Earnings Management: A Comparative Literature Review between China and Thailand
Article Sidebar
Published:
Dec 23, 2019
Keywords:
Earnings Management, Literature Review, China, Thailand
Main Article Content
Abstract
This paper attempts to offer a comprehensive overview of earnings management in China and Thailand. Towards that end, 99 articles examining earnings management that used the data in China and Thailand, and published between 2000 and 2017, were reviewed. An article was selected for screening in terms of the measurement types of earnings management addressed and their motives, and whether it addressed the existing literature gap. Additionally, the review attempted to synthesize the latest definitions and evolutions of earnings management discussed in the selected papers. The findings indicate that both countries have earnings management practices, in both accruals-based and real activities-based forms, but the classification shifting-based earnings management has not been observed. Second, this paper shows that the highest motives for earnings management in China are the stock market motives followed by the bonus plans or compensation plans motives, the political cost motives, and the debt covenant motives respectively. In Thailand, the first two motives for earnings management are similarly ranked as those in China, with the stock market motives followed by the bonus plans or compensation plans motives. However, debt covenant motives supersede political motives in Thailand. Finally, this paper has found a gap in earnings management research focusing on the comparative empirical study between China and Thailand during the study period; the opportunities for future research are set out in conclusion.
Article Details
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Articles
The article must be considered and accepted for publication by the editorial board of the Faculty of Management Science, Lampang Rajabhat University. The articles have been reviewed by a peer (peer review) and the author must update according to the suggestion if available before publication. Articles that are not considered the editorial team will inform the results of the consideration but will not send the original to the author.
JMMS is the Faculty of Management Science journal, Lampang Rajabhat University. Jmms published both print and online editions. We allow the use of articles for academic use under the scope of copyright law.
References
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840-855.
Beaudoin, A., Dang, L., Fang, Q., & Tsakumis, T. (2012). The Agency Problem and the Moderating Role of Culturally Based Management Style on Chinese Managers’ Discretionary Accruals. Journal of International Accounting Auditing & Taxation, 21(2), 145-155.
Becker, C. Defond, L., Jiambalvo, J., & Subramanyam, R. (1998). The Effect of Audit Quality on Earnings Management. Contemporary Accounting Research, 15(1), 1-24.
Bingyang, L., & Qingwang, G. (2012). Why China’s Tax Revenue is Likely to Maintain Its Rapid Growth: An Explanation within the Framework of Tax Capacity and Tax Effort. Social Sciences in China, 33(1), 108-126.
Brown, P. (1970). The Impact of the Annual Net Profit Report on the Stock Market. 40.
Burgstahler, D., & Dichev, I. (1997). Earnings Management to Avoid Earnings Decreases and Losses. Social Science Electronic Publishing, 24(1), 99-126.
Burgstahler, D., & Eames, M. J. (2003). Earnings Management to Avoid Losses and Earnings Decreases: are Analysts Fooled? Contemporary Accounting Research, 20(2), 253-294.
Bushee, J. (1998). The Influence of Institutional Investors on Myopic R&D Investment Behavior.
The Accounting Review, 73(3), 305-333.
Cang, Y., Chu, Y., & Lin, T. W. (2014). An Exploratory Study of Earnings Management Detectability, Analyst Coverage and the Impact of Ifrs Adoption: Evidence from China. Journal of Accounting and Public Policy, 33(4), 356-371.
Carter, E., Lynch, J., & Tuna, R. (2007). The Role of Accounting in the Design of CEO Equity Compensation. Accounting Review, 82(2), 327-357.
Chaney, K., & Lewis, M. (1995). Earnings Management and Firm Valuation under Asymmetric Information. Journal of Corporate Finance, 1(3–4), 319-345.
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Defond, L., & Jiambalvo, J. (1993). Factors Related to Auditor-Client Disagreements over Income-Increasing Accounting Methods. Contemporary Accounting Research, 9(2), 415–431.
