社会压力与监管力量对公司主动重述不法收入的影响

TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings标题：社会压力与监管力量对公司主动重述不法收入的影响ComingForward——proposingthatfirmsvoluntarilyrestatetheirearningsSubsequenttoWrongdoingEffectfactors——SocialandRegulatoryForces作者：MichaelD.PfarrerKenG.Smith,KathrynM.BartolDmitryM.KhaninXiaomengZhangTheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings摘要研究内容：Investigatingtheeffectsofsocialandregulatoryforcesonafirm’sdecisiontodisclosepastwrongdoingbyrestatingitsearnings.研究结果：Firmsaremorelikelytovoluntarilyrestatetheirearningsinresponsetoinformalsocialpressuresfromotherfirmsintheirindustryandlesslikelytodosoinresponsetoformalregulatorysanctions.研究目的：Examinestheeffectivenessof“hard”versus“soft”deterrencemeasuresonfirmcomplianceforcorporategovernanceandpublicpolicyresearch.TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings前言社会背景：ThecorporategovernanceproblemsofearningsmanipulationandaccountingfraudappearcommonamongU.S.firms.背景分析：Thegovernanceproblemsofearningsmanipulationandaccountingfraudareaddressedbybothformalandinformalexternalforces.Howdoformalandinformalexternalforcesimpactthelikelihoodthatafirmwillvoluntarilydisclosepastwrongdoingandrestateitsearnings?研究背景：Althoughthegovernanceliteratureinaccountinghasinvestigatedrestatements,ithasnotfocusedonvoluntaryrestatementsasacoreconstructofinterest,norhaveresearcherstheorizedandtestedhowexternalsocialandregulatoryforcesaffectthedecisiontocomeforwardandrestateearnings.TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings一、问题的提出公司违规：Amajority(83%)believesitisacceptabletobendrulesthatareoutofdateorambiguous,whereas74%believeitisacceptabletodosotoachieveperformancegoals.(AsurveyofcorporateexecutivesbyVeigaetal.2004).问题：Allpublicfirmsareatriskofregulatorydeviancethroughmanipulationofearningsandthusalsoatriskofrestatingthem.本文研究：ThefirsttomakevoluntaryrestatementsthemainconstructofinterestTheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarningsVoluntarydisclosureofwrongdoing术语源头：Sociologicalandlegalresearch术语内涵：Indicatingintentional,manipulative,orfraudulentbehavior.术语辨析(Voluntarydisclosure)：Fromanaccountingstandpoint，firmsordinarilydisclosepositiveinformationaboutthemselves;Inthisstudy,disclosingearningssubsequenttoWrongdoing.TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarningsEffectsofVoluntarydisclosureofwrongdoing短期来看：Significantnegativefinancialandmanagerialconsequences(examples)Thedecisiontovoluntarilyrestateearningscanbehighlyproblematic.长期来看：VoluntarydisclosureofwrongdoingmaybeamoreeffectivestrategythanconcealmentRegulatorsencouragethevoluntarydisclosureofwrongdoing.TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings二、提出假设—EffectsofInformalandFormalForces假设一：InformalSocialForcesHowdopeers,industryleaders,andnetworkconnectionsaffectthelikelihoodofafirmvoluntarilyrestatingitsearnings?假设二：FormalRegulatoryForcesDOformalsanctionstrulyhaveadeterringeffect?假设三：ModeratingRoleofFirmStatusHowdoesfirm’sstatusmoderatetheeffectsofinformalforcesandformalforces?TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings假设一Hypothesis1A(H1A)：Industryperformanceleadersthatvoluntarilyrestatedwillincreasethelikelihoodthatafirmintheindustrywillvoluntarilyrestateitsearnings.Hypothesis1B(H1B)：Industrysizeleadersthatvoluntarilyrestatedwillincreasethelikelihoodthatafirmintheindustrywillvoluntarilyrestateitsearnings.Hypothesis1C(H1C)：Thegreaterthenumberofpreviousvoluntaryrestatersintheindustry,thegreaterthelikelihoodthatafirmintheindustrywillvoluntarilyrestateitsearnings.Hypothesis1D(H1D)：Networkmembersthatvoluntarilyrestatedwillincreasethelikelihoodthatafirminthenetworkwillvoluntarilyrestateitsearnings.TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings假设二Hypothesis2(H2)：Thegreaterthenumberofpreviousforcedrestatersintheindustry,thelowerthelikelihoodthatafirmintheindustrywillvoluntarilyrestateitsearnings.TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings假设三：Hypothesis3A(H3A)：Thestrengthofthepositiverelationshipbetweeninformalforcesandthelikelihoodofafirm’svoluntarilyrestatingitsearningswilldecreasewiththefirm’sstatus.Hypothesis3B(H3B)：Thestrengthofthenegativerelationshipbetweenformalforcesandthelikelihoodofafirm’svoluntarilyrestatingitsearningswillincreasewiththefirm’sstatus.TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings三、研究方法及分析模型数据来源变量分析：因变量、自变量、控制变量测验分析：测验模型、测验结果、信度检验TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings（一）数据来源—公司样本公司样本来源：ExecucompdatabaseExecucomp数据库的数据来源于公司的年度财务报表、股东签署的委托书、美国证券交易委员会(SEC)10-K报告（$年度报告），可查询到美国公司高阶主管薪资资料及产业资讯，包括了至今为止纳入标准普尔1500指数的2532家公司资讯。公司样本情况：本研究采用样本中公司的资产价值幅度为21.4万~1050亿（美元），中位数为9.31亿美元。样本分类标准：100个标准产业分类代码four-digitSICcodes：由4位数字组成，前两位数字是识别主要行业，第三位数字确定产业类别，第四位表示具体产业。（SIC—StandardIndustrialClassification）TheEffectsofSocialandRegulatoryForcesontheVoluntaryRestatementofEarnings标准普尔1500指数标准普尔指数：由美国最大的证券研究机构即