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• W578526105 abstract "This thesis examines the relation between institutional investor type (specifically,transient and long-term oriented institutional investors) and the discretionaryearnings management strategies of their portfolio firms. By focusing on accrualsmanagement, it extends current understanding of the relation between institutionalinvestor type and earnings management beyond (a) earnings management throughreal investment decisions and (b) only firms with research and developmentactivities (Bushee, 1998). The association between transient (long-term oriented)institutional investors and portfolio firms' accruals management is first examinedwithout reference to portfolio firms' specific earnings targets. Then, the associationis investigated conditional upon portfolio firms' non-discretionary earnings relativeto earnings targets.Transient institutional investors' investments in portfolio firms are transitory andfluctuate over a short period of time (Bushee, 1998; Porter, 1992). These investorscreate incentives for portfolio firm managers to adopt aggressive earningsmanagement strategies to avoid earnings disappointment, or to take a whenearnings disappointment is unavoidable. In contrast, long-term oriented institutionalinvestors invest for the long-term prospects of their portfolio firms rather than focuson the current earnings performance of portfolio firms (Bushee, 1998; Shleifer andVishny, 1997). They actively participate in monitoring their portfolio firms and theirpresence is argued to constrain and limit portfolio firm managers' earningsmanagement discretion (Rajgopal and Venkatachalam, 1998; Shleifer and Vishny,1997). Using a sample of US institutional investors and US portfolio firms, the resultssupport the arguments that transient institutional ownership is associated with bothlarger income increasing and larger income decreasing discretionary accruals. Thisis consistent with transient institutional ownership encouragement of managerialmyopia (Bushee, 1998). However, evidence supporting the managerial myopiceffects of transient institutional investors is stronger when total institutionalownership is predominantly transient. There is insufficient evidence to suggest thattransient institutional investors encourage big bath strategies, and only verylimited evidence of an association between transient institutional ownership andportfolio firms' income smoothing strategies.Consistent with long-term oriented institutional investors constraining portfolio firmmanagers' accruals discretion, long-term oriented institutional ownership is found tobe associated with smaller income increasing and smaller income decreasingdiscretionary accruals. The constraining effects of long-term oriented institutionalinvestors remain evident among portfolio firms that have exercised their accrualdiscretion to meet their earnings targets. For firms that fail to meet their earningstargets, long-term oriented institutional ownership is negatively associated withdiscretionary accruals. That is, inconsistent with their long-term orientation, longtermoriented institutional investors appear to encourage reverse myopic accrualmanagement behaviour among portfolio firms. There is no evidence supportingarguments that long-term oriented institutional investors create incentives forportfolio firms to adopt income smoothing strategies.These results highlight the importance of examining different types of institutionalownership separately when investigating the effects of institutional ownership on firms' earnings management. The study also provides evidence indicatingalternative effects of institutional ownership types on firms' discretionary accruals,conditional upon the position of firms' non-discretionary earnings relative to theirearnings targets. The overall results provide evidence indicating the complexities ofinstitutional ownership type effects on portfolio firms' accrual managementstrategies. The insights provided in this thesis are valuable to academic researchers,analysts, investors and regulators who seek an understanding of the influences andimplications of institutional investor type on corporate financial reporting." @default.
• W578526105 created "2016-06-24" @default.
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• W578526105 date "2001-01-01" @default.
• W578526105 modified "2023-09-27" @default.
• W578526105 title "The impact of institutional investor type on corporate earnings management" @default.
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