Dissertations / Theses on the topic 'Financial Restatements'

Data mining is a multi-disciplinary field of science and technology widely used in developing predictive models and data visualization in various domains. Although there are numerous data mining algorithms and techniques across multiple fields, it appears that there is no consensus on the suitability of a particular model, or the ways to address data preprocessing issues. Moreover, the effectiveness of data mining techniques depends on the evolving nature of data. In this study, we focus on the suitability and robustness of various data mining models for analyzing real financial data to identify financial restatements. From data mining perspective, it is quite interesting to study financial restatements for the following reasons: (i) the restatement data is highly imbalanced that requires adequate attention in model building, (ii) there are many financial and non-financial attributes that may affect financial restatement predictive models. This requires careful implementation of data mining techniques to develop parsimonious models, and (iii) the class imbalance issue becomes more complex in a dataset that includes both intentional and unintentional restatement instances. Most of the previous studies focus on fraudulent (or intentional) restatements and the literature has largely ignored unintentional restatements. Intentional (i.e. fraudulent) restatements instances are rare and likely to have more distinct features compared to non-restatement cases. However, unintentional cases are comparatively more prevalent and likely to have fewer distinct features that separate them from non-restatement cases. A dataset containing unintentional restatement cases is likely to have more class overlapping issues that may impact the effectiveness of predictive models. In this study, we developed predictive models based on all restatement cases (both intentional and unintentional restatements) using a real, comprehensive and novel dataset which includes 116 attributes and approximately 1,000 restatement and 19,517 non-restatement instances over a period of 2009 to 2014. To the best of our knowledge, no other study has developed predictive models for financial restatements using post-financial crisis events. In order to avoid redundant attributes, we use three feature selection techniques: Correlation based feature subset selection (CfsSubsetEval), Information gain attribute evaluation (InfoGainEval), Stepwise forward selection (FwSelect) and generate three datasets with reduced attributes. Our restatement dataset is highly skewed and highly biased towards non-restatement (majority) class. We applied various algorithms (e.g. random undersampling (RUS), Cluster based undersampling (CUS) (Sobhani et al., 2014), random oversampling (ROS), Synthetic minority oversampling technique (SMOTE) (Chawla et al., 2002), Adaptive synthetic sampling (ADASYN) (He et al., 2008), and Tomek links with SMOTE) to address class imbalance in the financial restatement dataset. We perform classification employing six different choices of classifiers, Decision three (DT), Artificial neural network (ANN), Naïve Bayes (NB), Random forest (RF), Bayesian belief network (BBN) and Support vector machine (SVM) using 10-fold cross validation and test the efficiency of various predictive models using minority class recall value, minority class F-measure and G-mean. We also experiment different ensemble methods (bagging and boosting) with the base classifiers and employ other meta-learning algorithms (stacking and cost-sensitive learning) to improve model performance. While applying cluster-based undersampling technique, we find that various classifiers (e.g. SVM, BBN) show a high success rate in terms of minority class recall value. For example, SVM classifier shows a minority recall value of 96% which is quite encouraging. However, the ability of these classifiers to detect majority class instances is dismal. We find that some variations of synthetic oversampling such as ‘Tomek Link + SMOTE’ and ‘ADASYN’ show promising results in terms of both minority recall value and G-mean. Using InfoGainEval feature selection method, RF classifier shows minority recall values of 92.6% for ‘Tomek Link + SMOTE’ and 88.9% for ‘ADASYN’ techniques, respectively. The corresponding G-mean values are 95.2% and 94.2% for these two oversampling techniques, which show that RF classifier is quite effective in predicting both minority and majority classes. We find further improvement in results for RF classifier with cost-sensitive learning algorithm using ‘Tomek Link + SMOTE’ oversampling technique. Subsequently, we develop some decision rules to detect restatement firms based on a subset of important attributes. To the best of our knowledge, only Kim et al. (2016) perform a data mining study using only pre-financial crisis restatement data. Kim et al. (2016) employed a matching sample based undersampling technique and used logistic regression, SVM and BBN classifiers to develop financial restatement predictive models. The study’s highest reported G-mean is 70%. Our results with clustering based undersampling are similar to the performance measures reported by Kim et al. (2016). However, our synthetic oversampling based results show a better predictive ability. The RF classifier shows a very high degree of predictive capability for minority class instances (97.4%) and a very high G-mean value (95.3%) with cost-sensitive learning. Yet, we recognize that Kim et al. (2016) use a different restatement dataset (with pre-crisis restatement cases) and hence a direct comparison of results may not be fully justified. Our study makes contributions to the data mining literature by (i) presenting predictive models for financial restatements with a comprehensive dataset, (ii) focussing on various datamining techniques and presenting a comparative analysis, and (iii) addressing class imbalance issue by identifying most effective technique. To the best of our knowledge, we used the most comprehensive dataset to develop our predictive models for identifying financial restatement.

The purpose of this study is to examine financial reporting restatements for the presence of collateral damage in the market’s reaction. Collateral damage is an assessment of investors’ perception of management credibility and a company’s internal controls. Past research indicates the market reaction displays irrational tendencies following a restatement of earnings. In the legal world, the presence of irrational behavior in the capital markets protects corporations from the efficient market hypothesis in damages estimates. I find a high level of market reaction to be unexplained by cash flow disclosures within the restatement. Though my results do not recognize all the sources of collateral damage at a highly significant level, the data does suggest some inefficient market behavior. When the proportion of the total restatement amount/ market capitalization is held constant, small firms are far more negatively impacted than large firms. In addition, companies are punished in the capital markets for providing additional information to the investors regarding disclosure. My conclusion is that the U.S. federal courts should not continue to rely exclusively on the efficient market hypothesis in determining damages amounts because of the prevalence in collateral damage following corrective disclosures.

Thesis (Ph. D.)--University of Oregon, 2006.
Typescript. Includes vita and abstract. Includes bibliographical references (leaves 63-65). Also available for download via the World Wide Web; free to University of Oregon users.

