Does the Analyst Coverage at the Industry Level Impact Earnings Management?
- 주제(키워드) Earnings management , Industry-level analyst coverage , firm-level analyst coverage
- 발행기관 서강대학교 일반대학원
- 지도교수 변상혁
- 발행년도 2018
- 학위수여년월 2018. 2
- 학위명 석사
- 학과 및 전공 일반대학원 경영학과
- 실제URI http://www.dcollection.net/handler/sogang/000000062910
- 본문언어 영어
- 저작권 서강대학교 논문은 저작권보호를 받습니다.
초록/요약
This paper examines whether sell-side analyst coverage at the industry level impacts earnings management behavior. My findings suggest that 1) when firms are within an industry with higher level of analyst coverage, they manage earnings upward more but downward less, and that 2) when firms receive less analyst coverage at the firm level, the effect of analyst coverage at the industry level on upward earnings management is stronger. This study extends previous research that shows higher level of analyst coverage at the firm level reduces earnings management (Yu 2008) by providing evidence that contrast to the effect of firm-level analyst coverage on individual firms' earnings manipulation, pressure effect of analyst coverage at the industry level on earnings management could be stronger than monitoring effect, leading to more earnings manipulation.
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