本研究探討執行長親社會性傾向是否影響公司非GAAP盈餘之揭露決策與揭露品質。非GAAP盈餘雖可補充GAAP盈餘資訊、降低資訊不對稱，但亦可能被管理階層用以美化公司績效。本文依據高層理論與親社會行為文獻，預期親社會性執行長較重視利害關係人利益，因此較可能揭露非GAAP盈餘，且較不會過度排除GAAP項目。本研究以美國上市公司為樣本，結果顯示，執行長親社會性傾向與公司揭露非GAAP盈餘之可能性呈顯著正向關係，與非GAAP盈餘排除項目金額則呈顯著負向關係。進一步分析顯示，此一負向關係在女性執行長、高獲利能力公司及執行長股份基礎薪酬比例較低之樣本中較為明顯。額外分析亦發現，親社會性執行長之非GAAP盈餘排除項目較不具持續性，顯示其揭露品質較高。整體而言，本研究補充執行長人格特質與財務揭露行為之相關文獻，並提供投資人與監理機關評估非GAAP盈餘資訊品質之參考。

This study investigate whether CEOs' prosocial trait influence non-GAAP earnings disclosure decisions and the quality of such disclosures. While non-GAAP earnings can complement GAAP earnings by providing additional information and reducing information asymmetry, they may also be used opportunistically by CEOs to portray a more favorable image of firm performance. Based on the prior literature, we predict that prosocial CEOs place greater emphasis on stakeholders' interests and are therefore more likely to disclose non-GAAP earnings while being less inclined to exclude GAAP items excessively. Using a sample of U.S. publicly traded firms, we find that CEOs' prosocial trait are positively associated with the likelihood of disclosing non-GAAP earnings and negatively associated with the magnitude of excluded GAAP items. In cross-sectional analyses, we find that this negative association is more prominent among firms with female CEOs, firms with higher profitability, and firms in which CEOs receive a lower proportion of equity-based compensation. In additional analyses, we also find that the excluded items reported by prosocial CEOs are less persistent, suggesting that non-GAAP earnings reports are higher quality. Overall, this study extends the literature on CEOs' personality traits and financial disclosure behavior and provides useful insights for investors and regulators in evaluating the quality of non-GAAP earnings information.

Alhmood, M. A., Shaari, H., & Al-dhamari, R. (2020). CEO Characteristics and Real Earnings Management in Jordan. International Journal of Financial Research, 11(4), 18339-18339. https://doi.org/10.5430/ijfr.v11n4p255
Abdel-Meguid, A., Jennings, J. N., Olsen, K. J., & Soliman, M. T. (2020). The impact of the CEO’s personal narcissism on non-GAPP earnings. The Accounting Review, 96(3), 1-25. https://doi.org/10.2308/TAR-2017-0612
Bradshaw, M. T., & Sloan, R. G. (2002). GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings. Journal of Accounting Research, 40(1), 41-66. https://doi.org/10.1111/1475-679X.00038
Batson, C. D., & Powell, A. A. (2003). Altruism and Prosocial behavior. In Millon, T., Lerner, M. J. (Eds.), HANDBOOK of PSYCHOLOGY: Personality and Social Psychology (Vol. 5, pp. 463-484). John Wiley & Sons, Inc.
Bhattacharya, N., Black, E. L., Christensen, T. E., & Larson, C. R. (2003). Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings. Journal of Accounting and Economics, 36(1-3), 285-319. https://doi.org/10.1016/j.jacceco.2003.06.001
Black, D. E., & Christensen, T. E. (2009). US Managers’ Use of ‘Pro Forma’ Adjustments to Meet Strategic Earnings Targets. Journal of Business Finance & Accounting, 36(3)&(4), 297-326. https://doi.org/10.1111/j.1468-5957.2009.02128.x
Black, E. L., Christensen, T. E., Kiosse, P. V., & Steffen, T. D. (2017). Has the regulation of non- GAAP disclosures influenced managers use of aggressive earnings exclusive? Journal of Accounting Auditing & Finance, 32(2), 209-240. https://doi.org/10.1177/0148558X15599131
Black, D. E., Christensen, T. E., Ciesielski, J. T., & Whipple, B. C. (2018). Non- GAAP Reporting: Evidence from Academia and Current Practice. Journal of Business Finance & Accounting, 45(3-4), 259-294. https://doi.org/10.1111/jbfa.12298
Chen, G., Crossland, C., & Huang, S. (2020). That Could Have Been Me: Director Death, CEO Mortality Salience, and Corporate Prosocial Behavior. Management Science, 66(7), 3142-3146. https://doi.org/10.1287/mnsc.2019.3348
DeBoskey, D. G., Wang, J., & Wang, L. (2025). CFO prior audit experience and firm’s non-GAAP reporting. Review of Quantitative Finance and Accounting. https://doi.org/10.1007/s11156-025-01390-9
Fehr, E., & Fischbacher, U. (2003). The nature of human altruism. Nature, 425, 789-791.
