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Earnings Management, Financial Leverage, and Cash Flow Volatility : Do Economic Conditions Matter?

Ujah, Nacasius - 2013

How vital are market conditions in determining the behavior of firms? In this paper we explore firm's impetus to manipulate earnings as it relates to their leverage and volatile cash flow positions in economic conditions. Borrowing a forerunner to proxy for pecking order and market-timing...

Persistent link: https://www.econbiz.de/10013092401

Does Balance Sheet Strength Drive the Investment Cycle? Evidence from Pre- and Post-Crisis Cyprus

Chen, Sophia - 2017

Fixed investment was the most important contributing factor to the boom-bust cycle in Cyprus over the last decade. Investment boomed during a credit boom in mid-2000s, during which the corporate sector borrowed heavily. Investment collapsed after 2008 when the credit boom ended. Investment and...

Persistent link: https://www.econbiz.de/10012962140

Earnings management and theoretical adjustment in capital structure performance pattern : evidence from APTA economies

Shoaib, Adnan; Siddiqui, Muhammad Ayub - In: Borsa Istanbul Review 22 (2022) 1, pp. 20-36

This study examines the role of earnings management in the relationship between firm performance and capital structure, dividing earnings management into discretionary and nondiscretionary accruals to test established theories on the capital structure. Using data on 802 companies in the member...

Persistent link: https://www.econbiz.de/10012817965

Analysis the Effect of Financial Distress, Leverage and Free Cash Flow on Earnings Management

Inayah, Rifka Aulia; Amiruddin, Amiruddin; Pontoh, GraceT - 2021

Objective - This study aims to determine and analyze the effect of financial distress, leverage, free cash flow on earnings management.Methodology/Technique - The object of this research is all companies listed on the Indonesia Stock Exchange with an observation period of 2019. The sample...

Persistent link: https://www.econbiz.de/10013310646

External financing and earnings management : evidence in Vietnam

Phuong Bui; Hai Ngo; Khuong Nguyen Vinh; Nguyen Thanh Liem - In: Cogent economics & finance 10 (2022) 1, pp. 1-16

This paper investigates the effect of external financing on earnings management in Vietnam, a bank-dominated economy. Using a sample of 494 listed non-financial firms from 2009 to 2018, we find that external financing is positively related to earnings management, implying that firms have...

Persistent link: https://www.econbiz.de/10014500393

Firm Profitability, Inventory Volatility, and Capital Structure

Birge, John R. - 2011

, variable costs of production, and volatility in future demand forecasts. In addition to predicting the convex relationship … between profit margins and leverage that appears in the data, the model also predicts decreasing inventory volatility for non …-profitable firms followed by increasing inventory volatility for profitable firms, which is also a statistically significant result in …

Persistent link: https://www.econbiz.de/10013121259

Corporate Debt Maturity and Future Firm Performance Volatility

Adachi‐Sato, Meg - 2018

volatility. We show in a simple two-period model that the riskiness of corporate investment is a decreasing function of corporate … correlated, corporate debt maturity should be highly correlated with “ex post” realized firm performance volatility in following … future firm operating performance volatility decreases as corporate debt maturity increases and that future firm value …

Persistent link: https://www.econbiz.de/10012937149

Earning volatility, capital structure decisions and financial distress by SEM

Ghasemzadeh, Morteza; Heydari, Mehdi; Mansourfar, Gholamreza - In: Emerging markets, finance & trade : a journal of the … 57 (2021) 9, pp. 2632-2650

Persistent link: https://www.econbiz.de/10012549936

What Do Private Equity Firms Say They Do?

Gompers, Paul A. - 2017

We survey 79 private equity (PE) investors with combined assets under management of more than $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rates of return and multiples to evaluate investments. Their...

Persistent link: https://www.econbiz.de/10012973133

Investigation of Iterative Algorithms for Evaluations of Capital Structure and Cost

Minasyan, Vigen Babkenovich - 2015

Determination of structure and correct calculation of a company's capital value is an essential; theoretical and practical problem for corporate finance. The proportion between the company's equity and borrowed capital determines the risk and profitability of the company and, consequently, the...

Persistent link: https://www.econbiz.de/10013034781