performance.
Regardlessofthereasonfortheover-investment,truthfulreportingmighthavepreventedit.
Severalpartiesaretypicallyinvolvedi ninvestmentdecisions,includingmanagerswhotnakethe
decisiontoinvest,boardswhoreviewthecapitalbudget,andexternalsuppliersofcapital.I f
financialresultsarereportedtruthfully,thenotherpartiescouldstepi ntocurtailtheinvestment.
Asaresult,firmsinvestmorethantheyotherwisewouldhave,andattemptstomeetcapitalmarket
expectationsormeetbonustargets,forexample,couldaffectinvestors,employees,customers,and
abroadsetofrelatedparties.
Ourstudyprovidesevidenceonwhetherearningsmanagementaifectsresourceallocationby
examiningthecapitalexpendituredecisionsofthreegroupsoffirmsallegedtohavemanipulated
earnings—firmsinvestigatedbytheSECfo raccountingirregularities,firmssuedbytheirshareholdersfo rimproperaccounting,andfirmsthatrestatedfinancialstatements.Thesesamplescomprisefirmsthathaveoverstatedearningssubstantially,whichgivesusgreaterconfidencethatwe
haveidentifiedearningsmanipulatorsandthatthemagnitudeoftheirearningsmanipulationcould
significantlyaffectinvestmentdecisions.Bothofthesefactorsarecrucialtothepowerofourtests.
However,becauseofconcernsaboutpotentialselectionbiasandtotestwhethertheeffectwefind
generalizesbeyondthemostseverecasesofearningsmanipulation,wealsousediscretionary
revenuestoidentifyfirmsthatmanipulatedearnings.本文来自优,文'论*文^网原文请找腾讯752018766
Ourdataidentifiestheperiodforwhichmanipulationisalleged,andpermitsusto
examinetheinvestmentdecisionsi ntheyearsbefore,during,andsubsequenttothemanipulation.
Underthenullhypothesisthatearningsmanagementdoesnotresulti nresourcemisallocation,
firmsshouldexhibitinvestmentlevelsconsistentwiththeirfundamentals.Ourstudyfollowsan
extensiveliteraturethatmodelsinvestmentdecisionsusingalinearmodelrelatingcapitalexpenditurestoinvestmentopportunities.Specifically,thesemodelscontrolfo rinvestmentopportunities
usingTobin'sQandcashfro moperations.Ourtestsexaminetheinvestmentdecisionsi nthe
manipulationandpost-manipulationperiods.First,wetestwhetherfirmsoverstatingearnings
over-investduringthemanipulationperiod.Second,weexaminewhetherover-investmentis
eliminatedonceearningsarenolongermanipulated.I ffirmsover-investduringthemanipulation
periodforareasonotherthantheeffectofniisleadinginformation,thenwewouldnotexpecta
declinei ninvestment(aftercontrollingfordeclininginvestmentopportunities)whenearningsare
nolongermanipulated.
Thefindingsindicatethatfirmsmanipulatingearningsdoover-investinthemisreporting
period.Wefindsignificantlygreaterinvestmentthanwouldbeexpectedbasedoninvestment
fundamentals.Additionaltest. susingmatchedcontrolfirmssuggestthatsamplefirmsinvestmore
thantheywouldhavehadtheynotoverstatedtheirearnings.Whilesampleandcontrolfirms
exhibitsomeover-investmentbeforethemanipulationperiod,controlfirmsreducethelevelof
investment,whereassamplefirmscontinueover-investingduringthemanipulationperiod.Finally
上一页 [1] [2] [3] [4] [5] [6] 下一页
盈余管理英文文献和翻译 第2页下载如图片无法显示或论文不完整，请联系qq752018766