Defond, L., & Jiambalvo, J. (1994). Debt Covenant Violation and Manipulation of Accruals. Journal of Accounting & Economics, 17(1-2), 145-176.
Defond, L., & Park, C. W. (1997). Smoothing Income in Anticipation of Future Earnings. Journal of Accounting & Economics, 23(2), 115-139.
Degeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings Management to Exceed Thresholds. Journal of Business, 72(1), 1-33.
Demers, A., & Wang, C. (2010). The Impact of CEO Career Concerns on Accruals Based and Real Earnings Management. Social Science Electronic Publishing.
Dutta, S., & Gigler, F. (2002). The Effect of Earnings Forecasts on Earnings Management. Journal of Accounting Research, 40(3), 631-655.
Field, J., & Wongwatanasin, U. (2007). Tax Policies’ Impact on Output, Trade and Income in Thailand. Journal of Policy Modeling, 29(3), 361-380.
Francis, R., Maydew, L., & Sparks, H. C. (2011). The Role of Big 6 Auditors in the Credible Reporting of Accruals. Auditing A Journal of Practice & Theory, 18(2), 17-34.
Frankel, M., Johnson, F., & Nelson, K. (2002). The Relation between Auditors' Fees for Nonaudit Services and Earnings Management. Accounting Review, 77(Suppl 1), 71-105.
Givoly, D., & Hayn, C. (2000). The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting become More Conservative? Journal of Accounting and Economics, 29(3), 287-320.
Gunny, A. (2005). What are the Consequences of Real Earnings Management? Dissertation Abstracts International, Volume: 66-08, Section: A, page: 2999.
Gunny, A. (2010). The Relation Between Earnings Management Using Real Activities Manipulation and Future Performance: Evidence from Meeting Earnings Benchmarks. Contemporary Accounting Research, 27(3), 855–888.
Haw, M., Ho, S. S. M., & Li, A. Y. (2011). Corporate Governance and Earnings Management by Classification Shifting. Contemporary Accounting Research, 28(2), 517-553.
Healy, P. (1985). The impact of Bonus Schemes on the Selection of Accounting Principles. Journal of Accounting and Economics, 7, 85-7
Hepworth, R. (1953). Smoothing Periodic Income. Accounting Review, 28(1), 32-39.
Ho, J., Liao, Q., & Taylor, M. (2015). Real and Accrual-Based Earnings Management in the Pre- and Post-IFRS Periods: Evidence from China. Journal of International Financial Management & Accounting, 26(3), 294–335.
Hoseininasab, H. (2015). Earnings Management based on Real Activities Manipulation and its Impact on Future Economic Performanance (Some Evidences of Tehran Stock Exchange). International Journal of Scientific Management & Development.
Huang, R., Marquardt, C. A., & Zhang, B. (2014). Why do Managers Avoid EPS dilution? Evidence from Debt–equity Choice. Review of Accounting Studies, 19(2), 877-912.
Ibrahim, S., Xu, L., & Rogers, G. (2011). Real and Accrual‐based Earnings Management and Its Legal Consequences. Accounting Research Journal, 24(1), 50-78.
Jiang, F., Zhu, B., & Huang, J. (2013). CEO's Financial Experience and Earnings Management. Journal of Multinational Financial Management, 23(3), 134-145.
Jones, J. (1991). Earnings Management during Import Relief Investigations. Journal of Accounting Research, 29(2), 193-228.
Kao, L., Wu, D., & Yang, Z. (2009). Regulations, Earnings Management, and Post-IPO Performance: The Chinese Evidence. Journal of Banking & Finance, 33(1), 63-76.
Kevin, C., & Yuan, H. (2004). Earnings Management and Capital Resource Allocation: Evidence from China's Accounting-Based Regulation of Rights Issues. The Accounting Review, 79(3), 645-665.
