چکیده
مقدمه
مروری بر مطالعات پیشین
داده ها و روش
نتایج تجربی و بحث
نتیجه گیری و محدودیت ها
منابع
Abstract
Introduction
Literature review
Data and method
Empirical results and discussion
Conclusions and limitations
References
چکیده
این مقاله به بررسی رابطه بین مدیریت سود و عملکرد مالی شرکتها در کشورهای انگلیسی زبان آفریقایی جنوب صحرا در چارچوبی پویا میپردازد. این مطالعه نشان میدهد که چگونه این رابطه توسط معیارهای کیفیت حاکمیت شرکتی با افشای کلی و بهترین عملکرد تعدیل میشود. یافتهها نشان میدهد که اثرات عملکرد مدیریت سود حتی پس از کنترل درونزایی پویا، همزمانی و ناهمگونی ثابت زمان مشاهده نشده که در رابطه مدیریت سود و عملکرد ذاتی است، باقی میماند. مجدداً، نتایج از پیشبینی تئوری نمایندگی در مورد اثر نظارت کارآمد پایبندی به سیستمهای حاکمیت داخلی با بهترین شیوه در محدود کردن شیوههای مدیریت سود شرکتها و متعاقباً افزایش عملکرد شرکتها پشتیبانی میکند. علاوه بر این، یافتههای این مطالعه در رابطه با تأثیر مثبت مدیریت سود بر عملکرد، که انگیزههای کارآمدی را در پشت شیوههای مدیریت سود در آفریقا نشان میدهد، نشان میدهد که بافت آفریقا بهطور منحصربهفردی با سایر بازارهای نوظهور که انگیزههای فرصتطلبانه را گزارش میکنند متفاوت است. با توجه به نقش تعدیلکننده، مطالعه ما نشان میدهد که تأثیر مثبت مدیریت سود بر عملکرد مالی شرکتها در حضور کیفیت حاکمیت شرکتی قویتر است.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
This paper investigates the relationship between earnings management and financial performance of firms in Anglophone sub-Saharan African Countries in a dynamic framework. The study shows how this relationship is moderated by aggregate disclosure and best-practice corporate governance quality metrics. The findings indicate that earnings management's performance effects persist even after controlling for dynamic endogeneity, simultaneity, and unobserved time-invariant heterogeneity inherent in the earnings management and performance relationship. Again, the results support the prediction of agency theory regarding the efficient monitoring effect of adherence to best-practice internal governance systems in constraining firms' earnings management practices and subsequently enhancing firms' performance. Moreover, the study's findings regarding the positive effect of earnings management on performance, which suggests efficiency motives behind earnings management practices in Africa, demonstrate that the African context is uniquely different from other emerging markets that report opportunistic motives. Concerning the moderating role, our study reveals that the positive effect of earnings management on the financial performance of firms tends to be stronger in the presence of corporate governance quality.
Introduction
This paper undertakes a cross-country study on the relationship between earnings management (EM) and firm performance1 within Anglophone sub-Saharan African Countries (ASSAC) using a dynamic modelling approach. The present study is novel in several ways. It is the first multi cross-country study of the relationship between EM and firm performance using samples from ASSAC and a dynamic modelling approach for firms in ASSAC. Moreover, it is the first African crosscountry study to utilise aggregate corporate governance indices instead of separate corporate governance mechanisms used by other studies as moderating variables (Salah & Jarboui, 2021) in the EM–firm performance relationship. This study contributes to the literature in the following ways. First, the impact of EM on the current and future financial performance of firms in sub-Saharan Africa is scarcely studied in the literature. Second, the study finds a moderating role of firm corporate governance quality in the association between EM and firm performance.
Conclusions and limitations
The EM and CG literature primarily focuses on the performance impacts of firm-level specific and isolated governance characteristics. It does not pay sufficient attention to the importance of model enhancements with aggregate governance indices in the debate. Motivated by recent development in integrating aggregate CG indices with the traditional agency perspective in EM studies (Abbadi et al., 2016; Khan, Ghafar, & Nair, 2019), this study attempted to document the interactive role of CGQ in the EM – performance relationship by applying a dynamic estimation approach on the dataset from ASSAC.
Hypothesis 1. In the presence of corporate governance quality, earnings management has a highly significant association with the financial performance of firms in ASSAC.
Hypothesis 2. The relationship between earnings management and financial performance of firms in ASSAC is significantly moderated by corporate governance quality.