2,814
Views
7
CrossRef citations to date
0
Altmetric
Research Article

Ownership structure and debt structure as determinants of discretionary accruals: An empirical study of Pakistan

, & ORCID Icon | (Reviewing Editor)
Article: 1439254 | Received 26 Oct 2017, Accepted 05 Feb 2018, Published online: 08 Mar 2018

References

  • Abdoli, M. R. (2011). Relation of nonexecutive directors and ownership concentration with discretionary accrual accounting. Australian Journal of Business and Management Research, 1(4), 93–101.
  • Aharony, J., Lee, C. W. J., & Wong, T. J. (2000). Financial packaging of IPO firms in China. Journal of Accounting Research, 38(1), 103–126.10.2307/2672924
  • Ahmed, A. S., Takeda, C., & Thomas, S. (1999). Bank loan loss provisions: a reexamination of capital management, earnings management and signaling effects. Journal of Accounting and Economics, 28(1), 1–25.
  • Ajide, F. M., & Aderemi, A. A. (2014). The effects of corporate social responsibility activity disclosure on corporate profitability: Empirical evidence from Nigerian commercial banks. IOSR Journal of Economics and Finance (IOSRJEF), 2(6), 17–25.
  • Al-Fayoumi, N., Abuzayed, B., & Alexander, D. (2010). Ownership structure and earnings management in emerging markets: The case of Jordan. International Research Journal of Finance and Economics, 38(1), 28–47.
  • Alves, H., Rodrigues, A. M., & Canadas, N. (2012). Factors influencing the different categories of voluntary disclosure in annual reports: An analysis for Iberian Peninsula listed companies. Tekhne, 10(1), 15–26.
  • Amihud, Y., & Lev, B. (1981). Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, 6(2), 605–617.10.2307/3003575
  • Amihud, Y., & Lev, B. (1999). Does corporate ownership structure affect its strategy towards diversification? Strategic Management Journal, 20(11), 1063–1069. doi:10.1002/(sici)1097-0266(199911)20:11<1063::aid-smj69>3.0.co;2-s.
  • Anandarajan, A., Hasan, I., & McCarthy, C. (2007). Use of loan loss provisions for capital, earnings management and signalling by Australian banks. Accounting & Finance, 47(3), 357–379.10.1111/acfi.2007.47.issue-3
  • Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3), 1301–1328.
  • Ashbaugh-Skaife, H., Collins, D. W., Kinney, Jr, W. R., & LaFond, R. (2008). The effect of SOX internal control deficiencies and their remediation on accrual quality. The Accounting Review, 83(1), 217–250.
  • Azhari, F. (2012). Analysis of factors influencing income smoothing on manufacturing companies of basic and chemical industry sector listed in Indonesia stock exchange (2004–2008).
  • Bartov, E., Givoly, D., & Hayn, C. (2002). The rewards to meeting or beating earnings expectations. Journal of Accounting and Economics, 33(2), 173–204.10.1016/S0165-4101(02)00045-9
  • Beasley, M. S., & Petroni, K. R. (2001). Board Independence and audit‐firm type. Auditing: A Journal of Practice & Theory, 20(1), 97–114.10.2308/aud.2001.20.1.97
  • Bedard, J., Chtourou, S. M., & Courteau, L. (2004). The effect of audit committee expertise, independence and activity on aggressive earnings management. Auditing: A Journal of Practice and Theory, 23(2), 55–79.
  • Bekiris, F. V., & Doukakis, L. C. (2011). Corporate governance and accruals earnings management. Managerial and Decision Economics, 32(7), 439–456.10.1002/mde.v32.7
  • Beneish, M. D. (2001). Earnings management: A perspective. Managerial Finance, 27(12), 3–17.10.1108/03074350110767411
  • Bennedsen, M., Pérez-González, F., & Wolfenzon, D. (2010). The governance of family firms. Corporate Governance: A Synthesis of Theory, Research, and Practice, 371–390.
