Reputation of Financial Intermediaries,Venture Capital and Earnings Management
Available Online January 2019.
- https://doi.org/10.2991/ieesasm-18.2019.31How to use a DOI?
- Venture capital, Earnings management, Reputation of financial intermediaries.
- By analysing China's venture capital-backed listed companies between 2002 and 2013, this paper investigated the impact of the reputation of financial intermediaries such as lead underwriters and audit institutions on the role of venture capital firms in the earnings management during the four IPO stages. The empirical result shows that venture capital has significant grandstanding incentive. The reputation of audit institutions can significantly restrict the impact of venture capital on earnings management only in the lock-up period, unlock and presale period of stock. The reputation of lead underwriting does not restrain the opportunistic behaviour of venture capital firms, and even enhances the impact of venture capital firms on the real earnings management in the year of IPO.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
TY - CONF AU - Zhizhang Lin PY - 2019/01 DA - 2019/01 TI - Reputation of Financial Intermediaries,Venture Capital and Earnings Management BT - Proceedings of the 2018 6th International Education, Economics, Social Science, Arts, Sports and Management Engineering Conference (IEESASM 2018) PB - Atlantis Press SP - 165 EP - 170 SN - 2352-5398 UR - https://doi.org/10.2991/ieesasm-18.2019.31 DO - https://doi.org/10.2991/ieesasm-18.2019.31 ID - Lin2019/01 ER -