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題名 每股盈餘對公司資本結構的影響
Earnings Per Share and Capital Structure
作者 陳苡文
Chen, Yi Wen
貢獻者 周冠男
Chou, Robin K.
陳苡文
Chen, Yi Wen
關鍵詞 Earnings per share (EPS)
Earnings management
Capital structure
Leverage
日期 2015
上傳時間 3-Feb-2016 11:17:48 (UTC+8)
摘要 Empirical studies have found that managers choose debt rather than equity to avoid EPS dilution and buy back outstanding shares to boost EPS, I thus explore the resulting effect of EPS on leverage. A firm’s leverage is negatively influenced by the level of its EPS. I also find that fluctuations in EPS have large effects on leverage and these effects persist for at least a decade. Besides, the negative impact of EPS on leverage becomes much stronger after the passage of SOX, in which period managers engage in more actions of debt-equity choices or stock repurchases with the sole purpose of manipulating EPS. Furthermore, managers’ equity incentives and corporate governance are two economic mechanisms through which EPS negatively influences leverage.
參考文獻 Almeida, Heitor, Vyacheslav Fos, and Mathias Kronlund, 2015, The real effects of share repurchases, Forthcoming, Journal of Financial Economics.
Bartov, Eli, and Partha Mohanram, 2004, Private information, earnings manipulations, and executive stock-option exercises, The Accounting Review 79, 889-920.
Baker, Malcolm, and Jeffrey Wurgler, 2002, Market timing and capital structure, Journal of Finance 57, 1-32.
Bebchuk, Lucian, Alma Cohen, and Allen Ferrell, 2009, What matters in corporate governance? Review of Financial Studies 22, 783-827.
Bens, Daniel A., Venky Nagar, Douglas J. Skinner, and M. H. Franco Wong, 2003, Employee stock options, EPS dilution, and stock repurchases, Journal of Accounting and Economics 36, 51-90.
Bergstresser, Daniel, and Thomas Philippon, 2006, CEO incentives and earnings management, Journal of Financial Economics 80, 511-529.
Bhagat, Sanjai, and Ivo Welch, 1995, Corporate research and development investments international comparisons, Journal of Accounting and Economics 19, 443-470.
Bradley, Michael, Gregg A. Jarrell, and E. Han Kim, 1984, On the existence of an optimal capital structure: Theory and evidence, Journal of Finance 39, 857-878.
Brav, Alon, John R. Graham, Campbell R. Harvey, and Roni Michaely, 2005, Payout policy in the 21st century, Journal of Financial Economics 77, 483-527.
Brealey, Richard A., and Stewart C. Myers, 1996, Principles of Corporate Finance, New York, NY: McGraw-Hill.
Burgstahler, David, and Ilia Dichev, 1997, Earnings management to avoid earnings decreases and losses, Journal of Accounting and Economics 24, 99-126.
Campello, Murillo, and Erasmo Giambona, 2013, Real assets and capital structure, Journal of Financial and Quantitative Analysis 48, 1333-1370.
Cheng, Qiang, and Terry D. Warfield, 2005, Equity incentives and earnings management, The Accounting Review 80, 441-476.
Cohen, Daniel A., Aiyesha Dey, and Thomas Z. Lys, 2008, Real and accrual‐based earnings management in the pre‐ and post‐Sarbanes‐Oxley periods, The Accounting Review 83, 757-787.
Cohen, Daniel A., and Paul Zarowin, 2010, Accrual-based and real earnings management activities around seasoned equity offerings, Journal of Accounting and Economics 50, 2-19.
Core, John E., Wayne R. Guay, and S. P. Kothari, 2002, The economic dilution of employee stock options: Diluted EPS for valuation and financial reporting, The Accounting Review 77, 627-652.
Denis, David J., and Atulya Sarin, 2001, Is the market surprised by poor earnings realizations following seasoned equity offerings? Journal of Financial and Quantitative Analysis 36, 169-193.
Ewert, Ralf, and Alfred Wagenhofer, 2005, Economic effects of tightening accounting standards to restrict earnings management, The Accounting Review 80, 1101-1124.
Fama, Eugene F., 1980, Agency problems and the theory of the firm, Journal of Political Economy 88, 288-307.
Fama, Eugene F., and Kenneth R. French, 2002, Testing trade‐off and pecking order predictions about dividends and debt, Review of Financial Studies 15, 1-33.
