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    Wyświetlanie 1-5 z 5
    Tytuł:
    Earnings management in the private equity divestment process on Warsaw Stock Exchange
    Autorzy:
    Sosnowski, Tomasz
    Powiązania:
    https://bibliotekanauki.pl/articles/22446529.pdf
    Data publikacji:
    2018
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    initial public offering
    private equity
    earnings management
    Opis:
    Research background: Prior studies suggest that companies which go public manage earnings in order to inflate the issue price. However, for private equity funds the use of such activity can be costly in terms of the reputation capital as they are repetitive stock market players. The results of previous research on the effect of private equity fund on the quality of pre-IPO reported earnings are mixed and inconclusive. Purpose of the article: The main aim of the study is to empirically investigate the use of pre-IPO earnings management by private equity funds in the process of divestment conducted on a stock exchange. Methods: I provide comparisons between PE-backed companies and firms with a similar initial market value and growth potential, using the method of single-linkage clustering to build the study sample. In order to assess the scale of pre-IPO earnings management, I apply the discretionary accruals model of Larcker and Richardson [2004]. Findings & Value added: Using a sample of companies conducting IPO on WSE between 2005 and 2015 I do not find evidence that the presence of private equity fund among the shareholders of the company in the period preceding first listing of shares on a stock market constrains the use of earnings management prior to the IPO. The difference between the discretionary accruals in PE-backed and matched companies, when controlling for the market value and book-to-market ratio, is statistically insignificant. To be specific, companies with private equity funds in their shareholder structure do not exhibit lower scale of earnings management prior to the IPO in comparison to other new stock companies.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2018, 13, 4; 689-705
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    The credibility of earnings announced by new stock companies: accrual and real earnings management
    Autorzy:
    Sosnowski, Tomasz
    Powiązania:
    https://bibliotekanauki.pl/articles/22444316.pdf
    Data publikacji:
    2021
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    initial public offering
    real earnings management
    discretionary accruals
    listing status
    Opis:
    Research background: An initial public offering (IPO) creates an excellent opportunity to research the impact of changes in the institutional environment of companies on the trustworthiness of the information disclosed in financial statements. Purpose of the article: The main aim of the study is to analyze the use of accrual and real earnings management to inflate earnings, revenue, or total assets around the going public event. Therefore, this paper contributes to the stream of study on the quality of financial reporting of new stock companies. Methods: Two main approaches reflect the use of various types of earnings management activities, i.e., discretionary accruals and real earnings management. In both cases, it was necessary to use proper OLS method estimated models to identify the normal level of categories that affect the results reported in financial statements. Findings & value added: Based on a sample of 183 IPOs from the Warsaw Stock Exchange between 2005 and 2015, generally, managers of newly-listed companies actively use discretionary accruals, reduce production costs and certain discretionary expenses, and abnormal cash flows from operations ? i.e., all proxies of earnings management used in the paper ? in the periods around the IPO. In the period prior to the IPO, managers more often introduce techniques typical of the real sphere of the company's operations, in particular, the deliberate modeling of certain discretionary costs. In turn, the use of discretionary accruals dominates in the year after the IPO.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2021, 16, 3; 661-677
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Earnings management and the floatation structure: empirical evidence from Polish IPOs
    Autorzy:
    Sosnowski, Tomasz
    Powiązania:
    https://bibliotekanauki.pl/articles/22446621.pdf
    Data publikacji:
    2017
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    initial public offering
    IPO
    primary shares
    secondary shares
    earnings management
    Opis:
    Research background: Firms use discretionary accounting choices to manage earnings disclosures around the time of certain types of corporate events. The initial public offering particularly provides an opportunity to earnings management because of the significant information asymmetry between investors and issuers at the time of the offering. Purpose of the article: The main aim of the study is to empirically investigate the links between the earnings management and the portions of primary and secondary shares sold in IPO. Methods: In order to investigate whether the earnings management influences the issue of new shares and the sale of secondary shares I use Tobit and logit regressions, where discre-tionary accruals are the proxy for earnings management. Findings & Value added: Using a sample of 221 firms from Warsaw Stock Exchange between 2005 and 2015 I do not find evidence that the increase of pre-IPO discretionary accruals positively affects the sale of primary shares in the IPO, but the analysis has revealed that the deliberate conservative reporting limits the probability of the new shares issuance. In turn, the sale of secondary shares by the original shareholders in IPO is more likely in companies using a conservative earnings management. Furthermore, negative discretionary accruals increase the portion of secondary shares sold in the IPO.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2017, 12, 4; 693-709
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Motives and Effects of the Initial Public Offerings on the Warsaw Stock Exchange
    Autorzy:
    Sosnowski, Tomasz
    Powiązania:
    https://bibliotekanauki.pl/articles/517283.pdf
    Data publikacji:
    2015
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    initial public offering
    primary shares
    secondary shares
    motives for going public
    Opis:
    This paper empirically investigates the links between the motives for going public and changes in the market value and efficiency of new stock companies. Using a sample of 200 firms from Warsaw Stock Exchange between 2005 and 2012 I find that the principal purpose of initial public offering is raising additional capital by the company but divestment grounds of initial shareholders are also important. I find evidence that the sale of secondary shares in the initial public offering may be seen as a negative signal at aftermarket performance of the firm. The data reveal that the most adverse long-term changes in the market value and business efficiency are observed for those companies, where in the initial public offering both primary and secondary shares were sold
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2015, 10, 2; 207-222
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Persistence of pre-IPO earnings of new companies from CEE stock markets
    Autorzy:
    Sosnowski, Tomasz
    Powiązania:
    https://bibliotekanauki.pl/articles/22443159.pdf
    Data publikacji:
    2022
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    earnings quality
    financial reporting
    earnings management
    initial public offering
    profitability
    Opis:
    Research background: A company?s earnings are one of the main determinants of investment decisions on the stock market. Thus, the reliability of disclosed financial information is crucial for the efficient allocation of capital. Unfortunately, reported earnings are an economic category susceptible to manipulation. This problem grows especially in the case of an initial public offering (IPO), as there is significant information asymmetry. Purpose of the article: The main aim of the paper is to assess the persistence of earnings reported by companies in the IPO process and to empirically identify financial characteristics associated with persistence of earnings. The usefulness of financial information is directly related to the issue of earnings quality. Therefore, this paper contributes to the stream of study on the quality of financial reporting of new stock companies. Methods: I employ a simple single-factor regression model to recognize the earnings persistence in new stock companies. Pre-IPO earnings are the explanatory variable. Then, I use multiple regression analysis to identify factors that influence this metric of reported earnings quality. Findings & value added: Using a sample of companies from stock exchange markets in Central and Eastern Europe (i.e., the Warsaw Stock Exchange, the Bulgarian Stock Exchange, the Bucharest Stock Exchange, the Belgrade Stock Exchange, the Prague Stock Exchange) that went public between 2010 and 2018, I find that, generally, pre-IPO earnings hold higher persistence compared to earnings reported in the year of the IPO. Profitability seems to be a factor that significantly influences this feature. Thus, the results contribute to corporate theory and practice facing insufficient empirical evidence on the issue of sustaining pre-IPO profitability in the long term, additionally putting these concerns in the context of the economic environment of European emerging stock markets.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 2; 415-434
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-5 z 5

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