Earnings management among industries: between the old and new economies
Abstract
This paper investigates sectoral prevalence and patterns of accrual-based earnings management in public companies listed on the Warsaw Stock Exchange. This research introduces a novel perspective by analysing differences in discretionary accruals proxies among industries, with particular emphasis on statistical variation of the earnings management through accruals in the old and new economies companies. Moreover, this paper fills a research gap in the literature regarding a shortfall of broader analyses on the industry-specific attributes explaining earnings management behaviours.
Our findings confirmed that the extent of accrual-based earnings management in public companies varies significantly depending on the industry in which they operate. We demonstrated that companies from the new economy industries and those operating in less concentrated markets engaged in accrual-based earnings management practices more than others. On the other hand, we did not find a statistically significant relationship between the accounting-type earnings management and company-specific product market power from the perspective of the pooled sample and subsamples characterized by the specific directions of earnings games.
Keyword : earnings management, new economy, old economy, market concentration, product market power
How to Cite
Sadowski, A., Comporek, M., Osińska, M., Walińska, E., & Engelseth, P. (2025). Earnings management among industries: between the old and new economies. Technological and Economic Development of Economy, 31(2), 364–387. https://doi.org/10.3846/tede.2025.23117
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Calkins, S. (1983). The new merger guidelines and the Herfindahl-Hirschman Index. California Law Review, 71(2), 402–429. https://doi.org/10.2307/3480160
Callao, S., Jarne, J., & Wróblewski, D. (2014). The development of earnings management research. A review of literature from three different perspectives. Theoretical Journal of Accounting, 79(135), 135–177. https://doi.org/10.5604/16414381.1133395
Callao, S., Jarne, J. I., & Wroblewski, D. (2021). A systematic approach to the motivations for earnings management: A literature review. International Journal of Emerging Trends in Social Sciences, 10, 1–20. https://doi.org/10.20448/2001.101.1.20
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Costa, C. M., & Soares, J. M. M. V. (2021). Standard Jones and Modified Jones: An earnings management tutorial. Journal of Contemporary Administration, 26(2), Article e200305. https://doi.org/10.1590/1982-7849rac2022200305.en
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De Almeida, J.E. F., Broedel Lopes, A., da Costa, F., & Toniato, J. B. (2005). Earnings management and industry classification in Brazil: An exploratory investigation. Corporate Ownership and Control, 3, 144–149. https://doi.org/10.22495/cocv3i1c1p3
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Goel, S. (2012). Demystifying earnings management through accruals management: An Indian corporate study. Vikalpa, 37(1), 49–56. https://doi.org/10.1177/0256090920120104
González Sánchez, M., Ibáñez Jiménez, E. M., & Segovia San Juan, A. I. (2022). Causes of country-specific effect related to the value relevance of cash flows and earnings: Evidence from France, Germany, Italy and Spain. Cogent Business & Management, 9(1), Article 2121225. https://doi.org/10.1080/23311975.2022.2121225
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Haggard, K. S., Howe, J. S., & Lynch, A. A. (2015). Do baths muddy the waters or clear the air? Journal of Accounting and Economics, 59(1), 105–117. https://doi.org/10.1016/j.jacceco.2014.09.007
Hassan, S. U., & Ahmed, A. (2012). Corporate governance, earnings management and financial performance: A case of Nigerian manufacturing firms. American International Journal of Contemporary Research, 2(7), 214–226.
Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365–383. https://doi.org/10.2308/acch.1999.13.4.365
Holthausen, R. W., Larcker, D. F., & Sloan, R. G. (1995). Business unit innovation and the structure of executive compensation. Journal of Accounting and Economics, 19(2–3), 279–313. https://doi.org/10.1016/0165-4101(94)00385-I
Hribar, P., & Collins, D. W. (2002). Errors in estimating accruals: Implications for empirical research. Journal of Accounting Research, 40, 105–134. https://doi.org/10.1111/1475-679X.00041
Hsiao, D. F., Hu, Y., & Lin, J. W. (2016). The earnings management opportunity for US oil and gas firms during the 2011 Arab Spring event. Pacific Accounting Review, 28(1), 71–91. https://doi.org/10.1108/PAR-03-2014-0013
Hsu, P.-H., & Jan, C.-L. (2023). Accrual-based earnings management and the COVID-19 pandemic. Journal of Applied Business and Economics, 25(5), 61–71. https://doi.org/10.33423/jabe.v25i5.6512
Ittner, C. D., Larcker, D. F., & Rajan, M. V. (1997). The choice of performance measures in annual bonus contracts. The Accounting Review, 72(2), 231–255.
