none

This dissertation consists of three essays on related party transactions with Mainland China in Taiwanese enterprises. The first essay, titled “The disclosure of related party transactions and information content”, analyzes the relationship between related party transactions (RPTs) and the information content of investment incomes from capital investment in China by investigating Taiwanese investments in China. Many Taiwanese firms invest in China via offshore holding affiliates, which are mostly located in some districts with loose accounting standards and corporate regulations. Our results show that the impact of RPTs on investment incomes varies with different types of RPT disclosures. In general, the impact of RPT disclosures is more significant on investment incomes from offshore holding affiliates than on investment incomes from Chinese subsidiaries. In addition, the investment incomes disclosed on consolidated financial statements provide slightly higher incremental information content than those on firms’ financial statements, especially for firms reporting no operational RPTs, but financial RPTs.
The second essay, titled “The disclosure of related party transactions and earnings management”, investigates the disclosure of related party transactions in relation to earnings management. For real transaction account variables and incentive variables, the disclosure of RPTs was found to change the impact on discretionary accruals, which is consistent with the conflict of interest hypotheses in the agency theory to manage earnings in our special Taiwan-China relationship samples. Firms which disclose RPTs have an incremental effect on the degree of earnings management. Firms with Chinese subsidiaries also provide more incremental information on the disclosure of RPTs and earnings management than those with offshore holding affiliates. In addition, there has been a significant impact on the regulation effect of the mandatory disclosure of RPTs since 2000. The use of discretionary accruals is negatively related to the return on assets and firm size.
The third essay, titled “The disclosure of related party transactions and corporate governance”, examines the relationship between the disclosure of related party transactions and corporate governance. Five conclusions can be drawn from the results. First, higher shareholdings of insiders, smaller board sizes, a lower percentage of dual CEO/Chair positions, and higher debt policy on the disclosure of RPTs are related to lower agency cost. The results imply that stronger corporate governance mechanisms can constrain agency cost and provide more precise information for Taiwanese companies investing in China. Second, higher shareholdings of insiders, lower deviation of control rights from cash flow rights, smaller board sizes, and higher leverage on the disclosure of RPTs are related to higher firm performance. The results suggest that stronger corporate governance mechanisms can enhance firm performance for Taiwanese companies investing in China. Third, firm performance is negatively related to agency cost. Fourth, there is an intermediary effect on firm performance and corporate governance mechanisms by controlling agency cost under the disclosure of RPTs in the FDI in China. Finally, there has been a regulation effect on the mandatory disclosure of RPTs since 2000.
This thesis contributes to the existing literature both practically and academically. This pioneering study investigates related party transactions between firms and their affiliates, instead of the related persons, in order to provide more precise evidence and understanding of the operating transaction model between them. A detailed description of transactions between Taiwanese firms and their affiliates offshore and in China is presented. Furthermore, evidence on the three major topics, such as information content, earnings management, and corporate governance under the disclosure of related party transactions in Taiwan is provided.

Agrawal, A., and C. Knoeber. Firm performance and mechanism to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 31(3): 377-397. 1996.
Amir, E., and T. Sougiannis. Analysts’ interpretation and investors’ valuation of tax carry forwards. Contemporary Accounting Research 16(1): 1-33. 1999.
Amir, E., M. Kirschenheiter, and K. Willard. The valuation of deferred taxes, Contemporary Accounting Research 14(4): 597-622. 1997.
Ashari, N., H. Koh, S. Tan, and W. Wong. Factors affecting income smoothing among listed companies in Singapore. Accounting and Business Research 24: 291-301. 1994.
Ball, R., and P. Brown. An empirical evaluation of accounting income numbers. Journal of Accounting Research (Autumn): 159-178. 1968.
Barth, M., W. Beaver, and W. Landsman. The relevance of the value-relevance literature for financial accounting standard setting: another view, Journal of Accounting and Economics 31: 77-104. 2001.
Barton, J. Does the use of financial derivatives affect earnings management decisions? The Accounting Review 76 (January): 1-26. 2001.
Bartov, E. The timing of asset sales and earnings manipulation. The Accounting Review 68 (4): 840-855. 1993.
Bartov, E., F. Gul, and J. Tsui. Discretionary-accruals models and audit qualifications. Journal of Accounting and Economics (30): 421–452. 2000.
