A Cross‐Country Study on the Relationship between Financial Development and Earnings Management
A Cross‐Country Study on the Relationship between Financial Development and Earnings Management
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DOI：
10.1111/jifm.12078
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发表时间：
2017-10
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影响因子：
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通讯作者：
M. Enomoto;Fumihiko Kimura;Tomoyasu Yamaguchi
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文献类型：
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作者：
M. Enomoto;Fumihiko Kimura;Tomoyasu Yamaguchi
本文研究了一个国家的金融发展水平是否与国际背景下的盈余管理有关。金融发展可能会加强对会计数字的监测和审查，因为保护投资者的法律和条例得到加强，市场参与者也很成熟。因此，我们首先假设，应计和真实的盈余管理减少与更大的金融发展。然而，研究表明，在严格的会计准则、法规和严格的审计监督下，管理者倾向于采用真实的盈余管理，而不是应计盈余管理。因此，我们探讨了另一个假设，即应计盈余管理减少，但真实的盈余管理增加沿着更高的金融发展。我们使用2009年至2012年期间37个国家的56，830个观察结果来研究金融发展与这两种类型的盈余管理之间的关系。研究结果表明，金融发展水平越高，这两种盈余管理行为越受抑制。
This paper investigates whether a country’s level of financial development is associated with earnings management in an international setting. Financial development is likely to heighten the monitoring and scrutiny of accounting numbers because of strengthened investor protection laws and regulations as well as sophisticated market participants. Therefore, we first hypothesize that both accrual-based and real earnings management decrease with greater financial development. However, research shows that managers tend to apply real earnings management, instead of accrual-based earnings management, under strict accounting standards, regulations, and close auditor scrutiny. Thus, we explore the alternative hypothesis that accrual-based earnings management decreases but real earnings management increases along with higher financial development. We examine the relationship between financial development and both types of earnings management using 56,830 observations in 37 countries covering the period 2009 to 2012. The results indicate that both types of earnings management are more restrained under higher levels of financial development.