No description available.

The topic of intangible assets in relation to earnings management has been a debated subject for a long time. Different aspects of intangible assets have been thoroughly examined in relationship to earnings management by scholars over the years whether it’s about goodwill from business acquisition, recognition of intangible assets, timely impairments and so on. The authors found from their literature review that there was a knowledge gap when it came to intangible assets as most studies have focused on one part of the intangible assets and that has usually been goodwill. The theoretical framework consists of different theories which are explained and discussed in how they can relate to and give incentives for engaging with earnings management. This can range from opportunistic managers trying to reach bonus goals to pressure from within the company or from other stakeholders to an intent to reach the market expectations for the company. The purpose for this thesis is to examine the relationship if a larger proportion of intangible assets increases the risk for earnings management. In order to do this the authors will use an economical model to measure accruals earnings management. The connection between intangible assets and earnings management is a well threaded area where most results point towards a positive correlation. However, as far as the authors of this study can see no research has been done in a larger geographical context. This thesis aims to fill the gap of a larger geographical area. This has been done by examining publicly listed firms in the European Union. The European Union was chosen since it was a good opportunity to check this relationship over a larger geographical area and it is also suitable since it is mandatory that all publicly listed firms within the European Union region use the same accounting standard (IFRS) which makes it possible to do comparisons. This research has found evidence for a negative correlation between intangible assets and earnings management, this result is contrary to most other studies and therefore shines a light on a possible bias on the earlier research in this area. It could possibly be an indication of income minimizing and/or income smoothing when viewed through the lens of agency theory since managers viewed from that want to reach a desired result to trigger larger bonuses and promotions for him/herself. Aggressive depreciations of intangible assets and goodwill could be done to reach expected results and trigger higher bonuses. When it comes to the shareholder theory there is a possibility that this thesis does not capture it fully since the goal for the shareholder theory is to maximize the net present value and the closest proxy for that in this thesis is ROA which was shown to have a positive correlation to earnings management but not on a significant level. Positive accounting theory gives weight to the agency theory when it comes to our findings since it states that managers act in their own self-interest and choose accounting methods that allow them to reach those goals. This is a quantitative cross-sectional study consisting of 6373 observations that has been collected over a five-year period (2016-2020) from a financial database (ORBIS). The data has been tested with a standard linear regression analysis and shows significant results.

Post Earnings Announcement Drift (PEAD) is a market anomaly that challenge the “Efficient Market Hypothesis” (EMH). It was first discovered in 1968 by Ball and Brown. When firms on the stock market have their earnings announcement the stock price will be affected and tend to drift up or down in price for days, weeks or months. Based on the limited research studies available there is acceptance that PEAD exists in the Stockholm stock exchange but depending on how measured the effect can strongly differ. In this master thesis we will study PEAD anomaly in the Swedish stock market and how pronounced it is on the stock’s sector, beta and trading volume. This study is an event and quantitative study which analyses firms on the Stockholm exchange market during the period between January 2007 to December 2022. A price measurement methodology has been used where the benchmark for abnormal (or excess) returns is the index of the list. Evidence shows that PEAD is present in the Stockholm Stock Exchange but that the effect is limited. The fact that the event abnormal returns are significant regarding of the returns up to after 60 trading days (although on a very small effect) provides insight and understanding of the effect. This study has also provided insight that beta and sector is a relevant PEAD parameter, maybe as important as the abnormal returns in the event itself. Trading volume have not provided any insight on PEAD in this study.

No description available.