Beaver, W., R. Clarke, and W. Wright. The association between unsystematic security returns and the magnitude of earnings forecast errors. Journal of Accounting Research 17: 316-340. 1979.
Becker, C., M. DeFond, J. Jiambalvo, and K. Subramanyam. The effect of audit quality on earnings management. Contemporary Accounting Research 15(Spring): 1-24. 1998.
Beidleman, C. R. Income smoothing: the role of management. The Accounting Review 48(4): 653-667. 1973.
Berle, A., and G. Means. The modern corporation and private property. New York, Commerce Clearing House, Loose leaf service division of the Corporation Trust Company. 1932.
Bradley, M., G. Jarrel, and E. Kim. On the existence of an optimal capital structure: Theory and Evidence. Journal of Finance 39: 857-878. 1984.
Brickley, J., R. Lease, and C. Smith. Ownership structure and voting on anti-takeover amendments. Journal of Financial Economics 20: 267-291. 1988.
Brockman, P., and D. Chung. Investor protection and firm liquidity. The Journal of Finance 58: 921-937. 2003.
Bryan, S., R. Nash, and A. Patel. Can the agency costs of debt and equity explain the changes in executive compensation during the 1990s? Journal of Corporate Finance 12: 516-535. 2006.
Burgstahler, D., and I. Dichev. Earnings management to avoid earnings decrease and losses. Journal of Accounting and Economics 24(1): 99-126. 1997.
Bushman, R., and A. Smith. Financial accounting information and corporate governance. Journal of Accounting and Economics 32: 237-333. 2001.
Carlson, S., and C. Bathala. Ownership differences and firms’ income smoothing behavior, Journal of Business Finance and Accounting 24(2): 179-196. 1997.
Chang, F. S. Relative information of consolidated financial statement and components of earnings in financial statement of parent company. (Doctoral dissertation, Graduate Institute of Accounting, National Cheng-Chi University, Taiwan).(in Chinese) 1997.
Chang, H. C. A study on the information content and characteristics of time series on season earnings of listed companies in Taiwan. (M. A. thesis, Graduate Institute of Business and Administration, National Taiwan University, Taiwan). (in Chinese) 1983.
Chang, J. S. Public Explanation and Practice: Financial Accounting Standards No.7. (Taipei: Accounting Research and Development Foundation of R. O. C.). 1988.
Chen, A., L. Kao, M. Tsao, and C. Wu. Building a corporate governance index from the perspectives of ownership and leadership for firms in Taiwan, Corporate Governance: An International Review (forthcoming). 2006.
Chen, C. and T. Steiner. Managerial ownership and agency conflict: a nonlinear simultaneous equation analysis of managerial ownership, risk taking debt policy, and dividend policy. The Financial Review 34: 119-136. 1999.
Chen, K., K. Lin, and J. Zhou. Audit quality and warnings management for Taiwan IPO firms. Managerial Auditing Journal 20(1): 86-104. 2005.
Chen, Z. K. The exploration on the information content of earnings reaction coefficient of listed companies in Taiwan. (M.A. thesis, Graduate Institute of Accounting, National Cheng-Chi University, Taiwan). (in Chinese) 1992.
Cheung, Y., P. Rau, and A. Stouraitis. Tunneling, propping and expropriation: Evidence from connected party transactions in Hong Kong. Journal of Financial Economics (forthcoming). 2005.
Chin, C. L. The information content of information characteristic and disclosure frequency. (Doctoral dissertation, Graduate Institute of Accounting, National Cheng-Chi University, Taiwan). (in Chinese) 1996.
Chin, C., H. Lin, and S. Huang. The empirical study on earnings management in the seasonal offering companies in Taiwan. Sun Yat-Sen Management Review 8(4): 709-744. (in Chinese) 2000.
Chiou, J., J. Wu, and Y. Lin. The financial performance of Taiwan enterprises in mainland China. Mainland China Studies 44 (September): 41-55. (in Chinese) 2001.
Chiou, J., K. Lin, and K. Huang. The information content of disclosing investment income for Taiwan Enterprises in Mainland China. Working Paper. National Cheng-Kung University, Taiwan. 2004.
