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7. Nexus between corporate governance and earnings management in family and non-family firms

Author

Naz, Aziza, Naďová Krošláková, Monika, Farheen, Iqra, Čvirik, Marián, and Michálková, Anna

Subjects
real earnings management, nezávislá rada, kodex správy a řízení společnosti, dynamická panelová data, family ownership, akruální správa výdělků, řízení reálných výdělků, accruals earnings management, board independence, Pakistan, dynamic panel data, Pákistán, corporate governance code, rodinné vlastnictví
Abstract

This study explores the relationship between internal corporate governance mechanism and accruals and real earnings management (EM), following Pakistan’s 2012 amended Code of Corporate Governance. It also examines the moderating role of family firms on the relationship among corporate governance mechanisms and accruals and real earnings management. For this purpose, we used a sample of 172 firms listed on the Pakistan Stock Exchange (PSX) for 2012–2019. The dependent variables were estimated by utilizing the generalized method of moments (GMM), fixed random effects and moderation analysis were estimated through Stata. Hausman specification test was used to choose among random and fixed effects. Results report that board size showed a significant positive impact on abnormal discretionary expenses and overall real earnings management. Board independence led to a substantial and negative impact with accruals EM. Managers of familyowned firms are also opportunistically altering the reported earnings. Results illustrate to the users of financial statements that the reliability of financial information depends on the effectiveness of corporate governance. Also, highlight the efficiency of monitory mechanisms and suggest that board independence is one of the practical approaches for an emerging market to restrain the EM practices. Findings are helpful for regulators, policymakers, and investors to regulate and make policies to improve the financial reporting quality in Pakistan. As per the authors’ knowledge, this study adds the novelty by focusing on two critical internal monitoring mechanisms (board independence and board size) in mitigating earnings management, following the 2012 amended Code of Corporate Governance in Pakistan. It will add uniqueness by studying the moderating role of family ownership, as the literature is scarce. The findings of this study highlighted the impact of the internal monitoring mechanisms on earning management practices in Pakistan.

Published
2023

9. Nexus between ownership structure and earnings management: Evidence from Pakistan.

Author

Naz, Aziza, Sheikh, Nadeem Ahmed, and Iqbal, Nadeem

Subjects
EFFECT of education on wages, EARNINGS forecasting, POLICY sciences, INSTITUTIONAL ownership (Stocks), QUESTIONNAIRES
Abstract

This study explores whether ownership structure (i.e. managerial, institutional, foreign, and blockholders) affects accruals (AEM) and real earnings management (REM). Data were collected from annual reports of non-financial firms listed on PSX during 2010-2019. Pooled ordinary least squares method was used to estimate the impact of ownership structure on AEM and REM. Results show that managerial ownership and blockholders ownership are significant and negatively related to AEM. Alternatively, institutional ownership and foreign ownership are positively related to AEM. It is essential to mention that the findings of this study are mixed related to the impact of ownership structure on different proxies of REM. For instance, managerial ownership is positively related to abnormal cash flow (AbCFO) and negatively related to abnormal discretionary expense (AbDExp). Institutional ownership is negatively linked to AbCFO and abnormal production cost (AbPC). Foreign ownership is positively related to AbCFO. Similarly, blockholders' ownership is positively related to AbPC and AbDExp. In brief, ownership structure has material effects on earnings management. Results of this study may lend-a-hand to policymakers and regulatory authorities to understand how managers manipulate earnings by residing in the ambit of reporting standards. [ABSTRACT FROM AUTHOR]

Published
2022

10. Factors Affecting Expected Return and Re-investment Intention of Stock Market Investors: A Comprehensive Study on Human Psychology during Investment Decisions.

Author

Kashif, Abdul Rauf, Qadri, Usman Ahmad, Tahir, Abdul Haseeb, and Naz, Aziza

Subjects
STOCK exchanges, INVESTORS, PSYCHOLOGY
Abstract

The purpose of this study is to highlight the elements which are substantial in individual investment behaviour. The effect of all factors and their relationship on decision-making by investors explained in this study. For this purpose, the primary data collected through questionnaires from 276 respondents and convenience sampling used to collect data. Statistical tools such as Linear Regression Model and General Linear Regression Model were employed to analyze the data. The study reveals that return expectations decrease with the increase of investment experience of an individual investor. Furthermore, investment message has a significant relationship with risk perception, which shows that investors' risk perception increases using pessimistic information about the economy, and their return expectations decrease. Whilst, by using positivenews about the economy, the risk perception decreases and returns expectation increases. This research study was conducted only in Islamabad and Rawalpindi regions of Pakistan. Therefore, only the Islamabad Stock Exchange considered completing the survey. [ABSTRACT FROM AUTHOR]

Published
2022

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