The U.S. Securities and Exchange Commission (SEC) continues to reform the corporate governance mechanisms in order to improve the quality of financial reporting and thus, enhance the confidence of investors in the stock market and in the accounting profession. Despite the efforts of the SEC, financial reporting scandals continue with record numbers of financial restatements documented by the General Accounting Office. A financial restatement is a correction of a previously misstated financial statement. There is a small volume of literature examining the effects of corporate governance mechanisms on financial restatements. The results of these studies however, are mixed and possibly explained by their narrow focus and omitted variables that could influence the effectiveness of audit committees. Consequently, this study examines the effects of independent audit committee member characteristics and auditor independence on financial restatements. Specifically, this study investigates the relationship between the likelihood of financial restatements and: (1) the expertise of the independent audit committee members, (2) the expertise and diligence of the independent audit committee members, (3) the reputation of the independent audit committee members, (4) the interaction effect of expertise, diligence and reputation, (5) the tenure of the independent audit committee members, and (6) the cash compensation paid to independent audit committee members. Prior studies have not investigated some of these variables or the interaction effects of independent audit committee member characteristics on financial restatements. This study also investigates the association between auditor independence and financial restatements. The SEC alleges that an increasing number of audit failures are due to the lack of auditor independence. One of the major sources of the lack of auditor independence is the auditor’s economic dependency on the client. The provision of non-audit services increases the financial reliance of the auditor on the client. As a result, the auditor may become reluctant to raise issues with the preparation of the financial statements at the risk of foregoing the lucrative non-audit services fees. The SEC believes that longer audit firm tenure can also impair auditor independence and Section 203 of the Sarbanes-Oxley Act suggests periodic audit firm rotation. Therefore, auditor independence was measured as: (1) fees paid to the auditor, and (2) audit firm tenure. Finally, this study extends the prior literature by studying the interaction effects of independent audit committee member characteristics and auditor independence on financial restatements. This interaction effect is important because the external auditor and the audit committee are regarded vital governance mechanisms that interact and exchange dialogue in the performance of their respective oversight of the financial reporting process. Prior research has not investigated this important interaction effect. The sample of the study comprises 69 U.S. publicly listed companies that announced their restatement from 1 January 2001 to 31 December 2002. These companies were matched with 69 non-restatement companies based on industry and size. The data for the study is derived from SEC filings such as Form 10-K and DEF 14A, and Compustat. The univariate results show that compared to restatement firms, non-restatement firms generally have effective audit committee characteristics. The audit committees of non-restatement firms have members who are experts, diligent, reputable and appropriately compensated. They also pay lower non-audit services and total fees, and have audit firms with longer tenure. The multivariate results show that after controlling for other governance structures and firm specific non-governance variables, the likelihood of financial restatements is related to independent audit committee member characteristics and auditor independence. Specifically, the likelihood of financial restatements decreases when independent audit committee members are: (1) experts, (2) experts and diligent, (3) reputable, (4) experts, diligent and reputable, and (5) appropriately compensated. The audit committee member tenure variable is insignificant. In relation to the auditor independence variables, the multivariate results show that the likelihood of financial restatements increases when the non-audit services and total fees generated by the client are higher. On the other hand, the likelihood of financial restatements decreases when audit firm tenure is longer. The empirical results of this study suggest that independent audit committees are more effective overseers of the corporate financial reporting and auditing processes when: they comprise majority experts, they meet regularly, their members are reputable, and audit committee members are appropriately compensated. On the other hand, external auditors are not deemed to be effective overseers of the corporate financial reporting process when the non-audit services and total fees generated by the client are higher but are effective when audit firm tenure is long. The results support the SEC’s concerns regarding the provision of non-audit services impairing auditor independence. The results also support the Sarbanes-Oxley Act of 2002 which under Section 201 prohibits external auditors from providing certain non-audit services to its audit client. Overall, these results support the regulatory efforts to increase the quality of financial reporting by enhancing the corporate governance process related to audit committees and auditor independence. However, the results do not support calls to limit the tenure of the auditor. The results of the multivariate interaction effects suggest that, after controlling for other governance structures and firm specific non-governance variables, when the non-audit services and total fees generated by the client are higher, the likelihood of financial restatements increases under conditions when the audit committee is not effective (a non expert audit committee, an audit committee that does not meet regularly, an audit committee whose members are not reputable or an audit committee that is not appropriately compensated). The implication of this result is that it provides evidence of conditions under which restatements take place. Knowledge of such conditions could aid regulators further improve the financial reporting process and corporate governance. This knowledge will support regulators in revising policies that ensure audit committee members are not only independent but also comprise other critical qualities. These improvements to the audit committee coupled with the existing regulations on the provision of non-audit services suggest a company’s governance will be more effective. Overall, the results extend current knowledge in the sparse but growing literature related to financial restatements and corporate governance, and extend our understanding of the effectiveness and interaction of governance mechanisms in reducing financial restatements.

The U.S. Securities and Exchange Commission (SEC) continues to reform the corporate governance mechanisms in order to improve the quality of financial reporting and thus, enhance the confidence of investors in the stock market and in the accounting profession. Despite the efforts of the SEC, financial reporting scandals continue with record numbers of financial restatements documented by the General Accounting Office. A financial restatement is a correction of a previously misstated financial statement. There is a small volume of literature examining the effects of corporate governance mechanisms on financial restatements. The results of these studies however, are mixed and possibly explained by their narrow focus and omitted variables that could influence the effectiveness of audit committees. Consequently, this study examines the effects of independent audit committee member characteristics and auditor independence on financial restatements. Specifically, this study investigates the relationship between the likelihood of financial restatements and: (1) the expertise of the independent audit committee members, (2) the expertise and diligence of the independent audit committee members, (3) the reputation of the independent audit committee members, (4) the interaction effect of expertise, diligence and reputation, (5) the tenure of the independent audit committee members, and (6) the cash compensation paid to independent audit committee members. Prior studies have not investigated some of these variables or the interaction effects of independent audit committee member characteristics on financial restatements. This study also investigates the association between auditor independence and financial restatements. The SEC alleges that an increasing number of audit failures are due to the lack of auditor independence. One of the major sources of the lack of auditor independence is the auditor’s economic dependency on the client. The provision of non-audit services increases the financial reliance of the auditor on the client. As a result, the auditor may become reluctant to raise issues with the preparation of the financial statements at the risk of foregoing the lucrative non-audit services fees. The SEC believes that longer audit firm tenure can also impair auditor independence and Section 203 of the Sarbanes-Oxley Act suggests periodic audit firm rotation. Therefore, auditor independence was measured as: (1) fees paid to the auditor, and (2) audit firm tenure. Finally, this study extends the prior literature by studying the interaction effects of independent audit committee member characteristics and auditor independence on financial restatements. This interaction effect is important because the external auditor and the audit committee are regarded vital governance mechanisms that interact and exchange dialogue in the performance of their respective oversight of the financial reporting process. Prior research has not investigated this important interaction effect. The sample of the study comprises 69 U.S. publicly listed companies that announced their restatement from 1 January 2001 to 31 December 2002. These companies were matched with 69 non-restatement companies based on industry and size. The data for the study is derived from SEC filings such as Form 10-K and DEF 14A, and Compustat. The univariate results show that compared to restatement firms, non-restatement firms generally have effective audit committee characteristics. The audit committees of non-restatement firms have members who are experts, diligent, reputable and appropriately compensated. They also pay lower non-audit services and total fees, and have audit firms with longer tenure. The multivariate results show that after controlling for other governance structures and firm specific non-governance variables, the likelihood of financial restatements is related to independent audit committee member characteristics and auditor independence. Specifically, the likelihood of financial restatements decreases when independent audit committee members are: (1) experts, (2) experts and diligent, (3) reputable, (4) experts, diligent and reputable, and (5) appropriately compensated. The audit committee member tenure variable is insignificant. In relation to the auditor independence variables, the multivariate results show that the likelihood of financial restatements increases when the non-audit services and total fees generated by the client are higher. On the other hand, the likelihood of financial restatements decreases when audit firm tenure is longer. The empirical results of this study suggest that independent audit committees are more effective overseers of the corporate financial reporting and auditing processes when: they comprise majority experts, they meet regularly, their members are reputable, and audit committee members are appropriately compensated. On the other hand, external auditors are not deemed to be effective overseers of the corporate financial reporting process when the non-audit services and total fees generated by the client are higher but are effective when audit firm tenure is long. The results support the SEC’s concerns regarding the provision of non-audit services impairing auditor independence. The results also support the Sarbanes-Oxley Act of 2002 which under Section 201 prohibits external auditors from providing certain non-audit services to its audit client. Overall, these results support the regulatory efforts to increase the quality of financial reporting by enhancing the corporate governance process related to audit committees and auditor independence. However, the results do not support calls to limit the tenure of the auditor. The results of the multivariate interaction effects suggest that, after controlling for other governance structures and firm specific non-governance variables, when the non-audit services and total fees generated by the client are higher, the likelihood of financial restatements increases under conditions when the audit committee is not effective (a non expert audit committee, an audit committee that does not meet regularly, an audit committee whose members are not reputable or an audit committee that is not appropriately compensated). The implication of this result is that it provides evidence of conditions under which restatements take place. Knowledge of such conditions could aid regulators further improve the financial reporting process and corporate governance. This knowledge will support regulators in revising policies that ensure audit committee members are not only independent but also comprise other critical qualities. These improvements to the audit committee coupled with the existing regulations on the provision of non-audit services suggest a company’s governance will be more effective. Overall, the results extend current knowledge in the sparse but growing literature related to financial restatements and corporate governance, and extend our understanding of the effectiveness and interaction of governance mechanisms in reducing financial restatements.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Department of Accounting, Finance and Economics
Griffith Business School
Full Text

