The Impact Of Earnings Management On The Value Relevance Of Financial Statement Information

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The Impact of Earnings Management on the Value-Relevance of Financial Statement Information

Author : Catherine Whelan
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Impact of Earnings Management on the Value-Relevance of Financial Statement Information by : Catherine Whelan

Download or read book The Impact of Earnings Management on the Value-Relevance of Financial Statement Information written by Catherine Whelan and published by . This book was released on 2004 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relative value-relevance of both earnings and book value in the presence of three alternative sources of earnings management: short-term discretionary accruals, long-term discretionary accruals, and total discretionary accruals. For firm's whose discretionary accruals indicate earnings management, the value-relevance of earnings is expected to be lower than for firms without earnings management. Furthermore, in the presence of earnings management, it is expected that there will be a shift from a reliance on earnings to a reliance on book value in the valuation process. This would be reflected in a decrease in the value-relevance of earnings and an increase in the value-relevance of book value. Discretionary accruals are commonly used as a measure of earnings management. A contribution of this paper is the development of models to estimate short-term and long-term discretionary accruals. This enables investigation of differential effect on value-relevance of earnings management through the use of short-term versus long-term discretionary accruals. The results demonstrate that earnings management has an impact on value-relevance. Moreover, earnings management via long-term discretionary accruals has a greater impact on the value-relevance of earnings and book value than earnings management via short-term discretionary accruals.

Earnings Management. The Influence of Real and Accrual-Based Earnings Management on Earnings Quality

Author :
Publisher : GRIN Verlag
ISBN 13 : 3964875953
Total Pages : 81 pages
Book Rating : 4.9/5 (648 download)

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Book Synopsis Earnings Management. The Influence of Real and Accrual-Based Earnings Management on Earnings Quality by :

Download or read book Earnings Management. The Influence of Real and Accrual-Based Earnings Management on Earnings Quality written by and published by GRIN Verlag. This book was released on 2024-01-31 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2019 in the subject Business economics - Accounting and Taxes, University of Duisburg-Essen, course: Master Thesis, language: English, abstract: This paper delves into various theories and approaches, aiming to define and differentiate earnings management from related concepts such as fraud, expectation management, and impression management. It explores the goals and incentives driving earnings management, including maximizing or minimizing earnings, beating targets, and smoothing. At the onset of the new millennium, corporate scandals rocked the business world, eroding trust in management, boards of directors, and the accounting profession. In response, regulations and policies aimed at enhancing corporate governance and financial reporting were swiftly implemented. The credibility, clarity, and consistency of financial reporting practices play a pivotal role in enabling investors to make informed decisions. Accurate and fair financial performance representations, as opposed to inflated and misleading figures, are essential for market players, including shareholders and creditors. Investors rely on audited financial reports to guide their investment decisions, underscoring the critical importance of accuracy and reliability in publicly available financial disclosures. Auditors, by reducing the risk of material misstatement, ensure the integrity of the information disclosed in a company's financial statements. Management, with the goal of achieving promised targets and ensuring the company's existence, may engage in earnings management as a strategic contribution to corporate policy. Financial reporting serves as a means to distinguish well-performing companies from their counterparts, facilitating efficient resource allocation and empowering stakeholders to make effective decisions. The disclosed earnings results significantly impact a firm's overall business activities and management decisions, particularly in satisfying analysts' expectations, which can influence equity value. While accounting standards play a role, the quality of financial statements is more influenced by company-specific and institutional factors shaping managers' incentives. These factors lead to financial reporting practices being viewed as the outcome of a cost-benefit assessment.

The Effect of Earnings Management on the Value Relevance of Accounting Information

Author : Christine I. Wiedman
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis The Effect of Earnings Management on the Value Relevance of Accounting Information by : Christine I. Wiedman

Download or read book The Effect of Earnings Management on the Value Relevance of Accounting Information written by Christine I. Wiedman and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates whether opportunistic earnings management affects the value relevance of net income and book value in determining stock price. We document a decrease in the value relevance of earnings in the year of an equity offering for a group of firms that exhibit ex post evidence of earnings management. This decrease is greater for the discretionary component of earnings than for the non-discretionary component. We also find that book values play a more important role in determining stock price when earnings management is present. Our results are robust to model specification and the type of offering but are sensitive to firms' disclosure activity prior to the offering. Overall, the results suggest that investors are able to recognize and adjust for the effects of earnings management when setting stock prices.

