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題名 銷管費用揭露品質對權益資金成本的影響
The effect of SG&A disclosure quality on the cost of equity capital作者 李采璇
Li, Tsai-Shiuan貢獻者 詹凌菁
李采璇
Li, Tsai-Shiuan關鍵詞 銷管費用
揭露品質
權益資金成本
SG&A
Disclosure quality
Cost of equity日期 2023 上傳時間 1-Sep-2023 14:41:24 (UTC+8) 摘要 本研究旨在探討銷管費用揭露品質與權益資金成本之間的關聯性,並使用損益表中之銷管費用的拆解分數作為衡量銷管費用揭露品質之依據。實證結果顯示,銷管費用揭露品質與權益資金成本之間為負相關,且該負向關係於透過傾向分數配對法測試內生性考量後依舊維持顯著。本研究亦進一步探討上述關係於銷管費用佔銷售淨額比例不同時是否存在差異,結果顯示當銷管費用比例較高時,該負向關係較為顯著。此外,於額外測試中,本研究發現銷管費用與權益資金成本之間的負向關係不會受到獨立董事比例的影響;且公司的淨值市價比、槓桿及規模等因素,皆會影響銷管費用的揭露;又,在損益表中之銷管費用拆解對於權益資金成本的影響並不會被「管理階層討論與分析」中之銷管費用的揭露品質所取代。綜上所述,本研究支持銷管費用揭露品質較高之企業,可享有較低之權益資金成本。
This study explores the relationship between the SG&A disclosure quality and the cost of equity capital (COE). The disaggregation of SG&A in the income statement (DSGA_IS) serves as a proxy for the disclosure quality of SG&A. The empirical evidence demonstrate that there is a significantly negative relation between DSGA_IS and COE (DSGA_IS-COE relation), and the results remain robust after considering endogeneity concerns using propensity score matching. Moreover, when further examining whether the relation varies with the degree of SG&A, it is observed that the DSGA_IS-COE relation is more prominent among firms with higher SG&A ratios. Additional analyses reveal that the DSGA_IS-COE relation is not affected by the percentage of independent directors; and that firm-specific characteristics such as book-to-market ratio, leverage, and size could influence the DSGA_IS. Besides, the effect of DSGA_IS on the cost of equity capital is not subsumed by the disaggregation quality of SG&A in the MD&A section. In conclusion, these findings suggest that firms with finer SG&A disclosure quality could enjoy a lower cost of equity capital.參考文獻 ReferencesAlzoubi, E. S. S. (2016). Disclosure quality and earnings management: Evidence from Jordan. Accounting Research Journal, 29(4), 429-456.Amir, E., Einhorn, E., & Kama, I. (2014). The role of accounting disaggregation in detecting and mitigating earnings management. Review of Accounting Studies, 19, 43-68.Anderson, M., Banker, R., Huang, R., & Janakiraman, S. (2007). Cost behavior and fundamental analysis of SG&A. Journal of Accounting, Auditing and Finance, 22(1), 1-28.Banker, R. D., Huang, R., & Natarajan, R. (2011). Equity incentives and long‐term value created by SG&A expenditure. Contemporary Accounting Research, 28(3), 794-830.Banker, R. D., Huang, R., Natarajan, R., & Zhao, S. (2019). Market valuation of intangible asset: Evidence on SG&A expenditure. The Accounting Review, 94(6), 61-90.Baumgarten, D., Bonenkamp, U., & Homburg, C. (2010). The information content of the SG&A ratio. Journal of Management Accounting Research, 22(1), 1-22.Bertomeu, J., Beyer, A., & Dye, R. A. (2011). Capital structure, cost of capital, and voluntary disclosures. The Accounting Review, 86(3), 857-886.Botosan, C. A. (1997). Disclosure level and the cost of equity capital. The Accounting Review, 72(3), 323-349.Botosan, C. A. (2006). Disclosure and the cost of capital: what do we know? Accounting and Business Research, 36(Special issue), 31-40.Botosan, C. A., & Plumlee, M. A. (2002). A re‐examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research, 40(1), 21-40.Brown, S., & Hillegeist, S. A. (2007). How disclosure quality affects the level of information asymmetry. Review of Accounting Studies, 12, 443-477.Cao, Y., Myers, L. A., Tsang, A., & Yang, Y. G. (2017). Management forecasts and the cost of equity capital: International evidence. Review of Accounting Studies, 22, 791-838.Casey, R., Gao, F., Kirschenheiter, M., Li, S., & Pandit, S. (2023). Measuring Disaggregation Quality. Journal of Accounting, Auditing and Finance: New Series, 1-12.Chang, M., D`Anna, G., Watson, I., & Wee, M. (2008). Does disclosure quality via investor relations affect information asymmetry? Australian Journal of Management, 33(2), 375-390.Chen, C. X., Lu, H., & Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252-282.Chen, K. C., Chen, Z., & Wei, K. J. (2009). Legal protection of investors, corporate governance, and the cost of equity capital. Journal of Corporate Finance, 15(3), 273-289.Chen, S., Miao, B., & Shevlin, T. (2015). A new measure of disclosure quality: The level of disaggregation of accounting data in annual reports. Journal of