Earnings Management and Investor's Stock Return

被引：15

作者：

Wu, Shih-Wei ^{[1
]}

Lin, Fengyi ^{[1
]}

Fang, Wenchang ^{[2
]}

机构：

[1] Natl Taipei Univ Technol, Coll Management, Dept Business Management, Taipei, Taiwan

[2] Natl Taipei Univ, Coll Business, Dept Business Adm, Taipei, Taiwan

来源：

EMERGING MARKETS FINANCE AND TRADE | 2012年 / 48卷

关键词：

earnings management; investors' stock returns; manipulation; window dressing; PERFORMANCE; QUALITY; INVESTMENT;

D O I：

10.2753/REE1540-496X4805S308

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study investigates the effect of window dressing by Taiwanese firms on investors' stock returns. The second digit of the earnings reported as earnings before interest and tax, earnings after interest and tax, or earnings per share is found to occasionally serve as the reference point. In addition, the manipulation of earnings management shows a negative relationship between earnings management and investor stock returns. Such findings have important implications for investing decisions made by Taiwanese stockholders, who traditionally have concerns about the quality of a firm's financial statements.

引用

页码：129 / 140

页数：12

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