Insider trading, accrual abuse, and corporate governance in emerging markets — Evidence from Taiwan

ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 > Item 310904400/64341

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题名:	Insider trading, accrual abuse, and corporate governance in emerging markets — Evidence from Taiwan
作者:	湯惠雯;Tang, Hui-wen;陳安琳;Chen, Anlin;張眾卓;Chang, Chong-Chuo
贡献者:	財務金融學系
日期:	2013-09
上传时间:	2013-10-29 09:39:04 (UTC+0)
摘要:	This study investigates the endogenous relationship between abnormal insider trading and accrual abuse, and explores whether corporate governance affects this relationship. Our results suggest that insiders take advantage of private information on abnormal accruals to time their trading and manipulate accruals opportunistically to mislead the stock market prior to their planned trading. More important, we find that the abuse of inside information for stock trading becomes more serious when a firm's ultimate controller has a great divergence of control rights (or seat-control rights) from cash flow rights. We also find that higher family ownership and control, increased managerial ownership, or a dual leadership structure not only induces more private information trading prior to financial reports disclosure, but also intensifies accrual abuse for future trading. The results for composite governance indices are also consistent with our expectation. Taken together, our evidence suggests that a poor corporate governance system interacts with abnormal insider trading and abnormal accruals, thereby aggravating insider expropriation on outside investors.
關聯:	Pacific-Basin Finance Journal, 24:132-155
显示于类别:	[財務金融學系] 期刊論文

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