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  4. Firm- and country-level attributes as determinants of earnings management: An analysis for Latin American firms
 
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Firm- and country-level attributes as determinants of earnings management: An analysis for Latin American firms
Saona, Paolo
Facultad de Ciencias Económicas y Administrativas 
Muro, Laura
10.1080/1540496X.2017.1410127
Routledge
2018
This article analyzes firm- and country-level determinants of the earnings management for a sample of Latin American companies from 1997 to 2015 by using panel data to deal with the endogeneity and heterogeneity problems. Results show that dividend pay-outs impact positively on earnings management. The ownership structure, however, is a double-edged sword as a controlling mechanism that may constrain earnings manipulation but may also exacerbate it. Concerning country-level variables, we found that the development of the financial system behaved opposite of expectation. Consequently, before inefficient financial markets in Latin America, managers had more room for manipulation of financial statements. The legal and regulatory system, however, proved itself to be efficient in reducing the opportunistic behavior of managers.
Corporate governance
Discretionary accruals
Earnings management
Emerging markets
Legal system
Ciencias políticas
Economía y negocios
Historial de mejoras
Proyecto financiado por: