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İkincil Halka Arz Sürecinde Kazanç Yönetimi: Sistematik Literatür Taraması

Yıl 2024, , 291 - 314, 30.06.2024
https://doi.org/10.47097/piar.1407169

Öz

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.

Kaynakça

  • Beneish, M. D. (2001). Earnings management: A perspective. Managerial Finance, 27(12), 3–17. https://doi.org/10.1108/03074350110767411
  • Burgstahler. D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24, 99–126.
  • Chang, C. H., & Lin, H. W. W. (2018). Does there prevail momentum in earnings management for seasoned equity offering firms?. International Review of Economics and Finance, 55(321), 111–129. https://doi.org/10.1016/j.iref.2017.12.015
  • Ching, K. L. M., Firth, M., & Rui, O. M. (2006). Earnings management, corporate governance and the market performance of seasoned equity offerings in Hong Kong. Journal of Contemporary Accounting and Economics, 2(1), 73–98. https://doi.org/10.1016/S1815-5669(10)70017-5
  • Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2–19. https://doi.org/10.1016/j.jacceco.2010.01.002
  • Comiran, F., Fedyk, T., & Ha, J. (2018). Accounting quality and media attention around seasoned equity offerings. International Journal of Accounting and Information Management, 26(3), 443–462. https://doi.org/10.1108/IJAIM-02-2017-0029
  • Dechow, P. M., Richardson, S. A., & Tuna, I. (2003). Why are earnings kinky? An examination of the earnings management explanation. Review of Accounting Studies, 8, 355–384.
  • Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193–225. https://doi.org/10.2307/248303
  • Degeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings management to exceed thresholds. The Journal of Business, 2(1), 1–33.
  • Di, H., Marciukaityte, D., & Goodwin, E. A. (2012). EPS dilution after SEOs and earnings management. Managerial Finance, 38(5), 485–507. https://doi.org/10.1108/03074351211217823
  • Duc Ngo, A., & Varela, O. (2012). Earnings smoothing and the underpricing of seasoned equity offerings. Managerial Finance, 38(9), 833–859. https://doi.org/10.1108/03074351211248180
  • Fauver, L., Loureiro, G., & Taboada, A. G. (2017). The impact of regulation on information quality and performance around seasoned equity offerings: International evidence. Journal of Corporate Finance, 44, 73–98. https://doi.org/10.1016/j.jcorpfin.2017.03.008
  • Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1–3), 3–73. https://doi.org/10.1016/j.jacceco.2005.01.002
  • Gunny, K. A. (2010). The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks. Contemporary Accounting Research, 27(3), 855–888. https://doi.org/10.1111/j.1911-3846.2010.01029.x
  • Guthrie, K., & Sokolowsky, J. (2010). Large shareholders and the pressure to manage earnings. Journal of Corporate Finance, 16(3), 302–319. https://doi.org/10.1016/j.jcorpfin.2010.01.004
  • He, D., Yang, D. C., & Guan, L. (2010). Earnings management and the performance of seasoned private equity placements. Managerial Auditing Journal, 25(6), 569–590. https://doi.org/10.1108/02686901011054872
  • He, G. (2016). Fiscal support and earnings management. International Journal of Accounting, 51(1), 57–84. https://doi.org/10.1016/j.intacc.2016.01.009
  • Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7, 85–107. https://doi.org/10.1016/0165-4101(85)90029-1
  • Healy, P. M., & Wahlen, J. M. (1999). A Review of the Earnings Management Literature and Its. Accounting Horizons 13(4), 365-383. http://www.aaajournals.org/doi/abs/10.2308/acch.1999.13.4.365
