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기업특성 및 사외이사 특징이 기업의 부정행위에 미치는 영향: 중국상장기업을 중심으로

The Effect of Firm Characteristics and Outside Directors Characteristics on Fraud : Evidence from Chinese Listed Companies

백혜원|소유하
경영경제연구소 (management & economic research institute)|2021.09|아태비즈니스연구 ((APJB) Asia Pacific Journal of Business)|제12권 제3호|pp. 213-233|DOI https://doi.org/10.32599/apjb.12.3.202109.213

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키워드

FraudOutside director compensationOutside director locationProportion of outside directors

초록

Purpose - Our study examines the determinant factors of corporate financial fraud and whether the characteristics of outside directors tend to decrease the fraud in China. Design/methodology/approach - The data come from the enforcement actions of the Chinese Securities Regulatory Commission (CSRC). The multiple regression analysis were hired in order to analyze the data. Findings - Firms that have smaller size, higher debt ratio, or lower return of assets are associated with the incidence of fraud. However, the firms that have a high proportion of outside directors on the board or whose outside directors have a high compensation are less likely to engage in fraud. Our results show that outside directors monitor the actions of managers and thus help deter fraudulent acts. On the other hand, fraud is more associated with the local outside directors rather than outside directors who are from other locations. Since local outside directors tend to be more related with managers of firms, they can lose their independence. Research implications or Originality - Our findings have implications for the design of appropriate outside directors systems for China-listed firms. Moreover, our results imply that recruiting outside directors from other regions can improve the expertise and independence of outside directors in China. Our study contributes to provide more useful information about investors’ investment decisions or management oversight and regulators' decisions on audit activities by disclosing information relating to the characteristics of outside directors.

Abstract

Purpose - Our study examines the determinant factors of corporate financial fraud and whether the characteristics of outside directors tend to decrease the fraud in China. Design/methodology/approach - The data come from the enforcement actions of the Chinese Securities Regulatory Commission (CSRC). The multiple regression analysis were hired in order to analyze the data. Findings - Firms that have smaller size, higher debt ratio, or lower return of assets are associated with the incidence of fraud. However, the firms that have a high proportion of outside directors on the board or whose outside directors have a high compensation are less likely to engage in fraud. Our results show that outside directors monitor the actions of managers and thus help deter fraudulent acts. On the other hand, fraud is more associated with the local outside directors rather than outside directors who are from other locations. Since local outside directors tend to be more related with managers of firms, they can lose their independence. Research implications or Originality - Our findings have implications for the design of appropriate outside directors systems for China-listed firms. Moreover, our results imply that recruiting outside directors from other regions can improve the expertise and independence of outside directors in China. Our study contributes to provide more useful information about investors’ investment decisions or management oversight and regulators' decisions on audit activities by disclosing information relating to the characteristics of outside directors.

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이사회 및 감사위원회의 특성과 회계부정 간의 관계에 관한 실증분석최관, 박종일, 조현우한국공인회계사회 · 회계ㆍ세무와 감사 연구2008 · 제48호이사회 소유지분과 독립성이 중국 상장기업성과에 미치는 영향이순희, 구웨이지에경영경제연구소 · 아태비즈니스연구2022 · 제13권 제1호기업지배구조가 회계부정에 미치는 영향김정애한국공인회계사회 · 회계ㆍ세무와 감사 연구2007 · 제45호재임기간에 따른 사외이사 비율과 기업가치박영석, 임새훈경영경제연구소 · 아태비즈니스연구2020 · 제11권 제4호사외이사 특성과 이익조정과의 관련성 연구송동섭, 심재우, 정형모한국국제회계학회 · 국제회계연구2013 · 제49호사외이사의 이사직 겸임이 이익조정에 미치는 영향이균봉한국세무회계학회 · 세무회계연구2018 · 제57호

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