อิทธิพลของรายการคงค้างภายใต้ดุลยพินิจของผู้บริหารและการกำกับดูแลกิจการที่มีผลต่อต้นทุนเงินลงทุน : การวิเคราะห์โดยใช้ข้อมูลช่วงยาวแบบไม่สมดุลด้วยแบบจำลอง Fixed Effects
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มิ.ย. 24, 2020
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รายการคงค้างภายใต้ดุลยพินิจของผู้บริหาร, การกำกับดูแลกิจการ, ต้นทุนเงินลงทุน
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บทคัดย่อ
งานวิจัยนี้มีวัตถุประสงค์ในการวิเคราะห์อิทธิพลของรายการคงค้างภายใต้ดุลยพินิจของผู้บริหารและการกำกับ ดูแลกิจการที่มีต่อต้นทุนเงินลงทุน ของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย การวิจัยนี้ประกอบด้วย ตัวแปรอิสระ 2 กลุ่ม คือ 1. รายการคงค้างภายใต้ดุลยพินิจของผู้บริหารโดยประมาณค่าจากค่าสัมบูรณ์ด้วยแบบจำลอง Performance Matched Discretionary Accruals และ 2. การกำกับดูแลกิจการซึ่งประกอบด้วย การควบตำแหน่งของ คณะกรรมการบริษัทที่มากกว่า 1 ตำแหน่งในบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย ความเป็นอิสระของ คณะกรรมการบริษัทขนาดของคณะกรรมการ การควบตำแหน่งของซีอีโอและประธานคณะกรรมการ ความเชี่ยวชาญ ทางด้านการเงินและบัญชีของคณะกรรมการตรวจสอบ ความเห็นของผู้สอบบัญชี ผู้ถือหุ้นที่เป็นผู้บริหาร และ ผู้ถือหุ้นที่ เป็นสถาบันการเงิน ส่วนตัวแปรตามที่ใช้ในงานวิจัยชิ้นนี้คือ ต้นทุนของเงินลงทุนที่ประมาณค่าจากแบบจำลองการกำหนด ราคาสินทรัพย์ทุน (Capital Asset Pricing Model: CAPM) จากการวิเคราะห์โดยใช้ข้อมูลช่วงยาวแบบไม่สมดุลด้วยแบบ จำลอง Fixed Effects พบว่ารายการคงค้างภายใต้ดุลยพินิจของผู้บริหารและผู้ถือหุ้นที่เป็นผู้บริหารมีอิทธิพลในการเพิ่ม ต้นทุนของเงินลงทุน ในทางตรงกันข้าม ความเป็นอิสระของคณะกรรมการบริษัท ขนาดของคณะกรรมการบริษัท ความ เชี่ยวชาญทางด้านการเงินและบัญชีของคณะกรรมการตรวจสอบ และผู้ถือหุ้นที่เป็นสถาบันการเงินมีอิทธิพลในการลด ต้นทุนเงินลงทุนของกิจการ
Article Details
ประเภทบทความ
บทความวิจัย
บทความที่ปรากฏในวารสารนี้ เป็นความรับผิดชอบของผู้เขียน ซึ่งสมาคมนักวิจัยไม่จำเป็นต้องเห็นด้วยเสมอไป การนำเสนอผลงานวิจัยและบทความในวารสารนี้ไปเผยแพร่สามารถกระทำได้ โดยระบุแหล่งอ้างอิงจาก "วารสารสมาคมนักวิจัย"
เอกสารอ้างอิง
พิริยะกุล, ม. (2013). Panel data analysis. วารสารรามคำแหง สาขาวิทยาศาสตร์และเทคโนโลยี, 30(2), 41-54.