Chiou, J., K. Lin, and T. Huang. The related party transactions of Taiwan enterprises in mainland China. Mainland China Studies 46 (1): 23-46. (in Chinese) 2003.
Chiou, J., K. Lin, and Y. Chen. Related party transactions and accounting information: the evidence of foreign investment in China. Department of Accounting, National Cheng-Kung University, Taiwan. 2006.
Chiou, J., L. Cheng, and Y. Kuo. The study of related-party transactions and cost structure of Taiwan company investing in China. TAA 2004 Accounting Theory and Practice Conference. Department of Accounting, National Cheng-Chi University, Taiwan. 2004.
Chu, E. L. Reconsideration for the relationship between earnings and stock returns in Taiwan. NTU Management Review: 163-186. 1996.
Chuang, F. C. The research of the power that using financial ratio to forecasting future earnings - the comparison between parent only financial statements and consolidated financial statements. (M.A. thesis, Graduate Institute of Accounting, National Cheng-Kung University, Taiwan). (in Chinese) 1998.
Claessens, S., S. Djankov, and L. Lang. The separation of ownership and control in East Asian Corporations. Journal of Financial Economics 58: 81-112. 2000.
Claessens, S., S. Djankov, J. Fan, and L. Lang. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance: 2741-2771. 2002.
Coase, R. H. The nature of the firm, Economic 4: 386-405. 1937.
Copeland, R., and S. Mckinnon. Financial distortion and consolidation of captive finance subsidiaries in the general merchandising industry. Journal of Business Finance and Accounting 14: 77-95. 1987.
Core, John E., Robert W. Holthausen, and D. Larcker. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51: 371-406. 1999.
Craswell, A., J, Francis, and S. Taylor. Auditor brand name reputations and industry specializations. Journal of Accounting and Economics 20 (December): 297-322. 1995.
Cui, H., and Y. Mak. The Relationship between managerial ownership and firm performance in high R&D firms. Journal of Corporate Finance 8: 313-336. 2002.
DeAngelo, L. Accounting numbers as market value substitutes: A study of Managerial buyouts of public stockholders. The Accounting Review 61 (3): 400-420. 1986.
DeAngelo, L. Auditor size and auditor quality. Journal of Accounting and Economics (December): 183-199. 1981.
DeAngelo, L. Managerial competition, information costs, and corporate governance：The use of accounting performance measures in proxy contests. Journal of Accounting and Economics 10: 3-36. 1988.
Dechow, P., and R. Sloan. Executive incentives and the horizon problem: an empirical investigation. Journal of Accounting and economics 14: 51-89. 1991.
Dechow, P., R. Sloan, and A. Sweeney. Detecting earnings management. The Accounting Review 70(April): 193-225. 1995.
DeFond, M., and C. Park. Smoothing income in anticipation of future earnings. Journal of Accounting and Economics 23(July): 115-139. 1997.
DeFond, M., and J. Jiambalvo. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17(January): 145-176. 1994.
Degeorge, F., J. Patel, and R. Zeckhauser. Earnings management to exceed thresholds. Journal of Business 72 (1): 1-33. 1999.
Dhaliwal, D. The effect of the firm’s capital structure on the choice of accounting methods. The Accounting Review 55(1): 78-84. 1980.
Eberhart, A., W. Maxwell, and A. Siddique. An examination of long-term abnormal stock returns and operating performance following R&D increase. Journal of Finance 59: 623-650. 2004.
Eckbo, B., and S. Verma. Managerial share ownership, voting power, and cash dividend policy. Journal of Corporate Finance 1:33-62. 1994.
Elder, R. Audit firm size, industry specialization and initial public offerings of common stock. Working paper. Syracuse University. 1999.
Erickson, M., B. Mayhew, and W. Felix, Jr. Why do audits fail? evidence from Lincoln savings and loan. Journal of Accounting Research 38 (Spring): 165-194. 2000.
Feng, Y. J. The incremental information content of cash flows components－size adjusted model vs The market model. (M.A. thesis, Graduate Institute of Accounting, National Taiwan University, Taiwan). (in Chinese) 1994.
Ferguson, A. and D. Stokes. Brand name audit pricing, industry specialization and leadership premiums post Big 8 and Big 6 mergers. Contemporary Accounting Research (Spring): 77-110. 2002.
