Do banks engage in earnings management? The role of dividends and institutional factors
研究了45个国家1996-2019年间银行股利政策对盈余质量的影响，发现高股利支付能减少盈余管理，尤其在资本充足和非上市银行中更明显，且投资者保护和政府监管会强化这一关系。
We investigate the impact of dividend policy on earnings quality and opportunistic earnings management for individual banks across 45 developed and developing countries between 1996 and 2019. Our estimates show that high dividend payments reduce earnings management, hence mitigate agency problems. This mitigation is especially prevalent among well-capitalised and non-listed banks. Greater investor protection and government regulation appear to strengthen the negative association between dividend policy and earnings management. Our results hold robustly across many different specifications.