Past, present, and future of earnings management research

Bui, Thu Hien
A icle
Pas , p esen , and u u e o ea nings managemen
esea ch
Cogen Business & Managemen
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Sugges ed Ci a ion: Bui, Thu Hien (2024) : Pas , p esen , and u u e o ea nings managemen
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Pas , p esen , and u u e o ea nings
managemen esea ch
Thu Hien Bui
To ci e his a icle: Thu Hien Bui (2024) Pas , p esen , and u u e o ea nings
managemen esea ch, Cogen Business & Managemen , 11:1, 2300517, DOI:
10.1080/23311975.2023.2300517
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ACCOUNTING, CORPORATE GOVERNANCE &
BUSINESS ETHICS | RESEARCH ARTIClE
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2300517
Pas , p esen , and u u e o ea nings managemen esea ch
Thu Hien Bui
Depa men o Financial Managemen and s a is ics analysis, Facul y o Business adminis a ion, Fo eign ade uni e si y,
Hanoi, Vie nam
ABSTRACT
Ea nings managemen has been a subjec o ex ensi e esea ch, expe iencing subs an ial
g ow h ecen ly and an icipa ed o con inue in he yea s ahead. This pape employs
bibliome ic analysis, examining he Scopus da abase o publica ions om 1993 o
2021, o enhance ou unde s anding o ea nings managemen . The e is a ema kable
g ow h in ea nings managemen esea ch, wi h 54% o publica ions eme ging om
2016 o 2021, peaking a 226 pape s in 2021. Kim Y. and Alahada M. a e leading
con ibu o s wi h en publica ions each, while Kim J.-B. s ands ou wi h an imp essi e
1,056 ci a ions ac oss eigh documen s. Ac i e con ibu o s o ea nings esea ch a e
om he US, China, he UK, and Aus alia. In addi ion, his pape discusses ou dis inc
hemes wi hin ea nings managemen , including he mo i es and cha ac e is ics o
ea nings managemen ac i i ies, eal and acc ual-based ea nings managemen , he
ela ionship be ween co po a e go e nance and ea nings managemen , and ea nings
managemen and ma ke pe o mance. Mo e impo an ly, i highligh s u u e esea ch
oppo uni ies, emphasizing he need o explo e eal ea nings managemen as an
al e na i e measu emen and add essing opics like gende di e si y, amily i ms, and
le e age in unde s anding he magni ude o ea nings managemen . No ably, he s udy’s
indings p o ide insigh s o de elop he esea ch on ea nings managemen , especially
in he eme ging ma ke inance con ex .
In oduc ion
O e he pas decades, ea nings managemen (EM) has ecei ed he conside able a en ion o many
schola s, p ac i ione s, and egula o s since i could esul in less con idence and anspa ency in he
inancial ma ke (Nguyen e  al., 2021). The s udy o Hepwo h was he i s o in oduce ea nings man-
agemen in 1953 (Hepwo h, 1953). Following ha , Healy’s esea ch (1985) is c ucial as i was he i s o
measu e EM based on disc e iona y acc uals- he unobse ed pa o o al acc uals. The s udies o
DeAngelo (1986), Jones (1991), Dechow and Sloan (1991), F iedlan (1994), e c. con inued o make signi -
ican p og ess o de elop models de ec ing EM beha io s mo e e ec i ely. The la es knowledge wo king
on his a ea has been paying much a en ion o eal ac i i ies as an al e na i e measu emen o EM
(Cohen & Za owin, 2010; Roychowdhu y, 2006; Zang, 2012).
Nume ous s udies ha e also explained di e en mo i es ha led manage s o manipula e ea nings.
