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- W637904583 abstract "Firms are at risk of delisting if they violate stock exchange’s minimum stock price requirement. This paper investigates the extent and prevalence of opportunistic actions firms take in response to this threat. I focus on accruals and real earnings management in the form of discretionary R&D spending and asset sales. The empirical evidence is consistent with firms responding to the threat of delisting by adopting either reverse stock splits or accruals management (but not both). As hypothesized, the subgroup of firms demonstrating significantly positive discretionary accruals (the Non-RSS group) has higher stock price, better subsequent performance, and appears to be shifting earnings from the near future to the reduced stock price year. Because firms with relatively better performance manage accruals rather than implement reverse stock splits (RSS) to boost stock price, results in this paper advance the understanding of the negative market response to RSS news. Firms undertaking reverse stock splits (the RSS group) cut R&D spending in the reduced stock price year. However, the R&D reduction seems to reflect RSS firms’ response to financial distress. Further, as hypothesized, RSS firms and Non-RSS firms enjoy higher listing benefits compared to delisted firms (the Delisted group). *I am grateful for the guidance of my dissertation committee, Dave Guenther, John Jacob (cochair), Steve Rock, Phil Shane (co-chair), and Chris Yung. I also appreciate comments from Katherine Gunny, Bjorn Jorgensen, Frank Selto, Naomi Soderstrom, and Dave Weber. All errors are my own." @default.
- W637904583 created "2016-06-24" @default.
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- W637904583 date "2006-01-01" @default.
- W637904583 modified "2023-09-28" @default.
- W637904583 title "Earnings management as a response to the threat of exchange delisting" @default.
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