References
Abed, S., Al-Attar, A., & Suwaidan, M. (2012). Corporate Governance and Earnings Management: Jordanian Evidence. International Business Research, 5(1), 216-225. Ahmad, A., Saleh, N. M., Iskandar, T. M., & Alias, M. A. (2011). The monitoring role of institutional investors and earning opacity. Peranan pengawasan pelabur institusi dan kekaburan perolehan, 32, 83-101. Ali Shah, S. Z., Butt, S. A., & Hasan, A. (2009). Corporate Governance and Earnings Management an Empirical Evidence Form Pakistani Listed Companies. European Journal of Scientific Research, 26(2), 624-638. Ashton, D. (1995). The cost of equity capital and a generalisation of the dividend growth model. Accounting and business research, 26(1), 3-17. Banko, J., Frye, M. B., Wang, W., & Whyte, A. M. (2013). Earnings management and annual general meetings: The role of managerial entrenchment. Financial Review, 48(2), 259-282. Banz, R. W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9(1), 3-18. Basu, S. (1977). Investment performance of common stocks in relation to their price-earnings ratios: A test of the efficient market hypothesis. The Journal of Finance, 32(3), 663-682. Becker, C. L., Defond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The effect of audit quality on earnings management. Contemporary Accounting Research, 15(1), 1-24. Bédard, J., Chtourou, S. M., & Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing, 23(2), 13-35. Bhandari, L. C. (1988). Debt/equity ratio and expected common stock returns: Empirical evidence. The Journal of Finance, 43(2), 507-528. Bhattacharya, N., Desai, H., & Venkataraman, K. (2013). Does earnings quality affect information asymmetry? Evidence from trading costs. Contemporary Accounting Research, 30(2), 482-516. Bhattacharya, U., Daouk, H., & Welker, M. (2003). The world price of earnings opacity. The accounting review, 78(3), 641-678. Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2), 112-131. Black, F. (1972). Capital market equilibrium with restricted borrowing. The Journal of Business, 45(3), 444-455. Botosan, C., Plumlee, M., & Xie, Y. (2004). The role of information precision in determining the cost of equity capital. Review of Accounting Studies, 9(2-3), 233-259.
Brennan, N., & Solomon, J. (2008). Corporate governance, accountability and mechanisms of accountability: an overview. Accounting, Auditing & Accountability Journal, 21(7), 885-906. Chen, H., Chen, J. Z., Lobo, G., & Wang, Y. (2011). Effects of Audit Quality on Earnings Management and Cost of Equity Capital: Evidence from China. Contemporary Accounting Research, 28(3), 892-925. Cheng, C. A., Collins, D., & Huang, H. H. (2006). Shareholder rights, financial disclosure and the cost of equity capital. Review of Quantitative Finance and Accounting, 27(2), 175-204. Cornett, M. M., Marcus, A. J., & Tehranian, H. (2008). Corporate governance and pay-for-performance: The impact of earnings management. Journal of Financial Economics, 87(2), 357-373. Da, Z., Guo, R.-J., & Jagannathan, R. (2012). CAPM for estimating the cost of equity capital: Interpreting the empirical evidence. Journal of Financial Economics, 103(1), 204-220. Dao, M., Huang, H. W., & Zhu, J. (2012). The effects of audit committee members' age and additional directorships on the cost of equity capital in the usa. European Accounting Review. Davidson, R., Goodwin-Stewart, J., & Kent, P. (2005). Internal governance structures and earnings management. Accounting and Finance, 45(2), 241-267. Dhaliwal, D., Li, O. Z., Tsang, A., & Yang, Y. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100. Eaton, T. V., Nofsinger, J. R., & Weaver, D. G. (2007). Disclosure and the cost of equity in international cross-listing. Review of Quantitative Finance and Accounting, 29(1), 1-24. Ebrahim, A. (2007). Earnings management and board activity: an additional evidence. Review of Accounting and Finance, 6(1), 42-58. El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance, 35(9), 2388-2406. Epps, R. W., & Guthrie, C. P. (2010). Sarbanes-Oxley 404 material weaknesses and discretionary accruals. Accounting Forum, 34, 67-75. Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2), 187-243. Gray, P., Koh, P. S., & Tong, Y. H. (2009). Accruals quality, information risk and cost of capital: Evidence from Australia. Journal of Business Finance and Accounting, 36(1-2), 51-72. Harris, R. S., Marston, F. C., Mishra, D. R., & O'Brien, T. J. (2003). Ex ante cost of equity estimates of S&P 500 firms: The choice between global and domestic CAPM. Financial Management, 51-66. Healy, P. M., & Wahlen, J. M. (1999). A Review of the Earnings Management Literature and its implications for Standard Setting. American Accounting Association Accounting Horizons, 13(4), 365-383. Hribar, P., & Collins, D. W. (2002). Errors in Estimating Accruals: Implications for Empirical Research. Journal of Accounting Research, 40(1), 105-134. doi: 10.1111/1475-679x.00041