Bu gs ahle and Diche (1997), Roychowdhu y (2006), P e os e  al. (2008), and T an and Duong (2020)
ound e idence ha manage s in la e ea nings o a oid epo ing p o i losses and dec eases. O he
schola s demons a ed ha manage s in ol ed in EM beha io s due o di e en easons such as a oiding
he deg ee o co po a e ax (Pipa na apong, 2020), adap ing o ma ke analys s’ o ecas s (A hanasakou
e  al., 2009; Mindak e  al., 2016; Nelson e  al., 2002; Po e & K au , 2013), inc easing he s ock p ices
(Nelson e  al., 2002; Das e  al., 2011; Pu man e  al., 2009) o mee ing in es o s’ expec a ions (Hong &
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT hu Hien Bui [email p o ec ed] Depa men o Financial Managemen and s a is ics analysis, Facul y o Business
adminis a ion, Fo eign ade uni e si y, 91 Chua Lang s ee , Dong Da Dis ic , Hanoi, Vie nam
h ps://doi.o g/10.1080/23311975.2023.2300517
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 26 Oc obe
2023
Re ised 17 Decembe
2023
Accep ed 20 Decembe
2023
JEL CODES
G30; G34; O50
KEYWORDS
Ea nings managemen ;
eal ea nings
managemen ; bibliome ic
analysis; eme ging
ma ke ; VOS iewe
REVIEWING EDITOR
Collins N im, Uni e si y o
Sou hamp on, Uni ed
Kingdom o G ea B i ain
and No he n I eland
2 B.T. HIEN
linh, 2020; Peek, 2004). In addi ion, i is also e iden ha he le el o compensa ion and emune a ion
scheme is one o he mos impo an mo i a ions o manage s o adjus p o i s (Be gs esse & Philippon,
2006; Co ne e al., 2009; Dye, 1988; Dechow & Sloan, 1991). Manage s end o p ac ice ea nings o gain
mo e bene i s o maximize hei enewal sala ies and bonuses, especially in he inal yea o hei con-
ac s. Recen ly, Assenso-Oko o e al. (2021) sugges ed ha execu i e bonus inc eases in ela ion o EM,
and he e o e, manage s may become in ol ed in EM o inc ease hei compensa ion.
In he exis ing li e a u e, EM is a complex phenomenon p esen ing bo h posi i e and nega i e e ec s.
Schippe (1989), Healy and Wahlen (1999) s a ed ha EM is he al e a ion o i ms’ epo ed economic
pe o mance by inside s o ei he ‘mislead some s akeholde s’ o o ‘in luence con ac ual ou comes’. Fo
ins ance, inside s can use hei disc e ion in inancial epo ing o o e s a e he ue le el o ea nings
and hide un a o able ea nings ealiza ions (e.g. ea nings losses o dec eases) ha would p omp ou sid-
e s o ac agains inside s. In ex ensi e EM, inancial epo s inaccu a ely e lec i m pe o mance and
weaken ou side s’ abili y o go e n he i m (leuz e al., 2003) o diminish in es o s con idence, esul ing
in a decline in ading olume (le e  al., 2023). Howe e , EM has a signi ican e ec in some si ua ions,
especially when i ms encoun e c ises. lisboa and Kacha a a (2018) con i med ha CEOs could disclose
inancial epo s wi h op imis ic ea nings o eassu e in es o s abou hei ongoing conce ns du ing
inancial u bulence. Manage s may eco d upwa d ea nings o main ain he ela ionship wi h s akehold-
e s such as banks and c edi o s o a oid bank up cy. In e sely, hey can manage ea nings downwa d o
educe axes o a oid s ic e egula ions and supe ision du ing he c isis pe iods (Hamza & Zaa i ,
2021). In addi ion, i ms ha engage in EM ac ics end o p omo e CSR ac i i ies and epo ing as an
en enchmen s a egy o delibe a ely di e s akeholde s’ a en ion o and p omo e highe p ospec s o
he i m’s pe o mance (Jian e  al., 2023; P io e  al., 2008; Palacios-Manzano e  al., 2021).
The e o e, I use bibliome ic analysis o 1981 Scopus-indexed publica ions be ween 1993 and 2021 o
ul ill he lack o sys ema ic e iew on his opic. The ollowing esea ch ques ions (RQ) add ess:
RQ1. Wha is he o al olume and g ow h ajec o y o esea ch on EM?
RQ2. Who a e he key au ho s in he EM li e a u e?
RQ3. Which a e he mos in luen ial pape s, leading coun ies and ins i u ions in he EM a ea?
RQ4. Wha a e he main schools o hough in EM esea ch?
RQ5. Wha a e he la es opics in EM esea ch ha ha e ecei ed he g ea es a en ion in he li e a u e?
This e iew akes on p o ound signi icance as i no only en iches unde s anding bu also acili a es
he de elopmen o EM heo y, o e s a comp ehensi e o e iew o exis ing s udies, and ex ends new
di ec ions o u he esea ch. Wha makes my pape di e en om p e ious bibliome ic publica ions is
he Scopus da abase and he di e en ime ange ( om 1993 o 2021) o explain clea e di e en schools
o hough , and ep esen esea ch gaps ha shed ligh on u he esea ch. The esul s demons a e he
eme ging end o esea ch on EM, pa icula ly om 2017 o 2021. Based on he numbe o documen s,
numbe o ci a ions, and he a e age o ci a ions, his pape ou lines he mos p oduc i e au ho s, lead-
ing coun ies and ins i u ions, and he esea ch clus e ne wo k. No ably, his e iew calls he u u e
di ec ions o EM in e ms o ‘ eal ea nings managemen ’, ‘gende di e si y’, ‘ amily i ms’, ‘le e age’ and
di e en dimensions o EM in eme ging ma ke s.
The es o his pape is s uc u ed as ollows: Sec ion “Concep ual amewo k’ explo es he concep ual
amewo k o EM. Resea ch me hodology is de ailed in Sec ion “Resea ch me hodology ”, while Sec ion
“Resea ch esul s and discussions” demons a es he esul s o an ex ensi e bibliome ic e iew and key-
wo d analysis. Finally, in Sec ion“Conclusions and limi a ions”, I un eil empi ical indings and discuss u -
he esea ch di ec ions om my analyses.
Concep ual amewo k
Ea nings managemen de ini ions
Healy and Wahlen (1999) s a ed ‘Ea nings managemen occu s when managemen uses judgmen in
inancial epo ing and in s uc u ing ansac ions o al e inancial epo s o ei he mislead some
COGENT BUSINESS & MANAGEMENT 3
s akeholde s abou he unde lying economic pe o mance o he company o o in luence con ac ual
ou comes ha depend on epo ed accoun ing numbe s’. O he schola s de ined EM as he lexible
applica ion o accoun ing policies o each a a ge p o i . Fo example, a i m can accele a e he ec-
ogni ion o sales income h ough c edi sales o pos pone loss ecogni ion by pos poning he c ea ion
o loss ese es (Teoh e  al., 1998a); o hey can change shipmen ime ables and de e spending o
esea ch and de elopmen (R&D) and main enance o manage ea nings (Dechow & Skinne , 2000;
Fudenbe g & Ti ole, 1995). Ronen and Yaa i (2008) classi y EM in o h ee dis inc g oups: Whi e EM
(which enhances he anspa ency o inancial epo s); g ay EM (which could be ei he oppo unis ic
o e iciency-enhancing) and black EM (which in ol es absolu e mis ep esen a ion o educes anspa -
ency in inancial s a emen s). Acco ding o Cohen and Za owin (2010), EM is di ided in o wo basic
ca ego ies: EM h ough acc ual accoun ing a iables and EM h ough he media ion o ac ual ansac-
ions. In sho , i should be no ed ha he e m ‘ea nings managemen ’ has b oad de ini ions, includ-
ing many di e en mo i es, measu es and echniques i m manage s pe o m o achie e
managemen goals.
Acc ual-based ea nings managemen and eal ea nings managemen
Acc ual-based indica o s a e he p ima y p oxies o ea nings managemen used in mos esea ch. Healy
(1985) es s EM by compa ing he mean o al acc uals ac oss he EM di ision a iable (measu ed by he
lagged alue o he company’s o al asse s). In 1991, Jones o e ed a model ha depa s om he
assump ion o con inuous nondisc e iona y acc uals. This me hod aims o ake in o conside a ion how
nondisc e iona y acc uals a e a ec ed by shi ing economic condi ions. Dechow e  al. (1995) compa ed
a ious acc ual-based models o examine EM beha io . They concluded ha mo e esea ch on he opic
was necessa y o de elop be e models ha p o ide mo e e ec i e es s o iden i y ea ning manage-
men ha a e mo e p ecisely de ined. Then, Dechow e  al. (1995) modi ied he Jones Model (1991) o
elimina e he conjec u ed endency o he Jones Model o o e es ima e disc e iona y acc uals when dis-
c e ion is used o de e mine e enues. In addi ion, manage s can al e eal ac i i ies o acc ual p ocesses
o con ol ea nings. Real ac i i y manipula ion, as Roychowdhu y (2006) desc ibes i , is when manage s
de ia e om s anda d ope a ing p ocedu es in an e o o decei e a leas a ew s akeholde s in o
hinking ha speci ic inancial epo ing objec i es ha e been achie ed na u ally. G aham e  al. (2005)
showed ha eal ac i i y manipula ion lowe s business alue since ac ions done now o boos p o i abil-
i y may hu cash lows in he u u e.