Syfte: Ekonomiska kriser kan påverka ledningens incitament att manipulera finansiell redovisning. Eftersom varje kris är unik och den ekonomiska nedgången till följd av coronapandemin inträffade relativt nyligen, har forskningen om earnings management under denna kris ännu inte fullt utforskats. Tidigare forskning ger motstridiga resultat, och har brustit i att ta hänsyn till institutionella skillnader mellan länder. Den här studien ämnar att bidra med en specifik institutionell kontext. Syftet med studien är att undersöka hur tillämpningen av earnings management i svenska börsnoterade företag påverkades av coronapandemin.  Metod: Studien tillämpar en kvantitativ metod med deduktiv ansats och en positivistisk syn på kunskap för att undersöka earnings management. I studien tillämpas en etablerad metod, den modifierade Jones-modellen, för att mäta diskretionära periodiseringar. För att pröva hypoteser tillämpas t-test och regressionsanalyser. Finansiell data från börsnoterade företag mellan 2017 och 2021 hämtas från Refinitiv Eikon-databasen och analyseras i SPSS. Resultat och slutsats: Studien finner att coronapandemin inte hade någon signifikant påverkan på omfattningen av earnings management i svenska börsnoterade företag. Resultatmanipulering har dock tillämpats och studien finner att resultaten i svenska börsnoterade företag sänktes genom manipulation under pandemin. Resultaten tyder på att den ökade övervakning som förekommer under kriser inte påverkat företagsledningen till minskad resultatmanipulering utan har fortsatt manipulera resultatet för att erhålla fördelar, som statligt stöd och högre framtida avkastning. Examensarbetets bidrag: Studien är av akademisk nytta eftersom resultaten som erhållits skiljer sig från tidigare studier på området under coronapandemin, och indikerar att kontexten som studien genomförs i påverkar resultatet. Studien är även av praktiskt nytta för att ge företags intressenter en inblick i hur företag i den undersökta kontexten hanterar resultatmanipulation under kriser. Förslag till fortsatt forskning: Framtida forskning behövs för att undersöka om skillnaden i resultatmanipulation under coronapandemin i Europa kan förklaras av rättslig tradition. / Aim: Economic crises can influence management's incentives to manipulate financial reporting. Since each crisis is unique and the economic downturn resulting from the covid pandemic occurred relatively recently, research on earnings management during this crisis has not yet been fully explored. Previous research offers conflicting results and has failed to account for institutional differences between countries. This study aims to provide a specific institutional context. The purpose of the study is to investigate how the application of earnings management in Swedish publicly listed companies was affected by the covid pandemic. Method: The study employs a quantitative method with a deductive approach and a positivist view of knowledge to examine earnings management. An established method, the modified Jones model, is applied in the study to measure discretionary accruals. To test hypotheses, t-tests and regression analyses are conducted. Financial data from publicly listed companies between 2017 and 2021 is obtained from the Refinitiv Eikon database and analyzed using SPSS. Results and conclusions: The study finds that the covid pandemic did not have a significant impact on the extent of earnings management in Swedish publicly listed companies. However, income manipulation has been applied, and the study finds that the results in Swedish publicly listed companies were lowered through manipulation during the pandemic. The results suggest that the increased oversight that occurs during crises has not affected corporate management to reduce income manipulation but has continued to manipulate results to obtain benefits, such as government support and higher future returns. Contribution of the thesis: The study is of academic value because the results obtained differ from previous studies in the field during the covid pandemic, indicating that the context in which the study is conducted affects the outcome. Additionally, the study is of practical utility to provide stakeholders with insights into how companies in the examined context manage income manipulation during crises. Suggestions for future research: Future research is needed to examine whether the difference in income manipulation during the covid pandemic in Europe can be explained by legal tradition.

本研究主要探討中國上市公司內部控制品質與盈餘管理是否有關聯。在本研究中分別使用兩種盈餘管理方式進行實證，結果顯示內部控制品質和盈餘管理程度呈顯著負相關，意即內部控制品質越好，越能抑制公司管理者進行盈餘管理。精確來說，良好的內部控制品質可以抑制管理者利用裁決性應計數美化財務報表，意即好的內部控制可以減少應基礎盈餘管理；在實質盈餘管理方面，本研究發現良好的內部控制品質可以減緩管理者透過過度生產向上盈餘管理，降低管理階層增加裁決性費用已達到預期盈餘目標以及抑制公司透過操控銷貨以影響盈餘之情況，意即好的內部控制能有效減少管理者進行實質盈餘管理。整體而言，本研究結果發現好的內部控制，能有效減少管理者進行應計基礎及實質盈餘管理。 / The objective of this thesis is to investigate whether there is a relationship between internal control and earnings management. In this thesis, I use two types of earnings management: accrual-based and real activities earnings management and I find that there is a significantly negative relationship between quality of internal control and earnings management. Specifically, my results show that high-quality internal control inhibits managers from earnings management through discretionary accruals, implying that high-quality internal control could lower the level of accruals-based earnings management. Moreover, I document that high-quality internal control could reduce upwards real earnings management through increase production, decrease influence through decreasing manipulation discretionary expenses and lessen level of abnormal cash flow. Collectively, I find that high-quality internal control can lower the level of real and accrual-based earnings management behaviors.

