學術產出-Theses
Article View/Open
Publication Export
-
題名 經理人能力與現金增資期間之實質盈餘管理
Managerial ability and real earnings management around SEOs作者 鄭彥成
Cheng, Yen-Cheng貢獻者 翁嘉祥
Weng, Chia-Hsiang
鄭彥成
Cheng, Yen-Cheng關鍵詞 經理人能力
現金增資
實質盈餘管理
Managerial ability
Seasoned equity offerings
Real earnings management日期 2022 上傳時間 1-Aug-2022 17:06:06 (UTC+8) 摘要 實質盈餘管理係企業於實際營運活動期間，以改變交易時點與金額方式操縱盈餘之偏離正常營運行為。當企業必須透過現金增資籌集資金時，可能會藉由實質盈餘管理以美化財務與經營表現。然而當經理人能力愈高時，是否仍傾向於現金增資前使用實質方式操縱盈餘?且不同能力的經理人從事實質盈餘管理，於增資後之績效表現是否有所差異?本研究以美國1991年至2017年上市公司之現金增資事件為樣本。實證結果顯示於現金增資前，當經理人能力愈高時，愈不傾向使用實質盈餘管理。然而若經理人於增資前從事實質盈餘管理，則與低能力經理人相比，優秀經理人將有較高之增資後企業未來短期績效，顯示優秀經理人是以資訊性盈餘管理為動機，傳遞企業未來具成長前景，或有能力提升未來績效的訊號。綜上所述，經理人能力不僅影響了現金增資前實質盈餘管理之傾向，亦影響從事實質盈餘管理後之績效結果。
Real earnings management (REM) is the method of manipulating earnings by changing timing or amounts of transactions for actual operating activities. When companies have to raise funds by seasoned equity offerings (SEOs), they could use REM to window-dress earnings performance. However, when managerial ability is higher, are companies still using REM to manipulate earnings before SEOs? How does managerial ability relate to the future firm operating performance when companies use REM before SEOs? Based on samples of companies listed in the United States from 1991 to 2017, the empirical results show that before SEOs, higher-ability managers engage in less REM. However, if managers engage in REM before SEOs, compared with lower-ability managers, higher-ability managers have higher future short-term firm performance after SEOs. To sum up, managerial ability not only affects the inclination of REM before SEOs, but also affects the future firm operating performance after engaging in REM.參考文獻 范宏書、林彥廷、陳慶隆 (2015)。實質盈餘管理對會計資訊價值攸關性之影響。 臺大管理論叢，25(3)，163-196。高惠松、蔡純真 (2014)。資本結構、股利政策對公司價值之影響：訊號理論觀點。會計與公司治理，9(1)，29-61。戚務君、王貞靜、黃隆建 (2010)。實質盈餘管理行為之研究。會計理論與實務研討會論文集，1135-1160。陳慶隆、林品妤、范宏書 (2016)。實質盈餘管理、資訊競爭與盈餘資訊性。證券市場發展季刊，28(4)，39-91。Alhadab, M., Clacher, I., & Keasey, K. (2015). Real and accrual earnings management and IPO failure risk. Accounting and Business Research, 45(1), 55-92.Andras, T. L., & Srinivasan, S. S. (2003). Advertising intensity and R&D intensity: Differences across industries and their impact on firm’s performance. International Journal of Business and Economics, 2(2), 81-90.Barton, J., & Simko, P. J. (2002). The Balance Sheet as an Earnings Management Constraint. The Accounting Review, 77, 1-27.Bens, D. A., Nagar, V., & Wong, M. F. (2002). Real investment implications of employee stock option exercises. Journal of Accounting Research, 40(2), 359-393.Chemmanur, T. J., & Jiao, Y. (2012). Dual class IPOs: A theoretical analysis. Journal of Banking & Finance, 36(1), 305-319.Chemmanur, T. J., & Paeglis, I. (2005). Management quality, certification, and initial public offerings. Journal of Financial Economics, 76(2), 331-368.Chemmanur, T. J., Paeglis, I., & Simonyan, K. (2010). Management Quality and Equity Issue Characteristics: A Comparison of SEOs and IPOs. Financial Management, 39(4), 1601-1642.Cohen, D. A., Dey, A., & Lys, T. Z. (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., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2-19.Cox, J. S. (2017). Managerial ability, growth opportunities, and IPO performance. Managerial Finance, 43(4), 488-507.Dechow, P. M., & Skinner, D. J. (2000). Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and Regulators. Accounting Horizons, 14(2), 235-250.Dechow, P. M., & Sloan, R. G. (1991). Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics, 14(1), 51-89.Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. The Accounting Review, 70(2), 193-225.Demerjian, P., Lev, B., & McVay, S. (2012). Quantifying Managerial Ability: A New Measure and Validity Tests. Management Science, 58, 1229-1248.Demerjian, P., Lewis-Western, M., & McVay, S. (2020). How Does Intentional Earnings Smoothing Vary With Managerial Ability? Journal of Accounting, Auditing & Finance, 35(2), 406-437.Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial Ability and Earnings Quality. The Accounting Review, 88(2), 463-498.El Diri, M. (2019). Earnings Management, Managerial Ability, and the Role of Competition. Corporate Governance & Accounting eJournal.El Diri, M., & Alhadab, M. (2020). The Impact of Earnings Management and Managerial Ability on Management Compensation. SSRN Electronic Journal.Financial Accounting Standards Board. (1985). Statement of Financial Accounting Concepts No. 6: Elements of Financial Statements. Stamford, Conn: FASB.Fudenberg, D., & Tirole, J. (1995). A theory of income and dividend smoothing based on incumbency rents. Journal of Political economy, 103(1), 75-93.Gao, L., Rezaee, Z., & Yu, J. (2020). Peer firms` earnings predictability and pricing efficiency - evidence from IPOs. European Journal of Finance, 26(13), 1332-1353.Gao, S., Meng, Q., Chan, K. C., & Wu, W. (2017). Earnings management before IPOs: Are institutional investors misled? Journal of Empirical Finance, 42, 90-108.Ge, W., & Kim, J.-B. (2010). Real earnings management and cost of debt. CAAA Annual Conference,Gounopoulos, D., & Pham, H. (2017). Credit Ratings and Earnings Management around IPOs. Journal of Business Finance & Accounting, 44(1-2), 154-195.Gounopoulos, D., & Pham, H. (2018). Specialist CEOs and IPO survival [Article]. Journal of Corporate Finance, 48, 217-243.Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1), 3-73.Gul, F. A., Leung, S., & Srinidhi, B. (2003). Informative and opportunistic earnings management and the value relevance of earnings: Some evidence on the role of IOS. Available at SSRN 429800.Gunny, K. A. (2005). What are the consequences of real earnings management? University of California, Berkeley.Gunny, K. A. (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.Gupta, M., Seethamraju, C., & Pevzner, M. (2010). The Implications of Absorption Cost Accounting and Production Decisions for Future Firm Performance and Valuation. Contemporary Accounting Research, 27.Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383.Hribar, P., Jenkins, N. T., & Johnson, W. B. (2006). Stock repurchases as an earnings management device. Journal of Accounting and Economics, 41(1), 3-27.Huang, X., & Sun, L. (2017). Managerial ability and real earnings management. Advances in Accounting, 39, 91-104.Hwang, L.-S., Jung, T., Yang, S., & Yu, K. (2018). Does Managerial Ability Matter in Private Firms? Evidence from Korea. Asia-Pacific Journal of Financial Studies, 47(2), 213-247.Ibrahim, S., Xu, L., & Rogers, G. (2011). Real and accrual‐based earnings management and its legal consequences: evidence from seasoned equity offerings. Accounting Research Journal, 24(1), 50-78.Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.Kim, B. H., Lisic, L. L., & Pevzner, M. (2010). Debt covenant slack and real earnings management. Working papers published via SSRN.Kim, Y., Liu, C., & Rhee, S. G. (2003). The relation of earnings management to firm size. Journal of Management Research, 4(1), 81-88.Kothari, S. P., Mizik, N., & Roychowdhury, S. (2016). Managing for the moment: The role of earnings management via real activities versus accruals in SEO valuation. The Accounting Review, 91(2), 559-586.Loughran, T., & Ritter, J. R. (1997). The operating performance of firms conducting seasoned equity offerings. The Journal of Finance, 52(5), 1823-1850.Mizik, N., & Jacobson, R. (2007). Earnings inflation through accruals and real activity manipulation: Its prevalence at the time of an SEO and the financial market consequences. Available at SSRN 1031006.Oskouei, Z. H., & Sureshjani, Z. H. (2021). Studying the relationship between managerial ability and real earnings management in economic and financial crisis conditions. International Journal of Finance & Economics, 26(3), 4574-4589.Putra, A. A., Mela, N. F., & Putra, F. (2021). Managerial ability and real earnings management in family firms. Corporate Governance: The International Journal of Business in Society, 21(7), 1475-1494.Puwanenthiren, P., Dang, M., Henry, D., Puwanenthiren, P., & Al Mamun, M. (2019). Does managerial ability matter for the choice of seasoned equity offerings? The North American Journal of Economics and Finance, 47, 442-460.Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370.Schipper, K. (1989). Commentary on Earnings Management. Accounting Horizons, 3(4), 91-102.Simamora, A. J. (2021). Managerial Ability, Real Earnings Management, and Earnings Quality. Journal of Financial and Behavioural Accounting, 1(1), 1-28.Spence, M. (1978). Job market signaling. Uncertainty in Economics, 281-306.Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings Management and the Long-Run Market Performance of Initial Public Offerings. The Journal of Finance, 53(6), 1935-1974.Teoh, S. H., Wong, T. J., & Rao, G. R. (1998). Are accruals during initial public offerings opportunistic? Review of accounting studies, 3(1), 175-208.Yang, T.-H., Hsu, J., & Yang, W.-B. (2016). Firm`s motives behind SEOs, earnings management, and performance. International Review of Economics & Finance, 43, 160-169.Zang, A. Y. (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
108353020資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353020 資料類型 thesis dc.contributor.advisor 翁嘉祥 zh_TW dc.contributor.advisor Weng, Chia-Hsiang en_US dc.contributor.author (Authors) 鄭彥成 zh_TW dc.contributor.author (Authors) Cheng, Yen-Cheng en_US dc.creator (作者) 鄭彥成 zh_TW dc.creator (作者) Cheng, Yen-Cheng en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Aug-2022 17:06:06 (UTC+8) - dc.date.available 1-Aug-2022 17:06:06 (UTC+8) - dc.date.issued (上傳時間) 1-Aug-2022 17:06:06 (UTC+8) - dc.identifier (Other Identifiers) G0108353020 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140978 - 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) 108353020 zh_TW dc.description.abstract (摘要) 實質盈餘管理係企業於實際營運活動期間，以改變交易時點與金額方式操縱盈餘之偏離正常營運行為。當企業必須透過現金增資籌集資金時，可能會藉由實質盈餘管理以美化財務與經營表現。然而當經理人能力愈高時，是否仍傾向於現金增資前使用實質方式操縱盈餘?且不同能力的經理人從事實質盈餘管理，於增資後之績效表現是否有所差異?本研究以美國1991年至2017年上市公司之現金增資事件為樣本。實證結果顯示於現金增資前，當經理人能力愈高時，愈不傾向使用實質盈餘管理。然而若經理人於增資前從事實質盈餘管理，則與低能力經理人相比，優秀經理人將有較高之增資後企業未來短期績效，顯示優秀經理人是以資訊性盈餘管理為動機，傳遞企業未來具成長前景，或有能力提升未來績效的訊號。綜上所述，經理人能力不僅影響了現金增資前實質盈餘管理之傾向，亦影響從事實質盈餘管理後之績效結果。 zh_TW dc.description.abstract (摘要) Real earnings management (REM) is the method of manipulating earnings by changing timing or amounts of transactions for actual operating activities. When companies have to raise funds by seasoned equity offerings (SEOs), they could use REM to window-dress earnings performance. However, when managerial ability is higher, are companies still using REM to manipulate earnings before SEOs? How does managerial ability relate to the future firm operating performance when companies use REM before SEOs? Based on samples of companies listed in the United States from 1991 to 2017, the empirical results show that before SEOs, higher-ability managers engage in less REM. However, if managers engage in REM before SEOs, compared with lower-ability managers, higher-ability managers have higher future short-term firm performance after SEOs. To sum up, managerial ability not only affects the inclination of REM before SEOs, but also affects the future firm operating performance after engaging in REM. en_US dc.description.tableofcontents 壹、緒論 1第一節、研究背景與動機 1第二節、研究架構 4貳、文獻探討與假說建立 5第一節、實質盈餘管理 5第二節、實質盈餘管理與應計盈餘管理 8第三節、初次上市櫃及現金增資與實質盈餘管理 9第四節、經理人能力與初次上市櫃及現金增資 11第五節、經理人能力與實質盈餘管理 13第六節、假說建立 15參、研究方法 19第一節、資料來源與處理 19第二節、實證模型與變數衡量 21肆、實證結果 31第一節、敘述性統計 31第二節、回歸結果分析 39第三節、穩健性測試 46第四節、額外測試 49伍、研究結論、限制與建議 56第一節、研究結論 56第二節、研究限制 57第三節、研究建議 58參考文獻 59 zh_TW dc.format.extent 1191672 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353020 en_US dc.subject (關鍵詞) 經理人能力 zh_TW dc.subject (關鍵詞) 現金增資 zh_TW dc.subject (關鍵詞) 實質盈餘管理 zh_TW dc.subject (關鍵詞) Managerial ability en_US dc.subject (關鍵詞) Seasoned equity offerings en_US dc.subject (關鍵詞) Real earnings management en_US dc.title (題名) 經理人能力與現金增資期間之實質盈餘管理 zh_TW dc.title (題名) Managerial ability and real earnings management around SEOs en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 范宏書、林彥廷、陳慶隆 (2015)。