Debates and Studies on Earnings Management : a Geographical Perspective

• Autorzy: Susana Callao , José I. Jarne , Dawid Wróblewski

Warianty tytułu

Dyskusje na temat zarządzania zyskiem : perspektywa geograficzna

• Języki publikacji: EN

Abstrakty

EN

Earnings management has received considerable attention in the accounting literaturę. However some aspects and environments are still unexplored. We present the debates on this subject: real transactions or accounting practices, respecting the rules or crossing the boundaries, efficient or opportunistic earnings management. Based on diligent investigation of more than two hundred papers, we present the evolution of the earnings management concept and present our own definition. Finally, we conduct a literature review on earnings management from a geographical perspective. (original abstract)

Zarządzanie zyskiem (earnings management) od dłuższego czasu jest przedmiotem studiów literaturowych z zakresu rachunkowości. Prowadzone na ten temat bardzo liczne badania wykazują, że niektóre aspekty zarządzania zyskiem wciąż pozostają nie do końca wyjaśnione. W niniejszym artykule autorzy przedstawiają dyskusję na temat zarządzania zyskiem. Poruszają w nim kilka zagadnień. Po pierwsze, czy kształtowanie zysków dotyczy decyzji z zakresu działalności operacyjnej, czy może decyzji z zakresu rachunkowości (praktyki rachunkowości). Po drugie, czy zarządzanie zyskiem ma na celu prezentację zdarzeń gospodarczych w sposób sprzeczny z zasadami rachunkowości, czy też może w ramach jej przepisów. I wreszcie po trzecie, czy zarządzanie zyskiem wiąże się z efektywnym funkcjonowaniem przedsiębiorstwa, czy tylko z oportunistycznym dostosowaniem do istniejących warunków. Na podstawie systematycznej i starannej analizy ponad dwustu artykułów autorzy przedstawiają również ewolucję terminu zarządzania zyskiem i prezentują własną jego definicję. Ponadto dokonują szerokiego przeglądu literatury z perspektywy geograficznej. (abstrakt oryginalny)

Słowa kluczowe

EN

Accounting; Profit; Management; Financial performance; Earnings management

PL

Rachunkowość; Zysk; Zarządzanie; Wynik finansowy; Zarządzanie zyskami

• Czasopismo: Zeszyty Teoretyczne Rachunkowości
• Rocznik: 2014
• Tom: 75
• Numer: nr 131
• Strony: 145--169