  • Bergstresser, D., & Philippon, T. (2006). CEO incentives and earnings management. Journal of Financial Economics, 80(3), 511–529.10.1016/j.jfineco.2004.10.011
  • Bertrand, M., & Schoar, A. (2006). The role of family in family firms. Journal of Economic Perspectives, 20(2), 73–96.10.1257/jep.20.2.73
  • Burgstahler, D. C., Hail, L., & Leuz, C. (2006). The importance of reporting incentives: Earnings management in european private and public firms. The Accounting Review, 81(5), 983–1016.10.2308/accr.2006.81.5.983
  • Byun, H. Y., Hwang, L. S., & Lee, W. J. (2011). How does ownership concentration exacerbate information asymmetry among equity investors? Pacific-Basin Finance Journal, 19(5), 511–534.10.1016/j.pacfin.2011.06.002
  • Cahan, S. F. (1992). The effect of antitrust investigations on discretionary accruals: A refined test of the political-cost hypothesis. Accounting Review, 67(1), 77–95.
  • Cheffins, B. R. (1999). Current trends in corporate governance: Going from London to Milan via Toronto. Duke Journal of Comparative & International Law, 10, 5–24.
  • Chen, K. C., & Yuan, H. (2004). Earnings management and capital resource allocation: Evidence from China's accounting-based regulation of rights issues. The Accounting Review, 79(3), 645–665.
  • Chen, K. Y., Elder, R. J., & Hung, S. (2010). The investment opportunity set and earnings management: Evidence from the role of controlling shareholders. Corporate Governance: An International Review, 18(3), 193–211.10.1111/corg.2010.18.issue-3
  • Chen, K. Y., Lin, K. L., & Zhou, J. (2007). Audit quality and earnings management for Taiwan IPO firms. Managerial Auditing Journal, 20(1), 86–104.
  • Cheng, C. A., & Reitenga, A. (2000). Institutional investors and discretionary accruals. In 2nd AAA/BAA Globalization Conference. Cambridge.
  • Cheng, Q., & Warfield, T. D. (2005). Equity incentives and earnings management. The Accounting Review, 80(2), 441–476.10.2308/accr.2005.80.2.441
  • Cheng, Y. S., & Liu, Y. P. (2008). Does a change in debt structure matter in earnings management? The application of nonlinear panel threshold test. Economics Bulletin, 13(4), 1–10.
  • Chin, C. L., Chen, Y. J., & Hsieh, T. J. (2009). International diversification, ownership structure, legal origin, and earnings management: Evidence from Taiwan. Journal of Accounting, Auditing & Finance, 24(2), 233–262.10.1177/0148558X0902400205
  • Choi, J. H., Jeon, K. A., & Park, J. I. (2004). The role of audit committees in decreasing earnings management: Korean evidence. International Journal of Accounting, Auditing and Performance Evaluation, 1(1), 37–60.10.1504/IJAAPE.2004.004142
  • Christie, A. A., Joye, M. P., & Watts, R. L. (2003). Decentralization of the firm: Theory and evidence. Journal of Corporate Finance, 9(1), 3–36.10.1016/S0929-1199(01)00036-0
  • Chung, R., Firth, M., & Kim, J. B. (2005). Earnings management, surplus free cash flow, and external monitoring. Journal of Business Research, 58(6), 766–776.10.1016/j.jbusres.2003.12.002
  • Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1–2), 81–112.10.1016/S0304-405X(00)00067-2
  • Cohen, D., Darrough, M. N., Huang, R., & Zach, T. (2011). Warranty reserve: Contingent liability, information signal, or earnings management tool? The Accounting Review, 86(2), 569–604.10.2308/accr.00000021
  • Cornett, M. M., Marcus, A. J., & Tehranian, H. (2008). Corporate governance and pay-for-performance: The impact of earnings management. Journal of Financial Economics, 87(2), 357–373.10.1016/j.jfineco.2007.03.003
  • Das, S., Shroff, P. K., & Zhang, H. (2007). Quarterly earnings patterns and earnings management. SSRN, 982642, 1–49. doi:10.2139/ssrn.982642
  • Davidson, W. N., Chandy, P. R., & Cross, M. (1987). Large losses, risk management and stock returns in the airline industry. The Journal of Risk and Insurance, 54(1), 162–172.10.2307/252888
  • De Vries, K. (2012). The effect of investor protection on earnings management. Rotterdam: Erasmus University.
