恰当的洗浴时机:盈余管理中的资产减值确认

IF 1.3 Q3 MANAGEMENT Central European Management Journal Pub Date : 2023-05-04 DOI:10.1108/cemj-12-2021-0156
Paweł Mielcarz, Dmytro Osiichuk, Inna Tselinko
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引用次数: 0

摘要

目的本文调查了国际多元化上市公司的资产减值确认模式,以寻找“大浴池”盈余管理实践的迹象。它还阐明了这种做法背后可能存在的激励因素,并探讨了现有公司治理机制中可能存在的保障措施。设计/方法论/方法本文将静态面板和二元logit模型应用于2003年至2018年间观察到的1045家上市公司的国际公司级面板数据集。结果表明,资产减值的确认对收益波动性没有确定的影响。在调查“大浴池”盈余管理实践的可能性时,作者发现,在支付绩效薪酬的公司中,资产减值确认对高管薪酬总额没有影响。公司治理的质量似乎影响了公司确认资产减值的跨期倾向,而那些拥有更稳固和管理层控制的董事会的公司更有可能通过在异常好和异常坏的年份推迟减值确认来确定减值时间。虽然通常不太可能,但在经营业绩为负的时期确认资产减值与关键高管离职密切相关。原创性/价值本文证实了公司治理机制在形成资产减值确认跨期模式方面的突出作用。应对这一现象采取可能的补救措施。
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The right time for a big bath: asset impairment recognition in earnings management
PurposeThe article investigates the patterns of asset impairment recognition in search of signs of “big bath” earnings management practices across an internationally diversified sample of public companies. It also elucidates the incentives that may underlie such practices and explores possible safeguards embedded in the existing corporate governance mechanisms.Design/methodology/approachThe article applied static panel and binary logit models to an international firm-level panel dataset of 1045 public companies observed between 2003 and 2018.FindingsOur empirical results suggest that recognition of asset impairment has no determinate impact on earnings volatility. Investigating the possibility of “big bath” earnings management practices, the authors found no impact of asset impairment recognition on total senior executive compensation in firms, which pay performance-based remuneration. The quality of corporate governance has appeared to impact the firms’ intertemporal proclivity to recognize asset impairment with those having the more entrenched and management-controlled boards being more likely to time impairment recognition by delaying it during exceptionally good and exceptionally bad years. While generally unlikely, recognition of asset impairment in a period with a recorded negative operating performance is found to be closely associated with key executive departures.Originality/valueThe article corroborates the salient role of corporate governance mechanisms in shaping the intertemporal patterns of asset impairment recognition. The possible remedies to the phenomenon should be derived therefrom.
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来源期刊
CiteScore
2.20
自引率
11.10%
发文量
21
审稿时长
24 weeks
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