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Poison pills adoption, real earnings management and IPO failure

China Accounting and Finance Review, 2023-12, Vol.25 (4), p.513-539 [Peer Reviewed Journal]

Samir Trabelsi and Amna Chalwati. This work is published under http://creativecommons.org/licences/by/4.0/legalcode (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1029-807X ;EISSN: 2307-3055 ;DOI: 10.1108/CAFR-04-2023-0041

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  • Title:
    Poison pills adoption, real earnings management and IPO failure
  • Author: Trabelsi, Samir ; Chalwati, Amna
  • Subjects: accruals/real earnings management ; Anti takeover strategy ; Corporate governance ; Cross-sectional studies ; Earnings management ; Initial public offerings ; ipo failure ; shareholder governance ; Shareholder voting ; Stock market delistings ; Stockholders
  • Is Part Of: China Accounting and Finance Review, 2023-12, Vol.25 (4), p.513-539
  • Description: Purpose This paper examines the relationship between poison pills, real earnings management and initial public offering (IPO) failure. Design/methodology/approach The authors sampled 2,997 IPO firms that went public during 1993-2015. Findings The authors find that IPO firms manipulate earnings upward using real earnings management. The authors also find that IPO firms exhibiting a higher level of real earnings management have a higher probability of IPO failure. In addition, the authors find that weak shareholders' governance is positively associated with IPO failure. Practical implications These results suggest that poor governance structures in failed firms open the door to manipulating real activities and increasing operational risk. Originality/value The study findings are of most significant interest to potential investors and other stakeholders affiliated with a firm going public, an auditor, an underwriter, the lawyers who consult with the firm and employees or executives who might consider joining that firm.
  • Publisher: Hong Koog: Emerald Group Publishing Limited
  • Language: English
  • Identifier: ISSN: 1029-807X
    EISSN: 2307-3055
    DOI: 10.1108/CAFR-04-2023-0041
  • Source: DOAJ Directory of Open Access Journals
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