  • Hibbert, A. M., Kang, Q., Kumar, A., & Mishra, S. (2020). Heterogeneous beliefs and return volatility around seasoned equity offerings. Journal of Financial Economics, 137(2), 571–589. https://doi.org/10.1016/j.jfineco.2020.03.003
  • Ibrahim, S. (2009). The usefulness of measures of consistency of discretionary components of accruals in the detection of earnings management. Journal of Business Finance and Accounting, 9–10(36), 1087–1116.
  • Ibrahim, S., Xu, L., & Rogers, G. (2011). Real and accrual‐based earnings management and its legal consequences. Accounting Research Journal, 24(1), 50–78. https://doi.org/10.1108/10309611111148779
  • Iqbal, A., & Strong, N. (2010). The effect of corporate governance on earnings management around UK rights issues. International Journal of Managerial Finance, 6(3), 168–189. https://doi.org/10.1108/17439131011056215
  • Jerbi Maatougui, A., & Halioui, K. (2019). The effect of outside blockholders on earnings management around seasoned equity offerings in French listed companies on the SBF120. Journal of Financial Reporting and Accounting, 17(3), 449–467. https://doi.org/10.1108/JFRA-02-2018-0012
  • Jo, H., & Kim, Y. (2007). Disclosure frequency and earnings management. Journal of Financial Economics, 84(2), 561–590. https://doi.org/10.1016/j.jfineco.2006.03.007
  • Jo, H., & Kim, Y. (2008). Ethics and disclosure: A study of the financial performance of firms in the seasoned equity offerings market. Journal of Business Ethics, 80(4), 855–878. https://doi.org/10.1007/s10551-007-9473-6
  • Jo, H., Kim, Y., & Park, M. S. (2007). Underwriter choice and earnings management: Evidence from seasoned equity offerings. Review of Accounting Studies, 12(1), 23–59. https://doi.org/10.1007/s11142-006-9019-7
  • Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193. https://doi.org/10.2307/2491047
  • Kim, S. I., Byun, J. H., & Shin, H. J. (2018). Largest shareholder ownership and downward real-activity earnings management in Korean seasoned equity offerings firms. Asia-Pacific Journal of Financial Studies, 47(4), 546–570. https://doi.org/10.1111/ajfs.12224
  • Kim, Y., & Park, M. S. (2005). Pricing of seasoned equity offers and earnings management. Journal of Financial and Quantitative Analysis, 40(02), 435. https://doi.org/10.1017/S0022109000002374
  • Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197. https://doi.org/10.1016/j.jacceco.2004.11.002
  • Kothari, S. P., Mizik, N., & Roychowdhury, S. (2016). Managing for the moment: The role of earnings management via real activities versus accruals in SEO valuation. The Accounting Review, 91(2), 559–586. https://doi.org/10.2308/accr-51153
  • Louis, H. (2004). Earnings management and the market performance of acquiring firms. Journal of Financial Economics, 74(1), 121–148. https://doi.org/10.1016/j.jfineco.2003.08.004
  • Marquardt, C. A., & Wiedman, C. I. (2004a). The effect of earnings management on the value relevance of accounting information. Journal of Business Finance and Accounting, 31(3–4), 297–332. https://doi.org/10.1111/j.0306-686X.2004.00541.x
  • Marquardt, C. A., & Wiedman, C. I. (2004b). How are earnings managed? An examination of specific accruals. Contemporary Accounting Research, 21(2), 461–491. https://doi.org/10.1506/G4YR-43K8-LGG2-F0XK
  • Mizik, N., & Jacobson, R. (2007). Myopic marketing management: Evidence of the phenomenon and its long-term performance consequences in the SEO context. Marketing Science, 26(3), 361–379. https://doi.org/10.1287/mksc.1060.0261