This paper seeks to investigate the reaction of credit ratings and credit markets in response to accounting restatements. Accounting restatements can often be perceived as a precursor to fraudulent activity, which could lead to a more negative credit rating, or a heightened credit default swap (CDS) price. CDS prove to be a useful measuring tool as they adjust to changes relatively quickly; much more quickly than the assessment of a credit rating agency. My results suggest that restatements do indeed have an effect on credit rating. It does, however take longer for credit ratings to be updated after the restatement, but CDS quotes move faster and are just as, if not more accurate. I also find that credit default swaps do not anticipate restatements, showing that while the credit markets are beating the rating agencies, they do not appear to be beating the accountants.

Regulators worldwide are considering expanding current audit reporting model to include key audit matters (KAM). Proponents argue that current audit reports are standardized and uninformative to financial statement users. Auditors in current reporting regime can choose to add explanatory notes in audit reports, however, few current studies have investigated the information content of these explanatory notes. This thesis conducts a textual analysis of explanatory notes in auditor reports and examines the predictability of auditors’ explanatory notes consisting of both unqualified and qualified opinions in determining the incidence of subsequent restatements. I hand collect material accounting restatements disclosed by the public companies in China from 2003 to 2017 and obtain modified audit reports from the CSMAR database during the period between 2003 and 2015. Based on a sample of 22,850 firm-years from 2003 to 2015 in China, I find that modified audit opinions, in general, can communicate financial misstatement risks, and the probability of such risks increases when the type of audit opinion is more severe. I also find that compared with unmodified audit opinion, modified ones containing explanatory notes have a higher possibility of subsequently being restated. Further, the predictive power is not the same across different types of explanatory notes. I have shown that explanatory notes including notes emphasizing contingencies and uncertainties and those relating to audit scope limitations have greater predictive power in explaining subsequent accounting restatements. My findings are robust with a set of additional tests. The findings of this thesis indicate that auditors do communicate financial misstatement risks in modified audit opinions (MAOs). Moreover, the findings are consistent with and provide evidence to support policy changes in developing new enhanced auditor reports introduced by the standard setters in China.

In my dissertation, I examine the role of the audit committee chair in the financial reporting process and test if the change in audit committee chair is associated with changes in audit fees, audit report lag, and audit quality. Motivation for this dissertation comes from the increased attention paid by legislators and regulators in recent years on the role of the audit committee in the financial reporting process. While prior studies have examined diverse issues related to the composition of the audit committee, no prior study has examined the role of the audit committee chair on the oversight of financial reporting, even though the chair of the committee has significant control over the functioning of the committee. In the first essay of my dissertation, I show that audit fees are higher in firms that have a change in the audit committee chair. In the second essay, I examine the association between changes in the audit committee chair and audit report lag. In a changes regression, I find that the change in audit committee is associated with higher audit report lag. The third essay examines the association between changes in audit committee chair and two different measures of audit quality: restatements and abnormal accruals. There is no evidence in support of the argument that changes in audit committee chair is associated with higher quality financial reporting. Overall, the results suggest that the change in audit committee chair has an important impact on the financial reporting process of public companies.

The increase in the number of financial restatements in recent years has resulted in a significant decrease in the amount of market capitalization for restated companies. Prior literature does not differentiate between single and multiple restatements announcements. This research investigates the inter-relationships among multiple financial restatements, corporate governance, market microstructure and the firm's rate of return in the form of three essays by differentiating between single and multiple restatement announcement companies. First essay examines the stock performance of companies announcing the financial restatement multiple times. The postulation is that prior research overestimates the abnormal return by not separating single restatement companies from multiple restatement companies. This study investigates how market penalizes the companies that announce restatement more than once. Differentiating the restatement announcement data based on number of restatement announcements, the results support for non persistence hypothesis that the market has no memory and negative abnormal returns obtained after each of the restatement announcements are completely random. Second essay examines the multiple restatement announcements and its perceived resultant information asymmetry around the announcement day. This study examines the pattern of information asymmetry for these announcements in terms of whether the bid-ask spread widens around the announcement day. The empirical analysis supports the hypotheses that the spread does widen not only around the first restatement announcement day but around every subsequent announcement days as well. The third essay empirically examines the financial and corporate governance characteristics of single and multiple restatement announcements companies. The analysis shows that corporate governance variables influence the occurrence of multiple restatement announcements and can distinguish multiple restatements announcement companies from single restatement announcement companies.

Thesis (Ph. D.)--Ohio State University, 2003.
Title from first page of PDF file. Document formatted into pages; contains xii, 108 p.; also includes graphics (some col.). Includes abstract and vita. Advisor: René M. Stultz, Dept.of Business Administration. Includes bibliographical references (p. 65-70).

Historical precedent shows that forced financial restatements can have serious implications for the firm affected, investor confidence in financial markets and a country’s economic development more generally. The purpose of this study is to explore factors which affect the likelihood of forced financial restatements. This issue is particularly pertinent in the Malaysian context, as, despite repeated efforts by the government to improve the corporate governance of listed companies, weak regulatory enforcement and the influence of family groups and politicians give rise to continued concerns about financial reporting quality. This study uses the multivariate logit model to analyse firm characteristics which relate to forced financial restatement. The analysis was performed on the Malaysian listed companies from 2002 to 2012. Findings indicate that the likelihood of forced restatements was related to aggressive accounting practices. In addition, the presence of politically-connected shareholders or top executives, the proportion of independent directors on the board, firms’ decreasing level of internal fund and share price volatility were also related to an increased likelihood of forced restatement. More detail tests on the attributes of the different types of restatement show that the likelihood of income-increasing and zero-effect forced restatement event were affected by opportunistic earnings management practices. This contradicts with the results shown for forced income decreasing restatement as they do not imply aggressive accounting, but are more likely to result from mistakes or technical accounting matters, such as change in accounting policy. This study contributes to our understanding by examining a much wider range of financial and non-financial factors as possible determinants of forced restatements. Moreover, compared to prior research, this study explores forced income-decreasing, income-increasing, as well as zero-effect restatements to distinguish between earnings restatements that arise from related to opportunistic behaviour and those linked to accounting errors. Methodologically, this study further contributes by applying the penalised likelihood logit and structural equation modelling approach which are scarcely examined in accounting research, to determine factors affecting the likelihood of forced restatements. It was not possible to develop a valid predictive model for forced financial restatements which is recognised as a limitation to the study. However, the findings in this study do provide some insights into factors which relate to the likelihood of forced restatements, which should be useful for investors, analysts, auditors, and regulators.