Kiatapiwat, W. (2010). Controlling Shareholders, Audit Committee Effectiveness, and Earnings Quality: The Case of Thailand.
Kiattikulwattana, P. (2014). Earnings Management and Voluntary Disclosure of Management's Responsibility for the Financial Reports. Asian Review of Accounting, 22(3), 233-256.
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Kothari, P., Leone, J., & Wasley, E. (2005). Performance Matched Discretionary Accrual Measures. Journal of Accounting & Economics, 39(1), 163-197.
Lau, W. (2004). Regulations on IPO Pricing, Earnings Management and Earnings Forecasts during the Reform of State Enterprises in China. Advances in International Accounting, 17, 175-198.
Lee, L., & Liu, W. (1999). Management Compensation, Debt Contract, and Earnings Management Strategy. Advances in Quantitative Analysis of Finance & Accounting, 2(4), 1.
Li, C., Wang, Y., Wu, L., & Xiao, J. (2013). Political Connections and Tax-Induced Earnings Management: Evidence from China.
Liberty, E., & Zimmerman, L. (1986). Labor Union Contract Negotiations and Accounting Choices. Accounting Review, 61(4), 692-712.
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Liu, J., Uchida, K., & Gao, R. (2014). Earnings Management of Initial Public Offering Firms: Evidence from Regulation Changes in China. Accounting & Finance, 54(2), 505-537.
Liu, Q., & Lu, J. (2007). Corporate Governance and Earnings Management in the Chinese Listed Firms: A Tunneling Perspective. Journal of Corporate Finance, 13(5), 881-906.
Lo, Y., Wong, K., & Firth, M. (2010). Can Corporate Governance Deter Management from Manipulating Earnings? Evidence from related-party sales transactions in China. Journal of Corporate Finance, 16(2), 225-235.
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Man, K., & Wong, B. (2013). Corporate Governance and Earnings Management: A Survey of Literature.
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Othman, B., & Zeghal, D. (2006). A Study of Earnings-Management Motives in the Anglo-American and Euro-Continental Accounting Models: The Canadian and French Cases. International Journal of Accounting, 41(4), 406-435.
Perry, S., & Grinaker, R. (1994). Earnings Expectations and Discretionary Research and Development Spending. Accounting Horizons, 8(4), 43-51.
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Sarah Elizabeth, M. (2006). Earnings Management Using Classification Shifting: An Examination of Core Earnings and Special Items. The Accounting Review, 81(3), 501-531.
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Shakespeare, C. (2002). Accounting for Asset Securitizations: Fair Values and Earnings Management.
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Ashley, S., & Yang, M. (2004). Executive Compensation and Earnings Persistence. Journal of Business Ethics, 50(4), 369-382.
Ball, R., & Brown, P. (1968). An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research, 6(2), 159-178.
Bange, M., & De Bondt, M. (1998). R&D Budgets and Corporate Earnings Targets. Journal of Corporate Finance, 4(2), 153-184.
Bartov, E. (1993). The Timing of Asset Sales and Earnings Manipulation. Accounting Review, 68(4),
840-855.
Beaudoin, A., Dang, L., Fang, Q., & Tsakumis, T. (2012). The Agency Problem and the Moderating Role of Culturally Based Management Style on Chinese Managers’ Discretionary Accruals. Journal of International Accounting Auditing & Taxation, 21(2), 145-155.
Becker, C. Defond, L., Jiambalvo, J., & Subramanyam, R. (1998). The Effect of Audit Quality on Earnings Management. Contemporary Accounting Research, 15(1), 1-24.
Bingyang, L., & Qingwang, G. (2012). Why China’s Tax Revenue is Likely to Maintain Its Rapid Growth: An Explanation within the Framework of Tax Capacity and Tax Effort. Social Sciences in China, 33(1), 108-126.
Brown, P. (1970). The Impact of the Annual Net Profit Report on the Stock Market. 40.