Francis, J. R. Debt reporting by parent companies: parent-only versus consolidated statements. Journal of Business Finance and Accounting 13: 393-403. 1986.
Gire, M. K. Avoiding conflict of interest and related-party transactions. Hospital Materiel Management Quarterly 11(2): 25-31. 1989.
Gordon, E., and E. Henry. Related party transactions and earnings management. 2005 American Accounting Association annual meeting. 2005.
Gordon, E., E. Henry and D. Palia. Related party transactions: associations with corporate governance and Firm Value. Working paper, Rutgers Business School. 2004a.
Gordon, E., E. Henry, and D. Palia. Related party transactions and corporate governance. Advances in Financial Economics 9: 1-28. 2004b.
Gore, R., and D. Stott. Toward a more informative measure of operating performance in the REIT industry: net income versus funds from operations. Accounting Horizons 12: 323-339. 1998.
Gujarathi, M., and R. Hoskin. Evidence of earnings management by the early adoption of SFAS No. 96. Accounting Horizons: 18-31. 1992.
Hagerman, R. and M. Zmijewski. Some economic determinants of accounting policy choice. Journal of Accounting and Economics (August): 141-161. 1979.
Harvey, A. S. The econometric analysis of time series 2d ed., MIT Press, Cambridge, Mass. 1990.
Healy, P. M. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics 7(April): 85-107. 1985.
Healy, P., and J. Wahlen. A review of the earnings management literature and its implications for standard setting. Accounting Horizons (December): 365-383. 1999.
Hepworth, S. R. Smoothing periodic income. The Accounting Review 28 (January): 32-39. 1953.
Hermalin, B., and M. Weisbach. The effects of board composition and direct incentives on firm performance. Financial Management 20(4): 101-112. 1991.
Herrmann, D. and T. Inoue. The sale of assets to manage earnings in Japan. Journal of Accounting Research 41(1): 89-107. 2003.
Hogan, C., and D. Jeter. Industry specialization by auditors. Auditing: A Journal of practice & Theory 18(Spring): 1-17. 1999.
Holthausen, R. W., and R. L. Watts. The relevance of the value-relevance literature for financial accounting standard setting, Journal of Accounting and Economics 31: 3-75. 2001.
Holthausen, R., D. Larcker, and R. Sloan. Annual bonus schemes and the manipulation of earnings. Journal of Accounting and Economics 19: 29-74. 1995.
Hossain, M., A. Prevost, and R. Rao. Corporate governance in New Zealand: The effect of the 1993 Companies Act on the relation between board composition and firm performance. Pacific-Basin Finance Journal 9: 119-145. 2001.
Hunt, A., S. Moyer, and T. Shevlin. Managing interacting accounting measures to meet multiple objectives: A study of LIFO firms. Journal of Accounting and Economics 21 (June): 339-374. 1996.
Jackson, S., and M. Pitman. Auditors and earnings management. CPA Journal, 71(7): 39-44. 2001.
Jensen, G., D. Solberg, and T. Zorn. Simultaneous determination of insider ownership, debt, and dividend policy. Journal of Financial and Quantitative Analysis 27(2): 247-263. 1992.
Jensen, M., and W. Meckling. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360. 1976.
Jian, J. and T. Wong. Earnings management and tunneling through related party transactions: Evidence from Chinese corporate groups. EFA 2003 Annual Conference Paper No. 549. 2003.
Joh, S. W. Corporate governance and firm profitability: evidence from Korea before the economic crisis. Journal of Financial Economics 68(2): 287-322. 2003.
Johnson, S., R. La Porta, F. Lopez-de-Silanes, and A. Shleifer. Tunneling. American Economic Review 90: 22-27. 2000.
Johnstone, K. and J. Bedard. Audit firm portfolio management decisions. Journal of Accounting Research 42: 659- 690. 2004.
Jones, J. J. Earnings management during import relief investigations. Journal of Accounting Research 29 (2): 193-228. 1991.
Khanna, T. and K. Palepu. Why focused strategy may be wrong in emerging markets, Harvard Business Review 75(4): 41-51. 1997.
Klein, A. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33: 375-400. 2002.