Earnings Quality

Author : Jennifer Francis
Publisher : Now Publishers Inc
ISBN 13 : 1601981147
Total Pages : 97 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Earnings Quality by : Jennifer Francis

Download or read book Earnings Quality written by Jennifer Francis and published by Now Publishers Inc. This book was released on 2008 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.

Financial Statement Analysis & Valuation

Author : Peter Douglas Easton
Publisher :
ISBN 13 : 9781618532602
Total Pages : pages
Book Rating : 4.5/5 (326 download)

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Book Synopsis Financial Statement Analysis & Valuation by : Peter Douglas Easton

Download or read book Financial Statement Analysis & Valuation written by Peter Douglas Easton and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Reporting on Earnings Management

Author : David Onditi
Publisher : GRIN Verlag
ISBN 13 : 3346020452
Total Pages : 9 pages
Book Rating : 4.3/5 (46 download)

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Book Synopsis Financial Reporting on Earnings Management by : David Onditi

Download or read book Financial Reporting on Earnings Management written by David Onditi and published by GRIN Verlag. This book was released on 2019-09-23 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2017 in the subject Business economics - Accounting and Taxes, grade: A, University of Nairobi, language: English, abstract: This paper discusses the motives behind earnings management and explains some of the methods used by firms to manage their earnings. Earnings management has been defined differently by a number of scholars. It is important to note that there is a thin line between fraud and earnings management. Hamid, Hashim and Salleh citing the works of Brown, Perols and Lounge and Erickson, Hanlon and Maydew noted the difference in the definitions that are offered by the scholars. According to Perols and Lounge organizations will engage in fraud due to the constraints on earnings management. The research found out that the firms that had engaged in earnings management will be more likely to be involved in cases of fraud. Brown and Erickson et al noted that the difference between earnings management and fraud is that earnings management is usually within the scope of the generally accepted accounting principles (GAAP) while fraud is outside of the boundaries of GAAP. Earnings management has been defined as the manipulation of the financial statements and reports by the managers so that the firms can earn extra profit. It has also been defined as the action where the management of the organizations apply their own self-assessment in the communication of the financial information and transactions to modify the financial data for two main reasons: 1) influencing contractual businesses that solely rely on the financial information or 2) providing the stakeholders with a wrong impression about the financial position of the firm.

Earnings Quality

Author : Elisa Menicucci
Publisher : Springer Nature
ISBN 13 : 3030367983
Total Pages : 154 pages
Book Rating : 4.0/5 (33 download)

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Book Synopsis Earnings Quality by : Elisa Menicucci

Download or read book Earnings Quality written by Elisa Menicucci and published by Springer Nature. This book was released on 2019-12-21 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an overview of earnings quality (EQ) in the context of financial reporting and offers suggestions for defining and measuring it. Although EQ has received increasing attention from investors, creditors, regulators, and researchers in different areas, there are various definitions of it and different approaches for its measurement. The book describes the relationship between EQ and earnings management (EM) since they can be considered related challenges, especially in the context of international financial reporting standards (IAS/IFRSs). EM occurs when managers make discretionary accounting choices that are regarded as either an efficient communication of private information to improve the informativeness of a firm’s current and future performance, or a distorting disclosure to mislead the firm’s true performance. The intentional manipulation of earnings by managers, within the limits allowed by the accounting standards, may alter the usefulness of financial reporting and lead to lower quality of earnings. The use of fair value in financial reporting has created a current debate about the impact it might have on EQ. At times, the high subjectivity in estimating fair value can allow opportunities for the exercise of management judgments and intentional bias, which can reduce the quality of financial reporting. Management discretion can result in high EM and hence in a reduction of EQ. Particularly during difficult financial periods, managers engage in EM to mask the negative effects of the turmoil, and in such circumstances accruals and earnings smoothing are attempts to reduce abnormal variations of earnings in such circumstances. This book is a valuable resource for those interested in wider perspectives on EQ and it adds to the research studies on this topic in the context of financial reporting.