Burgstahler, D., & Dichev, I. (1997). Earnings Management to Avoid Earnings Decreases and Losses. Social Science Electronic Publishing, 24(1), 99-126.
Burgstahler, D., & Eames, M. J. (2003). Earnings Management to Avoid Losses and Earnings Decreases: are Analysts Fooled? Contemporary Accounting Research, 20(2), 253-294.
Bushee, J. (1998). The Influence of Institutional Investors on Myopic R&D Investment Behavior.
The Accounting Review, 73(3), 305-333.
Cang, Y., Chu, Y., & Lin, T. W. (2014). An Exploratory Study of Earnings Management Detectability, Analyst Coverage and the Impact of Ifrs Adoption: Evidence from China. Journal of Accounting and Public Policy, 33(4), 356-371.
Carter, E., Lynch, J., & Tuna, R. (2007). The Role of Accounting in the Design of CEO Equity Compensation. Accounting Review, 82(2), 327-357.
Chaney, K., & Lewis, M. (1995). Earnings Management and Firm Valuation under Asymmetric Information. Journal of Corporate Finance, 1(3–4), 319-345.
Chansarn, S., & Chansarn, T. (2016). Earnings Management and Dividend Policy of Small and Medium Enterprise in Thailand. International Journal of Business and Society, 17(2).
Chayavoradech, S. (2007). Investigating Earnings Management by Surplus Free Cash Flow, and External Monitoring: A Study in Stock Exchange of Thailand. Faculty of Commerce and Accountancy Thammasat University.
Chen, C., Shi, H., & Xu, H. (2011). Underwriter Reputation,Issuer Ownership, and Pre-IPO Earnings Management:Evidence from China. Paper presented at the Proceedings of the 2011 Annual Conference of the Chinese Accounting Society.
Chen, D., Li, J., Liang, S., & Wang, G. (2011). Macroeconomic Control, Political Costs and Earnings Management: Evidence from Chinese Listed Real Estate Companies. China Journal of Accounting Research, 4(3), 91-106.
Chen, M. (2010). On the Income-tax Accounting Policy Choice in China's SMEs. Journal of Guangdong University of Foreign Studies.
Chen, X., Lee, C., & Li, J. (2008). Government Assisted Earnings Management in China. Journal of Accounting & Public Policy, 27(3), 262-274.
Dai, Y., Kong, D., & Wang, L. (2013). Information Asymmetry, Mutual Funds and Earnings Management: Evidence from China. China Journal of Accounting Research, 6(3), 187-209.
Dechow, M., Myers, A., & Shakespeare, C. (2010). Fair Value Accounting and Gains from Asset Securitizations: A convenient earnings management tool with compensation side-benefits. Journal of Accounting & Economics, 49(1–2), 2-25.
Dechow, M., & Skinner, J. (2000). Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and Regulators. Accounting Horizons, 14(2).
Dechow, M., & Sloan, G. (1991). Executive Incentives and the Horizon Problem : An Empirical Investigation. Journal of Accounting & Economics, 14(1), 51-89.
Dechow, M., Sloan, G., & Sweeney, P. (1995). Detecting Earnings Management. Accounting Review, 70(2), 193-225.
Defond, L. (1992). The Association between Changes in Client Firm Agency Costs and Auditor Switch. Auditing A Journal of Practice & Theory, 11.
Defond, L., & Jiambalvo, J. (1993). Factors Related to Auditor-Client Disagreements over Income-Increasing Accounting Methods. Contemporary Accounting Research, 9(2), 415–431.
Defond, L., & Jiambalvo, J. (1994). Debt Covenant Violation and Manipulation of Accruals. Journal of Accounting & Economics, 17(1-2), 145-176.
Defond, L., & Park, C. W. (1997). Smoothing Income in Anticipation of Future Earnings. Journal of Accounting & Economics, 23(2), 115-139.
Degeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings Management to Exceed Thresholds. Journal of Business, 72(1), 1-33.
