Hambrick and Mason (1984)年提出的「高層理論」認為高階管理團隊的人口統計特徵，例如性別、年齡、學歷、工作背景等，能夠反映認知及價值觀等心理特徵，以及團隊內部的溝通和衝突等運作過程；團隊成員不同的人口統計特徵以及這些特徵的作用過程會影響到組織的戰略選擇與績效。隨後越來越多學者著重在研究董事會或高階管理階層的背景、人格特質及心理特質對公司營運績效或盈餘管理的影響。故本研究想要將第三者對經理人之刻板印象，也就是出生日期（星座）作為變數去探討其是否會對公司應計項目盈餘管理及實質盈餘管理有顯著之關係。實證結果發現，經理人出生日期在3月21日至4月19日（牡羊座）、6月22日至7月22日（巨蟹座）、9月23日至10月23日（天秤座）及10月24日11月22日（天蠍座）與公司盈餘管理有顯著之相關性。且經理人之中，牡羊、金牛及射手為前三名所佔比例最高之星座。

Since the “Upper Echelon Theory” proposed by Hambrick and Mason (1984),more scholars and researchers focus on studying the relationship between backgrounds, characteristics, psychological traits from board members, CEO, top management teams and the performance like earnings management of a company.
This study investigates whether the birth date (horoscope) of the managers affects the accruals-based earnings management and real earnings management in a company.
Our results indicate that managers born in the interval of 3/21 to 4/19 (Aries), 6/22 to 7/22 (Cancer), 9/23-10/23 (Libra) and 10/24-11/22 (Scorpio) are more likely to conduct manipulation of earnings management.

Cheng, S. 2008. Board size and the variability of corporate performance. Journal of Financial Economics 87: 157-176.
Cohen, D., and P. Zarowin. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50 (1): 2-19.
Hambrick, D., and P. Mason. 1984. Upper echelons: The organization as a reflection of its top managers. The Academy of Management Review 9 (2): 193–206.
Nakano, M. and P. Nguyen. 2012. Board size and corporate risk taking: Further evidence from Japan. Corporate Governance: An International Review 20 (4): 369-387.
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42: 335-370.