Stock repurchases as an earnings management mechanism: The impact of financing constraints

被引：62

作者：

Farrell, Kathleen ^{[1
]}

Unlu, Emre ^{[1
]}

Yu, Jin ^{[2
]}

机构：

[1] Univ Nebraska, Coll Business Adm, Lincoln, NE 68588 USA

[2] St Cloud State Univ, Herberger Business Sch, St Cloud, MN 56301 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2014年 / 25卷

关键词：

Share repurchase; Financing constraints; Earnings management; REAL ACTIVITIES MANIPULATION; EQUITY; INVESTMENT; PERFORMANCE; INCENTIVES; OFFERINGS; DIVIDENDS; COSTS; FIRMS;

D O I：

10.1016/j.jcorpfin.2013.10.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Our paper provides evidence regarding the use of share repurchases as an earnings management mechanism in the presence of debt-financing constraints as well as the impact of these constraints on the use of accruals and other real earnings management techniques. We document that share repurchases are prevalent as a mechanism to increase earnings per share. Next, we show that the presence of debt-financing constraints discourages the use of repurchase-based earnings management. We also find that for firms more likely to be engaged in earnings management, high financing constraints appear to increase the use of accruals based earnings management and decrease the use of other real earnings management techniques. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：1 / 15

页数：15

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