Real Earnings Management Uncertainty and Corporate Credit Risk

Tsung Kang Chen, Yijie Tseng, Yu Ting Hsieh

研究成果: Article同行評審

20 引文 斯高帕斯(Scopus)

摘要

Abstract: This study examines the accounting information uncertainty effects on corporate credit risk from the perspective of real earnings management (RM) activities by investigating 9565 American bond observations from year 2001 to 2008. The main results show that the volatilities of RM activities significantly and positively affect corporate bond yield spreads when well-known bond spread determinant variables are controlled. In addition, the results are robust to alternative model specifications, including the suspect firm analyses, another less ambiguous measure of abnormal cash flows from operations, and abnormal production cost analyses in manufacturing industry or with control of the input price variation. This research also finds that the positive effects of RM volatilities become weaker if a firm has a lower credit rating. Finally, our results remain hold with considering endogeneity issues and analyst characteristic variables and for another estimation period of RM volatilities.

原文English
頁(從 - 到)413-440
頁數28
期刊European Accounting Review
24
發行號3
DOIs
出版狀態Published - 2015 7月 3

All Science Journal Classification (ASJC) codes

  • 商業與國際管理
  • 會計
  • 商業、管理和會計(雜項)
  • 汽車工程
  • 歷史
  • 航空工程
  • 工程(雜項)
  • 經濟學、計量經濟學和金融學(雜項)

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