Investor sentiment and corporate earnings management

被引：0

作者：

Lu, Guangxi ^{[1
]}

Ruan, Fuyi ^{[2
]}

Zhou, Mengdi ^{[3
]}

机构：

[1] Guizhou Univ Finance & Econ, Sch Appl Econ, Guiyang 550025, Guizhou, Peoples R China

[2] Chinese Acad Fiscal Sci, Beijing 100142, Peoples R China

[3] Zhongnan Univ Econ & Law, Sch Finance & Taxat, Wuhan 430073, Hubei, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2025年 / 83卷

关键词：

Investor sentiment; Earnings management; Institutional investors' shareholdings;

D O I：

10.1016/j.frl.2025.107692

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Utilizing data from Chinese A-share listed companies from 2005 to 2021, this paper examines how investor sentiment affects corporate earnings management and the moderating role of institutional investors. The results reveal that investor sentiment, whether heightened or subdued, significantly influences corporate earnings management in a positive manner. Institutional investors amplify this effect during high sentiment periods but mitigate it when sentiment is low. Further analysis reveals ownership-based differences in how firms respond to sentiment. The findings offer new insights into the interaction between investor sentiment, institutional holdings, and earnings management behavior.

引用

页数：9

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