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Volume 10
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Article

Real Earnings Management, Firm Value, and Corporate Governance: Evidence from the Korean Market

by
Ana Belén Tulcanaza-Prieto
1 and
Younghwan Lee
2,*
1
Escuela de Negocios, Universidad de Las Américas, UDLA, Vía a Nayón, Quito 170124, Ecuador
2
Department of Business Administration, Kumoh National Institute of Technology, Gumi 39177, Korea
*
Author to whom correspondence should be addressed.
Int. J. Financial Stud. 2022, 10(1), 19; https://doi.org/10.3390/ijfs10010019
Submission received: 10 February 2022 / Revised: 26 February 2022 / Accepted: 28 February 2022 / Published: 4 March 2022
Review Reports Versions Notes

Abstract

In this study, we investigate whether effective corporate governance (CG) intervenes in the relationship between real earnings management (REM) and firm value (FV) by introducing Korean market data. We find that management’s opportunistic REM behavior is no longer effective for firms characterized by strong CG. More importantly, our interaction and robustness analyses show evidence indicating that CG plays an effective monitoring role in preventing management from engaging in opportunistic REM activities, and FV ceases to experience the decrease associated with REM activities as a consequence.
Keywords: firm value; corporate governance; real earnings management; manager’s opportunistic behavior firm value; corporate governance; real earnings management; manager’s opportunistic behavior

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MDPI and ACS Style

Tulcanaza-Prieto, A.B.; Lee, Y. Real Earnings Management, Firm Value, and Corporate Governance: Evidence from the Korean Market. Int. J. Financial Stud. 2022, 10, 19. https://doi.org/10.3390/ijfs10010019

AMA Style

Tulcanaza-Prieto AB, Lee Y. Real Earnings Management, Firm Value, and Corporate Governance: Evidence from the Korean Market. International Journal of Financial Studies. 2022; 10(1):19. https://doi.org/10.3390/ijfs10010019

Chicago/Turabian Style

Tulcanaza-Prieto, Ana Belén, and Younghwan Lee. 2022. "Real Earnings Management, Firm Value, and Corporate Governance: Evidence from the Korean Market" International Journal of Financial Studies 10, no. 1: 19. https://doi.org/10.3390/ijfs10010019

APA Style

Tulcanaza-Prieto, A. B., & Lee, Y. (2022). Real Earnings Management, Firm Value, and Corporate Governance: Evidence from the Korean Market. International Journal of Financial Studies, 10(1), 19. https://doi.org/10.3390/ijfs10010019

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