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Lopes, A.I. & Narciso, A. (2020). Does earnings management influence dividend policies? An approach with unlisted firms. 20º USP International Conference in Accounting.

A. I. Lopes and A. F. Narciso,  "Does earnings management influence dividend policies? An approach with unlisted firms", in 20º USP Int. Conf. in Accounting, São Paulo, 2020

@misc{lopes2020_1734839697932,
	author = "Lopes, A.I. and Narciso, A.",
	title = "Does earnings management influence dividend policies? An approach with unlisted firms",
	year = "2020",
	howpublished = "Digital",
	url = "https://congressousp.fipecafi.org/anais/20UspInternational/ArtigosDownload/2352.pdf"
}

TY  - CPAPER
TI  - Does earnings management influence dividend policies? An approach with unlisted firms
T2  - 20º USP International Conference in Accounting
AU  - Lopes, A.I.
AU  - Narciso, A.
PY  - 2020
CY  - São Paulo
UR  - https://congressousp.fipecafi.org/anais/20UspInternational/ArtigosDownload/2352.pdf
AB  - The goal of this paper is to analyze whether the firms’ dividend policy is influenced by the
existence of earnings management practices, particularly under different ownership contexts.
In the paper, three well-known discretionary accruals methodologies are applied to measure
earnings management. The empirical study relies on an innovative set of 4,258 unlisted
private companies, representing a panel of around 20 thousand observations distributed over
the period 2013-2017. The study is focused only in one European country to avoid different
institutional and country characteristics that could bias the findings. Our firs result reveals a
positive statistically significant relationship between the earnings management and dividend
policy, meaning that private non-listed companies managing earnings are more likely to
distribute a higher level of dividends. However, a deeper analysis shows that the ability of
earnings management practices to predict the dividend policy is driven by ownership
concentration. Spliting the sample, we find that the positive influence of earnings
management on dividend policy in non-listed private companies is statistically significant
only in companies whose shareholders have control (more than 50% of share capital) as
opposed to firms with non-concentrated ownership. Our results contribute for the literature
around the quality of financial reporting, lengthening these thematic to include non-listed
companies.
ER  -