  • De Angelo, H., De Angelo, L., & Rice, E. (1986). Going private: The effects of a change in the ownership structure. The Revolution in Corporate Finance, Blackwell Publishing, Oxford, UK/New York, USA, 444–452.
  • Dechow, P. M., Hutton, A. P., Kim, J. H., & Sloan, R. G. (2012). Detecting earnings management: A new approach. Journal of Accounting Research, 50(2), 275–334.10.1111/joar.2012.50.issue-2
  • Dechow, P. M., & Skinner, D. J. (2000). Earnings management: Reconciling the views of accounting academics, practitioners, and regulators. Accounting Horizons, 14(2), 235–250.10.2308/acch.2000.14.2.235
  • Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting Review, 70(2), 193–225.
  • Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155–1177.10.1086/261354
  • Denis, D. J., Denis, D. K., & Sarin, A. (1997). Agency problems, equity ownership, and corporate diversification. Journal of Finance, 52(1), 135–160.
  • Denis, D. K., & McConnell, J. J. (2003). International corporate governance. The Journal of Financial and Quantitative Analysis, 38(1), 1–36.10.2307/4126762
  • Dhaliwal, D. A. N., Naiker, V. I. C., & Navissi, F. (2010). The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees. Contemporary Accounting Research, 27(3), 787–827.10.1111/j.1911-3846.2010.01027.x
  • Ding, Y., Zhang, H., & Zhang, J. (2007). Private vs state ownership and earnings management: Evidence from Chinese listed companies. Corporate Governance: An International Review, 15(2), 223–238.10.1111/corg.2007.15.issue-2
  • Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430–465.10.1016/j.jfineco.2007.02.007
  • Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–325. doi:10.1086/467037.
  • Fan, J. P., & Wong, T. J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33(3), 401–425.10.1016/S0165-4101(02)00047-2
  • Fasb, R. (1984). Measurements in financial statements of business enterprises. Exposure Draft, 1, 235–236.
  • Feldmann, D. A., & Schwarzkopf, D. L. (2003). The effect of institutional ownership on board and audit committee composition. Review of Accounting and Finance, 2(4), 87–109.10.1108/eb043393
  • Fields, L. P., Gupta, M., & Wilkins, M. S. (2012). Refinancing pressure and earnings management: Evidence from changes in short-term debt and discretionary accruals. SSRN, 2069076, 1–26. doi:10.2139/ssrn.2069076
  • Gaver, J. J., Gaver, K. M., & Austin, J. R. (1995). Additional evidence on bonus plans and income management. Journal of Accounting and Economics, 19(1), 3–28.10.1016/0165-4101(94)00358-C
  • Ghosh, A., Marra, A., & Moon, D. (2010). Corporate boards, audit committees, and earnings management: Pre- and post-SOX evidence. Journal of Business Finance & Accounting, 37(9–10), 1145–1176.10.1111/jbfa.2010.37.issue-9-10
  • Gomes, A. (2000). Going public without governance: Managerial reputation effects. The Journal of Finance, 55(2), 615–646.10.1111/0022-1082.00221
  • Goncharov, I. (2005). Earnings management and its determinants: Closing gaps in empirical accounting research. Frankfurt am Main: Peter Lang.
  • Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1–3), 3–73.10.1016/j.jacceco.2005.01.002
  • Gunny, K. A. (2005). What are the consequences of real earnings management?
  • Haider, J., Ali, A., & Sadiq, T. (2012). Earning management and dividend policy: Empirical evidence from Pakistani listed companies. European Journal of Business and Management, 4(1), 83–90.
  • Halioui, K., & Jerbi, A. (2012). The effect of blockholders on earnings management: The case of Tunisian listed firms. International Journal of Multidisciplinary Research, 2(2), 37–49.
