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Earnings Management, Capital Structure, and the Role of Institutional Environments
发布时间:2013-10-7 来源:本站原创  


10月9日,周三,上午10:00-11:30学术讲座通知:
 
主讲人:Donghui Li, University of New South Wales
主页:http://www.asb.unsw.edu.au/schools/Pages/DonghuiLi.aspx

演讲题目:Earnings Management, Capital Structure, and the Role of Institutional Environments 

讲座语言:英文
 
地点:同德楼111(武东路100号)

Abstract:
This paper examines the effect of earnings management on financial leverage and how this relation is influenced by institutional environ- ments by employing a large panel of 25,798 firms across 37 countries spanning the years 1989 to 2009. We find that firms with high earn- ings management activities are associated with high corporate lever- age. More importantly, this positive relation is attenuated by strong institutional environments. Our results lend strong support to the notions that (1) both corporate debt and institutional environments can be served as external control mechanisms to alleviate the agency cost of free cash flow; and (2) it is less costly to rely on institutional environments than debt. Various robustness tests confirm our main conclusions.

 

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