  • Njah, M., & Trabelsi, R. (2019). Large institutional investors and the pressure to manage earnings surrounding seasoned equity offerings. International Journal of Law and Management, 61(2), 402–420. https://doi.org/10.1108/IJLMA-07-2018-0139
  • Opare, S., Houqe, M., & van Zijl, T. (2022). Earnings management and underperformance after seasoned equity offerings: a cross-country study. International Journal of Managerial Finance. https://doi.org/10.1108/IJMF-02-2022-0075 ahead-of-print.
  • Qian, H., Zhong, K., & Zhong, Z.K. (2012). Seasoned equity issuers’ R&D investments: Signaling or overoptimism. Journal of Financial Research, 35(4), 553–580. https://doi.org/10.1111/j.1475-6803.2012.01328.x
  • Raman, K., & Shahrur, H. (2008). Relationship-specific investments and earnings management: Evidence on corporate suppliers and customers. Accounting Review, 83(4), 1041–1081. https://doi.org/10.2308/accr.2008.83.4.1041
  • Rangan, S. (1998). Earnings management and the performance of seasoned equity offerings. Journal of Financial Economics, 50(1), 101–122. https://doi.org/10.1016/S0304-405X(98)00033-6
  • Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
  • Shivakumar, L. (2000). Do firms mislead investors by overstating earnings before seasoned equity offerings? Journal of Accounting and Economics, 29(3), 339–371. https://doi.org/10.1016/S0165-4101(00)00026-4
  • Shu, P. G., & Chiang, S. J. (2014). Firm size, timing, and earnings management of seasoned equity offerings. International Review of Economics and Finance, 29, 177–194. https://doi.org/10.1016/j.iref.2013.05.011
  • Sun, E. Y. (2021). The differential role of R&D and SG&A for earnings management and stock price manipulation. Contemporary Accounting Research, 38(1), 242–275. https://doi.org/10.1111/1911-3846.12634
  • Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50, 63–99. https://doi.org/10.1016/S0304-405X(98)00032-4
  • Teoh, S. H., & Wong, T. J. (2002). Why new issues and high-accrual firms underperform: The role of analysts’ credulity. The Review of Financial Studies, 15(3), 869–900.
  • Wang, G., & Hagigi, M. (2019). The effect of the need for subsequent seasoned equity offerings on earnings management motivation. Review of Accounting and Finance, 18(1), 25–52. https://doi.org/10.1108/RAF-01-2018-0019
  • Wang, X., Zhang, L., Chan, K. C., & He, J. (2019). Does underwriter rating matter? Evidence from seasoned equity offerings in an emerging market. International Review of Economics and Finance, 61(March 2018), 17–34. https://doi.org/10.1016/j.iref.2019.01.002
  • Williams, J. L., & Tang, A. P. (2009). Private placements of convertible securities: Stock returns, operating performance and abnormal accruals. Accounting and Finance, 49(4), 873–899. https://doi.org/10.1111/j.1467-629X.2009.00311.x
  • Yang, T. H., Hsu, J., & Yang, W. B. (2016). Firm’s motives behind SEOs, earnings management, and performance. International Review of Economics and Finance, 43, 160–169. https://doi.org/10.1016/j.iref.2015.10.038
  • Yang, W., Hsu, J., & Yang, T. (2013). Earnings management, institutional shareholdings, and performance of SEO firms. Managerial Finance, 39(6), 528–549. https://doi.org/10.1108/03074351311322834
  • Yoon, S. S., & Miller, G. (2002). Earnings management of seasoned equity offering firms in Korea. The International Journal of Accounting, 37(1), 57–78. https://doi.org/10.1016/S0020-7063(02)00140-1
  • Zhang, Y., Uchida, K., & Dong, L. (2020). External financing and earnings management: Evidence from international data. Research in International Business and Finance, 54(January), 101275. https://doi.org/10.1016/j.ribaf.2020.101275