Farrell, Kathleen, Emre Unlu, and Jin Yu, 2014, Stock repurchases as an earnings management mechanism: The impact of financing constraints, Journal of Corporate Finance 25, 1-15.
Farrell, Kathleen A., Jin Yu, and Yi Zhang, 2013, What are the characteristics of firms that engage in earnings per share management through share repurchases? Corporate Governance: An International Review 21, 334-350.
Frank, Murray Z., and Vidhan K. Goyal, 2009, Capital structure decisions: Which factors are reliably important? Financial Management 38, 1-37.
Gompers, Paul, Joy Ishii, and Andrew Metrick, 2003, Corporate governance and equity prices, The Quarterly Journal of Economics 118, 107-156.
Graham, John R., and Campbell R. Harvey, 2001, The theory and practice of corporate finance: Evidence from the field, Journal of Financial Economics 60, 187-243.
Graham, John R., Campbell R. Harvey, and Shiva Rajgopal, 2005, The economic implications of corporate financial reporting, Journal of Accounting and Economics 40, 3-73.
Grullon, Gustavo, and David L. Ikenberry, 2000, What do we know about stock repurchases? Journal of Applied Corporate Finance 13, 31-51.
Gunny, Katherine A., 2010, The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks, Contemporary Accounting Research 27, 855-888.
Hanlon, Michelle, Shivaram Rajgopal, and Terry Shevlin, 2003, Are executive stock options associated with future earnings? Journal of Accounting and Economics 36, 3-43.

Healy, Paul M., 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economics 7, 85-107.
Healy, Paul M., and James M. Wahlen, 1999, A review of the earnings management literature and its implications for standard setting, Accounting Horizons 13, 365-383.
Hovakimian, Armen, Gayane Hovakimian, and Hassan Tehranian, 2004, Determinants of target capital structure: The case of dual debt and equity issues, Journal of Financial Economics 71, 517–540.
Hribar, Paul, Nicole Thorne Jenkins, and W. Bruce Johnson, 2006, Stock repurchases as an earnings management device, Journal of Accounting and Economics 41, 3-27.
Huang, Rong, Carol A. Marquardt, and Bo Zhang, 2014, Why do managers avoid EPS dilution? Evidence from debt-equity choice, Review of Accounting Studies 19, 877-912.
Ittner, Christopher D., David F. Larcker, and Madhav V. Rajan, 1997, The choice of performance measures in annual bonus contracts, The Accounting Review, 72, 231-255.
Jennings, Ross, Marc J. LeClere, and Robert B. Thompson, 1997, Evidence on the usefulness of alternative earnings per share measures, Journal of Financial and Quantitative Analysis 32, 24-33.
Jensen, Michael C., 1986, Agency cost of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323-329.
Jensen, Michael C., and William H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
Kwon, Sung S., and Qin Jennifer Yin, 2006, Executive compensation, investment opportunities, and earnings management: High-tech firms versus low-tech firms, Journal of Accounting, Auditing and Finance 21, 119-148.
Lambert, Richard A., and David F. Larcker, 1987, An analysis of the use of accounting and market measures of performance in executive compensation contracts, Journal of Accounting Research 25, 85-125.
Leary, Mark T., and Michael R. Roberts, 2014, Do peer firms affect corporate financial policy? Journal of Finance 69, 139-178.
Lemmon, Michael L., Michael R. Roberts, and Jaime F. Zender, 2008, Back to the beginning: Persistence and the cross-section of corporate capital structure, Journal of Finance 63, 1575-1608.
Leuz, Christian, Dhananjay Nanda, and Peter D. Wysocki, 2003, Earnings management and investor protection: An international comparison, Journal of Financial Economics 69, 505-527.
Loughran, Tim, and Jay Ritter, 1997, The operating performance of firms conducting seasoned equity offerings, Journal of Finance 52, 1823–1850.
MacKay, Peter, and Gordon M. Phillips, 2005, How does industry affect firm financial structure? Review of Financial Studies 18, 1433-1466.
Modigliani, Franco, and Merton H. Miller, 1958, The cost of capital, corporation finance, and the theory of investment, American Economic Review 48, 655-669.
Morck, Randall, Andrei Shleifer, and Robert W Vishny, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, 293-315.
