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Petrovic, Nikola. "Accruals, earnings volatility and future operating and share performance : The UK evidence." Thesis, University of Essex, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.499762.
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Mills, Jeffery S. Warner Jason C. Rush Edison C. "Analysis of Ticonderoga Class Cruiser operating targets for other consumables, repair parts, and administrative expenditures." Monterey, Calif. : Naval Postgraduate School, 2008. http://handle.dtic.mil/100.2/ADA483515.
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"Submitted in partial fulfillment of the requirements for the degree of Master of Business Administration from the Naval Postgraduate School, June 2008."<br>Advisor(s): Euske, Kenneth ; Matthews, Dan. "June 2008." "MBA professional report"--Cover. Description based on title screen as viewed on August 21, 2008. Includes bibliographical references (p. 119-122). Also available in print.
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Mills, Jeffery S., Edison C. Rush, and Jason C. Warner. "Analysis of Ticonderoga Class Cruiser operating targets for other consumables, repair parts, and administrative expenditures." Monterey, California: Naval Postgraduate School, 2008, 2008. http://hdl.handle.net/10945/10344.
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MBA Professional Report<br>The purpose of this project is to analyze Ticonderoga Class Cruiser Operating Targets (OPTAR) for the Atlantic Fleet (LANTFLT) and the Pacific Fleet (PACFLT). The scope of the analysis focused on the Ticonderoga Class Cruisers - the surface combatants with the least amount of configuration differences among the class. This project was conducted with the sponsorship and assistance of Commander Naval Surface Forces (CNSF). The goal of this project is to provide CNSF with underlying causes which explain lower expenditures for LANTFLT than PACFLT in the sub accounts of Other Consumable (SO), Repair (SR), and Administrative (SX). Due to levels of data available and the proportion of total expenditures that each sub-account represented, the emphasis of the analysis was concentrated on the Other Consumable and the Repair Parts Sub-accounts. The project developed a methodology to analyze expenditures within the cruiser class by three different levels; the sub-account level, the expense element level, and the system level. The cruisers were classified into groups based on their fleet, homeport, area classification (OCONUS or CONUS), and baseline configuration, at the sub-account and expense element level to see if there were relationships within the different groupings.
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Woodland, Angela M. "The effects of tracking stock issuances on operating performance, shareholder wealth, and the informativeness of accounting fundamentals /." free to MU campus, to others for purchase, 2001. http://wwwlib.umi.com/cr/mo/fullcit?p3025667.
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Al, Haddad Lara Mohammad. "The relationships between corporate governance mechanisms, earnings management and future operating performance : evidence from Jordan." Thesis, University of Aberdeen, 2017. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=232949.
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Park, Han-Up. "Changes in Operating Margins During a Sales Decline and Abnormal Returns." Diss., Temple University Libraries, 2017. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/464964.
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Business Administration/Accounting<br>Ph.D.<br>I examine the implications of changes in operating profit margins during a sales decline for future earnings and abnormal stock returns. When sales decrease, managers decide whether to cut slack resources. Managers who are optimistic about their future operations often retain slack resources in anticipation of resurging sales, thereby decreasing concurrent profitability. Conversely, managers who are pessimistic about their future operations typically reduce slack resources to gain efficiency, thereby increasing concurrent profitability. I find that analysts and investors persistently underestimate the future profitability of firms that exhibit a large decrease in current profitability. I also find that subsequent quarterly earnings announcements gradually reveal future profitability, resulting in concentrated positive abnormal returns in short pre-announcement windows for about a year after a sales decline. These results suggest that analysts and investors have difficulties evaluating managers’ resource adjustment decisions when a large decrease in concurrent profitability can indicate managers’ optimistic expectations.<br>Temple University--Theses
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Du, Ruixue. "The Relationship Between Share Price and Operating Cash Flow Under the Casual Theme Restaurant Setting." Thesis, Virginia Tech, 2008. http://hdl.handle.net/10919/33274.
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In spite of the well-accepted belief of the relationship between cash flow and stock price, there are some controversies about whether cash flow is a good value driver in terms of explaining the volatility of stock prices, when compared with other value drivers, such as earnings or dividends.
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Most of the previous studies that have focused on the relationship between stock price and cash flow have used cross-industries data, primarily S&P 500 index. These studies do not distinguish service industry from manufacturing industry.
However, the service industry is different from manufacturing in many ways. These differences make cash play different roles in the daily operation between the service industry and the manufacturing industry.
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Given these factors, whether the relationship between stock price and cash flow indentified in previous studies will hold in the casual theme restaurant industry is the question this study tries to answer. Therefore, a set of 20 casual theme restaurant companies are selected through the COMPUSTAT database as the sample of this study.
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In this study, the performance of cash flow, earnings and dividends helping to explain the stock price move will be compared and ranked under the setting of casual theme restaurants. This result will provide the management of casual theme restaurants a guideline, which explains how to maintain the stock price increase and minimize the volatility by monitoring the most important value driver of the industry.
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The methodology of this study will follow the traditional multiple valuation model. The logic of this model is to compare the pricing error of different value drivers and determine which one is the best.
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The results of this study show that operating cash flow outperformed earnings and dividends in the multiple valuation tests. This is different from the results of previous studies that earnings has the strongest explanatory power in the variance of share price.<br>Master of Science
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Muzhingi, Taurai. "The relative value relevance of book values, operating cash flows, EVA and earnings: A South African perspective." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29220.
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Most investors would want to know what is included in the price of a share and how far accounting data explain the share price. This study uses the most common measures of financial performance to measure what is explained by the share price. Most analyst briefings use these financial performance measures: book value per share, cash flow per share, earnings per share and most recently the market performance measure, the economic value added (EVA) in the share valuations. The objective of the study is to examine the relationship between the above measures of financial performance as presented in financial statements and the share prices and share returns. If there is a relationship, which measure is most closely related to both share prices and share returns? The study uses data obtained from a balanced sample of 87 companies listed on the Johannesburg Stock Exchange (JSE) during the ten-year period (2005-2014). Both the price and the returns models were used to analyse this financial data to find out which accounting measure has the greatest explanatory power on the share prices and share returns (measured by the R-squared or R 2metric). For the price model, share prices 3 months after the financial yearend were used to allow for the release of financial information. Using the price model, earnings have the highest overall R2 at 56.4%, with book values at 18.4%, EVA at 2.18% and lastly operating cash flows at 1.18%. This effectively means that earnings per share is more value relevant in determining firm value than either book value of equity, EVA and operating cash flows, respectively. Using incremental value relevance, equity book values and earnings explain 65% of the share prices. However, changes in EVA deflated by price have the greatest explanatory power (R 2 at 30%) using the returns model and none of the other measures(earnings and operating cash flows) have a significant relationship with share returns. Overall the results show that both accounting based (book value of equity and earnings) and market based measures (EVA) are value relevant in determining firm value. The results also show that a consideration of more than one variable in determining firm value is more informative than considering each variable separately. EVA should also be used in determining value as it has shown that it explains some of the share prices and returns.
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Lardner, Simon, and Pierre Willner. "Earnings Management for Swedish Listed Firms : An Empirical Study on Real Earnings Management Prior to Stock Repurchases." Thesis, Högskolan i Gävle, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-25470.
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In this study, we follow Cooper et al. (2017) and intend to further investigate income-decreasing real earnings management through altering production and discretionary expenditure and focus on such actions taken by management prior to stock repurchase. We take on a European perspective of IFRS on real earnings management and empirically test to what extent Swedish listed firms use real earnings management prior to stock repurchases to lower share prices. We follow Roydchowdhury (2006) and Cooper et al. (2017) and establish the firms normal level of real earnings management to compare with the period when firms anticipate stock repurchases. We present our data and results through descriptive statistics and use variables identified by Zang (2011) to perform correlation and regression tests accordingly with Cooper et al. (2017). Our results suggest that managers of Swedish firms on average engage in income-increasing real earnings management and decrease such management actions prior to stock repurchases. These findings emphasize the influence of real operating decisions by firms’ that must be considered by the market around major corporate events similar to repurchasing stock.
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Anderson, Kirsten Lynn. "Nonlinearity in the returns-earnings and returns-cash flows relations : a study of long measurement intervals and the operating cycle." The Ohio State University, 1997. http://rave.ohiolink.edu/etdc/view?acc_num=osu1273858665.
