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论文编号：	11943
作者编号：	1120156015
上传时间：	2020/9/15 11:19:09
中文题目：	内部控制效率、审计委员会主席的专业知识和财务报告质量：来自巴基斯坦证据
英文题目：	Efficiency of Internal controls, the expertise of audit committee chairs and financial reporting quality: Evidence from Pakistan
指导老师：	程新生
中文关键字：	Internal control, expertise of audit committee, agency theory, zakat, financial reporting quality
英文关键字：	Internal control, expertise of audit committee, agency theory, zakat, financial reporting quality
中文摘要：	本文旨在探讨巴基斯坦证券交易所（PEX）上市的非金融公司审计委员会（AC chairs）主席的专业知识与财务报告质量（FRQ）之间的关系，同时在考虑了AC主席的专业知识时，研究内部控制及其组成部分对财务报告质量的影响。此外，本文还探讨了札卡特（zakat）和AC主席的专业知识对于内部控制效率与财务报告质量之间关系的调节作用。本文以2010-2016年在PEX上市的302家非金融公司（2114个公司-年观测值）为样本，其中内部控制、财务报告质量和公司治理数据都是从年度报告中手动收集的。 巴基斯坦有三家证券交易所:卡拉奇证券交易所(KSE)、拉合尔证券交易所和伊斯兰堡证券交易所。2017年5月，三家证券交易所合并命名为巴基斯坦证券交易所，并将独立的证券交易所改为PEX的交易大厅。所有原来在这三家证交所上市的股票的状态都不会改变。所有在PEX上市的公司年度报告都必须披露zakat，zakat是伊斯兰教五大支柱之一，被视为一种社会义务。Zakat是伊斯兰教扣除利润和当前资产升值，并分配给低收入群体以满足其基本生活需要、保健、教育和技术培训的税收。在巴基斯坦，宗教事务部(MORA)向企业和个人征收，分发给有需要的人。zakat基金在巴基斯坦国家银行汇总资金，通过省zakat理事会分发给各省，并进一步拨给区一级的zakat委员会，由贫困者再去申请zakat。 本文共分为六章。第一章介绍研究背景，界定研究问题，并通过理论分析阐述研究问题。第二章是文献综述部分，主要介绍代理理论和资源依赖理论，并结合AC主席在内部控制监管方面的专长，提出改进FRQ的方法。第三章是假设发展部分，从理论上分析了AC主席的专业知识、内部控制效率和FRQ之间的关联。同时，利用实证分析方法来检验假设。第四章阐述了女性AC主席对财务报告的影响。第五章详细介绍了zakat和AC主席的专业知识对FRQ的影响。最后一章在实证分析的基础上，提出本文的结论、局限性以及未来的研究方向和启示。 在实证分析的基础上，本文研究得出以下结论。首先，内部控制效率与盈余管理负相关，并且提高了财务报告质量。这表明较高的FRQ可以缓解代理冲突。此外，通过检验内部控制效率的组成部分和财务报告的关系，发现监管、信息和沟通交流比其他组成部分更能改善财务报告质量。其次，AC主席的专业知识对监督内部控制机制和财务报告具有重要意义。本文研究调查了AC主席的专业知识如何改善财务报告，得出如下的研究结论，即AC主席的会计专长对于降低盈余管理具有重要意义。此外，与没有会计专长的AC主席相比，有会计专长的AC主席对FRQ的影响更为显著。会计专长在调动资源、使财务报告过程系统化方面发挥着重要作用，减少了其他企业对他们的影响——支持代理理论和资源依赖理论。进一步，本文还比较了拥有会计专长的女性AC主席和男性AC主席在降低盈余管理和提高FRQ方面的差异。研究结果显示，相对于男性AC主席，拥有会计专长的女性AC主席对财务报告质量的影响更显著。然而，本文从未否认男性AC主席的重要性。这种关系表明，由于在行为和对会计稳健性政策的理解方面，女性高管比男性高管具有更好的变革型领导素质，因此指定董事会下属委员会中的女性领导角色可以提高投资者的信心。女性AC主席的会计专长调节作用于内部控制效率与其组成部分（控制环境、控制活动、信息和沟通）和FRQ之间的关系。这一关系表明，具备会计专长的女性AC主席加强了对内部控制的监管，主要是通过加强控制环境、控制活动、信息和沟通，抑制了盈余管理。 第三，本文还得到zakat信息披露提高了FRQ的结论。在巴基斯坦的背景下，zakat的宗教价值观成为支持组织伦理提高FRQ的重要因素之一，而且zakat和AC主席的会计专长通过以下方式对财务报告质量发挥作用。首先，zakat和AC主席的会计专长调节作用于控制环境与财务报告质量之间的关系。其次，二者调节作用于监管与FRQ的关系。第三，zakat和不具有会计专长的AC主席对控制活动和财务报表之间的关系有调节作用。第四，zakat和拥有会计专长的女性AC主席对控制活动和财务报告质量之间的关系有调节作用。第五，zakat和不具备会计专长的女性AC主席对控制环境和FRQ之间的关系有调节作用。这些结果支持代理理论。
英文摘要：	The purpose of this study is to investigate the relationship between the expertise of audit committee (AC) chairs and financial reporting quality (FRQ) of non-financial companies listed at the Pakistan Stock Exchange (PEX). Also, the effect of internal controls, its components, on financial reporting quality when the expertise of AC chairs is considered. Moreover, this study also delves whether the zakat and expertise of AC moderate the relationship between the efficiency of internal control and FRQ. A sample of 302 non-financial companies listed at PEX (2114 firm-years) from 2010 to 2016 was used for this study. Data on internal control, FRQ, and governance data have been collected manually from annual reports. In Pakistan, there were three stock exchanges: Karachi Stock Exchange (KSE), Lahore Stock Exchange, and Islamabad Stock Exchange. In May 2017, these three stock exchanges merged to named it Pakistan Stock Exchange and converted those independent stock exchanges to the trading floor of PEX. The status of all listed companies on all three stock does not change. The annual reports of all listed companies at PEX must disclose the zakat deduction, which is one of the five pillars of Islam and considered as a social obligation. Zakat is Islamic taxation deduct on profit and current appreciation of assets and distributed among the poor to meet their needs, health, education, and technical training. In Pakistan, the Ministry of Religious Affairs (MORA) is responsible to collect zakat from businesses and individuals to distribute among needy people. The zakat fund pooled at State Bank of Pakistan and distribution to the province through provincial zakat council, which further disbursed to district zakat committee (DZCs) at district level where needy people apply for zakat. This research consists of six chapters. Chapter one explains the background of the study, define the research