دانلود مقاله معاملات اشخاص وابسته و مدیریت سود
چکیده
مقدمه
چارچوب نظری، مرور مطالعات پیشین و توسعه فرضیه ها
داده ها و روش ها
نتایج
نتیجه گیری
منابع
Abstract
Introduction
Theoretical Framework, Literature Review and Hypotheses Development
Data and Methods
Results
Conclusions
References
چکیده
هدف این مقاله بررسی تأثیر عملکرد ESG بر ارتباط احتمالی بین معاملات اشخاص مرتبط (RPT) و انواع مختلف مدیریت سود (EM) است. ما نمونه‌ای از شرکت‌های ایتالیایی فهرست‌شده غیرمالی را در دوره 2014-2019 مطالعه می‌کنیم و اثرات ثابت بخش عملیات شرکت و سال را کنترل می‌کنیم. ما تأثیر امتیازهای عملکرد محیطی، اجتماعی و حکمرانی (ESG) را بر ارتباط بین معاملات اشخاص مرتبط و مدیریت سود واقعی (REM)، و همچنین مدیریت سود مبتنی بر تعهدی (AEM) بررسی می‌کنیم. ما شواهدی ارائه می‌کنیم که نشان می‌دهد شرکت‌ها ممکن است از RPT در ارتباط با AEM نزولی یا به عنوان جایگزینی برای REM استفاده کنند که توسط پیش‌بینی‌های فروش و کاهش هزینه‌های اختیاری، و همچنین یک شکل مستقل از دستکاری درآمد انجام می‌شود. شواهد تجربی ما یک اثر تعدیل کننده قابل توجه عملکرد ESG بر مدیریت سود را نشان می دهد. به طور خاص، عملکرد اجتماعی و حکومتداری به طور قابل توجهی ارتباط بین RPT و AEM نزولی را تعدیل می کند. عملکرد محیطی استفاده احتمالی از RPTها را در ارتباط با REM مبتنی بر جریان نقدی تعدیل می کند. این اولین مطالعه ای است که تأثیر عملکرد ESG را بر ارتباط احتمالی بین معاملات اشخاص مرتبط و مدیریت سود تجزیه و تحلیل می کند.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
The purpose of this paper is to investigate the effect of ESG performance on the possible association between related party transactions (RPTs) and different types of earnings management (EM). We study a sample of Italian non-financial listed firms over the 2014–2019 period, controlling for the fixed effects of the company’s sector of operation and the year. We investigate the effect of Environmental, Social and Governance (ESG) performance scores on the association between related party transactions and real earnings management (REM), as well as accrual-based earnings management (AEM). We provide evidence that firms might use RPTs in association with downward AEM or as a substitute of REM perpetrated by sales anticipations and discretionary expenses reductions, as well as an autonomous form of earnings manipulation. Our empirical evidence shows a significant moderating effect of ESG performance on earnings management. In particular, social as well as governance performance significantly moderate the association between RPTs and downward AEM; environmental performance moderates the possible use of RPTs in association with cashflow-based REM. This is the first study that analyzes the effect of ESG performance on the possible association between related party transactions and earnings management. View Full-Text
Introduction
Literature points out that many financial scandals that have involved famous companies such as Enron, Adelphia, Worldcom, Subprime Mortgage in the USA, Bank of Credit and Commerce in UK, Parmalat and Cirio in Italy are related to earnings manipulations and fraudulent related party transactions [1,2].
Accounting scandals in large firms have raised concerns about the quality of financial information as well as the interest of scholars for its various aspects, among them earnings management (EM). Managers can practice accrual earnings management (AEM) by exploiting the characteristics of the accrual accounting system [3]. They can carry out real earnings management (REM), departing from normal business operations—accelerating sales, offering price discounts, reducing discretionary expenditure, delaying research and development and maintenance expenditures—in order to mislead stakeholders into thinking that financial results were produced by normal operational practices [4]. They can also boost earnings [5,6] by means of related party transactions (RPTs) between a group’s companies or use RPTs in order to obtain benefits or to direct profits to controlling shareholders [7].
Conclusions
This study investigates the relation between RPTs and different types of earnings management as well as the possible moderating effect of ESG performance, analyzing a sample of Italian non-financial listed firms for the period 2014–2019.
It contributes to the debate on RPTs and agency conflicts, providing evidence that firms might use RPTs in association with downward AEM, as a substitute for REM perpetrated by sales anticipations and discretionary expenses reductions, as well as an autonomous form of earnings manipulation. This research provides supporting information for the Stakeholder theory and legitimacy perspective as the empirical evidence shows a significant moderating effect of ESG performance on earnings alterations. In particular, social as well as governance performance significantly moderates the association between RPTs and downward AEM, whilst environmental performance moderates the possible use of RPTs in association with cash flow-based REM. These results have theoretical implications as they highlight, for the first time, the moderating role of ESG performance on how agency conflicts shape the association between RPTs and EM.
Hypothesis 1a (H1a). Abnormal related party transactions are associated to real earnings management
Hypothesis 1b (H1b). Abnormal related party transactions are associated to accrual earnings management
Hypothesis 2a (H2a). ESG performance moderates the relation between related party transactions and real earnings management
Hypothesis 2b (H2b). ESG performance moderates the relation between related party transactions and accrual earnings management