Financial execu i es a e mo e likely o in luence ea nings h ough eal ac ions a he han acc uals
(B uns & Me chan , 1990; G aham e  al., 2005). The e a e a minimum wo easons why his can be he
case. Fi s ly, accoun ing aud is mo e likely o be in es iga ed by audi o s o egula o s han ac ual p ic-
ing and p oduc ion decisions. Secondly, he e is a dange in ol ed in only depending on acc ual manip-
ula ion. Al hough eal EM may diminish a company’s u u e wo h (Bhoj aj e al., 2009; Cohen & Za owin,
2010), nei he egula o s no audi o s ha e he au ho i y o s op a company om using eal EM. Since
eal EM is subjec o less sc u iny om egula o s and audi o s han acc ual-based managemen , i s cos s
a e lowe (F ancis, 2011). Acco ding o Enomo o e al. (2015), manage s a o eal EM o e acc ual-based
EM in na ions wi h highe in es o p o ec ion. Howe e , acc ual-based EM would become qui e a ac i e
i he legal esponsibili ies o di ec o s and o ice s we e shi ed (Chang & Chen, 2018). In addi ion,
whe he eal ea nings managemen is e icien o oppo unis ic is a ques ion o many con o e sies
(Gunny, 2010; Habib e al., 2022). The e o e, he choice o di e en means o EM should be u he exam-
ined (Table 1).
Table 1. Basic di e ences be ween acc uals-based ea nings managemen and eal ea nings managemen .
acc uals-based ea nings managemen Real ea nings managemen
implemen a ion ia accoun ing p inciples ope a ional decisions
exploi a ion Financial s a emen s ope a ional decisions ela ing o ope a ing,
in es ing, and inancing ac i i ies
Di ec /indi ec impac on cash low indi ec Di ec
sou ce: s ako a (2020).

4 B.T. HIEN
Measu emen o ea nings managemen
The e y i s measu e o acc ual- based ea nings managemen is p oposed by Healy (1985). The model
was build on he assump ion ha nondisc e iona y acc uals a e cons an and disc e iona y one mean
alue is ze o ac oss he es ima ion pe iod. The model calcula ed o al acc uals, aking in o accoun CEO
sala ies and bonuses as ac o s in luencing he ea nings manipula ion by he ollowing equa ion:
ACC DEP XI D AR IVT AP TP D D
=−− + + − − +
()
1
2
∆∆∆ ∆
whe e
DEP
dep ecia ion in yea ;
XI
ex ao dina y i ems in yea ;
∆
AR
change in accoun s ecei ables in
yea ;
∆
IVT change in in en o y in yea ;
∆
AP
change in accoun s payables in yea ;
D1
dummy a i-
ables =1(0) i bonus plan de ined a e (be o e) ex ao dina y i ems;
D2
dummy a iables =1(0) i bonus
plan de ined a e (be o e) income axes.
Following, Jones (1991) employed lagged alue o es ima e he disc e iona y acc uals. Then, he esid-
uals o he model we e de e mined by aking he ac ual minus he es ima ed alues.
ACC
TA TA
Sales
TA
PPE
TA
i
i
i
i
i
i
i
−− − −
=+ ++
1
0
1
1
1
2
1
1
αα α
∆
ε
whe e:
ACC
i
To al acc uals equal change in cu en asse s minus change in cu en liabili ies minus dep eci-
a ion o i m i in yea ;
TA
i −
1
To al asse s o i m i in yea – 1;
∆
Sales
i
Change in sales o i m i in yea
;
PPEi
P ope y, plan , and equipmen o i m i in yea
Jones (1991) p oposed he mos in luen ial measu e o acc ual- based ea nings managemen . A e
ha , many schola s such as Dechow e al. (1995) modi ied he Jones model o es ima e disc e iona y and
nondisc e iona y acc uals. Ra he han exploi ing acc uals, eal ea nings managemen aims o beau i ul
i m pe o mance by s uc u ing eal ac i i ies. Roychowdhu y (2006) was ecei ed much a en ion as he
de ined REM based on h ee equa ions, including he abno mal disc e iona y expenses, he abno mal
p oduc ion cos s, and he abno mal cash lows om ope a ions, a e adop ed o examine he le el o eal
ea nings managemen .
