Logistic regression results of the relation between income-increasing earnings management and the probability of meeting/just beating analyst forecasts (H4)
| (1) | |
|---|---|
| Dep. var | SMBEAT |
| AAcruals | 0.045 (0.780) |
| AProduction | 0.092 (0.668) |
| AExpenditures | −0.267 (0.330) |
| ACFO | 0.229 (0.176) |
| ARPS | 0.038 (0.952) |
| ARPP | 0.761 (0.237) |
| Analyst | 0.008** (0.046) |
| GVT | −0.014 (0.835) |
| ROA | 0.380 (0.682) |
| Posi∆Profit | 0.409*** (0.000) |
| Profitable | 0.348** (0.037) |
| Sales growth | 0.022 (0.837) |
| MTB | −0.030** (0.048) |
| Size | −0.037 (0.205) |
| CFO | 0.350 (0.330) |
| SEO | −0.125* (0.070) |
| Delisting risk | 0.420 (0.217) |
| Constant | −0.748 (0.191) |
| Year fixed effects | Yes |
| Industry fixed effects | Yes |
| Observations | 7,484 |
| Pseudo R2 | 0.029 |
| (1) | |
|---|---|
| Dep. var | |
| 0.045 (0.780) | |
| 0.092 (0.668) | |
| −0.267 (0.330) | |
| 0.229 (0.176) | |
| 0.038 (0.952) | |
| 0.761 (0.237) | |
| 0.008** (0.046) | |
| −0.014 (0.835) | |
| 0.380 (0.682) | |
| 0.409*** (0.000) | |
| 0.348** (0.037) | |
| 0.022 (0.837) | |
| −0.030** (0.048) | |
| −0.037 (0.205) | |
| 0.350 (0.330) | |
| −0.125* (0.070) | |
| 0.420 (0.217) | |
| Constant | −0.748 (0.191) |
| Year fixed effects | Yes |
| Industry fixed effects | Yes |
| Observations | 7,484 |
| Pseudo | 0.029 |
Note(s): This table presents the logistic regression results of the relation between income increasing earnings management and meeting/just beating analyst forecasts. The sample consists of firms that achieve MBE by a small margin and non-MBE firms. All variables are defined in Appendix 1. p-values for two-tailed tests are given in parentheses and are based on robust standard errors clustered by firm and year. *, ** and *** indicate statistical significance at the 10, 5 and 1% levels, respectively
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