Myers, Stewart C., 1984, The capital structure puzzle, Journal of Finance 39, 574-592.
Oded, Jacob, and Allen Michel, 2008, Stock repurchases and the EPS enhancement fallacy, Financial Analysts Journal 64, 62-75.
Ohrn, Eric, 2014, Does corporate governance induce earnings management? Evidence from bonus depreciation and the fiscal cliff, Working paper.
Rajan, Raghuram G., and Henri Servaes, 1997, Analyst following of initial public offerings, Journal of Finance 52, 507-529.
Rajan, Raghuram G., and Luigi Zingales, 1995, What do we know about capital structure? Some evidence from international data, Journal of Finance 50, 1421-1460.
Roychowdhury, Sugata, 2006, Earnings management through real activities manipulation, Journal of accounting and economics 42, 335-370.
Schipper, Katherine, 1989, Commentary on earnings management, Accounting Horizons, 91-102.
Shleifer, Andrei, and Robert W. Vishny, 1992, Liquidation values and debt capacity: A market equilibrium approach, Journal of Finance 47, 1343-66.
Skinner, Douglas J., 2008, The evolving relation between earnings, dividends, and stock repurchases, Journal of Financial Economics 87, 582-609.
Smith, Clifford W., and Ross L. Watts, 1982, Incentive and tax effects of executive compensation plans, Australian Journal of Management 7, 139-157.
Stein, Jeremy C., 1989, Efficient capital markets, inefficient firms: A model of myopic corporate behavior, The Quarterly Journal of Economics, 655-669.
Teoh, Siew Hong, Ivo Welch, and T. J. Wong, 1998a, Earnings management and the long-run market performance of initial public offerings, Journal of Finance 53, 1935-1974.
Teoh, Siew Hong, Ivo Welch, and T. J. Wong, 1998b, Earnings management and the underperformance of seasoned equity offerings, Journal of Financial Economics 50, 63-99.
Titman, Sheridan, and Roberto Wessels, 1988, The determinants of capital structure choice, Journal of Finance 43, 1-19.
Welch, Ivo, 2004, Capital structure and stock returns, Journal of Political Economy 112, 106-131.
Young, Steven, and Jing Yang, 2011, Stock repurchases and executive compensation contract design: The role of earnings per share performance conditions, The Accounting Review, 86, 703-733.
Zang, Amy Y., 2012, Evidence on the tradeoff between real activities manipulation and accrual-based earnings management, The Accounting Review 87, 675-703.
描述 博士
國立政治大學
財務管理研究所
99357507
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0993575073
資料類型 thesis
dc.contributor.advisor 周冠男zh_TW
dc.contributor.advisor Chou, Robin K.en_US
dc.contributor.author (Authors) 陳苡文zh_TW
dc.contributor.author (Authors) Chen, Yi Wenen_US
dc.creator (作者) 陳苡文zh_TW
dc.creator (作者) Chen, Yi Wenen_US
dc.date (日期) 2015en_US
dc.date.accessioned 3-Feb-2016 11:17:48 (UTC+8)-
dc.date.available 3-Feb-2016 11:17:48 (UTC+8)-
dc.date.issued (上傳時間) 3-Feb-2016 11:17:48 (UTC+8)-
dc.identifier (Other Identifiers) G0993575073en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/81117-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 99357507zh_TW
dc.description.abstract (摘要) Empirical studies have found that managers choose debt rather than equity to avoid EPS dilution and buy back outstanding shares to boost EPS, I thus explore the resulting effect of EPS on leverage. A firm’s leverage is negatively influenced by the level of its EPS. I also find that fluctuations in EPS have large effects on leverage and these effects persist for at least a decade. Besides, the negative impact of EPS on leverage becomes much stronger after the passage of SOX, in which period managers engage in more actions of debt-equity choices or stock repurchases with the sole purpose of manipulating EPS. Furthermore, managers’ equity incentives and corporate governance are two economic mechanisms through which EPS negatively influences leverage.en_US