This paper investigates whether or not the termination of CEOs and/or CFOs will impact auditor resignation rates following a restatement. It is predicted that resignation rates will be lower for firms that terminate their top executives than those that do not terminate their top executives when comparing all cases of restatement. Consequently, the data seems to indicate that restatements that include the dismissal of management increase the auditor resignation rates, most likely because of the amplified audit risk that is associated with restating firms. Collectively, the results of this research aim to provide insight into the auditor-client relationship.

碩士
輔仁大學
會計學系碩士班
101
This study is aimed at examining the relation between internal control weakness and financial statements restatements. The research sample consists of TSE-listed firms and OTC-listed firms from year 2006 to 2012. The dependent variable of this study is the earnings change of restated income statement and it is expected that compared to firms without internal control weakness, firms with internal control weakness will have more earnings change in their restated income statement. The empirical results show (1) Main test: firms with internal control weakness will have more earnings change in their restated income statement. (2)Sensitivity analysis: A.replace the main explanatory variables by amount of the penalty due to weak internal control and the frequency of the penalty due to weak internal control. B.divide the samples into two subsamples: restatements due to error or mandatory restatement and restatements not due to error or mandatory restatement. C.perform the binary logistic regression analysis. The empirical results of the sensitivity analysis provide additional supportive evidence.

碩士
國立彰化師範大學
會計學系
97
The impact of client importance on audit quality has been inconsistent in previous researches. The inconsistent results are due to the trade-off among economic dependence, reputation protection, and audit cost reflection. Besides, the famous business group fraud, Rebar, has raised the concern of the role of auditors in business groups. Thus, different from previous researches, this research use business groups as the basis of calculation of client importance. The purpose of this research is to investigate the relation between client importance of business groups and financial restatements. The research uses 88 restatement observations and 88 non-restatement observations from 1996 to 2007 as the research samples. The results of this research are stated as the following. 1. The relation between group client importance and the possibility of financial restatements is significantly positive at both firm level and individual level. 2. The relation between group client importance and the severity of financial restatements is significantly positive at both firm level and individual level. 3. Compared to non-big 4 clients, the impact of group client importance on financial restatements is smaller for big 4 clients. Overall, group client importance will definitely influence financial restatements.

碩士
國立中正大學
會計與資訊科技研究所
102
The study investigated the Taiwanese listed companies seasoned equity offerings(SEO) whether prior intend to manipulate earnings overstated to facilitate the seasoned equity offerings and achieve the purpose of raising funds. The study restatements event samples for analysis,observing differences in behavior before and after restatement. The empirical findings are as follow: 1. The proportion of equity offerings restated relatively before the case has increased significantly. It explained that the company managers will order to pass the seasoned equity offerings case and improve the issue price,may have the motive to manipulate earnings and beautify the financial report. 2. The debt repayment proportion test results proved to have occurred restatement company in the years later restated debt repayment proportion higher. Probably because of the pressure on the company's debt maturity,worried that the seasoned equity offerings cannot be audited by the competent authority. So that managers have considerable incentive to manipulate earnings and make the seasoned equity offerings successfully completed. 3. Occurred restatement company public subscription the proportion of equity offerings and book-building was no significant difference. Its description to the public subscription of the seasoned equity offerings company (relative to the book-building) did not have more a large proportion occurred renumbering situation.

碩士
國立中興大學
高階經理人碩士在職專班
104
Continued global corporate accounting fraud cases in recent years, such as Enron, WorldCom, United States International Group (AIG), Kanebo, Olympus, Toshiba, false financial statements, fraud and scandal, from 2001 in United States and Japan. These financial statements fraud caused the stock market shock, panic of the investing public, makes the investing public for the preparation of the financial statements of enterprises the reliability and authenticity, and had a great question. Purposes of the preparation of the financial statements provides financial statement users on an enterprise''s financial position and operating results information, report the user to help them plan investment and credit decisions, so management issued by the company''s financial statements, its relevant and reliability is very important for the community. However, we all know that the preparation of the financial statements, in addition to follow generally accepted accounting principles, involving many people make their judgments and estimates that CEOs for some pressure or to achieve certain goals, or for some accounting method of assessment was too optimistic and has adopted a more radical statements, leading to restating in financial statements. This study research CEO’s overconfident personality traits influence on the quality and preparation of financial statements, especially the relevance of CEO overconfidence and financial report restatements. Based on a sample of Taiwanese listed companies in the electronics industry from 2005 to 2015, this study investigates the relationship between CEO overconfidence and financial report restatements. Empirical results show that there’s no significant positive relationship between CEO overconfidence and financial report restatements. It’s means that CEO overconfidence is not an important factor in the financial report restatements. Further, this study found that the more overconfident CEO, the higher business performance and growth opportunities of the company. That is, the more overconfident CEO, the better quality of company’s financial report and CEO overconfidence does not mean that the financial statements exist high risk. Key words: Overconfidence, Restatements

碩士
國立中央大學
會計研究所
104
A proper incentive compensating system is beneficial for developing company’s operating performance and reducing the cost of agency. However, an overdriven incentive system may lead to manipulation of manager’s own interest, and a financial revision is necessary for restatement. In this way, this research is going to be the impact of downsizing earning and comparison of the financial restatement and motive of beautifying financial statement to the stock option and profit sharing of employee. The research is proven the employee option has a positive relationship to the financial restatement but not significant, in which may be because the non-fraud type of sample is established in the statement. On the one hand, the significant relationship is found when focusing on the beautify of financial restatement and downsizing earning restatement; in this case, senior management has higher motivation of beautifying financial statement and earning management, which lead the financial restatement afterward. On the other hand, the relationship between employee’s profit sharing to the beautifying of financial statement and downsizing earning restatement is negative significantly; in this case, compared with the stock option, certain incentive compensation of profit sharing has more mitigated effect to financial restatement.

碩士
國立中央大學
會計研究所
104
First, the author followed Basu (1997) empirical model, then did some changes on it. The author studied the firms from 2006 to 2014 in Taiwan stock market, and used a matched-sample and regression analysis to investigate the relevance between financial restatement and accounting conservatism. The empirical results showed that accounting conservatism was positively related to the restatement firms, and the firms which Securities & Futures Institute requested the restatement also had positively related to accounting conservatism. Finally, we found the firms which Securities & Futures Institute requested the restatement tended to have more accounting conservatism than the other firms. The results provided evidences on the relevance between financial restatement and accounting conservatism. They can also be used as the basis to study further for researchers.

碩士
輔仁大學
會計學系碩士班
100
The purpose of this study is to investigate the relation between the internal control weakness and the possibility of financial statements restatements. After conducting a binary logistic regression analysis, this study finds that the possibilities of financial statements restatements are significantly positive-related with weak internal control. This study conducts several sensitivity analyses including replacing the weak internal control variable by the amount of the penalty due to weak internal control, the frequency of the penalty due to weak internal control tests, and adding the electronics industry dummy variable test. The empirical results of these sensitivity analyses are consistent with the main test results. Finally, this study splits financial statements restatements sample into two subsamples: restatements due to error or mandatory restatement and restatements not due to error or mandatory restatement. The empirical results of restatements due to error or mandatory restatement are consistent with the main test.