Kohlbeck, M., and B. Mayhew. Agency costs, contracting, and related party transactions. Working paper, University of Wisconsin. 2004b.
Kohlbeck, M., and B. Mayhew. Related party transactions. Working paper, University of Wisconsin. 2004a.
Kothari, S. P. Capital market research in accounting. Journal of Accounting and Economics 31: 105-231. 2001.
Kothavala, K. Proportional consolidation versus the equity method: A risk measurement perspective on reporting interests in joint venture. Journal of Accounting and Public Policy 22(6): 517-538. 2003.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. Investor protection and corporate governance. Journal of Finance Economics 58: 3-27. 2000.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. Investor protection and corporate valuation. The Journal of Finance 57(3): 1147-1170. 2002.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. Law and finance. Journal of Political Economy 106(6): 1113-1155. 1998.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. Corporate ownership around the world. The Journal of Finance 54(2): 471-517. 1999.
Lambert, R. A. Income smoothing as rational equilibrium behavior. The Accounting Review 59 (4): 604-618. 1984.
Lang, L., A. Poulsen, and R. Stulz. Asset sales, firm performance, and the agency cost of managerial discretion. Journal of Financial Economics 37: 3-37. 1995.
Lasman, D., and R. Weil. Adjusting the debt-equity ratio. Financial Analyst Journal 34 (Sep/Oct): 49-58. 1978.
Liberty, S., and J. Zimmerman. Labor union contract negotiations and accounting choice. The Accounting Review 61(4): 692-712. 1986.
Lin, B. Z. A study on the information content of financial statement announcement of listed companies in Taiwan. (M. A. thesis, Graduate Institute of Business and Administration, National Taiwan University, Taiwan). (in Chinese) 1979.
Lin, C. J. Introduction of the information content on earnings in financial accounting in Taiwan. Accounting Research Monthly No. 88. 1993.
Lin, C., Y. Hong, and M. Shiue. Earnings manipulation by financial distress companies. Journal of Management 14(1): 15-38. (in Chinese) 1997.
Lin, S. L. A study on the information content of season earnings announcement–by comparison of random theory and CAPM model. (M.A. thesis, Graduate Institute of Business Administration, National Cheng-Chi University, Taiwan). (in Chinese) 1991.
Liu, C. M. The incremental information content of consolidated financial statement. (M.A. thesis, Graduate Institute of Accounting, National Taiwan University, Taiwan). (in Chinese) 1994.
McNichols, M., and G. Wilson. Evidence of earnings management from the provision for bad debts. Journal of Accounting Research 26(Supplement): 1-31. 1988.
Meharn, H. Executive compensation structure, ownership and firm performance. Journal of Financial Economics 38, 163-184. 1995.
Miller, G., and D. Skinner. Determinants of the valuation allowance for deferred tax assets under SFAS No.109. The Accounting Review 73(2): 213-233. 1998.
Moses, O. D. Income smoothing and incentives: empirical tests using accounting changes. The Accounting Review 62 (April): 358-377. 1987.
Myers, S. C. Determinants of corporate borrowing. Journal of Financial Economics 5(2):147-175. 1977.
Palia, D. The endogeneity of managerial compensation in firm valuation: a solution. The Review of Financial Studies 14: 735-764. 2001.
Pearce, J., and S. Zahra. Board composition from a strategic contingency perspective. The Journal of Management Studies 29(4): 411-438. 1992.
Pound, J. Proxy contest and the efficiency of shareholders oversight. Journal of Financial Economics 20: 237-265. 1988.
Rosenstein, S., and J. Wyatt. Inside directors, board effectiveness, and shareholder wealth. Journal of Financial Economics 44: 229-250. 1997.
Ryan, H., and R. Wiggins. The influence of firm-and manager-specific characteristics on the structure of executive compensation. Journal of Corporate Finance 7: 101-123. 2001.
Schipper, K. Commentary on earnings management. Accounting Horizons 3: 91-102. 1989.
Schooley, D., K. Barney, and L. Dwayne Jr. Using dividend policy and managerial ownership to reduce agency costs. The Journal of Financial Research 17(3): 363-373. 1994.
Shastri, K., and K. Kahle. Executive loans. Working paper, University of Pittsburgh. 2003.
