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Bugeja, Martin. "Independent Expert Reports and Takeovers." University of Sydney. School of Business, 2004. http://hdl.handle.net/2123/648.
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Target firms in Australian takeovers are required to obtain an independent assessment of the offer price in situations where the Corporations Law considers the bidder has a superior bargaining position. The intention of this requirement is to protect target shareholders from being offered a lower takeover premium. The only empirical study of expert reports, Eddey (1993), is consistent with expert reports achieving their purpose, as the results indicate no difference in target firm premiums in offers with and without an expert report. Eddey also reports that a revision in offer price is more likely where an expert indicates the bid is �not fair and reasonable.� Using all takeovers from 1990 to 2000, this thesis aims to re-examine and substantially extend the findings in Eddey. As the sample includes all bids, irrespective of the form of payment consideration, the thesis will assess whether the results in Eddey can be extrapolated from cash-based bids to all takeover bids. In addition, the analysis will extend Eddey�s results by investigating whether expert reports result in a higher probability of a revision in offer price relative to takeovers without an expert report. This study also investigates the impact of the expert report on bidder announcement abnormal returns and examines the returns to both bidders and targets when the expert report is released. This will add to the limited current knowledge on the impact of expert reports on the capital market. This thesis also tests the validity of public criticisms of expert independence. Firstly, experts have been publicly criticised on the basis that they are not independent from the target firm. It has been suggested that such experts will be more likely to provide an opinion that agrees with the recommendation of target directors. Secondly, it has been alleged that experts who are also the target auditor provide their reports at a lower fee by cross-subsidising the reports� preparation from other fees received from the client. The concern with this practice is that these reports may be of lower quality. This criticism is tested by developing an expert fee model. This fee model is then used to assess whether, similar to evidence in the auditing field, �quality� experts earn a fee premium. The results indicate that the need for an expert report does not affect bidder abnormal returns at either the announcement of the takeover or release of the expert report. On the other hand, target shareholders earn significantly lower abnormal returns at the announcement of a bid where an expert report is required. This result is inconsistent with Eddey (1993) and raises doubt over whether experts prevent bidders from using their superior bargaining position to offer target shareholders a lower premium. Consistent with Eddey, the probability of an alteration in offer price is greater where an adverse expert opinion is given. The results also show that the presence of an expert increases the likelihood of a bid revision relative to takeovers in general. Target abnormal returns on the release of an expert report are positive and significant, irrespective of the type of expert opinion. This result however, is sensitive to any association between the author of the report and the target. In the case that an expert discloses any prior or current business dealings with the target, abnormal returns are insignificant. The conclusion from this finding is that the market perceives expert reports prepared by an associate of the target as lacking credibility. In light of this lack of information content it is recommended corporate regulators review those experts permitted to prepare reports. Contrary to the published criticisms, experts who have business dealings with the target are just as likely as other experts to provide an opinion that agrees with the recommendation of directors. The tests of a fee reduction by experts associated to the target indicate significant lower fees where the expert is the target auditor. Further analysis shows this result is only significant where the auditor is also a non-Big 6/5 firm. These auditors are also found to provide reports that are significantly shorter than other experts, suggesting the cut in fee is achieved by reducing the amount of effort. The results also find that the top two experts, Grant Samuels and Associates and Price Waterhouse Coopers, earn a fee premium over other experts. The finding of a fee premium for a large accounting firm indicates that such firms may receive a premium for both auditing and non-audit services.
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Chronister, Julie Anne. "A domain-independent framework for structuring knowledge in the OFMspert architecture." Thesis, Georgia Institute of Technology, 1990. http://hdl.handle.net/1853/25752.
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Lyon, Bruce. "Teraphim : a domain-independent framework for constructing blackboard-based expert systems in Prolog /." Online version of thesis, 1987. http://hdl.handle.net/1850/8858.
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Wang, Sumingyue. "Three essays on empirical corporate finance." Thesis, Cergy-Pontoise, Ecole supérieure des sciences économiques et commerciales, 2018. http://www.theses.fr/2018ESEC0001.
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Cette thèse de doctorat comprend trois essais portant sur plusieurs sujets dans le domaine de la finance d'entreprise empirique. L'essai 1 étudie l'avantage informationnel des administrateurs indépendants ayant une expertise de l'industrie par rapport aux administrateurs indépendants sans cette expertise. Pour le faire, je regarde les bénéfices des transactions dites « d'initiés » réalisés par des administrateurs indépendants. Je trouve que les administrateurs indépendants possédant une expertise sectorielle obtiennent des bénéfices significativement plus élevés que les administrateurs indépendants sans ladite expertise. De plus, une augmentation de la proportion d'administrateurs indépendants possédant une expertise sectorielle pertinente au sein du conseil est associée à une meilleure performance de l'alliance, à une plus grande probabilité d'accomplissement des opérations de fusions et acquisitions et à une sensibilité moindre des investissements faites par l’entreprise aux prix de marché. Les résultats dans son ensemble suggèrent que les administrateurs experts de l'industrie ont une connaissance supérieure de l'entreprise et pourraient améliorer l'efficacité du conseil d’administration dans l'exercice de ses fonctions de surveillance et de conseil. L'essai 2 étudie l'effet préjudiciable de l'activité de vente à découvert sur les relations entre clients et fournisseurs. Nous montrons que le montant de ventes à découvert des actions d'un fournisseur est positivement associé à une probabilité plus élevée qu'un client important du fournisseur mette fin à la relation commerciale entre les deux. Une telle interruption peut être partiellement prévenue par la présence de détenteurs de « blocs » d’actions dans l'entreprise du fournisseur, particulièrement si ces détenteurs ont une orientation à long terme. Nos résultats sont conformes à l'hypothèse selon laquelle les vendeurs à découvert peuvent perturber les relations d'une entreprise avec des contreparties commerciales grâce à l'effet dit de « rétroaction », c’est-à-dire, le fait que les prix de marché affectent les décisions de l’entreprise. Par contre la présence de détenteurs de « blocs » constitue un mécanisme efficace pour contrer cette perturbation. L'essai 3 examine les raisons possibles du taux croissant d'annonces d'offres d’acquisition « groupées », dans lequel le management de l’acquéreur annonce une acquisition imminente le jour même où l’acquéreur déclare ses résultats trimestriels au marché. Cette pratique semble étrange étant donné que les offres groupées présentent des rendements d'annonce des acquéreurs nettement inférieurs, quel que soit le statut de la cible. Nos résultats pointent vers l'hypothèse de « révélation stratégique d’information » comme la raison la plus probable pour laquelle les entreprises choisissent de regrouper les annonces d'acquisition et les annonces de bénéfices. Ces acquéreurs, confrontés à des faibles bénéfices, dirigés par des PDG récemment nommés, et dans une situation où les analystes les contestent et où l'incertitude est grande, utilisent les annonces groupées comme un outil pour influencer la réception du marché sur leur performanceThis doctoral thesis includes three essays investigating several topics in the area of empirical corporate finance. Essay 1 studies the informational advantage of independent directors with industry expertise over independent directors without such expertise. To do so, I look at insider trading returns earned by independent directors. I find that independent directors with industry expertise earn significantly higher insider trading returns than do independent directors without such expertise. Moreover, an increase in the proportion of independent directors with relevant industry expertise on the board is associated with better alliance performance, a higher probability of M&A deal completion, and a lower investment-to-price sensitivity. Overall, the results suggest that industry expert directors have superior knowledge about the firm and could enhance board effectiveness in performing both monitoring and advisory roles. Essay 2 studies the detrimental effect of short selling activity on product market relationships. We show that higher supplier’s short interest is associated with a higher likelihood that a major client of the supplier terminates an existing relationship. Such interruption can be partially prevented by the presence of long-term blockholders in the supplier firm. Our results are consistent with the hypothesis that short sellers can disrupt a firm’s relationships with business counterparties through the feedback effect, but informed block ownership serves as an effective mechanism to counteract this disruption. Essay 3 investigates possible explanations for the increasing rate of “bundled” bid announcements, in which managers of the bidder announce an impending acquisition on the same day that the bidder reports its quarterly earnings to the market. This practice seems puzzling given that bundled bids exhibit significantly lower bidder announcement returns regardless of the target status. Our results point towards the strategic disclosure hypothesis as the most likely reason why firms choose to bundle acquisition and earnings announcements. Confronted with low earnings news, led by recently-nominated CEOs, in a situation in which they are challenged by analysts and uncertainty is high, bidders use bundled announcements as a tool to influence the market’s reception to the earnings
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Abuzour, Aseel. "An investigation into the learning and clinical reasoning processes of independent prescribers." Thesis, University of Manchester, 2016. https://www.research.manchester.ac.uk/portal/en/theses/an-investigation-into-the-learning-and-clinical-reasoning-processes-of-independent-prescribers(251d6258-6f7c-4674-8e1d-57ff4da4c803).html.
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The prescribing rights of non-medical healthcare professionals in the United Kingdom (UK) are some of the most extensive in western medical practice. Nurses, pharmacists, physiotherapists, optometrists, chiropodists, podiatrists, therapeutic and diagnostic radiographers and dieticians, with appropriate training have the authority to prescribe. They are often referred to as non-medical prescribers (NMPs). These non-medical healthcare professionals should have a specified number of years of post-registration experience in order to undertake specific training in prescribing. There has been a limited amount of research exploring how non-medical healthcare professionals acquire their expertise during the prescribing programme. In addition, there is a gap in the literature on how NMPs apply their acquired expertise during the process of making clinical prescribing decisions. A programme of research was conducted to explore the learning processes and decision-making skills of pharmacist and nurse independent prescribers working in secondary care. The research used current literature on pharmacist and nurse independent prescribing by conducting a systematic review to assess how their expertise development is reported in the literature. In addition, the learning experiences of secondary care pharmacists and nurses undertaking the independent prescribing programme was explored by employing a novel audio-diary technique followed by semi-structured interviews on 7 nurses and 6 pharmacists. Students were mainly recruited via their non-medical prescribing programme leaders at a number of accredited universities across the UK. There was little opportunity in this study to explore the clinical reasoning processes of students as they were learning to prescribe. Therefore, the final study aimed to explore how secondary care pharmacist and nurse independent prescribers make clinical prescribing decisions. A total of 21 independent prescribers working in secondary care took part in this study, mainly recruited via their non-medical prescribing lead and social media. This study employed a think-aloud protocol method using validated clinical vignettes followed by semi-structured interviews. Students and NMPs occupied a wide range of roles. Ethical approval from the University of Manchester Research Ethics Committee (UREC) and governance approvals from a number of National Health Service (NHS) hospitals were obtained before conducting the research. NMPs were influenced by a number of intrinsic and extrinsic factors during the process of learning to prescribe and when making prescribing decisions. Students also experienced an affective phase of transition in which students became highly metacognitive as they began to form their identities as prescribers and reflect on their confidence and competence. There were notable differences between how pharmacists and nurses learned to prescribe, which were also seen during the process of clinical decision-making as independent prescribers. Despite this, pharmacists and nurses revealed a similar pattern in their decision-making processes as prescribers. Findings from this programme of research provide further insight into the specific training and support requirements of these healthcare professionals. Additional research with NMPs would be beneficial to contribute to the currently limited understanding of the learning and clinical reasoning processes of NMPs.
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Humphreys, Stephen John. "The work of Phase I ethics committees : expert and lay membership." Thesis, University of Hertfordshire, 2013. http://hdl.handle.net/2299/10314.
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Previous research has noted that members of research ethics committees are unclear about the extent of their roles. In this study, research amongst members of independent ethics committees (IECs) about how the ‘expert’ and ‘lay’ roles are understood and operationalized offers an explanation for this lack of clarity. IECs were selected for study because they have only addressed one type of research (Phase 1 ‘healthy volunteer’ studies) and this limited remit suggested that it would be in such committees that the member roles would have become most pronounced. Drawing on findings from the sociology of professions and employing a phenomenological approach to understanding, 20 semi-structured interviews with both expert and lay members of these committees revealed that a number of members were not only unclear about the roles, but unclear too whether they, or certain of their colleagues, were in which membership category. Notwithstanding this fact, and paradoxically, the ‘expert’ designation was seen as granting its members a privileged position on the committees. The expert member was seen to be either a medically qualified member or one tightly associated with the medical model. Such a repository of expertise being with the medical model privileges this model in ethics review such that other matters formally to be scrutinized by ethics committees become marginalised. Participant safety was the prime concern of the ethics review for IEC members. This relegated other matters including the adequacy of the insurance arrangements, the readability of the consent forms, the fairness of the inclusion criteria, and so forth, into areas of lesser concern. That this occurs though when the science, the safety and the methodology of the trials are already – separately - subject to an independent analysis by a body of experts, whose statutory role is to concern itself with these issues such that no trial may occur without their sanction, is of significance. IEC members were cognizant of this duplication of role but unable to resolve it. The situation could be accounted for as due to capture by the medical model and a cognitive dissonant process. Members’ training and education were found to have been neglected because under the medical professions’ gaze no other type of knowledge was considered necessary in ethics review. The study revealed that the medical profession’s dominance of such committees accounts for the members’ role uncertainty and as such allies itself to Freidson’s theory of professional dominance. If such a concept has been thought to be an obsolete one, this study suggests such a notion of the status of the theory is premature. The medical model’s status is implicitly accepted such that nothing else need be considered. The research calls for further studies to corroborate such findings in other research ethics settings and for a debate about what society wants its ethics committees to focus upon in their review.
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Sánchez, David. "Domain ontology learning from the web an unsupervised, automatic and domain independent approach." Saarbrücken VDM Verlag Dr. Müller, 2007. http://d-nb.info/991459016/04.
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Spring, Charles. "Professionalisation of the Martial Arts : the perspectives of experts on the concept of an independently awarded teaching qualification." Thesis, University of Derby, 2019. http://hdl.handle.net/10545/623358.
