Quản lý theo thời điểm: Vai trò của quản lý lợi nhuận thông qua hoạt động thực tế so với điều chỉnh dồn tích trong định giá SEO

Accounting Review - Tập 91 Số 2 - Trang 559-586 - 2016
S.P. Kothari1, Natalie Mizik2, Sugata Roychowdhury3
1Massachusetts Institute of Technology,
2University of Washington
3Boston College

Tóm tắt

TÓM TẮT

Chúng tôi đánh giá vai trò của cả việc điều chỉnh dồn tích (AM) và điều chỉnh hoạt động thực tế (RAM) trong việc thúc đẩy tình trạng thẩm định quá mức tại thời điểm phát hành cổ phiếu bổ sung (SEO). Kết quả của chúng tôi cho thấy rằng việc quản lý lợi nhuận có mối liên hệ nhất quán và có thể dự đoán được nhất với tình trạng kém hoạt động của thị trường chứng khoán sau SEO khi nó được thúc đẩy bởi RAM; cụ thể là, việc cắt giảm có tính cơ hội các chi phí cho nghiên cứu và phát triển cũng như hoạt động bán hàng, tổng quát và hành chính. Do đó, tình trạng thẩm định quá mức trong thời điểm SEO có khả năng xảy ra cao hơn khi các nhà quản lý tham gia chủ động vào các kênh kém minh bạch hơn để phóng đại lợi nhuận. Các phát hiện của chúng tôi đặc biệt có liên quan vì các nhà quản lý thể hiện xu hướng lớn hơn với RAM tại thời điểm SEO, mặc dù RAM tốn kém hơn trong dài hạn.

Phân loại JEL: G14; G31; M4; M41

Từ khóa


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