Policy uncertainty and earnings management: International evidence

Yung Kenneth; Root Andrew

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Policy uncertainty and earnings management: International evidence

机译：政策不确定性和盈利管理：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审查公司盈利管理来扩展新的实证资助文献，以通过审查公司盈利管理来扩展政策不确定性。我们发现压倒性的证据证明政策不确定性与盈利管理有关。当政策不确定性高（低）时，公司增加（减少）收益管理（EM）。我们的研究结果表明，不确定性诱导的盈利管理不会受到国家文化或其他国家级的体制特征的影响。此外，我们发现政策不确定性诱导的盈利管理危害了公司价值。观察意味着低质量的财务报告损害了公司价值。我们的结果可承受稳健性测试的电池，例如消除普及普及衡量标准的一般经济不确定性的效果，并使用其他盈利管理措施。

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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;盈利管理;财务报告的质量;公司价值;

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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：政策不确定性和盈余管理：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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