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Chittenden, Reece. "An investigation into the ability of non-IFRS earnings measures' to predict future operating cash flows for a sample of South African JSE listed companies." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29458.
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This study investigates whether or not non-IFRS earnings measures can predict future operating cash flows. Many companies consistently present non-IFRS earnings measures, being voluntarily disclosed earnings measures lacking in formal definition, in order to communicate a companies’ core or sustainable earnings. Prior research into the usefulness of non-IFRS earnings measures has shown mixed results around the measures’ ability to predict a company’s future stock returns. Furthermore, there is some evidence that non-IFRS earnings measures have been used opportunistically to report a more favourable financial performance compared to IFRS earnings, questioning the usefulness and relevance of non-IFRS earnings measures. A linear mixed model was used to investigate the ability of non-IFRS earnings measures’ to predict future operating cash flows [CF(T+1)] using the top 40 Johannesburg Stock Exchange (JSE) companies over the sample period from 2012 to 2016. The results of the statistical analysis showed that the non-IFRS earnings measure within the final model showed a positive and significant relationship with CF(T+1), which aligns with findings of a similar Australian study. Further to this, the inclusion of an indicator variable for mining companies was found to improve the model’s ability to predict future operating cash flows using non-IFRS earnings measures. The results of this study add to the growing area of research surrounding non-IFRS measures by uniquely focusing on South African companies, with similar results to prior studies. These findings may be of assistance to analysts and investors for valuation purposes and to standard-setting bodies for consideration as part of their current research project on performance reporting. Finally, the results provide justification for non-IFRS earnings measures as valid and useful metrics for analysis of company performance.
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Jiang, Like. "Determinants and consequences of internal audit function quality." Thesis, Cergy-Pontoise, Ecole supérieure des sciences économiques et commerciales, 2015. http://www.theses.fr/2015ESEC0003.
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Je développe ici une nouvelle évaluation de la qualité de la fonction d'audit interne (FAI) basée sur des données d'entrée et j'examine les facteurs qui poussent les entreprises à mettre en place une FAI de haute qualité ainsi que les conséquences économiques d'une FAI de haute qualité. Afin de rendre opérationnelle mon analyse empirique, je crée un échantillon d'archivage de FAI international unique en associant une enquête d'auditeur interne menée au niveau international intitulée CBOK 2010 à des données publiques présentes dans la base de données Worldscope. En me basant sur les Normes Internationales pour la Pratique Professionnelle d'Audit Interne proposées par l'Institut des Auditeurs Internes, je mesure la qualité de la FAI en fonction des attributs et des pratiques de FAI souhaitables qui prennent en compte la compétence (1), l'indépendance (2), les pratiques de reporting et de planification (3), et les pratiques d'amélioration et de vérification de la qualité (4) de la FAI. En ce qui concerne les facteurs décisifs de la qualité de la FAI, je constate que la qualité de la FAI est affectée par les cadres opérationnels et les caractéristiques d'autres mécanismes de gouvernance des entreprises y compris les mesures incitatives de supervision du conseil d'administration, la diligence du comité d'audit et les pouvoirs du PDG. En outre, les mesures incitatives des entreprises destinées à une FAI de haute qualité sont renforcées par les exigences strictes et détaillées en matière de FAI présentes dans les codes de gouvernance d'entreprise des pays. Enfin, je documente le fait que d'autres mécanismes de gouvernance, en particulier les mesures incitatives de supervision des directeurs, jouent un plus grand rôle pour influencer la qualité de la FAI lorsque le cadre réglementaire dans son ensemble est fragile. En ce qui concerne les conséquences économiques d'une FAI de haute qualité, j'aborde le rôle que joue la FAI pour fournir des services de vérification en matière de reporting financier et je constate que la qualité de la FAI est associée de manière positive à la qualité des revenus. En prenant en compte l'implication croissante de la FAI dans la gestion du risque et les initiatives stratégiques, qui a pour conséquence le fait que la FAI joue un rôle accru pour fournir des services de consulting appropriés aux opérations des entreprises, je fournis en outre les preuves qu'une FAI de haute qualité est importante pour la performance opérationnelle des entreprises. Je documente de manière spécifique le fait que la vitesse de reprise de la performance opérationnelle suite à la crise financière récente est considérablement plus rapide pour les entreprises qui bénéficient d'une FAI de haute qualité que pour les entreprises dont la FAI est de mauvaise qualité, et que la qualité de la FAI est associée de manière positive à la bonne capacité d'investissement des entreprises au cours de la période post-crise financière. De plus, je constate que le degré d'implication de la FAI dans les activités de consulting stratégique a un effet positif incrémentiel sur la reprise de la performance, ce qui suggère que fournir des services de consulting est une façon importante pour la FAI de procurer de la valeur aux entreprises. Les bénéfices d'une telle expansion des activités de consulting ont cependant un coût pour les entreprises dont la FAI est de mauvaise qualité, car je constate que l'implication de la FAI dans le consulting stratégique peut nuire au rôle que joue la FAI pour fournir des services de vérification et par conséquent affecter de manière négative la qualité des revenus lorsque la qualité de la FAI est mauvaise mais non pas lorsque la qualité de la FAI est bonne. De manière générale, ces constatations suggèrent que si l'on s'attend à ce que la FAI procure de la valeur aux entreprises en fournissant à la fois des services de vérification et de consulting, il est alors essentiel de maintenir un niveau de qualité de FAI adéquat<br>I develop a new input-based measure of internal audit function (IAF) quality and investigate the factors that incentivize firms to establish a high-quality IAF as well as the economic consequences of a high-quality IAF. To operationalize my empirical analysis, I construct a unique, international archival IAF sample by matching a proprietary global internal auditor survey named CBOK 2010 with public data in the Worldscope database. Based on the International Standards for the Professional Practice of Internal Auditing proposed by the Institute of Internal Auditors, I measure IAF quality by desirable IAF attributes and practices which encompass the IAF’s (1) competence, (2) independence, (3) planning and reporting practices, and (4) quality assurance and improvement practices. Regarding the determinants of IAF quality, I find that the IAF quality is affected by firms’ operating environments and features of other governance mechanisms including board monitoring incentives, audit committee diligence, and CEO power. Moreover, firms’ incentives for a high-quality IAF are bolstered by strict and detailed IAF requirements in countries’ corporate governance codes. Finally, I document that other governance mechanisms, especially the monitoring incentives of directors, play a greater role in influencing the IAF quality when the overall regulatory environment is weak. Regarding the economic consequences of a high-quality IAF, I first address the role of IAF in providing assurance services in financial reporting and find that IAF quality is positively associated with earnings quality. Considering the increasing involvement of IAF in risk management and strategic initiatives, which leads to an expanded role of IAF in providing consulting services relevant to firms’ operations, I further provide evidence supporting that a high-quality IAF matters for firms’ operating performance. Specifically, I document that the speed of operating performance recovery after the recent financial crisis is significantly quicker for firms with a high-quality IAF than for firms with a low-quality IAF, and that the IAF quality is positively associated with firms’ investment efficiency in the post-financial-crisis period. In addition, I find that the extent to which the IAF is involved in strategic consulting activities has an incremental positive effect on performance recovery, which suggests that providing consulting services is an important way for the IAF to deliver value to firms. However, the benefits from such an expansion of consulting activities comes at a cost in firms with a low-quality IAF, as I find that the IAF’s involvement in strategic consulting can impair the IAF’s role in providing assurance services and hence negatively affects earnings quality when the IAF quality is low but not when the IAF quality is high. Overall, the findings suggest that if the IAF is expected to deliver value to firms by providing both assurance and consulting services, maintaining an appropriate level of IAF quality is essential
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Ongaľová, Dominika. "Manipulace s vykazováním zisku." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193073.
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The thesis deals with the manipulation of earnings reporting aka earnings management. The initial focus of the thesis is on the earnings management motivations and two ways how to achieve that. Firstly, earnings can be influenced by the management decisions to carry out some transactions without any economic sense. Secondly, there are creative accounting processes to manipulate earnings in required way, what we mainly pay attention to in the thesis. The theoretical part referring to particular earnings management techniques and the quality of earnings is followed by the practical part analyzing earnings management of the most famous companies regarding accounting scandals in history using specific measures. There are model examples to demonstrate these specific quality earnings measures based on the relation between income, accruals and operating cash flow stated before analyze itself.
