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The Influence of a Company’s Ownership Structure on Upward Real Earnings Management

Sustainability, 2020-01, Vol.12 (1), p.152 [Peer Reviewed Journal]

2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2071-1050 ;EISSN: 2071-1050 ;DOI: 10.3390/su12010152

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  • Title:
    The Influence of a Company’s Ownership Structure on Upward Real Earnings Management
  • Author: Piosik, Andrzej ; Genge, Ewa
  • Subjects: Accounting ; Company structure ; Earnings management ; Financial management ; Hypotheses ; Institutional investments ; Management ; Ownership ; Profits ; R&D ; Regression analysis ; Regression models ; Research & development ; Research methodology ; Researchers ; Social responsibility ; Stock exchanges ; Stockholders ; Sustainability ; Transparency
  • Is Part Of: Sustainability, 2020-01, Vol.12 (1), p.152
  • Description: Financial transparency, including transparency of transactions, is one of the pillars of sustainability. This study investigates whether a company’s ownership structure, including ownership concentration, managerial ownership, and the presence of institutional investors, affects upward real earnings management practices. The research is based on companies listed on the Warsaw Stock Exchange in Poland adapting panel data regression models. The significance and contribution to literature of the paper lies in the fact that we provide evidence that the association between the magnitude of total upward real earnings management and shareholder concentration is U-shaped, thereby indicating that there is an optimal level of ownership concentration, minimizing the magnitude of upward real earnings management and thus increasing financial transparency. Our results show the negative relationship between total upward real earnings management and managerial ownership, thereby we confirm the alignment of interest hypothesis, in terms of real earnings management. We also confirm that individual instruments of real earnings management are linked to ownership concentration and managerial ownership in specific ways. The presence of institutional investors reduces the magnitude of total upward real earnings management.
  • Publisher: Basel: MDPI AG
  • Language: English
  • Identifier: ISSN: 2071-1050
    EISSN: 2071-1050
    DOI: 10.3390/su12010152
  • Source: GFMER Free Medical Journals
    ROAD: Directory of Open Access Scholarly Resources
    ProQuest Central
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