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1、“Allinthefamily”:EarningsManagementthroughnon-listedsubsidiariesMASSIMILIANOBONACCHI,UniversityofNaples“Parthenope”FABRIZIOCIPOLLINI,UniversityofFlorencePAULZAROWIN,NewYorkUniversity-SternSchoolofBusinessAbstractWefindevidenceconsistentwiththehypothesisthatnon-listedsubsidia
2、riesengageinaccrualandrealearningsmanagementwhentheirlistedparentisreportingsmallannualprofits.Ourevidenceisimportant,becauseitshowsthatbusinessgroupsmanageearningsdifferentlyfromsinglefirms.Inparticular,toavoidreportingannuallosses,theparentcompanydrivesearningsmanagementof
3、thesubsidiary.Cross-sectionalanalysisrevealsthatBig4auditorsmitigateaccrualearningsmanagementatthesubsidiarylevel,andthatfamily-ownedfirmsaremorelikelytouseearningmanagementthroughnon-listedsubsidiariestoavoidlosses.Keywords:Earningsmanagement;Privatesubsidiaries;Consolidati
4、onprocess;AccountingAccruals;Realactivities.Correspondingauthor:PaulZarowin,SternSchoolofBusiness,44WestFourthStreet,10-74NewYork,NY10012Phone:(212)998-0015Email:pzarowin@stern.nyu.edu*Acknowledgements:WethankAntonioMarra,KalinKolev,JoshuaRonen,StephenRyan,andseminarparticip
5、antsatNYUaccountingworkshop,SyracuseUniversityandBocconiUniversityfortheinsightfulcommentsanddiscussions.39IntroductionWeexamineearningsmanagementpracticesinbusinessgroupstoshedlightonthelinkbetweentheparentpubliccompanyconsolidatedfinancialstatementsandtheprivatesubsidiarie
6、s’financialstatements.Wehypothesizeandshowthatwhenparentsreportsmallprofits(definedasparent-consolidatedearningsbeforeextraordinaryitems,scaledbytotalassets,intherange0,0.01),theirsubsidiarieshaveabnormallyhighdiscretionaryaccrualsand/orunusuallylowcashflowfromoperations.Thi
7、sisconsistentwithparentsusingtheirsubsidiariestomanagetheirown(i.e.,parents’)earningstobeatthezeroprofitbenchmark.Previousresearchhasdocumentedthatexecutivesengageinearningsmanagement.Earningsmanagementcanbedefinedasthealterationofafirms’reportedeconomicperformancebyinsiders
8、eithertomisleadsomestakeholdersortoinfluencecontractualoutcomes(Healyetal.,