Accounting Research, 53(5), 1017-1054.Cho, Y. J. (2015). Segment disclosure transparency and internal capital market efficiency: Evidence from SFAS No. 131. Journal of Accounting Research, 53(4), 669-723.Clarkson, P. M., Kao, J. L., & Richardson, G. D. (1999). Evidence that management discussion and analysis (MD&A) is a part of a firm`s overall disclosure package. Contemporary Accounting Research, 16(1), 111-134.Clarkson, P., Guedes, J., & Thompson, R. (1996). On the diversification, observability, and measurement of estimation risk. Journal of Financial and Quantitative Analysis, 31(1), 69-84.Claus, J., & Thomas, J. (2001). Equity premia as low as three percent? Evidence from analysts` earnings forecasts for domestic and international stock markets. The Journal of Finance, 56(5), 1629-1666.Dhaliwal, D., Heitzman, S., & Zhen Li, O. (2006). Taxes, leverage, and the cost of equity capital. Journal of Accounting Research, 44(4), 691-723.Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325-1359.Drake, M. S., Myers, J. N., & Myers, L. A. (2009). Disclosure quality and the mispricing of accruals and cash flow. Journal of Accounting, Auditing and Finance, 24(3), 357-384.Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review, 79(1), 73-95.Elton, E. J. (1999). Presidential address: expected return, realized return, and asset pricing tests. The Journal of Finance, 54(4), 1199-1220.Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22(4), 325-345.Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. The Journal of Finance, 47(2), 427-465.Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3-56.Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153-193.Fan, Y., Barua, A., Cready, W. M., & Thomas, W. B. (2010). Managing earnings using classification shifting: Evidence from quarterly special items. The Accounting Review, 85(4), 1303-1323.Ferris, S. P., Javakhadze, D., & Rajkovic, T. (2017). The international effect of managerial social capital on the cost of equity. Journal of Banking and Finance, 74, 69-84.Financial Accounting Standards Board. (2008). Preliminary Views on Financial Statement Presentation. Norwalk, CT: FASB.Financial Accounting Standards Board. (2010). Staff Draft of an Exposure Draft on Financial Statement Presentation. Norwalk, CT: FASB.Financial Accounting Standards Board. (2023). Exposure Draft: Disaggregation—Income Statement Expenses. Norwalk, CT: FASB.Francis, J., Nanda, D., & Olsson, P. (2008). Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research, 46(1), 53-99.Gebhardt, W. R., Lee, C. M., & Swaminathan, B. (2001). Toward an implied cost of capital. Journal of Accounting Research, 39(1), 135-176.Gode, D., & Mohanram, P. (2003). Inferring the cost of capital using the Ohlson–Juettner model. Review of Accounting Studies, 8, 399-431.Gul, F. A., & Leung, S. (2004). Board leadership, outside directors’ expertise and voluntary corporate disclosures. Journal of Accounting and Public Policy, 23(5), 351-379.Gunny, K. A. (2005). What are the consequences of real earnings management? Working paper, University of California at Berkeley.Hail, L., & Leuz, C. (2006). International differences in the cost of equity capital: Do legal institutions and securities regulation matter? Journal of Accounting Research, 44(3), 485-531.He, W. P., Lepone, A., & Leung, H. (2013). Information asymmetry and the cost of equity capital. International Review of Economics and Finance, 27, 611-620.Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.Hirst, D. E., Koonce, L., & Venkataraman, S. (2007). How disaggregation enhances the credibility of management earnings forecasts. Journal of Accounting Research, 45(4), 811-837.Huson, M. R., Tian, Y., Wiedman, C. I., & Wier, H. A. (2012). Compensation committees` treatment of earnings components in CEOs` terminal years. The Accounting Review, 87(1), 231-259.Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228.Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385-420.Libby, R., & Emett, S. A. (2014). Earnings presentation effects on manager reporting choices and investor decisions. Accounting and Business Research, 44(4), 410-438.Lobo, G. J., & Zhou, J. (2001). Disclosure quality and earnings management. Asia-Pacific Journal of Accounting and Economics, 8(1), 1-20.McVay, S. E. (2006). Earnings management using classification shifting: An examination of core earnings and special items. The Accounting Review, 81(3), 501-531.Palepu, K. G., Healy, P. M., Wright, S., Bradbury, M., & Coulton, J. (2020). Business analysis and valuation: Using financial statements. Mason, OH: South-Western.Pástor, Ľ., Sinha, M., & Swaminathan, B. (2008). Estimating the intertemporal risk–return tradeoff using the implied cost of capital. The Journal of Finance, 63(6), 2859-2897.Richardson, A. J., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26(7-8), 597-616.Richardson, V. J. (2000). Information asymmetry and earnings management: Some evidence. Review of Quantitative Finance and Accounting, 15, 325-347.Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370.Shipman, J. E., Swanquist, Q. T., & Whited, R. L. (2017). Propensity score matching in accounting research. The Accounting Review, 92(1), 213-244.Shroff, N., Sun, A. X., White, H. D., & Zhang, W. (2013). Voluntary disclosure and information asymmetry: Evidence from the 2005 securities offering reform. Journal of Accounting Research, 51(5), 1299-1345.Singh, M., & Davidson III, W. N. (2003). Agency costs, ownership structure and corporate governance mechanisms. Journal of Banking and Finance, 27(5), 793-816.Tseng, C. Y. (2020). Family firms and long-term orientation of SG&A expenditures. Review of Quantitative Finance and Accounting, 55(4), 1181-1206.Xie, H. (2001). The mispricing of abnormal accruals. The Accounting Review, 76(3), 357-373. 描述 碩士
國立政治大學
會計學系
110353104資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353104 資料類型 thesis dc.contributor.advisor 詹凌菁 zh_TW dc.contributor.author (Authors) 李采璇 zh_TW dc.contributor.author (Authors) Li, Tsai-Shiuan en_US dc.creator (作者) 李采璇 zh_TW dc.creator (作者) Li, Tsai-Shiuan en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 14:41:24 (UTC+8) - dc.date.available 1-Sep-2023 14:41:24 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 14:41:24 (UTC+8) - dc.identifier (Other Identifiers) G0110353104 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146830 - 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) 110353104 zh_TW dc.description.abstract (摘要) 本研究旨在探討銷管費用揭露品質與權益資金成本之間的關聯性,並使用損益表中之銷管費用的拆解分數作為衡量銷管費用揭露品質之依據。實證結果顯示,銷管費用揭露品質與權益資金成本之間為負相關,且該負向關係於透過傾向分數配對法測試內生性考量後依舊維持顯著。本研究亦進一步探討上述關係於銷管費用佔銷售淨額比例不同時是否存在差異,結果顯示當銷管費用比例較高時,該負向關係較為顯著。此外,於額外測試中,本研究發現銷管費用與權益資金成本之間的負向關係不會受到獨立董事比例的影響;且公司的淨值市價比、槓桿及規模等因素,皆會影響銷管費用的揭露;又,在損益表中之銷管費用拆解對於權益資金成本的影響並不會被「管理階層討論與分析」中之銷管費用的揭露品質所取代。綜上所述,本研究支持銷管費用揭露品質較高之企業,可享有較低之權益資金成本。 zh_TW dc.description.abstract (摘要) This study explores the relationship between the SG&A disclosure quality and the cost of equity capital (COE). The disaggregation of SG&A in the income statement (DSGA_IS) serves as a proxy for the disclosure quality of SG&A. The empirical evidence demonstrate that there is a significantly negative relation between DSGA_IS and COE (DSGA_IS-COE relation), and the results remain robust after considering endogeneity concerns using propensity score matching. Moreover, when further examining whether the relation varies with the degree of SG&A, it is observed that the DSGA_IS-COE relation is more prominent among firms with higher SG&A ratios. Additional analyses reveal that the DSGA_IS-COE relation is not affected by the percentage of independent directors; and that firm-specific characteristics such as book-to-market ratio, leverage, and size could influence the DSGA_IS. Besides, the effect of DSGA_IS on the cost of equity capital is not subsumed by the disaggregation quality of SG&A in the MD&A section. In conclusion, these findings suggest that firms with finer SG&A disclosure quality could enjoy a lower cost of equity capital. en_US dc.description.tableofcontents Table of Contents1. Introduction 1 2. Literature Review and Hypothesis Development 4 2.1 Literature review 4 2.1.1 Disclosure quality of SG&A 4 2.1.2 Cost of equity capital 6 2.2 Hypothesis development 8 2.2.1 The relation between SG&A disclosure quality and cost of equity 82.2.2 The effect of SG&A level on the relation between SG&A disclosure quality and cost of equity 93. Data and Research Design 11 3.1 Research design 11 3.1.1 Disaggregation of SG&A, DSGA_IS 13 3.1.2 Cost of equity capital 14 3.2 Data and sample selection 17 4. Empirical Results 19 4.1 Descriptive statistics and correlation analyses 19 4.2 Regression analyses 22 