Jeppson, N., & Salerno, D. (2017). Innovation focused strategy and earnings management. Economic and Business Review, 19(1), 19–49. https://doi.org/10.15458/85451.36
Kallunki, J.-P., & Martikainen, M. (1999). Do firms use industry-wide targets when managing earnings? Finnish evidence. The International Journal of Accounting, 34(2), 249–259. https://doi.org/10.1016/S0020-7063(99)00004-7
Karuna, C., Subramanyam, K., & Tian, F. (2015). Competition and earnings management (Working paper). University of Southern California.
Kay, J. (2002). What became of the new economy? National Institute Economic Review, 177, 56–69. https://doi.org/10.1177/002795010117700106
Kothari, S. P., Laguerre, T. E., & Leone, A. J. (2002). Capitalization versus expensing: Evidence on the uncertainty of future earnings from capital expenditures versus R&D outlays. Review of Accounting Studies, 7, 355–382. https://doi.org/10.1023/A:1020764227390
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Li, S. (2022). Industry classification, industry momentum and short-term reversal. Finance Research Letters, 48(1), Article 102860. https://doi.org/10.1016/j.frl.2022.102860
Lizińska, J., & Czapiewski, L. (2023). Earnings management amid the COVID-19 financial crisis: The experience of Poland. Gospodarka Narodowa. The Polish Journal of Economics, 313(1), 93–112. https://doi.org/10.33119/GN/159032
Lobo, G. J., Xie, Y., & Zhang, J. H. (2018). Innovation, financial reporting quality, and audit quality. Review of Quantitative Finance and Accounting, 51, 719–749. https://doi.org/10.1007/s11156-017-0686-1
Nonaka, I., & Takeuchi, H. (1995). The knowledge-creating company: How Japanese companies create the dynamics of innovation. Oxford University Press. https://doi.org/10.1093/oso/9780195092691.001.0001
Parada, F., Sanhueza, R., & Węgrzyńska, M. (2020). Accrual adjustment: Applying the Modified Jones model to selected companies listed on the stock exchanges in Poland and Chile. The Theoretical Journal of Accounting, 109(165), 69–84. https://doi.org/10.5604/01.3001.0014.4342
Parfet, W. U. (2000). Accounting subjectivity and earnings management: A preparer perspective. Accounting Horizons, 14(4), 481–488. https://doi.org/10.2308/acch.2000.14.4.481
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Saona, P., Muro, L., San Martín, P., & Baier-Fuentes, H. (2019). Board of director’s gender diversity and its impact on earnings management: An empirical analysis for select European firms. Technological and Economic Development of Economy, 25(4), 634–663. https://doi.org/10.3846/tede.2019.9381
Sanusi, F., Januarsi, Y., Purbasari, I., & Akhmadi. (2023). The discipline vs complement role of product market competition and market power: Evidence from real earnings management in an emerging market. Cogent Business & Management, 10(1), Article 2170072. https://doi.org/10.1080/23311975.2023.2170072
Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91–103.
Shen, C.-H., & Chih, H.-L. (2005). Investor protection, prospect theory, and earnings management: An international comparison of the banking industry. Journal of Banking & Finance, 29(10), 2675–2697. https://doi.org/10.1016/j.jbankfin.2004.10.004
Srivastava, A. (2014). Why have measures of earnings quality changed over time? Journal of Accounting and Economics, 57(2–3), 196–217. https://doi.org/10.1016/j.jacceco.2014.04.001
Sun, L., & Rath, S. (2009). An empirical analysis of earnings management in Australia. International Journal of Human and Social Sciences, 4(14), 1069–1085.
Tang, H.-W., & Chen, A. (2020). How do market power and industry competition influence the effect of corporate governance on earnings management? The Quarterly Review of Economics and Finance, 78, 212–225. https://doi.org/10.1016/j.qref.2020.02.001
Tapscott, D. (1997). The digital economy: Promise and peril in the age of networked intelligence. McGraw-Hill.
