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The role of foreign institutional investors in restraining earnings management activities across countries

Journal of international business studies, 2019-08, Vol.50 (6), p.895-922 [Peer Reviewed Journal]

2018 Academy of International Business ;Academy of International Business 2018 ;Copyright Palgrave Macmillan Aug 2019 ;ISSN: 0047-2506 ;EISSN: 1478-6990 ;DOI: 10.1057/s41267-018-0195-z

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  • Title:
    The role of foreign institutional investors in restraining earnings management activities across countries
  • Author: Lel, Ugur
  • Subjects: Audit committees ; Audits ; Business and Management ; Business Strategy/Leadership ; Companies ; Earnings ; Earnings management ; Institutional investments ; International Business ; Investors ; Management ; Organization ; Stockholders ; Surveillance
  • Is Part Of: Journal of international business studies, 2019-08, Vol.50 (6), p.895-922
  • Description: This study investigates the role of foreign institutional investors (FIIs) in restraining earnings management activities of firms under varying levels of investor protection. Firms manage their earnings less when independent FIIs are among their shareholders, especially for firms in which monitoring is more valuable – firms in weak investor protection countries and when firms have greater growth opportunities. These effects are robust to a quasi-exogenous shock to FIIs’ shareholdings, unobserved firm heterogeneity, and alternative earning management measures. FIIs are associated with an increase in foreign director presence on corporate boards and audit committees.
  • Publisher: London: Springer Science + Business Media
  • Language: English
  • Identifier: ISSN: 0047-2506
    EISSN: 1478-6990
    DOI: 10.1057/s41267-018-0195-z
  • Source: AUTh Library subscriptions: ProQuest Central
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