4.2.1 SG&A disclosure quality and the implied cost of equity 224.2.2 SG&A disclosure quality and the cost of equity among different levels of SG&A ratio 235. Additional Analyses 31 5.1 The effect of corporate governance on the relation between SG&A disclosure quality and cost of equity 315.2 Factors affecting the disaggregation of SG&A 34 5.3 Disaggregation of SG&A in MD&A 37 5.4 Robustness check 41 4. Conclusions 43 References 44 Appendix A 49 Appendix B: Examples of SG&A presentation 50 zh_TW dc.format.extent 2228661 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353104 en_US dc.subject (關鍵詞) 銷管費用 zh_TW dc.subject (關鍵詞) 揭露品質 zh_TW dc.subject (關鍵詞) 權益資金成本 zh_TW dc.subject (關鍵詞) SG&A en_US dc.subject (關鍵詞) Disclosure quality en_US dc.subject (關鍵詞) Cost of equity en_US dc.title (題名) 銷管費用揭露品質對權益資金成本的影響 zh_TW dc.title (題名) The effect of SG&A disclosure quality on the cost of equity capital en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) ReferencesAlzoubi, E. S. S. (2016). Disclosure quality and earnings management: Evidence from Jordan. Accounting Research Journal, 29(4), 429-456.Amir, E., Einhorn, E., & Kama, I. (2014). The role of accounting disaggregation in detecting and mitigating earnings management. Review of Accounting Studies, 19, 43-68.Anderson, M., Banker, R., Huang, R., & Janakiraman, S. (2007). Cost behavior and fundamental analysis of SG&A. Journal of Accounting, Auditing and Finance, 22(1), 1-28.Banker, R. D., Huang, R., & Natarajan, R. (2011). Equity incentives and long‐term value created by SG&A expenditure. Contemporary Accounting Research, 28(3), 794-830.Banker, R. D., Huang, R., Natarajan, R., & Zhao, S. (2019). Market valuation of intangible asset: Evidence on SG&A expenditure. The Accounting Review, 94(6), 61-90.Baumgarten, D., Bonenkamp, U., & Homburg, C. (2010). The information content of the SG&A ratio. Journal of Management Accounting Research, 22(1), 1-22.Bertomeu, J., Beyer, A., & Dye, R. A. (2011). Capital structure, cost of capital, and voluntary disclosures. The Accounting Review, 86(3), 857-886.Botosan, C. A. (1997). Disclosure level and the cost of equity capital. The Accounting Review, 72(3), 323-349.Botosan, C. A. (2006). Disclosure and the cost of capital: what do we know? Accounting and Business Research, 36(Special issue), 31-40.Botosan, C. A., & Plumlee, M. A. (2002). A re‐examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research, 40(1), 21-40.Brown, S., & Hillegeist, S. A. (2007). How disclosure quality affects the level of information asymmetry. Review of Accounting Studies, 12, 443-477.Cao, Y., Myers, L. A., Tsang, A., & Yang, Y. G. (2017). Management forecasts and the cost of equity capital: International evidence. Review of Accounting Studies, 22, 791-838.Casey, R., Gao, F., Kirschenheiter, M., Li, S., & Pandit, S. (2023). Measuring Disaggregation Quality. Journal of Accounting, Auditing and Finance: New Series, 1-12.Chang, M., D`Anna, G., Watson, I., & Wee, M. (2008). Does disclosure quality via investor relations affect information asymmetry? Australian Journal of Management, 33(2), 375-390.Chen, C. X., Lu, H., & Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252-282.Chen, K. C., Chen, Z., & Wei, K. J. (2009). Legal protection of investors, corporate governance, and the cost of equity capital. Journal of Corporate Finance, 15(3), 273-289.Chen, S., Miao, B., & Shevlin, T. (2015). A new measure of disclosure quality: The level of disaggregation of accounting data in annual reports. Journal of Accounting Research, 53(5), 1017-1054.Cho, Y. J. (2015). Segment disclosure transparency and internal capital market efficiency: Evidence from SFAS No. 131. Journal of Accounting Research, 53(4), 669-723.Clarkson, P. M., Kao, J. L., & Richardson, G. D. (1999). Evidence that management discussion and analysis (MD&A) is a part of a firm`s overall disclosure package. Contemporary Accounting Research, 16(1), 111-134.Clarkson, P., Guedes, J., & Thompson, R. (1996). On the diversification, observability, and measurement of estimation risk. Journal of Financial and Quantitative Analysis, 31(1), 69-84.Claus, J., & Thomas, J. (2001). Equity premia as low as three percent? Evidence from analysts` earnings forecasts for domestic and international stock markets. The Journal of Finance, 56(5), 1629-1666.Dhaliwal, D., Heitzman, S., & Zhen Li, O. (2006). Taxes, leverage, and the cost of equity capital. Journal of Accounting Research, 44(4), 691-723.Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325-1359.Drake, M. S., Myers, J. N., & Myers, L. A. (2009). Disclosure quality and the mispricing of accruals and cash flow. Journal of Accounting, Auditing and Finance, 24(3), 357-384.Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review, 79(1), 73-95.Elton, E. J. (1999). Presidential address: expected return, realized return, and asset pricing tests. The Journal of Finance, 54(4), 1199-1220.Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22(4), 325-345.Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. The Journal of Finance, 47(2), 427-465.Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3-56.Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153-193.Fan, Y., Barua, A., Cready, W. M., & Thomas, W. B. (2010). Managing earnings using classification shifting: Evidence from quarterly special items. The Accounting Review, 85(4), 1303-1323.Ferris, S. P., Javakhadze, D., & Rajkovic, T. (2017). The international effect of managerial social capital on the cost of equity. Journal of Banking and Finance, 74, 69-84.Financial Accounting Standards Board. (2008). Preliminary Views on Financial Statement Presentation. Norwalk, CT: FASB.Financial Accounting Standards Board. (2010). Staff Draft of an Exposure Draft on Financial Statement Presentation. Norwalk, CT: FASB.Financial Accounting Standards Board. (2023). Exposure Draft: Disaggregation—Income Statement Expenses. Norwalk, CT: FASB.Francis, J., Nanda, D., & Olsson, P. (2008). Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research, 46(1), 53-99.Gebhardt, W. R., Lee, C. M., & Swaminathan, B. (2001). Toward an implied cost of capital. Journal of Accounting Research, 39(1), 135-176.Gode, D., & Mohanram, P. (2003). Inferring the cost of capital using the Ohlson–Juettner model. Review of Accounting Studies, 8, 399-431.Gul, F. A., & Leung, S. (2004). Board leadership, outside directors’ expertise and voluntary corporate disclosures. Journal of Accounting and Public Policy, 23(5), 351-379.Gunny, K. A. (2005). What are the consequences of real earnings management? Working paper, University of California at Berkeley.Hail, L., & Leuz, C. (2006). International differences in the cost of equity capital: Do legal institutions and securities regulation matter? Journal of Accounting Research, 44(3), 485-531.He, W. P., Lepone, A., & Leung, H. (2013). Information asymmetry and the cost of equity capital. International Review of Economics and Finance, 27, 611-620.Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.Hirst, D. E., Koonce, L., & Venkataraman, S. (2007). How disaggregation enhances the credibility of management earnings forecasts. Journal of Accounting Research, 45(4), 811-837.Huson, M. R., Tian, Y., Wiedman, C. I., & Wier, H. A. (2012). Compensation committees` treatment of earnings components in CEOs` terminal years. The Accounting Review, 87(1), 231-259.Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228.Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385-420.Libby, R., & Emett, S. A. (2014). Earnings presentation effects on manager reporting choices and investor decisions. Accounting and Business Research, 44(4), 410-438.Lobo, G. J., & Zhou, J. (2001). Disclosure quality and earnings management. Asia-Pacific Journal of Accounting and Economics, 8(1), 1-20.McVay, S. E. (2006). Earnings management using classification shifting: An examination of core earnings and special items. The Accounting Review, 81(3), 501-531.Palepu, K. G., Healy, P. M., Wright, S., Bradbury, M., & Coulton, J. (2020). Business analysis and valuation: Using financial statements. Mason, OH: South-Western.Pástor, Ľ., Sinha, M., & Swaminathan, B. (2008). Estimating the intertemporal risk–return tradeoff using the implied cost of capital. The Journal of Finance, 63(6), 2859-2897.Richardson, A. J., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26(7-8), 597-616.Richardson, V. J. (2000). Information asymmetry and earnings management: Some evidence. Review of Quantitative Finance and Accounting, 15, 325-347.Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370.Shipman, J. E., Swanquist, Q. T., & Whited, R. L. (2017). 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