Hribar, P., & Jenkins, N. T. (2004). The effect of accounting restatements on earnings revisions and the estimated cost of capital. Review of Accounting Studies, 9(2-3), 337-356. Huang, H., Wang, Q., & Zhang, X. (2009). The effect of CEO ownership and shareholder rights on cost of equity capital. Corporate Governance, 9(3), 255-270. Jagannathan, R., & Meier, I. (2002). Do we need CAPM for capital budgeting? : National Bureau of Economic Research. Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. Johl, S., Jubb, C. A., & Houghton, K. A. (2007). Earnings management and the audit opinion: evidence from Malaysia. Managerial Auditing Journal, 22(7), 688-715. Jonas, G., & Blanchet, J. (2000). Assessing quality of financial reporting. Accounting Horizons, 14(3), 353363. Kao, J. L., Wu, D., & Yang, Z. (2009). Regulations, earnings management, and post-IPO performance: The Chinese evidence. Journal of Banking & Finance, 33(1), 63-76. Kasznik, R. (2004). Discussion of "the effect of accounting restatements on earnings revisions and the estimated cost of capital". Review of Accounting Studies, 9(2-3), 357-367. KielholzÃ, W. (2000). The cost of capital for insurance companies. Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33, 375-400. Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39, 163-197. Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The review of economics and statistics, 47(1), 13-37. National Corporate Governance Committee. (2013). Definitions of Corporate Governance. Retrieved 25 June, 2013, from http://www.cgthailand.org/SetCG/about/about_en.html OECD. (2004). OECD Principles of Corporate Governance: Organisation for Economic Co-Operation and Development. Park, Y. W., & Shin, H.-H. (2004). Board composition and earnings management in Canada. Journal of Corporate Finance, 10, 431-457. Peasnell, K., Pope, P., & Young, S. (2004). Board monitoring and earnings management: Do outside directors influence abnormal accruals? The department of Accounting and Finance Lancaster university management school, 1-45. Poshakwale, S., & Courtis, J. K. (2005). Disclosure level and cost of equity capital: Evidence from the banking industry. Managerial and Decision Economics, 26(7), 431-444. Reverte, C. (2009). Do better governed firms enjoy a lower cost of equity capital?: Evidence from Spanish firms. Corporate Governance, 9(2), 133-145. Richardson, A., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26(7), 597-616.
Rosenberg, B., Reid, K., & Lanstein, R. (1985). Persuasive evidence of market inefficiency. The Journal of Portfolio Management, 11(3), 9-16. Sharpe, W. F. (1964). Capital Asset Prices: A Theory of Market Equlibrium under Conditions of Risk The Journal of Finance, 19(3), 425-442. Stehle, R., Ehrhardt, O., & Przyborowsky, R. (2000). Long-run stock performance of German initial public offerings and seasoned equity issues. European Financial Management, 6(2), 173-796. Strobl, G. (2013). Earnings Manipulation and the Cost of Capital. Journal of Accounting Research, 51(2), 443-479. Subramanyam, K. R. (1996). The pricing of discretionary accruals. Journal of Accounting and Economics, 22, 249-281. Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings Management and the Long-Run Market Performance of Initial Public Offerings. The Journal of Finance 13(6), 1935-1974. Torres-Reyna, O. (2010). Panel Data AnalysisFixed & Random Effects. Retrieved from http://dss.princeton.edu/traning/ Upadhyay, A., & Sriram, R. (2011). Board size, corporate information environment and cost of capital. Journal of Business Finance and Accounting, 38(9-10), 1238-1261. Welch, I. (2008). The consensus estimate for the equity premium by academic financial economists in December 2007. Available at SSRN 1084918. Xie, B., Davidson, W., & DaDalt, P. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9, 295-316. Zouari, A., & Rebaï, I. (2009). Institutional ownership differences and earnings management: A neural networks approach. International Research Journal of Finance and Economics, 34, 42-55.