Demers, A., & Wang, C. (2010). The Impact of CEO Career Concerns on Accruals Based and Real Earnings Management. Social Science Electronic Publishing.
Dutta, S., & Gigler, F. (2002). The Effect of Earnings Forecasts on Earnings Management. Journal of Accounting Research, 40(3), 631-655.
Field, J., & Wongwatanasin, U. (2007). Tax Policies’ Impact on Output, Trade and Income in Thailand. Journal of Policy Modeling, 29(3), 361-380.
Francis, R., Maydew, L., & Sparks, H. C. (2011). The Role of Big 6 Auditors in the Credible Reporting of Accruals. Auditing A Journal of Practice & Theory, 18(2), 17-34.
Frankel, M., Johnson, F., & Nelson, K. (2002). The Relation between Auditors' Fees for Nonaudit Services and Earnings Management. Accounting Review, 77(Suppl 1), 71-105.
Givoly, D., & Hayn, C. (2000). The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting become More Conservative? Journal of Accounting and Economics, 29(3), 287-320.
Gunny, A. (2005). What are the Consequences of Real Earnings Management? Dissertation Abstracts International, Volume: 66-08, Section: A, page: 2999.
Gunny, A. (2010). The Relation Between Earnings Management Using Real Activities Manipulation and Future Performance: Evidence from Meeting Earnings Benchmarks. Contemporary Accounting Research, 27(3), 855–888.
Haw, M., Ho, S. S. M., & Li, A. Y. (2011). Corporate Governance and Earnings Management by Classification Shifting. Contemporary Accounting Research, 28(2), 517-553.
Healy, P. (1985). The impact of Bonus Schemes on the Selection of Accounting Principles. Journal of Accounting and Economics, 7, 85-7
Hepworth, R. (1953). Smoothing Periodic Income. Accounting Review, 28(1), 32-39.
Ho, J., Liao, Q., & Taylor, M. (2015). Real and Accrual-Based Earnings Management in the Pre- and Post-IFRS Periods: Evidence from China. Journal of International Financial Management & Accounting, 26(3), 294–335.
Hoseininasab, H. (2015). Earnings Management based on Real Activities Manipulation and its Impact on Future Economic Performanance (Some Evidences of Tehran Stock Exchange). International Journal of Scientific Management & Development.
Huang, R., Marquardt, C. A., & Zhang, B. (2014). Why do Managers Avoid EPS dilution? Evidence from Debt–equity Choice. Review of Accounting Studies, 19(2), 877-912.
Ibrahim, S., Xu, L., & Rogers, G. (2011). Real and Accrual‐based Earnings Management and Its Legal Consequences. Accounting Research Journal, 24(1), 50-78.
Jiang, F., Zhu, B., & Huang, J. (2013). CEO's Financial Experience and Earnings Management. Journal of Multinational Financial Management, 23(3), 134-145.
Jones, J. (1991). Earnings Management during Import Relief Investigations. Journal of Accounting Research, 29(2), 193-228.
Kao, L., Wu, D., & Yang, Z. (2009). Regulations, Earnings Management, and Post-IPO Performance: The Chinese Evidence. Journal of Banking & Finance, 33(1), 63-76.
Kevin, C., & Yuan, H. (2004). Earnings Management and Capital Resource Allocation: Evidence from China's Accounting-Based Regulation of Rights Issues. The Accounting Review, 79(3), 645-665.
Kiatapiwat, W. (2010). Controlling Shareholders, Audit Committee Effectiveness, and Earnings Quality: The Case of Thailand.
Kiattikulwattana, P. (2014). Earnings Management and Voluntary Disclosure of Management's Responsibility for the Financial Reports. Asian Review of Accounting, 22(3), 233-256.
Kim, K., & Schroeder, A. (1990). Analysts' Use of Managerial Bonus Incentives in Forecasting Earnings. Journal of Accounting & Economics, 13(1), 3-23.