Twórcy

autor

Susana Callao

• University of Zaragoza, Spain

autor

José I. Jarne

• University of Zaragoza, Spain

autor

Dawid Wróblewski

• University of Zaragoza, Spain

Bibliografia

• Aflatooni, A., Nikbakht Z. (2009), Income smoothing, real earnings management and long-run stock returns, "Business Intelligence Journal", January, pp. 55-73.
• Agarwal S. et al. (2007), Earnings management behaviors under different economic environments: evidence from Japanese banks, "International Review of Economics and Finance", vol. 16, pp. 429-443.
• Aharony J., Wang J., Yuan H. (2010), Tunneling as an incentive for earnings management during the IPO process in China, "Journal of Accounting and Public Policy", vol. 29, pp. 1-26.
• Ahmad-Zaluki N. (2008), Post-IPO operating performance and earnings management, "International Business Research", vol. l, no. 2, pp. 39-48.
• Ali Shah S., Zafar N., Durrani T. (2009), Board composition and earnings management: an empirical evidencefrom Pakistani listed companies, "Middle Eastern Finance and Economics", vol. 3, pp. 28-38.
• Amat O. et al. (2003), Earnings management in Spain. Some evidence from companies quoted in the Spanish Stock Exchange, "Economics Working Papers", no. 677.
• Anandarajan A., Hasan L, Lozano-Vivas A. (2003), The role of loan loss provisions in earnings management, capital management, and signaling: the Spanish experience, "Advances in International Accounting", vol. 16, pp. 45-65.
• Arnedo L., Lizarraga F., Sánchez S. (2007), Does public/private status affect the level of earnings management in code-law contexts outside the United States? A study based on the Spanish case, "International Journal of Accounting", vol. 42, pp. 305-328.
• Ball R., Shivakumar L. (2006), The role of accruals in asymmetrically timely gain and loss recognition. "Journal of Accounting Research", vol. 44, no. 2, pp. 207-242.
• Bergstresser D., Phililippon T. (2006), CEO incentives and earnings management, "Journal of Financial Economics", vol. 80, pp. 511-529.
• Böching H. et al. (2011), Earnings Management and Enforcement of Accounting Standards - Evidence from Germany, Goethe-University Frankfurt, working paper.
• Bowen R., Noreen E., Lacey J. (1981), Determinants of the corporate decision to capitalize interest, "Journal of Accounting and Economics", vol. 3, pp. 151-179.
• Bukit R., Iskandar T. (2009), Surplus free cash flow, earnings management and audit committee, "International Journal of Economics and Management", vol. 3, no. 1, pp. 204-223.
• Burghof H., Johannsen M. (2006), Good versus bod earnings management: is income smoothing a deliverance?, International Business Forum "Financial Challenges and Opportunities in the Asia Pacific Region".
• Burgstahler D., Dichev I. (l997), Earnings management to avoid earnings decreases and losses, "Journal of Accounting and Economics", vol. 24, pp. 99-126.
• Byard D., Hossain M., Mitra S. (2007), US oil companies' earnings management in response to hurricanes Katrina and Rita, "Journal of Accounting and Public Policy", vol. 26, pp. 733-748.
• Callao S., Jarne J.I. (2010), Have IFRS affected earnings management in the European Union, "Accounting in Europe", vol. 7, no. 2, pp. 159-189.
• Caramanis C., Lennox C. (2008), Audit effort and earnings management, "Journal of Accounting and Economics", vol. 45, pp. 116-138.
• Chen X., Lee C., Li J. (2008), Government assisted earnings management in China, "Journal of Accounting and Public Policy", vol. 27, pp. 262-274.
• Christie A., Zimmerman A. (l 994), Efficient and opportunistic choice of accounting procedures: corporate control contests, "Accounting Review", vol. 69, pp. 539-566.
• Chi J., Gupta M. (2009), Overvaluation and earnings management, "Journal of Banking & Finance", vol. 33, pp. 1652-1663.
• Conner I. (1986), Enhancing public confidence in the accounting profession, "Journal of Accountancy", July,pp. 76-83.
• Cormier D., Martinez I. (2006), The association between management earnings forecasts, earnings management, and stock market valuation: evidence from French IPOs, "International Journal of Accounting", vol. 41, pp. 209-236.
• Darrough M., Pourjalali H., Saudagaran S. (1998), Earnings management in Japanese companies, "International Journal of Accounting", vol. 33, no. 3, pp. 313-334.
• Das S., Zhang H. (2003), Rounding-up in reported EPS,behavioral thresholds,and earnings management, "Journal of Accounting and Economics", vol. 35, pp. 31-50.