碩士
國立雲林科技大學
財務金融系
104
In this study, the domestic market, OTC and TSE companies as research object, from 2006 to 2013 according to the number of samples for the study of 110 companies restated, comparing no restate in 110 companies. The financial statements restated according to different situation divided , and then on the salary of directors and supervisors MOPS disclosed intersected using Logistic model to investigate what people are . The results found that overpaid the company's directors and supervisors earnings higher restatements probability, and evidence that the ROA (return on assets) was significantly negatively correlated, meaning when the company deficit, the company's directors and supervisors for their own interests and earnings restated.

碩士
國立彰化師範大學
會計學系
95
This research examines the effect of excess ultimate owners compensation on financial restatements. When ultimate owners control corporation effectively through pyramid structures, and cross-holdings among firms, they can get low cash flow right and high control right . This situation is provide the incentive to denationalize corporation resources and to extort minority shareholder by ultimate owners, and ultimate owners can use their control power to manipulate the number of financial statements for camouflage the encroachment。Therefore, this research expects that ultimate owners would manipulate the number of financial statements for getting excess compensation. So The financial statements were misrepresentative and will be restated in the future. This research uses ultimate owners compensation data from 1998-2003 to compute excess ultimate owners compensation and discusses the effect of excess ultimate owners compensation in the current year and last year on financial restatements in the next year. The primary result is found that ultimate owners in last year would manipulate financial statements for getting excess compensation. The financial statements were misrepresentative and will be restated in the next year.

碩士
國立彰化師範大學
財務金融技術學系
102
The purpose of the study is to investigate the effects of pay-performance sensitivity on the company’s financial statement restatements. Since the quality of financial statement restatemets will be questioned. To avoid executive compensation relying too much on the earnings of report, the company will redesign the compensation structure and also reduce the associativity between compensation and performance. This research takes Listed companies and OTC companies in Taiwan as examples which financial statement restates are in the period of 2006-2012. Furthermore, the firms which have similar size (that did not restate) in the same industry from the same period are chosen as the control firms. The empirical results indicate that compared to matched control firms, restated firms have lower pay-performance sensitivity. Moreover, the situation is more obvious in which pay-performance sensitivity of decrease is belonging to government regulators have expressed great concern over financial statement restatements.

碩士
國立臺中科技大學
會計資訊系會計與財稅碩士班
102
This study examines the relationship between audit fee, corporate governance and financial restatement. we investigates a sample of restated firms listed on the Taiwan Stock Exchange and in the over-the counter market in Taiwan for the period from 2009 to 2012. Following prior research, we form one-to-two matched-pairs by matching each restated firm to a non-restated firm based on industry and time. A significantly negative coefficient on an audit fee reveals that firms that with more audit fee that induce restatements. And, a significantly negative coefficient on a corporate governance proxy suggests that this mechanism mitigates restatements.

碩士
國立雲林科技大學
財務金融系
107
This study explores the relationship between the self-fertilization of family directors, supervisors, and reorganization of financial statements. The supervisors of the parent company of this article include chairman and general manager, director and supervisor compensation, board size, company size, company year of establishment, asset return ratio, debt ratio, managers share ownership ratio, directors share ownership ratio, and ratio of large shareholders and establishment of an audit committee to understand and analyze each correlation. Research related resources are mainly based on TEJ and the Public Information Observatory. Using samples from Taiwanese company between 2008 and 2017 as research objects, empirical results show that directors of supervision and independent fertilization have a positive correlation with the reorganization of financial statements, which means that directors of supervision and independent fertilization are more likely to re-edit financial statements.

碩士
國立臺中科技大學
會計資訊系碩士班
104
The purpose of this article is to investigate the relationships between Directors’ and Officers’ (hereafter D&O) liability insurance and corporate financial restatements and risk for firms listed in Taiwan for the period from 2008 to 2014. This study forms one-to-two matched-pairs by matching each firm that disclosures a financial restatement (restatement firm) with a firm that does not (non-restatement firm) based on industry, time, and size to examine the effect of D&O insurance on corporate financial restatements. The results show that D&O insurance coefficients are all positive but not significant and do not provide evidence in support of the hypothesis. As to the impact of D&O insurance on corporate financial risk, this study conducts the two-stage estimation approach in Heckman (1979) to mitigate the sample selection-bias problems. The empirical evidence demonstrates that D&O liability insurance purchasers are more likely to face more financial risk than non-purchasers. Further, the empirical evidence reveals a significantly positive association between the D&O liability insurance limits and financial risk and provides evidence in support of the managerial opportunism argument and implies that a firm may raise the financial risk by purchasing D&O insurance.

碩士
國立臺中科技大學
會計資訊系會計與財稅碩士班
100
The financial statements are the main tool to understand the business situation. In recently years, because of a series of fraud cases, the regulatory agencies have taken more concernsabout the earnings quality of financial distressed companyThe company’s restatements mean that financial statement information has major omissions or mistakes which have effects on decisions, therefore financial statements restatement may be often regarded as a symbol of lower quality of financial reporting. This study used LOGISTIC regression to test the effect of earnings quality、financial distress on financial statement restatements by using financial statements samples from 2001 to 2010. And this study also divided two categories of restated financial statements, one is volunteered by company, the other is forced by the regulatory agencies. Empirical results indicate that financial distressed companies will have the more incentive on earnings management, and have the higher likelihood of restatement, and the restatement forced by regulatory agencies have more frequency compared to the volunteered restatement.

碩士
輔仁大學
會計學系碩士班
104
The results found that the industry specialization has a significant impact on audit works, when the accountant has the industry specialization, the time gap of audit reporting date is small, which indicates having industry specialization will enable a CPA to be more efficient. On the basis of the research of studying whether we can estimate the quality of financial statements is virtue or vise by the time gap of audit reporting date, when the time gap of audit reporting date is big, indicates the quality of the financial statement is poor. The greater the time gap is the worse the quality of the financial statement of a company will be, resulting in renumbering to be prone to occur.

碩士
逢甲大學
會計所
95
In this paper that top management team turnover and financial statements restatements. First, we are to measured association between top manager turnover and the restatements by logit regression. We find significant association that CEO and CFO with restatements. Second, that will divides into the restatements reason area (1) income statement items; (2) current assets or liabilities; (3) long-term assets or liabilities; (4) other to used by Bonner et al. (1998) and in accordance with GAAP, that measure the restatements reason and times with top manager turnover by ordinal regression. We find significant association that the top management team turnover and financial statements restatements reason, but insignificant different with restatements times. On above description result, show material mistake that as announcements for restating firms. The top management team should bear responsibility for this not fair financial report, that is turnover.