Earnings Management

Author : Joshua Ronen
Publisher : Springer Science & Business Media
ISBN 13 : 0387257713
Total Pages : 587 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis Earnings Management by : Joshua Ronen

Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?

International Financial Reporting Standards and New Directions in Earnings Management

Author : Oliveira, Jonas da Silva
Publisher : IGI Global
ISBN 13 : 1522578188
Total Pages : 342 pages
Book Rating : 4.5/5 (225 download)

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Book Synopsis International Financial Reporting Standards and New Directions in Earnings Management by : Oliveira, Jonas da Silva

Download or read book International Financial Reporting Standards and New Directions in Earnings Management written by Oliveira, Jonas da Silva and published by IGI Global. This book was released on 2019-03-22 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fiscal market is an unpredictable torrent of information that modern organizations strive to understand. Business professionals dedicate themselves to understanding uncertain results around economic performance to improve management, reporting standards, and predict trends in financial statements. International Financial Reporting Standards and New Directions in Earnings Management is an essential reference source that discusses identifying the behavioral patterns of managers and the accounting policies they use in different opportunistic circumstances. Featuring research on topics such as earnings quality, risk reports, and investor protection, this book is ideal for regulatory authorities, accountants, impression managers, auditors, academics, students, and researchers seeking coverage on the theoretical, empirical, and experimental studies that relate to the different themes within earnings management.

Earnings Management, Conservatism, and Earnings Quality

Author : Ralf Ewert
Publisher :
ISBN 13 : 9781601986030
Total Pages : 133 pages
Book Rating : 4.9/5 (86 download)

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Book Synopsis Earnings Management, Conservatism, and Earnings Quality by : Ralf Ewert

Download or read book Earnings Management, Conservatism, and Earnings Quality written by Ralf Ewert and published by . This book was released on 2012 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph reviews economic models that study earnings management and conservatism in an information economics framework. Both introduce a deliberate or a mandatory bias in financial reports. The fundamental issue this monograph addresses is what economic effects these biases have on earnings quality. We focus on models of managers in firms interacting with rational capital market participants, and briefly consider some contracting models. The models allow us to analyze earnings management and rational inferences by market participants in equilibrium in a variety of settings and to pinpoint costs and benefits of earnings management. We discuss how investors can elicit the maximum information from the biased reports and what potential remedies actually achieve in equilibrium. For example, accounting standards that reduce discretion for earnings management may be detrimental from a welfare point of view. In rational expectations models earnings quality can be defined as the information content in reported earnings. We discuss the earnings response coefficient, value relevance, and accounting-based earnings quality measures and how they reflect changes in earnings quality. Further, we review analytical work on conservatism of accounting standards and why conservatism can be welfare-enhancing even though it introduces a bias in the earnings reports. It is exactly through this bias that the benefit arises. Therefore, a differentiated view of earnings management and conservatism is warranted; neither is principally desirable or undesirable, but this depends on the circumstances. The benefit of equilibrium models is that they offer a rigorous explanation for the phenomena and show that sometimes conventional wisdom does not apply. There exist subtle interactions between accounting standards, the institutional environment, and earnings management that lead to several insights that challenge conventional wisdom. The models describe the economics behind these results and the particular circumstances.

Introduction to Earnings Management

Author : Malek El Diri
Publisher : Springer
ISBN 13 : 3319626868
Total Pages : 120 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Introduction to Earnings Management by : Malek El Diri

Download or read book Introduction to Earnings Management written by Malek El Diri and published by Springer. This book was released on 2017-08-20 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides researchers and scholars with a comprehensive and up-to-date analysis of earnings management theory and literature. While it raises new questions for future research, the book can be also helpful to other parties who rely on financial reporting in making decisions like regulators, policy makers, shareholders, investors, and gatekeepers e.g., auditors and analysts. The book summarizes the existing literature and provides insight into new areas of research such as the differences between earnings management, fraud, earnings quality, impression management, and expectation management; the trade-off between earnings management activities; the special measures of earnings management; and the classification of earnings management motives based on a comprehensive theoretical framework.

