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題名 盈餘管理是否會造成企業的現金持有增加? 來自資產販售的證據
Does earnings management increase Firms’ cash holdings? Evidence from sales of assets
作者 林芷賢
貢獻者 潘健民
林芷賢
關鍵詞 持有現金
日期 2017
上傳時間 11-Jul-2017 11:24:34 (UTC+8)
摘要 本研究欲探討日本企業是否會利用實質盈餘管理中的處分資產項目來影響其持有現金的維持。根據先前的研究文獻，發現日本企業有處分資產比率相當高的狀況，在本研究所蒐集的資料當中，也有高達8成的企業都有進行處分資產的交易情形，再加之日本的持有現金一向高於其他國家，因此認為兩者之間是否存在一定之關聯性。本研究透過正常處分資產以外的超額處分資產數對超額持有現金的迴歸分析，並控制各種固定效應與集群，發現日本企業所進行的處分資產，對超額持有現金有影響且相當顯著，充分展現兩者之間的關聯性，處分資產能達到調控持有現金並使之維持在某一水準的目的。此種情況在大多數的企業均適用，但本研究尚佐證兩種處分資產與持有現金較無關係的情況，分別為當處分資產量較少時與當該企業的政策較不傾向大量使用處分資產時。
參考文獻 Abarbanell, J., and R. Lehavy. 2003. Can Stock Recommendations Predict Earnings Management and Analysts’ Earnings Forecast Errors? Journal of Accounting Research 41 (1): 1-31.
Ang, J., and A. Smedema. 2011. Financial Flexibility: Do Firms Prepare for Recession? Journal of Corporate Finance 17 (3): 774-787.
Aoyagi, C., and G. Ganelli. 2014. Unstash the Cash! Corporate Governance Reform in Japan. Working paper, International Monetary Fund.
Badertscher, B. 2011. Overvaluation and the Choice of Alternative Earnings Management Mechanisms. The Accounting Review 86 (5): 1491-1518.
Bartov, E. 1993. The Timing of Asset Sales and Earnings Manipulation. The Accounting Review 68 (4): 840-855.
Baskin, J. 1987. Corporate Liquidity in Games of Monopoly Power. The Review of Economics and Statistics 69 (2): 312-319.
Bates, T. W. 2005. Asset Sales, Investment Opportunities, and the Use of Proceeds. The Journal of Finance 60 (1): 105-135.
Bates, Thomas W., Kathleen M. Kahle and Rene M. Stulz. 2009. Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance 64 (5): 1985-2021.
Becht, M., J. Franks, J. Grant, and H. Wagner. 2015. The Returns to Hedge Fund Activism: An International Study. Working Paper, ECGI Working Paper Series in Finance.
Beneish, M. D., and M. E. Vargus. 2002. Insider Trading, Earnings Quality, and Accrual Mispricing. The Accounting Review 77 (4): 755-791.
Bens, D. A., V. Nagar, and M. H. F. Wong. 2002. Real Investment Implications of Employee Stock Option Exercises. Journal of Accounting Research 40 (2): 359–393.
Blanchard, O. J., F. Lopez-de-SiIanes, and A. Shleifet. 1994. What Do Firms Do with Cash Windfalls? Journal of Financial Economics 36 (3): 337-360.
Brown, J. R., and B. C. Petersen. 2011. Cash Holdings and R&D Smoothing. Journal of Corporate Finance 17 (3): 694-709.
Chapman, C. J., and T. J. Steenburgh. 2011. An Investigation of Earnings Management Through Marketing Actions. Management Science 57 (1): 72-92.
Cheng, Q., and T. D. Warfield. 2005. Equity Incentives and Earnings Management. The Accounting Review 80 (2): 441-476.
Cheng, S. 2008. Board Size and the Variability of Corporate Performance.  Journal of Financial Economics 87(1):157-176.
Cohen, D. A., A. Dey, and T. Z. Lys. 2008. Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes-Oxley Periods. The Accounting Review 83 (3): 757-787.
Cohen, D. A., and P. Zarowin. 2010. Accrual-Based and Real Earnings Management Activities around Seasoned Equity Offerings. Journal of Accounting and Economics 50 (1): 2-19.
