2017-08 , Graduate School of Commerce and Management Center for Japanese Business Sutdies, Hitotsubashi University
First version: May 2015, This version: August 2017 本研究は目標利益として黒字と増益に注目し，経営者の在任期間と目標利益達成を意図した利益調整との関係を分析している．主たる発見事項は次の通りである．就任間もない経営者ほど黒字を確保するために利益調整を行うこと，また黒字の確保にあたっては会計的裁量行動よりも実体的裁量行動を選好することが確認されている．他方，経営者の在任期間と増益達成を意図した利益調整との間には統計的に有意な関係は観察されていない．これらの結果は，就任間もない経営者は黒字を確保できない場合に外部からの評判を失う可能性が高く，ゆえに実体的裁量行動を通じて黒字の確保を試みることを示唆している． Focusing on positive and increasing earnings as earnings target, we examine the relation between top executive tenure and earnings management to meet earnings target. The main findings are as follows. The probability that top executives manage earnings to report positive earnings is higher in the early years of their service than in the later years; they prefer real activities manipulation to accrual-based earnings management when using earnings management to report positive earnings. However, top executive tenure and earnings management to report increasing earnings are not significantly correlated. These results suggest that new top executives attempt reporting positive earnings through real activities manipulation because they can lose their external reputation if earnings are negative.