Purpose

This study examines whether country-level financial integration affects firms' accounting choices and the quality of financial information.

Design/methodology/approach

This study employs Propensity Score Matching (PSM), and panel regressions of a large sample of data from 20 emerging markets over the period 1987–2018.

Findings

This study finds evidence that increased level of financial integration is significantly positively associated with firms' accruals earnings management (AEM) and real earnings management (REM).

Research limitations/implications

Findings in the study have implications for standard-setting bodies that aim to enhance the usefulness of financial reporting quality. The study also has implications for various initiatives by governments in emerging markets aimed at raising investor confidence and fostering stock market development through greater financial integration.

Practical implications

Findings in the study have implications for standard-setting bodies that aim to enhance the usefulness and quality of financial reporting. The findings can be of interest to analysts, auditors and other monitoring institutions who play a crucial role in detecting earnings management and reducing information asymmetry. Finally, the study has implications for various initiatives by governments in emerging markets aimed at raising investor confidence and fostering stock market development through greater financial integration.

Originality/value

Findings in the study reveal how country-level financial integration affects accruals and real earnings management in a sample of firms from 20 emerging markets. Further, the study adds to the growing body of literature on emerging markets where capital markets mechanisms, regulatory environment and firm's corporate governance are distinct to developed markets.

中文翻译：

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金融一体化和盈余管理：来自新兴市场的证据

目的

本研究探讨国家层面的金融一体化是否影响企业的会计选择和财务信息的质量。

设计/方法论/途径

本研究采用倾向得分匹配 (PSM) 以及对 1987 年至 2018 年期间 20 个新兴市场的大样本数据进行面板回归。

发现

本研究发现证据表明，财务一体化水平的提高与公司的应计盈余管理（AEM）和实际盈余管理（REM）显着正相关。

研究局限性/影响

该研究的结果对旨在提高财务报告质量有用性的标准制定机构具有影响。该研究还对新兴市场政府旨在通过加强金融一体化来提高投资者信心和促进股市发展的各种举措产生影响。

实际影响

该研究的结果对旨在提高财务报告的实用性和质量的标准制定机构具有影响。这些发现可能会引起分析师、审计师和其他监测机构的兴趣，他们在发现盈余管理和减少信息不对称方面发挥着至关重要的作用。最后，该研究对新兴市场政府旨在通过更大程度的金融一体化提高投资者信心和促进股市发展的各种举措具有影响。

原创性/价值

研究结果揭示了国家层面的金融一体化如何影响来自 20 个新兴市场的公司样本的应计费用和实际盈余管理。此外，该研究还丰富了有关新兴市场的文献，新兴市场的资本市场机制、监管环境和公司治理与发达市场截然不同。