碩士
國立臺北大學
會計學系
104
The purpose of the research is to examine the influence of the auditor-client distance on the restatements of financial reports by using a sample of Taiwanese listed and OTC companies which are audited by the Big 4 in the period 2013-2014. Geographic factors are defined as two elements: whether the company and the audit firm are in the same county, or the auditor-client distance by kilometers. We use logistic model and matched sample of firms to test our hypotheses. In addition, we further investigate the relation the type of audit firms (audited by headquarters or branch of CPA office) and financial restatements. The empirical results reveal that the distance between the audit firms and their clients has no significant association with the likelihood of the restatements of financial reports. In addition, we find that there is no significant impact on the financial statements, whether or not they were audited by headquarters or the CPA office, in regards to the likelihood of the restatements of financial reports. Therefore, the results do not support the hypotheses that geographic factors have effects on financial restatement.

碩士
國立臺北大學
會計學系
105
The purpose of this study is to examine whether internal auditors using computer auditing affects financial reporting quality.This study used a sample of companies listed in Taiwan Stock Exchange Market and GreTai Securities Market over the period of 2005-2007.The quality of financial reporting proxy by financial restatements and internal auditors with computer skill experience measure computer auditing level.The primary research finding indicates that the companies with higher using computer auditing is lower financial restatements.The result provides incremental contribution to both literatures of quality of financial reporting and internal auditing.

碩士
中原大學
會計研究所
99
The main purpose of financial statements is to provide useful and reliable information to users for decision making. Financial restatements not only affect the prior users of financial statements, but also affect those in the future. This study examines the impact of different stages of financial distress on restatements in the period 2000-2008, as well as the mitigating effect of audit quality on financial restatement. The study concluded that the probability of financial restatements is positively related to companies with signs of financial distress or events of financial distress, and negatively related to companies audited by Big4 CPA firms. The probability of financial restatements in TSE companies is positively related other adverse events and signs of financial distress. The probability of financial restatements in OTC companies is negatively related other adverse events and that audited by Big4 CPA firms.

碩士
國立臺灣大學
會計學研究所
98
The purpose of this study is to explore the relation between CPA expertise and the audit quality. The proxies for CPA expertise include their educational background and work experiences, such as the auditor tenure and the industry specialization. In addition, we measure the audit quality by attributes of financial statement restatements, including the restatement likelihood, the magnitude of asset and stockholders’ equity restated, and the initiators of restatements. The empirical results reveal that both restatement likelihood and magnitude are related to CPAs’ educational backgrounds and the interaction of their educational backgrounds and the work experiences. As to the influence of educational background on restatements, the CPA with foreign education has a higher probability to restate statements; however, as tenure increases, the restatement likelihood of the CPA with foreign education significantly decreases. Besides, as tenure increases, the restatement likelihood of the CPA graduating from EMBA program will significantly decrease as well. On the other hand, the magnitude of assets restated by the CPA majoring in accounting is significantly lower; however, as tenure increases, the magnitude of assets restated by the CPA majoring accounting increases.

碩士
輔仁大學
會計學系碩士班
97
The thesis examines whether the weakness of board of directors and earnings quality are associated with the likelihood of restatements of financial statements. The sample consists observations selected from listed and over-the-counter companies in Taiwan from 1990 to 2008. It finds that the likelihood of financial statement restatement was higher for firms with larger board size，greater proportion of shares pledged as collateral by the directors，lower shareholdings of managers and greater deviation between control right and cash flow right of controlling shareholder.

碩士
國立高雄應用科技大學
商務經營研究所
98
The past decade, Taiwan has continually found the listed companies having financial crises. This made investors lose their confidence in corporate managers and financial statements, and it seriously influenced the operation of capital markets. Information disclosure is useful in reducing information asymmetry and plays a major role in the cooperation governance. The purpose of this research is to examine effects of financial report restatements on the earnings management. Collect restatements sampled from listed companies in Taiwan between 2004 and 2008 and to validate the hypotheses of firms have high index of restatements and earnings management will be high. The empirical results find a non-significant negative correlation between restatement index and earnings management. This study shows that listed companies’ restatements most were non-premeditated and the earnings management were cut down. This study also shows that in these years listed companies’ restatements number have been reduced.

碩士
中原大學
會計研究所
97
One of the financial statement's functions is to provide information of firms’ future profitability to investors for decision making. The main purpose of this study is to analyze whether firms been asked by Securities and Future Bureau to restate their financial statements use deferred tax expenses to manage their reported earnings. This study analyzes the relation between a company’s deferred tax expenses and the possisibility of financial restatement. From prior study, we know that managers use discretionary accruals for earning management for financial reporting purpose. They manage earnings to reach some goals (such as avoiding reported earnings decline). Nevertheless, managers are willing to raise book income but not taxable income. This study examines whether deferred tax expenses can detect financial restatement, as well as that auditor and users of financial statement can detect financial restatement via deferred tax expense. The empirical research of this study shows that if deferred tax expense is higher then the possibility of the financial restatement is also higher. The results show that deferred tax expenses can be an indicator of detection of financial restatemenst. Firms want to increase book income but not taxable income. Restatement firms are not willing to pay extra tax as a result of earnings management, and thus, by using the difference between accounting standards and tax rules, increase fims’ deferred tax expense. For firms with positive income before tax, while deferred tax expense is higher, the probability of the financial restatement is also higher. The result indicates that firms use deferred tax expense to engage in earnings management. They manipulate the timing of recognition of revenue and expense according to the difference between accounting standard and tax rules. On the one hand firms have reached the earnings goals, on the other hand they also postpone paying tax for cash flow planning. Finally, our results show that, while the deferred tax expenses in the preceding year is higher, the probability of the financial restatement is also higher for fims with positive income before tax. Financial restatements firms intending to embellish financial statements engage in earnings management by understating taxable income and inflating accounting income in preceding year, which in turn increase deferred tax expense.

碩士
國立高雄應用科技大學
會計系碩士在職專班
103
The restatement does not equal to a financial statement fraud. However, it will mislead the financial statement users and make them do improper decisions. This paper examines the relationship between financial restatement and remuneration committee characteristics. According to our analysis of the annual report restatements of listed firms in the period 2008-2012 the total number of restatements is 175 times. And around 1,064 listed firm set up remuneration committee during the period 2008-2012. We use Logistics regression approach to review the effect of the financial reporting restatement on stock market. Our results show the characteristics of remuneration committee does not influence financial restatement.

碩士
國立成功大學
會計學系碩博士班
97
Abstract This study examines whether corporate social responsibility (CSR) mitigates the likelihood of a financial statement restatements. I focus on restatements because it is one of the most visible forms of reporting failures and should be a good proxy for low financial reporting quality. This study also investigates whether social responsible companies pay higher fees to their auditors. Though examining the relation between CSR and audit fees, this study tries to explore whether socially responsible companies make greater investment in external audit services. By using the constituents in the FTSE4GOOD US Indexes as my CSR samples. I find that CSR companies are less likely to restate statements after controlling for audit fees and corporate governance. I also find that CSR companies pay higher audit fees. These results are consistent with CSR companies having an important effect on financial reporting quality.

碩士
國立臺灣大學
會計學研究所
96
The purpose of this study is to explore the impact of financial restatements on information content of earnings- whether restatements would induce investors to rely less on future financial statements so that the information content of earnings declines following restatements. This study also analyzed whether different restatements types, restatements reasons, the responses on restatements announcement date, auditor dismissals and management turnover would induce different degrees of decline in information content of earnings following restatements. This study referred to the method mentioned in Wilson (2008) to conduct a research in Taiwan’s capital market. The empirical research showed that the information content of earnings indeed declined following restatements, and the result was not affected by different event research windows or periods following restatements. In addition, the decline in the information content of earnings was longer-lasting following restatements for correcting revenue recognition problems than for other reasons. It also decreased more in the third、fifth、sixth and seventh quarter. However, different restatements types, the responses on restatements announcement date, auditor dismissals and management turnover would not induce different degrees of decline in information content of earnings following restatements.