本研究以日本東京證券交易所上市公司為研究對象，探討董事會成員年齡與強制性盈餘預測之關聯性。本研究將董事會成員年齡區分為五種：董事長的年齡、董事會成員的平均年齡、董事會成員年齡的標準差、董事會成員最高年齡跟最低年齡的差距及董事長年齡是否高於董事會成員平均年齡，以測試其所發布盈餘預測準確度與盈餘預測偏差之關聯性。而實證結果發現董事長的年齡越大、董事會成員的平均年齡越大、董事長年齡高於董事會成員平均年齡時，所發布的盈餘預測準確度也就越高，且傾向較為保守的盈餘預測。而董事會成員年齡的標準差越大、董事會成員最高年齡與最低年齡差距越大時，所發布的盈餘預測準確度較低，且傾向較為樂觀的盈餘預測。

本研究探討盈餘反應係數 (盈餘之評價功能) 與盈餘酬勞反應係數 (盈餘之監督功能) 相對大小與公司治理之關聯性。 實證結果發現，公司規模越大與董監持股越高的公司，會計盈餘的評價角色重於其監督的角色。 相反的，當資訊不對稱以及席次偏離倍數越大時，公司的會計盈餘之評價功能越弱。 / Earnings have two important roles, valuation and stewardship. The relative importance valuation and stewardship has not been examined closely by existed studies. The purpose of this study is to fill this gap. My findings show that larger firm size and greater amount of stock held by the board increase the relative importance of the valuation role of earnings. In contrast, more severe information asymmetry and larger control deviation increase the relative importance of the stewardship role of accounting.

由於會計資訊與企業存有緊密之關聯性，再加上企業外部的報表使用者屬於相對資訊弱勢者，企業之管理當局因此存有許多不同動機及機會進行盈餘管理。會計師受託查核公司財務報表並對報表表示意見，在健全資本市場的任務中擔任極為重要的角色，社會大眾對會計師之職責賦予相當大的期待。但繼美國安隆案後，各國財務報導相關弊案連續爆發卻使會計師的專業遭受嚴重質疑，因此，弊案爆發或會計師受主管機關懲處後，先前被懲處會計師所簽證之其他受查公司，不論有無類似弊病，都會被人以放大鏡來觀察。然而，究竟會計師對於實質盈餘管理之抑制效果是否得以發揮？會計師懲戒制度實施結果是否合乎立法初衷而得以督促提升報表之盈餘品質？則尚無一致結論，亦為本研究欲探討的議題。 / Grahem et al.（2005），Roychowdhury（2006）及Cohen et al.（2008）等文獻均認為沙氏法頒布後，公司管理階層用以操縱盈餘之行為，從過去進行應計項目盈餘管理，改為偵察度較困難、法律上可非難性較低之實質盈餘管理。本研究即參考Roychowdhury之研究，以異常裁決性費用、異常生產成本、異常營運活動現金流量之絕對值捕捉實質盈餘管理程度，依據欲探討之問題設定兩大研究假說，以獨立樣本觀察懲戒會計師事件發生前後期實質盈餘管理之變化，探討懲戒會計師制度對於實質盈餘管理之影響。研究結果發現，以異常裁決性費用與異常生產成本衡量實質盈餘管理之程度時，受懲戒會計師之客戶在經查核後之財務報表中，報導實質盈餘管理之程度更為嚴重；以異常營運活動現金流量為實質盈餘管理之代理變數，則因受干擾影響而無法在各假說下得出顯著之結果。 / 因會計師之查核關卡對於實質盈餘管理之抑制效果有限，目前企業報表中所報導數據之解讀，有賴報表使用者多予比較各科目前、後期波動，考量各數值之間之關連性，並推敲公司可能使用之盈餘管理行為以及相關企業風險。懲戒制度之目的在於避免專業人士怠忽其職、違規行事而侵害大眾利益，其不僅處分已違法之會計師，對於其他會計師亦有警惕之意味，因此實有其存在之必要，本研究結果建議主管機關參考相關研究，制訂更為完善的制度以增進大眾利益，符合社會期待。 / Since accounting information is instrumental to many decisions that a company and its stakeholders make, management has plenty of motives to manage earnings reported on the financial statements. The users will probably as a result misinterpret the data, and thus, sustain direct or indirect losses. Accountants are asked to express their opinions toward the financial reports, and have played an important role in the capital market. Investors rely on what accountants assure in their audit to make decisions. However, after the Enron scandal broke out, so many frauds erupted that accountants’ professionalism and assurance quality were being questioned. Sanctions may be due to the profession’s self-regulation system or based on judgment of the regulators. Nevertheless, does the CPA sanction system actually restrain the real earnings management behavior of auditee companies? Can the system really enhance the earnings quality of client accounting information? The answers to these questions are unknown, and they are the subject of this study. / Managers have altered their application to manage earnings from accruals to real activities since the issuance of Sarbanes-Oxley Act. Based upon the research model developed by Roychowdhury (2006), this study uses abnormal discretionary expenses, abnormal production, and abnormal operating cash flow as proxies for earnings management. I classify samples into two periods, i.e., before and after changing accountants to analyze whether the sanction has affected the application of real earnings management. The results do not support that the auditor sanction system in Taiwan is effective in reducing the real earnings management behavior of auditee firms. / In short, one purpose of CPA sanction is to enforce professional conduct on all members of the profession. It not only punishes the accountants that break laws, but also alerts other fellow auditors. Therefore, the sanction system is necessary. The regulators should refer to research findings and examine the effect of the sanction system on real earnings management. In the mean time, it is advisable that statements users put more emphasis on analyzing and comparing the fluctuations of the figures and ratios between periods. After all, reading carefully through financial statements and numbers is the ultimate way to stop real earnings management.

