Revistas

URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4079

Esta subcomunidad reúne los artículos publicados en las revistas de ESAN: Journal of Economics, Finance and Administrative Science (JEFAS) y Giuristi: Revista de Derecho Corporativo. La búsqueda y acceso es a cada artículo en particular y se accede al texto completo mediante un enlace externo que redirige al archivo correspondiente en el portal de revistas de ESAN.

Examinar

Filtros

2013 - 201912020 - 20231

Ajustes

Tema: search.filters.subject.Gestión de beneficios

Resultados de la búsqueda

Mostrando 1 - 2 de 2
  • Miniatura
    ÍtemSolo Metadatos
    Institutional ownership, earnings management and earnings surprises: evidence from 39 years of U.S. data
    (Universidad ESAN. ESAN Ediciones, 2023-12-11) Davis, Justin G.; Garcıa-Cestona, Miguel
    Purpose: As the influence of institutional investors over managerial decision-making grows, so does the importance of understanding the effect of institutional investor ownership (IO) on firm outcomes. The authors take a comprehensive approach to studying the effect of IO on earnings management (EM). Design/methodology/approach: The authors study the relation between IO and EM using a sample of 59,503 listed U.S. firm-year observations from 1981–2019. The authors proxy EM with earnings surprises and with accrual-based and real activity measures. The authors test for nonlinear relations and analyze changes resulting from the passage of the Sarbanes–Oxley Act. Findings: The findings support a positive IO-EM relation overall, but show that the relation is dynamic and heavily context-dependent with evidence of nonlinearity. The authors also find evidence that IO positively affects accrual-based EM and real activities EM negatively. Originality/value: To the authors’ knowledge, this is the first study of the IO-EM relation to consider evidence of nonlinearity in the U.S. context, measuring changes to the relation over time, and with the use of several measures of EM.
  • Miniatura
    ÍtemSolo Metadatos
    Institutional investors, corporate governance, and earnings management around merger: Evidence from French absorbing firms
    (Universidad ESAN. ESAN Ediciones, 2013-12-30) Njah, Mouna; Jarboui, Anis
    This paper examines the association between institutional ownership and the earnings management beha-vior of some French absorbing firms. Using a sample of 76 French mergers and absorptions concluded over the period ranging from 2000 to 2010, we undertake to present some empirical evidence highlighting that absorbing-firms manipulate earnings relevant to the year preceding the merger-offer in the presence of institutional cross-holding. However, the presence of active institutions turns out to limit the managerial accruals discretion. The monitoring role exerted by the active-institutional investors does restrict the oppor-tunities of earnings management around mergers and acquisitions. Further analyses suggest that the average value of discretionary accruals with regards to the absorbing firms proves to be influenced by the nature of merger deal (takeover vs. restructuring).