Earnings Management Around Seasoned Equity Offerings: A Systematic Literature Review

Yıl 2024, , 291 - 314, 30.06.2024
https://doi.org/10.47097/piar.1407169

Öz

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.

Kaynakça

  • Beneish, M. D. (2001). Earnings management: A perspective. Managerial Finance, 27(12), 3–17. https://doi.org/10.1108/03074350110767411
  • Burgstahler. D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24, 99–126.
  • Chang, C. H., & Lin, H. W. W. (2018). Does there prevail momentum in earnings management for seasoned equity offering firms?. International Review of Economics and Finance, 55(321), 111–129. https://doi.org/10.1016/j.iref.2017.12.015
  • Ching, K. L. M., Firth, M., & Rui, O. M. (2006). Earnings management, corporate governance and the market performance of seasoned equity offerings in Hong Kong. Journal of Contemporary Accounting and Economics, 2(1), 73–98. https://doi.org/10.1016/S1815-5669(10)70017-5
  • Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2–19. https://doi.org/10.1016/j.jacceco.2010.01.002
  • Comiran, F., Fedyk, T., & Ha, J. (2018). Accounting quality and media attention around seasoned equity offerings. International Journal of Accounting and Information Management, 26(3), 443–462. https://doi.org/10.1108/IJAIM-02-2017-0029
  • Dechow, P. M., Richardson, S. A., & Tuna, I. (2003). Why are earnings kinky? An examination of the earnings management explanation. Review of Accounting Studies, 8, 355–384.
  • Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193–225. https://doi.org/10.2307/248303
  • Degeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings management to exceed thresholds. The Journal of Business, 2(1), 1–33.
  • Di, H., Marciukaityte, D., & Goodwin, E. A. (2012). EPS dilution after SEOs and earnings management. Managerial Finance, 38(5), 485–507. https://doi.org/10.1108/03074351211217823
  • Duc Ngo, A., & Varela, O. (2012). Earnings smoothing and the underpricing of seasoned equity offerings. Managerial Finance, 38(9), 833–859. https://doi.org/10.1108/03074351211248180
  • Fauver, L., Loureiro, G., & Taboada, A. G. (2017). The impact of regulation on information quality and performance around seasoned equity offerings: International evidence. Journal of Corporate Finance, 44, 73–98. https://doi.org/10.1016/j.jcorpfin.2017.03.008
  • Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1–3), 3–73. https://doi.org/10.1016/j.jacceco.2005.01.002
  • Gunny, K. A. (2010). The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks. Contemporary Accounting Research, 27(3), 855–888. https://doi.org/10.1111/j.1911-3846.2010.01029.x
  • Guthrie, K., & Sokolowsky, J. (2010). Large shareholders and the pressure to manage earnings. Journal of Corporate Finance, 16(3), 302–319. https://doi.org/10.1016/j.jcorpfin.2010.01.004
  • He, D., Yang, D. C., & Guan, L. (2010). Earnings management and the performance of seasoned private equity placements. Managerial Auditing Journal, 25(6), 569–590. https://doi.org/10.1108/02686901011054872
  • He, G. (2016). Fiscal support and earnings management. International Journal of Accounting, 51(1), 57–84. https://doi.org/10.1016/j.intacc.2016.01.009
  • Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7, 85–107. https://doi.org/10.1016/0165-4101(85)90029-1
  • Healy, P. M., & Wahlen, J. M. (1999). A Review of the Earnings Management Literature and Its. Accounting Horizons 13(4), 365-383. http://www.aaajournals.org/doi/abs/10.2308/acch.1999.13.4.365
  • Hibbert, A. M., Kang, Q., Kumar, A., & Mishra, S. (2020). Heterogeneous beliefs and return volatility around seasoned equity offerings. Journal of Financial Economics, 137(2), 571–589. https://doi.org/10.1016/j.jfineco.2020.03.003
