Finanse, Rynki Finansowe, Ubezpieczenia

Previously: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia


ISSN: 2450-7741    OAI    DOI: 10.18276/frfu.2018.92-22
CC BY-SA   Open Access 

Issue archive / 2/2018 (92)
Kształtowanie zysków w spółkach notowanych na GPW. Czy charakterystyka inwestorów instytucjonalnych ma znaczenie?
(Earnings management in companies listed on Warsaw Stock Exchange. Do institutional investors’ characteristics matter?)

Authors: Michał Kałdoński
Uniwersytet Ekonomiczny w Poznaniu

Tomasz Jewartowski
Uniwersytet Ekonomiczny w Poznaniu
Keywords: earnings management institutional investors ownership stability agency costs companies’ ownership structure
Whole issue publication date:2018
Page range:13 (255-267)
Klasyfikacja JEL: G10 G30 M40
Cited-by (Crossref) ?:

Additional information

Opracowanie powstało w ramach projektu badawczego finansowanego ze środków Narodowego Centrum Nauki (nr 2014/13/B/HS4/01556)

Abstract

Purpose – The answer to the question of whether there is a relationship between the institutional investors ownership stability and the level of both real and accrual-based earnings management in companies listed on Warsaw Stock Exchange. Design/methodology/approach – We use multiple regression analysis to identify the relations between institutional investors ownership stability and the level of both earnings management. We use the two-stage Heckman selection model to correct for any selection bias. Findings – We find a significant negative relation between institutional investors ownership stability and real earnings management but no relation between the former and accrual-based earnings management. Originality/value – Our paper adds to the literature on both earnings management and institutional investors as monitors. To our knowledge it is the first study of relations between institutional investors ownership stability and earnings management based on companies listed on WSE.
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