• DeAngelo L. (1986), Accounting numbers as market valuation substitutes: a study of management buy outs of public stockholders, "Accounting Review", vol. 3, pp. 400-420.
• Dechow P., Skinner D. (2000), Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and Regulators, University of Michigan Business School, working paper.
• Dechow P., Richardson S., Tuna I. (2003), Why are earnings kinky? An examination of the earnings management explanation, "Review of Accounting Studies", vol. 8, pp. 355-384.
• Dechow P., Sloan R., Sweeney A. (1995), Detecting earnings management, "Accounting Review", vol. 70, no. 2,pp. 193-225.
• DeFond M., Jiambalvo J. (1994), Debt covenant violation and manipulation of accruals: Accounting choice in troubled companies, "Journal of Accounting and Economics", vol. 17, pp. 145-176.
• DiPiazza S., Eccles R. (2002), Building Public Trust. The Future of Corporate Reporting, Wiley, New York.
• Duh R., Lee W., Lin C. (2009), Reversing an impairment loss and earnings management: the role of corporate governance, "International Journal of Accounting", vol. 44, pp. 113-137.
• Feres de Almeida, J. et al. (2005), Earnings Management and Industry Classification in Brazil: An Exploratory Investigation, 3° Simpósio de Producao, Fucape Cientifica.
• Fields T., Lys T., Vincent L. (2001), Empirical Research on Accounting Choice, participants of the 2000 , "Journal of Accounting and Economics" conference.
• Fischer M., Rosenzweig K. (1995), Attitudes of students and accounting practitioners concerning the ethical acceptability of earnings management, "Journal of Business Ethics", vol. 14, pp. 433-444.
• Gao P. (2011), A measurement approach to conservatism and earnings management, "Journal of Accounting and Economics", pp. 1-41.
• García Osma B., Guillamón-Saorin E. (2009), Corporate Governance and Impression Management in Annual Results Press Releases, Universidad Carlos III de Madrid, working paper.
• García Osma B., Noguer B. (2007), Corporate Governance and Earnings Management in Spain, "Corporate Governance. An International Review", vol. 15, no. 6, pp. 1413-1428.
• García Osma B., Gill-de-Albomoz B. (2005), El gobierno corporativo y las prácticas de Earnings Management: evidencia empírica en Espana, "Instituto Valenciano de Investigaciones Económicas", vol. 11, pp. 1 -46.
• Gierusz K. (2010), Pojęcia i przejawy rachunkowości kreatywnej i agresywnej, "Accountica", nr 17, lipiec, pp. 1-7.
• Gill-de-Albornoza B., Illueca M. (2005), Earnings management under price regulation: empirical evidence from the Spanish electricity industry, "Energy Economics", vol. 27, pp. 279-304.
• Graham J., Harvey C., Rajgopal S. (2005), The economic implications of corporate financial reporting, "Journal of Accounting and Economics", vol. 40, no. 1-3, pp. 3-73.
• Guan L., Wright C., Leikam S. (2005), Earnings management and forced CEO dismissal, "Advances in Accounting", vol. 21, pp. 61-81.
• Gunny K. (2005), What Are the Consequences of Real Earnings Management?, working paper, Haas School of Business University of California, Berkeley.
• Habib A., Hossain M. (2008), Do managers manage earnings to just meet or beat' analyst forecasts? Evidence from Australia, "Journal of International Accounting, Auditing and Taxation", vol. 17, pp. 79-91.
• Hagerman R., Zmijewski M. (1979), Some economic determinanty of accounting policy choice, "Journal of Accounting and Economics", vol. 1 ,pp. 141-161.
• Healy P. (1985), The effect of bonus schemes on accounting decisions, "Journal of Accounting and Economics", vol. 7, pp. 85-107.
• Healy P., Palepu K. (1993), The effect of firms' financial disclosure policies on stock prices, "Accounting Horizons", vol. 7, pp. 1-11.
• Healy P.M., Wahlen J.M. (1999), A review of the earnings management literature and its implications for standardsetting, "Accounting Horizons", vol. 13, no. 4, pp. 365-383.
• Healy P.M., Wahlen J.M. (1998), A review of the earnings management literature and its implication for standard setting, Harvard Working Paper.
• Holthausen R. (1990), Accounting method choice: opportunistic behavior, efficient contracting and information perspectives, "Journal of Accounting and Economics", vol. 12, pp. 207-218.
• Holthausen R. (1981), Evidence on the effect of bond covenants and management compensation contracts on the choice of accounting techniques: the case of the depreciation switch-back, "Journal of Accounting and Economics", vol. 3, no. 1, pp. 73-109.