碩士
中原大學
會計研究所
96
The enterprises prepare the financial statements primarily to provide information for investor, creditor and other uses for decisions-making. If the financial statements do not present fairly, the financial statements will mislead the users in decision-making. The mistakes made in decision-making not only cause the users of financial statements to suffer the loss, but also cause the entire society to pay more social costs. The financial restatements are the restatement of formerly announced financial statements. This behavior might also be broadly explained as misstatements resulting from fraudulent financial reporting. Therefore, this study tries to explore the relation between fraud risk factors and financial restatements, in order to find the earlier sign of financial restatements. This research examines a sample of 571 financial restatements of listed company in the period 1995-2007, together with matched pairs control groups of industry, year and similar size. The results indicated that, when the company has worse financial performance and the presence of incentive scheme, the possibility of financial restatement can be higher. Also, when the member of external directors increase, the possibility of financial restatements is lower. Nevertheless, when the member of board of directors increase and ownerships of director are lower, companies would have higher possibility of financial restatements. When the company has replaced the CPA firm in previous two years, the company would have higher possibility of financial restatements.

This dissertation reviews the literature systematically regarding the impact of financial restatements on financial markets and identifies some research avenues that can be explored in future empirical work. This accounting event is a clear case of bad news and affects several market participants. The methodology employed is the systematic review of the literature that aims at minimising the weaknesses and biases of the traditional literature review. One of the most robust conclusions is that the short-term market reaction to the disclosure of a restatement varies between 1.4% and 20%. The magnitude of the impact depends on the cause and reason for the restatement, who initiates it, if there is litigation and if there is fraud. In the long-term, it is not clear if the market fully assimilates the information contained in a financial restatement. There is also evidence that the market anticipates the publication of a financial restatement given the significant and negative abnormal returns in the pre-event period. Also, the short-selling activity increases in the pre-event period and during the days surrounding the disclosure of such accounting event. Together, these findings suggest that market participants can anticipate this event. Moreover, financial restatement firms experience an increase in the cost of capital, an increase in the cost of debt, a decrease in the reputation of the company and cause a contagious effect on other firms operating in the same industry. The results of this systematic review emphasise that the market impact of financial restatements is a relevant topic in the accounting and finance domain and there are some research avenues that may be explored in further empirical work related to the longterm dynamics of financial markets and the role of some sophisticated agents in the phenomenon.
As demonstrações financeiras corrigidas representam a alteração de demonstrações financeiras (Financial Restatements) publicadas anteriormente com erros. Este evento está diretamente relacionado com a qualidade da contabilidade e do reporte financeiro e é particularmente relevante para gestores, acionistas, auditores, analistas financeiros e reguladores. A percentagem de empresas cotadas nos Estados Unidos da América (E.U.A.) que submetem demonstrações financeiras corrigidas varia entre os 6% e os 13% para os anos 2005 a 2016. A literatura académica sublinha que o valor de mercado destas empresas sofre uma diminuição significativa no período anterior à publicação e no período em torno do dia da publicação das demonstrações financeiras corrigidas. Esta dissertação efetua uma revisão sistemática da literatura relacionada com o impacto na publicação das demonstrações financeiras corrigidas no valor de mercado dessas empresas. Em particular, os objetivos deste trabalho são: 1. Desenvolver um estudo delimitativo que potencie o entendimento das questões principais relacionadas com a correção das demonstrações financeiras e a dinâmica dos mercados financeiros. É esperado que este entendimento potencie a identificação das palavras-chave necessárias para a revisão sistemática da literatura; 2. Apresentar uma estratégia de investigação que possibilite a identificação de artigos académicos relacionados com o impacto das demonstrações financeiras corrigidas nos mercados financeiros; 3. Identificar e discutir as questões mais importantes resultantes da ligação destas duas áreas assim como os desenvolvimentos mais recentes; 4. Identificar as oportunidades de investigação que possibilitem a realização de trabalho empírico no futuro. A realização desta dissertação baseia-se na metodologia da ‘Revisão Sistemática de Literatura’ seguindo o protocolo desenvolvido por Tranfield, Denyer, and Smart (2003) e subsequente atualização por Denyer and Tranfield (2009). A metodologia utilizada rege-se por um protocolo rigoroso, que se pretende transparente e replicável por outros autores, possibilitando a replicação / atualização do presente trabalho. Tal como sugerido pelos autores, e dando cumprimento à primeira fase da metodologia, foi desenvolvido um estudo delimitativo da área a sistematizar, por forma a conseguir cumprir as restantes etapas da metodologia. O estudo delimitativo revela que a maioria dos artigos académicos sobre esta temática são baseados nos E.U.A. Por outro lado, o mercado de capitais americano é o maior e o mais desenvolvido no mundo e as empresas listadas nos principais índices americanos partilham o mesmo regime legal. Por estas razões, o presente trabalho foca a sua análise nas empresas cotadas nos E.U.A. no sentido de assegurar a robustez dos resultados e assegurar que as conclusões não estão enviesadas por diferentes regimes legais na apresentação das demonstrações financeiras corrigidas. O estudo delimitativo começa com um resumo da história da contabilidade nos E.U.A por forma a perceber a evolução das práticas contabilísticas e os passos dados por forma a aumentar a transparência do reporte financeiro e dos mercados financeiros. Neste contexto, é apresentado o papel da Securities Exchange Comission (SEC) e do Financial Accounting Standards Board (FASB) na implementação da estrutura conceptual em 1973, que veio sistematizar os princípios de contabilidade geralmente aceites (General Accepted Accounting Principles – GAAP) nos E.U.A. Numa fase mais recente, no início do século XXI, as demonstrações financeiras publicadas pela Enron e a consequente descoberta de várias irregularidades nas mesmas, obrigou à republicação de novas demonstrações financeiras. A subsequente falência da Enron levou o congresso dos E.U.A. a aprovar a lei que ficou conhecida como Sarbanes-Oxley Act (SOX), a qual obrigou as empresas a rever os seus procedimentos e controlos internos por forma a melhorar o sistema de reporte financeiro. Outra das consequências desta lei traduziu-se na revisão obrigatória das demonstrações financeiras por um auditor externo por forma a garantir que as mesmas estariam livres de erros e omissões. O estudo delimitativo discute ainda o conceito das demonstrações financeiras corrigidas e apresenta uma análise da evolução destes eventos durante o período compreendido entre 2001 e 2016. Esta parte da dissertação foca ainda a atenção nas causas e razões que estão na origem das correções às demonstrações financeiras e discute algumas das consequências não diretamente relacionadas com o funcionamento dos mercados financeiros. O estudo delimitativo apresenta ainda uma breve discussão sobre o funcionamento dos mercados financeiros recorrendo à Teoria da Eficiência de Mercado e alguns aspetos relacionados com as Finanças Comportamentais. A metodologia e o protocolo seguido para a elaboração da dissertação são apresentados após o estudo delimitativo. A definição das ‘palavras chave’ identificadas ao longo do estudo delimitativo origina “cadeias de pesquisa” que são aplicadas na base de dados eletrónica selecionada (B-ON). Após a aplicação dos critérios de exclusão e inclusão, obtém-se uma amostra final de 19 estudos. Os resultados destes estudos são apresentados e discutidos sistematicamente por forma a identificar as principais questões de investigação exploradas nesta área assim como algumas oportunidades de investigação empírica futura. A revisão sistemática da literatura sugere que o impacto de curto-prazo no valor de mercado das empresas que apresentam correções às demonstrações financeiras é uma das principais questões exploradas na literatura. Vários artigos (e.g., Palmrose et al., 2004; Hribar and Jenkins, 2004; Akhigbe and Madura, 2008; Gondhalekar et al., 2012; Drake et al., 2015) reportam uma reação de mercado negativa e significativa nos dias em torno da divulgação das demonstrações financeiras corrigidas. Algumas análises mais detalhadas revelam que a magnitude desta reação negativa depende de alguns fatores explicativos como as causas e as razões para a correção, se o problema que originou a correção é fácil ou difícil de detetar, se existe ou não litígio no processo, se a empresa já tinha anteriormente revisto os resultados reportados, se existe comportamento fraudulento ou qual o responsável pelo inicio do processo (e.g., Cox and Weirich, 2002; Palmrose et al., 2004; Kravet and Shevlin, 2010; Salavei, 2010; Gondhalekar et al., 2012). Esta evidência sugere que é importante investigar se outros fatores não explorados apresentam poder explicativo acerca da reação de curto-prazo. Apesar do consenso de que as demonstrações financeiras corrigidas têm um impacto negativo no valor de mercado das empresas no curto-prazo, os estudos dedicados à dinâmica de longo-prazo são escassos e não esclarecedores da relação entre a correção das demonstrações financeiras e o valor das empresas no longo-prazo (e.g., Gondhalekar et al., 2012). Desta forma, esta questão parece representar uma importante agenda de investigação no sentido de clarificar se os mercados assimilam corretamente e atempadamente a informação contida nas demonstrações financeiras corrigidas. Alternativamente, o mercado pode sub-reagir a esta má notícia de forma similar ao que acontece quando os auditores colocam em causa o princípio da continuidade da empresa (e.g., Taffler, Kausar and Tan, 2009). A abordagem das finanças comportamentais introduzindo a questão dos limites à arbitragem ou os enviesamentos cognitivos dos agentes de mercado podem ter um papel explicativo importante. Outro dos resultados retirados desta revisão sistemática é que os mercados apresentam poder de antecipação em relação às demonstrações financeiras corrigidas. De facto, alguns dos estudos reportam retornos anormais negativos e significativos no período anterior à correção das demonstrações financeiras (e.g. Hribar and Jenkins, 2004; Gleason et al., 2008) e que a atividade de venda a descoberto também aumenta significativamente nesse período (e.g., Desai et al., 2006; Drake at al., 2015). Parece assim importante investigar o comportamento dos agentes de mercado sofisticados, os quais apresentam poder explicativo nas alterações do valor de mercado das empresas, como é o caso dos analistas financeiros. Uma das questões que poderão ser exploradas futuramente relaciona-se com a forma como os analistas financeiros ajustam as suas recomendações e preços alvo no período anterior às correções das demonstrações financeiras. O estudo do comportamento dos analistas pode assim contribuir para perceber se estes agentes apresentam poder de antecipação deste evento e aumentar a lista de fatores explicativos da reação de curto-prazo dos mercados. Em particular, é importante testar o impacto de curto-prazo das demonstrações financeiras corrigidas condicional à opinião dos analistas na data do evento. A revisão sistemática da literatura permite também identificar outras consequências relacionadas com a apresentação de correções às demonstrações financeiras, para além da redução no valor de mercado destas empresas. Os resultados dos estudos analisados permitem concluir que, após a divulgação das demonstrações financeiras corrigidas, verifica-se um aumento no custo do capital próprio, um aumento do custo da dívida, uma diminuição na reputação da empresa e um efeito de contágio a outras empresas que operam no mesmo setor de atividade (e.g., Hribar and Jenkins, 2004; Akhigbe and Madura, 2008; Graham et al., 2008; Karpoff et al., 2008; Park and Wu, 2009; Bardos and Mishra, 2014; Chen, 2016). Esta evidência sugere que pode ser importante perceber a forma como os analistas financeiros reagem a este evento contabilístico e se continuam interessados em seguir estas empresas após a apresentação das correções. Esta questão pode ser testada através de testes à significância das diferenças nas recomendações e preços alvo antes e após a divulgação do evento assim como se a percentagem de analistas financeiros que cessa a cobertura destas empresas é significativa.

