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1、THEACCOUNTINGREVIEWVol.81,No.52006pp.9831016TheImportanceofReportingIncentives:EarningsManagementinEuropeanPrivateandPublicFirmsDavidC.BurgstahlerUniversityofWashingtonLuziHailUniversityofPennsylvaniaChristianLeuzUniversityofPennsylvaniaABSTRACT:Thispaperexamineshowcapitalmarketpressuresandinstit
2、utionalfac-torsshapefirms’incentivestoreportearningsthatreflecteconomicperformance.Toisolatetheeffectsofreportingincentives,weexploitthefactthat,withintheEuropeanUnion,privatelyheldcorporationsfacethesameaccountingstandardsaspubliclytradedcompaniesbecauseaccountingregulationisbasedonlegalform.Wefoc
3、usonthelevelofearningsmanagementasonedimensionofaccountingqualitythatispar-ticularlyresponsivetofirms’reportingincentives.Wedocumentthatprivatefirmsex-hibithigherlevelsofearningsmanagementandthatstronglegalsystemsareassoci-atedwithlessearningsmanagementinprivateandpublicfirms.Wealsoprovideevidenceth
4、atprivateandpublicfirmsresponddifferentiallytoinstitutionalfactors,suchasbook-taxalignment,outsideinvestorprotection,andcapitalmarketstructure.More-over,legalinstitutionsandcapitalmarketforcesoftenappeartoreinforceeachother.Keywords:internationalaccounting;earningsmanagement;privatecompanies;legal
5、system;accountingharmonization;earningsproperties.JELClassification:G14,G15,G30,G32,K22,M41.WethankAnneBeatty,PhilBerger,BobBowen,LarryBrown,JohnCore,DanDhaliwal(theeditor),WayneGuay,RebeccaHann,LeoraKlapper,RobertLarson,DJNanda,ShivaRajgopal,SugataRoychowdhury,CathySchrand,TerryShevlin,Laurenceva
6、nLent,RossWatts,JoeWeber,PeterWysocki,TerriYohn,twoanonymousreviewers,andworkshopparticipantsatthe2005AnnualMeetingoftheAmericanFinanceAssociation,the2005MidyearMeetingoftheAAAInternationalAccountingSection,the2005AnnualMeetingoftheEuropeanAccountingAssociation,UniversityofChicago,ColumbiaUnivers
7、ity,DukeUniversity,GeorgetownUniversity,GeorgiaStateUniversity,INSEAD,LondonBusinessSchool,MassachusettsInstituteofTechnology,UniversityofMinnesota,UniversityofPennsylvania,UniversityofSouthernCalifornia,TempleUniversi
