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The Effects of Financial Derivatives on Earnings Management and Market Mispricing
Gadjah Mada International Journal of Business Pub Date : 2019-12-27 , DOI: 10.22146/gamaijb.34112
Oktavia Oktavia , Sylvia Veronica Siregar , Ratna Wardhani , Ning Rahayu

This study aims to examine the effects of financial derivatives on earnings management and market mispricing. A cross-country analysis was applied within the scope of four ASEAN (Association of Southeast Asian Nations) countries that comply with IAS 39, consisting of the Philippines, Indonesia, Malaysia, and Singapore. A sample of 1,395 firm-years of companies using financial derivatives were engaged for study and the evidence shows that the use of financial derivatives for hedging purposes decreases the magnitude of the earnings management. In addition, this study also supports the idea that earnings expectations embedded in the stock returns of companies using financial derivatives, that meet the hedge accounting criteria, reflect the difference in the persistence of cash flow components more accurately than those using financial derivatives for speculative purposes.

中文翻译:

金融衍生产品对盈余管理和市场错误定价的影响

本研究旨在检验金融衍生产品对盈余管理和市场定价错误的影响。在四个遵守IAS 39的东盟(东南亚国家联盟)国家(包括菲律宾,印度尼西亚,马来西亚和新加坡)的范围内进行了跨国分析。对使用金融衍生工具的1,395个公司年的公司进行了抽样研究,证据表明,将金融衍生工具用于对冲目的会降低盈余管理的规模。此外,本研究还支持以下想法:收入期望值嵌入在使用对冲会计准则的使用金融衍生工具的公司的股票收益中,
更新日期:2019-12-27
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