Darrough, M. N., H. Pourjalali, and S. Saudagaran. 1998. Earnings Management in Japanese Companies. The International Journal of Accounting 33 (3): 313-334.
Dechow, P. M. 1994. Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals. Journal of Accounting and Economics 18 (1): 3-42.
Dechow, P. M., S.P. Kothari, and R. L. Watts. 1998. The Relation between Earnings and Cash Flows. Journal of Accounting and Economics 25 (2): 133-168.
Degeorge, F., J. Patel, and R. Zeckhauser. 1999. Earnings Management to Exceed Thresholds. The Journal of Business 72 (1): 1-33.
Denis, D. J. 2011. Financial Flexibility and Corporate Liquidity. Journal of Corporate Finance 17 (3): 667-674.
Denis, D. J., and V. Sibilkov. 2010. Financial Constraints, Investment, and the Value of Cash Holdings. The Review of Financial Studies 23 (1): 247-269.
Dittmar, A., J. Mahrt-Smith, and H. Servaes. 2003. International Corporate Governance and Corporate Cash Holdings. Journal of Financial and Quantitative Analysis 38 (1): 111-133.
Dutta, S., and F. Gigler. 2002. The Effect of Earnings Forecasts on Earnings Management. Journal of Accounting Research 40 (3): 631-655.
Ewert, R., and A. Wagenhofer. 2005. Economic Effects of Tightening Accounting Standards to Restrict Earnings Management. Accounting Review 80 (4): 1101-1124.
Fama, E. F., and J. D. MacBeth. 1973. Risk, Return, and Equilibrium: Empirical Tests. Journal of Political Economy 81 (3): 607-636.
Faulkender, M. 2002. Cash Holdings Among Small Businesses. Working paper, SSRN, University of Maryland - Robert H. Smith School of Business.
Foley, C. F., J. C. Hartzell, S. Titman, and G. Twite. 2007. Why Do Firms Hold So Much Cash? A Tax-Based Explanation. Journal of Financial Economics 86 (3): 579-607.
Frank, M. Z., and V. K. Goyal. 2003. Testing the Pecking Order Theory of Capital Structure. Journal of Financial Economics 67 (2): 217-248.
French, K., and J. Poterba. 1991. Investor Diversification and International Equity Markets. American Economic Review 81 (2): 222-226.
Goto, G. 2013. The Outline for the Companies Act Reform in Japan and Its Implications. Journal of Japanese Law 35: 13-38.
Gunny, K. 2010. The Relation Between Earnings Management Using Real Activities Manipulation and Future Performance: Evidence From Meeting Earnings Benchmarks. Contemporary Accounting Research 27 (3): 855-888.
Guo, J., P. Huang, Y. Zhang, and N. Zhou. 2015. Foreign Ownership and Real Earnings Management: Evidence from Japan. Journal of International Accounting Research 14 (2): 185-213.
Han, S., T. Kang, S. Salter, and Y. K. Yoo. 2010. A Cross-Country Study on the Effects of National Culture on Earnings Management. Journal of International Business Studies 41 (1): 123-141.
Han, S., and J. Qiu. 2007. Corporate Precautionary Cash Holdings. Journal of Corporate Finance 13 (1): 43-57.
Harford, J. 1999. Corporate Cash Reserves and Acquisitions. The Journal of Finance 54 (6): 1969-1997.
Healy, P. M., and J. M. Wahlen. 1999. A Review of the Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons 13 (4): 365-383.
Herrmann, D., T. Inoue, and W. B. Thomas. 2003. The Sale of Assets to Manage Earnings in Japan. Journal of Accounting Research 41 (1): 89-108.
Hoshi, T., A. Kashyap, and D. Scharfstein. 1991. Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups. The Quarterly Journal of Economics 106 (1): 33-60.
Jensen, M. C. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 76 (2): 323-329.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3 (4): 305-360.
Jones, J. 1991. Earnings Management during Import Relief Investigation. Journal of Accounting 29 (2): 193-228.
Kato, K., M. Li, and D. J. Skinner. 2016. Is Japan Really a ‘Buy’? The Corporate Governance, Cash Holdings and Economic Performance of Japanese Companies. Working paper, University of Chicago Booth School of Business.
Kesner, I. F. 1987. Directors` Stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies. Journal of management 13 (3): 499-508.