Thai, V. H., Dinh, V. T., Nguyen, V. S., Nguyen, M. H., Nguyen, C. T., & Pham, T. L. P. (2021). The influence of earning management and surplus free cash flow on the banking sector performance. Polish Journal of Management Studies, 23(1), 403–417. https://doi.org/10.17512/pjms.2021.23.1.25
Trotman, M. (1993). Comptabilité britannique, mode d’emploi [British accounting, user manual]. Economica.
Vagner, L., Valaskova, K., Durana, P., & Lazaroiu, G. (2021). Earnings management: A bibliometric analysis. Economics and Sociology, 14(1), 249–262. https://doi.org/10.14254/2071-789X.2021/14-1/16
Valaskova, K., Adamko, P., Frajtova Michalikova, K., & Macek, J. (2021). Quo Vadis, earnings management? Analysis of manipulation determinants in Central European environment. Oeconomia Copernicana, 12(3), 631–669. https://doi.org/10.24136/oc.2021.021
Van Ark, B. (2002). Measuring the new economy: An international comparative perspective. Review of Income and Wealth, 48, 1–14. https://doi.org/10.1111/1475-4991.00036-i1
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Bachtijeva, D., & Tamulevičienė, D. (2022). Comparing earnings management and creative accounting. A general review. The Theoretical Journal of Accounting, 46(2), 115–135. https://doi.org/10.5604/01.3001.0015.8812
Bagnoli, M., & Watts, S. G. (2010). Oligopoly, disclosure, and earnings management. The Accounting Review, 85(4), 1191–1214. https://doi.org/10.2308/accr.2010.85.4.1191
Bartov, E., Gul, F. A., & Tsui, J. S. L. (2001). Discretionary-accruals models and audit qualifications. Journal of Accounting and Economics, 30(3), 421–452. https://doi.org/10.1016/S0165-4101(01)00015-5
Belas, J., Gavurova, B., Kubak, M., & Novotna, A. (2023). Risk management level determinants in Visegrad countries – Sectoral analysis. Technological and Economic Development of Economy, 29(1), 307–325. https://doi.org/10.3846/tede.2023.18415
Calkins, S. (1983). The new merger guidelines and the Herfindahl-Hirschman Index. California Law Review, 71(2), 402–429. https://doi.org/10.2307/3480160
Callao, S., Jarne, J., & Wróblewski, D. (2014). The development of earnings management research. A review of literature from three different perspectives. Theoretical Journal of Accounting, 79(135), 135–177. https://doi.org/10.5604/16414381.1133395
Callao, S., Jarne, J. I., & Wroblewski, D. (2021). A systematic approach to the motivations for earnings management: A literature review. International Journal of Emerging Trends in Social Sciences, 10, 1–20. https://doi.org/10.20448/2001.101.1.20
Chang, H.-Y., Liang, L.-H. & Yu, H.-F. (2019). Market power, competition and earnings management: Accrual-based activities. Journal of Financial Economic Policy, 11(3), 368–384. https://doi.org/10.1108/JFEP-08-2018-0108
Chiang, L. (2008). Hidden innovation: A reconsideration of ‘old economy’ industries within ‘new economy’ regions. Geography Compass, 2, 140–154. https://doi.org/10.1111/j.1749-8198.2007.00071.x
Conrad, J., Cornell, B., & Landsman, W. R. (2002). When is bad news really bad news? The Journal of Finance, 57(6), 2507–2532. https://doi.org/10.1111/1540-6261.00504
Costa, C. M., & Soares, J. M. M. V. (2021). Standard Jones and Modified Jones: An earnings management tutorial. Journal of Contemporary Administration, 26(2), Article e200305. https://doi.org/10.1590/1982-7849rac2022200305.en
Datta, S., Iskandar-Datta, M., & Sharma,V. (2011). Product market pricing power, industry concentration and analysts’ earnings forecasts. Journal of Banking and Finance, 35(6), 1352–1366. https://doi.org/10.1016/j.jbankfin.2010.10.016
Datta, S., Iskandar-Datta, M., & Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking & Finance, 37(8), 3273–3285. https://doi.org/10.1016/j.jbankfin.2013.03.012
De Almeida, J.E. F., Broedel Lopes, A., da Costa, F., & Toniato, J. B. (2005). Earnings management and industry classification in Brazil: An exploratory investigation. Corporate Ownership and Control, 3, 144–149. https://doi.org/10.22495/cocv3i1c1p3
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193–225.