  • Hansen, B. E. (1999). Threshold effects in non-dynamic panels: Estimation, testing, and inference. Journal of Econometrics, 93(2), 345–368.10.1016/S0304-4076(99)00025-1
  • Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7(1–3), 85–107.10.1016/0165-4101(85)90029-1
  • Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365–383.10.2308/acch.1999.13.4.365
  • Houmes, R. E., & Skantz, T. R. (2010). Highly valued equity and discretionary accruals. Journal of Business Finance & Accounting, 37(1–2), 60–92.10.1111/jbfa.2010.37.issue-1-2
  • Hribar, P., & Collins, D. W. (2002). Errors in estimating accruals: Implications for empirical research. Journal of Accounting research, 40(1), 105–134.
  • Hriber, P., Jenkins, N. T., & Johnson, W. B. (2006). Stock repurchases as an earnings management device. Journal of Accounting and Economics, 41(1), 3–27.
  • Ijiri, Y., & Jaedicke, R. K. (1966). Reliability and objectivity of accounting measurements. Accounting Review, 41(3), 474–483.
  • Javid, A. Y., & Iqbal, R. (2008). Ownership concentration, corporate governance and firm performance: Evidence from Pakistan. The Pakistan Development Review, 643–659.
  • Jelinek, K. (2007). The effect of leverage increases on earnings management. Journal of Business and Economics Studies, 13(2), 24–46.
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.10.1016/0304-405X(76)90026-X
  • Jensen, M. C., & Meckling, W. H. (1992). Specific and general knowledge and organizational structure. Journal of Applied Corporate Finance, 8(2), 1–33.
  • Johnson, R. A., & Greening, D. W. (1999). The effects of corporate governance and institutional ownership types on corporate social performance. Academy of Management Journal, 42(5), 564–576.10.2307/256977
  • Jones, J. J. (1991). The effects of foreign trade regulation on accounting choices. Journal of Accounting Research, 29(2), 193–228.10.2307/2491047
  • Kamran, K., & Shah, A. (2014). The impact of corporate governance and ownership structure on earnings management practices: Evidence from listed companies in Pakistan. The Lahore Journal of Economics, 19(2), 27–70.
  • Kasznik, R. (1999). On the association between voluntary disclosure and earnings management. Journal of Accounting Research, 37(1), 57–81.10.2307/2491396
  • Kellog, I., & Kellog, L. (1994). Fraud, window dressing, and negligence in financial statements. New York, NY: McGraw-Hill.
  • Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55(2), 867–891.10.1111/0022-1082.00229
  • Kim, H. J., & Yoon, S. S. (2008). The impact of corporate governance on earnings management in Korea. Malaysian Accounting Review, 7(1), 43–59.
  • Kirchmaier, T., & Grant, J. (2005). Corporate ownership structure and performance in Europe. European Management Review, 2(3), 231–245.10.1057/palgrave.emr.1500043
  • Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197.10.1016/j.jacceco.2004.11.002
  • Kurawa, J. M., & Saheed, A. (2014). Corporate governance and earnings management: An empirical analysis of firms in petroleum and petroleum products distribution in Nigerian. Research Journal of Accounting, 2(2), 10–14.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1999). The quality of government. Journal of Law, Economics, and Organization, 15(1), 222–279.10.1093/jleo/15.1.222
  • Latif, A. S., & Abdullah, F. (2015). The effectiveness of corporate governance in constraining earnings management in Pakistan. The Lahore Journal of Economics, 20(1), 135–155.
  • Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505–527.10.1016/S0304-405X(03)00121-1
  • Liu, Q., & Lu, Z. J. (2007). Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective. Journal of Corporate Finance, 13(5), 881–906.10.1016/j.jcorpfin.2007.07.003
  • Lskavyan, V., & Spatareanu, M. (2011). Shareholder protection, ownership concentration and FDI. Journal of Economics and Business, 63(1), 69–85.10.1016/j.jeconbus.2010.05.002
  • Mahoney, L., & Roberts, R. W. (2007, September). Corporate social performance, financial performance and institutional ownership in Canadian firms. Accounting Forum, 31(3), 233–253.10.1016/j.accfor.2007.05.001
  • Man, C., Hong, K., & Wong, B. (2013). Corporate governance and earnings management: A survey of literature. The Journal of Applied Business Research, 29(2), 391–418.
