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17 - IPOs and earnings management in Germany

Initial Public Offerings (IPO), 2006, p.281-296

2006 Elsevier Inc. ;ISBN: 9780750679756 ;ISBN: 0750679751 ;DOI: 10.1016/B978-075067975-6.50020-7

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  • Title:
    17 - IPOs and earnings management in Germany
  • Author: Tykvová, Tereza
  • Is Part Of: Initial Public Offerings (IPO), 2006, p.281-296
  • Description: This chapter examines earnings management by companies on the Neuer Markt, measured by the level of their discretionary current accruals. This issue is of interest not only to academics, but also to practitioners and regulators.. The chapter investigates the hypothesis that companies in Germany manage their earnings upwards in the fiscal year when they go public. It examines earnings management by companies in Germany measured by the level of their discretionary current accruals. In general, the evidence is consistent with managers who use upward earnings management in the fiscal year when the firm went public. The upward earnings manipulation around the offering date has a negative impact on performance. In addition, the consequences of the potential error embedded in estimated discretionary current accruals using the balance sheet approach are ignored. Moreover, it is assumed that the motive for upward earnings management is the IPO event and that other incentives that may induce manipulation of earnings are not systematically different between sample and control firms. Despite these limitations, hopefully the results remain interesting.
  • Publisher: Elsevier Inc
  • Language: English
  • Identifier: ISBN: 9780750679756
    ISBN: 0750679751
    DOI: 10.1016/B978-075067975-6.50020-7
  • Source: Ebook Central Academic Complete
    ScholarVox International
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