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Studien som presenteras är en kvantitativ studie utförd på Högskolan i Borås. Syftet medstudien är att fastställa om Beneish m-score kan användas för att identifiera manipulation i svenska aktiebolag. I princip alla bolag använder sig av någon form av earnings management. Svårigheten ligger i att identifiera när ett bolag går från att utnyttja den flexibilitet som finns i lagarna till att röra sig utanför lagens gränser. Bolagen pressas hårt internt men framför alltexternt och förväntningarna att prestera är ofta höga. I studien presenteras och diskuteras de olika incitament som kan påverka att ett bolag väljer att manipulera sin redovisning. Ettresultat av manipulationen är att det skapas en informationsasymmetri, där utställaren av de finansiella rapporterna inte delger hela verkligheten varken till sina externa intressenter eller internt. Beslut baseras då på felaktiga grunder eftersom bolagets verkliga situation inte speglas. Beneish m-score är baserad på åtta olika variabler som fångar företeelser vilka anses drivabolag till att överträda redovisningsstandarder. Modellens syfte är att exponera det som tidigare legat dolt i bolagets informationsflöde. Med hjälp av modellen skall publicerad redovisningsdata kunna användas för att upptäcka manipulation och minskainformationsasymmetrin redan innan bolagen offentligt blivit anklagade för att manipulera sin redovisning. För att möjliggöra studiens syfte har 20 svenska aktiebolag valts ut. Urvalet är uppdelat i tvåurvalsgrupper, en grupp som speglar god redovisningssed samt en grupp där bolagen på olika sätt har manipulerat sin redovisning. Modellen har därefter testats på samtliga bolagsredovisning för att avgöra hur stort felutfall modellen har på svenska aktiebolag. Det framgår också i studien hur vissa antaganden har gjorts för att modellen skall fungera på ett praktiskt sätt på samtliga svenska aktiebolag. Studien bidrar därmed till att göra Beneish m-scoremodellen brukbar som ett möjligt analysverktyg på svenska aktiebolag. Resultatet som presenteras visar på att all manipulation inte upptäcks bland annat på grund av att Beneish m-score är uppbyggt på ett begränsat sätt. Modellen är baserad på variabler som skall indikera på manipulation genom förhöjda intäkter och resultat. De bolag som istället minskar intäkter och resultat kommer inte att upptäckas som manipulatörer. Slutsatsen påpekar därför på att modellen är för begränsad för att rättvist kunna upptäcka alla de komplexa situationer där manipulation kanske. / The study presented is a quantitative study issued at the University of Borås, written in Swedish. The purpose of the study is to determine whether Beneish m-score can be used to identify manipulation in Swedish limited companies. Almost all companies use some kind of earnings management. It is troublesome to identify when a company goes from utilizing the flexibility that exists in laws to move outside the laws. There are a lot of pressure on companies and the performance expectations are often high, both from internal and external parties. This study presents and discusses the various incentives that may influence a company to manipulate its accounting. As a result of the manipulation, an asymmetry of information is created. Where the issuer of the financial reports does not share the whole picture with its stakeholders. Decisions are based on incorrect information both internal and external since the company's actual situation is not reflected. Beneish m-score is based on eight different variables that captures phenomena that are assume to drive companies to violate accounting standards. The purpose of the model is to detect information that previously have been hidden in the company's information flow. With help from the model, published accounting data can be used to discover manipulation and reduce asymmetry of information even before the companies have been publicly accused for manipulation of their accounting. To enable the study's purpose, 20 Swedish limited companies have been chosen. The sample is divided in two groups, one group that reflect good accounting practice and one group with companies that have manipulated their financial accounts. The model has then been tested on all companies to determine the margin of error on Swedish companies. It is also presented in the study that certain assumptions have been made to make the model work on all Swedish limited companies. The study therefore contribute to make Beneish m-score useable as a possible analysis tool on all Swedish limited companies. The presented result describe that not all manipulation is detected partly because Beneish m-score is structured in a limited way. The model is based on variables that should detect manipulation through increased revenue and result. Companies that instead reduce revenue and result will not be detected as manipulators. The conclusion point out that Beneish model has limited ability to sufficiently detect all manipulation due to the complexity of the circumstances.

