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논문 기본 정보

자료유형
학술저널
저자정보
Ana Belen Tulcanaza Prieto (Kumoh National Institute of Technology Gumi Repu) 이용환 (금오공과대학교) 구정호 (금오공과대학교)
저널정보
사람과세계경영학회 Global Business and Finance Review Global Business and Finance Review Vol.25 No.4
발행연도
2020.1
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51 - 72 (22page)

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Purpose: This study examines how corporate governance (CG) and leverage simultaneously influence real earnings management (REM). Methodology: We employed CG score (CGS), total, short-term, and long-term debt ratios as independent variables, and REM metrics as dependent variables. We include ordinary least-squares (OLS) panel data regressions, residual test, and interaction analysis in our study. Findings: While a significant positive relationship existed between leverage and REM, CG had a negative effect on real manipulations. Our results from the interaction analysis and residual test show that CG is a key player in explaining the relationship between leverage and REM. We also find that firms with a low-level of CG were more likely to conduct REM activities than those with a high-level CG. Research limitations/implications: These results imply that the reduction in opportunistic behavior of managers in the presence of strong CG could decrease the leverage of firms and REM activities and improve the quality of their earnings. Moreover, shareholder rights and audit organizations were the prominent CG characteristics influencing REM activities, as they enforce additional monitoring of financial reporting quality and increase audit standards. CG strategies mitigate the corporate corruption scandals through the adoption of high-quality accounting and financial norms in reporting and management. Thus, executives decrease their incentives to conduct REM activities and leverage cannot be used freely as a mechanism to manipulate earnings, given firms’ leverage position is audited and reviewed by the financial committee in firms with strong CG. For future research, the authors suggest including the degree of leverage as a disaggregation sample and adding the degree of cost stickiness. Originality/value: Several s tudies have investigated e ither the relationship between ( 1) REM and leverage, or ( 2) REM and CG, including leverage as a control variable. Our study, extends this bilateral relationship to simultaneous relationship between leverage, CG, and REM. Moreover, we investigate the predominant CG characteristics that influence the association among leverage and REM. We conduct interaction analysis and residual effect to investigate if CG should be considered as a determinant variable in the recurrence of REM activities of managers. We include firms with high- and low- levels of CG to show which firms are leveraged.
#Real earnings management #Corporate governance #Leverage

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참고문헌 (60)

참고문헌 신청
Alves, S. / 2012 / Ownership Structure and Earnings Management:Evidence from Portugal / Australian Accounting, Business, and Finance Journal 6(1):57~74 google schola Amertha, I. / 2014 / Analysis of Firm Size, Leverage, Corporate Governance on Earnings Management Practices (Indonesian Evidence) / Journal Of Economics, Business and Accountancy Ventura 17(2):259~268 Crossref Seraina C. Anagnostopoulou / 2016 / The effect of financial leverage on real and accrual-based earnings management / Accounting and Business Research 47(2):191~236 Crossref Black, B. / 2006 / Does Corporate Governance Predict Firm’s Market Values? Evidence from Korea / The Journal of Law, Economics, & Organization 22(2):366~413 google schola David Burgstahler / 1997 / Earnings management to avoid earnings decreases and losses / Journal of Accounting and Economics 24(1):99~126 Crossref

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