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標題: The relationship between external financing activities and earnings management: Evidence from enterprise risk management
作者: Teng-Shih Wang
Yi-Mien Lin
Edward M. Werner
Hsihui Chang
關鍵字: Enterprise risk management
External financing activities
Accrual-based earnings management
Real activities earnings management
Corporate governance
摘要: This study examines the impact of external financing activities on earnings management decisions and further explores the role of enterprise risk management (ERM) as a potential moderating factor in this association. We find that managers use both real-activities and accrual-based earnings management when engaging in equity financing activities. Moreover, when firms have weaker ERM systems, we find that managers are less likely to use real-activities earnings management in their equity financing efforts. Therefore, our policy-relevant findings suggest that weaker ERM systems can signal poor control mechanisms and attract additional investor scrutiny, thus constraining managers' use of real-activities earnings manipulation to harm long-term firm value.
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