- 期刊
- OpenAccess
Earnings Management and the Signalling of Cash Dividend Changes for Future Profitability
盈餘管理對現金股利變動訊號效果影響之研究
摘要
This research primarily examines whether earnings management prior to cash dividend changes conveys information about future profitability. Both dividend increases and decreases signal for future profitability for at least two subsequent years. For firms which conservatively manage earnings, dividend decrease or no-change in dividends convey favourable information about future profitability. By contrast, the information contained in aggressive earnings management varies with dividend changes. Firms managing earnings aggressively but cutting dividend experience higher current but deterioration in future profitability. Aggressive earnings management for firms which do not change dividends conveys managers' optimistic prospect for future performance. In addition, earnings management, regardless of conservative or aggressive, for firms increasing dividends does not contain explicit information about future profitability.
參考文獻
延伸閱讀
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