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Veselý, Tomáš. "Pořizovací a provozní náklady (efektivnost) různých typů vedení VN." Master's thesis, Vysoké učení technické v Brně. Fakulta elektrotechniky a komunikačních technologií, 2018. http://www.nusl.cz/ntk/nusl-377152.
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The master´s thesis deals with the evaluation of the efficiency of investment of various types of high voltage lines in terms of capital expenditures and operating expenses. The thesis describes the issue of the regulated environment in the field of electricity, the analysis of the pricing for ensuring the distribution of electricity and the analysis of the capital expenditures and operating expenses of the authorized returns of the distribution company operator. Subsequently, an analysis of the capital expenditures and operating expenses of the overhead and cable lines is processed. The particular components of the operating costs are determined either by annual energy loss per unit of length, an annual hourly labor demand, or an annual cost per unit of length. Another point is the evaluation of the investment efficiency for two different model lines, evaluation of capital expenditures and operating expenses, allowed investment returns and economic evaluation. The conclusion of this pursuit is the comparison of both types of lines, both with the view of capital expenditures and operating expenses, as well as with the view of economic appreciation.
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Fernandes, Márcia Pereira. "Quais são as empresas da União Europeia que praticam um maior grau de alisamento de resultados : cotadas ou não cotadas?" Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/11140.
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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais<br>O presente estudo pretende analisar o grau de alisamento das empresas europeias cotadas e não cotadas. A amostra incide sobre 4511 empresas pertencentes a 9 países europeus, entre o período de 2008 a 2014. As medidas utilizadas para se detetar o nível de alisamento de resultados foram as de Leuz, Nanda, & Wysocki (2003). Os resultados sugerem que as empresas não cotadas apresentam uma maior prática de alisamento de resultados do que as cotadas. Esta conclusão vai de encontro com a revisão de literatura, pois as empresas cotadas são mais monitorizadas e estão sujeitas a uma maior supervisão por parte dos meios de comunicação. Ao retirar-se o país com maior representatividade na amostra (Grã-Bretanha) e agrupando os países em dois grupos (Nórdicos e Anglo Saxónicos vs. Germânicos e Latinos), os resultados obtidos também indicam que, são as empresas não cotadas que alisam mais os seus resultados, confirmando os resultados principais do estudo.<br>This study aims to analyze the degree of income smoothing of listed and unlisted European firms. The sample covers about 4511 firms from nine European countries, between 2008 and 2014.The measures used to detect income smoothing level are from Leuz, Nanda, & Wysocki (2003). The results suggest that unlisted firms have a higher income smoothing practice, than listed firms. This achievement goes in line with the literature, because listed company are the most monitored and are subject to greater oversight by the media. By removing the country with the highest prevalence in the sample and grouping countries into two groups (Nordic and Anglo vs. Germanic and Latin) the results also indicate that there are the unlisted companies that smooth more their results.
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Mylonas, Georgios. "The impact of IFRS on the analysts' information environment : the role of accounting policies and corporate disclosure." Thesis, Loughborough University, 2016. https://dspace.lboro.ac.uk/2134/23881.
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The thesis presents the results of a study on the impact of International Financial Reporting Standards on the analysts information environment. The analysis is concentrated on the role of specific IFRSs and corporate disclosure. The effect of IFRS adoption on the information asymmetry between firms and outsiders is examined through properties of analysts earnings forecasts. A contribution to the existing academic literature is made by examining the role of goodwill, intangible assets and acquisitions before and after IFRS adoption in Europe. The results show that the IFRSs for goodwill, acquisitions and intangible assets are related to improvements in the analysts information environment. Another contribution to knowledge is made by investigating the effect of corporate disclosure quantity on the analysts information environment before and after IFRS adoption. For this purpose, a new approach and text analysis technique to assess the impact of corporate disclosure quantity is developed. This involves the creation of a new custom dictionary and the collection of an extensive set of qualitative data. The results show that corporate disclosure quantity under IFRS, is related to improvements in the analysts information environment but that there are differences in this effect across European countries. The results also demonstrate that the improvements in the accuracy of analysts earnings forecasts are related particularly to disclosure concerning financial instruments and operating segments. Overall, the findings of the thesis suggest that the adoption of IFRS resulted in an increase in the quality of reported earnings, which is likely to derive from higher comparability of financial statements, enhanced transparency and an improved analysts information environment. It is also established that fundamental differences across countries remain after IFRS adoption and that the development and harmonisation of financial reporting standards alone are not sufficient to increase the quality of financial information and decrease information asymmetry between market participants.
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Persson, Daniel, and Johannes Ahlström. "Går det att prediktera konkurs i svenska aktiebolag? : En kvantitativ studie om hur finansiella nyckeltal kan användas vid konkursprediktion." Thesis, Linköpings universitet, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-119867.
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Från 1900-talets början har banker och låneinstitut använt nyckeltal som hjälpmedel vid bedömning och kvantifiering av kreditrisk. För dagens investerare är den ekonomiska miljön mer komplicerad än för bara 40 år sedan då teknologin och datoriseringen öppnade upp världens marknader mot varandra. Bedömning av kreditrisk idag kräver effektiv analys av kvantitativa data och modeller som med god träffsäkerhet kan förutse risker. Under 1900-talets andra hälft skedde en snabb utveckling av de verktyg som används för konkursprediktion, från enkla univariata modeller till komplexa data mining-modeller med tusentals observationer. Denna studie undersöker om det är möjligt att prediktera att svenska företag kommer att gå i konkurs och vilka variabler som innehåller relevant information för detta. Metoderna som används är diskriminantanalys, logistisk regression och överlevnadsanalys på 50 aktiva och 50 företag försatta i konkurs. Resultaten visar på en träffsäkerhet mellan 67,5 % och 75 % beroende på vald statistisk metod. Oavsett vald statistisk metod är det möjligt att klassificera företag som konkursmässiga två år innan konkursens inträffande med hjälp av finansiella nyckeltal av typerna lönsamhetsmått och solvensmått. Samhällskostnader reduceras av bättre konkursprediktion med hjälp av finansiella nyckeltal vilka bidrar till ökad förmåga för företag att tillämpa ekonomistyrning med relevanta nyckeltal i form av lager, balanserad vinst, nettoresultat och rörelseresultat.<br>From the early 1900s, banks and lending institutions have used financial ratios as an aid in the assessment and quantification of credit risk. For today's investors the economic environment is far more complicated than 40 years ago when the technology and computerization opened up the world's markets. Credit risk assessment today requires effective analysis of quantitative data and models that can predict risks with good accuracy. During the second half of the 20th century there was a rapid development of the tools used for bankruptcy prediction. We moved from simple univariate models to complex data mining models with thousands of observations. This study investigates if it’s possible to predict bankruptcy in Swedish limited companies and which variables contain information relevant for this cause. The methods used in the study are discriminant analysis, logistic regression and survival analysis on 50 active and 50 failed companies. The results indicate accuracy between 67.5 % and 75 % depending on the choice of statistical method. Regardless of the selected statistical method used, it’s possible to classify companies as bankrupt two years before the bankruptcy occurs using financial ratios which measures profitability and solvency. Societal costs are reduced by better bankruptcy prediction using financial ratios which contribute to increasing the ability of companies to apply financial management with relevant key ratios in the form of stock , retained earnings , net income and operating income.
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Шмирьов, Володимир Федорович, та Volodymyr Fedorovych Shmyrov. "Наукові основи проектування та створення енергозалежних систем літаків транспортної категорії". Thesis, Національний авіаційний університет, 2020. https://er.nau.edu.ua/handle/NAU/44724.
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Дисертаційну роботу присвячено розробці наукових основ проектування та створення енергозалежних систем та комплексів сучасних літаків транспортної категорії з оптимізацією за еквівалентною масою, включаючи повітрозбірники. Закладено наукові основи проектування систем протиобмерзання літаків, починаючи від визначення зон захисту, потрібних енергетичних витрат і закінчуючи проектуванням протиобмерзачів і повітряних трубопроводів для всього експлуатаційного діапазону застосування літака.
Наведено приклади використання розроблених наукових основ проектування при виконанні структурного аналізу модифікацій літаків, пов'язаних із заміною двигуна.
