Analysing the effect of a manager's chosen method of managing earnings on a firm's value, using evidence from North American oil and gas companies
Başlık çevirisi mevcut değil.
- Tez No: 403174
- Danışmanlar: Prof. KEVIN MCMEEKING
- Tez Türü: Yüksek Lisans
- Konular: Maliye, Finance
- Anahtar Kelimeler: Earnings management, discretionary accruals, hedging with derivatives, firm value
- Yıl: 2016
- Dil: İngilizce
- Üniversite: Unıversıty Of Exeter
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: Belirtilmemiş.
Özet
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Özet (Çeviri)
This paper aims to investigate the impacts of a manager's chosen of method of managing earnings on the value of North American oil and gas firms, as well as investigating the methods used by managers, such as artificial smoothing (abnormal accruals) and real smoothing (derivatives). It will examine the financial characteristics of firms which engage in hedging activities and the association between these artificial and real earnings management techniques. For the purpose of this study, 98 oil and gas producers are analysed by using data from 2012 to 2015. It is found that there is a statistically negative relationship between discretionary accruals and firm value, while the value of firms is positively, but insignificantly, related to hedging with derivatives. It is also shows that there is no substitute relationship between hedging activities and abnormal accruals. In general, the results show that a manager's choices with the aim of income smoothing will negatively or positively affect the value of firm. Therefore, management could make decisions opportunistically, considering their impact on the company's value and reputation in the market.
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