problem, and linked it with theories. Chapter two is about the literature review the knots the theories, including agency theory and resource dependence theory, with the expertise of AC chairs in monitoring the internal controls mechanism could improve the FRQ. Chapter three elaborates on the hypotheses, which defines the association between the expertise of the AC chairs, the efficiency of internal control, and FRQ. Also, empirical analysis to test hypotheses. Chapter four explains how accounting expertise of female AC chairs influences financial reporting? Chapter five give details about the way zakat and expertise of AC affect the FRQ. Last but not least, based on the empirical analysis final chapter presents the conclusion, limitation, and future area of research and managerial implications. Based on the empirical analysis, this research finds the following conclusions mentioned in Chapter 6. First, the efficiency of internal control negatively associated with earnings management, hence it improves FRQ. This relationship indicates that the higher FRQ mitigates agency conflict. Moreover, investigating the impact of components of efficiency of internal control and financial reporting, monitoring, and information and communication showed the essential components that improve more FRQ than other internal control components. Second, the expertise of AC chairs in important to monitor the internal control mechanism and financial reporting process. This research investigated how the expertise of AC chairs improves financial reporting? This research concluded numerous findings, that is, accounting expertise of AC chairs is important to mitigate the earnings management. Also, the accounting expertise of AC chairs has a more pronounced impact on FRQ than non-accounting expertise of AC chairs. Accounting expertise of AC chairs plays a vital role in the mobilization of resources that systemize the financial reporting process, which lessens other firm's influence on them—support agency theory and resource dependency theory. Further, this research also compares the accounting expertise of female AC chairs and male AC chairs in mitigating the earnings management and improve FRQ. The outcome revealed that the accounting expertise of female AC chairs has a more pronounced effect on FRQ than their male counterpart. However, the research never denies the importance of male AC chairs. This relationship indicates that designating the leadership role of the sub-committee of the board to improve more confidence of investors because of the behavior of female executives and belief in accounting conservatism policy and possess better transformational leader qualities than their male counterpart. The accounting expertise of female AC chairs moderates the relationship between the efficiency of internal control and its components (control environment, control activities, and information and communication), and FRQ. This relation indicates that the accounting expertise of female AC chairs enhancing monitoring of internal control that prevents earnings management, mainly it strengthens the control environment, control activities, information, and communication. Third, this research also concluded that zakat disclosure improved the FRQ. In the context of Pakistan, zakat—one of the religious values—become one of the important elements to support the organizational ethics that improve the FRQ. Moreover, the zakat and expertise of AC chairs moderate the financial reporting in the following fashion. First, the zakat and accounting expertise of AC chairs moderate the relationship between the control environment and FRQ. Second, also moderate the relationship between monitoring and FRQ. Third, zakat and non-accounting expertise of AC chairs have a moderation effect on the relationship between control activity and FRQ. Forth, zakat and accounting expertise of female AC chairs moderates on the association between control activities and FRQ. Fifth, the zakat and non-accounting expertise of female AC chairs moderates the relationship between the control environment and FRQ. These results support the agency theory.
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