Line-Item Analysis of Earnings Quality

Author : Melumad Nahum
Publisher : Now Publishers Inc
ISBN 13 : 1601982127
Total Pages : 159 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Line-Item Analysis of Earnings Quality by : Melumad Nahum

Download or read book Line-Item Analysis of Earnings Quality written by Melumad Nahum and published by Now Publishers Inc. This book was released on 2009 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Line-Item Analysis of Earnings Quality provides a comprehensive summary and analysis of the specific earnings quality issues pertaining to key line item components of the financial statements. After providing an overview of earnings quality and earnings management, Line-Item Analysis of Earnings Quality analyzes key line items from the financial statements. For each key line item, the authors: review accounting principles; discuss implications for earnings quality; evaluate the susceptibility of the item to manipulation; describe analyses and red flags which may inform on the item's quality. Line-Item Analysis of Earnings Quality will prove useful in conducting fundamental and contextual analyses through its analysis and evaluations.

Earning Management and the Relevance of Accounting Information

Author : Rowland Bismark Pasaribu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Earning Management and the Relevance of Accounting Information by : Rowland Bismark Pasaribu

Download or read book Earning Management and the Relevance of Accounting Information written by Rowland Bismark Pasaribu and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to test empirically the impact of earnings management through short term and long term discretionary accrual to the relevance of accounting information. Data analysis technique used is regression analysis with moderating variable. The results of this study indicate that earnings have value relevance to stock prices while the book value has no relevance to stock prices. Earnings management through short term discretionary accruals increases the value of profit relevancy and does not increase the relevance of book value. Then earnings management through long term discretionary accruals increases the relevance of earnings value and decreases the relevance of book value.

Earnings Management and Value Relevance During the Mandatory Transition from Local GAAPs to IFRS in Europe

Author : Vedran Capkun
Publisher :
ISBN 13 :
Total Pages : 63 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Earnings Management and Value Relevance During the Mandatory Transition from Local GAAPs to IFRS in Europe by : Vedran Capkun

Download or read book Earnings Management and Value Relevance During the Mandatory Transition from Local GAAPs to IFRS in Europe written by Vedran Capkun and published by . This book was released on 2017 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes a sample of 1,722 European firms during their mandatory transition from local country accounting rules (Local GAAP) to International Financial Reporting Standards (IFRS) in 2004 and 2005 using the same set of firm-year observations. We use this unique transition period to examine the impact of a change in accounting standards on the quality of firms' financial statements. The transition to IFRS appears to have a small but significant impact on firms' reported total assets and book equity, as well as on their reported goodwill, intangible assets, property plant and equipment, long term debt and current assets and liabilities. For the same reporting period, Return on Assets (ROA) is significantly higher under IFRS than under Local GAAP with the greater increase occurring in those firms with lower levels of ROA under Local GAAP. This transition earnings management is present in all countries, but its level is highest in those countries with weaker legal institutions and higher levels of pre-transition earnings management. These results are consistent with managers using the transition to improve their reported earnings and ROA. IFRS earnings reconciliation disclosures are value relevant even with the noted transition earnings management. The value relevance of the book value of equity is limited to the Local GAAP reports. Both, partial and full IFRS earnings reconciliations are associated with market value and returns.

EARNINGS MANAGEMENT IN CORPORATE ENTERPRISES

Author : Sandeep Goel
Publisher : Independent Author
ISBN 13 : 9781805294382
Total Pages : 0 pages
Book Rating : 4.2/5 (943 download)

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Book Synopsis EARNINGS MANAGEMENT IN CORPORATE ENTERPRISES by : Sandeep Goel