References
Abed, S., Al-Attar, A., & Suwaidan, M. (2012). Corporate Governance and Earnings Management: Jordanian Evidence. International Business Research, 5(1), 216-225. Ahmad, A., Saleh, N. M., Iskandar, T. M., & Alias, M. A. (2011). The monitoring role of institutional investors and earning opacity. Peranan pengawasan pelabur institusi dan kekaburan perolehan, 32, 83-101. Ali Shah, S. Z., Butt, S. A., & Hasan, A. (2009). Corporate Governance and Earnings Management an Empirical Evidence Form Pakistani Listed Companies. European Journal of Scientific Research, 26(2), 624-638. Ashton, D. (1995). The cost of equity capital and a generalisation of the dividend growth model. Accounting and business research, 26(1), 3-17. Banko, J., Frye, M. B., Wang, W., & Whyte, A. M. (2013). Earnings management and annual general meetings: The role of managerial entrenchment. Financial Review, 48(2), 259-282. Banz, R. W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9(1), 3-18. Basu, S. (1977). Investment performance of common stocks in relation to their price-earnings ratios: A test of the efficient market hypothesis. The Journal of Finance, 32(3), 663-682. Becker, C. L., Defond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The effect of audit quality on earnings management. Contemporary Accounting Research, 15(1), 1-24. Bédard, J., Chtourou, S. M., & Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing, 23(2), 13-35. Bhandari, L. C. (1988). Debt/equity ratio and expected common stock returns: Empirical evidence. The Journal of Finance, 43(2), 507-528. Bhattacharya, N., Desai, H., & Venkataraman, K. (2013). Does earnings quality affect information asymmetry? Evidence from trading costs. Contemporary Accounting Research, 30(2), 482-516. Bhattacharya, U., Daouk, H., & Welker, M. (2003). The world price of earnings opacity. The accounting review, 78(3), 641-678. Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2), 112-131. Black, F. (1972). Capital market equilibrium with restricted borrowing. The Journal of Business, 45(3), 444-455. Botosan, C., Plumlee, M., & Xie, Y. (2004). The role of information precision in determining the cost of equity capital. Review of Accounting Studies, 9(2-3), 233-259.
Brennan, N., & Solomon, J. (2008). Corporate governance, accountability and mechanisms of accountability: an overview. Accounting, Auditing & Accountability Journal, 21(7), 885-906. Chen, H., Chen, J. Z., Lobo, G., & Wang, Y. (2011). Effects of Audit Quality on Earnings Management and Cost of Equity Capital: Evidence from China. Contemporary Accounting Research, 28(3), 892-925. Cheng, C. A., Collins, D., & Huang, H. H. (2006). Shareholder rights, financial disclosure and the cost of equity capital. Review of Quantitative Finance and Accounting, 27(2), 175-204. Cornett, M. M., Marcus, A. J., & Tehranian, H. (2008). Corporate governance and pay-for-performance: The impact of earnings management. Journal of Financial Economics, 87(2), 357-373. Da, Z., Guo, R.-J., & Jagannathan, R. (2012). CAPM for estimating the cost of equity capital: Interpreting the empirical evidence. Journal of Financial Economics, 103(1), 204-220. Dao, M., Huang, H. W., & Zhu, J. (2012). The effects of audit committee members' age and additional directorships on the cost of equity capital in the usa. European Accounting Review. Davidson, R., Goodwin-Stewart, J., & Kent, P. (2005). Internal governance structures and earnings management. Accounting and Finance, 45(2), 241-267. Dhaliwal, D., Li, O. Z., Tsang, A., & Yang, Y. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100. Eaton, T. V., Nofsinger, J. R., & Weaver, D. G. (2007). Disclosure and the cost of equity in international cross-listing. Review of Quantitative Finance and Accounting, 29(1), 1-24. Ebrahim, A. (2007). Earnings management and board activity: an additional evidence. Review of Accounting and Finance, 6(1), 42-58. El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance, 35(9), 2388-2406. Epps, R. W., & Guthrie, C. P. (2010). Sarbanes-Oxley 404 material weaknesses and discretionary accruals. Accounting Forum, 34, 67-75. Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2), 187-243. Gray, P., Koh, P. S., & Tong, Y. H. (2009). Accruals quality, information risk and cost of capital: Evidence from Australia. Journal of Business Finance and Accounting, 36(1-2), 51-72. Harris, R. S., Marston, F. C., Mishra, D. R., & O'Brien, T. J. (2003). Ex ante cost of equity estimates of S&P 500 firms: The choice between global and domestic CAPM. Financial Management, 51-66. Healy, P. M., & Wahlen, J. M. (1999). A Review of the Earnings Management Literature and its implications for Standard Setting. American Accounting Association Accounting Horizons, 13(4), 365-383. Hribar, P., & Collins, D. W. (2002). Errors in Estimating Accruals: Implications for Empirical Research. Journal of Accounting Research, 40(1), 105-134. doi: 10.1111/1475-679x.00041
