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1、外文翻譯原文:TheManagementofReptedEarningstoAvoidPoliticalCosts:AStudyofSaudiArabianFirmsIntroductionAfterthe2006accountingrelatedscalsinSaudiArabia(e.g.AnaamInternationalHoldingGroupBishahAgricultureDevelopmentCompany)boththe
2、financialpressaccountingregulat(SaudiganizationfCertifedPublicAccountantshereafterSOCPA)haveexpressedconcernaboutthepervasivenessofearningsmanagementtheoverallintegrityoffinancialreptinginSaudiArabia.Theaccountingempiric
3、alliteratureinSaudiArabiaindicatesthatearningsmanagementbehaviourdoesexistamongSaudilistedcompanies.Almoghaiwli(2001)focusedonasingleaccountingpolicynamelytheZakatpolicyprovidedempiricalevidenceontherelationshipbetweenth
4、eaccountingtreatmentofZakatby48Saudilistedcompaniesin1995incentivesfearningsmanagement.Alsehali(2006)testedtherelationshipbetweenaggregateaccrualsincentivesfearningsmanagement.Hefoundthatduringtheperiod20012004managersof
5、40Saudicompaniesmanipulateaccrualsindertoreachspecificbenchmarksinthelevelofreptedearningsunderstateanyrealunfavourableearnings(e.g.earningslossesearningsdecreases).ThisstudyissomewhatsimilartothestudiesofAlmoghaiwli(200
6、1)Alsehali(2006)inthatitsaimistoempiricallyinvestigatethefactsthatmayexplainthepresenceofearningsmanagementinSaudiArabia.HoweverourstudydiffersfromthetwoSaudistudiesinthatitdevelopsanexplicitlinkbetweenthepoliticalproces
7、sinSaudiArabiaitseffectonconductingearningsmanagementbehaviour.MespecificallythecurrentstudypredictsthatmanagersofSaudilistedcompaniesmanagereptedearningssoastoavoidthepotentialpoliticalcostsofthegoalsofthe20052009Saudid
8、evelopmentplanincluding“privatisationofgovernmentownedmanagementshareholderswherebymanagersmaytakedecisionsthatmaximisetheirownexpectedutilitywealthratherthantheshareholders’expectedutilitywealththeconflictbetweenshareho
9、ldersdebtholderswherebyshareholdersmaytakedecisionsthatarenotinthebestinterestsofdebtholders.Thebonusplanmotivationisanexampleontheconflictofinterestbetweenafirm’smanagersshareholders.Thismotivation(GuidryLeoneRock1999Ga
10、verGaverAustin1995McNicholsWilson1988Healy1985)suggeststhatmanagersmayengageinearningsmanagementindertomaximisecompensation.Thishappenswhencompensationisatleastpartiallyrelatedtoprofitabilityresults.Thebasicfmulationofth
11、ebonusplanhypothesis(Healy1985)statesthatmanagerstendtoreduceearningsiftheyareeitherabovetheupperbelowthelowerbonusplanlimitwhiletheytendtoincreaseearningswhentheyareinbetweenthetwolimits.Theconflictofinterestbetweenshar
12、eholdersdebtholdersgivesrisetotheagencycostsofdebt.Theseagencycostsarebnebyshareholdersifnoactionistakentoreducethembymonitingbondingdevices.Therefeitisassumedthatshareholdershaveincentivestoenterintomonitingbondingcontr
13、actswhichusuallyincludecovenantsrestrictingtheirabilitytoengageinopptunisticbehaviour.Theearningsmanagementliterature(e.g.RishardsonTunaWu2002Sweeney1994PressWeintrop1990)maintainsthatmanagershavetheincentivetomanageearn
14、ingstoavoidviolatingcovenantsindebtcontracts.Mespecificallytheliteraturesuggeststhatmanagerstendtoincreaseearningswhentheyareclosetotheviolationofcovenantsbasedonprofitabilityindertoavoidtheriskofcancellationrenegotiatio
15、nofdebt.IntheiraggregatedearningsmanagementstudyHealyWahlen(1999)alsostatedthatearningsmanagementincludethealteringofreptedfinancialinfmationbymanagerstomisleadsomeoutsidersabouttheunderlyingeconomicperfmanceofthecompany
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