Earnings management and post-mergers and acquisitions’ performance: evidence from an emerging market

• Autorzy: Fuad , Jatmiko Adinda

Identyfikatory

DOI

10.17512/pjms.2022.26.2.08

Warianty tytułu

PL

Zarządzanie zyskami a wyniki po fuzjach i przejęciach: dowody z rynku wschodzącego

• Języki publikacji: EN

Abstrakty

EN

The main objective of this study is to determine whether acquiring firms decision to manage their earnings is related to post-acquisition performance. Particularly, the authors examine whether real earnings management through sales accrual management, sales manipulation, over production and discretionary expenditures affect firms' ability to earn higher financial performance after mergers and acquisitions. The researchers collected 259 firm-year observations of financial data from 2006 to 2017 amid Mergers and Acquisitions deals in Indonesia. The results indicate that acquiring company’s decision to manage its earnings through accrual management has a significant positive impact on firm’s subsequent post-acquisition performance. On the other hand, real earnings management through overproduction activities also significantly increases firms’ post-mergers and acquisition performance. However, the study reveals that real earnings management activities through discretionary expenditures and sales manipulation do not yield higher post-acquisition performance. This study's novelty lies in how financial accounting gimmicks prior to corporate strategy implementation (mergers and acquisitions) may yield higher (or lower) economic performance. The current research also provides some potential avenues for further investigations.

PL

Głównym celem tego badania jest ustalenie, czy decyzje firm przejmujących o zarządzaniu swoimi dochodami są związane z wynikami po przejęciu. W szczególności, badamy czy rzeczywiste zarządzanie zyskami poprzez zarządzanie rozliczeniami międzyokresowymi sprzedaży, manipulowanie sprzedażą, nadmierną produkcję i wydatki uznaniowe wpływają na zdolność firm do osiągania wyższych wyników finansowych po fuzjach i przejęciach. Zebraliśmy 259 firm rok obserwacji danych finansowych z 2006 - 2017 wśród Mergers and Acquisitions transakcji w Indonezji. Nasze wyniki wskazują, że decyzja firmy nabywającej o zarządzaniu swoimi dochodami poprzez zarządzanie memoriałowe ma znaczący pozytywny wpływ na późniejsze wyniki firmy po przejęciu. Z drugiej strony, rzeczywiste zarządzanie zyskami poprzez działania nadprodukcyjne również znacząco zwiększają wyniki firm po fuzjach i przejęciach. Nasze badanie ujawnia jednak, że rzeczywiste zarządzanie zyskami poprzez wydatki uznaniowe i manipulację sprzedażą nie skutkuje wyższymi wynikami po przejęciu. Nowością w tym badaniu jest to, w jaki sposób sztuczki księgowości finansowej przed wdrożeniem strategii korporacyjnej (fuzje i przejęcia) mogą przynieść wyższe (lub niższe) wyniki ekonomiczne. Nasze badania wskazują również na potencjalne kierunki dalszych badań.

Słowa kluczowe

EN

mergers and acquisitions; firms performance; accrual management; real earnings management; Indonesia

PL

fuzje i przejęcia; wydajność firmy; zarządzanie realnymi dochodami; Indonezja

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2022
• Tom: Vol. 26, No. 2
• Strony: 130--143
• Opis fizyczny: Bibliogr. 28 poz., tab.

Twórcy

autor

Fuad

• Department of Accounting, Faculty of Economics and Business, Universitas Diponegoro

• https://orcid.org/0000-0002-3883-724X

autor

Jatmiko Adinda

• SE., Ernst & Young, Indonesia

Bibliografia

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Uwagi

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).