Durana, P., Valaskova, K., Siekelova, A., & Michalkova, L. (2022). Appraisal of earnings management across the sectors. Journal of Business Economics and Management, 23(2), 399–425. https://doi.org/10.3846/jbem.2022.16563
Elliott, J. A., & Shaw, W. H. (1988). Write-offs as accounting procedures to manage perceptions. Journal of Accounting Research, 26, 91–119. https://doi.org/10.2307/2491182
Eurostat. (2008). NACE Rev.2: Statistical classification of economic activities in the European Community. Office for Official Publications of the European Communities. https://ec.europa.eu/eurostat/documents/3859598/5902521/KS-RA-07-015-EN.PDF.pdf/dd5443f5-b886-40e4-920d-9df03590ff91?t=1414781457000
Ewert, R., & Wagenhofer, A. (2005). Economic effects of tightening accounting standards to restrict earnings management. The Accounting Review, 80(4), 1101–1124. https://doi.org/10.2308/accr.2005.80.4.1101
Goel, S. (2012). Demystifying earnings management through accruals management: An Indian corporate study. Vikalpa, 37(1), 49–56. https://doi.org/10.1177/0256090920120104
González Sánchez, M., Ibáñez Jiménez, E. M., & Segovia San Juan, A. I. (2022). Causes of country-specific effect related to the value relevance of cash flows and earnings: Evidence from France, Germany, Italy and Spain. Cogent Business & Management, 9(1), Article 2121225. https://doi.org/10.1080/23311975.2022.2121225
Grant, R. M. (2018). Contemporary strategy analysis (10th ed.). Wiley.
Haggard, K. S., Howe, J. S., & Lynch, A. A. (2015). Do baths muddy the waters or clear the air? Journal of Accounting and Economics, 59(1), 105–117. https://doi.org/10.1016/j.jacceco.2014.09.007
Hassan, S. U., & Ahmed, A. (2012). Corporate governance, earnings management and financial performance: A case of Nigerian manufacturing firms. American International Journal of Contemporary Research, 2(7), 214–226.
Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365–383. https://doi.org/10.2308/acch.1999.13.4.365
Holthausen, R. W., Larcker, D. F., & Sloan, R. G. (1995). Business unit innovation and the structure of executive compensation. Journal of Accounting and Economics, 19(2–3), 279–313. https://doi.org/10.1016/0165-4101(94)00385-I
Hribar, P., & Collins, D. W. (2002). Errors in estimating accruals: Implications for empirical research. Journal of Accounting Research, 40, 105–134. https://doi.org/10.1111/1475-679X.00041
Hsiao, D. F., Hu, Y., & Lin, J. W. (2016). The earnings management opportunity for US oil and gas firms during the 2011 Arab Spring event. Pacific Accounting Review, 28(1), 71–91. https://doi.org/10.1108/PAR-03-2014-0013
Hsu, P.-H., & Jan, C.-L. (2023). Accrual-based earnings management and the COVID-19 pandemic. Journal of Applied Business and Economics, 25(5), 61–71. https://doi.org/10.33423/jabe.v25i5.6512
Ittner, C. D., Larcker, D. F., & Rajan, M. V. (1997). The choice of performance measures in annual bonus contracts. The Accounting Review, 72(2), 231–255.
Jeppson, N., & Salerno, D. (2017). Innovation focused strategy and earnings management. Economic and Business Review, 19(1), 19–49. https://doi.org/10.15458/85451.36
Kallunki, J.-P., & Martikainen, M. (1999). Do firms use industry-wide targets when managing earnings? Finnish evidence. The International Journal of Accounting, 34(2), 249–259. https://doi.org/10.1016/S0020-7063(99)00004-7
Karuna, C., Subramanyam, K., & Tian, F. (2015). Competition and earnings management (Working paper). University of Southern California.