  • Mashayekhi, B., & Bazaz, M. S. (2008). Corporate governance and firm performance in Iran. Journal of Contemporary Accounting & Economics, 4(2), 156–172.10.1016/S1815-5669(10)70033-3
  • McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595–612.10.1016/0304-405X(90)90069-C
  • Mahmood, S., & Sharif, H. (2015). Institutional shareholders and their role in promotion of corporate governance in Pakistan.
  • McNichols, M., & Wilson, G. P. (1988). Evidence of earnings management from the provision for bad debts. Journal of Accounting Research, 26, 1–31.10.2307/2491176
  • McVay, S., Nagar, V., & Tang, V. W. (2006). Trading incentives to meet the analyst forecast. Review of Accounting Studies, 11(4), 575–598.10.1007/s11142-006-9017-9
  • Miller, D., Breton-Miller, L., Minichilli, A., Corbetta, G., & Pittino, D. (2014). When do non-family CEOs outperform in family firms? Agency and behavioural agency perspectives. Journal of Management Studies, 51(4), 547–572.
  • Miller, D., Breton-Miller, L., & Lester, R. H. (2010). Family ownership and acquisition behavior in publicly-traded companies. Strategic Management Journal, 31(2), 201–223.
  • Miller, D., Lee, J., Chang, S., & Le Breton-Miller, I. (2009). Filling the institutional void: The social behavior and performance of family vs non-family technology firms in emerging markets. Journal of International Business Studies, 40(5), 802–817.10.1057/jibs.2009.11
  • Mirza, N., Afzal, A., Rizvi, S. K. A., & Naqvi, B. (2013). Can current earnings predict future cash flows? A literature survey. Research Journal of Recent Sciences, 2(2), 2277–2502.
  • Mitra, S. (2002). The impact of institutional stock ownership on a firm’s earnings management practice: An empirical investigation (Doctoral dissertation). The University of New Hampshire.
  • Mohd, N., & Ahmed, K. (2005). Earnings management of distressed firms during debt renegotiations. Accounting and Business Research, 35(1), 69–86.
  • Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation. Journal of Financial Economics, 20, 293–315.10.1016/0304-405X(88)90048-7
  • Okolie, A. O. (2014). Accrual-based earnings management, corporate policies and managerial decisions of quoted companies in Nigeria. Research Journal of Finance and Accounting, 5(2), 1–14.
  • Othman, H., & Zeghal, D. (2006). A study of earnings management motives in the Anglo-American and Euro Continental accounting models: The Canadian and French cases. The International Journal of Accounting, 41(4), 406–435.10.1016/j.intacc.2006.09.004
  • Park, Y. W., & Shin, H. H. (2004). Board composition and earnings management in Canada. Journal of Corporate Finance, 10(3), 431–457.10.1016/S0929-1199(03)00025-7
  • Peasnell, K. V., Pope, P. F., & Young, S. (2000). Board monitoring and earnings management: Do outside director’s influence abnormal accruals? (Mimeo). Lancaster: Lancaster University.
  • Porta, R. L., Lopez-de-Silane, F., Shleifer, A., & Vishny, R. (1998). Agency problems and dividend policies around the world (No. w6594). National Bureau of Economic Research.
  • Prawitt, D. F., Smith, J. L., & Wood, D. A. (2009). Internal audit quality and earnings management. The Accounting Review, 84(4), 1255–1280.10.2308/accr.2009.84.4.1255
  • Qu, B. (2004). What determines corporate ownership concentration around the world? In Corporate Governance (pp. 221–246). Emerald Group Publishing Limited.
  • Rajgopal, S., Venkatachalam, M., & Jiambalvo, J. J. (1999). Is institutional ownership associated with earnings management and the extent to which stock prices reflect future earnings? Available at SSRN 163433.
  • Ramsay, I. M., & Blair, M. (1993). Ownership concentration, institutional investment and corporate governance: An empirical investigation of 100 Australian companies. Melbourne University Law Review, 19, 153.
  • Rao, N., & Dandale, S. (2008). Earnings management: A study of equity rights issues in India. ICFAI Journal of Applied Finance, 14, 20–34.
  • Rodríguez-Pérez, G., & van Hemmen, S. (2010). Debt, diversification and earnings management. Journal of Accounting and Public Policy, 29(2), 138–159.
