英国主要投资市场和另类投资市场不同监管环境下的关联方交易和收益管理

IF 3.3 Q1 BUSINESS, FINANCE
Mohammad Alhadab , Malek El Diri
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引用次数: 0

摘要

除了近期对关联方交易(RPT)的研究之外,我们还研究了监管环境对关联方交易和收益管理的影响。我们以在伦敦证券交易所监管较松的另类投资市场(AIM)和监管较严的主板市场(Main)上市的英国(UK)上市公司为样本,发现有证据表明,与 AIM 市场上的公司相比,主板市场上的公司使用的 RPT 更有效率,机会主义更少。此外,在主板市场,有效的 RPT 被用来替代成本高昂的实际收益管理。我们的研究结果支持了在主板市场更严格监管下的有效契约假说,因为主板市场减少了信息不对称,加强了内部资源优化。在控制内生性和选择偏差问题后,我们的结果是稳健的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Related party transactions and earnings management under the UK different regulatory environments of the main and alternative investment markets

Beyond the recent research on related party transactions (RPTs), we study the impact of regulatory environment on RPTs and earnings management. Using a sample of United Kingdom (UK) public firms listed on the lightly regulated Alternative Investment Market (AIM) and the heavily regulated Main Market (Main) of the London Stock Exchange, we find evidence that firms on the Main Market use more efficient and less opportunistic RPTs than those in the AIM market. In addition, efficient RPTs are used as a substitute for the costly real earnings management in the Main Market. Our findings support the efficient contracting hypothesis under the stricter regulation of the Main Market which reduces information asymmetry and enhances internal resource optimization. Our results are robust controlling for endogeneity and selection bias problems.

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来源期刊
CiteScore
4.50
自引率
3.80%
发文量
31
期刊介绍: The Journal of International Accounting, Auditing and Taxation publishes articles which deal with most areas of international accounting including auditing, taxation and management accounting. The journal''s goal is to bridge the gap between academic researchers and practitioners by publishing papers that are relevant to the development of the field of accounting. Submissions are expected to make a contribution to the accounting literature, including as appropriate the international accounting literature typically found in JIAAT and other primary US-based international accounting journals as well as in leading European accounting journals. Applied research findings, critiques of current accounting practices and the measurement of their effects on business decisions, general purpose solutions to problems through models, and essays on world affairs which affect accounting practice are all within the scope of the journal.
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