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金融危机和家族控制对葡萄牙上市公司管理的影响

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发布于 2018-2-7 14:07:55 | 显示全部楼层 |阅读模式
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外文标题: Impact of financial crisis and family control on earningmanagement of Portuguese listed firms
外文摘要: Abstract Accounting information is used to evaluate the firm’s financial performance.
Although, firms may have incentives to engage in earnings management, misleading all stakeholders.
This study aims to analyse earnings management behaviours of Portuguese listed firms.
Both accrual-based and real activities of earnings management are analysed to draw an overall
picture of earnings management’ strategies. Most studies focused only in discretionary accruals
as a proxy for earnings management, since cash flow-based earnings management is more
difficult to detect. Although both strategies can be complementary instead of substituting.
Moreover, the impact of financial crisis, family control, and firm characteristics is taken into
account. Previous literature found that 2008 crisis had impact on earnings management as firms
want to meet debt covenants and investors’ expectations. Moreover, family firms also impact
the magnitude of earnings management. While some researchers found a negative relationship
since managers are highly controlled, others found the opposite relationship because the family
may want to maximize their own wealth. Analysing 51 listed firms, from 2003 till 2015, results
show that firms engage more in earnings management during crisis, when the firm’s financial
situation is less stable. In addition, accrual-based earnings management is higher in family firms
than in non-family ones, suggesting less quality of information in the first group. Due to less
control of family firms, the family may expropriate minority investors’ wealth to increase personal
benefits. Finally, the impact of firms’ characteristics on earnings management depends on
the proxy of earning management analysed, suggesting that firms use accrual or real-activities
earnings management depending on its purposes.
© 2017 European Journal of Family Business. Published by Elsevier Espana, ˜ S.L.U. This is an
open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/bync-nd/4.0/).
英关键词: Earnings management; Family firms; Accruals; Real activities; Financial crisis
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译文标题: 金融危机和家族控制对葡萄牙上市公司管理的影响
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