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Accounting quality and media attention around seasoned equity offerings

Author

Listed:
  • Fernando Comiran
  • Tatiana Fedyk
  • Joohyung Ha

Abstract

Purpose - This paper aims to investigate how media coverage affects the quality of accounting information for seasoned equity offering (SEO) firms. Design/methodology/approach - The sample includes SEOs completed between January 1993 and December 2014 in the USA that are available from Thomson Financial’s Securities Data Company. The FactSet database was used to measure the amount of media coverage. The paper considers two types of earnings management: accrual-based earnings management and real earnings management. Findings - This study finds that the media serves as a watchdog for real earnings management but does not affect accrual manipulations. These findings hold when endogenous factors affecting firms’ earnings management choices are controlled for and also when alternative time windows for media coverage are examined. Originality/value - This paper is the first to demonstrate that media attention affects the quality of accounting information during equity offerings, as it successfully reduces real earnings management.

Suggested Citation

  • Fernando Comiran & Tatiana Fedyk & Joohyung Ha, 2018. "Accounting quality and media attention around seasoned equity offerings," International Journal of Accounting & Information Management, Emerald Group Publishing Limited, vol. 26(3), pages 443-462, August.
    • Handle: RePEc:eme:ijaimp:ijaim-02-2017-0029
    DOI: 10.1108/IJAIM-02-2017-0029
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