  • Ibrahim, S. (2009). The usefulness of measures of consistency of discretionary components of accruals in the detection of earnings management. Journal of Business Finance and Accounting, 9–10(36), 1087–1116.
  • Ibrahim, S., Xu, L., & Rogers, G. (2011). Real and accrual‐based earnings management and its legal consequences. Accounting Research Journal, 24(1), 50–78. https://doi.org/10.1108/10309611111148779
  • Iqbal, A., & Strong, N. (2010). The effect of corporate governance on earnings management around UK rights issues. International Journal of Managerial Finance, 6(3), 168–189. https://doi.org/10.1108/17439131011056215
  • Jerbi Maatougui, A., & Halioui, K. (2019). The effect of outside blockholders on earnings management around seasoned equity offerings in French listed companies on the SBF120. Journal of Financial Reporting and Accounting, 17(3), 449–467. https://doi.org/10.1108/JFRA-02-2018-0012
  • Jo, H., & Kim, Y. (2007). Disclosure frequency and earnings management. Journal of Financial Economics, 84(2), 561–590. https://doi.org/10.1016/j.jfineco.2006.03.007
  • Jo, H., & Kim, Y. (2008). Ethics and disclosure: A study of the financial performance of firms in the seasoned equity offerings market. Journal of Business Ethics, 80(4), 855–878. https://doi.org/10.1007/s10551-007-9473-6
  • Jo, H., Kim, Y., & Park, M. S. (2007). Underwriter choice and earnings management: Evidence from seasoned equity offerings. Review of Accounting Studies, 12(1), 23–59. https://doi.org/10.1007/s11142-006-9019-7
  • Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193. https://doi.org/10.2307/2491047
  • Kim, S. I., Byun, J. H., & Shin, H. J. (2018). Largest shareholder ownership and downward real-activity earnings management in Korean seasoned equity offerings firms. Asia-Pacific Journal of Financial Studies, 47(4), 546–570. https://doi.org/10.1111/ajfs.12224
  • Kim, Y., & Park, M. S. (2005). Pricing of seasoned equity offers and earnings management. Journal of Financial and Quantitative Analysis, 40(02), 435. https://doi.org/10.1017/S0022109000002374
  • Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197. https://doi.org/10.1016/j.jacceco.2004.11.002
  • Kothari, S. P., Mizik, N., & Roychowdhury, S. (2016). Managing for the moment: The role of earnings management via real activities versus accruals in SEO valuation. The Accounting Review, 91(2), 559–586. https://doi.org/10.2308/accr-51153
  • Louis, H. (2004). Earnings management and the market performance of acquiring firms. Journal of Financial Economics, 74(1), 121–148. https://doi.org/10.1016/j.jfineco.2003.08.004
  • Marquardt, C. A., & Wiedman, C. I. (2004a). The effect of earnings management on the value relevance of accounting information. Journal of Business Finance and Accounting, 31(3–4), 297–332. https://doi.org/10.1111/j.0306-686X.2004.00541.x
  • Marquardt, C. A., & Wiedman, C. I. (2004b). How are earnings managed? An examination of specific accruals. Contemporary Accounting Research, 21(2), 461–491. https://doi.org/10.1506/G4YR-43K8-LGG2-F0XK
  • Mizik, N., & Jacobson, R. (2007). Myopic marketing management: Evidence of the phenomenon and its long-term performance consequences in the SEO context. Marketing Science, 26(3), 361–379. https://doi.org/10.1287/mksc.1060.0261
  • Njah, M., & Trabelsi, R. (2019). Large institutional investors and the pressure to manage earnings surrounding seasoned equity offerings. International Journal of Law and Management, 61(2), 402–420. https://doi.org/10.1108/IJLMA-07-2018-0139
  • Opare, S., Houqe, M., & van Zijl, T. (2022). Earnings management and underperformance after seasoned equity offerings: a cross-country study. International Journal of Managerial Finance. https://doi.org/10.1108/IJMF-02-2022-0075 ahead-of-print.
  • Qian, H., Zhong, K., & Zhong, Z.K. (2012). Seasoned equity issuers’ R&D investments: Signaling or overoptimism. Journal of Financial Research, 35(4), 553–580. https://doi.org/10.1111/j.1475-6803.2012.01328.x
