英文摘要 |
This study examines the relationships among real earnings management, misvaluation, and board characteristics. We use the M/B decomposition model to estimate misvaluation following the models of Rhodes-Kropf et al. (2005) and Chi and Gupta (2009). The results show that the prior period's misvaluation is associated with higher levels of real earnings management. Surprisingly, we find no evidence that board characteristics can constrain real earnings management. However, we find some evidence that board characteristics could mitigate the relationship between the prior period's misvaluation and real earnings management. |