• Holthausen R., Leftwich R. (1983), The economic consequence of accounting choice: implications of costly contracting andmonitoring, "Journal of Accounting and Economics", vol. 5, pp. 77-117.
• latridis G., Kadorinis G. (2009), Earnings management and firm financial motives: a financial investigation ; of UK listed firms, "International Review of Financial Analysis", vol. 18, pp. 164-173.
• Jackowicz K., Kozłowski L. (2010), Zarządzanie wynikiem finansowym w bankach z Europy Środkowo-wschodniej związane z progowymi wartościami rentowności, "Master of Business Administration", 5 (l 14), pp. 25^5.
• Jacob J., Jorgensen B. (2007), Earnings management and accounting income aggregation, "Journal of Accounting and Economics", vol. 43, pp. 369-390.
• Jaggi B., Leung S. (2007), Impact of family dominance on monitoring of earnings management by audit committees: evidence from Hong Kong, , Journal of International Accounting, Auditing and Taxation", vol. 16, pp. 27-50.
• Jaggi B., Leung S., Gul F. (2009), Family control, board independence and earnings management: evidence basedon Hong Kong firms, "Journal of Accounting and Public Policy", vol. 28, pp. 281-300.
• Jeanjean T. (2000), Corporate Governance and Earnings Management, CEREG, University of Paris-Dauphine, France, working paper.
• Jeanjean T., Stołowy H. (2008), Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption, "Journal of Accounting and Public Policy", vol. 27, 1 pp. 480-494.
• Jiraporn P. et al. (2008), Is earnings management opportunistic or beneficial? An agency theory perspective, "International Review of Financial Analysis", vol. 17, pp. 622-634.
• Johl S., Jubb C., Houghton K. (2003), Audit Quality: Earnings Management in the Context of the 1997 Asian Crisis, Monash University, Berwick, working paper.
• Jones J. (1991), Earnings management during import relief investigations, "Journal of Accounting Research", vol. 29, no. 2, pp. 193-228.
• Kallunki J., Martikainen M. (1999), Do firms use industry-wide targets when managing earnings? Finnish evidence, "International Journal of Accounting", vol. 34, no. 2, pp. 249-259.
• Kamela-Sowińska A. (2003), Skąd się wzięła sprawa Enronu?, "Rachunkowość", nr 4, pp. 1-14.
• Kao J., Wu D., Yang Z. (2009), Regulations, earnings management, and post-IPO performance: the Chinese evidence, "Journal of Banking & Finance", vol. 33, pp. 63-76.
• Kasanen E., Kinnunen J., Niskanen J. (1996), Dividend-based earnings management: empirical evidence from Finland, "Journal of Accounting and Economics", vol. 22, pp. 283-312.
• Kempen R. (2010), Earnings management in public and private companies in the Netherlands, Master thesis Accounting & Finance, Erasmus University Rotterdam.
• Key K. (1997), Political cost incentives for earnings management in the cable television industry, "Journal of Accounting and Economics", vol. 23, pp. 309-337.
• Kim J., Yi C. (2005), Ownership Structure, Business Group Affiliation, Listing Status, and Earnings Management: evidencefrom Korea, Hong Kong Polytechnic Uniyersity, paper work.
• Kinnunen J. et al. (2000), Earnings management and expected dividend increases around seasoned share issues: evidence from Finland, "Scandinavian Journal of Management", vol. 16, pp. 209-228.
• Klein A. (2002), Audit committee, board of director characteristics, and earnings management", "Journal of Accounting and Economics", vol. 33, pp. 375-400.
• Koh P. (2007), Institutional investor type, earnings management and benchmark beaters, "Journal of Accounting and Public Policy", vol. 26, pp. 267-299.
• Koh Ping-Sheng (2003), On the association between institutional ownership and aggressive corporate earnings management in Australia, "British Accounting Review", vol. 35, pp. 105-128.
• Konings J., Labro E., Roodhooft F. (1998), Earnings management and trade union activity: results for Belgium, Onderzoeksrapporten Centrum voor Economische Studien, 9828.
• Kothari S., Leone A., Wasley C. (2005), Performance matched discretionary accrual measures, "Journal of Accounting and Economics", vol. 39, pp. 163-197.
• Lang M., Smith Raedya J., Wilson W. (2006), Earnings management and cross listing: are reconciled earnings comparable to US earnings?, "Journal of Accounting and Economics", vol. 42, pp. 255-283.
• Larcker D., Richardson S. (2004), Fees paid to audit firms, accrual choices, and corporate governance, "Journal of Accounting Research", vol. 42, pp. 625-658.
