ABSTRACT

We analyzed the effects of accruals-based earnings management practices and institutional-financial qualities of countries on the financing policy of Latin American companies. We used panel data on a sample of 983 companies between 1995 and 2017. Our results indicate that positive discretionary accruals reduce leverage and increase debt maturity. These findings suggest that accounting manipulation activities favor managerial entrenchment and seek to avoid external supervision and liquidity risk. The institutional and financial development of countries promotes leverage and long-term debt issuances. However, its effects do not mitigate the impact of accounting manipulation activities on this policy. The IFRS adoption is an effective means of control that attenuates the effects of earnings management on capital structure. These results are relevant for investors and policymakers due to their implications for firms’ corporate governance and financial policy design.

摘要

我们分析了基于权责发生制的盈余管理实践和各国机构财务质量对拉丁美洲公司融资政策的影响。我们使用了 1995 年至 2017 年间 983 家公司样本的面板数据。我们的结果表明，正的可自由支配应计项目会降低杠杆率并增加债务期限。这些发现表明，会计操纵活动有利于管理层的巩固，并寻求避免外部监督和流动性风险。各国的制度和金融发展促进了杠杆和长期债务的发行。然而，其影响并不能减轻会计操纵活动对该政策的影响。采用国际财务报告准则是一种有效的控制手段，可以减弱盈余管理对资本结构的影响。