Equa ion (1) de i es he abno mal disc e iona y expenses (REM_DISEXP) om he ollowing o mula:
DISEXP
AA
SALES
A
i
i i
i
i
i
−−
−
−
=++
1
1
1
2
1
1
1
αα ε
(1)
Whe e:
DISEXPi : The sum o esea ch and de elopmen expense, selling expense, gene al and adminis a ion
expense o i m I in yea ; esea ch and de elopmen expense equals ze o i no ound; Ai -1: To al
asse s o i m i in yea -1; Salesi -1: Sales o i m i in yea -1; εi : dis u bance e m; α1, α2 a e eg ession
pa ame e s.
Equa ion (2) es ima es he abno mal p oduc ion cos s (REM_PROD) acco ding o he o mula below:
PROD
AA
SALES
A
SALES
A
SAL
i
i i
i
i
i
i −− − −
=++ +
1
1
1
2
1
3
1
4
1
αα α α
∆∆
EE S
A
i
i
i
−
−
+
1
1
ε
(2)
Whe e:
PRODi : The sum o he cos o goods sold and change in in en o y o i m i in yea ; Ai -1: To al
asse s o i m i in yea -1; Salesi : Sales o i m i in yea ; ΔSalesi : Sales o i m i in yea less sales o
i m i in yea -1; ΔSalesi -1: Sales o i m i in yea -1 less sales o i m i in yea -2; εi : dis u bance e m;
α1, α2, α3, α4 a e eg ession pa ame e s.
Equa ion (3) calcula es he abno mal cash lows om ope a ions (REM_CFO) as ollows:
CFO
AA
SALES
A
SALES
A
i
i i
i
i
i
i
i
−− − −
=++ +
1
1
1
2
1
3
1
1
αα α ε
∆
(3)
COGENT BUSINESS & MANAGEMENT 5
Whe e:
CFOi : Cash lows om ope a ions o i m i in pe iod ; Ai -1: To al asse s o i m i in yea -1; Salesi :
Sales o i m i in yea ; ΔSalesi : Sales o i m i in yea less sales o i m i in yea -1; εi : dis u bance
e m; α1, α2, α3 a e eg ession pa ame e s.
Finally, he wo p oxies a e employed o quan i y he le el o eal ea nings managemen as ollows:
REM REM DISEXP REM PROD
i i i
1
=−+__
REM REM DISEXP REM CFO
i i i
2
=−−__
Fundamen al heo ies ela ing o ea nings managemen
Posi i e accoun ing heo y
This heo y del es in o how o ganiza ional managemen selec s accoun ing policies om a ious al e na i es
o comply wi h s anda ds. The posi i e app oach, pionee ed by Wa s and Zimme man (1986), ocuses on
explaining accoun ing p ac ices unde aken by managemen and accoun an s wi hou p esc ibing a speci ic
subsequen p ac ice o he company. The Posi i e heo y p o ide h ee assump ions o cla i y ea nings man-
agemen : (i) Compensa ion plans d i e oppo unis ic beha io by using accoun ing me hods o boos ea n-
ings and manage ewa ds; (ii) Deb con ac s encou age manage s o adop policies enhancing income,
acili a ing a o able inancing e ms; (iii) The poli ical p ocess: This assump ion an icipa es ha companies a e
mo e inclined o employ accoun ing op ions ha dec ease epo ed ea nings, pa icula ly la ge companies.
Agency heo y
Agency heo y insis s ha he inclina ion o dis o i m pe o mance h ough acc uals-based ea nings
managemen a ises om oppo unis ic beha io among inside s (Haw e  al., 2004; Shlei e & Vishny,
1997). In pu sui o sel -in e es , agen s may employ ac ics like in la ing ea nings o hide ue co po a e
pe o mance om p inciples (leuz e al., 2003). No ably, Kim e al. (2016) sugges ha manage s a e less
likely o conceal un a o able news when inancial s a emen s exhibi highe compa abili y, limi ing hei
oom o ea nings managemen . Enhanced compa abili y enables s akeholde s o assess a i m’s ue
pe o mance mo e accu a ely, diminishing he appeal o ea nings manipula ion, as anspa en and com-
pa able in o ma ion inc ease he likelihood o de ec ion (Gong e  al., 2013; Engelbe g e  al., 2018).