近幾年來，財務弊案層出不窮，管理當局參與創造性會計的情事日益嚴重，資本市場陷入紀律危機，徒增成本。為喚醒投資者對於盈餘品質的關注，以及對盈餘管理有更客觀的瞭解，本研究提出兩種不同基礎之盈餘品質分類法，並探討台灣上市公司在盈餘品質分類法下，財務特性與盈餘管理成分的差異。 以往國內文獻多個別探討盈餘品質的內涵，或盈餘管理的現象；將盈餘品質與盈餘管理兩大主題做結合，乃新嘗試。研究主要分為兩大部分，第一部份定義盈餘品質，而第二部分深入盈餘管理的課題。 研究以2002年第3季到2004年第3季，381家台灣上市公司，共3429個樣本點，進行迴歸模型分析。 首先將樣本以：一、盈餘對營運現金流量的關係，及二、應收帳款成長率對營收成長率的比較，共兩種基礎，區分盈餘品質。在區分盈餘品質後，以盈餘品質測試盈餘評價能力與持續性。發現以盈餘對營運現金流量關係作為基礎之盈餘品質，具有增額評價能力，而以應收帳款成長率對營收成長率的比較做為基礎者，無增額評價能力。而兩種盈餘品質對盈餘持續性有顯著貢獻。 第二部分將樣本分為盈餘平滑企業與非盈餘平滑企業，探討盈餘評價功能之強弱，發現在盈餘平滑與盈餘非平滑兩組別中，盈餘平滑化並不影響盈餘評價能力。接著導入盈餘品質，觀察在交叉分組下盈餘評價功能的差異，發現高盈餘品質結合盈餘非平滑化（Quality Non-Smoother）的組別中，有最高盈餘評價係數。盈餘進一步拆解成三個組成份子：營運現金流量，裁量性應計數，與非裁量性應計數。其中，觀察重點在於裁量性應計數，研究同樣加入盈餘品質，測試其評價能力與持續性。發現裁量性應計數具有評價功能，而在兩種盈餘品質指標分類下，高盈餘品質之裁量性應計數，並無增量評價貢獻；在持續性方面，兩種盈餘品質指標同樣對裁量性應計數有正向貢獻。 為測試盈餘品質在盈餘管理誘因下的反應，最後將盈餘管理誘因區分為達成損益兩平與超越前期盈餘兩項目標，並加入盈餘品質，觀察其交互作用。發現在「達成損益兩平」與「超越前期盈餘」兩種盈餘目標下，盈餘管理現象的確存在。加入盈餘品質變數後，在兩種盈餘品質變數之作用下，對「達成損益兩平」與「超越前期盈餘」兩項管理誘因均有抑制作用。 / During the last few years, there have been numerous cases of financial ma-nipulation and scandals of firms and the situation of the managing authority par-ticipating in creative accounting has become worsen which has posed enormous disciplinary risks and unnecessary costs on the entire capital market. In order to invoke the concern of investors towards earning quality and to objectively under-stand more broadly about earning management, this study focused on two dif-ferent earning quality categorization based on different basis. The other aim of this study was to discuss the differences of financial characteristics and earning management that arise under two different earning quality categorizations. Most of the local existing literature discussed separately on the essence of earning management or the phenomenon of earning management; this study would be a completely new attempt, which combined the above-mentioned two topics into one study. The first part of this study focused on the definition of earn-ing quality and the second part discussed in detail on issues concerning earning management. A regression analysis was conducted on 381 publicly listed firms in Taiwan during the period from the third quarter of 2002 to the third quarter of 2004 and the total sample points were 3429. Firstly, the samples were processed and the samples’ earning qualities were categorized based on: 1. the comparison between earning and operating cash flow; 2. the comparison between the growth rate of account receivables and the growth rate of revenue. After the categorization of earning qualities, earning qual-ity was used to test the ability of earning valuation and the persistence of the earning. It was revealed in this study that the earning quality based on the com-parison between earning and operating cash flow could greatly enhance the abil-ity of earning valuation. On other hand, the earning quality based on the compari-son between the growth rate of account receivables and the growth rate of reve-nue failed to enhance the earning valuation. However, both categories of earning qualities had significant contribution to the persistence of earning. The second part of the study separated the samples into earning smoothing firms and non-earning smoothing firms in order to discuss the power of the ability of earning valuation. The results showed that earning smoothing did not have any impact on ability of earning valuation. The next step was to introduce earning quality into this part of the study and to observe the differences in the ability of earning valuation that arise from cross grouping. It was revealed that the group of high earning quality combining non-smoother had the highest earning valuation coefficient. Earning was further decomposed into three components: operating cash flow, discretional accruals and non-discretional accruals. The focus was on the observation of discretional accruals, and in this part of the study, the earning quality was also introduced in order to test the ability to valuate and the persis-tence of earning. It was discovered that discretional accruals possessed the func-tion of valuation. Furthermore, under the categorization of earning quality indexes with two different bases, discretional accruals with high earning quality had no contribution toward the ability to enhance valuation; however, about the persis-tence, both earning quality indexes had positive contribution toward discretional accruals. Finally, in order to test the reactions of earning quality under the influence of the incentives of earning management, the incentives of earning management were categorized into two groups with two different goals: 1. to reach breakeven; 2. to exceed prior period earning. The earning quality was also introduced to ob-serve the interactions. It was observed that under the two different goals in earn-ing, the phenomenon of earning management did indeed exist. After including the variable of earning quality, under the influences of two different categories of earning quality variables, there was some kind of suppressive effects on the management incentives of “reaching breakeven” and “earning that surpasses the prior period earning”.

