Firm diversification and earnings management: Evidence from seasoned equity offerings

被引：22

作者：

Lim C.Y. ^{[1
]}

Thong T.Y. ^{[2
]}

Ding D.K. ^{[3
]}

机构：

[1] Nanyang Business School, Nanyang Technological University

[2] School of Business, SIM University

[3] Department of Finance, Lee Kong Chian School of Business, Singapore Management University, Singapore 178899

来源：

Review of Quantitative Finance and Accounting | 2008年 / 30卷 / 1期

关键词：

Accruals; Corporate diversification; Earnings management; Seasoned equity offerings; Stock market performance;

D O I：

10.1007/s11156-007-0043-x

中图分类号：

学科分类号：

摘要：

Popular press suggests that diversified firms are more aggressive in managing earnings than non-diversified firms. We examine this claim in the seasoned equity offering (SEO) setting, where firms have been shown to have the incentive to manage earnings upwards. Using the cross-sectional modified Jones [(1991) J Accounting Res 29:193-228] model to measure discretionary current accruals, we find that discretionary current accruals are higher among diversified firms than in non-diversified ones. Our evidence is consistent with the view that the extent of firm diversification is directly related to the degree of earnings management. We further show that diversified issuers with high discretionary accruals underperformed other SEO firms. © 2007 Springer Science+Business Media, LLC.

引用

页码：69 / 92

页数：23

共 50 条

[1] Firm size, timing, and earnings management of seasoned equity offerings
Shu, Pei-Gi
Chiang, Sue-Jane
[J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2014, 29 : 177 - 194
[2] Underwriter choice and earnings management: evidence from seasoned equity offerings
Jo, Hoje
Kim, Yongtae
Park, Myung Seok
[J]. REVIEW OF ACCOUNTING STUDIES, 2007, 12 (01) : 23 - 59
[3] Underwriter choice and earnings management: evidence from seasoned equity offerings
Hoje Jo
Yongtae Kim
Myung Seok Park
[J]. Review of Accounting Studies, 2007, 12 : 23 - 59
[4] Earnings management and the underperformance of seasoned equity offerings
Teoh, SH
Welch, I
Wong, TJ
[J]. JOURNAL OF FINANCIAL ECONOMICS, 1998, 50 (01) : 63 - 99
[5] Earnings management and the performance of seasoned equity offerings
Rangan, S
[J]. JOURNAL OF FINANCIAL ECONOMICS, 1998, 50 (01) : 101 - 122
[6] Empirical Research on Accrual and Real Earnings Management: Evidence from Seasoned Equity Offerings
Cai Fang
[J]. PROCEEDINGS OF THE 14TH INTERNATIONAL CONFERENCE ON INNOVATION AND MANAGEMENT, VOLS I & II, 2017, : 1121 - 1126
[7] Earnings Management Research Around Seasoned Equity Offerings
Yao Hong
Chen Qingqing
Li Yiwei
[J]. PROCEEDINGS OF THE 7TH (2015) INTERNATIONAL CONFERENCE ON FINANCIAL RISK AND CORPORATE FINANCE MANAGEMENT, 2015, : 110 - 116
[8] Seasoned Equity Offerings and " Herd Behavior " of Earnings Management
ZHANG Xiang-jian1
[J]. International Journal of Mining Science and Technology, 2005, (03) : 98 - 102
[9] Seasoned Equity Offerings, Industry Competition and Earnings Management
Yin Yilin
Ma Zhong
[J]. PROCEEDINGS OF THE FOURTH INTERNATIONAL SYMPOSIUM - MANAGEMENT, INNOVATION & DEVELOPMENT, BK ONE & TWO, 2017, : 244 - 250
[10] EARNINGS MANAGEMENT AND UNDERPERFORMANCE OF SEASONED EQUITY OFFERINGS IN CHINA
Hsiao, Hsiao-Fen
Zhong, Tingyong
Qi, Huijun
[J]. JOURNAL OF ENVIRONMENTAL PROTECTION AND ECOLOGY, 2019, 20 : 160 - 171

← 1 2 3 4 5 →