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Earnings Management in Corporate Voting: Evidence from Antitakeover Charter Amendments

In: Advances In Quantitative Analysis Of Finance And Accounting

Author

Listed:
  • Chun-Keung Hoi

    (Rochester Institute of Technology, USA)

  • Michael Lacina

    (University of Houston-Clear Lake, USA)

  • Patricia L. Wollan

    (Rochester Institute of Technology, USA)

Abstract

Earnings management is examined around the time of proposals of antitakeover charter amendments. Overall, weak but statistically significant, negative abnormal accruals are found in the proposal year. The overall result appears to be driven by firms proposing restrictive charter amendments, which have strong negative abnormal accruals in the proposal year. The present interpretation is that executives of firms proposing restrictive amendments manage earnings opportunistically in that they defer income-decreasing accruals in the year prior to the amendment proposal to after the shareholders have voted on the amendment.

Suggested Citation

  • Chun-Keung Hoi & Michael Lacina & Patricia L. Wollan, 2008. "Earnings Management in Corporate Voting: Evidence from Antitakeover Charter Amendments," World Scientific Book Chapters, in: Cheng-Few Lee (ed.), Advances In Quantitative Analysis Of Finance And Accounting, chapter 9, pages 159-177, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812791696_0009
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    More about this item

    Keywords

    Hedging Strategies; Expense Mismatching; Stock Split; Trading Volume; Portfolio Optimization; Intraday Patterns; Earnings Management; International Winner-Loser Effect;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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