Artikel
An empirical study of the effect of venture capital participation on the accounting information quality of IPO firms
Using a sample of IPO companies on the Shenzhen Small and Median Enterprise Board and the ChiNext Stock Market between 2005 and 2009, this paper analyzes the effect of venture capital participation on accounting information quality. We find that venture capitalists have a significant effect on earnings management, with reduced discretionary accruals before the expiration of the equity lock-up period and enhanced discretionary accruals after the expiration of the equity lock-up period. Our findings support the moral hazard hypothesis of venture capital, but not the certification/monitoring role of venture capital in IPOs. In addition, we find that venture capital plays a more important role in the earnings management of non-state-owned IPO companies than of state-owned companies.
- Sprache
-
Englisch
- Erschienen in
-
Journal: China Journal of Accounting Research ; ISSN: 1755-3091 ; Volume: 5 ; Year: 2012 ; Issue: 3 ; Pages: 251-268 ; Amsterdam: Elsevier
- Klassifikation
-
Management
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- Thema
-
Venture capital
Earnings management
IPO
Lock-up period
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hu, Zhiying
Cai, Weixing
Han, Jinjin
Sa, Rula
- Ereignis
-
Veröffentlichung
- (wer)
-
Elsevier
- (wo)
-
Amsterdam
- (wann)
-
2012
- DOI
-
doi:10.1016/j.cjar.2012.08.004
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Hu, Zhiying
- Cai, Weixing
- Han, Jinjin
- Sa, Rula
- Elsevier
Entstanden
- 2012
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