實質盈餘管理對會計資訊價值攸關性之影響。 臺大管理論叢，25(3)，163-196。高惠松、蔡純真 (2014)。資本結構、股利政策對公司價值之影響：訊號理論觀點。會計與公司治理，9(1)，29-61。戚務君、王貞靜、黃隆建 (2010)。實質盈餘管理行為之研究。會計理論與實務研討會論文集，1135-1160。陳慶隆、林品妤、范宏書 (2016)。實質盈餘管理、資訊競爭與盈餘資訊性。證券市場發展季刊，28(4)，39-91。Alhadab, M., Clacher, I., & Keasey, K. (2015). Real and accrual earnings management and IPO failure risk. Accounting and Business Research, 45(1), 55-92.Andras, T. L., & Srinivasan, S. S. (2003). Advertising intensity and R&D intensity: Differences across industries and their impact on firm’s performance. International Journal of Business and Economics, 2(2), 81-90.Barton, J., & Simko, P. J. (2002). The Balance Sheet as an Earnings Management Constraint. The Accounting Review, 77, 1-27.Bens, D. A., Nagar, V., & Wong, M. F. (2002). Real investment implications of employee stock option exercises. Journal of Accounting Research, 40(2), 359-393.Chemmanur, T. J., & Jiao, Y. (2012). Dual class IPOs: A theoretical analysis. Journal of Banking & Finance, 36(1), 305-319.Chemmanur, T. J., & Paeglis, I. (2005). Management quality, certification, and initial public offerings. Journal of Financial Economics, 76(2), 331-368.Chemmanur, T. J., Paeglis, I., & Simonyan, K. (2010). Management Quality and Equity Issue Characteristics: A Comparison of SEOs and IPOs. Financial Management, 39(4), 1601-1642.Cohen, D. A., Dey, A., & Lys, T. Z. (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., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2-19.Cox, J. S. (2017). Managerial ability, growth opportunities, and IPO performance. Managerial Finance, 43(4), 488-507.Dechow, P. M., & Skinner, D. J. (2000). Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and Regulators. Accounting Horizons, 14(2), 235-250.Dechow, P. M., & Sloan, R. G. (1991). Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics, 14(1), 51-89.Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. The Accounting Review, 70(2), 193-225.Demerjian, P., Lev, B., & McVay, S. (2012). Quantifying Managerial Ability: A New Measure and Validity Tests. Management Science, 58, 1229-1248.Demerjian, P., Lewis-Western, M., & McVay, S. (2020). How Does Intentional Earnings Smoothing Vary With Managerial Ability? Journal of Accounting, Auditing & Finance, 35(2), 406-437.Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial Ability and Earnings Quality. The Accounting Review, 88(2), 463-498.El Diri, M. (2019). Earnings Management, Managerial Ability, and the Role of Competition. Corporate Governance & Accounting eJournal.El Diri, M., & Alhadab, M. (2020). The Impact of Earnings Management and Managerial Ability on Management Compensation. SSRN Electronic Journal.Financial Accounting Standards Board. (1985). Statement of Financial Accounting Concepts No. 6: Elements of Financial Statements. Stamford, Conn: FASB.Fudenberg, D., & Tirole, J. (1995). A theory of income and dividend smoothing based on incumbency rents. Journal of Political economy, 103(1), 75-93.Gao, L., Rezaee, Z., & Yu, J. (2020). Peer firms` earnings predictability and pricing efficiency - evidence from IPOs. European Journal of Finance, 26(13), 1332-1353.Gao, S., Meng, Q., Chan, K. C., & Wu, W. (2017). Earnings management before IPOs: Are institutional investors misled? Journal of Empirical Finance, 42, 90-108.Ge, W., & Kim, J.-B. (2010). Real earnings management and cost of debt. CAAA Annual Conference,Gounopoulos, D., & Pham, H. (2017). Credit Ratings and Earnings Management around IPOs. Journal of Business Finance & Accounting, 44(1-2), 154-195.Gounopoulos, D., & Pham, H. (2018). Specialist CEOs and IPO survival [Article]. Journal of Corporate Finance, 48, 217-243.Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1), 3-73.Gul, F. A., Leung, S., & Srinidhi, B. (2003). Informative and opportunistic earnings management and the value relevance of earnings: Some evidence on the role of IOS. Available at SSRN 429800.Gunny, K. A. (2005). What are the consequences of real earnings management? University of California, Berkeley.Gunny, K. A. (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.Gupta, M., Seethamraju, C., & Pevzner, M. (2010). The Implications of Absorption Cost Accounting and Production Decisions for Future Firm Performance and Valuation. Contemporary Accounting Research, 27.Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383.Hribar, P., Jenkins, N. T., & Johnson, W. B. (2006). Stock repurchases as an earnings management device. Journal of Accounting and Economics, 41(1), 3-27.Huang, X., & Sun, L. (2017). Managerial ability and real earnings management. Advances in Accounting, 39, 91-104.Hwang, L.-S., Jung, T., Yang, S., & Yu, K. (2018). Does Managerial Ability Matter in Private Firms? Evidence from Korea. Asia-Pacific Journal of Financial Studies, 47(2), 213-247.Ibrahim, S., Xu, L., & Rogers, G. (2011). Real and accrual‐based earnings management and its legal consequences: evidence from seasoned equity offerings. Accounting Research Journal, 24(1), 50-78.Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.Kim, B. H., Lisic, L. L., & Pevzner, M. (2010). Debt covenant slack and real earnings management. Working papers published via SSRN.Kim, Y., Liu, C., & Rhee, S. G. (2003). The relation of earnings management to firm size. Journal of Management Research, 4(1), 81-88.Kothari, S. P., Mizik, N., & Roychowdhury, S. (2016). Managing for the moment: The role of earnings management via real activities versus accruals in SEO valuation. The Accounting Review, 91(2), 559-586.Loughran, T., & Ritter, J. R. (1997). The operating performance of firms conducting seasoned equity offerings. The Journal of Finance, 52(5), 1823-1850.Mizik, N., & Jacobson, R. (2007). Earnings inflation through accruals and real activity manipulation: Its prevalence at the time of an SEO and the financial market consequences. Available at SSRN 1031006.Oskouei, Z. H., & Sureshjani, Z. H. (2021). Studying the relationship between managerial ability and real earnings management in economic and financial crisis conditions. International Journal of Finance & Economics, 26(3), 4574-4589.Putra, A. A., Mela, N. F., & Putra, F. (2021). Managerial ability and real earnings management in family firms. Corporate Governance: The International Journal of Business in Society, 21(7), 1475-1494.Puwanenthiren, P., Dang, M., Henry, D., Puwanenthiren, P., & Al Mamun, M. (2019). Does managerial ability matter for the choice of seasoned equity offerings? The North American Journal of Economics and Finance, 47, 442-460.Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370.Schipper, K. (1989). Commentary on Earnings Management. Accounting Horizons, 3(4), 91-102.Simamora, A. J. (2021). Managerial Ability, Real Earnings Management, and Earnings Quality. Journal of Financial and Behavioural Accounting, 1(1), 1-28.Spence, M. (1978). Job market signaling. Uncertainty in Economics, 281-306.Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings Management and the Long-Run Market Performance of Initial Public Offerings. The Journal of Finance, 53(6), 1935-1974.Teoh, S. H., Wong, T. J., & Rao, G. R. (1998). Are accruals during initial public offerings opportunistic? Review of accounting studies, 3(1), 175-208.Yang, T.-H., Hsu, J., & Yang, W.-B. (2016). Firm`s motives behind SEOs, earnings management, and performance. International Review of Economics & Finance, 43, 160-169.Zang, A. Y. (2012). Evidence on the Trade-Off between Real Activities Manipulation and Accrual-Based Earnings Management. The Accounting Review, 87(2), 675-703. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200813 en_US
