董事會組成、財報品質與財務主管異動宣告效果

Board Composition, Financial Statement Quality, and Announcement Effect of Financial Manager Turnover

本研究主要探討財務主管異動是否具有資訊內涵，而異動原因與企業特性是否影響宣告效果，並進一步檢驗董事會組成與財報品質是否影響財務主管異動的宣告效果。以上市櫃公司的財務主管異動宣告為研究對象，共380 個樣本，研究期間為2009 年至2012 年。事件研究結果發現，在財務主管異動宣告前，訊息已經走漏，而在宣告後市場的負向反應仍然繼續發酵。自願性異動、非電子業與非家族企業的累積異常報酬為負向顯著。雖然差異性檢定未達顯著，在以Fama-French三因子模型估計的累積異常報酬上，電子與非電子業有顯著的差異。迴歸結果顯示，相對於董事會組成，財報品質顯著地影響財務主管異動的宣告效果，而非電子業與家族／離職的獨立董事比率確實緩和財務主管異動對股東財富的影響。

The purpose of this study is to investigate if the announcements of financial manager turnover are informative, and then also to find out if the announcement effect is impacted by both turnover reasons and firm characteristics. Furthermore, by using this study to further examine whether the board composition and financial statement quality are influenced by this announcement effect of financial manager turnover. The samples we adopted are including 380 publicly listed firms with announcements of financial manager turnover and the period is from 2009 to 2012. The result of event study shows that the information of financial manager turnover has been leaked prior to announcement, and the market reaction is lasting negative after the day of announcement. For those are in voluntary announcement, non-electronics industry and non-family-owned firms, the cumulative abnormal return is negative and significant. Though the independent t-test is still insignificant, based on Fama-French three-factor model there is a significantly difference on cumulative abnormal return between electronics and non-electronics industries. In addition, the result of regression reveals that the financial statement quality is to be a determinant more important than board composition to influence the announcement effect of financial manager turnover. Moreover, the ratio of independence director indeed mitigates the impact of announcement of financial manager turnover to shareholders’ wealth in the events of resignation from non-electronics industries and family-owned firms.