Signaling heo y
This heo y a gues ha he p esence o in o ma ion asymme y could also be why e hical co po a ions
use inancial in o ma ion o send ma ke signals (Ross, 1977). In o ma ion disclosed o he ma ke by
egula o s se es as a posi i e signal by educing in o ma ion asymme y. Despi e ma ke e iciency
assump ions, he in o ma ion gap be ween owne s and managemen p omp s manage s o s a egically
choose accoun ing me hods, po en ially obscu ing he ue company alue. Acco ding o Che is e  al.
(2007), manage s migh manipula e ea nings o con ey a o able o un a o able in o ma ion abou he
company’s u u e p ospec s o capi al ma ke s. In mo e de ails, manipula ing ea nings can ac as a signal
o in es o s, sugges ing he likelihood o imp o ed u u e ea nings and cash lows. In he con ex o
ma ke in o ma ion asymme y, companies use hei inancial epo ing o communica e a o able in o -
ma ion o in es o s. Manage s, d i en by incen i es o a ac bo h exis ing and po en ial in es o s and
enhance he o e all posi i e pe cep ion o he co po a ion, may choose o olun a ily disclose ex a
accoun ing in o ma ion, especially when in ol ed in ea nings managemen (Sun e  al., 2010).
P e ious bibliome ic esea ch on ea nings managemen
The e has been a limi ed e iew pape ha used bibliome ic me hods o discuss EM. Vagne e al. (2021)
e iewed o 1547 publica ions on EM collec ed h ough he Web o Science (WoS) da abase. The pape
6 B.T. HIEN
showed he d ama ic de elopmen and changes in EM esea ch in di e en sub-pe iods: 1988–1997,
1998–2007, 2008–2017, and 2018 o he p esen . Thei esul s also e ealed he global inancial c isis as
an in e es ing ac o in luencing he apid inc ease in EM esea ch. Then, u he s udies should ocus on
he changes o EM beha io in he con ex o he deep ecession caused by he COVID-19 pandemic. In
addi ion, Teixei a and Rod igues (2022) also employed 4343 jou nals a ailable in he WoS da abase
be ween 1900 and 2020 o unde s and he eme ging ends, he mos in luen ial au ho s, he mos p o-
duc i e coun ies and jou nals in his a ea. The esul s o hei bibliome ic s udy highligh ed he s ong
ela ionship be ween EM and co po a e go e nance and in o ma ion quali y. Fu he mo e, his s udy p o-
posed u u e esea ch ocusing on EM, measu ed by eal ac i i ies.
So a , he bibliome ic me hod has been u ilized in some publica ions wi h a speci ic ocus on
Kuma e al. (2023) and So ian e al. (2022) analyzed ends and ou comes o EM and co po a e social
esponsibili y (CSR) disclosu e esea ch. The s udy o Kuma e al. (2023) emphasized he ela ionship
be ween EM and CSR in h ee majo aspec s: educing in o ma ion asymme y, mee ing s akeholde s’
expec a ions, and he ole o co po a e go e nance and o he ins i u ional ac o s. So ian e al. (2022)
isualized he pas , p esen , and u u e esea ch o EM and CSR epo ing based on he Scopus
da abase. They shed ligh on u u e esea ch di ec ions on di e en EM and CSR app oaches. In addi-
ion, Po ha la and Dissanayake (2022) conduc ed a bibliome ic e iew o co po a e go e nance,
ins i u ional owne ship and EM. The s udy used keywo d analysis o highligh he opical ends in
his a ea.
Apa om p io bibliome ic s udies, my pape uses he Scopus da abase and a unique ime ame
(1993–2021). Then, I p o ide a sys ema ic e iew o he li e a u e on EM, o e ing clea e insigh s in o
di e en schools o hough and highligh ing esea ch gaps ha indica e di ec ions o u u e s udies.
Resea ch me hodology
Da a selec ion
The Scopus da abase was chosen in his esea ch o se e al easons. Fi s , i p o ides wide co e age o
high-quali y jou nals and publica ions (So ian e  al., 2022; Zaka ia e  al., 2021). Second, i has mo e
ad anced capabili ies o expo da a which is help ul o bibliome ic analysis (Hallinge & Nguyen, 2020).
las , No is and Oppenheim (2007) s a ed ha he Scopus da abase is one o he mos expansi e and
di e se academic jou nal da abases a ailable.