• Lau H. (2004), Regulations on IPO pricing, earnings management and earnings forecasts during the reform of state enterprises in China, "Advances in International Accounting", vol. 17, pp. 175-198.
• Lee C., Xue S. (2004), Earnings management of loss-firms in China, Tulane University and Tsinghua University, working paper.
• Lin K. (2006), The impact of tax holidays on earnings management: an empirical study of corporate reporting behavior in a developing-economy framework, "International Journal of Accounting", vol. 41, pp. 163-175.
• Liu Q., Lu Z. (2007), Corporate governance and earnings management in the Chinese listed companies: a tunneling perspective, "Journal of Corporate Finance", vol. 13, pp. 881-906.
• Lo A., Wong R., Firth M. (2010), Can corporate governance deter management from manipulating earnings? Evidencefrom related-party sales transactions in China, "Journal of Corporate Finance", vol. 16, pp. 225-235.
• Lopes A., Tukamoto Y., Galdi F. (2006), Earnings Management and Cross Listing in Brazil, working paper.
• Louis H. (2004), Earnings management and the market performance of acquiring firms, "Journal of Financial Economics", vol. 74, pp. 121-48.
• Lybaert N. et al. (2005), Provisions: a Tool for Earnings Management?, 28th Annual EAA Congress, Göteborg.
• Markarian G., Pozza L., Prencipe A. (2008), Capitalization of R&D costs and earnings management: evidence from Italian listed companies, "International Journal of Accounting", vol. 43, pp. 246-267.
• Martinez A. (2005), Earnings Management in Brazil: Motivation and Consequences, FUCAPE Business School, working paper.
• Matis D. et al. (2010), Jones, Dechow and Kasznik models significance in the Romanian economic environment, "Annales Universitatis Apulensis Series Oeconomica", vol. 12, no. 1, pp. 1-14.
• McKee T. (2005), Earnings Management. An Executive Perspective, Thomson Leaming, Mason.
• McNichols M. (2000), Research design issues in earnings management studies, "Journal of Accounting and Public Policy", vol. 19, pp. 313-345.
• Mora A., Sabater A. (2008), Evidence of income-decreasing earnings management before labour negotiations within firms, "Investigaciones Económicas", vol. 32, no. 2, pp. 201-230.
• Mulford C., Comiskey E. (l996), The Financial Numbers Game: Detecting Creative Accounting Practices, John Wiley & Sons, New York.
• Nelson M., Elliott J., Tarpley R. (2002), Evidencefrom auditors about managers' and auditors' earnings management decisions, "Accounting Review", vol. 77, pp. 175-202.
• Otogawa K. (2002), Earnings Forecast and Earnings Management of Japanese Initial Public Offerings Firms, working paper, Kobe University.
• Park Y., Shin Hyun-Han (2004), Board composition and earnings management in Canada, "Journal of Corporate Finance", vol. 10, pp. 431-457.
• Peasnell K., Pope P., Young S. (1999), Detecting Earnings Management Using Cross-sectional Abnormal Accruals Models, Lancaster University, paper work.
• Petrovits C. (2006), Corporate-sponsored foundations and earnings management, "Journal of Accounting and Economics", vol. 41, pp. 335-362.
• Pina V., Arcas M., Marti C. (2009), Accruals and 'Accounting Numbers Management' in the UK Executive Agencies, VII Workshop on Empirical Research in Financial Accounting, Cartagena, working paper.
• Prusak B. (2003), Zniekształcenie rzeczywistej sytuacji finansowej przedsiębiorstw -wskutek agresywnej księgowości", "Prace Naukowe Katedry Ekonomii i Zarządzania Przedsiębiorstwem", t. 2, Wydawnictwo Politechniki Gdańskiej, Gdańsk, pp. 151-160.
• Rahman U., Dowds J., Cahan S. (2005), Earnings management practices among muslim and non-muslim managers in Malaysia, "Journal of Economics and Management", vol. 13, no. 2, pp. 189-208.
• Rangan S. (1998), Earnings management and the performance of seasoned equity offerings, "Journal of Financial Economics", vol. 50, pp. 101-122.
• Razzaque R., Rahman M., Salat A. (2006), Earnings management: an analysis on textile sector of Bangladesh, "Cost and Management", vol. 34, no. 5, pp. 5-13.
• Richardson S., Tuna L, Wu M. (2002), Predicting Earnings Management: the Case of Earnings Restalements, University of Pennsylvania, The Wharton School, Philadelphia, working paper.
• Rocco R. (1998), Fraudauditing, "Managerial Auditing Journal", vol. 13, no. 1, pp. 4-71.
• Rodrigíuez-Pérez G., Van Hemmen S. (2010), Debt, diversification and earnings management, "Journal Accounting Public Policy", vol. 29, pp. 138-159.