Одержаний при проектуванні й вивчений в процесі випробувань і експлуатації енергетичний баланс літака дозволяє обґрунтовано розглядати модифікацію літака як при заміні силової установки, так і при заміні її основних елементів енергозалежних систем літака. Оцінка зводиться до аналізу аеродинамічних особливостей модифікації, пов'язаних з особливостями конструкції мотогондол, зміною елементів захисту від обмерзання, появою нових повітрозабірників в повітряних системах.<br>Диссертационная работа посвящена разработке научных основ проектирования и создания энергозависимых систем и комплексов современных самолетов транспортной категории с оптимизацией по эквивалентной массе, включая воздухозаборники. В работе заложены научные основы проектирования систем противообледенения самолетов, начиная от определения зон
защиты, необходимых энергетических затрат и заканчивая проектированием
противообледенителей и воздушных трубопроводов для всего эксплуатационного диапазона применения самолета.
Проведен анализ современного состояния научных основ проектирования и создания энергозависимых систем и комплексов современных самолетов транспортной категории. Показано, что для обеспечения конкурентоспособности создаваемых самолетов энергозависимые систем и комплексы
должны иметь высокие показатели топливной эффективности, экологичности, надежности, обеспечивать повышенный комфорт и безопасность для пассажиров, а также иметь низкие эксплуатационные расходы.
Приведены примеры использования разработанных научных основ проектирования при выполнении структурного анализа модификаций самолетов, связанных с заменой двигателя.
Показано, что для современной авиации характерны тенденции на создание более экономичных и безопасных систем самолета, сбалансированных с энергетикой самолета, что обусловливает их сильное усложнение. Важным этапом после выбора двигателя является поиск путей сохранения его мощности, связанных с созданием мотогондолы на достижение минимальных потерь энергетики на внешнюю аэродинамику и по газодинамическому тракту.
Важнейшими системами самолета, энергетически связанными с двигателем, являются система подготовки и распределения воздуха, система кондиционирования, система защиты от обледенения, система энергоснабжения и гидравлические системы.
Рассмотренные в данной работе системы и процессы характеризуются как сложные, при изучении которых требуется системный подход, включающий многокритериальность, многофакторность, адекватный метод описания, эффективность применяемых моделей.
Получение математических моделей сложных систем базируется на принятых предпосылках множественного регрессионного анализа, которые должны выполняться по отношению к моделируемой реальной действительности. Принятые предпосылки многофакторного регрессионного анализа
обусловливают обоснованность полученных результатов и параметров моделей, обеспечивающих решение реальной задачи. Создание методов построения математических моделей по результатам проведения многофакторного численного эксперимента позволяет систематизировать и формализовать
протекающие процессы.
Полученный при проектировании и изученный в процессе испытаний и эксплуатации энергетический баланс самолета позволяет обоснованно рассматривать модификацию самолета как при замене силовой установки, так и при замене ее основных элементов энергозависимых систем самолета. Оценка сводится к анализу аэродинамических особенностей модификации, связанных с особенностями конструкции мотогондол, изменением элементов защиты от обледенения, появлением новых воздухозаборников в воздушных системах, так как для конкретного самолета топография трасс систем остается неизменной и энергетические затраты на самолете потребности, как правило, не меняются.<br>The dissertation is devoted to the development of Scientific basis for the designing and development of energy-dependent systems and complexes of modern transport aircraft with equivalent mass optimization, including air intakes. It establishes a scientific basis for the designing of aircraft anti-icing systems, starting with determining the protection areas, required power consumption and ending with designing of anti-icers and air ducts for the entire aircraft operating envelope.
Examples of implementation of the developed scientific basis for designing during performance of the structural analysis of aircraft modifications related to engine replacement have been given.
The energy balance of the aircraft obtained during the design and studied during testing and operation allows to reasonably consider the aircraft modification both when replacing the power plant and when replacing its main elements of energy-dependent aircraft systems. The assessment is reduced to the analysis of aerodynamic features of the modification associated with the design features of nacelles, changes in ice protection elements, adding of new air intakes in air systems.
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Liao, De-song, and 廖德松. "The Effects of Operating Expenditures to Earnings and Market Value with long term observation in Taiwan." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/27805636625865504819.
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碩士<br>國立彰化師範大學<br>企業管理學系<br>94<br>This study aims to analyze the causal relationship between operating expenditures（R&D, Selling, General & Administrating expenditure）and the future earnings by using multiperiod model. How to allot the R&D, Selling, and General & Administrating expenditure to make profit maximum is worthy to investigate. And this relationship is related to industrial environments, the properties of industry and firm’s conditions（such as firm’ size）. Firm’s financial data which obtained from TEJ from 1996 to 2004 were used to make empirical study, and try to control the effects of industrial environments and company size.
We assume that the R&D, Selling, General & Administrating expenditure have positive and time-lag effects to the performance of a company. According to this study, the results generally support our assumptions. For electrical industrial company, R&D, Selling, General & Administrating expenditure all have positive effects to performance. It is the best strategy for non-electrical industrial company to invest in R&D and General & Administrating expenditure. Large company should expend more their budget in General & Administrating or Selling expenditure, it is no benefit in R&D expenditure. In contrast, the competitive advantage of small companies is R&D, and they should invest more budget in R&D expenditure.
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Ye, Chian-wen, and 葉倩妏. "Operating Uncertainty and Earnings Management." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/04556336951898164720.
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碩士<br>國立雲林科技大學<br>會計系研究所<br>100<br>Operating environment uncertainty may lead to more volatility in reported earnings, in turn, reduce the relevance and the reliability of accounting information. It is conjectured that the operating uncertainty provides incentives for management to reduce volatility in reported earnings through accrual-based earnings management and/or real activities manipulation. The study uses listed firms in Taiwan Securities Exchange during 1996~2010 and examines whether the more operating environment uncertainty induces managers to engage more accrual-based earnings management and real earnings management.
The study uses the coefficient of variation of sales (CV) to proxy the environment uncertainty (Dess & Beard, 1984; Bergh, & Lawless, 1988). The accrual-based earnings management (DA) is measured by the discretionary accruals which is estimated by cross-sectional Jones model (Jones, 1991) modified by the suggestion of Kothari, et al.(2005). Meanwhile, this study follows Zang (2007) and Cohen & Zarowin (2008) and uses a comprehensive measure which calculates and summaries by the abnormal cash flows from operation, production costs, and discretionary expenditures to proxy real earnings management (RM). The empirical results, as conjectured, reveal that the environmental uncertainty is positively associated with both the accrual-based earnings management and the real activities manipulation. This study demonstrates some diagnostic checks and evidences the results are robust to the various specifications.
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Chang, Yi-Ying, and 張翊瑩. "Earnings Management and Operating Performance of Exchange Listings." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/04011124483371696235.
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碩士<br>大葉大學<br>會計資訊學系碩士班<br>95<br>The purpose of this study is to investigate the operating performance around exchange listings and the association of earnings management before listing with performance changes after listing. By examining firms changing from the OTC market to the Taiwan Stock Exchange (TSE) during 1992-2003, we find that:
(1)The operating performance of sample firms following the listing is poorer than that in the pre-listing period. However, the performance appears to decline before the listing rather than after the listing, suggesting that firms seem not to self-select exchange listing time at perks of operating performance.
(2)There is little evidence of earnings management around exchange listings. Besides, the relation between pre-listing discretionary current accruals and the post-listing performance changes is insignificant. The possible reason for such results may be that, compared with the IPOs, these firms have been public for a length of period in OTC market, and more information is available, thereby reducing managers’ incentives for the manipulation of reported earnings.
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Lin, Tina, and 林友婷. "Initial Public Offerings, Earnings Management, and Operating Performance." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/33603508152474343752.
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Liu, Hsiao-Chi, and 劉筱琪. "Earnings Management in IPO Lockup and Operating Underperformance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/95k8br.
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碩士<br>靜宜大學<br>財務金融研究所<br>97<br>This study investigates the relationship between managers’ strategic behavior on initial public offering (IPO) lockup earnings management and the operating performance after lockup expiration. After an IPO, most existing shareholders are subject to a lockup period in which they cannot sell their shares for a prespecified time. We employ discretionary accruals (DAs) to measure the earnings management, and employ operating return on assets (OPROA) to measure the operating performance of U.S. IPO with lockup from 1998 to 2006. This study predicts that managers will adjust DAs to increase lockups earnings before they sell their own firms’ shares in lockups expiration. However, the operating performance suffers when earnings reverses, resulting in lower future earnings post lockup. Our empirical results support that DAs on the quarter before lockups expiration are higher than DAs on the quarter after lockups expiration. Results also indicate negative association between the DA in lockup and the operating performance after lockup expiration. The evidence shows that the earnings management in lockup plays a key role in explaining literature findings of operating underperformance in the IPO.