Frankel, R., McVay, S., & Soliman, M.(2010). Non-GAAP Earnings and Board Independence. Review of Accounting Studies, 16(4), 719-744. https://doi.org/10.1007/s11142-011-9166-3
Feng, M., Ge, W., Ling, Z., & Loh, W. T. (2021). CEOs’ Prosocial Behavior, Their Careers and Corporate Policies. SSRN Working Paper.
Feng, Z., Francis, J. R., Shan, Y., & Taylor, S. (2023). Do High-Quality Auditors Improve Non-GAAP Reporting? The Accounting Review, 98(1), 215-250. https://doi.org/10.2308/TAR-2019-0592
Feng, M., Ge, W., Ling, Z., & Loh, W. T. (2024), Prosocial CEOs and Accounting Information Quality. Available at: https://www.bauer.uh.edu/departments/accy/research/documents/prosocial-ceos-and-accounting-information-quality-weili-ge.pdf.
Feng, M., Ge, W., Ling, Z., & Loh, W. T. (2024). Prosocial CEOs, corporate policies, and firm value. Review of Accounting Studies, 29(2), 1854-1903.
Feng, M., Ge, W., Ling, Z., & Loh, W. T. (2025). Prosocial CEOs and accounting manipulation. Research Collection School of Accountancy. Available at: https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=3126&context=soa_research.
Guest, N., Kothari, S.P., & Pozen, R. (2022). Why Do Large Positive Non-GAAP Earnings Adjustments Predict Abnormally High CEO Pay? The Accounting Review, 97(6), 297–326. https://doi.org/10.2308/TAR-2019-0003
Harrison, J. S., Thurgood, G. R., Boivie, S., & Pfarrer, M. D. (2019). Measuring CEO personality: Developing, validating, and testing a linguistic tool. Strategic Management Journal，40(8), 1316-1330. https://doi.org/10.1002/smj.3023
Heflin, F., & Hsu, C. (2008). The Impact of the SEC’s Regulation of Non-GAAP Disclosures. Journal of Accounting and Economics, 46(2-3), 349-365. https://doi.org/10.1016/j.jacceco.2008.07.002
Hsu, C., Wang, R., & Whipple, B. C. (2022). Non-GAAP earnings and stock price crash risk. journal of Accounting and Economics, 73(2-3), 1-26. https://doi.org/10.1016/j.jacceco.2021.101473
Hanlon, M., Yeung, K., & Zuo, L. (2022), Behavioral Economics of Accounting: A Review of Archival Research on Individual Decision Makers. Contemporary Accounting Research, 39(2),1150-1214. https://doi.org/10.1111/1911-3846.12739
Heflin, F., Kolev, K.S., & Whipple, B. (2022). The risk-relevance of non-GAAP earnings. Review of Accounting Studies, 29(1), 1-32. https://doi.org/10.1007/s11142-022-09725-w
Jiao, A., Lu, J., Wei, J., & Zhang, W. (2023). Do prosocial CEOs promote innovation? Finance Research Letters, 55, 103977. https://doi.org/10.1016/j.frl.2023.103977
Kolev, K., Marquardt, C., McVay, S. (2008). SEC Scrutiny and the Evolution of Non-GAAP Reporting. The Accounting Review, 83(1), 157-184.
Keum, D.(2023). Managerial Prosocial Preferences and Automation Innovation. Available at: https://ssrn.com/abstract=4503762.
Khalifa, M., Khedmati, M., Sualihu, M. A., & Yawson, A. (2024). Corporate labor violation: Does CEOs prosocial proclivity matter? Available at: https://ssrn.com /abstract =4706060.
Keum, D., & Bhatia, N. (2024). Do Nice Guys Finish Last? Prosociality and the Psychological Model of CEO-Firm Matching. Available at: https://ssrn.com /abstract =4560508.
Kolev, K., Rodriguez-Vazquez, E., & Wu, X. (2025). Can Managers Influence the Market’s Composition of Street Earnings Absent Non-GAAP Earnings Guidance? Available at: https://www.bayes.citystgeorges.ac.uk/__data/assets /pdf_file /0007/873025/KRW-SIRI-guidance.pdf.
Liu, C., Xu, L., Yang, H., & Zhang, W. (2023). Prosocial CEOs and the cost of debt: Evidence from syndicated loan contracts. Journal of Corporate Finance, 78, 102316. https://doi.org/10.1016/j.jcorpfin.2022.102316
McCumber, W. R., Qiu, H., & Luehlfing, M. S. (2022). CEO Social Capital and Non-GAAP Earnings Disclosures. Available at: https://ssrn.com/abstract=4180110.
Piliavin, J. A., & Charng, H. W. (1990). Altruism: A Review of Recent Theory and Research. Annual Review of Sociology, 16(1), 27-65. https://doi.org/10.1146/annurev.so.16.080190.000331
Simon, H. A.(1992). ALTRUISM AND ECONOMICS. Eastern Economic Journal, 18(1), 74-83.
Schroeder, D. A., Graziano, W. G. (2014).The Field of Prosocial Behavior: An Introdution and Overview. In Schroeder, D. A., Graziano, W. G.(Eds.). The Oxford Handbook of Prosocial Behavior (pp.3-34). Oxford University Press.