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Do Managers Manipulate Earnings Prior to Management Buyouts?

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  • Mao, Y.

    (Tilburg University, School of Economics and Management)

  • Renneboog, L.D.R.

    (Tilburg University, School of Economics and Management)

Abstract

To address the question as to whether managers intending to purchase their company by means of a levered buyout transaction manipulate earnings in order to buy their firm on the cheap, we study the different types of earnings management prior to the transaction: accrual management, real earnings management, and asset reserves revaluation. To identify the management engagement incentives, we contrast earnings management in management buyouts (MBOs) with that in (i) institutional buyouts (IBOs) and (ii) non-buyout firms. We find: (i) strong negative earnings management via both accrual and real earnings activities in MBOs supporting the above management engagement incentive, (ii) modest negative accrual management and insignificant real earnings manipulation in IBOs, and (iii) positive earnings management in non-buyout firms. Asset revaluation in MBOs is not a frequently used channel. We do not find evidence that a high external borrowing need in the levered transactions mitigates the downward earnings manipulation in MBOs. The implementation of the revised UK Corporate Governance Code of 2003 has somewhat reduced the degree of both accrual earnings and real earnings management in MBOs, but increased the relative use of real earnings management as this may be harder to detect.
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Suggested Citation

  • Mao, Y. & Renneboog, L.D.R., 2013. "Do Managers Manipulate Earnings Prior to Management Buyouts?," Other publications TiSEM 366e26db-8158-44ca-9ef0-a, Tilburg University, School of Economics and Management.
    • Handle: RePEc:tiu:tiutis:366e26db-8158-44ca-9ef0-a0828157db03
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    Cited by:

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    3. Avishek Bhandari & Joanna Golden & Kenton Walker & Joseph H. Zhang, 2022. "The relationship between stock repurchase completion rates, firm reputation and financial reporting quality: a commitment‐trust theory perspective," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(2), pages 2687-2724, June.
    4. Francis, Bill & Hasan, Iftekhar & Li, Lingxiang, 2015. "Evidence for the existence of downward real earnings management," Research Discussion Papers 13/2015, Bank of Finland.
    5. Mittal, Amit & Garg, Ajay Kumar, 2016. "How do Indian firms cope with a crisis? Earnings management characteristics of CNX Nifty 100 companies," MPRA Paper 85353, University Library of Munich, Germany.
    6. Xiaolong Gu & Zhe An & Chen Chen & Donghui Li, 2023. "Do foreign institutional investors monitor opportunistic managerial behaviour? Evidence from real earnings management," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(1), pages 317-351, March.
    7. Ahmed M. Elnahas & Pankaj K. Jain & Thomas H. McInish, 2022. "Mixed‐signal stock splits," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(5-6), pages 934-962, May.
    8. Li, Yuanhui & Li, Xiao & Xiang, Erwei & Geri Djajadikerta, Hadrian, 2020. "Financial distress, internal control, and earnings management: Evidence from China," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(3).
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    14. Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged Buyouts : A Survey of the Literature," Other publications TiSEM 573ebdd5-a720-4110-8ed1-e, Tilburg University, School of Economics and Management.
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    19. Aljughaiman, Abdullah A. & Nguyen, Tam Huy & Trinh, Vu Quang & Du, Anqi, 2023. "The Covid-19 outbreak, corporate financial distress and earnings management," International Review of Financial Analysis, Elsevier, vol. 88(C).
    20. Stefano Bonini, 2015. "Secondary Buyouts: Operating Performance and Investment Determinants," Financial Management, Financial Management Association International, vol. 44(2), pages 431-470, June.
    21. Alharbi, Samar S. & Atawnah, Nader & Ali, Muhammad Jahangir & Eshraghi, Arman, 2023. "Gambling culture and earnings management: A novel perspective," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 520-539.
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    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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