Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.14279/2039
DC FieldValueLanguage
dc.contributor.authorTrigeorgis, Lenos-
dc.contributor.authorLambertides, Neophytos-
dc.contributor.authorCharitou, Andreas G.-
dc.contributor.otherΤριγιώργης, Λένος-
dc.contributor.otherΛαμπερτίδης, Νεόφυτος-
dc.contributor.otherΧαρίτου, Ανδρέας Γ.-
dc.date.accessioned2013-02-05T17:14:13Zen
dc.date.accessioned2013-05-16T08:22:26Z-
dc.date.accessioned2015-12-02T09:34:17Z-
dc.date.available2013-02-05T17:14:13Zen
dc.date.available2013-05-16T08:22:26Z-
dc.date.available2015-12-02T09:34:17Z-
dc.date.issued2007-04-29-
dc.identifier.citationAbacus, 2007, vol. 43, no. 3, pp. 271-296.en_US
dc.identifier.issn13072-
dc.identifier.urihttps://hdl.handle.net/20.500.14279/2039-
dc.description.abstractUsing a sample of 859 U.S. bankruptcy-filing firms over the period 1986-2004, we examine the earnings behaviour of managers during the distressed period by looking at sources of abnormal accruals prior to the bankruptcy-filing year. Results show that managers of highly distressed firms shift earnings downwards prior to the bankruptcy filing. We test and provide evidence in support of two potential contributing factors. First, top-level management turnover among distressed firms leads new managers to earnings bath choices during the distressed period. Second, qualified audit opinions exert pressure on managers to follow more conservative earnings behaviour during the distressed period. Evidence is also provided that the management of distressed firms with lower (higher) institutional ownership has greater (lesser) tendency to manage earnings downwards. Results also show that higher institutional ownership mitigates the negative abnormal returns of firms with top management turnover. To the authors' knowledge, this is the first study that attempts to examine whether institutional ownership relates to market reaction in conjunction with a top management turnover or a qualified audit opinion during the distressed period. Prior studies focused on the investigation of earnings management or institutional ownership (separately) during the distressed period, but did not examine if the effect of institutional ownership on earnings behaviour also influences subsequent returns. Thus, the results of this study should be of interest to analysts, standard setters and regulatory bodies since our results show that management turnover, qualified audit opinions and firm governance mechanisms affect the quality of earnings and the level of abnormal returnsen_US
dc.formatpdfen_US
dc.language.isoenen_US
dc.relation.ispartofAbacusen_US
dc.rights© The University of Sydneyen_US
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/us/*
dc.subjectBankruptcyen_US
dc.subjectBankruptcy--Accountingen_US
dc.subjectFinancialsen_US
dc.titleEarnings behaviour of financially distressed firms: the role of institutional ownershipen_US
dc.typeArticleen_US
dc.affiliationAston Universityen
dc.collaborationUniversity of Cyprusen_US
dc.collaborationAston Business Schoolen_US
dc.journalsSubscriptionen_US
dc.countryGreeceen_US
dc.subject.fieldSocial Sciencesen_US
dc.publicationPeer Revieweden_US
dc.identifier.doi10.1111/j.1467-6281.2007.00230.xen_US
dc.dept.handle123456789/54en
dc.relation.issue3en_US
dc.relation.volume43en_US
cut.common.academicyear2007-2008en_US
dc.identifier.spage271en_US
dc.identifier.epage296en_US
item.fulltextNo Fulltext-
item.languageiso639-1en-
item.grantfulltextnone-
item.openairecristypehttp://purl.org/coar/resource_type/c_6501-
item.cerifentitytypePublications-
item.openairetypearticle-
crisitem.journal.journalissn1467-6281-
crisitem.author.deptDepartment of Finance, Accounting and Management Science-
crisitem.author.deptDepartment of Nursing-
crisitem.author.facultyFaculty of Tourism Management, Hospitality and Entrepreneurship-
crisitem.author.facultyFaculty of Health Sciences-
crisitem.author.orcid0000-0003-2864-1793-
crisitem.author.parentorgFaculty of Management and Economics-
crisitem.author.parentorgFaculty of Health Sciences-
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