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Political freedom and earnings management

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  • Sha, Yezhou
  • Qiao, Lu
  • Li, Suyang
  • Bu, Ziwen

Abstract

We hypothesize that a deteriorated political freedom environment increases firms’ incentive to undertake earnings management. Using country-level political freedom data for 42 countries collected over the period from 1990 to 2017, we document a significantly positive relationship between a deteriorated political freedom environment and earnings management. Tests based on the instrumental variable and difference-in-differences frameworks provide evidence of a causal link between political freedom and earnings management. We further show that the effect of political freedom on earnings management is more pronounced for firms with external financing needs as well as for firms with stronger precautionary incentives, and that the effect is reduced if corporate governance improves. Our findings suggest that a deterioration in political freedom is an important obstacle to investors when accessing a firm’s performance.

Suggested Citation

  • Sha, Yezhou & Qiao, Lu & Li, Suyang & Bu, Ziwen, 2021. "Political freedom and earnings management," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    • Handle: RePEc:eee:intfin:v:75:y:2021:i:c:s1042443121001530
    DOI: 10.1016/j.intfin.2021.101443
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    More about this item

    Keywords

    Political freedom; Political institution; Earnings management; Agency problem;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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