碩士
銘傳大學
會計學系碩士班
103
This paper investigates financial restatements lead to corporate change auditor, what’s the influence of financial reporting quality. In the past, many studies have confirmed the restating firm’s character, reason and consequence, and rarely focus on restating firms change auditors, whether financial reporting quality will improve. In this paper, using the research samples of companies have been restate and listed in Taiwan Stock Exchange and OTC stock exchange. Research period is from 2003 to 2013. The empirical results shows that (1) After restatements change auditor has better financial reporting quality. (2)After restatements male auditor changes to female auditor has better financial reporting quality.(3) After restatements non-industry specialist changes to industry specialist not has better financial reporting quality.

碩士
中國文化大學
會計學系
100
This study aimed to explore the impact of the financial restatements on the stock market in Taiwan. The financial restatements for research event, Using the event study methodology to examine the impact of financial restatements on stock price. In this study, using the market model to build the regression model, and in order to avoid the stock return volatility clustering, using the generalized autoregressive conditional het-eroscedasticity to estimate regression coefficients. According to Richardson, Tuna, and Wu's (2002) empirical results, the market reaction will be different from the kinds of financial restatements. So the financial restatements are divided into the two parts for voluntary and mandatory. In order to explore the differences between Taiwan’s electronics industry and other industries, we divide all industry include the voluntary restatements and mandatory to electronics industry and non-electronics in-dustry. The empirical results show that the firms, voluntary restatement, have negative abnormal returns in the short-tern. And the firms, mandatory restatement, have positive abnormal returns. And whether it is a voluntary restatement or mandatory restatement, the electronics and non-electronics industry is the existence of significant differences.

碩士
國立中正大學
會計與資訊科技研究所
101
When financial statements need to be restated, capital markets are often influenced by this subject. When the company provides mistake financial information and requires to restate; it may not only cause losses to investors, but also reduce investor confidence in the financial statements. This paper uses model crated from Collins et al. (1994) to test the ability of returns to reflect future earnings. The samples of this study are companies which restated their financial statements from 2005 to 2009. We explore when the company restates financial statements, its future earnings will be reflected in the current stock price. Importantly, we find that company restates its financial restatements by itself or those restatements belong to non-revenue recognition errors, their future earnings response coefficient (FERC) is higher than the restatements belong to Securities and Futures Bureau requirement or restatements belong to revenue recognition. In addition, no matter company changes its senior managers or the CPA firms, its future earnings response coefficient (FERC) is not higher than those who do not change its senior managers or the CPA firms.