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Fuad Rakhman
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Economics, Econometrics & Finance

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Do Firms Manage Their Earnings During Initial Public Offerings? Fuad Rakhman
The Indonesian Journal of Accounting Research Vol 16, No 2 (2013): IJAR May 2013
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.273

Abstract

This study investigates if IPO firms in Indonesia manage theirearnings around the time of their IPO. Using financial data from 1999to 2012, I examine the abnormal accruals of IPO firms during the threeyears prior to their IPO year and in their IPO year. I find that issuingfirms managed their earnings starting two years prior to their IPO yearand that earnings management was most profound in the IPO year. Furthertests indicate that firms used income-increasing accruals duringthe period leading to the IPO. These findings are consistent with theview that firms manage their earnings to maximize the initial offer priceand the proceeds from the IPO
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