Accounting Scandals in IPO Firms: Do Underwriters and VCs Help?

被引：17

作者：

Agrawal, Anup ^{[1
]}

Cooper, Tommy ^{[2
]}

机构：

[1] Univ Alabama, Culverhouse Coll Business, Tuscaloosa, AL 35487 USA

[2] Kansas State Univ, Coll Business Adm, Manhattan, KS 66506 USA

来源：

JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY | 2010年 / 19卷 / 04期

关键词：

INITIAL PUBLIC OFFERINGS; EARNINGS MANAGEMENT; VENTURE CAPITALISTS; MARKET; CERTIFICATION; PERFORMANCE; REPUTATION; QUALITY; TESTS; MONEY;

D O I：

10.1111/j.1530-9134.2010.00279.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine whether underwriter reputation, venture capitalist (VC) backing, and VC reputation are related to the probability that a newly public firm has serious accounting problems. Using a novel data set, we find that the probability of restatement by an initial public offering (IPO) firm is positively related to underwriter reputation and negatively related to VC backing, VC reputation, and VC maturity. Our results do not appear to be driven by the endogeneity of underwriter reputation or VC backing. Our findings suggest that while VCs positively influence the financial reporting quality of IPO firms, underwriters' concerns about revenue generation outweigh their concerns about reputation.

引用

页码：1117 / 1181

页数：65

共 75 条

[11] CAPITAL RAISING, UNDERWRITING AND THE CERTIFICATION HYPOTHESIS [J].