Kay, J. (2002). What became of the new economy? National Institute Economic Review, 177, 56–69. https://doi.org/10.1177/002795010117700106
Kothari, S. P., Laguerre, T. E., & Leone, A. J. (2002). Capitalization versus expensing: Evidence on the uncertainty of future earnings from capital expenditures versus R&D outlays. Review of Accounting Studies, 7, 355–382. https://doi.org/10.1023/A:1020764227390
Le, M., Tran, T., & Ngo, T. (2021). Innovation and earnings quality: A Bayesian analysis of listed firms in Vietnam. In N. Ngoc Thach, V. Kreinovich, & N. D. Trung (Eds.), Data science for financial econometrics: Vol. 898. Studies in computational intelligence (pp. 479–491). Springer. https://doi.org/10.1007/978-3-030-48853-6_33
Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505–527. https://doi.org/10.1016/S0304-405X(03)00121-1
Li, S. (2022). Industry classification, industry momentum and short-term reversal. Finance Research Letters, 48(1), Article 102860. https://doi.org/10.1016/j.frl.2022.102860
Lizińska, J., & Czapiewski, L. (2023). Earnings management amid the COVID-19 financial crisis: The experience of Poland. Gospodarka Narodowa. The Polish Journal of Economics, 313(1), 93–112. https://doi.org/10.33119/GN/159032
Lobo, G. J., Xie, Y., & Zhang, J. H. (2018). Innovation, financial reporting quality, and audit quality. Review of Quantitative Finance and Accounting, 51, 719–749. https://doi.org/10.1007/s11156-017-0686-1
Nonaka, I., & Takeuchi, H. (1995). The knowledge-creating company: How Japanese companies create the dynamics of innovation. Oxford University Press. https://doi.org/10.1093/oso/9780195092691.001.0001
Parada, F., Sanhueza, R., & Węgrzyńska, M. (2020). Accrual adjustment: Applying the Modified Jones model to selected companies listed on the stock exchanges in Poland and Chile. The Theoretical Journal of Accounting, 109(165), 69–84. https://doi.org/10.5604/01.3001.0014.4342
Parfet, W. U. (2000). Accounting subjectivity and earnings management: A preparer perspective. Accounting Horizons, 14(4), 481–488. https://doi.org/10.2308/acch.2000.14.4.481
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Saona, P., Muro, L., San Martín, P., & Baier-Fuentes, H. (2019). Board of director’s gender diversity and its impact on earnings management: An empirical analysis for select European firms. Technological and Economic Development of Economy, 25(4), 634–663. https://doi.org/10.3846/tede.2019.9381
Sanusi, F., Januarsi, Y., Purbasari, I., & Akhmadi. (2023). The discipline vs complement role of product market competition and market power: Evidence from real earnings management in an emerging market. Cogent Business & Management, 10(1), Article 2170072. https://doi.org/10.1080/23311975.2023.2170072
Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91–103.
Shen, C.-H., & Chih, H.-L. (2005). Investor protection, prospect theory, and earnings management: An international comparison of the banking industry. Journal of Banking & Finance, 29(10), 2675–2697. https://doi.org/10.1016/j.jbankfin.2004.10.004
Srivastava, A. (2014). Why have measures of earnings quality changed over time? Journal of Accounting and Economics, 57(2–3), 196–217. https://doi.org/10.1016/j.jacceco.2014.04.001
Sun, L., & Rath, S. (2009). An empirical analysis of earnings management in Australia. International Journal of Human and Social Sciences, 4(14), 1069–1085.
Tang, H.-W., & Chen, A. (2020). How do market power and industry competition influence the effect of corporate governance on earnings management? The Quarterly Review of Economics and Finance, 78, 212–225. https://doi.org/10.1016/j.qref.2020.02.001
Tapscott, D. (1997). The digital economy: Promise and peril in the age of networked intelligence. McGraw-Hill.
Thai, V. H., Dinh, V. T., Nguyen, V. S., Nguyen, M. H., Nguyen, C. T., & Pham, T. L. P. (2021). The influence of earning management and surplus free cash flow on the banking sector performance. Polish Journal of Management Studies, 23(1), 403–417. https://doi.org/10.17512/pjms.2021.23.1.25
Trotman, M. (1993). Comptabilité britannique, mode d’emploi [British accounting, user manual]. Economica.
Vagner, L., Valaskova, K., Durana, P., & Lazaroiu, G. (2021). Earnings management: A bibliometric analysis. Economics and Sociology, 14(1), 249–262. https://doi.org/10.14254/2071-789X.2021/14-1/16
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