全球智库信息集成服务系统(G2TT): DP13207 Earnings Management and Managerial Honesty: The Investors’ Perspectives

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13207
	DP13207 Earnings Management and Managerial Honesty: The Investors’ Perspectives
	Rajna Gibson Brandon; Matthias Sohn; Carmen Tanner; Alexander F. Wagner
发表日期	2018-09-26
出版年	2018
语种	英语
摘要	Extant research shows that CEO characteristics affect earnings management. This paper studies how investors infer a specific characteristic of CEOs, namely moral commitment to honesty, from earnings management and how this perception – in conjunction with their own social and moral preferences – shapes their investment choices. We conduct two laboratory experiments simulating investment choices. Our results show that participants perceive a CEO to be more committed to honesty when they infer that the CEO engaged less in earnings management. For investment decisions, a one standard deviation increase in a CEO's perceived commitment to honesty compared to another CEO reduces the relevance of differences in the CEOs’ claimed future returns by 40%. This effect is most prominent among investors with a proself value orientation. To prosocial investors, their own honesty values and those attributed to the CEO matter directly, while returns play a secondary role. Overall, perceived CEO honesty matters to different investors for distinct reasons.
主题	Financial Economics
关键词	Earnings management Honesty Investor preferences Investor segmentation Protected values Social value orientation Trust
URL	https://cepr.org/publications/dp13207-1
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/542012
推荐引用方式 GB/T 7714	Rajna Gibson Brandon,Matthias Sohn,Carmen Tanner,等. DP13207 Earnings Management and Managerial Honesty: The Investors’ Perspectives. 2018.