Evidence on the Trade-Off between Real Activities Manipulation and Accrual-Based Earnings Management
研究了管理者是否将真实活动操纵与应计盈余管理作为替代手段，发现两者存在权衡关系，且管理者会根据真实活动操纵的程度调整应计盈余管理水平。
ABSTRACT I study whether managers use real activities manipulation and accrual-based earnings management as substitutes in managing earnings. I find that managers trade off the two earnings management methods based on their relative costs and that managers adjust the level of accrual-based earnings management according to the level of real activities manipulation realized. Using an empirical model that incorporates the costs associated with the two earnings management methods and captures managers' sequential decisions, I document large-sample evidence consistent with managers using real activities manipulation and accrual-based earnings management as substitutes. Data Availability: Data are available from public sources indicated in the text.