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Managers9 Incentives, Earnings Management Strategies, and Investor Sentiment

International Journal of Business and Economics, 2014-12, Vol.13 (2), p.157-180

ISSN: 1607-0704 ;EISSN: 1526-775X

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  • Title:
    Managers9 Incentives, Earnings Management Strategies, and Investor Sentiment
  • Author: Zhonghai Yang ; RogerSu ; Qianqian Zhang ; Ying Sun
  • Subjects: accrual earnings management (AEM) ; investor sentiment ; management incentives ; real earnings management (REM)
  • Is Part Of: International Journal of Business and Economics, 2014-12, Vol.13 (2), p.157-180
  • Description: The impact of managers’ incentives and earnings management methods on investor sentiment, based on 9581 listed firms in China from 2006 to 2011, is studied. This paper examines the influence of managers’ incentives and earnings management methods on investor sentiment and intends to study how managers’ incentives influence real earnings management (REM) and earnings management methods, and following on how REM and earnings management methods influence investor sentiment. The empirical results indicate that managers use REM to manipulate the earnings in order to be able to declare a profit, avoid loss, refinance, and change executives. The listed companies with higher executive compensations prefer to use accrual earnings management (AEM). However, making larger profits by using REM activities is not a universal phenomenon in China because the capital market in China is not efficient. This paper also finds that, when a company makes larger profits using REM activities, investors are optimistic. When a company
  • Publisher: 台灣: 逢甲大學
  • Language: Chinese
  • Identifier: ISSN: 1607-0704
    EISSN: 1526-775X
  • Source: Alma/SFX Local Collection
    ProQuest Central
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