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In the United Kingdom there is an unregulated martial arts 'industry'. The aim of this study was to examine whether this 'industry' required professionalisation through the rationalisation of qualifications for teaching, instructing or coaching practice. Currently, the martial arts consist of a very disparate set of organisations which have what, at best, could be called a varied range of professional standards across teaching, instructing and coaching. Professionalism struggles with the lassaiz-faire approach to qualifications and this creates differing expectations of the teachers, coaches and instructors within the organisations Viewpoints differ as to whether the individuals need more standards and qualifications. The study of a sample of expert views found that there is some recognition within the martial arts 'industry' that there needs a change in approach to tighten up the processes of determining who can and cannot coach, instruct or teach martial arts. Points of views expressed by the interviewees were: that standards and qualification should be demanding; that there is a need for a professional body and rationalised approach to qualifications but such general improvements must reflect the specific requirements of each particular art. Overall there was little optimism that professionalisation could be achieved. However, the desire for professionalisation was a significant finding. Recognising this, the recommendations from this study are set out in a 'Manifesto for Change' which aims to transform the current situation described by one expert as being one where 'the organisations are out for themselves and keep people separate from each other.' The essence of the manifesto concerns: the standardisation of teaching, coaching and instructing qualifications; the development of an overarching organisation to control the martial arts; recognition by other bodies outside of the martial arts of these standards.
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Bain, Roxanne Cheryl. "The role of the independent expert in schemes of arrangement and share repurchase transactions under the Companies Act 71 of 2008." Diss., University of Pretoria, 2019. http://hdl.handle.net/2263/77405.
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This mini-dissertation constitutes a critical analysis of the requirements relating to independent experts in the context of schemes of arrangement and share repurchase transactions under the Companies Act 71 of 2008. In particular, the historical development of the expert requirement, its purpose and its intended beneficiaries, is explored. Furthermore, a selection of material issues and considerations relating to the expert requirement are critically analysed, including: (i) the meaning of s 114(3) of the Act and the overlap between the expert report required by ss 114(2) and (3) of the Act and the expert opinion required by the Companies Regulations, 2011; (ii) the meaning of ‘fairness and reasonableness’ under reg 90(6) of the Companies Regulations; (iii) the timing of the distribution of the expert report; (iv) the role of the expert report in facilitating other remedies under the Act; (v) the extent to which the expert may make recommendations in the report and the opinion; and (vi) the role of the board of directors in relation to the expert report and opinion. Finally, the extent to which compliance with the expert requirement may be validly avoided is considered. In this regard, the particular question of whether the expert requirement is capable of being validly waived is critically analysed.Mini Dissertation (LLM)--University of Pretoria, 2019.
Mercantile Law
LLM
Unrestricted
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Teixeira, Bruna. "Relação do tamanho, da expertise e da independência do comitê de auditoria com a qualidade da auditoria independente." reponame:Repositório Institucional da UFSC, 2016. https://repositorio.ufsc.br/xmlui/handle/123456789/171720.
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Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Sócio-Econômico, Programa de Pós-Graduação em Contabilidade, Florianópolis, 2016.Made available in DSpace on 2016-12-20T03:16:44Z (GMT). No. of bitstreams: 1 343053.pdf: 1085084 bytes, checksum: 1c300ce8fec3763c6c24b6cc4b72216b (MD5) Previous issue date: 2016
O objetivo do presente estudo é investigar qual a relação das características do comitê de auditoria: tamanho, expertise e independência, das empresas da BM&FBovespa com a qualidade da auditoria independente. Com respaldos na teoria da agência e em estudos anteriores, formularam-se quatro hipóteses de pesquisa que foram testadas a partir de uma amostra de 129 empresas, em um período de cinco anos (2010-2014), operacionalizado pela estatística multivariada por meio da regressão linear múltipla com dados em painel desbalanceado. A qualidade da auditoria independente foi mensurada pelo índice de qualidade das auditorias (IQUA) desenvolvido por Braunbeck (2010). Constatou-se que comitês de auditoria com pelo menos um membro com expertise em auditoria e com maior proporção de membros independentes tendem a possuir auditorias de melhor qualidade. Os achados corroboram os estudos de Abbott et al. (2003), Vafeas e Waegelein (2007), Hoitash e Hoitash (2009), Bronson et al. (2009) e Robinson e Owens-Jackson (2009). As variáveis tamanho e expertise em contabilidade não foram significativas. Diante desta constatação, nota-se que, órgão reguladores, empresas e demais interessados em formar um comitê de auditoria que busque auditores de maior qualidade devem ter a atenção direcionada para a escolha de membros que não possuam laços familiares ou financeiros com a organização e que tenham experiência prática em auditoria. Assim, o estudo torna-se relevante por oferecer insights sobre os fatores que afetam a qualidade da auditoria e contribui para uma melhor compreensão sobre as formas de aumentar a confiança nas demonstrações contábeis e na profissão de auditor independente. Destaca-se que os resultados devem ser interpretados com cautela, diante das suas limitações quanto a amostra, definição das variáveis, operacionalizações dos testes e do modelo escolhido.
Abstract : The objective of this study is to investigate what is the relation between the audit committee characteristics: size, expertise and independence, of BMF&FBovespa companies with the quality of the independent audit. With the support of the agency theory and in previous studies, there were formulated four hypothesis of research which were tested from an 129 companies sample, in a five year period (2010-2014), made through the support of multivariate statistics by multiple linear regression in an unbalanced panel data. The quality of independent audit was measured by the audit quality index (IQUA) developed by Braunbeck (2010). It was established the audit committees with less than one member with audit expertise and with larger proportion of independent members tend to have higher quality audits. The findings corroborate with the studies of Abbott, et al. (2003), Vafeas and Waegelein (2007), Hoitash and Hoitash (2009), Bronson et al. (2009) and Robinson and Owens-Jackson (2009). The variables size and accounting expertise were not relevant. Thus, it was found that regulatory body, companies and other stakeholders that want to form an audit committee that seeks higher quality auditors should have directed attention to the choice of members who do not have family or financial ties with the organization and have practice experience in auditing. Thus, the study is relevant to offer insight into the factors that affect audit quality and contribute to a better understanding of the ways to increase comprehension in financial statements and in the profession of independent auditor. It is noteworthy that the results should be interpreted with caution, given the limitations on the sample, definition of variables, operationalization of the tests and the model chosen.
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Nichols, Duncan. "Embodied practice : do social work therapists explore client strengths as expressed in the lived experience of the body? : a project based upon an independent investigation /." View online, 2008. http://hdl.handle.net/10090/5917.
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Wilkes, Jacob M. "Speaking of Myself: Independence, Self-Representation, and the Speeches of Rudyard Kipling." Diss., CLICK HERE for online access, 2009. http://contentdm.lib.byu.edu/ETD/image/etd2867.pdf.
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Carbonell, Noëlle. "Reconnaissance de la parole continue et dialogue homme-machine : acquisition et mise en œuvre d'expertises." Nancy 1, 1991. http://www.theses.fr/1991NAN10423.
