气候政策的不确定性与收益管理

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-05 DOI:10.1016/j.frl.2024.106393

Viet Tran

{"title":"气候政策的不确定性与收益管理","authors":"Viet Tran","doi":"10.1016/j.frl.2024.106393","DOIUrl":null,"url":null,"abstract":"<div><div>I investigate how climate policy uncertainty (CPU) influences earnings management (EM). The analysis reveals that high levels of CPU are associated with a reduction in the absolute value of abnormal discretionary accruals. This relationship remains robust across two instrumental variable approaches, several internal and external governance factors, and various alternative measures of EM. Additionally, I find that the negative association between CPU and EM is more pronounced in firms with a higher likelihood of financial distress, greater institutional investor monitoring, and stronger corporate social responsibility (CSR) practices.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106393"},"PeriodicalIF":7.4000,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Climate policy uncertainty and earnings management\",\"authors\":\"Viet Tran\",\"doi\":\"10.1016/j.frl.2024.106393\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>I investigate how climate policy uncertainty (CPU) influences earnings management (EM). The analysis reveals that high levels of CPU are associated with a reduction in the absolute value of abnormal discretionary accruals. This relationship remains robust across two instrumental variable approaches, several internal and external governance factors, and various alternative measures of EM. Additionally, I find that the negative association between CPU and EM is more pronounced in firms with a higher likelihood of financial distress, greater institutional investor monitoring, and stronger corporate social responsibility (CSR) practices.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"71 \",\"pages\":\"Article 106393\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-11-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612324014223\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324014223","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我研究了气候政策不确定性（CPU）如何影响收益管理（EM）。分析表明，高水平的气候政策不确定性与异常酌情应计项目绝对值的减少有关。这种关系在两种工具变量方法、若干内部和外部治理因素以及各种替代的 EM 度量中都保持稳健。此外，我还发现，CPU 与 EM 之间的负相关关系在那些更有可能陷入财务困境、更受机构投资者监督以及更有企业社会责任（CSR）实践的公司中更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Climate policy uncertainty and earnings management

I investigate how climate policy uncertainty (CPU) influences earnings management (EM). The analysis reveals that high levels of CPU are associated with a reduction in the absolute value of abnormal discretionary accruals. This relationship remains robust across two instrumental variable approaches, several internal and external governance factors, and various alternative measures of EM. Additionally, I find that the negative association between CPU and EM is more pronounced in firms with a higher likelihood of financial distress, greater institutional investor monitoring, and stronger corporate social responsibility (CSR) practices.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance