:J_ 0#

Size: px

Start display at page:

Download ":J_ 0#"

Matthew Lambert
5 years ago
Views:

1 93 2 1* "# $! 5& 1 / 2/ 34# -&'- 0--./ ()*+ &' < (/'/!7)' (/'/ ;:!: 8-.1# 6 7)' 8/6! 3-=& # -&'- >/!# (1 3/ 3!7)' (1 ;: - / - - 3/-/ A?/. 31 2/ / 3/ '@?/. 2 # >E ()*+ >/ F.1 ;/D/ 1 B C$?/ /E ()*+ F & -G B/ /A -/A K/-)/ - - 2&'I+ 1 >?/ ()*+ MS' 3?P ) 2/ Q$R ) " /. NO&#/ - P M## 3/ MS'?/ QUV W&#./ 2 2T&/ $ 2/ ) 26& 3- :B/ ;AT >/! (1 /-! 1 34# ()*+ Y@?/ ;/D/ (1 7-/ ) 3? 7-/?/ N&X/ / 3/ 1 (1 " 3/ ;/D/ >/ 1 1 7)' (1 ;: (1..! -&'-! :! 94/7/17 :B= '- [- 94/9/8 :B= 7I+ [- :J_ 0# A.hashemi@ase.ui.ac.ir * 3ATU/ 2:4#/!-/V -4#/.1 3ATU/ 2:4#/!-/V -/-1.2

2 1394 +!8 2-!;) 2-)!-/V - 94 " 8`@/?/ 7)' ab ) BE' ab 8/6 # -&'- :#:?/ P!JdR -/ID!X ) - # ed. - 3/ cd / ca -.(1378!3DU ) 7)-# <1377!?#) / & -/ ) Mb=# >E ١ c"v 8/6 # 6&! -/V - -&'- & J - 8/6-1 E >/. (1 (/'/ 5& -@ BE' - ((/'/ (1) 8/6 AX ) / &/) BE' c"v - 8/6 - A / <(2006!3/-C ) 33-) -/# - 8/6 - )- BE' c"v &1 ) ) <(2003) 3/-C ) 3-#/ QD?/ 3/:4)*+?/. ()*+ W&# (1 / ( # (1389) -+#/) )?# ) (2004) -&'- j# >/./ BE' c"v (/'/ / (/'/ 8?/ c1!be' c"v 2 -&'- *)?/ C. &T 2 -&'-! ;: - (/'/ - 1 / 3P :# ) / BE' ab 8/6 #./ BE' ab - (1 ;: - (1 -?/ (!BE' ab (/'/ / ) 1 B C$ - - 3/-/ A?/. 31 2/ / 3/ '@?/ A# - )!/ k -/V 8$ 1 ` E W&# 3/ -/D R AE -/V - /l I+FbE#/ QB -1 >/. 6 /- B 7-/ ED/) C$ ) 2# ED/) 0 34# -/V "&# -. 8-U ) 2 B 7-/ # &/ (1 m js >/.# 34# /- -/V 3 2-/!$1 -@. /. n!-/i cd :-/ - W/- - Q o 3/ ) -/ #?/ ;`D/ ) -C& (1998) >$/) ) $ 2?/.(2009!p&1) / &' -/D X - B 7-/ ) 8` E -&.!do 8)qD?/ 2T&/ 3/ 1 &'/ KT/ #? W&# -/I/ ) d&d/ BE' - - 3ETl?/. 31 2/ / /- B - U- ()*+ >/. 6!-/V ;D-/ & 1 /-/D. 1. Cost Behavior 2. Costs Stickiness 3. Earnings Management

3 95 #$ $ rd/) -./ BE' ab 8/6 # -&'- *)?/ C <-/ X) r QE - #-=& # 8'`&./ 1 s- $ >/ Q E# r (1 QE?/!& Q. r QE - 1 $ /!: 8-.# (/'/ 8`E = - (1 8`E ;"#/ (1 5X #-)P '1 3/ /- r 3/! (/'/ S= 1 #?! -&'- ># J - t`! (1 7)' 1 #? / < ( 7)' (/'/ (+ 3/!/ 'd!s= 8## 1>/ QB.# 2T&/ QD!r..1?-/ /- S= (1 3&D J&V/!r (1 0-- cd?/?/ N&X/ / 3/!S= (1 ;: 1 )- #? 5& #/ S= (1 ;:.# 2T&/` r utv cd!qe # QE "/ m -1 >/ / 1 QE /- 1 r!s= ab 8/6 >&/I -1 / 1 rd/) -. 8/A" ) -1 )# v QE QR #!B)/ ES) S= 4? 8-U - r 3 :X ) r /+ 3w -/ Q QE.& QE / 8/-&././ X ? P ) "&X ) 2 &/I -1 >/ v "/ Q /?/ C S= (1 ;:!r ab >E.(2007!3/-C ) 3-#/) r?/ /2-+ >w ) r' q?/ #! -C& / 5? X) (+ ) -)P P' - X -# $X?/ -/V /l )R?/ 1 ED/) 2 m 1 2 -/V E& 7)-?/ 2T&/ 3C / ) P 2?X/ 3/!AE -/V. 8)T& B 8-U - 27-/ J/.1 J/ /-. 8)qD ) xo4!8`@/ J=&#/ -G B :-/ - 1 3/ R!B :-/ /' - 3#P 8/-&./ ) 3/ k 8)qD 31 2/! 0:#/ >ca.(1391!3/-c ) &/) / &' 8A!(1998) >$/) ) $ ye - 1 /-/D 3/ -/D R ) 312T&/ ;D-/ & :/I+3C / Y@ )?/./ -CP. 2 1 ;`D/ Y@?/!J)/ BV -.(1388!#1-/z#) ED/) ) -/V 1. Accrual- Based Earnings Management 2. Real Earnings Management

4 1394 +!8 2-!;) 2-)!-/V >/ - 1?/+. N$b F// Yb -/V ;D-/ (/-P! -&./ AE 2-/ (1391) 3/-C )?"V ) (1384) z# ) X/. ()*+ 3/? )- ED/)!ED/) BE' -C&!;) BV -.1 ) -O' ()*+ 3/? >/ -. (. G# - ) 2-)P -/V 7)- NO&#/ Y@?/!-&./ AE ;`D/.1 2-/ (1391) $?/ /- ED/) BE' -C& (2008) >)-/? ) >1. ;"#/ -/V -)P ). ;"#/ -" V/) BE' #)- - 1 #/ B/ 2 &1 1V ;#C j/#/ 8// - &I ()*+ '@?/ (2003) 3/-C )?{ ## 3/./ &./+ 8d ) 1 C$ >w!& p 7)' - /-/!p -/ A K=V 1 1 #1 3 0-).P J - /-/ - -/I (2004) 3#1 ) )-$'.-/ 2 _ yz } q/ ) 3/ ;A 7/+ &!Q d X) r' q 2-/!3ETl ) & do rt# J# 1 #/ > >w $./ A4 # 7/+ /-/D R -&'- - js >/ ) -/.1 QE!( 7/+ '- &/- - /-!3/ 1 - "&# >/ (1985) J cd- & K4 X 1 #/2/ 34# >4+ 8EBb!>/ 2)` ;/D/ 3/!3/Q$R (+ 3- ) 3? 7-/?/?/&V/!QD # (2010) ) ) 1.(1999!3/-C ) ~-X <1997!yw ) B&-) 1! (1 ) 3? 7-/?/ + / /-!3/ 1 ## 7-/ P 1 / J/n >/ [+ U- SV ()*+!23 5Bb X.1 (1 /-! ()& '%& ) &1 1V! " 3/ R 4)*+ - (2015) # ) ) /- 3#P Q=& / >w ) ) &1 1V - " N. &1 1V 1 / >/?/ 1V 3#P - W&#.&./+ 8!3P 3/ &B/ 1 (1 /- #/ 34# (2010) B&# ) 3-1- ) (2013) 3/-C ) ()*+ W&#.# 1. Discretionary Accruals 2. Corporate Governance

5 97 3/-C ) >w.-/ X) Mb/- T1 ) JdR -/?- D- > 1 -/A:# Ud. 8`@/ D) JdR -/? - D- > 1 #1 3 (2013) #=&E (2012) 3/-C ) >.-/ X) Mb/- 3/:$$R ) 3/-/I k 2 (2010) ) >w. & C$ - (/'/ 5 Q$R k (+ D!#-/ / =&E.1 ƒrb /-!1 7?-/?-/ - 3/-/I ) / c1 3/ - (/'/ %1 [ # (2003) 3/-C ) 3-#/ ()*+ W&# (1 %0/35 A!7)' P- (1 %1 / / < (/'/ %0/55 k&! P- 0-) J@ (/'/ -// )!7)' 3/ >w. (/'/ 31-1 /E ) /-/ 3/!d&D/ - (/'/ ) &'(1!7)' (1. ) &1 1V Q$R/'" 3/ R 4)*+ (1394) 3/-C ) 2/? 6& MB AE ;`D/ ` ) j# / 34# 2 P W&#.## /X/ /- " ) CB 1 ) A# CB!2 _ 0?/#/ 3 k/)-!21qe QE&X!&1 1V c& j# ) AE ;`D/ J >w ) # NR (1393) 3/-C ).# ) 2 _ 0?/#/ ) J`=&/ 3 k/)- `@/ 3-= ; -1G'R - 4)*+ - / J&1?/ # ()*+ S'?/ QUV W&#.&./+ Mb/- 1 / 5$b >/ :# W&# >w. -1G'R! b/- >/ 1 -/ X) ) `@/ 3-= ; > -/E - (1393) 3/-C )?. (1 -1G'R `@/ 3-= ;!ED/) BE' & ) JdR -/? - D- > 1 #/ 34# 4)*+ -/? - D- (/'/ Mb/) (/'/ :# 1 -/ X) -/E Mb/- 4)*+ - (1393) 3/-C ) #.. "#/ T1 (1 / >/ 1 / JdR o 1 34# W&#.&./+ 3-= ; &1 1V - W&# >w.-/ X) 3-=& # -&'- 3/ ) &1 1V 3/ > T Mb/- 7-/ C1 xb # (1392) #@`'/ ()*+ ) c1 } -&./ ) } $ =# 2X) 3X!#/21 3/-C )?# <(1391) q ) #&1 ()*+ W&#.#-/? } B

6 1394 +!8 2-!;) 2-)!-/V - 98!-// / 2 -&'- X) :# (1392) 3/-C ) -/"#? ) (1391) - (1391) -=B/)l ) ;A. &'- 7)' p1 0 ; A ) 7)' ) - >w ) # F 3/ w# 1 34# 4)*+.1 XA 2(+ 7-/ ;/D/!# X/ )R ()& '*+ F & AX!()*+ M4+ ) G# # (O Bb X 3 Ql ()*+ MS' ()*+ :. (1 /-! :()*+ MS' /0 '$$ 3/A -/A K/-)/ - - 2&'I+ 1 M$1 Q ()*+ >/ - P ME X o 8`@/?/ ()*+ 6& MR / 1"#P?/ J 0-) Q ()* + M S' 3?P / 2T&/ #? )$D!/ 22T&/ # QD J 7)-?/ - P M## >E /!()*+ >/ J 1385?/ B 9 #?? k/ /-/ U > < 2T&/ ' 8-U ## :# NO&#/ 3?P ;"#/ / 2#D 1 ) 2FIV!#. 2 T/ 29 A& 1 B J!8`@/ 3 = QD -G -. 2/# 6 /-. B J!()*+ #? -. & - ) X / ()*+?# - 2/ M$1 - /? # ( B )!-/I!o#) B b/) 1 X -. ru?/ 8)T& 3P BE' -/ A K/-)/ - - 2&'I+ 1 >?/!K' )R ) k/ X.# NO&#/ j" -!3/A ()& 1/ t$ 8==R 0?V - ) /)- + ()*+ j#?/ TU ()*+ o!()*+ >/ - cd P' - #/ ()*+ >/?/ QUV W&# C/ QB >w./

7 99 (O - 8`@/ -)P./ -1 F ƒrb?/ ()*+ >/! -/D 2T&/ ()*+ 2/ -)P ) /#O&1 7)- & ()*+ 4+ ) G# N- ) "!2/ 31 5 ) =@ / >w./ &';"#/ )1 / 7)- 22T&/ Eviews8!Stata12!Excel -/'/;#?/ ()*+ W&# ~/O&/ ) Q$R./ ˆC4 1 1 /&/ (2015) # ) ) ()*+ /!()*+ >/ - 3/-C!- ()*+ #./ 2 oct 1?/ & (2012) #/ ) (2006) -)-w)- 7)- ) (1392) 3/-C ) -+ /. ) (2012) :1 & ˆC4 1 > D- 3P 0-) J)/ /-/ c= 3P 8B 1?/ + xb. -1 < 0/005 ) TU < /02 TU >!&I J EPS # 3P EPS -2 J 1 3/ &/ /- K' k/?/ C QD/V &1 w#!2 =@ J-1 3/ 8-U >/ } - ) ˆC4./ 2 2T&/ (2) J?/ ()*+ MS' 3?P / { (1) J = (2) J = !"# +

8 1394 +!8 2-!;) 2-)!-/V :$%&( ()* ) )' )!-// E@ c&-:b G# - &/) 6& :3P - 1 ()* +-. ) 3/ 1!t-1 0-) )' )!-//. &' :$%&( )' P- 1 0-) )' P- E@ c&-:b ). &' G# - Q=& 6& 3/ 1!t-1 0-) - 1 7)'?/ o1 1 0-) )' / /IB!/?" 6& o :DUM 3/ 1 / TU / 8-U >/ } - ) o /! t-1 0-) &' G# - Q=& 6&! ˆC4 t J - i 1 / 1!/?" 6& o :EM./ TU / 8-U >/ - ) o / P- /-/ # / / 1 /-/ - -/I =. &' G# - B&1 6& 3/ 1 <t 0-) - i 1 7)' 3VU K=V -/? 7?-/ rx QUV / / 1 >1 x. =!"# 3/ 1 <t 0-) - i 1 /-/ Q1 &' 7?-/ c= Q1 rx ) ;A. &' G# - B&1 6& 5S >/!/ TU 7)' ab (/'/ 3? - DUM 6& 7?-/ (1) J -. 34# 7)' ab - (/'/ U- o "&# - /- - (/'/ U-β 1 o / (1 7)' ab 1 : DUM 6& 7?-/ 1 "#P?/ >w U- o "&# - - (1 U- :# β 1 +β 2 5/S j" >/!/ - - (/'/ U-! 2 /./ 7)' ab - (1 ab (1 2-) - (1 U-?/ ( 7)' ab (/'/ 2-) 034# β 2 5S 3 T 1 β 2 <0 ) β 1 >0 : 8-. 7)'./ 5S :# 1!(2) J β 4 5S 1 / >/ -G&#/ ()*+ MS' - ; /. -/E )!

9 101 ()& /0 J q / /- ()*+ 6& v TU - P 1 J)X >:# ) # C# X / 24 QD # 1 J)X - 1 -b#. 34# >w!& -/ P r??/ ()*+ 6& M$ /.1 -/) J - /- G# - 6& 3/ >/!# TU 3P -E F/R#/ :1 $ % & "#!! 0/138-2/027 0/889 0/065 0/067 $%& ( ) 0/137-1/211 0/986 0/068 0/065 $%& ( REV :; REV :; ) 0/449 0/017 6/632 0/216 0/346 0/826-0/574 9/756 0/859 1/057!"# 56! 7+ : ;$ <=2$ 890 B F 3?P?/ =T$ / ) $ 2/ 7)- >?/ 5 J j# NO&#/ / xo4 5!$ J?/ 2T&/ /!B F 3?P ;"#/?/ +./ 2 2T&/ NO&#/ 8-U - /! ;"#/ > 3?P?/ 2T&/ $ J NO&#/! 2/ 3?P ) B F 3?P W&# MU`..# > 3?P ;"#/?#!=T$ 2/ J./ 2 /-/ 2 J)X - > -. F () *+ :2 () 10 - ()! / () 10. F ()! / =T$ 0/200 1/3805 (1) J 8// 0/006 17/828 $ 0/015 2/375 (2) J

10 1394 +!8 2-!;) 2-)!-/V (2003) ( : ( *+ :3 VIF P-Value t? =+> - 0/000 7/794 0/042 ) AB 2/24 0/000 12/700 0/351 β 1 $%& 2/24 0/16 (0/000) 472/24 0/002-3/048 2QE R 2-0/157 #-/) ## 3?P (0/000) 5/171 β 2 (0/000) 102/371 2/31 $%& (P-Value) F 0- P 3?P 3/) >-) 0- P (β 1 +β 2 =0) B/) 3?P 6&?/ b. E Q=& 6& o 34# 1 / &ES) b.c 6& > 1 E >/! p 3- MBE o - b.c /./ Q=& /-/ J!>E 5S 3 p X) / >C ) -/ X) p :& Q=& ) Stata -/'/;#?/ b.c 3?P /.(1393!3/-C ) 1) # p -&/ >! 10?/ c1 2 R VIF -/= w#./ 2 2T&/ VIF 3?P #/- 3?P?/ #-/) ## / >w.-/# X) b. c Q=& 6&./ 2 a4 // - LR ) VIF 3?P QUV W&#./ 2 2T&/ (LR) : /0 > 2$ 3/-C ) 3-#/ ()*+ / (1) J?/ 2T&/ /&/ ()*+ MS' 3?P?/ QD - 3/A -/A K/-)/ - 2 &'I+ 1 - X) (2003)./ 2 2/ 34# 3 J)X - 3P?/ QUV W&# 1 &' -/D 3?P - P G#?/ %5 ab - β 2 ) β 1 5/S < 24 3 J)X - 1 #:# 1 # 3 3/!/ 0/351 / 1 2 -)Pβ 1 5S X.& -/E >w. (/'/ %0/351 7)' )!-//!7)' P- %1 (/'/ -&'- 0 34# 3P 3 -/E ) β 2 5S 3 T./ -0/157 /β 2 5S 3/ >/ ) /. β 1 +β 2 <β 1 /? </ 7)' )!-// 0 (1 %0/194 7)' )!-//!7)' - %1 (1 1 E

11 103 -/A K/-)/ - - 2&'I+ 1 - X) :#!"&# - ) 5/171 / β1+β2 7?-/ >E / B/) 3?P?/ QUV F 0- P >w./ 3/A 2T&/ - 6& 1 / E 3/ >/./ -/E %5 b. ab - 1.& &E ) ED/) 7?-/ G#?/. 34# /- ()*+ MS' 3?P -G (2) J ()& '*+ 890 > 2$ 7?/?/ QUV W&# 4 J)X 1>D () *+ :4 VIF P-Value t? =+> - 0/000 7/997 0/041 ) AB 2/27 0/000 0/055 0/364 β 1 $%& 7/27 0/002-2/985-0/356 β 2 $%& 1/61 0/891-0/136-0/017 β 3 $%& 1/62 0/038 2/072 0/535 β 4 $%& 2/27 0/195 1/295 0/056 β 5 $%& 3/77 0/ /91 (0/000) 0/152 1/432 2QE R 2 #-/) ## 3?P (0/031) 2/156 0/146 β 6 (0/000) 12/629 2 /28!"# $%& (P-Value) F 0- P 3/) >-) 0- P (β 1 +β 2 +β 4 =0) B/) 3?P (1 /-! 1 / 2 0/535!(β 4 ) 5S < 24 (+ ()*+ MS' - 4 J)X - 1 #:#.

12 1394 +!8 2-!;) 2-)!-/V - 104! (1 %1 3/ 7)' /!>/./ -/E - P G#?/ %5 ab - 1 >/. (1 %0/535 3/!#-/ ;/D/ (1 7-/ ) 3? 7-/?/ N&X/ / 3/ 1 / E 3/ (1 " A# )' (1 ;: (1 Y@?/. 7?-/ >E / B/) 3?P?/ QUV F 0- P 1 / 3P :# 4 J)X W&# >w - %1 (1 "&# - 7)' )!-// (1 7?-/ :# 1β 1 +β 2 +β 4-6& 1 / E 3/ >/./ -/E %5 b. ab -! 7)' F 0- P 1 34# ()*+ W&# >w.& &E ) ED/) 7?-/ G#?/ 2T&/ 1/5 $U' - # 3/) ->-) 0- P ) / -/E %99 3@/ ab - -1I J W&# >w ) J`./ /X/ > :&. X) ; n 1 #-/ -/D 2/5 ) X) LR 3?P W&# ) Q=& 6& > b. c X) ; :# VIF 3?P 8E QD/V 7)-?/ 3P r'- / 1 34# /- ()*+ J - #-/) ##./ 2 2T&/ ()*+ J -)P / (GLS) ;A 3VU K=V (/'/!3P J# ) 31 1/V!-" V/) A# F r >c1?/ 2T&/ /-1 ) >&4 51!T&#/ V/) E./ ;$&! / >/ / </ J&1!r Fd (1 7)- >2?/ ) / 1 -/?/./ -&'- -/I Q / ) -&'- :#:?/ Q 1 P 2+./ 0+!/-/D X - -&'- Q$R ) " - (/'/ 8?/ c1!be' c"v (1 / (1 8 E?/ &A 7-/ /-/ AX # 3/ '@?/./ BE' c"v (/'/ / 2+ #/ (1 Y@?/ ;/D/. C$ >E + - ()*+ >/ $1 -@. -/I # 1385 J > 3/A -/A K/-)/ - 2&'I /A -/A K/-)/ - - &'I+ 1 - X) :# W&# 1 / (2003) 3/-C ) 3-#/ J -)P?/ QUV W&# 1 -@!/

13 105 %0/351 7)' )!-//!7)' P- %1 (/'/ 1 34# ## %0/194 7)' )!-//!7)' - %1 (1 >w ) (/'/ ˆC # W&# >w. (1 c1 # ˆC4 1 1 # & QD J # (C-/ ) 3? 7-/?/ N&X/ / 3/ -!/ ;/D/ >/ 1 1 7)' (1 ;: (1 Y@?/ ;/D/ ()*+ W&# -1I ()*+ W&#. (1 " 3/ (1391) q ) #&1 <(2003) 3/-C ) 3-#/ <(2010) ) <(2015) # ) ).-/ =b (1391) -T} )?# )!1 3/ A4+!()*+ >/ W&# X / 1 BE' X ) - # P' - ) 1 J&1 ) /- 1 /- 3/ P- 8/6 ) P- v-/!p (+ A4+ 3/:4)*+ >w.# /-/ /- r X X $) > ) -/D G#.1 J&1 /- 41 / v P 8==R - 7)-?/ ()*+ >/ - 1 "#P?/! A4+? -/ # P ()*+ / ˆC4 1 =@ / (2012) #/ ) (2006) -)-w)- =@ / -E?/ y$&o -E X!/ 2 2T&/ &1 1V X >w. 2T&/ ˆC4 1 Mb/- &1 1V $E / A4+ ). - ) - 1 G'R -&. ).(1391).!C2/?~' ).!&/ !(13) 4!V ) -/V 8==R. 3P ) d&d/ 2 : ED/) BE' (1392).j!#@`'/.43-20!(1) 1!-/V -. 3? :AA ) JdR -/? - D- > v-/ -.(1393).j!@U/ ).;!:P-5B@!.K!?.88-73!(4) 6!B -/V ()*+.

14 1394 +!8 2-!;) 2-)!-/V - 106?/ 2T& / (+.(1391).;!#XDP ).?!#`U/!.7!R!.-!?"V -. 3/ A -/A K/-)/ - - 2&'I+ 1 - cd.- ) d MC.46-31!(68) 9!V ) -/V 3- = ; &1 1V -.(1393).j.;!R 2 ).;!-T}!.j!# !(3) 1!B -/V (#/. -. j/#/ 4'/ T1 /.(1392).j!/? ).j!-.!./!-+ / !(4) 20!V ) -/V ; D-/ (=# 1 ;A 2? ) T1 > v-/ -.(1384)./!z# ).7!X/ !(2) 12!V ) -/V -. 3/A -/A K/-)/ - - AE -&'- n Q / Q$R ) -.(1392).?!V/ ).Œ!#&P-T}!.;!-/)"#?.91-79!(20) 7! -/V. ) &1 1V Q$R/'.(1394).!QU/'- ).;!D#-X!.-!2/?-dV!.;!2/?.84-59!(1) 22!V ) -/V -. ) /?P =# 3X > Mb/- -.(1391).;!$ ).!-O' ) -/ V -. 3/A -/A K/-)/ - - 2&'I+ 1 - ED/) BE'.78-63!(70) 19!V 2 1> E Q /.(1391).;.! q ).!#& !(3) 4!B -/V ()*+. 1. ) k 2 ( + M b/-.(1391).;!- =B/)l ).ˆ!; A.26-9!(4) 2!B -/V " ()*+. ED/) Q = - -/V ;D-/ &.(1388).;!#1-/z# !(8) 20!-/V $" - A K/-)/ &'- " -.(1389)./!-+#/) ).;!?# !(62) 17!V ) -/V -. 3/A 8 GV` ) -/ V - BE' c& -.(1377).;!?# !(2) 7!V ) -/V -. 3P -&'-