Based on he Scopus da abase, a sys ema ic sea ch wi h he keywo ds ‘ea nings managemen ’ was
iden i ied wi h he i le, abs ac and keywo ds o publica ions. My que y s ing is p esen ed as ollows:
TITLE (EARNINGS MANAGEMENT) AND (LIMIT-TO (DOCTYPE, ‘a ’)) OR LIMIT-TO
(DOCTYPE, ‘cp’) OR LIMIT-TO (DOCTYPE, ‘ch’) OR LIMIT-TO (DOCTYPE, ‘bk’) AND
(LIMIT-TO (SUBJAREA, ‘SOCI’)) AND (LIMIT-TO (LANGUAGE, ‘English’))
PRISMA sc eening
Based on he P e e ed Repo ing I ems o Sys ema ic Re iews and Me a- Analyses (PRISMA) guidelines
(libe a i e  al., 2009), he au ho implemen ed he sea ch and sc eening p ocess as shown in Figu e 1.
Ini ially, a Scopus sea ch p oduced 3995 documen s. Among hese, 1692 documen s we e excluded a e
he sc eening p ocess because hey did no mee he sea ch c i e ia. In he nex s ep, I e iewed he
i les and abs ac s o assess he opical ele ance o each documen . An addi ional 322 documen s we e
emo ed om he Scopus lis . As a esul , 1981 Scopus-indexed publica ions o mixed ypes including
a icles, con e ence pape s, books and book chap e s we e il e ed and analyzed.
Bibliome ic me hod and da a analysis
The bibliome ic me hod was de ined by P i cha d (1969, p. 349) as ‘ he use o ma hema ical and s a is-
ical ools o a icles and o he o ms o communica ion’. I u ilize bibliome ic analysis o cap u e he
COGENT BUSINESS & MANAGEMENT 7
li e a u e on EM. This me hod is e y popula o schola s o disco e he s a us and g ow h o scien i ic
publica ions in he e iew a eas (De Bakke e al., 2005; lee & Hew, 2017; Kuma e al., 2020). In addi ion,
i is widely used as a quan i a i e ool o p o ide desc ip i e esul s and a global pic u e o a speci ic
opic in ecen yea s (Me igo e  al., 2015; Ża czyńska, 2012; Bui e al., 2023).
Wi h he ad en o VOSViewe de eloped by Van Eck and Wal man (2010), I examine he simila i-
ies be ween di e en opics such as au ho s, coun ies, ins i u ions, keywo ds and o he bibliome ic
in o ma ion. Van Eck and Wal man (2014) con i med ‘The numbe o co-occu ences o wo keywo ds
is he numbe o publica ions in which bo h keywo ds occu oge he in he i le, abs ac , o key-
wo d lis .’ Then, I expec o isualize he map and explain he EM opic mo e clea ly.
Desc ip i e analysis and ci a ion analysis a e used in his e iew pape o p o ide he ollowing bib-
liome ic in o ma ion: (1) The g ow h ajec o y o publica ions; (2) Key au ho s; (3) Mos ci ed pape s,
leading coun ies and ins i u ions; (4) Keywo ds co-occu ence ne wo k analysis. In addi ion, his esea ch
ocuses on he ac ional coun ing me hodology ins ead o he o dina y ull coun ing me hodology as i
is ecommended by Van Eck and Wal man (2014). In he case o he ac ional coun ing me hodology,
highly ci ed publica ions play a less impo an ole in cons uc ing a bibliog aphic coupling ne wo k. In
he same way, publica ions wi h a long e e ence lis (e.g. e iew a icles) play a less impo an ole in
he cons uc ion o a co-ci a ion ne wo k.
Figu e 1. P ocessing o documen eligibili y based on he PRisMa guideline. sou ce: C ea ed by he au ho om h ps://
doi.o g/10.7910/DVn/ia9LP1.
14 B.T. HIEN
eme ging ma ke s has gained signi ican impo ance o e he las wo decades (Kuma e  al., 2020),
he e o e, EM should be in es iga ed and compa ed in eme ging coun ies o help unde s and he di -
e en dimensions.