This study examines the effects of research and development (R&D) reporting method and managerial knowledge of supervisor compensation on R&D project continuation decisions. The current study employs an experiment with a 2x3 between-participants design, manipulating both R&D reporting method (expense vs. capitalize) and knowledge of supervisor compensation (control group with no knowledge vs. knowledge of non-restricted stock compensation vs. knowledge of restricted stock compensation). Using salient short-term incentives to motivate real earnings management, this study demonstrates that capitalization may result in managers foregoing economically efficient R&D investment opportunities. The results indicate that managerial knowledge of supervisor compensation structure has little influence on managers’ R&D project continuation choices. However, when managers capitalizing R&D expenditures had knowledge that their supervisors received non-restricted (short-term) stock compensation their perceived personal responsibility for the decision significantly decreased. Participants who capitalized R&D expenditures and had knowledge that their supervisor received restricted (long-term) stock compensation rated the importance of making a decision to please their supervisor significantly higher than all other participants. Additionally, participants with knowledge that their supervisors restricted stock compensation were significantly more concerned about the likelihood of negative personal repercussions regardless of R&D reporting method. These findings contribute to the management accounting literature by providing new insights on the influence of knowledge of supervisor compensation on managerial decision making as well as additional insights into the factors that contribute to and limit real earnings management. This study also extends the literature on R&D by providing evidence of the potential for real earnings management when R&D expenditures are capitalized in the absence of personal responsibility.

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The purpose of the article is to analyze the relationship among dividend policy,future earnings and growth opportunities.And the results are below: 1.Total dividend and cash dividend can predict future earnings,but stock dividend can only reflect current earnings 2.total dividend and stock dividend are signaling effect,but I have a diffent result in cash dividend. Using MBA,MBE and E/P as substitute variables,it is contracting effect.But using R&D as a substitute variable,it is signaling effect.

There are more and more enterprises using private placement after private placement is permitted in Taiwan in 2002. It shows that private placement is becoming one choice for public companies to raise capital. The study examines the announce effect of private placement, the one year stock price performance after private placement, variables related to stock price performance after private placement, and earning management in private placement. The results of the study as follows¡G 1.Public enterprises¡¦ private placement did not have a significant announcement effect; it maybe because that most public enterprises with private placement were small enterprises, when they announced private placement did not catch investors attentions. 2.Insiders know more information than general investors, and most private placement rose from insiders. It maybe shows that insiders think enterprises would get better after private placement. So insiders got major portion of private placement maybe the reason of the significant positive of one year stock price performance after private placement. 3.In regression analysis, firm size and stock price performance present significant negative relationship, the ratio of insiders and institutions has significant positive relationship with stock price performance. 4.The study did not find enterprises through earning management lure investors to attend private placement.

This is a study to see the relationship between earnings per share and dividends during a period of both boom and depression. The study will focus on companies listed on Stockholm stock exchange and see if they follow theories from the past and if the dividend is smooth over times with a fluctuant economy. To see this we had this problem: Is it a relationship between earnings per share and dividend during a fluctuant economy, also if there is a difference between the different Caps on Stockholm stock exchange? We studied 163 stocks of the 293 listed stock on Stockholm stock exchange during a period of 8 years. The study is focused on the time period between year 2005 and year 2012. We used IBM SPSS statistics to see the correlation and regression between earnings per share and dividend and analysed that. We used Microsoft Excel to make graphs and analysed them. The study didn’t find any strong relationship between earnings per share and dividend. The strongest connection we found was for companies listed on Small Cap where the correlation was 0,461. The weakest connection that was found was for companies listed as Mid Cap where the correlation was 0,211. For companies listed as Large Cap the correlation was 0,283.

