转型经济中经验丰富的股权公司的盈余管理、市场流动性和资本准入

IF 2.1 Q2 BUSINESS, FINANCE
B. Le, N. Reddy, Paula Hearn Moore
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引用次数: 0

摘要

目的本研究旨在探讨市场流动性对考虑外部资本获取的股权增发公司盈余管理(EM)的影响。本研究使用了2007年至2019年158家越南SEO公司的面板数据集。对实际和应计新兴市场指标进行了分析。本研究使用了两种市场流动性代理:股票周转率(全年总交易量除以全年流通股总数的比率)和高低价差(根据Corwin和Schultz[2012]估算),并在分析中使用了固定效应面板和两阶段最小二乘回归。高(低)市场流动性的公司报告低(高)新兴市场,并且在控制内生性后结果是稳健的。对于两种市场流动性代理,结果都适用于实际新兴市场和基于应计制的新兴市场。然而,这一结果仅适用于外部资本获取较少的企业和非国有企业。作者发现,市场对盈利操纵的反应是负面的。实践意义本研究的发现有助于决策者、投资者和管理者对SEO公司做出更好的决策,并减少由于EM而导致的信息不准确的风险。原创性/价值在少数几项测试市场流动性对新兴市场影响的研究中,据作者所知,本研究是第一个在SEO公司考虑资本准入影响的背景下研究市场流动性对新兴市场的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Earnings management, market liquidity and capital access of seasoned equity firms in a transition economy
Purpose This study aims to examine the effects of market liquidity on earnings management (EM) of seasoned equity offering (SEO) firms considering external capital access. Design/methodology/approach This study uses a panel data set of 158 Vietnamese SEO firms from 2007 to 2019. Both real and accrual EM measures are analysed. The study uses two proxies for market liquidity: stock turnover (the ratio of total shares traded over the year divided by total shares outstanding for the year) and high–low spread (estimated following Corwin and Schultz [2012]) and fixed-effects panel and two-stage least squares regression in the analysis. Findings Firms with high (low) market liquidity report low (high) EM, and the result is robust after controlling for endogeneity. The results hold for both real and accrual-based EM for both market liquidity proxies. However, the results are robust only for firms with low external capital access and non-state-owned companies. The authors find a negative market reaction to earnings manipulation. Practical implications This study’s findings help policymakers, investors and managers make better decisions regarding SEO firms and reduce the risk of inaccurate information due to EM. Originality/value Among the few studies that test the influence of market liquidity on EM, to the best of the authors’ knowledge, this study is the first to examine the effect of market liquidity on EM in the context of SEO firms considering the impact of capital access.
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来源期刊
Pacific Accounting Review
Pacific Accounting Review BUSINESS, FINANCE-
CiteScore
3.80
自引率
9.50%
发文量
36
期刊介绍: Pacific Accounting Review is a quarterly journal publishing original research papers and book reviews. The journal is supported by all New Zealand Universities and has the backing of academics from many universities in the Pacific region. The journal publishes papers from both empirical and theoretical forms of research into current developments in accounting and finance and provides insight into how present practice is shaped and formed. Specific areas include but are not limited to: - Emerging Markets and Economies - Political/Social contexts - Financial Reporting - Auditing and Governance - Management Accounting.
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