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دانلود رایکان مقاله انگلیسی ISI با موضوع رویکرد ارزش گذاری مبتنی بر حسابداری برای ارزش نهادن به حاکمیت شرکتی در تایوان

عنوان فارسی مقاله:

یک رویکرد ارزش گذاری مبتنی بر حسابداری برای ارزش نهادن به حاکمیت شرکتی در تایوان

عنوان انگلیسی مقاله:

An accounting-based valuation approach to valuing corporate governance in Taiwan

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بخشی از مقاله انگلیسی :

3. The modified Feltham and Ohlson (1995) model

There are four primary assumptions underlying the FO95 model. First, non-arbitrage is assumed to hold so that firm value is the present value of expected dividends conditional on the information dynamic. Second, the model assumes clean surplus accounting where a change in book value is equal to its earnings after dividends. Third, (net) financial assets are assumed to be investment of zero net present value for which interest is the product of the risk-free rate and beginning of period (net) financial assets. Fourth, abnormal operating earnings and net operating assets (NOA) evolve according to the linear information dynamic. However, due to the separation of ownership and control from which contractual relationships that are often based on accounting numbers arise between managers and shareholders, managers have the incentive to apply certain accepted accounting rules at their discretion to maintain such relationships while enhancing their own interests. Reported accounting numbers may therefore reflect more the contractual constraints imposed on managers rather the true underlying economic activities. It follows that corporate governance may affect a firm’s earnings quality and in turn its abnormal operating earnings, book value and consequent market value. Consistent with the above argument, Warfield et al. (1995) find that a higher level of managerial ownership enhances the stock price informativeness of accounting earnings and reduces the magnitude of accounting accrual adjustments. The improvement in earnings quality due to better governance practices is also documented by Beasley (1996) and Klein (2002) who report that board independence is negatively related to earnings management. After adjusting for the impact of earnings management, Cornett et al. (2008, 2009) show that corporate governance measures such as institutional ownership and board composition increase their impact on earnings.