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Pan, Cheng-Wei, and 潘承威. "Earnings Management to Reach Earnings Threshold : Discretionary Accruals and Non-operating Income." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/39484662017600381566.
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碩士<br>淡江大學<br>會計學系碩士班<br>94<br>In a sample of firms listed in Russell 3000, we investigate the behavior of earnings management by discretionary accruals (DA) and non-operating assets (NOA) around earnings thresholds, including positive earnings, earnings of the same quarter in last year, and analysts’earnings forecast. Results indicate that managers tend to use DA to decrease (increase) earnings when pre-managed earnings are above (below) earnings thresholds. The bigger the difference between pre-managed earnings and threshold, the stronger the use of DA is. Results also reveal that managers realize gains by disposing NOA to increase earnings when pre-managed earnings are lower than thresholds. Again, the positive association between threshold difference and use of NOA holds in this case. Testing the endogenous relation between DA and NOA, we find, at least in part, a complementary (substitute) relationship between these two instruments when thresholds difference is big (small).
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Meen-JiaLee and 李敏嘉. "The Influence of Innovation and Advertising Expenditures on Enterprise Operating Performance." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/3uvsa6.
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碩士<br>國立成功大學<br>財務金融研究所碩士在職專班<br>105<br>By utilizing limited resources on innovation and advertising, enterprises crowd out resources invested in other production or marketing aspects. Can the operating performance of enterprises benefit from such resource allocation? If so, do such benefits have deferred effects?This study classifies Taiwan companieslisted on the Taiwan Stock Exchange, Over-the-Counter and Emerging Stock Boardfrom 2006 to 2015 by “TEJ industrial classification” into two categories: traditional and technology industries. Next, the financial statements of those two industries are analyzed. The effects of innovative indicators such as research and development expenses, introduction of external technology and intangible assets, and marketing activities on business the performance indicator (i.e., operating profit margins)of those two major industries are reviewed separately. Empirical evidence shows that innovation in research and development can improve the current profits of enterprises and has deferred effects. Intangible assets, on the other hand, cannot improve the performance of enterprises. In addition, innovative activities such as import of external technology cannot enhance the performance of enterprises. Advertising expenditures have a significantpositive effect on operating profit margins of the current period, and results in significantly greater economic benefits than research and development.
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Lin, Ru-Yu, and 林如玉. "The Association between Earnings Management and Operating Cash Flow." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/73308933392184501804.
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碩士<br>朝陽科技大學<br>會計所<br>97<br>Our study uses the model of Kothari, Andrew and Wasely(2005), discussing the association between earnings management and operating cash flow. Under considering company''s different characteristics, further discussing the association between the return on equity and earnings management.
Our empirical results show that (1) operating cash flow and earnings management of a significant negative relationship, when the operating cash flow enterprises lower management more likely to engage in upward earnings management behavior, when the lower operating cash flow will increase when more management to engage in earnings management behavior motivation; (2) the higher the return on equity, the management will be inclined upward earnings management. And disassemble the return on equity with Du Pont analysis, discussing the influence between operating cash flow and earnings management under considering the return on assets, net income ratio, the turnover of the assets and equity multiplier., evidence was found that the management will do up the motivation to manipulate earnings, operating cash flow in addition to the factors, the ratio of margin debt is also considered one of the factors, and management will do down the motivation to manipulate earnings, in addition to operating cash flow of factors, return on assets and asset turnover ratio is also a factor to consider, and will return on assets management authorities to engage in the conduct of downward earnings management, are subject to the effect of asset turnover. Another study found that the electronics companies compared to the non-electronics companies are more likely to manipulate earnings.
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Yeh, Yung-liang, and 葉永良. "Earnings Management through Non-operating Income before Capital Decrease." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/93v9wv.
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碩士<br>靜宜大學<br>管理碩士在職專班<br>97<br>It is quite common that Taiwanese enterprises reinvest in China or overseas. Still, due to the restrictions of laws and regulations, as well as the limitations of information reveal, both the reinvestments and their results are difficult to be controlled. Enterprise managers can easily manipulate profit by non-operating incomes. While capital decrease has gradually become one of the financial strategies applied by companies in these years, investors pay close attention to whether non-operating incomes have been used as earnings management during capital decreases. This empirical study explores the actions of earnings management by non-operating incomes before the announcements of capital decreases. There are three types of capital decrease: deficits offset, cash refund, and stock repurchase. The sample is the listed co. from January 1st, 2005 to June 20th, 2007 by T-test and Wilcoxon Signed-rank test . Furthermore, it explores whether, during deficits offset of capital decrease, there exist any differences of earnings management by non-operating incomes between companies which proclaim capital decreases and at the same time proceed to increase capital and the companies which proclaim capital decrease but do not increase the capital. The results are as follows：
1.Before capital decrease by deficits offset, significant non-operating incomes used as negative earnings management often cause the phenomenon of “TAKE BETH”. It advances the events negative to future loss and profit to the current to increase the future profit. The major earnings management tool is disposal income of investment.
2.During capital decrease by cash refund, obviously non-operating incomes used as positive earnings management, the agents would raise the profit to smooth the capital decrease, and then repurchase stock in big cash to lift the share profit and investment reward. The major earnings management tool is disposal income of investment.
3.Before capital decrease by treasury stock, non-operating incomes used as positive earnings management is not significant.
4.Before capital decrease by deficits offset, differences between companies which proclaim capital decrease and at the same time proceed to increase capital and the companies which proclaim capital decrease but do not increase the capital, non-operating incomes used as earning management is not obvious.
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Chang, Yu-Shih, and 張鈺詩. "The Association between Real Earnings Management and Future Operating Performance." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/79469573581890120455.
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碩士<br>元智大學<br>會計學程<br>99<br>The purpose of this study is to examine the relation between real earnings management and future operating performance, and to compare the future performance implication of real earnings management with that of accrual earnings management. I hypothesize that the firms engaging in earnings management to meet earnings threshold will have better future operating performance compared to those miss the threshold, based on the belief that the investors will punish the earnings management behavior if they notice the negative earnings reversing effect. Firms can conduct earnings management by doing real transactions or using accrual adjustment. The former costs higher, and has longer-period effect compared to the latter. So based on cost-benefit effect, I hypothesize that the firms conducting real earnings management should have longer and better future performance improvement compare to those conducting accrual earnings management. This study adopts Modified Jones Model to measure the accrual-based earnings management, and Roychowdhury (2006) to measure real earnings management. The empirical results show that firms use real earnings management to meet earnings threshold have significantly better future operating performance compared to firms that miss the target. The finding also shows that firms conducting real earnings management have longer performance improvement than those doing accrual earnings management.
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Sheng-Shian, Hsiao, and 蕭聖賢. "The Impacts of Diversification and Non-operating Earnings on Corporate Evaluation." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/50266710906235833962.
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碩士<br>輔仁大學<br>金融研究所<br>91<br>The objective of this thesis is to investigate the effects of diversification and non-operating earnings on business valuation and risk. Tobin’s Q and system risk (β) are used as proxies for corporate value and risk, respectively. From literature review, the main explanatory variables that may influence corporate value and systematic risk are selected and a model based on the research hypotheses and controlled variables is established. Data of 290 listed companies dated from the third quarter of 1997 to the second quarter of 2002 are collected and then analyzed by means of Panel Data. The research findings are as follows:
With respect to the corporate value (Tobin’s Q), the results indicate that Tobin’s Q has a positive correlation to non-operating earnings ratio (NOR), net asset growth rate (NAG), quick ratio (QR), sales size (LNSAL), and ownership by directors (OWR); it had inverse correlation to debt ratio (DE) and assets size (LNAST). The correlation between the diversification capital ratio and Tobin’s Q is not significant.
With respect to the system risk (β), the results indicate that the system risk is positively correlated to diversification capital ratio (LIR), non-operating earnings ratio (NOR), variance of non-operating earnings (NOV), net asset growth rates (NAG), assets size (LNAST), and turnover ratio (TURN), but negatively correlated to the market-to-book ratio (MBR).