15 107 2 ; A ) 0 -&'- Q$R.(1391).;!#)' ).;!-T}!;!?# !(2) 4!-/V '4+. 3/A -/A K/-)/ - - 8/6 M / 1 - -/ V / / `@/ / &R 3 /+ ==R.(1378).K! P3DU )./!7)-# !(2) 7!V ) -/V -. #?3)- :-/ ; -1G'R.(1393).j!"# ).2! /!j.!.56-43!(23)! -/V. `@/ 3-= Anderson M. Banker R. and Janakiraman S. (2003). Are Selling General and Administrative Costs "Sticky"?. Journal of Accounting Research 41 (1): Anderson M. Banker R. Huang R. and Janakiraman S. (2007). Cost Behavior and Fundamental Analysis of SG & A Costs. Journal of Accounting Auditing & Finance 22 (1): Burgstahler D. and Dichev I. (1997). Earnings Management to Avoid Losses and Earnings Decreases. Journal of Accounting Economies. 24 (1): Chen C.X. Lu H. and Sougiannis T. (2012). The Agency Problem Corporate Governance and the Asymmetrical Behavior of Selling General and Administrative Costs. Contemporary Accounting Research 29 (1): Cheng P. Man P. and Yi C.H. (2013). The Impact of Product Market Competition on Earnings Quality. Accounting and Finance 53 (1): Cohen D.A. and Zarowin P. (2008). Accrual-based and real earnings management activities around seasoned equlity offerings. Working Paper Available at: Cohen D. Dey A. and Lye T. (2008). Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanesoxley Periods. The Accounting Review 83 (3): Degeorge F. Patel J. and Zeckhauser R. (1999). Earnings Management to Exceed Thresholds. Journal of Business. 72 (1): Dierynck B. and Renders A. (2009). The influence of earnings management incentives on the asymmetric behavior of labor costs: Evidence from a Non- US setting. Working Paper Katholieke Universitet Leuven.

16 1394 +!8 2-!;) 2-)!-/V Florou A. and Conyon M.J. (2004). Dose governance quality mitigate horizon effects? investment patterns surrounding CEO departures. Investment Patterns Surrounding CEO Departures (Aapril 2004). García J.M. Beatriz G. and Penalva F. (2012). Accounting conservatism and the limits to earnings management. Working Paper Available at: Gompers P. Ishii J. and Metrick A. (2003). Corporate Govermnce and Equity Prices. The Quarterly Journal of Economics 118 (1): Healy P.M. (1985). The Effect of Bonus Schemes on Accounting Decision. Journal of Accounting Economies 7 (1-3): Healy P.M. and Wahlen J.M. (1998). A Review of the Earnings Management Literature and its Implications for Standard Setting. Working Paper Available at: Horngren C.T. Foster G. and Datar S.M. (2006). Cost accounting: A managerial emphasis. Upper Saddle River NJ: Prentice Hall. Kama I. and Weiss D. (2010). Do managers deliberate decisions induce sticky costs? Working Paper Tel Aviv University. Ketola A.Y. (2009). Earning management shareholder' POV Bachelor Thesis Lappeenranta University of Technology. Markarian G. and Santalo J. (2010). Product Market Competition Information and Earnings Management. IE Business School Working Paper DE8-131-I. Medeiros O.R. and Costa P.S. (2004). Cost stickiness in brazilian firms. Working Paper Available at: Roychowdhury S. (2006). Earnings Management through Real Activities Manipulation. Journal of Accounting Economies 42 (3) : Weiss D. (2010). Cost Behavior and Analysts Earnings Forecasts. The Accounting Review 85 (4): Xue S. and Hong Y. (2015). Earnings Management Corporate Governance and Expense Stickness. China Journal of Accounting Research Available at: Zang A.Y. (2012). Evidence on the trade-off between Real Activities Manipulation and Accrual Based Earnings Management. The Accounting Review 87 (2):

1 Anderson et al. 2 1% 0. 35% Calleja et al. 3 Balakrishnan et al. 4

1 Anderson et al. 2 1% 0. 35% Calleja et al. 3 Balakrishnan et al. 4 206 80 0002 2006203 F275 A 67-930 206 0-00-09 DOI:0.3269/j.cnki.ier.206.0.002 Anderson et al. 2 % 0. 55% % 0. 35% Calleja et al. 3 Balakrishnan et al. 4 5 %. 037 5% % 0. 909 3% 205-06-24 205-0-25 962 990