dc.description.tableofcontents 1. INTRODUCTION 1
2. DATA AND SUMMARY STATISTICS 7
3. THE EFFECT OF EPS ON CAPITAL STRUCTURE 8
3.1 DETERMINANTS OF ANNUAL CHANGES IN CAPITAL STRUCTURE 8
3.2 THE EFFECTS OF HISTORICAL EPS ON LEVERAGE 12
3.3 THE EFFECT OF EPS ON CAPITAL STRUCTURE BEFORE AND AFTER THE SARBANES-OXLEY ACT 14
4. PERSISTENCE OF THE EFFECT OF EPS ON CAPITAL STRUCTURE 16
4.1 THE PERSISTENT EFFECT OF EPS ON LEVERAGE 16
4.2 EFFECT OF EPS ON CUMULATIVE CHANGES IN CAPITAL STRUCTURE 18
4.3 THE SEPARATION OF EPS EFFECT AND MARKING-TIMING EFFECT 19
5. ECONOMIC MECHANISMS THROUGH WHICH EPS EFFECT ON CAPITAL STRUCTURE 22
5.1. POTENTIAL MECHANISMS OF THE NEGATIVE EFFECT OF EPS ON CAPITAL STRUCTURES 22
5.2. EMPIRICAL RESULTS 24
6. CONCLUSION 27
APPENDIX A: VARIABLE DEFINITIONS 29
APPENDIX B: THE EXPECTED RELATIONSHIP BETWEEN THE CONTROL VARIABLES AND CORPORATE CAPITAL STRUCTURES 30
REFERENCE 33
TABLE 1: SUMMARY STATISTICS OF CAPITAL STRUCTURE AND FIRM CHARACTERISTICS 40
TABLE 2: THE EFFECT OF EPS ON ANNUAL CHANGES IN LEVERAGE 41
TABLE 3: THE EFFECT OF EPS ON NET EQUITY ISSUES 43
TABLE 4: THE EFFECT OF HISTORICAL EPS ON LEVERAGE 44
TABLE 5 THE EFFECT OF EPS ON ANNUAL CHANGES IN LEVERAGE BEFORE AND AFTER SOX 45
TABLE 6: PERSISTENCE OF EPS EFFECT ON LEVERAGE 46
TABLE 7: THE EFFECT OF HISTORICAL EPS ON CUMULATIVE CHANGES IN LEVERAGE 48
TABLE 8: THE SEPARATION OF EPS EFFECT AND MARKING-TIMING EFFECT ON LEVERAGE 49
TABLE 9: THE EFFECT OF EPS ON ANNUAL CHANGES IN LEVERAGE: SORTED BY EXECUTIVE COMPENSATION 51
TABLE 10: THE EFFECT OF EPS ON ANNUAL CHANGES IN LEVERAGE: SORTED BY CORPORATE GOVERNANCE 52		zh_TW
dc.format.extent 892687 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0993575073en_US
dc.subject (關鍵詞) Earnings per share (EPS)en_US
dc.subject (關鍵詞) Earnings managementen_US
dc.subject (關鍵詞) Capital structureen_US
dc.subject (關鍵詞) Leverageen_US
dc.title (題名) 每股盈餘對公司資本結構的影響zh_TW
dc.title (題名) Earnings Per Share and Capital Structureen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Almeida, Heitor, Vyacheslav Fos, and Mathias Kronlund, 2015, The real effects of share repurchases, Forthcoming, Journal of Financial Economics.
Bartov, Eli, and Partha Mohanram, 2004, Private information, earnings manipulations, and executive stock-option exercises, The Accounting Review 79, 889-920.
Baker, Malcolm, and Jeffrey Wurgler, 2002, Market timing and capital structure, Journal of Finance 57, 1-32.
Bebchuk, Lucian, Alma Cohen, and Allen Ferrell, 2009, What matters in corporate governance? Review of Financial Studies 22, 783-827.
Bens, Daniel A., Venky Nagar, Douglas J. Skinner, and M. H. Franco Wong, 2003, Employee stock options, EPS dilution, and stock repurchases, Journal of Accounting and Economics 36, 51-90.
Bergstresser, Daniel, and Thomas Philippon, 2006, CEO incentives and earnings management, Journal of Financial Economics 80, 511-529.
Bhagat, Sanjai, and Ivo Welch, 1995, Corporate research and development investments international comparisons, Journal of Accounting and Economics 19, 443-470.
Bradley, Michael, Gregg A. Jarrell, and E. Han Kim, 1984, On the existence of an optimal capital structure: Theory and evidence, Journal of Finance 39, 857-878.