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Pour améliorer l'efficacité des systèmes de compréhension-gestion de dialogues oraux homme-machine en langue naturelle, nous avons choisi d'enrichir les connaissances et les informations mises en œuvre par ces systèmes. Afin d'accroitre la précision du décodage acoustico-phonétique multi-locuteurs (speaker-independent) de la parole continue, nous avons analyse les compétences d'un expert en lecture de spectrogrammes, puis formalisé et intégré les connaissances recueillies à un systeme expert d'identification phonétique. En ce qui concerne la prosodie, l'étude d'un corpus de dialogues oraux homme-machine jointe à une démarche empirique nous a permis de localiser sur le signal, avec un taux d'erreurs inferieur à 10%, certaines frontières entre unités lexicales contigües. D'autre part, nous sommes parvenus à déterminer des stratégies de dialogue efficaces et conviviales, grâce à l'analyse d'entretiens téléphoniques entre une opératrice expérimentée et les usagers d'un centre de renseignements. Nous avons montré au terme d'une expérience contrôlée de simulation de dialogues oraux homme-machine que les résultats des études sur le dialogue oral homme-homme s'appliquaient à la communication homme-machine. Enfin, nous proposons une architecture spécialisée qui facilite la mise en œuvre des connaissances nécessaires pour comprendre et gérer des dialogues oraux homme-machine relativement complexes sur le plan cognitif. Dans le tome 1, nous présentons et discutons notre approche et les résultats obtenus. Le tome 2 reproduit nos principales publications
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Bonatto, Francine Aurora. "M?ltipla aplica??o de c?lulas mononucleares da medula ?ssea melhora a locomo??o de ratos com les?o medular independente de express?o de citocinas inflamat?rias." Pontif?cia Universidade Cat?lica do Rio Grande do Sul, 2013. http://tede2.pucrs.br/tede2/handle/tede/1740.
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Previous issue date: 2013-03-25The spinal cord injury (SCI) is a condition that dramatically affects the quality of life of affected patients, has a high incidence and causes a high cost to the government and society. Existing treatments for SCI are only palliative nature, not being able to reverse the neurological damage caused by trauma. As a result, it is necessary to investigate new therapies that seek more effective solutions for these cases. The studies with bone marrow mononuclear cells (BMMC) have shown encouraging results, but still not definitive for clinical application, so the expansion of preclinical studies is essential. In this study we aimed to compare treatment outcomes between groups with 3 and 5 applications BMMC applications, analyzing motor function, and inflammation at the lesion site after treatment with BMMC by subarachnoid through via lumbar puncture. The experimental groups were divided into two groups, with different times of transplantation. A group of 3 applications of BMMC, the first application 48 hours, 9 days and 16 days after SCI and a second group with 5 BMMC applications, application in the first 48 hours, 9, 16, 23 and 30 days after by spinal cord injury. The BMMC of male wistar rats was applied via subarachnoid. The entire group received vehicle (saline). The animals were evaluated for motor function through the BBB scale, for the presence of BMMC in the lesion by PCR for the presence of Y chromossome of the cells, and the inflammatory process at the site of injury, analyzing IL-1β and TNF-α, by immunohistochemistry. Our results show an improvement in motor function in the groups treated with BMMC transplants. The immunohistochemical evaluation revealed no difference in the expression of inflammatory cytokines Il-1β and TNF-α at the site of injury in the groups treated with BMMC. The PCR analysis for the presence of chromossome of the cells was negative at the 37th day of the last application of BMMCs
O trauma-raquimedular (TRM) ? uma patologia que afeta drasticamente a qualidade de vida dos pacientes acometidos, apresenta alta incid?ncia e ocasiona um alto custo para o governo e a sociedade. Os tratamentos existentes para o TRM s?o apenas de cunho paliativo, n?o sendo capazes de reverter o dano neurol?gico ocasionado pelo trauma. Em fun??o disso, ? necess?rio investigar novas terapias que busquem solu??es mais efetivas para esses pacientes. Os estudos com c?lulas-tronco de medula ?ssea (CMMO) t?m demonstrado resultados animadores, mas ainda n?o definitivos para aplica??o cl?nica; assim, a amplia??o dos estudos pr?-cl?nicos ? indispens?vel. Neste estudo tivemos o objetivo de comparar os resultados do tratamento de CMMO pela via subaracnoidea (VS) atrav?s de pun??o lombar (PL), entre grupos com 3 aplica??es e 5 aplica??es de CMMO, analisando a fun??o motora e o processo inflamat?rio no local da les?o. Nossos grupos experimentais de estudo foram divididos em 2 grupos pela via de administra??o subaracn?idea, com tempos de transplante diferentes. Um grupo com 3 aplica?oes de CMMO, sendo a primeira aplica??o em 48h, 9 dias e 16 dias ap?s a les?o medular (LM) e um segundo grupo com 5 aplica??es de CMMO, primeira aplica??o em 48 h, 9, 16, 23 e 30 dias ap?s a Les?o Medular (LM) pela VS e cada grupo com seu controle de ve?culo, solu??o salina (SS). Os animais doadores eram machos e os receptores eram f?meas. As ratas foram avaliadas quanto ? fun??o motora, atrav?s da escala de Basso, Beattie and Bresnahan (BBB), quanto ? presen?a de CMMO na les?o, por meio da Rea??o em Cadeia da Polimerase (PCR) para a detec??o do cromossomo Y dos animais doadores, e quanto ao processo inflamat?rio no local da les?o, analisando a interleucina 1 beta (IL-1β) e o fator de necrose tumoral alfa (TNF-α), atrav?s de imuno-histoquimica. Nossos resultados demonstraram uma melhora da fun??o motora nos grupos tratados com transplantes de CMMO, sendo mais r?pida nos animais que receberam 7 cinco aplica??es. A avalia??o imuno-histoqu?mica revelou que n?o houve diferen?a na express?o das citocinas inflamat?rias IL-1β e TNF-α no local da les?o nos grupos tratados com CMMO. A an?lise de PCR n?o demonstrou c?lulas no local da les?o, quando analisadas no 37? dia
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Yebga, Hot Ange Hélène. "Contribution transdisciplinaire à la réglementation de l'Union Européenne de l'expertise du risque biologique pour la santé et l'environnement." Thesis, Normandie, 2019. http://www.theses.fr/2019NORMC008/document.
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L’expertise du risque biologique joue un rôle central dans l’élaboration et la mise en œuvre de la politique sanitaire et environnementale au niveau de l’Union européenne. Depuis la crise dite de la « vache folle », le législateur de l’Union a reconnu la nécessité d’encadrer davantage cette expertise. Toutefois, si le droit de l’Union s’intéresse au cadre scientifique de l’expertise du risque biologique, il traite de façon lacunaire la question de son cadre juridique. En effet, si les exigences d’indépendance, d’impartialité et de transparence sont affirmées à l’égard de l’expert, leur application manque de clarté et menace à terme la protection de la santé et de l’environnement des citoyens de l’Union. Pour remédier à ce problème, cette étude propose des critères ayant pour but l’établissement d’une réglementation au niveau de l’Union de l’expertise du risque biologique. Ces critères ont été établis après l’analyse du cadre juridique existant, des modèles d’expertise issus des législations de certains Etats membres et tiers à l’Union ainsi que de contributions doctrinalesBiological risk expertise plays a central role in the development and implementation of health and environmental policy at EU level. Since the "mad cow" crisis, the Union's legislator has recognized the need to provide more guidance for this expertise. However, while EU law is concerned with the scientific framework of biological risk expertise, it does not address the issue of its legal framework in a comprehensive way. Indeed, while the requirements of independence, impartiality and transparency are affirmed with regard to the expert, their application lacks clarity and ultimately threatens the protection of the health and environment of EU citizens. To address this problem, this study proposes criteria for establishing EU-level regulation of biological risk expertise. These criteria were established after analysis of the existing legal framework, models of expertise from the legislation of certain Member States and third countries as well as doctrinal contributions
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Sanclemente, Arciniegas Javier. "L'indépendance du régulateur en France et en Colombie." Thesis, Paris Sciences et Lettres (ComUE), 2016. http://www.theses.fr/2016PSLED023.
