Earnings management in socially responsible firms around seasoned equity offerings: Evidence from France, Germany, Italy and Spain

González-Sánchez, Mariano, Segovia San Juan, Ana I. y Ibáñez Jiménez, Eva M. . (2023) Earnings management in socially responsible firms around seasoned equity offerings: Evidence from France, Germany, Italy and Spain. Heliyon 9, (4), (2023), e15171

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Título Earnings management in socially responsible firms around seasoned equity offerings: Evidence from France, Germany, Italy and Spain
Autor(es) González-Sánchez, Mariano
Segovia San Juan, Ana I.
Ibáñez Jiménez, Eva M.
Materia(s) Economía
Empresa
Abstract Earnings manipulation (EM) has been a matter of interest to researchers for decades. How this is measured or the motivations of managers to engage in such actions have been studied in detail. Some studies find that managers have incentives to manipulate the earnings that accompany financing activities such as seasoned equity offerings (SEO). Under the corporate social responsibility (CSR) approach, profit manipulation actions have been shown to be mitigated in socially responsible companies. To the best of our knowledge, there are no studies that analyse whether CSR mitigate EM actions in a SEO context. Our work contributes to filling this gap. We investigate whether socially responsible companies exhibit EM in periods prior to SEO. This study uses a panel data model of listed non-financial firms from countries with the same currency and similar accounting rules (France, Germany, Italy and Spain) between 2012 and 2020. Our results show that in all the countries analysed, except Spain, there is a manipulation of operating cash flows in the year prior to capital increases, and only in French companies is there a decrease in the management of this variable in companies with higher development of corporate social responsibility.
Palabras clave Corporate social responsibility
Discretionary accruals
Earnings management
Real earnings manipulation
Seasoned equity offerings
Editor(es) Elsevier
Fecha 2023-04
Formato application/pdf
Identificador bibliuned:DptoEEC-FCEE-Articulos-Aisegovia-0002
http://e-spacio.uned.es/fez/view/bibliuned:DptoEEC-FCEE-Articulos-Aisegovia-0002
DOI - identifier https://doi.org/10.1016/j.heliyon.2023.e15171
ISSN - identifier 2405-8440 (online)
Nombre de la revista Heliyon
Número de Volumen 9
Número de Issue 4
Publicado en la Revista Heliyon 9, (4), (2023), e15171
Idioma eng
Versión de la publicación publishedVersion
Tipo de recurso Article
Derechos de acceso y licencia http://creativecommons.org/licenses/by-nc-nd/4.0
info:eu-repo/semantics/openAccess
Tipo de acceso Acceso abierto
Notas adicionales The registered version of this article, first published in Heliyon, is available online at the publisher's website: https://doi.org/10.1016/j.heliyon.2023.e15171
Notas adicionales La versión registrada de este artículo, publicado por primera vez en Heliyon, está disponible en línea en el sitio web del editor: https://doi.org/10.1016/j.heliyon.2023.e15171

 
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Creado: Fri, 19 Jan 2024, 02:52:31 CET