资产可调配性如何影响股价暴跌风险？

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

Journal of International Financial Management & Accounting Pub Date : 2024-07-17 DOI:10.1111/jifm.12219

Wajih Abbassi, Mariem Khalifa, Walid Saffar, Yuan Sun

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引用次数: 0

摘要

公司的资产可调配性如何影响其未来的股价暴跌风险？资产可调配性是指出售公司资产的难易程度，它允许管理者伺机利用资产交易来管理收益，以囤积坏消息，从而增加未来股价暴跌的风险。通过对大量美国公司进行抽样调查，我们发现资产可调配性越高的公司，未来股价暴跌的可能性越大。我们进一步发现，这种正相关关系对于面临更大内部和外部盈利管理压力的公司更为明显。我们的研究突出表明，依靠可调配资产来安排盈利会损害股东利益，尤其是在内部和外部压力激励盈利管理向上的情况下。

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How does asset redeployability affect stock price crash risk?

How does a firm's asset redeployability affect its future stock price crash risk? Asset redeployability, which refers to the ease of selling corporate assets, allows managers to opportunistically exploit asset transactions to manage earnings to hoard bad news, thereby increasing future crash risk. Using a large sample of US firms, we find that firms with higher asset redeployability are more likely to experience a future stock price crash. We further find that this positive association is stronger for firms experiencing greater internal and external pressure to manage earnings. Our study highlights that relying on redeployable assets to orchestrate earnings undermines shareholders' interests, particularly when internal and external pressures incentivize upward earnings management.

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来源期刊

Journal of International Financial Management & Accounting BUSINESS, FINANCE-

CiteScore

9.10

自引率

2.00%

发文量

期刊介绍： The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.