Shin, H., and Y. Park. Financing constraints and internal capital markets: evidence from Korean ‘chaebols’. Journal of Corporate Finance 5(2):169-191. 1999.
Shleifer, A., and R. Vishny. A survey of corporate governance. Journal of Finance 52: 737-783. 1997.
Short, H., H. Zhang, and K. Keasey. The link between dividend policy and institutional ownership. Journal of Corporate Finance 8: 105-122. 2002.
Singh, M., and W. Davidson. Agency cost, ownership structure and corporate governance mechanisms, Journal of Banking & Finance 27: 793-816. 2003.
Smith, C., and R. Stulz. The determinants of firms’ hedging policies. Journal of Financial and Quantitative Analysis 20(December): 391-405. 1985.
Su, J. W. Exceptional returns on shares forecast capability through financial ratios – comparison between financial statement of a parent company and consolidated financial statement. (M.A. thesis, Graduate Institute of Accounting, National Cheng-Kung University, Taiwan). (in Chinese) 1999.
Subramanyam, K. R. The pricing of discretionary accruals. Journal of Accounting and Economics 22(1-3): 249-281. 1996.
Swartz, M. and S. Watkins. Power failure: the insider story of the collapse of Enron. New York: Doubleday. 2003.
Sweeney, A. P. Debt-covenant violations and managers’ accounting responses. Journal of Accounting and Economics 17: 281-308. 1994.
Thomas, W., D. Herrmann, and T. Inoue. Earnings management through affiliated transactions. Journal of International Accounting Research 3(2): 1-25. 2004.
Titman, S. and Trueman, B. Information quality and the valuation of new issues. Journal of Accounting and Economics 8: 159-172. 1986.
Vafeas, N. Board meeting frequency and firm performance. Journal of Financial Economics 53: 113-142. 1999.
Wang, S. Y. A Study on relative information content of investment income in consolidated financial statement and financial statement of parent company. (M.A. thesis, Graduate Institute of Accounting, National Cheng-Kung University, Taiwan). (in Chinese) 2003.
Watts, R., and J. Zimmerman. Positive Accounting Theory, Englewood cliffs, NJ: Prentice-Hall. 1986.
Watts, R., and J. Zimmerman. Towards a positive theory of the determination of accounting standards. The Accounting Review 53(January): 112-134. 1978.
Welker, M. Disclosure policy, information asymmetry, and liquidity in equity markets. Contemporary Accounting Research 11, 801-827. 1995.
Wu, S., T. Hsiao, and Y. Lin. An empirical study of effectiveness of detecting business earnings management using cross-sectional two-stage regressions. Review of Securities and Futures Markets 15(3): 105-136. (in Chinese) 2003.
Yeh , Y., C. Ko and Y. Su. Ultimate control and expropriation of minority shareholders: new evidence from Taiwan. Academic Economic Papers 31: 263-299. 2003.
Yeh, Y., and T. Woidtke. Commitment or entrenchment?: controlling shareholders and board composition. Journal of Banking & Finance 29(7): 1857-1885. 2005.
Yeh, Y., T. Lee, and T. Woidtke. Family control and corporate governance: Evidence form Taiwan. International Review of Finance 2: 21-48. 2001.
Yermack, D. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40: 185-211. 1996.
Young, C. and S. Wu. CEO pay-performance sensitivity, performance threshold and discretionary accounting choices－an empirical study. The International Journal of Accounting Studies 36: 55-87. (in Chinese) 2003.
Yu, S. W. A Study on the incremental information content of earnings announcement of listed companies in Taiwan. (M. A. thesis, Graduate Institute of Business and Administration, National Taiwan University, Taiwan). (in Chinese) 1986.
Zeng, X. L. A Study on the influence of season earning announcement to the trading volume in Taiwan. (M. A. thesis, Graduate Institute of Industrial and Management, National Cheng-Kung University, Taiwan). (in Chinese) 1989.
Zhou, J., and R. Elder. Audit firm size, industry specialization, and earnings management by initial public offering firms. Working Paper. Syracuse University and Binghamton University. 2003.
Zmijewski, M., and R. Hagerman. An income strategy approach to the positive theory of accounting standard setting / choice. Journal of Accounting and Economics 3(2): 129-149. 1981.