In sum, the results point to the following conclusions:
1. Given that the diversification capital ratio is negatively correlated to the corporate value and positively correlated to the system risk, it seems that diversification is not an effective way to achieve sustainable growth. In recent years, the trend of diversification is primarily focused on the 3C industries. Because of the inherent high risk associated with the high-tech investments, successful outcomes are difficult to come by. In addition, excessive investment in the electronic and biotechnology industries may result in increased risks and high unemployment rate.
2. The positive correlation between non-operating earnings and Tobin’s Q contradicts the research hypothesis. This may indicate that diversification profit once achieved is more likely to be sustained in the future than other types of non-operating earnings. When the source of non-operating earnings is counter cyclical in nature, it may further smooth the overall corporate profitability and enhance the value. Consistent with the hypotheses, the results demonstrate that the ratio and degree of variation of non-operating earnings are both positively correlated to the system risk. In other words, as the degree of reliance on the non-operating earnings for corporate profit and the variability of such reliance increases, information interference may occur which may obscure the judgment of investors on the corporate value and intensify stock price fluctuations.
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Wu, Chi-Hua, and 吳其樺. "The Impacts of Family Firms on the Earnings Quality and Operating Performance." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/49h5d8.
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碩士<br>國立高雄第一科技大學<br>財務管理所<br>96<br>Family firms are prevailing around the world. The existing literatures have documented that the firms with stronger governance will provide higher quality financial reports and better operating performance. This research applies two competing theories, the entrenchment effect and the alignment effect, to examine how family firms with different extent of ownership, controlling rights and participation in operation will affect the earnings quality and operating performance. The empirical study covers 202 firms, listing in Taiwan Security Exchange Market. And, the sample period spanned from 1997 to 2006. The results show that family firms do affect the earnings quality. Family firms with high deviation between control right and cash flow rights will present a positive influence on the level of discretionary accruals, but negative on the performance and corporation value. Meanwhile, the directors of family firms can neither monitoring manager effectively, nor improving the value of corporation. Finally, the study also shows that the institutional ownership can not monitor the operation of firms well even if they have invested a lot of stake in the firms.
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Chiu, Te-Pu, and 邱德溥. "Earnings Management, Operating Performance and Corporate Governance Characteristics of Seasoned Equity Offerings." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/63109241825842530888.
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碩士<br>國立成功大學<br>會計學系碩博士班<br>94<br>This paper examines whether pre-issue discretionary accruals predict post-issue earnings performance. We find evidence suggesting that offering firms borrow future income to manage earnings in pre-issue years and consequently earnings decrease in post-issue year 2. Our paper also examines whether the incidence of earnings management around SEOs depends on corporate governance characteristics. Our results show that as for the SEO firms whose presidents（CEO）are doubled as chairmen of the board, with a smaller board size and a higher proportion of outstanding shares in pledge, a higher degree of earnings management exists there.
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Chen, I.-Wen, and 陳羿妏. "Study of Earnings Management on Decline of Operating Performance of OTC Firms." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/16005942084283730942.
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Yang, Yung-hung, and 楊永宏. "Operating performance, earnings management and corporate governance affiliated with fianacial restatement company." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/28087676654977313009.
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碩士<br>國立中山大學<br>企業管理學系研究所<br>98<br>Financial statement quality can directly affect investor confidence. Financial fraud is most through misstated financial reports, and even fraudulent misstatement may result from financial restatement. Well-functioning mechanisms can improve financial statement quality. In this study, the financial restatements from 2002 to 2008 were investigated to discuss the influences of operating performance, degree of earnings management and corporate governance mechanisms.
The results reveal that the worse the operating performance, the more probability the financial restatements. It indicates that increasing earnings can cover up bad operation. It is further found that the financial restatements with worse operating performance will probably increase their restatement amounts. In the aspect of earnings management, the results show that the higher the degree of earnings management by discretionary accruals, the more probability the financial restatements. It is indicative of the manager use discretionary accruals to operate the earnings management in order to cover up their worse financial performance. But the verified result is not outstanding. It is also found that the financial restatements with higher degree of earnings management by discretionary accruals will probably increase their restatement amounts. Finally, the results can not prove whether the corporate governance mechanisms show that the financial restatements probably occur in the companies with CEO duality. Moreover, the results also can not prove whether the larger the board of directors, the higher their restatement amounts.
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Yu-Ching, Hsieh. "The Long-term Stock Performance and Operating Performance of Firms with Earnings Restatements." 2003. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0009-0112200611335830.
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Hsieh, Yu-Ching, and 謝玉菁. "The Long-term Stock Performance and Operating Performance of Firms with Earnings Restatements." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/18583969630373755542.
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碩士<br>元智大學<br>管理研究所<br>91<br>ABSTRACT
This research examines the long-run stock-return behavior and operating performance after earnings-restatement announcements. For a sample of 356 firms announces earnings restatements from 1989 to 2000, the research demonstrates that the stock performance of the restating firms underperform the matched firms over three-year holding periods after the announcements. The underperformance for restating firms persists even after controlling for year, firm size, book-to-market ratio, trading system and cash flow. The pattern of post-announcement operating performance decline is similar to the post-announcement stock underperformance. The notable finding is that the restating firms’ pre-announcement operating performance is worse than their corresponding matched firms. Thus, they are easily motivated to adopt aggressive accounting policies to create misleading financial reports due to capital market pressure. Once a significant earnings-restatement announcement occurs later, it will highlight the signal of this dimension to investors and lead to loss of investors’ confidence in their integrity, future operating achievements and growth. Also, restatements can have consequences such as replacement of top management, shareholder litigation and SEC investigations. These repercussions are likely to impose additional monitoring, administrative and management switching costs on company shareholders. Investors further react negatively to post-announcement performance for restating firms.
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Chen, Yu-Ke, and 陳于格. "Earnings management of seasoned equity offerings: discretionary accruals and discretionary non-operating income." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/71760763544644600550.
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碩士<br>淡江大學<br>會計學系碩士班<br>94<br>This study investigates the earnings management (EM) around seasoned equity offerings (SEO) by examining discretionary accruals and discretionary non-operating income. The paired t-test results show that both discretionary accruals and discretionary non-operating income are significantly higher during SEO and the previous periods. The result of simultaneous equations model indicate a positive association between discretionary accruals and discretionary non-operating income, revealing that managers of SEO firms tend to simultaneously utilize these two EM instruments in a complementary practice.
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HUANG, TING-HAO, and 黃亭皓. "The Influence of Top Management Team Operating Knowledge on Earnings Management of BHCs." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/ecm842.
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碩士<br>輔仁大學<br>會計學系碩士班<br>107<br>The operating experiences and knowledge of top management team have been invaluable assets of the whole enterprise. This research aims to discuss whether the knowledge of top management team has an impact on earnings management behavior. We use listed bank holding companies (BHCs) as samples, and discretionary earnings as the proxy of its earnings management. Through panel regression, we find that the experiences of managers in accounting or law firms have a negative effect on discretionary earnings, which means managers who have such experiences are commonly conservative to financial reports, or are not willing to adjust earnings downward based on tax motivation. Moreover, managers who once served at positions higher than vice president are negatively related to discretionary earnings, suggests that these experiences may make managers become overconfident and move earnings upward to exhibit their great ability to the public. Although managers serve as the core functions of the company are not significantly related to discretionary earnings, the definition of the core functions contains risk control officers, so we also include risk control officers in our research variables. As a result, risk control officers are negatively related to discretionary earnings, which verify the cause that the coefficient of the core functions is negative. As the whole, we conclude that the operating experiences and knowledge of top management team indeed affect the earnings quality.
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Tsai, Cheng-Yu, and 蔡承育. "Relationship Between Non-operating Earnings and Corporate Performance - Take Family Firms as Example." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/3x96v2.
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碩士<br>國立中山大學<br>金融創新產業碩士專班<br>106<br>Companies usually make use of non-operating earnings to manipulate earnings because of their discontinuity, such as much scandal in the past. So it is always labeled as speculative when a company’s non-operating earnings account for a large proportion of its profit. This paper uses the listed companies in Taiwan from 1996 to 2016 excluding public enterprises and financial industries to examine the relationship between non-operating gains and losses and corporate performance. According to the fact that the percentage of family firms in Taiwan’s public entities is about 70% and the unique of their board composition and ownership structure, the paper also explore whether the diversification will be one of the means family members make use to manipulate the corporate earnings. Empirical evidence shows that non-operating gains and losses have a positive effect on the corporate performance. According to the results of the Mann-Whitney U test, family firms or not doesn’t affects a company to make more non-operating earnings.