Kothari, P., Leone, J., & Wasley, E. (2005). Performance Matched Discretionary Accrual Measures. Journal of Accounting & Economics, 39(1), 163-197.
Lau, W. (2004). Regulations on IPO Pricing, Earnings Management and Earnings Forecasts during the Reform of State Enterprises in China. Advances in International Accounting, 17, 175-198.
Lee, L., & Liu, W. (1999). Management Compensation, Debt Contract, and Earnings Management Strategy. Advances in Quantitative Analysis of Finance & Accounting, 2(4), 1.
Li, C., Wang, Y., Wu, L., & Xiao, J. (2013). Political Connections and Tax-Induced Earnings Management: Evidence from China.
Liberty, E., & Zimmerman, L. (1986). Labor Union Contract Negotiations and Accounting Choices. Accounting Review, 61(4), 692-712.
Likitwongkajon, N., & Sutthachai, S. (2015). Does IFRS Adoption Mitigate Accrual Earnings Management? Evidence from an Emerging Market. Utcc International Journal of Business & Economics, 7(2), 47-72.
Liu, J., Uchida, K., & Gao, R. (2014). Earnings Management of Initial Public Offering Firms: Evidence from Regulation Changes in China. Accounting & Finance, 54(2), 505-537.
Liu, Q., & Lu, J. (2007). Corporate Governance and Earnings Management in the Chinese Listed Firms: A Tunneling Perspective. Journal of Corporate Finance, 13(5), 881-906.
Lo, Y., Wong, K., & Firth, M. (2010). Can Corporate Governance Deter Management from Manipulating Earnings? Evidence from related-party sales transactions in China. Journal of Corporate Finance, 16(2), 225-235.
Lys, T., & Sivaramakrishnan, K. (1988). Earnings Expectations and Capital Restructuring: The Case of Equity-for-Debt Swaps. Journal of Accounting Research, 26(2), 273-299.
Man, K., & Wong, B. (2013). Corporate Governance and Earnings Management: A Survey of Literature.
Ola, R., & Ijadi, A. (2014). Short-Term Debt Maturity and Accruals-Based Earnings Management in Tehran Stock Exchange (Iranian Evidence). Asian Journal of Research in Banking & Finance, 4(10).
Othman, B., & Zeghal, D. (2006). A Study of Earnings-Management Motives in the Anglo-American and Euro-Continental Accounting Models: The Canadian and French Cases. International Journal of Accounting, 41(4), 406-435.
Perry, S., & Grinaker, R. (1994). Earnings Expectations and Discretionary Research and Development Spending. Accounting Horizons, 8(4), 43-51.
Pevzner, M., Bong, H., Kim, Lei, L., Aier, J. K., Dan, C., Silveri, D. (2010). Debt Covenant Slack and Real Earnings Management.
Pheny, M., & Wong, P. W. (2011). Recent Development of Real Estate Tax on Residential Properties in China. Int'l Tax J., 37, 51.
Rangan, S. (1998). Earnings Management and the Performance of Seasoned Equity Offerings.
Ronen, J., & Sadan, S. (1981). Smoothing Income Numbers : Objectives, Means, and Implications: Addison-Wesley Pub. Co.
Roychowdhury, S. (2006). Earnings Management through Real Activities Manipulation. Journal of Accounting and Economics, 42(3), 335-370.
Agnes, C.,, C., Wang, J., & Wei, S. (2015). State Ownership and Earnings Management around Initial Public Offerings: Evidence from China (Vol. 14).
Sarah Elizabeth, M. (2006). Earnings Management Using Classification Shifting: An Examination of Core Earnings and Special Items. The Accounting Review, 81(3), 501-531.
Schipper, K. (1989). Commentary on Earnings Management. Accounting Horizons, 3.
Shakespeare, C. (2002). Accounting for Asset Securitizations: Fair Values and Earnings Management.
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