Keynes, J. M. 1937. The General Theory of Employment. The Quarterly Journal of Economics 51 (2): 209-223.
Kim, C. S., D. C. Mauer, and A. E. Sherman. 1998. The Determinants of Corporate Liquidity: Theory and Evidence. Journal of Financial and Quantitative Analysis 33 (3): 335-359.
Kusnadi, Y., and K.C. J. Wei. 2011. The Determinants of Corporate Cash Management Policies: Evidence from around the World. Journal of Corporate Finance 17 (3): 725-740.
Kwak, W., and H. Y. Lee. 2008. Income Smoothing Using Reserve Accounts By Japanese Companies. The Journal of Applied Business Research 24 (1): 43-54.
Lennox, C. S., and C. W. Park. 2006. The Informativeness of Earnings and Management’s Issuance of Earnings Forecasts. Journal of Accounting and Economics 42 (3): 439-458.
Leuz, C., D. Nanda, and P. D. Wysocki. 2003. Earnings Management and Investor Protection: An International Comparison. Journal of Financial Economics 69 (3): 505–527.
Li, L., and C. S. Kuo. 2017. CEO Equity Compensation and Earnings Management: The Role of Growth Opportunities. Finance Research Letters 20 (C): 289-295.
Mikkelson, W. H., and M. M. Partch. 2003. Do Persistent Large Cash Reserves Hinder Performance? The Journal of Financial and Quantitative Analysis 38 (2): 275-294.
Miller, M. H., and D. Orr. 1937. A Model of the Demand for Money by Firms. The Quarterly Journal of Economics 80 (3): 413-435.
Myers, S. C., and N. S. Majluf. 1974. Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have. Journal of Financial Economics 13 (2): 187-221.
Nakano, M., and P. Nguyen. 2012. Board Size and Corporate Risk Taking: Further Evidence from Japan. Corporate Governance: An International Review 20(4):369-387.
Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson. 1999. The Determinants and Implications of Corporate Cash Holdings. Journal of Financial Economics 52 (1): 3-46.
Ozkan, A., and N. Ozkan. 2004. Corporate Cash Holdings: An Empirical Investigation of UK Companies. Journal of Banking & Finance 28 (9): 2103-2134.
Pinkowitz, L., and R. Williamson. 2001. Bank Power and Cash Holdings: Evidence from Japan. Review of Financial Studies 14 (4): 1059-1082.
Pinkowitz, L., R. Stulz, and R. Williamson. 2006. Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross-country Analysis. Journal of Finance 61 (6): 2725-2751.
Poitras, G., T. Wilkins, and Y. S. Kwan. 2002. The Timing of Asset Sales: Evidence of Earnings Management? Journal of Business Finance & Accounting 29 (7-8): 903–934.
Rangan, S. 1998. Earnings Management and the Performance of Seasoned Equity Offerings. Journal of Financial Economics 50 (1-1): 101–122.
Ronen, J., J. Tzur, and V. Yaari. 2006. The Effect of Directors’ Equity Incentives on Earnings Management. Journal of Accounting and Public Policy 25 (4): 359-389.
Roychowdhury, S. 2006. Earnings Management through Real Activities Manipulation. Journal of Accounting and Economics 42 (3): 335-370.
Sawicki, J., and K. Shrestha. 2008. Insider Trading and Earnings Management. Journal of Business Finance & Accounting 35 (3-4): 331-346.
Sher, G. 2014. Cashing in for Growth: Corporate Cash Holdings as an Opportunity for Investment and Growth in Japan. Working paper, International Monetary Fund.
Shirato, K., and K. Nagata. 2012. Earnings Management through Classification Shifting under Japanese GAAP. Working paper, Tokyo Institute of Technology.
Shinada, N. 2012. Firms’ Cash Holdings and Performance: Evidence from Japanese corporate finance. RIETI Discussion Paper Series 12-E-031: 1-35.
Skinner, D. J., and R. G. Sloan. 2002. Earnings Surprises, Growth Expectations, and Stock Returns or Don`t Let an Earnings Torpedo Sink Your Portfolio. Review of Accounting Studies 7 (2): 289–312.
Subramaniam, V., T. T. Tang, H. Yue, and X. Zhou. 2011. Firm Structure and Corporate Cash Holdings. Journal of Corporate Finance 17 (3): 659-773.
