董事会性别多样性、机构所有权与盈余管理:来自东非社区上市公司的证据

IF 3.2 Q1 BUSINESS, FINANCE Journal of Accounting in Emerging Economies Pub Date : 2023-10-19 DOI:10.1108/jaee-10-2022-0312
Peter Nderitu Githaiga
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引用次数: 0

摘要

本研究的目的是探讨机构所有权对东非共同体(EAC)伙伴国上市公司董事会性别多样性与盈余管理(EM)之间关系的调节作用。设计/方法/方法该研究使用了2011-2020年EAC合作州的71家公司样本。数据是从各家公司经审计的年度财务报告中精心挑选出来的。本研究在Hausman检验结果的基础上,采用固定效应回归模型的结果对假设进行检验。为了检验结果的稳健性,本研究采用了EM的替代测量方法和两种额外的计量经济学技术,包括汇集普通最小二乘(OLS)和系统广义矩法(GMM)。实证研究发现,女性董事提高了董事会监督管理角色的有效性。具体来说,研究结果显示,公司董事会中女性比例与新兴市场之间存在显著的负相关关系(以可支配应计利润(DAs)衡量)。研究结果进一步揭示了机构持股比例与新兴市场之间的负相关关系。最后,研究结果进一步表明,机构持股增强了董事会性别多样性在缓解东亚共同体上市公司新兴市场中的作用。本研究的结果可能有助于管理者、投资者和监管机构评估机构所有权和女性参与公司董事会作为减轻不道德操纵收益的战略的作用。本研究的结果促使人们越来越关注性别不平等,特别是妇女在有偿劳动力和决策方面的边缘化。研究结果强调了公司董事会中有更多女性的重要性,因为这可能有助于减少公司欺诈。同样,研究结果强调了机构所有权作为公司治理工具的重要性。先前的研究报告了关于董事会性别多样性是否会缓解新兴市场的混合实证结果。据笔者所知,这是第一篇通过探索机构所有权是否会调节EAC上市公司董事会性别多样性与新兴市场之间的关系来填补现有空白的论文。
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Board gender diversity, institutional ownership and earnings management: evidence from East African community listed firms
Purpose The purpose of this study was to examine the moderating role of institutional ownership on the relationship between board gender diversity and earnings management (EM) among listed firms in East African Community (EAC) partner states. Design/methodology/approach The study used a sample of 71 firms listed in the EAC partner states over 2011–2020. Data were handpicked from the individual firm's audited annual financial reports. Based on the results of the Hausman test, the study used the results of the fixed-effect regression model to test the hypotheses. To test the robustness of the results, the study employed an alternative measure of EM and two additional econometric techniques, including the pooled ordinary least squares (OLS) and the system generalized method of moments (GMM). Findings The empirical findings revealed that female directors improve the board's effectiveness in monitoring managerial roles. Specifically, the results showed a significantly negative relationship between the proportion of women in the corporate board and EM (as measured by discretionary accruals (DAs)). The findings further revealed an inverse relationship between the proportion of institutional ownership and EM. Finally, the results further demonstrated that institutional ownership enhances the role of board gender diversity in mitigating EM among listed firms in the EAC. Practical implications The findings of this study may be useful to managers, investors and regulators in assessing the role of institutional ownership and women's participation on corporate boards as a strategy for alleviating unethical manipulation of earnings. Social implications The findings of this study contribute to the growing concern on gender inequality, especially the marginalization of women from the paid labor force and decision-making. The findings highlight the importance of having more women in the corporate board since this may help in mitigating corporate fraud. Similarly, the findings highlight the importance of institutional ownership as a corporate governance (CG) tool. Originality/value Previous studies have reported mixed empirical results on whether board gender diversity mitigates EM. To the best of the author's knowledge, this is the first paper to fill the existing gap by exploring whether institutional ownership moderates the relationship between board gender diversity and EM among listed firms in the EAC.
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CiteScore
5.80
自引率
13.00%
发文量
38
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