För att uppnå harmonisering och skapa en överenstämmelse av redovisningsstandarder i de europeiska länderna beslutade Europaparlamentet år 2002 att tillämpa IASB standarder. IFRS blev ett obligatoriskt regelverk för börsnoterade företag inom EU från och med januari 2005. Upprättandet av finansiella rapporter enligt ett gemensamt och internationellt accepterat regelverk skulle underlätta för investerare att värdera företag i olika länder. Införandet av IFRS 2005 har inneburit att goodwill och andra immateriella tillgångar inte längre skulle skrivas av utan istället årligen testas för nedskrivningsbehov, enligt IAS 36. Tidigare forskning har visat att det finns svårigheter med implementeringen av IAS 36 sedan IFRS har antagits som regelverk för börsnoterade företag inom EU. Det finns inga särskilda regler för hur företagen bör göra när de prövar goodwill för nedskrivningen, vilket gör att företagsledningen får större möjligheter att påverka nedskrivningen av goodwill. Syftet med denna studie är identifiera faktorer som påverkar goodwillnedskrivningar i svenska börsnoterade bolag inom IT- och telekombranschen. En kvantitativ metod och en deduktiv ansats har använts i denna studie. Datainsamlingen baserades på årsredovisningar från börsnoterade företag inom IT- och telekombranschen på Stockholmsbörsen OMX NASDAQ under perioden 2009–2015. Studiens resultat har visat att det finns ett signifikant positivt samband mellan byte av verkställande direktör och goodwillnedskrivningar. Detta resultat har visat att det finns incitament hos företagsledningen att agera i eget intresse vid redovisningsval, vilket kan ge en felaktig bild av företagets finansiella ställning. / In order to achieve harmonization and create a conformity of accounting standards in the European countries, the European Parliament in 2002 applied IASB standards and IFRS became mandatory regulations for listed companies in the EU from January 2005. Preparation of financial statements in accordance with a common and internationally accepted regulations would facilitate investors to evaluate companies in different countries. The introduction of IFRS in 2005 has meant that goodwill and other intangible assets are no longer amortized, but instead are tested annually for impairment, in line with IAS 36. Previous research has shown that there are difficulties with the implementation of IAS 36 since IFRS has been adopted as regulations for listed companies within the EU. There are no specific rules on how companies should do when they test goodwill for impairment which provides the management greater opportunities to influence the impairment of goodwill. The purpose of this study is to identify the factors affecting goodwill impairment in Swedish listed companies in the IT- and the telecommunications industry. A quantitative method and deductive approach has been used in this study. Data collection was based on the annual reports of listed companies in the IT- and the telecommunications industry on the Stockholm Stock Exchange, NASDAQ OMX during the period 2009–2015. Studies results have shown that there is a significant positive correlation between the change of CEO and goodwill impairment. This result has shown that there is an incentive for management to act in their own interest at the accounting choices and this can give a misleading picture of the company´s financial position.