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Le régulateur indépendant est une institution éloignée de la tradition juridique que partagent la France et la Colombie. L’adoption de cette institution en Colombie a posé des difficultés qui ont été associées à l’influence du droit français. Or, tant en France qu’en Colombie, l’avènement du régulateur indépendant a été influencé d’une manière déterminante par des sources extra-nationales imprégnées du droit Anglo-saxon : le droit de l’Union européenne et les bailleurs de fonds internationaux, respectivement. Néanmoins, la France a réussi à surmonter les difficultés juridiques posées par cette institution. Ainsi, le dispositif légal français protège adéquatement l’indépendance du régulateur. Cela démontre que le régulateur indépendant n’est pas une institution incompatible avec la culture juridique commune. Pour consolider l’indépendance du régulateur en Colombie, il est pertinent de modérer l’influence d’une autre tradition colombienne: le présidentialismeThe independent regulator is an institution distant from the legal tradition shared by France and Colombia. The adoption of this institution in Colombia has raised difficulties which were associated with the influence of french law. The advent of the independent regulator has been influenced in France and in Colombia by extra-national sources linked to the Anglo-Saxon legal tradition: the European law ant the international lending funds, respectively. Nevertheless, France has managed to overcome the legal challenges posed by the institution and the French legal system adequately protects the independence of the regulator. This demonstrates that the institution is not incompatible with the common legal culture. To consolidate the independence of the regulator in Colombia it is relevant to analyze the French system and to moderate the influence of another Colombian tradition: presidentialism
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CHEN, KAI-JEN, and 陳楷仁. "Research on the Issues of Independent Experts in Article 6 of Business Mergers and Acquisitions Act." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/85703900099937890182.
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碩士國立臺北大學
法律學系一般生組
99
As merger & acquisition(hereinafter M & A) activities are getting more and more thriving in Taiwan, the issues regarding protecting shareholders’ interest in M & A activities are getting more and more important. One of the most important issues is how to ensure the fairness of the exchange ratio for shareholders, and in order to deal with this issue, article 6 of Business Mergers and Acquisitions Act established the “independent expert” mechanism, requiring that every public corporation involved in M & A transactions retain at least one independent expert to examine the fairness of exchange ratio and issue his/her opinion to the board of directors and shareholders. Since the independent expert mechanism was established, almost every M & A transaction’s exchange ratio has been proven fair by an independent expert, but the number of controversies over the fairness of exchange ratio has not decreased—shareholders did not believe in the opinions from independent expert, which increased the litigation cost and decreased the efficiency of transactions on a large scale. In Chapter 2, this thesis will expatiate on the relevant regulations of independent expert in Taiwan and how this mechanism works currently, and then derive seven main problems with it, including (1) whether to maintain the requirement of retaining an independent expert in a M & A transaction; (2) should we create some exceptions when maintaining the requirement,; (3) how to ensure an independent expert’s independence; (4) how to ensure that an independent expert has enough expertise; (5) there is no uniform guideline to operate valuation process; (6) there is no uniform requirement for what should be written in an opinion; (7) an independent expert’s civil liability is unclear. In Chapter 3 and 4, the mechanism in the United States and the European Union similar to the independent expert in Taiwan will be introduced respectively. In the United States’ M & A practice, a fairness opinion issued by an investment banker is often acquired by board of directors, because it is very critical for proving that directors have already fulfilled their duty of care in a M & A transaction. As for the European Union, Directive 78/85/EEC, 82/91/EEC, and 2005/56/EC require the member states to legislate for founding independent expert mechanism to inspect the fairness of exchange ratio in M & A transactions, which is quite similar to the independent expert in Taiwan but rather delicate in many perspectives. In Chapter 5, this thesis will attempt to suggest some solutions for the seven problems presented in Chapter 2 by referring the United States and the European Union practice introduced in Chapter 3 and 4, hoping that these suggestions will help the independent expert mechanism in Taiwan improve and can really protect shareholders’ interest in M & A transactions.
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YU-CHENGHSIEH and 謝育錚. "Independent Directors of Legal Experts’ Influence on the Risk of Litigation in Taiwan’s Publicy Inssued Companies." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/9bf6gj.
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碩士國立成功大學
財務金融研究所碩士在職專班
106
Summary When a significant operational crisis occurs in public companies, its effects will be expanded to the entire financial market. The study collects information on the database of Taiwan Economic Journal, the Market Observation Post System, the Securities and Futures Investors Protection Center from 2015 to 2017 and discusses whether independent directors of legal professional background in the listed companies will contribute to corporate governance in the hope that the results of the study will provide the Financial Supervisory Commission with an idea on how to regulate the members of the board of directors. By using logistic regression analysis, the study has found a negative correlation between the existence of independent directors of legal professional background in the listed companies is negatively related to the company’s litigation events. Although the results are not statistically significant, they are of economic significance in preventing or avoiding major litigations. INTRODUCTION Corporate governance is an important issue for management of public companies because when a major operational crisis occurred, it will often involve the entire financial market. Independent directors play the role of company supervisors. Although China’s independent director system has been in operation for many years, there have been a number of litigations involving corporate governance happened recently. This article studies whether independent directors of legal professional background in the listed companies will contribute to corporate governance and achieve their function of overseeing the company, particularly in terms of litigation prevention, and expected to provide references to the Financial Supervisory Commission when it requires the public companies to set up independent directors and to consider how to regulate its member so as to effectively implement corporate governance. MATERIALS AND METHODS The study has collected information on the database of Taiwan Economic Journal, the Market Observation Post System, the Securities and Futures Investors Protection Center from 2015 to 2017, and adopted logistic regression analysis to prove the hypothesis: “Independent directors with legal expertise are positively related to avoiding the company’s risk of litigation.” RESULTS AND DISCUSSION Test： “Independent directors with legal expertise are positively related to avoiding the company’s risk of litigation.” Model： Litigation＝ a+b1 Lawyer+b2 Seats +b3 Shareholding +b4 Pledge +b5 Corporate CONCLUSION The study has found through the logistic regression analysis that the results of the hypothesis are not statistically significant, but it can still be known that if an independent director of a listed company has a legal professional background, it may have the economic implications of avoiding major lawsuits. The study analyzes the reasons for this statistical result. The reasons may be that the independent directors still rely on the information provided by the management of the company at the current corporate governance level, but seldom use the company’s external professionals, as a result, the information acquisition is mostly one-sided and uncompleted and has led to blind spots in making decisions. Therefore, independent directors should be able to make good use of the company’s external professionals when performing their duties so that independent directors can better obtain necessary information and effectively perform their obligation of supervision. In addition, the independent directors in China have a good relationship with the management, so there is a doubt that if they can fulfill their responsibility for independent supervision when they perform their duties. However, in recent years, the Center for Securities Investors and Futures Traders Protection Center have filed civil claims against independent directors to the courts, which allowed independent directors to express their objections or reservations in the event of a dispute on the company’s board of directors. Therefore, after aggravating the legal responsibilities of independent directors, this deficiency should be effectively improved. Accordingly, the study believes that if these phenomena can be improved, independent directors should be able to effectively give full play to their independent and professional functions and to monitor the operation of the company's board of directors in an impartial, objective and effective manner, improve the inherent weaknesses of the company’s internal supervision, protect the interests of shareholders and thus ensure the stable economic development and sound financial order of the country.