Brav, Alon, John R. Graham, Campbell R. Harvey, and Roni Michaely, 2005, Payout policy in the 21st century, Journal of Financial Economics 77, 483-527.
Brealey, Richard A., and Stewart C. Myers, 1996, Principles of Corporate Finance, New York, NY: McGraw-Hill.
Burgstahler, David, and Ilia Dichev, 1997, Earnings management to avoid earnings decreases and losses, Journal of Accounting and Economics 24, 99-126.
Campello, Murillo, and Erasmo Giambona, 2013, Real assets and capital structure, Journal of Financial and Quantitative Analysis 48, 1333-1370.
Cheng, Qiang, and Terry D. Warfield, 2005, Equity incentives and earnings management, The Accounting Review 80, 441-476.
Cohen, Daniel A., Aiyesha Dey, and Thomas Z. Lys, 2008, Real and accrual‐based earnings management in the pre‐ and post‐Sarbanes‐Oxley periods, The Accounting Review 83, 757-787.
Cohen, Daniel A., and Paul Zarowin, 2010, Accrual-based and real earnings management activities around seasoned equity offerings, Journal of Accounting and Economics 50, 2-19.
Core, John E., Wayne R. Guay, and S. P. Kothari, 2002, The economic dilution of employee stock options: Diluted EPS for valuation and financial reporting, The Accounting Review 77, 627-652.
Denis, David J., and Atulya Sarin, 2001, Is the market surprised by poor earnings realizations following seasoned equity offerings? Journal of Financial and Quantitative Analysis 36, 169-193.
Ewert, Ralf, and Alfred Wagenhofer, 2005, Economic effects of tightening accounting standards to restrict earnings management, The Accounting Review 80, 1101-1124.
Fama, Eugene F., 1980, Agency problems and the theory of the firm, Journal of Political Economy 88, 288-307.
Fama, Eugene F., and Kenneth R. French, 2002, Testing trade‐off and pecking order predictions about dividends and debt, Review of Financial Studies 15, 1-33.
Farrell, Kathleen, Emre Unlu, and Jin Yu, 2014, Stock repurchases as an earnings management mechanism: The impact of financing constraints, Journal of Corporate Finance 25, 1-15.
Farrell, Kathleen A., Jin Yu, and Yi Zhang, 2013, What are the characteristics of firms that engage in earnings per share management through share repurchases? Corporate Governance: An International Review 21, 334-350.
Frank, Murray Z., and Vidhan K. Goyal, 2009, Capital structure decisions: Which factors are reliably important? Financial Management 38, 1-37.
Gompers, Paul, Joy Ishii, and Andrew Metrick, 2003, Corporate governance and equity prices, The Quarterly Journal of Economics 118, 107-156.
Graham, John R., and Campbell R. Harvey, 2001, The theory and practice of corporate finance: Evidence from the field, Journal of Financial Economics 60, 187-243.
Graham, John R., Campbell R. Harvey, and Shiva Rajgopal, 2005, The economic implications of corporate financial reporting, Journal of Accounting and Economics 40, 3-73.
Grullon, Gustavo, and David L. Ikenberry, 2000, What do we know about stock repurchases? Journal of Applied Corporate Finance 13, 31-51.
Gunny, Katherine A., 2010, The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks, Contemporary Accounting Research 27, 855-888.
Hanlon, Michelle, Shivaram Rajgopal, and Terry Shevlin, 2003, Are executive stock options associated with future earnings? Journal of Accounting and Economics 36, 3-43.

Healy, Paul M., 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economics 7, 85-107.
Healy, Paul M., and James M. Wahlen, 1999, A review of the earnings management literature and its implications for standard setting, Accounting Horizons 13, 365-383.
Hovakimian, Armen, Gayane Hovakimian, and Hassan Tehranian, 2004, Determinants of target capital structure: The case of dual debt and equity issues, Journal of Financial Economics 71, 517–540.
Hribar, Paul, Nicole Thorne Jenkins, and W. Bruce Johnson, 2006, Stock repurchases as an earnings management device, Journal of Accounting and Economics 41, 3-27.
Huang, Rong, Carol A. Marquardt, and Bo Zhang, 2014, Why do managers avoid EPS dilution? Evidence from debt-equity choice, Review of Accounting Studies 19, 877-912.
Ittner, Christopher D., David F. Larcker, and Madhav V. Rajan, 1997, The choice of performance measures in annual bonus contracts, The Accounting Review, 72, 231-255.
