How to cite this paper
Budiarso, N & Pontoh, W. (2021). Pecking order, earnings management and capital structure.Accounting, 7(6), 1389-1394.
Refrences
Abbadi, S. S. Hijazi, Q. F. & Al-Rahahleh, A. S. (2016). Corporate governance quality and earnings management: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 10(2), 54-75. https://doi.org/10.14453/aabfj.v10i2.4
Adair, P., & Adaskou, M. (2015). Trade-off theory vs. pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon French SMEs (2002–2010). Cogent Economics & Finance, 3(1), 1-12. http://dx.doi.org/10.1080/23322039.2015.1006477
An, Z., Li, D., & Yu, J. (2016). Earnings management, capital structure, and the role of institutional environments. Journal of Banking & Finance, 68, 131-152. http://dx.doi.org/10.1016/j.jbankfin.2016.02.007
Booth, L., Aivazian, V., Kunt, A. D., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320
Chen, J. J. (2004). Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1341-1351. https://doi.org/10.1016/S0148-2963(03)00070-5
Cheng, S. R., & Shiu, C. Y. (2007). Investor protection and capital structure: International evidence. Journal of Multinational Financial Management, 17(1), 30-44. https://doi.org/10.1016/j.mulfin.2006.03.002
Crutchley, C. E., Jensen, M. R.H., Jahera Jr., J. S., Raymond, J. E. (1999). Agency problems and the simultaneity of financial decision making: The role of institutional ownership. International Review of Financial Analysis, 8(2), 177-197. https://doi.org/10.1016/S1057-5219(99)00011-3
Daniel, N. D., Denis, D. J., & Naveen, L. (2008). Do firms manage earnings to meet dividend thresholds? Journal of Accounting and Economics, 45(1), 2-26. https://doi.org/10.1016/j.jacceco.2007.11.002
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193-225. https://www.jstor.org/stable/248303
Fairchild, R., Guney, Y., & Thanatawee, Y. (2014). Corporate dividend policy in Thailand: Theory and evidence. International Review of Financial Analysis, 31, 129-151. https://doi.org/10.1016/j.irfa.2013.10.006
Fama, E. F., & French, K. R. (2001). Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3-43. https://doi.org/10.1016/S0304-405X(01)00038-1
Güner, A. (2016). The determinants of capital structure decisions: New evidence from Turkish companies. Procedia Economics and Finance, 38, 84-89. http://dx.doi.org/10.1016/S2212-5671(16)30180-0
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297-355. https://doi.org/10.1111/j.1540-6261.1991.tb03753.x
Ilmas, F., Tahir, S., & Asrar-ul-Haq, M. (2018). Ownership structure and debt structure as determinants of discretionary accruals: An empirical study of Pakistan. Cogent Economics & Finance, 6(1), 1-27. https://doi.org/10.1080/23322039.2018.1439254
Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis, 27(2), 247-263. http://dx.doi.org/10.2307/2331370
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329. http://www.jstor.org/stable/1818789
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Jiraporn, P., Miller, G. A., Yoon, S. S., & Kim, Y. S. (2008). Is earnings management opportunistic or beneficial? An agency theory perspective. International Review of Financial Analysis, 17, 622-634. https://doi.org/10.1016/j.irfa.2006.10.005
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228. https://doi.org/10.2307/2491047
Kale, R. K., Noe, T. H., & Ramirez, G. G. (1991). The effect of business risk on corporate capital structure: Theory and evidence. The Journal of Finance, 46(5), 1693-1715. https://doi.org/10.1111/j.1540-6261.1991.tb04640.x
Kleinbaum, D. G., & Klein, M. (2010). Logistic regression: A self-learning text. 3rd Edition. New York: Springer. https://doi.org/10.1007/978-1-4419-1742-3
Lara, J. M. G., Osma, B. G., & Mora, A. (2005). The effect of earnings management on the asymmetric timeliness of earnings. Journal of Business Finance & Accounting, 32, 691-726. https://doi.org/10.1111/j.0306-686X.2005.00610.x
Lourenço, A. J. S. M., & Oliveira, E. C. (2017). Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal. Contaduría y Administración, 62, 625-643. http://dx.doi.org/10.1016/j.cya.2016.06.010
Masson, R., Tookes, H., & Um, T. (2009). Firm diversification and equilibrium risk pooling: The Korean financial crisis as a natural experiment. Emerging Markets Review, 10(1), 1-22. https://doi.org/10.1016/j.ememar.2008.11.001
Myers, S. C. (2001). Capital structure. The Journal of Economic Perspectives, 15(2), 81-102. https://doi.org/10.1257/jep.15.2.81
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Rodrigues, S. V., de Moura, H. J., Santos, D. F. L., & Sobreiro, V. A. (2017). Capital structure management differences in Latin American and US firms after 2008 crisis. Journal of Economics, Finance and Administrative Science, 22(42), 51-74. https://doi.org/10.1108/JEFAS-01-2017-0008
Sincerre, B. P., Sampaio, J. O., Rubens, F., & Santos, J. O. D. (2016). Debt issues and earnings management. Revista Contabilidade & Finanças, 27(72), 291-305. https://dx.doi.org/10.1590/1808-057x201601660
Sunder, L. S., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244. https://doi.org/10.1016/S0304-405X(98)00051-8
Titman, S., & Wessels, R. (1988), The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