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WU, HAN-CHING, and 吳涵晴. "Research on the Issues of Special Committee and Independent Experts in Article 6 of Business Mergers and Acquisitions Act." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/66246267728269588756.
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Lin, Ling-Lan, and 林玲蘭. "The Effect of Expertise、Independence and Diligence of Independent Directors on Aggressive Earnings Management." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/69621974405940165708.
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碩士輔仁大學
會計學系碩士班
97
The thesis examines whether the expertise、independence and diligence of independent directors affects earnings management. Besides, this study also examines whether the audit committee is beneficial to reducing the degree of earnings management. The sample consists of observations selected from Taiwan listed companies during the year 2007. The empirical results are summarized as follows. 1. The expertise of independent directors measured by the proportion of independent directors who are scholars, help to mitigate the earnings management. The diligence of independent director as measured by the presence in the board meeting also help to mitigate earnings management. The finding shows that when the expertise or diligence of independent directors gets higher, the earnings management will get lower. 2. However, I do not find the independence of independent directors, as measured by the holdings of company’s shares, help to restrict the degree of earnings management. To the company, the holdings of shares of I.D. mitigates but not exacerbates the earnings management. I do not find whether the audit committee is beneficial to reducing the earnings management either. Overall, our evidences support the views that the expertise and diligence of independent director can restrict the degree of earnings management. But I do not find the independence of independent directors, as measured by the holdings of company’s shares, help to restrict the degree of earnings management. Besides, I also do not find whether the audit committee is beneficial to reducing the degree of earnings management.
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Lu, Yung-Hsiang, and 呂泳翔. "The Independence of Forensic Accounting Experts in Civil Procedure." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/7kw5xb.
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碩士國立政治大學
會計學系
106
In case of financial dispute, accountants are one of the possible candidates for Expert Testimony. As an Expert Testimony, the accountant should comply with the ROC Forensic Accounting Practice Guideline. According to the Guideline, forensic accounting experts should follow the independence requirement of ROC Accounting Professional and Ethical Standards. However, the nature of forensic accounting service is different from audit service. The former is to verify the reality, the latter is providing the information. There’s a doubt that the accountant provides forensic accounting services should still follow the same independence requirements as providing audit service. Therefore, this research studies whether the forensic accounting experts who provide litigation support service should be independent. The research uses method of questionnaire survey to collect data. College and degree students of the department of accounting and department of law participate in the experiment. Through the (questionnaire) subject of compensation amount estimates, to understand that accounting testimonies are independent or not will impact the level of evidence. The conclusion of this research is that there is no need for being independence between expert of forensic accountants and clients. When the plaintiff and defendant appoint their own experts, the forensic accounting experts will favor the interest of their clients and lose independence. After the battle of experts, it is more possible to fully discover the truth of the dispute. Therefore, the expert of forensic accounting does not need to maintain independence with the parties.
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TSAI, YA-HSIU, and 蔡亞修. "Industry Expertise of Independent Directors and Accruals Quality." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/78322188883266436367.
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碩士東海大學
會計學系
105
This study investigates whether industry expertise of independent directors enhances board monitoring effectiveness by examining the financial reporting quality in Taiwan from 2010 to 2015. Using absolute discretionary accruals to measure financial reporting quality, this paper finds that industry expertise, when independent directors’ present employment and concurrently serve as other public firms are in the same industry, can improve the financial reporting quality. However, accruals quality is found to decrease with the employment history of industry expertise of independent directors. Overall, the results suggest that industry expertise of independent directors provide the monitoring effectiveness only when they are industry experts in the current time.
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Tsai, Meng-Ju, and 蔡孟儒. "The Studying of Independent Expert’s Fairness Opinion and his Legal Liability." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/67141214471792344934.
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碩士國立臺北大學
法律學系一般生組
102
Article 6 of Business Mergers And Acquisitions Act： “Before any resolution of merger/consolidation and acquisition by the Board of Directors, a company that has its share certificates publicly issued shall seek opinions from an independent expert on the justification of share exchange ratio or distribution of cash or other assets to shareholders, then report the opinions to the Board of Directors and, if the resolution by the general meeting is required, to the general meeting.” The legislative purpose is designed to ensure the reasonableness of price of merger and acquisition, and to protect the interests of shareholders by independent expert’s examination. However, the related regulations seem to be insufficient, such as independent expert’s qualification, status, legal liability, fairness opinion, etc., and this will directly affect the protection of shareholders’ interests, which is why it is necessary to research further on this issue. Moreover, whether fairness opinion may help to enhance the possibility to meet director’s fiduciary duty or not depends on the relationship between the two under the U.S. legislation. Chapter 3 and Chapter 4 are the core of thesis. Chapter 3 mainly discusses the valuation of enterprise, focusing on the core of fairness opinion. The valuation process, which involves the selection and operation of the standard of value, the method of valuation, and the valuation result of adjustment, is the theme of the discussion here. Chapter 4 explores fairness opinion’s connotation, the method of valuation, and the legal liability of incorrect valuation. The legal liability based on the judgment of Securities Act and Tort discusses on the matter of materiality. Moreover, the relationship between fairness opinion and director’s fiduciary duty will be discussed on the basis of Smith v. Van Gorkom and Weinberger v. UOP. Chapter 5 mainly discusses independent expert of Article 6 of Business Mergers And Acquisitions Act. It is necessary to explore because the regulations and the judgments of independent expert system are not sufficient enough. The meaning, purpose, application in terms of range and time, legal status, and legal liability of misvaluation are the scope of exploration.
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MAA, RUEY-SHENG, and 馬瑞聲. "The Relationship between Institution of Independent Expert Opinion and Acquisition Premiums." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/g4huku.
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碩士東海大學
會計學系
107
This paper investigates whether institution of independent expert opinion affects the acquisition premiums. Our sample includes listed companies completed by acquisition in Taiwan from 2002 to 2017. The larger audit firms are used as the proxy for institutions with better reputation. This paper finds that when the independent expert opinion is issued by institutions with better reputation, its acquisition premium is lower. The result suggests that these institutions maintain their own company reputation and are not easily influenced by the company's management, and these institutions have the expertise or the newest technology to provide the company the most reasonable acquisition price.
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Shao-HsunLee and 李劭峋. "Independent directors’ financial expertise and earnings management: Evidence from Taiwan." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/94ev63.
