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

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dc.contributor.authorGonzález Sánchez, Mariano
dc.contributor.authorSegovia San Juan, Ana Isabel
dc.contributor.authorIbáñez Jiménez, Eva María
dc.date.accessioned2024-05-20T11:24:00Z
dc.date.available2024-05-20T11:24:00Z
dc.date.issued2023-04
dc.description.abstractEarnings 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.en
dc.description.versionversión publicada
dc.identifier.doihttps://doi.org/10.1016/j.heliyon.2023.e15171
dc.identifier.issn2405-8440 (online)
dc.identifier.urihttps://hdl.handle.net/20.500.14468/11895
dc.journal.issue4
dc.journal.titleHeliyon
dc.journal.volume9
dc.language.isoen
dc.publisherElsevier
dc.relation.centerFacultad de Ciencias Económicas y Empresariales
dc.relation.departmentEconomía de la Empresa y Contabilidad
dc.rightsAtribución-NoComercial-SinDerivadas 4.0 Internacional
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0
dc.subject.keywordsCorporate social responsibility
dc.subject.keywordsDiscretionary accruals
dc.subject.keywordsEarnings management
dc.subject.keywordsReal earnings manipulation
dc.subject.keywordsSeasoned equity offerings
dc.titleEarnings management in socially responsible firms around seasoned equity offerings: Evidence from France, Germany, Italy and Spaines
dc.typeartículoes
dc.typejournal articleen
dspace.entity.typePublication
relation.isAuthorOfPublication1801f9f2-5927-4817-a82f-3baa664d18e1
relation.isAuthorOfPublication99559728-2011-4a2f-a766-4641487e2152
relation.isAuthorOfPublication87e5c96e-59e3-4736-a6cf-2ea7e6d9fc86
relation.isAuthorOfPublication.latestForDiscovery1801f9f2-5927-4817-a82f-3baa664d18e1
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