Zamri, N., Rahman, R. A., & Isa, N. S. M. (2013). The impact of leverage on real earnings management. Procedia Economics and Finance, 7, 86-95. http://dx.doi.org/10.1016/S2212-5671(13)00222-0
Adair, P., & Adaskou, M. (2015). Trade-off theory vs. pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon French SMEs (2002–2010). Cogent Economics & Finance, 3(1), 1-12. http://dx.doi.org/10.1080/23322039.2015.1006477
An, Z., Li, D., & Yu, J. (2016). Earnings management, capital structure, and the role of institutional environments. Journal of Banking & Finance, 68, 131-152. http://dx.doi.org/10.1016/j.jbankfin.2016.02.007
Booth, L., Aivazian, V., Kunt, A. D., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320
Chen, J. J. (2004). Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1341-1351. https://doi.org/10.1016/S0148-2963(03)00070-5
Cheng, S. R., & Shiu, C. Y. (2007). Investor protection and capital structure: International evidence. Journal of Multinational Financial Management, 17(1), 30-44. https://doi.org/10.1016/j.mulfin.2006.03.002
Crutchley, C. E., Jensen, M. R.H., Jahera Jr., J. S., Raymond, J. E. (1999). Agency problems and the simultaneity of financial decision making: The role of institutional ownership. International Review of Financial Analysis, 8(2), 177-197. https://doi.org/10.1016/S1057-5219(99)00011-3
Daniel, N. D., Denis, D. J., & Naveen, L. (2008). Do firms manage earnings to meet dividend thresholds? Journal of Accounting and Economics, 45(1), 2-26. https://doi.org/10.1016/j.jacceco.2007.11.002
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193-225. https://www.jstor.org/stable/248303
Fairchild, R., Guney, Y., & Thanatawee, Y. (2014). Corporate dividend policy in Thailand: Theory and evidence. International Review of Financial Analysis, 31, 129-151. https://doi.org/10.1016/j.irfa.2013.10.006
Fama, E. F., & French, K. R. (2001). Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3-43. https://doi.org/10.1016/S0304-405X(01)00038-1
Güner, A. (2016). The determinants of capital structure decisions: New evidence from Turkish companies. Procedia Economics and Finance, 38, 84-89. http://dx.doi.org/10.1016/S2212-5671(16)30180-0
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297-355. https://doi.org/10.1111/j.1540-6261.1991.tb03753.x
Ilmas, F., Tahir, S., & Asrar-ul-Haq, M. (2018). Ownership structure and debt structure as determinants of discretionary accruals: An empirical study of Pakistan. Cogent Economics & Finance, 6(1), 1-27. https://doi.org/10.1080/23322039.2018.1439254
Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis, 27(2), 247-263. http://dx.doi.org/10.2307/2331370
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329. http://www.jstor.org/stable/1818789
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Jiraporn, P., Miller, G. A., Yoon, S. S., & Kim, Y. S. (2008). Is earnings management opportunistic or beneficial? An agency theory perspective. International Review of Financial Analysis, 17, 622-634. https://doi.org/10.1016/j.irfa.2006.10.005
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228. https://doi.org/10.2307/2491047
Kale, R. K., Noe, T. H., & Ramirez, G. G. (1991). The effect of business risk on corporate capital structure: Theory and evidence. The Journal of Finance, 46(5), 1693-1715. https://doi.org/10.1111/j.1540-6261.1991.tb04640.x
Kleinbaum, D. G., & Klein, M. (2010). Logistic regression: A self-learning text. 3rd Edition. New York: Springer. https://doi.org/10.1007/978-1-4419-1742-3
Lara, J. M. G., Osma, B. G., & Mora, A. (2005). The effect of earnings management on the asymmetric timeliness of earnings. Journal of Business Finance & Accounting, 32, 691-726. https://doi.org/10.1111/j.0306-686X.2005.00610.x
Lourenço, A. J. S. M., & Oliveira, E. C. (2017). Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal. Contaduría y Administración, 62, 625-643. http://dx.doi.org/10.1016/j.cya.2016.06.010
Masson, R., Tookes, H., & Um, T. (2009). Firm diversification and equilibrium risk pooling: The Korean financial crisis as a natural experiment. Emerging Markets Review, 10(1), 1-22. https://doi.org/10.1016/j.ememar.2008.11.001
Myers, S. C. (2001). Capital structure. The Journal of Economic Perspectives, 15(2), 81-102. https://doi.org/10.1257/jep.15.2.81
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Rodrigues, S. V., de Moura, H. J., Santos, D. F. L., & Sobreiro, V. A. (2017). Capital structure management differences in Latin American and US firms after 2008 crisis. Journal of Economics, Finance and Administrative Science, 22(42), 51-74. https://doi.org/10.1108/JEFAS-01-2017-0008
Sincerre, B. P., Sampaio, J. O., Rubens, F., & Santos, J. O. D. (2016). Debt issues and earnings management. Revista Contabilidade & Finanças, 27(72), 291-305. https://dx.doi.org/10.1590/1808-057x201601660
Sunder, L. S., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244. https://doi.org/10.1016/S0304-405X(98)00051-8
Titman, S., & Wessels, R. (1988), The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
Zamri, N., Rahman, R. A., & Isa, N. S. M. (2013). The impact of leverage on real earnings management. Procedia Economics and Finance, 7, 86-95. http://dx.doi.org/10.1016/S2212-5671(13)00222-0