文章基本信息

标题：Earnings Manipulation and Adjustment Speed towards an Optimal Leverage
本地全文：下载
作者：Abbas Aflatooni ; Mahdi Khazaei ; Zahra Nikbakht 等
期刊名称：Advances in Mathematical Finance and Applications
印刷版ISSN：2538-5569
电子版ISSN：2645-4610
出版年度：2021
卷号：6
期号：3
页码：1-21
DOI：10.22034/amfa.2020.1912619.1500
语种：English
出版社：Islamic Azad University of Arak
摘要：This study examines whether the firms’ leverage adjustment speed is influenced by real and accrual-based earnings manipulation over the period 2006-2019. We find evidence suggesting that the leverage adjustment speed in firms with a higher level of real and accrual-based earnings manipulation is slower than that of other firms. Specifically, we show that under-levered (over-levered) firms with a higher level of earnings manipulation tend to adjust their actual leverage toward an optimal level, faster (slower) than that of other firms. These results are robust to different metrics for real and accrual-based earnings management, an alternative set of leverage determinants, alternative sample periods, and various estimation methods.