Hribar, P., & Jenkins, N. T. (2004). The effect of accounting restatements on earnings revisions and the estimated cost of capital. Review of Accounting Studies, 9(2-3), 337-356. Huang, H., Wang, Q., & Zhang, X. (2009). The effect of CEO ownership and shareholder rights on cost of equity capital. Corporate Governance, 9(3), 255-270. Jagannathan, R., & Meier, I. (2002). Do we need CAPM for capital budgeting? : National Bureau of Economic Research. Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. Johl, S., Jubb, C. A., & Houghton, K. A. (2007). Earnings management and the audit opinion: evidence from Malaysia. Managerial Auditing Journal, 22(7), 688-715. Jonas, G., & Blanchet, J. (2000). Assessing quality of financial reporting. Accounting Horizons, 14(3), 353363. Kao, J. L., Wu, D., & Yang, Z. (2009). Regulations, earnings management, and post-IPO performance: The Chinese evidence. Journal of Banking & Finance, 33(1), 63-76. Kasznik, R. (2004). Discussion of "the effect of accounting restatements on earnings revisions and the estimated cost of capital". Review of Accounting Studies, 9(2-3), 357-367. KielholzÃ, W. (2000). The cost of capital for insurance companies. Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33, 375-400. Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39, 163-197. Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The review of economics and statistics, 47(1), 13-37. National Corporate Governance Committee. (2013). Definitions of Corporate Governance. Retrieved 25 June, 2013, from http://www.cgthailand.org/SetCG/about/about_en.html OECD. (2004). OECD Principles of Corporate Governance: Organisation for Economic Co-Operation and Development. Park, Y. W., & Shin, H.-H. (2004). Board composition and earnings management in Canada. Journal of Corporate Finance, 10, 431-457. Peasnell, K., Pope, P., & Young, S. (2004). Board monitoring and earnings management: Do outside directors influence abnormal accruals? The department of Accounting and Finance Lancaster university management school, 1-45. Poshakwale, S., & Courtis, J. K. (2005). Disclosure level and cost of equity capital: Evidence from the banking industry. Managerial and Decision Economics, 26(7), 431-444. Reverte, C. (2009). Do better governed firms enjoy a lower cost of equity capital?: Evidence from Spanish firms. Corporate Governance, 9(2), 133-145. Richardson, A., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26(7), 597-616.
Rosenberg, B., Reid, K., & Lanstein, R. (1985). Persuasive evidence of market inefficiency. The Journal of Portfolio Management, 11(3), 9-16. Sharpe, W. F. (1964). Capital Asset Prices: A Theory of Market Equlibrium under Conditions of Risk The Journal of Finance, 19(3), 425-442. Stehle, R., Ehrhardt, O., & Przyborowsky, R. (2000). Long-run stock performance of German initial public offerings and seasoned equity issues. European Financial Management, 6(2), 173-796. Strobl, G. (2013). Earnings Manipulation and the Cost of Capital. Journal of Accounting Research, 51(2), 443-479. Subramanyam, K. R. (1996). The pricing of discretionary accruals. Journal of Accounting and Economics, 22, 249-281. Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings Management and the Long-Run Market Performance of Initial Public Offerings. The Journal of Finance 13(6), 1935-1974. Torres-Reyna, O. (2010). Panel Data AnalysisFixed & Random Effects. Retrieved from http://dss.princeton.edu/traning/ Upadhyay, A., & Sriram, R. (2011). Board size, corporate information environment and cost of capital. Journal of Business Finance and Accounting, 38(9-10), 1238-1261. Welch, I. (2008). The consensus estimate for the equity premium by academic financial economists in December 2007. Available at SSRN 1084918. Xie, B., Davidson, W., & DaDalt, P. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9, 295-316. Zouari, A., & Rebaï, I. (2009). Institutional ownership differences and earnings management: A neural networks approach. International Research Journal of Finance and Economics, 34, 42-55.