Download or read book EARNINGS MANAGEMENT IN CORPORATE ENTERPRISES written by Sandeep Goel and published by Independent Author. This book was released on 2023-05-29 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earnings management by companies has long been documented in the academic literature. The scale of the problem came under the spotlight, with major scandals around the world, shaking investors' faith in published company accounts. CEOs and other top executives have been found to manage their earnings aggressively, not only through accounting sleight-of-hand but also by skewing corporate policies in the hope of improving their company's apparent performance. In many cases, earnings management was driven by the desire to prop the company's stock price, often the key basis for executive compensation. Earnings management is the intentional misstatement of earnings leading to bottom line numbers that would have been different in the absence of any manipulation. Earnings management does not necessarily mean upward manipulation of earnings, but it includes downward manipulation as well. Earnings management in the present competitive world is an economic reality. In the words of Ralph Ward, "It is easier to hide voodoo numbers under headings that are already fuzzy". The regulators are now increasingly cracking down hard on companies indulging in earnings management and questioning the efficacy of even those accounting standards that were quite acceptable till a few years ago. The borrower firms, in particular, are still comfortable and not helpless in market that supports them more than the lenders. So, what are the options before stakeholders who have always attached extraordinary importance to and relied excessively on financial statements which are now posing new challenges to them. Think of the plight of a common man (shareholder)! Users of financial statements are often forced to wrestle with dramatic differences in reporting practices between companies within the same industries; asymmetry of information abounds. Intangibles, such as the credibility or reputation of corporate management, must be considered when analyzing a company. Discretionary choices in financial reporting that can ultimately lead to, or create; future earnings that drive stock prices must be identified and adjusted for. As a result, financial statements users must develop a keen understanding of the fundamentals underlying each firm's business operations. While the regulatory bodies, viz. SEC and SEBI have been expressing concern over the issue and their comments to investigate earnings manipulation have sparked renewed interest in the area, there has been little contribution in the academic and professional literature on the detection of earnings manipulation, particularly in India. This book is based on a study that aims to unfold designed earnings practices in the Indian corporate enterprises for the period 2003-04 to 2007-08. It contributes to the literature by increasing the knowledge as to where and when earnings management is likely to occur. It tries to assist investors and creditors in making investing and lending decisions by making them aware not only of the reliability (or truthfulness) of financial statements, but also to the relevance and predictive value of information presented in financial statements. Answers to issues and questions raised in the above discussion can help standard setters assess the effects of accounting standards that require management judgment. It would ultimately lead to less erosion of shareholders' value in particular and economy resources in general. So, an insight into earnings management is essential for all the market participants to extract the best use of financial statements. In some sense, the onus lies on academia and financial practitioners to focus on the importance of understanding a firm's accounting practices.

The Impact of Earnings Management on the Value-relevance of Earnings and Book Value

Author : Catherine Whelan
Publisher :
ISBN 13 :
Total Pages : 294 pages
Book Rating : 4.:/5 (932 download)

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Book Synopsis The Impact of Earnings Management on the Value-relevance of Earnings and Book Value by : Catherine Whelan

Download or read book The Impact of Earnings Management on the Value-relevance of Earnings and Book Value written by Catherine Whelan and published by . This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The End of Accounting and the Path Forward for Investors and Managers

Author : Baruch Lev
Publisher : John Wiley & Sons
ISBN 13 : 1119191084
Total Pages : 268 pages
Book Rating : 4.1/5 (191 download)

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Book Synopsis The End of Accounting and the Path Forward for Investors and Managers by : Baruch Lev

Download or read book The End of Accounting and the Path Forward for Investors and Managers written by Baruch Lev and published by John Wiley & Sons. This book was released on 2016-06-14 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative new valuation framework with truly useful economic indicators The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents' continuous deterioration in relevance to investors' decisions. An enlightening discussion details the reasons why accounting is losing relevance in today's market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demonstrates its utility in key industries. New indicators focus on strategy and execution to identify and evaluate a company's true value-creating resources for a more up-to-date approach to critical investment decision-making. While entire industries have come to rely on financial reports for vital information, these documents are flawed and insufficient when it comes to the way investors and lenders work in the current economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making. Discover a new, comprehensive system of economic indicators Focus on strategic, value-creating resources in company valuation Learn how traditional financial documents are quickly losing their utility Find a path forward with actionable, up-to-date information Major corporate decisions, such as restructuring and M&A, are predicated on financial indicators of profitability and asset/liabilities values. These documents move mountains, so what happens if they're based on faulty indicators that fail to show the true value of the company? The End of Accounting and the Path Forward for Investors and Managers shows you the reality and offers a new blueprint for more accurate valuation.