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1、JournalofAccountingandEconomics26(1999)113Ð142Earnings-basedbonusplansandearningsmanagementbybusiness-unitmanagers1FloraGuidry!,AndrewJ.Leone",*,SteveRock#!WhittemoreSchoolofBusinessandEconomics,UniversityofNewHampshire,DurhamNH03824,USA"WilliamE.SimonGraduateSchoolofBusinessAdmi
2、nistration,UniversityofRochester,RochesterNY14627,USA#CollegeofBusinessandAdministration,UniversityofColorado,Boulder,CO80309-0419,USAReceived1October1997;accepted1July1998AbstractThisstudyteststhebonus-maximizationhypothesisthatmanagersmakediscretionaryaccrualdecisionstomaximize
3、theirshort-termbonuses.ByusingthemanagementandÞnancialreportingdatabaseofalargeconglomerate,weextendpreviousinvestigationsintwoways.First,theanalysisisconductedusingbusinessunit-leveldata,whichreducestheaggregationproblemthatislikelytoariseusingÞrm-leveldata.Second,managersinthis
4、settingarepaidbonusesbasedsolelyonbusinessunitearnings.Thepotentiallyconfoundinge¤ectsoflong-termperformanceandstock-basedincentivecompensationarethusabsent.TheseinnovationsyieldrobustevidenceconsistentwithHealy(1985).(1999ElsevierScienceB.V.Allrightsreserved.JELclassiÞcation:M41
5、;J33Keywords:Earningsmanagement;Discretionaryaccruals;Bonusplans*Correspondingauthor.Tel.:7162754714;fax:7164426323;e-mail:leone@ssb.rochester.edu1WethanktheCenterforBusinessandEconomicResearch(CBER)attheUniversityofNewHampshireforÞnancialsupportandLukeBoulangerandYongChenforrese
6、archassistance.WealsothankworkshopparticipantsattheJAEConference,the1997AmericanAccountingAssoci-ationannualmeeting,theBostonAccountingResearchColloquium(BARC),theUniversityofColorado,theUniversityofConnecticut,FairÞeldUniversity,IndianaUniversity,theUniversityofRochester,SUNYBu¤
7、alo,SyracuseUniversity,andVirginiaTech.WeoweparticularthankstoPaulHealy(therefereeanddiscussant)andJerryZimmerman(theeditor),andtoDanielBeneish,BruceBillings,WaltBlacconiere,HarryEvans,PatHopkins,JamesHorrigan,ScottKeating,S.P.Kothari,RickMorton,JimPatton,CharlottePryor,JerrySala
8、mon,PhilShane,TerryShevlin,NaomiSoderstr
