台风袭击、政治成本和收益管理

Jun Du, Xinhui Dai, Bo Yan
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摘要

本研究探讨了台风多发地区的企业如何应对台风袭击的政治成本。我们发现,这些企业在台风袭击后倾向于进行下调收益管理。各种稳健性检验支持我们的发现:横截面差异检验表明,在政府干预和政治领导人激励较高的城市,以及政治关系和知名度较高的公司,这种倾向非常明显。进一步的分析表明,台风袭击会加剧财政压力,从而加强收益管理。最后,本研究提供了对台风不利影响的精确评估,并补充了有关政治成本假说的现有文献。
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Typhoon strikes, political costs and earnings management
This study examines how firms in typhoon‐prone areas respond to the political costs of typhoon strikes. We found that such firms tend to engage in downward earnings management after a typhoon strike. Various robustness tests support our findings: cross‐sectional variation tests indicate that this tendency is strong in cities with high governmental intervention and incentives for political leaders and in firms with high political connections and visibility. Further analysis reveals that typhoon strikes enhance earnings management by intensifying fiscal pressure. Finally, this study provides a precise evaluation of the adverse effects of typhoons and complements the existing literature on the political cost hypothesis.
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