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Tseng, Hsing-Tse, and 曾星澤. "The correlation between accounting financial expert background’s independent directors﹐litigation risk and corporate governance." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/78651252653169490067.
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碩士中原大學
會計研究所
98
Abstract In recent years, financial crisis happened one after another. The importance of corporate governance has been emphasized. The main objective of corporate governance is to appoint independent directors into the board of directors of the public company by promulgation. Firms are required to appoint independent directors, and at least one with accounting financial expertise, defined as having five or more years of working experience in the business, financial, accounting area, public or private College lecturer in related departments, or persons with a CPA license. In our study, we use the different definition of accounting financial expertise in Taiwan and that in U.S. to examine whether companies with poor financial performance reduce their litigation risk through the appointment of more than one independent director with accounting financial expertise. In addition, we also hypothesize that companies with good corporate governance are more willing to appoint independent directors with accounting financial expertise. The results showed that companies facing higher litigation risk would not willing to employ more than one accounting financial experts under the definition of accounting financial experts in Taiwan’s regulations, but would be more willing to employ more than one accounting financial experts under the US definition of accounting financial expertise. Using three different measures of litigation risk, we found that firms facing higher litigation risk would be more willing to appoint more than one accounting financial expert under both definitions. The result was due to different legislative requirements of accounting financial expertise of these two countries. The empirical result also shows that companies with better corporate governance are more willing to appoint more than one accounting financial experts as independent directors. This research suggests that companies take into considerations the needs of appointing practical professional accounting financial experts as independent directors while facing higher litigation risk or with strong corporate governance.
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黃允暐. "The study of an interface for loose coupling of independent expert systems and databases." Thesis, 1995. http://ndltd.ncl.edu.tw/handle/63680474880881448088.
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碩士國立政治大學
資訊管理研究所
83
The reserach objective of the integration of expert systems and database systems is to develope an information system which can integrate both the capabilities of expert systems (ingerencing and problem solving) and capabilities of databases (storing and managing of huge amount of data). There are four ways to integrate them: (1) enhanced databases, (2) enhanced expert systems, (3) loose coupling of independent expert systems and databases, (4) expert database systems. Since there are many existing database systems, the loose coupling of independent expert system and database is considered to be the most appropriate approach. The other three ways are not cost/benefit feasible because they need major modification of the curresn systems. The focus of this reserach is on loose coupling of independent expert system and database. The strengthes and weaknesses of the relevent researchs are discovered through literature review. There are four major considerations in developing the architecture: database independency, expert system independency, system complexity, system extendibility. The proposed architecture is more independent, efficients, and easy to be bulit. This research has also built a prototype system coupling a financial diagnosis expert system with an accounting database. The feasibility of the prototype has verified the usefulness of the proposed architecture. Future reasearch suggestions are also stated.
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卓佳穎. "The Effect of Independent Director Industry Expertise on Earning Quality of Financial Statement." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/2x8t67.
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碩士國立彰化師範大學
會計學系
106
Since year 2002, independent directors monitoring system has been established more than 10 years in Taiwan. However, there are still several financial scandals recently. Therefore, the government non-stop figures out the way to improve the monitoring effect of independent directors. This study investigates whether the independent director industry expertise can enhance the monitoring effectiveness, and improve the earning quality of financial statement. This study uses TSEC-Listed and OTC-Listed companies which contains 8,503 observations during the period from year 2002 to 2016 as sample. Besides, discretionary accruals (DA) are used to proxy the earning quality of financial statement. The empirical results show that companies with the independent director industry expertise will decrease the motivation of adjusting the accruals number, and enhance the earning quality of financial statement. In addition, we separate the sample into two groups according to DA. First group’s DA is larger than zero (including zero), the second group’s DA is less than zero. The results show that only the earnings quality of financial statement with DA large than zero improved by the independent director industry expertise; otherwise, we find no connection in the other group which DA less than zero. Thus, company with the independent director industry expertise decreases the motivation of adjusting accrual numbers upwards, but have no influence in downward adjustment.
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Jia-Ci, Chen, and 陳珈琪. "The Relationship between Industry Expertise of Independent Directors and Supervisors and Corporate Social Responsibility." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/78052332114843911704.
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碩士中原大學
會計研究所
104
More and more dishonest events were disclosed in recent years. Except for profitability, whether a company take the responsibility for Corporate Social Responsibility (CSR) become a concerning issue. There were quite a few of literature study in whether corporations enforce CSR or not. However, few of them study in relevance between Board of Dircectors and CSR. The study focus on whether having independent directorsband supervisors with experienced expertise background may be one of the key points that lead to the higher probability for company to perform CSR. Due to CSR is dummy variable, I use logit regression in this article. On the other hand, Besides, the reason that whether companies decide to hire a independent supervisors with experienced expertise background maybe one of the factors of perform CSR, Heckman Two-Stage are used for controling endogeneity. The results show that when companies'' independent supervisors are industry experts, companies are able to increase the probability of exercising CSR.
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Tzeng, Jian-Kai, and 曾建凱. "The effect of the Board of director expertise on auditor independence." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/32477093285918291902.
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碩士中國文化大學
會計研究所
97
The general rule second in generally accepted auditing standards” when ex-ecuting audit work and composing the report, we should maintain the rigorous fair manner and the independence spirit, and on professional attention.” Obviously the auditor independence is the most important thing to auditor independence. Hence, what kind of factor can strengthen auditor independence is worthy to discuss. The board of director is a key point in corporate governance. The rule in Taiwan order that independent directors must provide with expertise. The Sar-banes-Oxley Act order similar rules. However, there are many reasons affect the auditor independence, but literatures like the effect of the board of director expertise on auditor independence is a little. Hence we mainly discuss the effect of board of director expertise on auditor expertise. We distribute the board of director expertise into the professional of financial and accounting, the experience of CPA, the professional of law, whether to be board director in other company. We use 126 data from 2005 year to 2007 year. The evidence indicates that when the board director serve other company fewer, the auditor is more likely to issue going-concern opinion, and can maintain auditor’s independence.
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Hung, Yung-Lung, and 洪永隆. "The Effect of Board Independence, Expertise and Audit Quality on Internal Control." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/77130574645012105068.
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碩士中國文化大學
會計學系
98
The board is code of corporate governance. Internal control is insider monitoring mechanism in the corporate governance. The board of director is a key point in corporate governance. We distribute the board of director independence, expertise and CPA firm’ audit quality outsider monitoring mechanism. We use the ratio of outsider director as proxy independence; we use the ratio of financial expert director and board director serve other company as proxy expertise; we use the CPA firm as proxy audit quality. We use data from listed company in the period 2007 to 2009. The results show that the board independence and the board director with financial expertise has no significant influence over internal control. The board director serve other company and the CPA firm has significant influence over internal control.
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Hsieh, Wan-Cheng, and 謝宛錚. "The Relation between Corporate Social Responsibility and Financial Performance: The Moderating Role of Independent Director’s Expertise." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/3ypff7.