• Roosenbooma P., Van der Goot T., Mertens G. (2003), Earnings management and initial public offerings: evidencefrom the Netherlands, "International Journal of Accounting", vol. 38, pp. 243-266.
• Roychowdhury S. (2006), Earnings management through real activities manipulation, "Journal of Accounting and Economics", vol. 42, pp. 335-370.
• Saleh N., Iskandar T., Rahmat M. (2005), Earnings management and board characteristics: evidence from Malaysia, "Jurnal Pengurusan", vol. 24, pp. 77-103.
• Schipper K. (1989), Commentary on earnings management, "Accounting Horizons", vol. 3, no. 4, pp. 91-102.
• Scott R. (2000), Financial Accounting Theory, second edition, Prentice Hali, New Jersey.
• Shen Z., Coakley J., Instefjord N. (2008), Earnings Management, Underpricing and Underperformance of Chinese IPOs, Institute of Financial and Accounting Studies Xiamen University, China; Essex Finance Centre University of Essex, Colchester, UK, paper work.
• Shuto A. (2007), Executive compensation and earnings management: empirical evidence from Japan, "Journal of International Accounting, Auditing and Taxation", vol. 16, pp. 1-26.
• Siregar S., Utama S. (2008), Type of earnings management and the effect of ownership structure, firm size, and corporate-governance practices: evidence from Indonesia, "International Journal of Accounting", vol. 43, pp. 1-27.
• Skinner D. (1993), The investment opportuniry set and accounting procedure choice: preliminary evidence, "Journal of Accounting and Economics", vol. 16, no. 4,407-445.
• Skinner D., Sloan G. (2002), Earnings surprises, growth expectations, and stock returns: don't let an earnings torpedo sinky our portfolio, "Review of Accounting Studies", vol. 7, pp. 289-312.
• Subramanyam K. (1996), The pricing of discretionary accruals, "Journal of Accounting and Economics", pp. 249-281.
• Sun L., Rath S. (2008), Fundamental determinants, opportunistic behavior and signaling mechanism: an integration of earnings management perspectives, "International Review of Business Research Papers", vol. 4, no. 4, pp. 406-420.
• Sundgren S. (2007), Earnings management in public and private companies - evidence from Finland, "LTA",vol. l,pp. 1-29.
• Teoh S., Wong I., Wong T. (1998), Earnings management and the under performance of seasoned equity offerings, "Journal of Financial Economics", vol. 50, pp. 63-99.
• Tokarski M. (2009), Sprawozdanie finansowe - niedoskonałe źródło informacji o sytuacji finansowej przedsiębiorstwa, "Przedsiębiorczość", nr 5, pp. 176-186.
• Tokarski A., Tokarski M. (2007), Rachunkowość kreatywna jako narzędzie zarządzania przedsiębiorstwem w warunkach globalizacji, [in:] A. Potocki (red.), Mechanizmy i obszary przeobrażeń w organizacjach, Difin, Warszawa, pp. 1-22.
• Vander Bauwhede H., Willekens M. (2003), Earnings management in Belgium: a review of the empirical evidence, "Tijdschrift voor Economie en Management", vol. 48, no. 2, pp. 199-217.
• Watts R., Zimmerman L. (1986), Positive Accounting Theory, Prentice-Hall, New Jersey.
• Watts R. Zimmerman J. (1978), Towards a positive theory of the determination of accounting standards, "Accounting Review", January, pp. 112-134.
• Wiercińska A. (2008), Granice między kreatywną, agresywną i oszukańczą rachunkowością, "Prace i Materiały Wydziału Zarządzania Uniwersytetu Gdańskiego", nr 2, pp. 141-150.
• Wójtowicz P. (2010), Wiarygodność sprawozdań finansowych wobec aktywnego kształtowania wyniku finansowego, Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie, Kraków.
• Xie B., Dayidson W., DaDalt P. (2003), Earnings management and corporate governance: the role of the board and the audit comtnittee, "Journal of Corporate Finance", vol. 9, pp. 295-316.
• Yagüe J., Gómez-Sala J., Poveda-Fuentes F. (2009), Stock split size, signaling and earnings management: evidencefrom the Spanish market, "Global Finance Journal", vol. 20, pp. 31-47.
• Ye J. (2007), Accounting Accruals and Tests of Earnings Management, Baruch College.
• Yoon S., Miller G. (2002), Earnings management of seasoned equity offering firms in Korea, "International Journal of Accounting", vol. 37, pp. 57-78.
• Yu,Q., Du,B., Sun,Q. (2006), Earnings management at rights issues thresholds - evidence from China, "Journal of Banking & Finance", vol. 30, pp. 3453-3468.
• Zhang Y., Gimeno J. (2010), Earnings pressure and competitive behavior: evidence from the U.S. Electricity Industry, "Academy of Management Journal", vol. 53, no. 4, pp. 743-768.