View : 35 Download: 0

Largest Shareholder Ownership and Downward Real-activity Earnings Management in Korean Seasoned Equity Offerings Firms

Title
Largest Shareholder Ownership and Downward Real-activity Earnings Management in Korean Seasoned Equity Offerings Firms
Authors
Kim, Su-InByun, Jin-HoShin, Hye-Jeong
Ewha Authors
변진호
SCOPUS Author ID
변진호scopus
Issue Date
2018
Journal Title
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES
ISSN
2041-9945JCR Link

2041-6156JCR Link
Citation
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES vol. 47, no. 4, pp. 546 - 570
Keywords
Seasoned equity offeringReal-activity earnings managementLargest shareholders
Publisher
WILEY
Indexed
SSCI; SCOPUS; KCI WOS scopus
Document Type
Article
Abstract
We investigate whether firms' real-activity earnings management (REM) around seasoned equity offerings (SEOs) and stock return performance after SEOs are different for the largest shareholders' participation in SEOs. Using Korean firms, we find that an increase in the largest shareholders' ownership is negatively related to REM in the quarters preceding an SEO. Additionally, positive market responses to SEO with the largest shareholders' ownership increases are mitigated by the level of REM. We conclude that firms manage earnings in favor of the largest shareholders rather than other existing shareholders.
DOI
10.1111/ajfs.12224
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
Files in This Item:
There are no files associated with this item.
Export
RIS (EndNote)
XLS (Excel)
XML


qrcode

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.

BROWSE