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碩士國立臺灣大學
會計學研究所
104
This study examines whether the relation between corporate social responsibility (CSR) performance and financial performance (FP) is moderated by the expertise of independent directors on the board. I posit that independent directors contribute expertise to the board’s decision with regard to CSR. Firms are considered better CSR performance if they won CommonWealth Magazine''s Corporate Citizenship Awards and if they were not involved in the socially irresponsible news events within TEJ database during 2007-2015 periods. I hypothesize that independent directors with accounting expertise, relative to those with non-accounting expertise, provide relevant suggestions for the firm’s CSR decisions to better FP. The empirical results indicate that CSR performance is significantly and positively related to FP. However, independent director’s expertise is empirically insignificant in moderating the association between CSR performance and FP. I suspect the insignificant results could arise from the directors’ insufficient knowledge of CSR to assess its impact. The policy implication is that the securities authorities should promote the continuing education of CSR among independent directors.
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Lu, Ching-Ting, and 呂靜婷. "The influence of Industry Expertise of Independent Directors and Supervisors on Taiwan Corporate Credit Risk Index." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/71427196684182347179.
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碩士中原大學
會計研究所
104
This paper researches the effect of industry expertise of independent directors and supervisors on Taiwan corporate credit risk index(TCRI). According to regulatory requirements, the company must set up an independent directors and supervisors or audit committee to supervise management, but there is no specific requirements about their identity or background. In this article we added conditions of industry experts to observe the overall company influence. The study collected research data from 2009 to 2014 of the listed companies in Taiwan. TCRI and the other related data came from Taiwan Economic Journal (TEJ).We used Heckman''s two-stage method to explore the relationship between industry experts and credit rating. The exogenous variableare number of part-time and training hours of independent directors and supervisors. The first stage which we estimated IMR through Logit model, and the results of the first stage were then used in Ordered Logit to test the hypothesis. The empirical results show that the independent directors and supervisors who has professional background with relevant industry experience that might have better effect of board oversight in company. And at the same time, it can reduce earnings restatement or earnings management. Thus it can strengthen the quality and reliability of financial statements and the external investors will enhance confidence in the company. Due to professional advice which provided by industry experts that credit rating agency will give the company a better score. This article will help government make regulations in the future or when companies hire independent directors and supervisors, they will consider their relevant work experience.
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Chen, Yi Ling, and 陳宜伶. "The effect of board independence, expertise, and attendance on firm performance and risk." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/35643145250647369751.
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博士國立政治大學
會計研究所
97
The board composition, structure and process influence the effectiveness of the corporate board. The strategy function of the board helps to improve firm performance, while the monitoring function of the board assists to reduce firm risk. This research investigates the impact of board characteristics on firm performance and risk. Different from prior studies that focused mainly on board independence, this research expands board characteristics to include the expertise and attendance aspects of corporate boards. Furthermore, this research incorporates market competition and R&D intensity to analyze their moderating effects on the association between board characteristics and firm performance and risk. This research uses ROA, ROE, Tobin’s Q and Jensen Productivity (Jensen) to measure firm performance, and uses TCRI, RankRisk, sdROA and sdROE to measure firm risk. The research results indicate that boards with higher independence have higher ROA and ROE and lower TCRI, RankRisk, sdROA and sdROE. The boards with accounting or legal expertise directors have higher Jensen, while the boards with more reputable directors have higher ROA, Q and Jensen. However, boards with busy directors have higher sdROA and sdROE. The more attentive boards are found to be associated with higher ROA and ROE and lower TCRI and RankRisk. In addition, the levels of market competition and R&D intensity affect the association between board independence, expertise and attendance and firm performance and risk. For firms operating in the high market competition environment, boards with accounting or legal expertise directors have lower RankRisk, boards with busy directors have higher TCRI, RankRisk, sdROA and sdROE, and more attentive boards have higher Q. For firms with high R&D intensity, boards with greater independence are associated with lower Jensen since these firms require insider directors who have firm-specific knowledge. Moreover, boards with accounting or legal expertise directors tend to have higher ROA, ROE, Q, and Jensen and lower TCRI and more reputable boards have lower TCRI and RankRisk, while more attentive boards have higher ROA.
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Yan-Zhi, Liu, and 劉衍志. "A Case Study of Independence and Expertise of Ncc in the Era Tv Channel Dispute." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/13601026485455269054.
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Shao, Yu-han, and 邵禹涵. "A Study on the impact of CPA Expertise, Board of Director and Supervisor Independence on Financial Restatement." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/69585816356412911337.
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碩士中國文化大學
會計學系
98
As a result of the recent accounting frauds, the mechanisms of corporate governance have gained much attention. Two monitoring mechanisms-outside supervision undertaken by the CPAs, and inside supervision undertaken by the boards of directors and supervisors are available for corporate governance to improve the quality of financial statements. This study investigates whether the expertise of the CPAs and the independence of the board of directors and supervisors influence financial restatement. A sample of 21 listed firms that restated their annual financial statements during 2004-2008, together with a control group of firms matched on the basis of period, industry and size were examined in this study. The results of the study indicate that auditor tenure and auditor reputation relate negatively to financial restatement. In addition, outside director percentage also relates negatively to financial restatement.
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Wang, Hsienju, and 王絃如. "The Research on the Timing and Content of Information Disclosure of Business Mergers and Acquisitions ─From the Perspective of M&A Due Diligence and Independent Expert System." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/96251857625251477366.
Full textAbstract:
碩士國立中正大學
財經法律學研究所
99
The development of merger and acquisition (M&A) is more thriving than before and the related regulations also need to be reviewed and revised with time. The thesis tries to introduce, observe and analyze the regulations regarding the timing and content of information disclosure of M&A, as well as bring the suggestion to lawmakers and regulators from the perspective of “due diligence” procedure and “independent expert” system. Concerning the timing of disclosure, the thesis considers both of the abstract standard developed from the case of U.S. Supreme Court, Basic v. Levinson and the legitimate interest that participants of M&A pursue and then argues that it is necessary to distinguish the timing of material information establishment and disclosure. Further, the former should focus on the determination of “materiality” and the latter should put emphasis on the determination of “substantial certainty”. More specifically, this thesis tries to use the effect of due diligence process, which is a key procedure by taking a complete look at all the relevant sources of value and risk, to ascertain the timing of disclosure. Without attempting to catalog all such possible factors, we note by way of example that actual negotiations between principals or their intermediaries, agreement in principle as to price and structure, the influence of insiders or majority shareholders to the transaction and so on may serve as indicia. Therefore, this thesis argues that if the negotiation between participants of M&A transaction is reach the degree of “substantial certainty”, the participants should immediately disclose the material information regarding the M&A transaction and cannot wait until the passage of a resolution by the board of directors. In order to avoid the situation of over inclusive or under-inclusive, this article tries to set the deadline of M&A information disclosure as the end of due diligence process. Concerning the content of disclosure, the thesis argues that the related regulations are insufficient, especially those regarding price, share exchange ratio and independent expert system, all of which are critical to the right of shareholders. The insufficiency causes the purpose of information disclosure to be unworkable. Therefore, the thesis considers the Regulatory Guide 111 and 112 released by Australian Securities and Investments Commission and then gives the specific suggestion to lawmakers, for example, the material content of reasonable report should be disclosed completely and in time.