  • Raman, K., & Shahrur, H. (2008). Relationship-specific investments and earnings management: Evidence on corporate suppliers and customers. Accounting Review, 83(4), 1041–1081. https://doi.org/10.2308/accr.2008.83.4.1041
  • Rangan, S. (1998). Earnings management and the performance of seasoned equity offerings. Journal of Financial Economics, 50(1), 101–122. https://doi.org/10.1016/S0304-405X(98)00033-6
  • Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
  • Shivakumar, L. (2000). Do firms mislead investors by overstating earnings before seasoned equity offerings? Journal of Accounting and Economics, 29(3), 339–371. https://doi.org/10.1016/S0165-4101(00)00026-4
  • Shu, P. G., & Chiang, S. J. (2014). Firm size, timing, and earnings management of seasoned equity offerings. International Review of Economics and Finance, 29, 177–194. https://doi.org/10.1016/j.iref.2013.05.011
  • Sun, E. Y. (2021). The differential role of R&D and SG&A for earnings management and stock price manipulation. Contemporary Accounting Research, 38(1), 242–275. https://doi.org/10.1111/1911-3846.12634
  • Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50, 63–99. https://doi.org/10.1016/S0304-405X(98)00032-4
  • Teoh, S. H., & Wong, T. J. (2002). Why new issues and high-accrual firms underperform: The role of analysts’ credulity. The Review of Financial Studies, 15(3), 869–900.
  • Wang, G., & Hagigi, M. (2019). The effect of the need for subsequent seasoned equity offerings on earnings management motivation. Review of Accounting and Finance, 18(1), 25–52. https://doi.org/10.1108/RAF-01-2018-0019
  • Wang, X., Zhang, L., Chan, K. C., & He, J. (2019). Does underwriter rating matter? Evidence from seasoned equity offerings in an emerging market. International Review of Economics and Finance, 61(March 2018), 17–34. https://doi.org/10.1016/j.iref.2019.01.002
  • Williams, J. L., & Tang, A. P. (2009). Private placements of convertible securities: Stock returns, operating performance and abnormal accruals. Accounting and Finance, 49(4), 873–899. https://doi.org/10.1111/j.1467-629X.2009.00311.x
  • Yang, T. H., Hsu, J., & Yang, W. B. (2016). Firm’s motives behind SEOs, earnings management, and performance. International Review of Economics and Finance, 43, 160–169. https://doi.org/10.1016/j.iref.2015.10.038
  • Yang, W., Hsu, J., & Yang, T. (2013). Earnings management, institutional shareholdings, and performance of SEO firms. Managerial Finance, 39(6), 528–549. https://doi.org/10.1108/03074351311322834
  • Yoon, S. S., & Miller, G. (2002). Earnings management of seasoned equity offering firms in Korea. The International Journal of Accounting, 37(1), 57–78. https://doi.org/10.1016/S0020-7063(02)00140-1
  • Zhang, Y., Uchida, K., & Dong, L. (2020). External financing and earnings management: Evidence from international data. Research in International Business and Finance, 54(January), 101275. https://doi.org/10.1016/j.ribaf.2020.101275
Toplam 54 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finansal Muhasebe
Bölüm Derleme Makaleler
Yazarlar

Mahmoud Ashour 0000-0002-8678-6547

Asuman Atik 0000-0001-7727-4585

Yayımlanma Tarihi 30 Haziran 2024
Gönderilme Tarihi 19 Aralık 2023
Kabul Tarihi 19 Şubat 2024
Yayımlandığı Sayı Yıl 2024

Kaynak Göster

APA Ashour, M., & Atik, A. (2024). Earnings Management Around Seasoned Equity Offerings: A Systematic Literature Review. Pamukkale Üniversitesi İşletme Araştırmaları Dergisi, 11(1), 291-314. https://doi.org/10.47097/piar.1407169

Pamukkale Üniversitesi İşletme Araştırmaları Dergisinde yayınlanmış makalelerin telif hakları Creative Commons Atıf-Gayriticari 4.0 Uluslararası Lisansı (CC BY-NC-ND 4.0) kapsamındadır.

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