Subramanyam, K. R. 1996. The Pricing of Discretionary Accruals. Journal of Accounting and Economics 22 (1-3): 249-281.
Takasu, Y., and M. Nakano. 2012. What Do Smoothed Earnings Tell Us About the Future? The Japanese Accounting Review 2 (1-32): 29-57.
Taylor, G. K., and R. Z. Xu. 2010. Consequences of Real Earnings Management on Subsequent Operating Performance. Research in Accounting Regulation 22 (2): 128-132.
Teoh, S., I. Welch, and T. J. Wong. 1998. Earnings Management and the Long-Run Market Performance of Initial Public Offerings. The Journal of Finance 53 (6): 1935–1974.
Tokuga, Y., and S. Tanaka. 2011. The Relationship between R&D Spending and the Earnings Management of Japanese Electronics Companies-A case of earnings management through real management activity. Working paper, Kyoto University Research Information Repository.
Wang, C. S., S. Tung, C. C. Lin, L. F. Wang, and C. H. Lai. 2010. Earnings Management Using Asset Sales: Interesting Issues for Further Study under Unique Institutional Settings. International Journal of Accounting & Information Management 18 (3): 237-251.
Yasuda, Y., S. Okuda, and M. Konishi. 2004. The Relationship Between Bank Risk and Earnings Management: Evidence from Japan. Review of Quantitative Finance and Accounting 22 (3): 233-248.
Zang, A. 2012. Evidence on the Trade-Off between Real Activities Manipulation and Accrual-Based Earnings Management. The Accounting Review 87 (2): 675-703.
描述 碩士
國立政治大學
會計學系
104353021
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104353021
資料類型 thesis
dc.contributor.advisor 潘健民zh_TW
dc.contributor.author (Authors) 林芷賢zh_TW
dc.creator (作者) 林芷賢zh_TW
dc.date (日期) 2017en_US
dc.date.accessioned 11-Jul-2017 11:24:34 (UTC+8)-
dc.date.available 11-Jul-2017 11:24:34 (UTC+8)-
dc.date.issued (上傳時間) 11-Jul-2017 11:24:34 (UTC+8)-
dc.identifier (Other Identifiers) G0104353021en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/110774-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 104353021zh_TW
dc.description.abstract (摘要) 本研究欲探討日本企業是否會利用實質盈餘管理中的處分資產項目來影響其持有現金的維持。根據先前的研究文獻，發現日本企業有處分資產比率相當高的狀況，在本研究所蒐集的資料當中，也有高達8成的企業都有進行處分資產的交易情形，再加之日本的持有現金一向高於其他國家，因此認為兩者之間是否存在一定之關聯性。本研究透過正常處分資產以外的超額處分資產數對超額持有現金的迴歸分析，並控制各種固定效應與集群，發現日本企業所進行的處分資產，對超額持有現金有影響且相當顯著，充分展現兩者之間的關聯性，處分資產能達到調控持有現金並使之維持在某一水準的目的。此種情況在大多數的企業均適用，但本研究尚佐證兩種處分資產與持有現金較無關係的情況，分別為當處分資產量較少時與當該企業的政策較不傾向大量使用處分資產時。zh_TW
dc.description.tableofcontents 壹、 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
貳、 文獻探討與研究假說 5
第一節 持有現金相關之研究與影響因素 5
第二節 盈餘管理的假說與發展 20
第三節 日本之盈餘管理發展背景 31
第四節 日本盈餘管理與持有現金之關聯性 36
參、 研究方法 37
第一節 資料來源與樣本選取 37
第二節 變數定義與研究模型 40
第三節 資料分析方法 46
肆、 實證結果與分析 48
第一節 敘述性統計 48
第二節 相關係數分析 51
第三節 超額盈餘管理數與持有現金之實證結果 55
第四節 追加分析 59
伍、 結論與建議 72
參考文獻 74		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104353021en_US
dc.subject (關鍵詞) 持有現金zh_TW
dc.title (題名) 盈餘管理是否會造成企業的現金持有增加? 來自資產販售的證據zh_TW
dc.title (題名) Does earnings management increase Firms’ cash holdings? Evidence from sales of assetsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abarbanell, J., and R. Lehavy. 2003. Can Stock Recommendations Predict Earnings Management and Analysts’ Earnings Forecast Errors? Journal of Accounting Research 41 (1): 1-31.
