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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/129866
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/129866

    Title: Internal Control Quality and Investment Efficiency
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Lai, Shu-Miao
    Liu, Chih-Liang
    Contributors: 財管系
    Keywords: internal control;material weakness;investment efficiency
    Date: 2019-12
    Issue Date: 2020-05-26 13:42:10 (UTC+8)
    Abstract: We investigate whether the quality of internal control over financial reporting (ICOFR) has implications for the quality of internal control over fixed assets by examining the relation between material weaknesses (MWs) and investment efficiency. After excluding restating firms and controlling for externally reported earnings quality and the potential endogeneity of material weakness disclosure, we find that managers in firms with weak ICOFR are more likely to make inefficient investments. This relation is stronger when investment-specific MWs related to capital expenditure and property, plant, and equipment. We further show a significantly negative relation between future cash flows and investments made by firms with weak ICOFR. Overall, our findings are distinct from prior studies in that they are independent of financial reporting quality and suggest that weak ICOFR implies that internal controls over fixed assets failed as well.
    Relation: Accounting Horizons
    Data Type: article
    DOI 連結: https://doi.org/10.2308/horizons-12-148
    DOI: 10.2308/horizons-12-148
    Appears in Collections:[財務管理學系] 期刊論文

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