...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Managerial finance >Financial distress, earnings management and market pricing of accruals during the global financial crisis
【24h】

Financial distress, earnings management and market pricing of accruals during the global financial crisis

机译：全球金融危机期间的财务困境，收益管理和应计费用的市场定价

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Purpose - The aim of this paper is to examine empirically the managerial earnings management practices of financially distressed firms, and to consider whether these practices changed during the recent global financial crisis. Although corporate distress has been a topic of research interest for many years, earnings manipulation by distressed firms has received relatively little attention. Design/methodology/approach - The paper uses three measures of distress, and discretionary accruals, a popular proxy for earnings management, to investigate the impact of distress on earnings management. Findings - The paper finds that managers of distressed firms engage more in income-decreasing earnings management practices compared to their healthy firm counterparts. The paper also finds some evidence of the effect of the global financial crisis on the association between financial distress and earnings management. Finally, the paper shows some evidence of positive market pricing of discretionary accruals in the non-crisis period, but a substantial reduction in pricing coefficients during the global financial crisis period. Practical implications - Financial distress experienced by firms provides incentives to managers for earnings manipulation. However, the direction of the earnings management could be income-increasing or income-decreasing. The findings from this study will allow investors to make better investment decisions for firms that are experiencing financial difficulties. Originality/value - This paper is the first in New Zealand to investigate the association between firm distress and managerial earnings management decisions. Recently, New Zealand experienced a spate of finance company collapses that somewhat contributes, indirectly, to financial distress experienced by firms. The New Zealand reporting environment is characterized by concentrated ownership, relaxed monitoring by regulatory authorities, and a very low litigation threat that provides an interesting setting to examine the research question. This paper is also the first to test the market pricing of earnings components in New Zealand.
机译：目的-本文的目的是从经验上考察财务危机企业的管理盈余管理实践，并考虑这些实践在最近的全球金融危机期间是否发生了变化。尽管公司困境一直是研究兴趣的话题，但困境企业操纵收益的方法却很少受到关注。设计/方法/方法-本文使用了三种窘迫度量和酌定应计利润（一种流行的收入管理指标）来调查困境对盈余管理的影响。调查结果-该论文发现，与健康的公司相比，陷入困境的公司的经理们在减少收入的盈余管理实践中的参与更多。本文还发现了一些证据，表明全球金融危机对财务困境和盈余管理之间的关系产生了影响。最后，本文显示了一些证据，表明在非危机时期可自由支配应计费用的市场定价为正，但在全球金融危机时期却大幅降低了定价系数。实际含义-公司经历的财务困境为经理人操纵盈余提供了动力。但是，盈余管理的方向可能是增加收入或减少收入。这项研究的结果将使投资者能够为遇到财务困难的公司做出更好的投资决策。原创性/价值-本文是新西兰第一篇调查企业困境与管理者盈余管理决策之间关系的论文。最近，新西兰经历了一系列金融公司倒闭的情况，这在某种程度上间接地导致了公司所经历的财务困境。新西兰的报告环境的特点是所有权集中，监管机构放松监控，诉讼威胁极低，这为研究研究问题提供了有趣的环境。本文也是第一个测试新西兰收入组成部分的市场定价的文件。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号