Submitted by Jose Antonio Tejeda Almonte (jtejedaalmonte@gmail.com) on 2016-04-08T15:06:32Z No. of bitstreams: 2 ANÁLISE EMPÍRICA DOS MODELOS OPERACIONAIS PARA A DETECÇÃO DO GERENCIAMENTO DE RESULTADO NAS EMPRESAS DE CAPITAL ABERTO DO BRASIL APÓS A CONVERGÊNCIA DAS NORMAS IFRS.pdf: 1138531 bytes, checksum: 1acbca935647b22b8876498b944c8ae5 (MD5) Ata da Defesa.pdf: 594637 bytes, checksum: 2a0c0561541d8a56464267f5e334a4aa (MD5) / Approved for entry into archive by Marivalda Araujo (masilva@ufba.br) on 2016-04-11T16:59:10Z (GMT) No. of bitstreams: 2 ANÁLISE EMPÍRICA DOS MODELOS OPERACIONAIS PARA A DETECÇÃO DO GERENCIAMENTO DE RESULTADO NAS EMPRESAS DE CAPITAL ABERTO DO BRASIL APÓS A CONVERGÊNCIA DAS NORMAS IFRS.pdf: 1138531 bytes, checksum: 1acbca935647b22b8876498b944c8ae5 (MD5) Ata da Defesa.pdf: 594637 bytes, checksum: 2a0c0561541d8a56464267f5e334a4aa (MD5) / Made available in DSpace on 2016-04-11T16:59:10Z (GMT). No. of bitstreams: 2 ANÁLISE EMPÍRICA DOS MODELOS OPERACIONAIS PARA A DETECÇÃO DO GERENCIAMENTO DE RESULTADO NAS EMPRESAS DE CAPITAL ABERTO DO BRASIL APÓS A CONVERGÊNCIA DAS NORMAS IFRS.pdf: 1138531 bytes, checksum: 1acbca935647b22b8876498b944c8ae5 (MD5) Ata da Defesa.pdf: 594637 bytes, checksum: 2a0c0561541d8a56464267f5e334a4aa (MD5) / CAPES / Esta pesquisa investigou se os estimadores dos modelos propostos para detecção os accruals discricionários utilizados na detecção do gerenciamento de resultados são consistentes para avaliar a discricionariedade dos gestores no Brasil após a convergência das normas internacionais do International Accounting Standards Board (IASB). A amostra neste estudo esta composta pelo conjunto de companhias abertas do mercado de capitais brasileiro, compreendendo o período 2004-2011. Inicialmente, avaliou-se o impacto da convergência das IFRS, este foi conjuntamente estimado mediante o método Propensity Score matching e o método de diferenças em diferenças. O estimador de diferença em diferença é oriundo da diferença entre o padrão de apresentação das IFRS e o BR-GAAPS e das diferenças entre empresas com níveis diferenciados de governança corporativa e mercado tradicional. Para avaliar analise de especificação e o poder preditivo dos modelos utilizaram-se diversos procedimentos estatísticos. Todos os modelos do trabalho para mensurar os accruals discricionários são estimados mediante o pooling of independent cross-sections mediante os métodos de regressão robusta: erro-padrao robusto, mínimo quadrado ponderado e regressão quantilica. Os resultados confirmam a hipótese H1, a adoção do IFRS pelas companhias abertas brasileiras afetou significativamente o nível de accruals totais e o efeito da convergência foi diferenciado para cada um dos quantis. Para as empresas com níveis altos de accruals totais negativos, a convergência das IFRS e pertencer a níveis de governança corporativa são um fator negativo e diferenciado ás empresas do mercado tradicional. Já para níveis altos de accruals totais positivos a relação é positiva. Além de alguns modelos ter especificação fraca, baixo poder preditivo e ser afetados significativamente quando estimados mediante métodos de estimações robustos, os resultados comprovam que o impacto teve resultados semelhantes quando aplicados a diferentes modelos de estimação de accruals e mostram que conforme fora aumentando os percentis da distribuição dos accruals totais, as variáveis explicativas comportam-se de forma diferenciada Independiente dos modelos de estimação. / This research investigated whether the estimators of the proposed models to detect discretionary accruals used in earnings management detection are consistent to assess the discretion of managers in Brazil after the convergence of international standards of the International Accounting Standards Board (IASB). The sample in this study is composed by all public companies in the Brazilian capital market, covering the period 2004-2011. Initially, we evaluated the impact of the IFRS convergence, this has been jointly estimated by the propensity score matching method and the method of difference in differences. The difference estimator in difference arises from the difference between the standard of presentation of IFRS and BR-GAAPS and differences between companies with different levels of corporate governance and traditional market. To assess specification and analyze the predictive power of the models we used various statistical procedures. All work models to measure discretionary accruals are estimated by the pooling of independent cross-sections by the methods of robust regression: Robust error-standard, square minimum weighted and quantile regression. The results confirm the hypothesis H1, the adoption of IFRS by Brazilian companies significantly affected the level of total accruals and the effect of convergence was different for each quantile. For businesses with high levels of negative total accruals, convergence of IFRS and belong to corporate governance levels are a negative and differential factor to companies in the traditional market. For high levels of positive total accruals the relationship is positive. Besides some models have low specification, low predictive power and be significantly affected when estimated by robust estimation methods, the results show that the impact had similar results when applied to different estimation models of accruals and show that as had been increasing percentiles distribution of total accruals, the explanatory variables behave differently Independient of estimation models.