真实收益平滑与崩溃风险:来自日本的证据

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2021-11-16 DOI:10.1111/jifm.12143
Wenjun Kuang
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引用次数: 7

摘要

本文重点研究了日本实际收益平滑与未来一年公司特定崩溃风险之间的关系,并研究了金融机构所有权和J-SOX的实施对上述关系的影响。具体而言,我假设乱码真实收益平滑与股价崩溃风险正相关,而信息真实收益平滑与股价崩溃风险负相关。我的研究结果表明,由于管理层隐瞒了有关公司前景的坏消息,当混乱的实际收益平滑增加时,崩溃风险就会增加。然而,信息性真实盈余平滑与崩溃风险之间没有显著的关系。进一步发现,伪真实收益平滑与崩溃风险之间的关系受到稳定机构投资者的有效外部监控和J-SOX的实施的约束。进一步的证据表明,对于坏消息,失真的实际盈余平滑和不对称时效性之间存在显著的负相关关系。这些结果表明,管理者通过实际盈余平滑的乱码成分来隐瞒负面的私人信息,导致公司股价的下行风险增加。总体而言,本研究考察了实际盈余平滑在日本企业管理者负信息传递中的作用。
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Real earnings smoothing and crash risk: Evidence from Japan

I focus on the relationship between real earnings smoothing and one-year-ahead firm-specific crash risk in Japan and investigate the effect of financial institutional ownership and the implementation of J-SOX on the above relationship. Specifically, I hypothesize that the garbling real earnings smoothing is positively associated with stock price crash risk, and the informative real earnings smoothing is negatively associated with stock price crash risk. My results show that the crash risk increases as the garbling real earnings smoothing increases due to the managerial concealment of bad news about firms’ prospects. However, there is no significant relationship between the informative real earnings smoothing and crash risk. I further find that the relation between garbling real earnings smoothing and crash risk is constrained by effective external monitoring by stable institutional investors and the implementation of J-SOX. Further evidence indicates that there is a significant and negative relationship between the garbling real earnings smoothing and asymmetric timeliness with respect to bad news. These results suggest that managers undertake the garbling component of real earnings smoothing to withhold the negative private information, resulting in the increase of downside risk of firms’ stock price. Overall, this study investigates the role of real earnings smoothing in the negative information transmission by managers in Japanese firms.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
期刊最新文献
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