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Institutional ownership stability and real earnings management

Review of quantitative finance and accounting, 2017-07, Vol.49 (1), p.227-244 [Peer Reviewed Journal]

Springer Science+Business Media New York 2016 ;Review of Quantitative Finance and Accounting is a copyright of Springer, 2017. ;ISSN: 0924-865X ;EISSN: 1573-7179 ;DOI: 10.1007/s11156-016-0588-7

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Title:
Institutional ownership stability and real earnings management
Author: Sakaki, Hamid ; Jackson, Dave ; Jory, Surendranath
Subjects: Accounting/Auditing ; Companies ; Corporate Finance ; Earnings ; Earnings management ; Econometrics ; Economic models ; Economics and Finance ; Finance ; Institutional investments ; Manipulation ; Operations Research/Decision Theory ; Original Research ; Owners ; Ownership ; Pension funds
Is Part Of: Review of quantitative finance and accounting, 2017-07, Vol.49 (1), p.227-244
Description: We examine the relationship between institutional ownership stability and real earnings management. Our findings indicate that firms held by more stable institutional owners experience lower real activities manipulation by limiting overproduction. We further examine how the stability in the shareholdings of pressure-sensitive and insensitive institutional investors affect target firms’ use of real earnings management, respectively. Unlike pressure-sensitive institutional investors, the stability in the share ownership of pressure-insensitive institutional investors (i.e., investment advisors, pension funds and endowments) mitigates target firms’ use of real earnings management. Overall, our results are consistent with the view that institutional investors presence acts as a monitor on target firms’ use of real earnings manipulation activities.
Publisher: New York: Springer US
Language: English
Identifier: ISSN: 0924-865X
EISSN: 1573-7179
DOI: 10.1007/s11156-016-0588-7
Source: ProQuest Central

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Institutional ownership stability and real earnings management

Springer Science+Business Media New York 2016 ;Review of Quantitative Finance and Accounting is a copyright of Springer, 2017. ;ISSN: 0924-865X ;EISSN: 1573-7179 ;DOI: 10.1007/s11156-016-0588-7

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