Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/40745
標題: Insiders' subscription and the earnings management behavior of private equity offerings
作者: Hsu, Y.S.
許永聲
Chen, C.H.
Liou, C.H.
期刊/報告no:: African Journal of Business Management, Volume 5, Issue 11, Page(s) 4531-4541.
摘要: This paper investigated the earning management behavior of private equity offering firms. We founded that firms have incentives to engage in earnings management before the announcement date of private equity offerings. The manipulation direction may be upward or downward according to the types of placement. Our empirical results indicated that management tended to manage reported earnings upward when the private placement was subscribed by non-insiders; whereas management tended to downward manage earnings when the private placement was subscribed by insiders. We speculated the reasons for the latter being that insiders downward managed earnings in order to depress the subscription price for the benefit of their self-interests. In a word, the paper suggested that the direction of earnings management was decided by whether insiders were involved in the private placement.
URI: http://hdl.handle.net/11455/40745
ISSN: 1993-8233
Appears in Collections:企業管理學系所

文件中的檔案:

取得全文請前往華藝線上圖書館



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.