Ang, J., and A. Smedema. 2011. Financial Flexibility: Do Firms Prepare for Recession? Journal of Corporate Finance 17 (3): 774-787.
Aoyagi, C., and G. Ganelli. 2014. Unstash the Cash! Corporate Governance Reform in Japan. Working paper, International Monetary Fund.
Badertscher, B. 2011. Overvaluation and the Choice of Alternative Earnings Management Mechanisms. The Accounting Review 86 (5): 1491-1518.
Bartov, E. 1993. The Timing of Asset Sales and Earnings Manipulation. The Accounting Review 68 (4): 840-855.
Baskin, J. 1987. Corporate Liquidity in Games of Monopoly Power. The Review of Economics and Statistics 69 (2): 312-319.
Bates, T. W. 2005. Asset Sales, Investment Opportunities, and the Use of Proceeds. The Journal of Finance 60 (1): 105-135.
Bates, Thomas W., Kathleen M. Kahle and Rene M. Stulz. 2009. Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance 64 (5): 1985-2021.
Becht, M., J. Franks, J. Grant, and H. Wagner. 2015. The Returns to Hedge Fund Activism: An International Study. Working Paper, ECGI Working Paper Series in Finance.
Beneish, M. D., and M. E. Vargus. 2002. Insider Trading, Earnings Quality, and Accrual Mispricing. The Accounting Review 77 (4): 755-791.
Bens, D. A., V. Nagar, and M. H. F. Wong. 2002. Real Investment Implications of Employee Stock Option Exercises. Journal of Accounting Research 40 (2): 359–393.
Blanchard, O. J., F. Lopez-de-SiIanes, and A. Shleifet. 1994. What Do Firms Do with Cash Windfalls? Journal of Financial Economics 36 (3): 337-360.
Brown, J. R., and B. C. Petersen. 2011. Cash Holdings and R&D Smoothing. Journal of Corporate Finance 17 (3): 694-709.
Chapman, C. J., and T. J. Steenburgh. 2011. An Investigation of Earnings Management Through Marketing Actions. Management Science 57 (1): 72-92.
Cheng, Q., and T. D. Warfield. 2005. Equity Incentives and Earnings Management. The Accounting Review 80 (2): 441-476.
Cheng, S. 2008. Board Size and the Variability of Corporate Performance.  Journal of Financial Economics 87(1):157-176.
Cohen, D. A., A. Dey, and T. Z. Lys. 2008. Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes-Oxley Periods. The Accounting Review 83 (3): 757-787.
Cohen, D. A., and P. Zarowin. 2010. Accrual-Based and Real Earnings Management Activities around Seasoned Equity Offerings. Journal of Accounting and Economics 50 (1): 2-19.
Darrough, M. N., H. Pourjalali, and S. Saudagaran. 1998. Earnings Management in Japanese Companies. The International Journal of Accounting 33 (3): 313-334.
Dechow, P. M. 1994. Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals. Journal of Accounting and Economics 18 (1): 3-42.
Dechow, P. M., S.P. Kothari, and R. L. Watts. 1998. The Relation between Earnings and Cash Flows. Journal of Accounting and Economics 25 (2): 133-168.
Degeorge, F., J. Patel, and R. Zeckhauser. 1999. Earnings Management to Exceed Thresholds. The Journal of Business 72 (1): 1-33.
Denis, D. J. 2011. Financial Flexibility and Corporate Liquidity. Journal of Corporate Finance 17 (3): 667-674.
Denis, D. J., and V. Sibilkov. 2010. Financial Constraints, Investment, and the Value of Cash Holdings. The Review of Financial Studies 23 (1): 247-269.
Dittmar, A., J. Mahrt-Smith, and H. Servaes. 2003. International Corporate Governance and Corporate Cash Holdings. Journal of Financial and Quantitative Analysis 38 (1): 111-133.
Dutta, S., and F. Gigler. 2002. The Effect of Earnings Forecasts on Earnings Management. Journal of Accounting Research 40 (3): 631-655.