  • Ronen, J., & Sadan, S. (1981). Smoothing income numbers: Objectives, means, and implications. Boston, MA: Addison-Wesley Publishing Company.
  • Ronen, J., & Yaari, V. (2008). Earnings management. US: Springer.
  • Roodposhti, F. R., & Chashmi, S. N. (2010). The effect of board composition and ownership concentration on earnings management: Evidence from Iran. World Academy of Science, Engineering and Technology, 66, 165–171.
  • Roodposhti, F. R., & Chashmi, S. A. N. (2011). The impact of corporate governance mechanisms on earnings management. African Journal of Business Management, 5(11), 4143–4151.
  • Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370.10.1016/j.jacceco.2006.01.002
  • Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249–259.10.1111/jfir.1982.5.issue-3
  • Ruan, W., Tian, G., & Ma, S. (2011). Managerial ownership, capital structure and firm value: Evidence from China's civilian-run firms. Australasian Accounting Business & Finance Journal, 5(3), 73.
  • Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91–102.
  • Shah, S. Z. A., Zafar, N., & Durrani, T. K. (2009). Board composition and earnings management an empirical evidence form Pakistani listed companies. Middle Eastern Finance and Economics, 3(29), 30–44.
  • Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783.10.1111/j.1540-6261.1997.tb04820.x
  • Siam, Y. I. S. A., Laili, N. H. B., & Khairi, K. F. B. (2011). Board of directors and earnings management among Jordanian listed companies: Proposing conceptual framework. International Journal of Technical Research and Applications, 2(3), 01–07.
  • Stolowy, H., & Breton, G. (2004). Accounts manipulation: A literature review and proposed conceptual framework. Review of Accounting and Finance, 3(1), 5–92.10.1108/eb043395
  • Stulz, R. (1988). Managerial control of voting rights. Journal of Financial Economics, 20, 25–54.10.1016/0304-405X(88)90039-6
  • Sweeney, A. P. (1994). Debt-covenant violations and managers’ accounting responses. Journal of Accounting and Economics, 17(3), 281–308.
  • Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the long-run market performance of initial public offerings. The Journal of Finance, 53(6), 1935–1974.10.1111/0022-1082.00079
  • Teoh, S. H., & Wong, T. J. (1993). Perceived auditor quality and the earnings response coefficient. Accounting Review, 68(2), 346–366.
  • Toor, I. W., & Abbas, Z. (2010). Can high leverage control the opportunistic behavior of managers: Case Analysis of textile sector of Pakistan. International Research Journal of Finance and Economics, ISSN, 47, 140–2887.
  • Usman, S. H., & Yero, J. I. (2012). Ownership concentration and earnings management practice of Nigerian listed conglomerates. American International Journal of Contemporary Research, 2(7), 157–171.
  • Valipour, H., & Moradbeygi, M. (2011). Corporate debt financing and earnings quality. Journal of Applied Finance & Banking, 1(3), 139–157.
  • Volpin, P. F. (2002). Governance with poor investor protection: Evidence from top executive turnover in Italy. Journal of Financial Economics, 64(1), 61–90.10.1016/S0304-405X(02)00071-5
  • Wang, H. D., & Lin, C. J. (2013). Debt Financing and Earnings Management: An Internal Capital Market Perspective. Journal of Business Finance & Accounting, 40(7–8), 842–868.
  • Warfield, T. D., Wild, J. J., & Wild, K. L. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics, 20(1), 61–91.10.1016/0165-4101(94)00393-J
  • Watts, R. L., & Zimmerman, J. L. (1986). Positive accounting theory.
  • Wroblewski, D., Jarne, J. I., & Callao, S. (2014). The development of earnings management research: A review of literature from three different perspectives. Zeszyty Teoretyczne Rachunkowosci, 79, 135–177.
  • Xuefeng Jiang, J., Petroni, K. R., & Yanyan Wang, I. Y. (2010). CFOs and CEOs: Who have the most influence on earnings management? Journal of Financial Economics, 96(3), 513–526.10.1016/j.jfineco.2010.02.007
  • Zang, A. Y. (2011). Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review, 87(2), 675–703.