학술논문
Leverage, Corporate Governance and Real Earnings Managem ent: Evidence from Korean Market
이용수 6
- 영문명
- 발행기관
- People & Global Business Association
- 저자명
- Ana Belen Tulcanaza-Prieto Younghwan Lee Jeong-Ho Koo
- 간행물 정보
- 『Global Business and Finance Review』Vol.25 No.4, 51~72쪽, 전체 22쪽
- 주제분류
- 경제경영 > 경영학
- 파일형태
- 발행일자
- 2020.12.30
5,440원
구매일시로부터 72시간 이내에 다운로드 가능합니다.
이 학술논문 정보는 (주)교보문고와 각 발행기관 사이에 저작물 이용 계약이 체결된 것으로, 교보문고를 통해 제공되고 있습니다.
국문 초록
영문 초록
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.
목차
I. Introduction
II. Development of Hypothesis
III. Empirical Design
IV. Empirical Results
V. Conclusions
Acknowledgments and Legal Responsibility
References
해당간행물 수록 논문
- Financing services sector: effectiveness of operational coordination and process control, evidence from Malaysia
- Long-Run Relationships among Financial Development, Financial Inclusion, and Economic Growth: Empirical Evidence from Kenya
- [삭제] Financing Services Sector
- The Impact of Corporate Top Executives’ Intellectual Capital on Organizational Effectiveness: Moderating Effects of Cultural Values and Business Performance
- An Analysis of the Impact of Product Recall on Stock Prices based on Google Trend Search Counts
- [삭제] The Impact of Corporate Top Executives’ Intellectual Capital on Organizational Effectiveness
- [삭제] Long-Run Relationships among Financial Development, Financial Inclusion, and Economic Growth
- [삭제] Leverage, Corporate Governance and Real Earnings Management: Evidence from Korean Market
- [삭제] Impacts of Health Expenditure Financing on Infant Mortality and Diminishing Returns
- Leverage, Corporate Governance and Real Earnings Managem ent: Evidence from Korean Market
- [삭제] An Analysis of the Impact of Product Recall on Stock Prices based on Google Trend Search Counts
- Impacts of Health Expenditure Financing on Infant Mortality and Diminishing Returns: Implications for Sub-Saharan Africa
참고문헌
교보eBook 첫 방문을 환영 합니다!
신규가입 혜택 지급이 완료 되었습니다.
바로 사용 가능한 교보e캐시 1,000원 (유효기간 7일)
지금 바로 교보eBook의 다양한 콘텐츠를 이용해 보세요!