Earnings Management Around Seasoned Equity Offerings: A Systematic Literature Review

Abstract

Earnings management (EM) is a prevalent topic in accounting, with many literature reviews on it. However, reviews focusing on a specific area are rare. In this study, we concentrate on the studies examining the EM behavior of firms around seasoned equity offerings (SEOs). A systematic literature review is conducted in four databases, namely Emerald, JSTOR, ScienceDirect, and Wiley Online Library, for 1998 and 2022. Thirty-eight articles are included in the sample. The articles are examined and discussed according to (1) the methodology to detect earnings management, (2) the perspective adopted, and (3) the factors affecting earnings management around SEOs. The study has shown that the highest number of studies have been carried out in the United States, revealing a need for studies in other markets, especially in emerging markets. The studies employed well-known and widely accepted methods of detecting earnings management. Most researchers take the opportunistic perspective, and the informative perspective needs more investigation.

Keywords

• Earnings Management
• Seasoned Equity Offerings
• Systematic Literature Review

İkincil Halka Arz Sürecinde Kazanç Yönetimi: Sistematik Literatür Taraması

Abstract

Kazanç yönetimi (KY), muhasebede yaygın bir konudur ve pekçok literatür taraması yapılmıştır. Ancak belirli bir alana odaklanan incelemeler nadirdir. Bu çalışmada, firmaların ikincil halka arzları (İHA) etrafındaki KY davranışlarını inceleyen çalışmalara odaklanılmıştır. Emerald, JSTOR, ScienceDirect ve Wiley Online Library olmak üzere dört veritabanında 1998 ve 2022 yılları için sistematik bir literatür taraması yapılmıştır. Örneklemde 38 makale yer almaktadır. Makaleler (1) kazanç yönetimini tespit etme metodolojisine, (2) benimsenen bakış açısına ve (3) İHA'lar etrafında kazanç yönetimini etkileyen faktörlere göre incelenmiş ve tartışılmıştır. Çalışma, en fazla sayıda çalışmanın Amerika Birleşik Devletleri'nde yapıldığını ve özellikle de gelişmekte olan piyasalarda benzer çalışmalara ihtiyaç duyulduğunu ortaya koymuştur. Çalışmalarda kazanç yönetimini tespit etmek için iyi bilinen ve yaygın olarak kabul edilen yöntemler kullanıldığı, çoğu araştırmacının fırsatçı bakış açısını benimsediği ve bilgilendirici bakış açısının daha fazla araştırılması gerektiği sonucuna varılmıştır.

Keywords

• Kazanç Yönetimi
• İkincil Halka Arzlar
• Sistematik Literatür Taraması

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