Empiricalresultsindicatethatearningsmanagementdecreasedaftertheimplementationofthesystemandtheeffectsarehigherforcompanieswithhighermanagementownershipholdings.However,thedifferencebetween“moretransparent”and“lesstransparent”companiesisnotstatisticallysignificant.Thisislikelyaresultofinadequacyofatwo-groupclassificationsystemindistinguishingclearlydifferencesinearningsmanagement.Keywords:Informationdisclosure,Earningsmanagement,Corporategovernance.SubmittedApril2005AcceptedDecember2005After3roundsofreview-320032004Mallin2002(Standard&Poor)(CreditLyonnaisSecurities)200397%99%28%27%Healyetal.(1999)12175220022200444220061(LoboandZhou2001Huntonetal.2004)3(OrganizationofEconomicCooperation&Development,OECD)2003PricewaterhouseCoopers200220033-5(GlostenandMilgrom1985)Welker(1995)LangandLundholm(1993)LangandLundholm(1996)(Healyetal.1999)2002TruemanandTitman(1988)Dye(1988)Schipper(1989)4Richardson(2000)(HirstandHopkins1998;MainesandMcDaniel2000)HirstandHopkins(1998)5MainesandMcDaniel(2000)(statementofcomprehensiveincome)(Lundholm1999Hirstetal.2003)(Fieldsetal.2001)4Schipper(1989)blockcommunicationblockcommunication564220061LoboandZhou2001;Huntonetal.2004DuttaandGigler(2002)JonesandSharma(2001)6Huntonetal.(2004)92(JensenandMeckling1976)(Claessensetal.2002)ShleiferandVishny(1997)(2002)(1999)Morcketal.(1988)Dechowetal.(1996)6-7Warfieldetal.(1995)(LoboandZhou2001;Huntonetal.2004)(McNicholsandWilson1988;Sweeney1994)Beckeretal.(1998)Frankeletal.2002;Krishnan2003;ParkandPark2004(discretionarycurrentaccruals,DCA)(discretionarylong-termaccruals,DLA)DCADLADCAGuenther(1994)Teohetal.(1998)DasandZhang(2003)7Guenther(1994)Kimetal.(2003)7DasandZhang(2003)84220061CAit=(?CASSETit?CASHit)(?CLit?LDit?TPit)(1)CAit=itCASSETit=itt-1CASHit=itt-1CLit=itt-1LDit=itt-1TPit=itt-12003(Guenther1994;Lopezetal.1998;HanandWang1998;Monem2003)200320022004200120028Healy(1985)Guenther(1994)Lopezetal.(1998)199019999(2)10200011200420002004(Guenther1994;Lopezetal.1998;Linetal.2004)1ti,itiTACA-=a0(1ti,iTA1-)a1)(1ti,ititTA?AR?SALE--it(2)SALEit=itt-1ARit=itt-1TAi,t-1=it-1Guenther(1994)Lopezetal.(1998)(standardizeddiscretionarycurrentaccruals,SDCA)121382001-20022002-20032003910(Dechowetal.1995)1986TEJ19891990-19992000200410Dechowetal.(1995)Guenther(1994)Lopezetal.(1998)ModifiedJonesModelLopezetal.(1998)11200012sˆ(SDCA)sˆ19901999-9(Balsametal.2003)(ReynoldsandFrancis2000)(DeFondandJiambalvo1994;Sweeney1994)Dechowetal.(1995)(Krishnan2003)2003DeFondandPark1997;Kimetal.2003;AlbornozandAlcarria2003;ParkandPark2004SDCAit=ß0+ß1Dum1(2,3)i+ß2SIZEit+ß3LEVit+ß4CFOit+ß5ABSTAit+ß6SDCAit-1+eit(3)SDCAit=itSIZEit=itLEVit=itCFOit=itABSTAit=itSDCAit-1=it-1Dum1i=1i200210Dum2i=2i200310Dum3i=3i20041020012002(3)SDCA2002200321200320043200220043SDCA142001200420022003(4)1314104220061SDCAit=ß0+ß1SIZEit+ß2LEVit+ß3CFOit+ß4ABSTAit+ß5SDCAit-1+ß6Dum2i+ß7MANit+ß8Dum2i*MANit+eit(4)MANititDum2i*MANitDum2iMANitMAN(centralization)15(multicollinearity)(Jaccardetal.1990;Neteretal.1999)(5)SDCAit=ß0+ß1Dumi+ß2SIZEit+ß3LEVit+ß4CFOit+ß5ABSTAit+ß6SDCAit-1+eit(5)Dumii10(TaiwanEconomicJournal,TEJ)1989-20041620032004(outlier)2003(studentt)3cookd1DFFITS128110%10%(autocorrelation)Durbin-WatsonGuenther(1994)R2160.0356.9230.4040.0590.062-0.02910.2520021715(Χ-Χi)16Guenther(1994)DurbinWatson2.2012.1632.183-0.134-0.116-0.182R20.3810.4740.228Guenther(1994)Jones(1991)0.23217231-111172.49%12155.34%13176.05%143713.17%15,45165.69%1682.85%17217.47%1841.42%1962.14%20134.63%2182.85%2231.07%23,24,30,536222.06%25,55176.05%26103.56%2762.14%29103.56%217.47%281100%(2)(n=281)CAit/TAi,t-1=0(1/TAi,t-1)+1((SALEit-ARit)/TAi,t-1)+t10%25%75%90%R20.2280.0240.0830.1790.3320.48805496-98938-29559186038662922543310.050-0.313-0.0870.0850.2470.450Durbin-Watson2.1831.3061.7202.2582.6343.004-0.182-0.555-0.403-0.2020.0220.211CAit=itt-1SALEit=itt-1ARit=itt-1TAi,t-1=it-1N=1124SDCA-0.4650.0390.5350.0350.891SIZE6.5796.8787.1986.9230.504LEV0.3090.4030.5000.4040.148CFO0.0190.0520.0950.0590.067ABSTA0.0200.0450.0810.0620.064SDCAt-1-0.558-0.0320.497-0.0290.926Dum10.0000.0000.7500.2500.433SIZE=LEV=CFO=ABSTA=SDCAt-1=t-1Dum1=200210PearsonSpearman2312422006112002SpearmanPearson0.256-0.333VIF(varianceinflationfactors)10PearsonSpearmanN=1124SDCASIZELEVCFOABSTASDCAt-1D