本研究探討前一年度獨立董事提出異議意見與公司盈餘管理之間的關係。實證結果顯示，前一年度獨立董事提出異議意見，對公司當年度的應計基礎盈餘管理及實質盈餘管理均未產生顯著影響。
此外，本研究進一步納入提出異議意見之獨立董事的性別、專業背景，以及議案的性質進行額外分析，以獲得更深入的研究發現。結果顯示，當提出異議意見的獨立董事具有財務或會計相關專業背景時，公司於次一年度較可能採取實質盈餘管理。另一方面，當被提出異議之議案與財務報導相關時，公司則呈現較高程度的應計基礎盈餘管理。本研究亦依據異議意見的表達方式進行分類分析，結果發現，不論獨立董事以何種形式表達異議，其對後續盈餘管理的影響皆相對有限。
整體而言，研究結果顯示，雖然獨立董事的反對意見可能反映其對公司治理或管理階層決策的疑慮，但其在抑制盈餘管理方面所發揮的監督效果仍然有限。本研究結果進一步提供了有關獨立董事履行監督職能有效性的實證證據，並對公司治理與財務報導品質相關文獻作出補充與貢獻。

This study examines the relationship between independent directors’ dissenting opinions in the previous year and corporate earnings management. The empirical results indicate that dissenting opinions expressed by independent directors in the prior year do not have a significant impact on either accrual-based earnings management or real earnings management in the current year. Additional analyses incorporating the gender and professional background of dissenting independent directors, as well as the nature of the proposals receiving dissent, provide further insights. Specifically, when the dissenting independent director has a financial or accounting-related background, firms are more likely to engage in real earnings management in the following year. Moreover, when the proposal receiving dissent is related to financial reporting, firms exhibit a higher level of accrual-based earnings management. The study also classifies dissenting opinions according to their expression type and finds that, regardless of how dissent is expressed, the influence of independent directors’ dissenting opinions on subsequent earnings management remains relatively limited. Overall, the findings suggest that although independent directors’ dissent may reflect concerns regarding corporate governance or managerial decision-making, its monitoring effect on constraining earnings management appears to be limited. These findings provide additional evidence on the effectiveness of independent directors in fulfilling their monitoring role and contribute to the literature on corporate governance and financial reporting quality.

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