Policy uncertainty and earnings management: International evidence

Yung Kenneth; Root Andrew

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Policy uncertainty and earnings management: International evidence

机译：政策不确定性和盈余管理：国际证据

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Policy uncertainty (PU) influences the financial and investment decisions of the firm. We use global data to extend the nascent empirical finance literature on policy uncertainty by examining corporate earnings management. We find overwhelming evidence that policy uncertainty is associated with earnings management. Firms increase (decrease) earnings management (EM) when policy uncertainty is high (low). Our results show that uncertainty induced earnings management is not influenced by national culture or other country-level institutional characteristics. Further, we find that policy uncertainty induced earnings management harms firm value. The observation implies that low-quality financial reporting impairs firm value. Our results withstand a battery of robustness tests, such as removing the effect of general economic uncertainty from the measure of PU and using other measures of earnings management.

机译：政策不确定性（PU）影响公司的财务和投资决策。我们使用全球数据，通过检查公司盈余管理来扩展有关政策不确定性的新兴实证金融文献。我们发现，绝大多数证据表明政策不确定性与盈余管理有关。当政策不确定性高（低）时，企业增加（减少）盈余管理（EM）。我们的结果表明，不确定性导致的收益管理不受国家文化或其他国家/地区级机构特征的影响。此外，我们发现政策不确定性导致盈余管理损害了公司价值。该观察结果表明，低质量的财务报告会损害企业价值。我们的结果经受了一系列的稳健性测试，例如从PU指标中消除了总体经济不确定性的影响，并使用了其他收益管理指标。

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《Journal of Business Research》 |2019年第7期|255-267|共13页
作者
Yung Kenneth; Root Andrew;
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作者单位

Old Dominion Univ, Strome Coll Business, Norfolk, VA 23529 USA;

Old Dominion Univ, Strome Coll Business, Norfolk, VA 23529 USA;

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原文格式 PDF
正文语种 eng
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关键词
Policy uncertainty; Policy cost theory; Earnings management; Quality of financial reporting; Firm value;

机译：政策不确定性;政策成本理论;收益管理;财务报告质量;固定价值;

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1. Policy uncertainty and earnings management: International evidence [J] . Yung Kenneth, Root Andrew Journal of Business Research . 2019,第Jula期

机译：政策不确定性和盈利管理：国际证据
2. Economic policy uncertainty exposure and earnings management: evidence from China [J] . Cui Xin, Yao Shouyu, Fang Zhenming, Accounting and finance . 2021,第3期

机译：经济政策不确定性暴露和盈利管理：来自中国的证据
3. Earnings management, policy uncertainty and firm life cycle stages: evidence from publicly traded companies in the USA and Brazil [J] . Carolina Magda da Silva Roma, Luiz Claudio Louzada, Paula Magda da Silva Roma, Journal of Financial Economic Policy . 2021,第3期

机译：盈利管理，政策不确定性和坚定的生命周期阶段：来自美国和巴西公开交易公司的证据
4. Political uncertainty and dividend policy:Evidence from international political crises [C] . Tao Huang, Fei Wu, Jin Yu, 2013 China finance review international conference . 2013

机译：政治不确定性和股息政策：来自国际政治危机的证据
5. The effects of uncertainty on the relation between earnings and stock price: Evidence from the insurance industry in the wake of catastrophic events. [D] . Christensen, Theodore Edward. 1995

机译：不确定性对收益与股价之间关系的影响：灾难性事件后保险业的证据。
6. The macroeconomic impact of oil earnings uncertainty: New evidence from analyst forecasts [O] . Xiaohan Ma, Roberto Samaniego -1

机译：石油收益不确定性的宏观经济影响：分析师预测的新证据
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Policy uncertainty and earnings management: International evidence

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