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  4. Real earnings management and corporate governance: A study of Latin America
 
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Real earnings management and corporate governance: A study of Latin America
Ph.D. Mellado-Cid, Cristhian 
Facultad de Ciencias Económicas y Administrativas 
Saona, Paolo
10.1080/1331677X.2019.1691930
Routledge
2020
This article analyses the impact of ownership structure features and institutional settings on real activities manipulation. The analysis is based on a sample of listed companies in the underexplored Latin American market for the period of 2004–2016. Panel-data-based G.M.M. System Estimation is used in the empirical analysis. The results confirm that the monitoring role of the majority owner is crucial in mitigating managerial opportunistic behaviour. Here, opportunistic behaviour refers to engaging in real activities manipulation that reduces the informative content of financial statements. However, analysis of insider ownership revealed that managers had a negative impact on transparency. We observed that as insider ownership increases, managers engage more actively in real earnings management. We also find that the institutional ownership and the quality of the regulatory system proved to be effective mechanisms in reducing real activities manipulation.
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Real activities manipulation
Earnings management
Corporate governance
Ownership structure
Institutional setting
Economía y negocios
Historial de mejoras
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