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蔡天甲. "A Study of the Earnings Management of OTC Listed Companies and Their Operating Performance." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/69036702692373332101.
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碩士<br>銘傳大學<br>財務金融學系碩士在職專班<br>91<br>The purpose of this study is to explore whether or not discretionary accruals in OTC listed companies has increased significantly before initial public offerings（IPO）,which indicates the existence of the behavior of earnings management. We also analyze the stock returns and the operating performance of OTC listed companies after being listed on OTC market to see whether or not there exists a negative relationship between earnings management before IPO and stock returns after IPO. Finally, we examine whether or not the annual operating performance of these OTC listed companies has decreased significantly after IPO.
The sample of this research includes new IPOs during the period of 1996 to 1999. The total number of new IPOs is 212. After adopting the Modified Jones Model to evaluate discretionary accruals, we utilize the buy-and-hold stock return and return on equity after an adjustment by the industry to measure the required stock returns and the operating performance of these companies. The empirical results are summarized as follows:
1.The discretionary working capital accruals of OTC listed companies have significantly increased during the period of IPO, which implies that the behavior of earnings management does exist and the financial statements of these companies look healthy through manipulating the discretionary working capital accruals;
2.Stock returns of the lowest degree of earnings management for OTC listed companies before IPO shows significantly higher than that of the highest one, indicating there exists negative relationship between the degree of earnings management for OTC listed companies before IPO and their stock returns after IPO;
3.Return on equity of OTC listed companies before IPO is significantly higher than that after IPO, implying that the elimination of motivation in earnings management and the reverse of originally adjusted items would cause decreased return on equity after IPO, and hence the worse operating performance to be depressed.
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Lu, Yong-Yan, and 盧勇言. "The Relationship between Capital Reduction for Making up Losses, Operating Performance and Earnings Management." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/wpqy54.
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碩士<br>國立政治大學<br>會計學系<br>106<br>Nowadays, businesses work in more and more complicated way. Business owners can make their businesses stronger by issuing new shares；also, business owners can improve their operating performance by capital reduction when they are in difficult operating situation. Formal capital reduction, also called capital reduction for making up losses. After capital reduction for making up losses, businesses usually show better operating performance, because businesses management only adjust their account on the book. This study explores whether the operating performance of businesses will get improved after capital reduction for making up losses, and whether management will do more earnings management behaviors that lead to improvement of operating performance.
The main findings are summarized as follows：In the first year after capital reduction for making up losses, management do more earnings management behaviors to make operating performance better indeed. In the second year after capital reduction for making up losses, although earnings management behaviors are significantly more than before, this research does not show that operating performances are significantly better than before, so we still can not include that business management will make their operating performance better through manipulating surplus. Further, this research divides the sample of all make-up losses companies into two categories：pure reduction companies and companies that issue new shares after capital reduction. And then test this two types of companies separately. Also, according to this research, we can not include that business management will make their operating performance better through manipulating surplus.
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Wang, Cheng-Chieh, and 王正杰. "Relationship Between Non-operating Earnings and Corporate Value Analyzed by the Threshold Regression Model." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/h8299e.
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碩士<br>國立臺北科技大學<br>商業自動化與管理研究所<br>94<br>In recent years, corporate governance seems a popular financial issue after Enron and World Com such cases burst out. In these cases, the fraudulent techniques mostly come from the accounting management, and “income-smoothing” is one of the commonest ways. The managers usually make use of transitory earnings（or non-operating earnings）to smooth the income numbers in the financial statement so as to fascinate investors. In this research, the author makes use of the threshold variable “operating earnings”, and wants to find out the threshold point(s) which divides the sample into regimes. In or out of one regime, the power and influencing direction of main explaining variable (non-operating earnings) would be different. The result shows that in Taiwan stock market form 2000 to 2004, the relationship between non-operating income and corporate value actually can be divided into three regimes (two threshold points) with threshold variable “operating earnings”. With the operating earnings of our sample companies perform better and better, it is clear that non-operating earnings do more and more help to the corporate values.
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Jiang, Jia-Rong, and 江嘉蓉. "Real Earnings Management and Long-Term Operating Performance:The Role of Reversals in Discretionary Investment Cuts." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/bn583r.
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碩士<br>元智大學<br>財務金融暨會計碩士班(會計學程)<br>105<br>The purpose of this study is to examine whether a reversal of an abnormal cut in discretionary investment is reflective of real earnings management (REM), and the relation between real earnings management and future operating performance. It’s probable that a firm cuts discretionary investment is an optimal strategy for the change of economic, so it’s not doing real earnings management. If a firmengages in REM by cutting discretionary investments, it willrevert back for maintained competitiveness during the next period. I hypothesize that an abnormal cut in discretionary investments that reverses within one year after it is undertaken is predictive of the degree to which the cut reflects REM. This study uses a research framework provided by Vorst (2015) to examine whether firms engage in REM by reversing cut in Research and Development (R&D), Selling, General, and Administrative expenses (SG&A) and Capital expenditure (CAPEX). The empirical results show that the degree of reversing cut in discretionary investment reflects REM. The economic costs and benefits of engaging in REM will affect future performance. As a result, I hypothesize that firms will have different future performance between firms with reversing cuts and non-reversing cuts.The empirical results show that non-reversing cut areassociated with better future operating performance, but reversing cuts don’t has this tendency.
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Liao, Wan-ling, and 廖婉伶. "Earnings management and the operating performance of seasoned equity offerings: evidence from Chinese listed firms." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/66077626761763886228.
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碩士<br>國立中央大學<br>財務金融研究所<br>96<br>The objective of this study is to examine whether the extent of earnings management of firms obtaining seasoned equity offerings varies with the profits from main operations. In addition, this study investigates whether firms successfully obtainging seasoned equity offerings approval may outperform rights offerings firms before and after issuing. This study further examine whether the extent of earnings management of firms successfully obtaining seasoned equity offerings approval and firms applying for but failing to receive the approval.
The sample period is from 2001 to 2004. The sample is comprised of 72 firms obtaining seasoned equity offerings, 158 firms obtaining rights offerings and 86 firms applying for but failing to obtain seasoned equity offerings approval. The empirical results indicate that the extent of earnings management devices for SEO firms with high profits from main operations is not significantly higher than that of matched firms. SEO firms with high profits from main operations outperform the matched firms prior to and subsequent to the issuance of seasoned equity offerings. Furthermore, SEOs firms outperform rights offerings firms subsequent to the offerings. Finally, the empirical results indicate that there is no significant difference of post-issuing performance between SEO firms and denied firms. It implies that the CSRC fail to thoroughly “see through” the managed quality of firms applying for SEOs.
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Lin, Pei-Hua, and 林珮華. "A Study of the Relationship among Stock of Private Placements, Operating Performance and Earnings Quality." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/07874462753395173889.
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碩士<br>中國文化大學<br>會計學系<br>98<br>This study explores the characteristics of firms conducting PEO from Taiwan listed company with a research period of 2003 through 2008. We adopt 161 samples from Market Observation Post System. I use two-sample paired t-test to examine whether the performance and use regression approach to analyze the impact of private placement investors on firm performance measured by operating cash flow returns, returns on assets, returns on equity, and Tobin’s Q.
The empirical results show that private equity before and after the performance in the equity return, earnings per share and return on equity and other three variables were significantly negatively correlated. Furthermore, for the private placement of internal people who should raise the private equity company based private equity before and after the performance in the equity return, earnings per share and return on equity rate of the three variables are negatively correlated.
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Shih, Chenhsun, and 施振勳. "The Relationship between Accounting Speciality of Independent Directors and Supervisors, Earnings Management and Operating Performance." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/40980890547527875747.
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碩士<br>輔仁大學<br>會計學系碩士班<br>100<br>Since 2000, financial scandals have kept happening in our country, it showed that we are lack of the legislation on corporate governing. Now, the government has tried to strengthen the legislature. They modify requirement of the IPOs in 2002, and set up the rule of independent director and audit committee in 2006 in order to improve the legislation on corporate governing and the economic development of Taiwan.
The purpose of this study is to examine the relationship between accounting specialist of the independent directors and supervisors, earnings management and operating performance. The samples came from companies with at least one independent director and supervisor between 2006 and 2010. The results show that the independence of directors and supervisors isn’t significantly relation to earnings management, while it is significantly positive correlation to operating performance. This shows that independent directors and supervisors can offer professional suggestion and upgrade the operating performance of companies. The Board that has at least one independent director or supervisor with accounting specialist has significantly negative correlation with earnings management. It shows that the independent directors and supervisors who have accounting specialty can use their specialized knowledge to supervise the companies well. In addition, this study separated independent directors and supervisors who have accounting background into three different working fields, auditing fields, CFO fields and academic fields. The independent directors and supervisors came from auditing fields have significantly negative correlation with earnings management, it shows that independent directors and supervisors came from auditing fields could use their professional knowledge and work experience to reduce the level of earnings management.
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Chien, Pei-Jung, and 簡貝容. "A Study of the Relationship between Earnings Management and Operating Performance in Chinese Banking Industry." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/55419251554628267286.
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碩士<br>銘傳大學<br>財務金融學系碩士在職專班<br>102<br>Following the dramatically economic development, the issues of loan quality and earnings management have been highlighted gradually in Chinese banking industry. The aim of this study is to investigate the relationship between earnings management and bank performance in Chinese banking industry. A set of sample includes 39 commercial banks, and empirical period is through 2007 to 2012. This study uses the discretionary of loan loss provisions (DLLP) as bank managers'' propensity of earnings management. The estimation procedure adopts a two-stage least squares (2SLS).
Results find that pre-reported profit has a significant and negative effect on earnings management. This implies that the positive smoothing income hypothesis could not be accepted. Bank managers use the DLLP to execute negative earnings management, which indicates that Chinese banks set aside less loan loss provisions (LLP). The core capital ratio has a positive effect on the DLLP, indicating that banks with higher core capital ratio set aside more LLP. This implies that bank managers tend to manage capital via the DLLP. In addition, board independence has a significant and negative effect on earnings management, which implies that board independence reveals the monitoring effect and can mitigate earnings manipulation.
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Chun-HsiuChang and 張春秀. "The Relation between Operating Leverage and Variance of Future Earnings -The Moderating Effect of Intangible Assets." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/utwm32.
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碩士<br>國立成功大學<br>財務金融研究所碩士在職專班<br>103<br>This study focused on the relation between operating leverage and variance of the expected future earnings for the moderating effect of intangible assets (patents). Lev (1974) pointed out that the business strategy and earnings are related with the company's overall risk. When the company is expected to have large capital expenditure, the operating leverage and the company's risk will increase at the same time. On the same expectations, company with higher operating leverage will have higher earning variability.
Generally, when the company increases investment in fixed assets, represent enterprises to expand production scale and increase production capacity. However, too many fixed assets will result in idle assets and the waste of resources; too few fixed assets will result in company not to respond market demand and affect sales revenue. When faced with a great change in the industrial environment, companies with higher operating leverage take more time to adjust internal cost structure than the lower ones. While Aboody et al. (2014) found that the higher operating leverage companies take a longer reaction period on the future earnings of the company than the lower operating leverage companies, that is, the higher operating leverage companies will increase the volatility of future earnings. Coming the era of knowledge economy, intangible assets create value and growth for enterprises gradually increasing. So intangible assets will rapidly replace the tangible assets and become the main drivers of value creation. Patents and R＆D (research and development) are both innovative indicators in intangible assets. The number of patents the company owned represents the amount of unrecorded intangible assets. This study was based on Aboody et al. (2014). First, verified the relationship between operating leverage and future earnings variability again and secondly, to investigate the moderating effect by the variance of the expected earnings from operating leverage and patents of company.
This article takes a total of 1984 study samples on publicly traded calendar-year companies from 2002 to 2013. Financial information of the sample companies for this study is taken from Taiwan Economic Journal (TEJ) general industry profile. Statistic data of Patent of the sample companies are taken from the Republic of China patent database of the ROC Ministry of Economic Affairs Intellectual Property Bureau. This study uses regression model to analysis and the empirical results show that, the higher operating leverage of the companies, the greater variability and positive correlation for the expected future earnings; the more Patents of companies with higher operating leverage, the smaller variability and negative correlation for the expected future earnings. So the more numbers of Patents will obviously regulate the effect for the expected future earnings.
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Hwan, Yiyoun, and 黃逸揚. "A Study on Earnings Management of the Operating Funds of R.O.C Central Government with Manufacturing Property." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/03154461847556279710.
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碩士<br>國防管理學院<br>資源管理研究所<br>89<br>The purpose of this study is to examine the problems of earnings management of R.O.C central government’s operating funds with manufacturing property under the restrictions of legal budgets. We find that fund managers do have motivation to conduct earnings management. When earnings before discretionary accruals are below 120% of legal budgets, fund managers tend to use positive discretionary accruals to increase reported earnings. Furthermore, the positive discretionary accruals are more striking for the periods whose earnings before discretionary accruals are below 80% of legal budgets than those between 80% and 120%, indicating that fund managers try hard to meet the budget threshold. In investigating the possible tools of earnings management, a multiple regression running discretionary accruals on their components has been employed. The results show that changes in inventory, accounts receivable, accounts payable, and advances from customers are the major tools of manipulation. On the other hand, when earnings before discretionary accruals are above 120% of legal budgets, negative discretionary accruals are detected, showing that fund managers incline to save some earnings for future uses. The major tools for manipulating in these situations are accounts payable and accounts receivable. As expected, depreciations are not significantly related to the total discretionary accruals. The findings of this study can be used by the government to form its funds monitoring policies.
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Tam, Ka-Lap, and 譚家立. "An Empirical Study on the Relationship Between CEO Financial Expertise and Operating Performance and Earnings Quality." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/08069866451783371179.
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碩士<br>國立臺灣大學<br>會計學研究所<br>103<br>This paper examines the relationship between CEO financial expertise and the firm’s operating performance and earnings quality.
Using a sample of listed companies in Taiwan from 2006 to 2013, I find that CEO financial expertise is not significantly related to firm performance as proxied by return on assets (ROA) in the full sample. However, it is positively associated with firm performance when CFO of the firm is not a financial expert. This finding is consistent with the idea that when the CFO is not a financial expert, CEO’s financial expertise can compensate the lack of financial experience of the CFO. In addition, using the number of departments as the proxy of operating complexity, I find that CEO financial expertise is positively associated with firm performance for firms with more complex operating environments.
Using the absolute value of discretionary accruals (DA), as measured by the Modified Jones Model as the proxy for earnings management level, I find that CEO financial expertise is not significantly associated with earnings management in the full sample and in the subsamples of firms with positive DA. However, CEO financial expertise is positively associated with the earnings management level in the subsample of firms with negative DA. This finding may be attributed to a more conservative accounting management caused by the Sarbanes Oxley Act which imposes more stringent legal responsibilities to CEOs.
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Peng, Tzu-Feng, and 彭慈風. "An Empirical Study on Earnings Management、Operating Performance and Corporate Governance of Taiwan IC Design Industry." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/15506107785528124547.
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碩士<br>國立交通大學<br>管理學院碩士在職專班財務金融組<br>98<br>Only second to the United States, the R&D capability of Taiwan’s IC design industry has been well reckoned in global market. It has long been a profitable industry thus greatly valued by Taiwan equity market, however, due to rapid change of mainstream products and fierce competition, growth potential and profitability of IC design house are also volatile. To confirm the effects of growth, profitability, corporate governance, IPO, seasoned offering, and expensing employee bonus on earnings management, we use Modified Jones Model to estimate discretionary accruals and multiple regression for analyzing the relationship. Taking Taiwan’s listed IC design houses as our samples, the sample period starts from 2003 to 2007. Empirical findings: (1)IC design industry has been enjoying higher price-to-book ratio because of its future growth potential, P/B ratio does not have major influence on earnings management. (2)The more superior profitability the larger earnings management. However, when company books loss, less earnings management to avoid regulation cost. (3)Shareholdings and pledge by directors and supervisors does not affect earnings management. Their R&D backgrounds lead the product strategy and technology roadmap, causing less issue on conflict of interest. (4)Being in the status of high growth and large funding demand, companies IPO for shorter years are more engaged in earnings management in order to attract investors. (5) Expensing employee bonus causes higher operating cost thus results in less earnings management for no other new accruals can be use to increase profit.