Ewert, R., and A. Wagenhofer. 2005. Economic Effects of Tightening Accounting Standards to Restrict Earnings Management. Accounting Review 80 (4): 1101-1124.
Fama, E. F., and J. D. MacBeth. 1973. Risk, Return, and Equilibrium: Empirical Tests. Journal of Political Economy 81 (3): 607-636.
Faulkender, M. 2002. Cash Holdings Among Small Businesses. Working paper, SSRN, University of Maryland - Robert H. Smith School of Business.
Foley, C. F., J. C. Hartzell, S. Titman, and G. Twite. 2007. Why Do Firms Hold So Much Cash? A Tax-Based Explanation. Journal of Financial Economics 86 (3): 579-607.
Frank, M. Z., and V. K. Goyal. 2003. Testing the Pecking Order Theory of Capital Structure. Journal of Financial Economics 67 (2): 217-248.
French, K., and J. Poterba. 1991. Investor Diversification and International Equity Markets. American Economic Review 81 (2): 222-226.
Goto, G. 2013. The Outline for the Companies Act Reform in Japan and Its Implications. Journal of Japanese Law 35: 13-38.
Gunny, K. 2010. The Relation Between Earnings Management Using Real Activities Manipulation and Future Performance: Evidence From Meeting Earnings Benchmarks. Contemporary Accounting Research 27 (3): 855-888.
Guo, J., P. Huang, Y. Zhang, and N. Zhou. 2015. Foreign Ownership and Real Earnings Management: Evidence from Japan. Journal of International Accounting Research 14 (2): 185-213.
Han, S., T. Kang, S. Salter, and Y. K. Yoo. 2010. A Cross-Country Study on the Effects of National Culture on Earnings Management. Journal of International Business Studies 41 (1): 123-141.
Han, S., and J. Qiu. 2007. Corporate Precautionary Cash Holdings. Journal of Corporate Finance 13 (1): 43-57.
Harford, J. 1999. Corporate Cash Reserves and Acquisitions. The Journal of Finance 54 (6): 1969-1997.
Healy, P. M., and J. M. Wahlen. 1999. A Review of the Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons 13 (4): 365-383.
Herrmann, D., T. Inoue, and W. B. Thomas. 2003. The Sale of Assets to Manage Earnings in Japan. Journal of Accounting Research 41 (1): 89-108.
Hoshi, T., A. Kashyap, and D. Scharfstein. 1991. Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups. The Quarterly Journal of Economics 106 (1): 33-60.
Jensen, M. C. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 76 (2): 323-329.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3 (4): 305-360.
Jones, J. 1991. Earnings Management during Import Relief Investigation. Journal of Accounting 29 (2): 193-228.
Kato, K., M. Li, and D. J. Skinner. 2016. Is Japan Really a ‘Buy’? The Corporate Governance, Cash Holdings and Economic Performance of Japanese Companies. Working paper, University of Chicago Booth School of Business.
Kesner, I. F. 1987. Directors` Stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies. Journal of management 13 (3): 499-508.
Keynes, J. M. 1937. The General Theory of Employment. The Quarterly Journal of Economics 51 (2): 209-223.
Kim, C. S., D. C. Mauer, and A. E. Sherman. 1998. The Determinants of Corporate Liquidity: Theory and Evidence. Journal of Financial and Quantitative Analysis 33 (3): 335-359.
Kusnadi, Y., and K.C. J. Wei. 2011. The Determinants of Corporate Cash Management Policies: Evidence from around the World. Journal of Corporate Finance 17 (3): 725-740.
Kwak, W., and H. Y. Lee. 2008. Income Smoothing Using Reserve Accounts By Japanese Companies. The Journal of Applied Business Research 24 (1): 43-54.
Lennox, C. S., and C. W. Park. 2006. The Informativeness of Earnings and Management’s Issuance of Earnings Forecasts. Journal of Accounting and Economics 42 (3): 439-458.
Leuz, C., D. Nanda, and P. D. Wysocki. 2003. Earnings Management and Investor Protection: An International Comparison. Journal of Financial Economics 69 (3): 505–527.
Li, L., and C. S. Kuo. 2017. CEO Equity Compensation and Earnings Management: The Role of Growth Opportunities. Finance Research Letters 20 (C): 289-295.
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