Comparison of the effects of earnings management on the financial cost between companies in developed and emerging European countries

González-Sánchez, Mariano, Segovia San Juan, Ana I. y Ibáñez Jiménez, Eva M. . (2023) Comparison of the effects of earnings management on the financial cost between companies in developed and emerging European countries. Journal of Corporate Accounting & Finance, 34 (3), (2023), pp. 197-212

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Título Comparison of the effects of earnings management on the financial cost between companies in developed and emerging European countries
Autor(es) González-Sánchez, Mariano
Segovia San Juan, Ana I.
Ibáñez Jiménez, Eva M.
Materia(s) Economía
Empresa
Abstract Empirical studies found that earnings management (EM) explains firms’ cost of capital both in companies in emerging and developed countries, but until now, it has not been analyzed whether the effect of EM on the financial cost is different among emerging countries inside or outside an economic area (Eurozone). Our results show that the cost of debt and the idiosyncratic component of the cost of equity are related to discretionary accruals and abnormal values of operating cash-flows, that the emerging country effect is more relevant on the cost of debt, that there is a Eurozone effect that makes discretionary accruals more relevant than abnormal values of operating cash-flow and that firms in emerging countries inside the Eurozone benefit from a lower EM penalty on the cost of debt than firms in other emerging European countries.
Palabras clave cost of debt
cost of equity
earnings management
idiosyncratic risk
systematic risk
Editor(es) Wiley Online Library
Fecha 2023-07
Formato application/pdf
Identificador bibliuned:DptoEEC-FCEE-Articulos-Aisegovia-0003
http://e-spacio.uned.es/fez/view/bibliuned:DptoEEC-FCEE-Articulos-Aisegovia-0003
DOI - identifier https://doi.org/10.1002/jcaf.22622
ISSN - identifier 1044-8136 - eISSN 1097-0053
Nombre de la revista Journal of Corporate Accounting & Finance
Número de Volumen 34
Número de Issue 3
Página inicial 197
Página final 212
Publicado en la Revista Journal of Corporate Accounting & Finance, 34 (3), (2023), pp. 197-212
Idioma eng
Versión de la publicación publishedVersion
Tipo de recurso Article
Derechos de acceso y licencia http://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
Tipo de acceso Acceso abierto
Notas adicionales The registered version of this article, first published in Journal of Corporate Accounting & Finance, is available online at the publisher's website: https://doi.org/10.1002/jcaf.22622
Notas adicionales La versión registrada de este artículo, publicado por primera vez en Journal of Corporate Accounting & Finance, está disponible en línea en el sitio web del editor: https://doi.org/10.1002/jcaf.22622

 
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Creado: Fri, 19 Jan 2024, 03:15:51 CET