Jennings, Ross, Marc J. LeClere, and Robert B. Thompson, 1997, Evidence on the usefulness of alternative earnings per share measures, Journal of Financial and Quantitative Analysis 32, 24-33.
Jensen, Michael C., 1986, Agency cost of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323-329.
Jensen, Michael C., and William H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
Kwon, Sung S., and Qin Jennifer Yin, 2006, Executive compensation, investment opportunities, and earnings management: High-tech firms versus low-tech firms, Journal of Accounting, Auditing and Finance 21, 119-148.
Lambert, Richard A., and David F. Larcker, 1987, An analysis of the use of accounting and market measures of performance in executive compensation contracts, Journal of Accounting Research 25, 85-125.
Leary, Mark T., and Michael R. Roberts, 2014, Do peer firms affect corporate financial policy? Journal of Finance 69, 139-178.
Lemmon, Michael L., Michael R. Roberts, and Jaime F. Zender, 2008, Back to the beginning: Persistence and the cross-section of corporate capital structure, Journal of Finance 63, 1575-1608.
Leuz, Christian, Dhananjay Nanda, and Peter D. Wysocki, 2003, Earnings management and investor protection: An international comparison, Journal of Financial Economics 69, 505-527.
Loughran, Tim, and Jay Ritter, 1997, The operating performance of firms conducting seasoned equity offerings, Journal of Finance 52, 1823–1850.
MacKay, Peter, and Gordon M. Phillips, 2005, How does industry affect firm financial structure? Review of Financial Studies 18, 1433-1466.
Modigliani, Franco, and Merton H. Miller, 1958, The cost of capital, corporation finance, and the theory of investment, American Economic Review 48, 655-669.
Morck, Randall, Andrei Shleifer, and Robert W Vishny, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, 293-315.
Myers, Stewart C., 1984, The capital structure puzzle, Journal of Finance 39, 574-592.
Oded, Jacob, and Allen Michel, 2008, Stock repurchases and the EPS enhancement fallacy, Financial Analysts Journal 64, 62-75.
Ohrn, Eric, 2014, Does corporate governance induce earnings management? Evidence from bonus depreciation and the fiscal cliff, Working paper.
Rajan, Raghuram G., and Henri Servaes, 1997, Analyst following of initial public offerings, Journal of Finance 52, 507-529.
Rajan, Raghuram G., and Luigi Zingales, 1995, What do we know about capital structure? Some evidence from international data, Journal of Finance 50, 1421-1460.
Roychowdhury, Sugata, 2006, Earnings management through real activities manipulation, Journal of accounting and economics 42, 335-370.
Schipper, Katherine, 1989, Commentary on earnings management, Accounting Horizons, 91-102.
Shleifer, Andrei, and Robert W. Vishny, 1992, Liquidation values and debt capacity: A market equilibrium approach, Journal of Finance 47, 1343-66.
Skinner, Douglas J., 2008, The evolving relation between earnings, dividends, and stock repurchases, Journal of Financial Economics 87, 582-609.
Smith, Clifford W., and Ross L. Watts, 1982, Incentive and tax effects of executive compensation plans, Australian Journal of Management 7, 139-157.
Stein, Jeremy C., 1989, Efficient capital markets, inefficient firms: A model of myopic corporate behavior, The Quarterly Journal of Economics, 655-669.
Teoh, Siew Hong, Ivo Welch, and T. J. Wong, 1998a, Earnings management and the long-run market performance of initial public offerings, Journal of Finance 53, 1935-1974.
Teoh, Siew Hong, Ivo Welch, and T. J. Wong, 1998b, Earnings management and the underperformance of seasoned equity offerings, Journal of Financial Economics 50, 63-99.
Titman, Sheridan, and Roberto Wessels, 1988, The determinants of capital structure choice, Journal of Finance 43, 1-19.
Welch, Ivo, 2004, Capital structure and stock returns, Journal of Political Economy 112, 106-131.
Young, Steven, and Jing Yang, 2011, Stock repurchases and executive compensation contract design: The role of earnings per share performance conditions, The Accounting Review, 86, 703-733.
Zang, Amy Y., 2012, Evidence on the tradeoff between real activities manipulation and accrual-based earnings management, The Accounting Review 87, 675-703.		zh_TW