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善意收购目标的收益管理.pdf

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善意收购目标的收益管理

The current issue and full text archive of this journal is available at /1743-9132.htm IJMF Earnings management by friendly 4,3 takeover targets Walid Ben-Amar 232 Telfer School of Management, University of Ottawa, Ottawa, Canada, and Franck Missonier-Piera ESSEC Business School, Cergy-Pontoise Cedex, France Abstract Purpose – Accounting research has emphasized target and bidder managers’ incentives to manipulate earnings during corporate control contests. However, prior studies examining earnings management by takeover targets have obtained mixed results. Moreover, the existing evidence is mainly based on US data and hostile mergers and acquisitions (MA) transactions. The purpose of this study is to examine earnings management by friendly takeover targets in the year preceding the deal announcement in Switzerland. Design/methodology/approach – The paper examines earnings management practices of a sample of 50 Swiss ﬁrms that were targets of a friendly takeover proposition during the period 1990-2002. Discretionary accruals are used as a measure of earnings management. It uses a matching approach and a cross-sectional regression analysis to test the hypothesis of ea