Conclusions and limi a ions
Concluding ema ks
This esea ch p esen s a s uc u ed e iew o he exis ing li e a u e in es iga ing he pas , p esen
and u u e o ea nings managemen esea ch. Howe e , wha se my pape apa om p e ious bib-
liome ic esea ch such as Vagne e  al. (2021), Teixei a and Rod igues (2022) is he 1981 Scopus–
indexed publica ions and a unique ime ame om 1993 o 2021. My da abase e eals quick g ow h
in ea ning managemen esea ch, indica ing ha 54% o he publica ions eme ged du ing he las
i e yea s om 2016 o 2021, wi h a peak o 226 pape s in 2021. Kim and Alahada we e he wo
p ominen con ibu o s o EM esea ch wi h 10 publica ions. The highes ci ed au ho s we e Kim wi h
1056 imes and 8 documen s. Resea che s om The Uni ed S a es, China, he Uni ed Kingdom and
Aus alia equen ly con ibu e o he jou nals. The mos in luen ial ins i u ion was Hong Kong
Uni e si y o Science and Technology measu ed by a leading numbe o ci a ions a 1277 wi h 4
publica ions.
Wi h a b oade da abase om Scopus (1993–2021), my pape explo es he ou dis inc hemes o
ea nings managemen , each shedding ligh on mo e di e en ace s o his complex phenomenon han
he p e ious s udies such as Vagne e al. (2021), Teixei a and Rod igues (2022), Kuma e al. (2023) and
So ian e al. (2022). The la ges clus e ( ed) ocuses on he mo i es and cha ac e is ics o ea nings man-
agemen ac i i ies. Many schola s, including Bu gs ahle and Diche (1997), Degeo ge e al. (1999), Cohen
e al. (2008), Roychowdhu y (2006), and Be gs esse and Philippon (2006), ha e con ibu ed signi ican ly
o his school o hough . Thei esea ch highligh s e idence o manage s u ilizing a ious ea nings man-
agemen ools, such as p ice discoun s, o e p oduc ion, and expense adjus men s, o manipula e epo ed
inancial esul s. The second clus e (g een) del es in o eal and acc ual-based ea nings managemen ,
wi h Cohen and Za owin (2010) being he mos ci ed. This clus e explo es he challenges o de ec ing
eal ea nings managemen compa ed o acc ual-based me hods and in es iga es he ade-o s be ween
he wo. The hi d clus e (blue) examines he ela ionship be ween co po a e go e nance and ea nings
managemen , emphasizing he c i ical ole go e nance plays in mi iga ing agency p oblems. Klein (2002)
leads his clus e , indica ing a nega i e associa ion be ween boa d o audi commi ee independence
and abno mal acc uals. The ou h clus e (yellow) cen e s on ea nings managemen and ma ke pe o -
mance, e ealing how disc e iona y acc uals impac s ock e u n pe o mance, especially in IPOs and
seasoned equi y o e ings. Unde s anding hese clus e s con ibu es o comp ehending he mul i ace ed
dynamics o ea nings managemen . In addi ion, hese indings could p o ide insigh s o egula o s, pol-
icymake s, in es o s, and p ac i ione s in hei decisions. Regula o s and policymake s may con inue o
con empla e, go e n and legalize sui able guidelines o assis companies in p o iding high-quali y inan-
cial epo ing.
My indings con ibu e o a s a e-o - he-a o e iew o EM and add ess he esea ch gaps o he
coming yea s. The opics o ‘ eal ea nings managemen ,’ ‘gende di e si y’, ‘ amily i ms’, ‘le e age’ and
di e en dimensions o EM in eme ging ma ke s could o e new insigh s. Fi s ly, he widesp ead use o
‘ eal ea nings managemen ’ emphasizes he need o di e en ways o measu e EM and p e en manip-
ula ion. The complex ela ionship be ween eal and acc ual-based EM is a cen al heme, wi h some
s udies sugges ing a ade-o and o he s indica ing simul aneous use. De eloping models o iden i y EM
echniques, especially eal EM, is c ucial o p o ec in es o s om misleading in o ma ion. Secondly, ha -
ing mo e women in leade ship oles seems o educe eal EM due o hei cau ious app oach. Howe e ,
we s ill need mo e conclusi e esea ch on he speci ic impac o women in cu bing eal EM. Thi dly, he
ole o amily-owned businesses in EM, especially eal EM, emains unclea . Fu he explo a ion o how
EM a ec s a company’s bo owing le els, pa icula ly in eme ging ma ke s, is needed o a comp ehen-
si e unde s anding. The e o e, his s udy migh be use ul o esea che s o ill he exis ing knowledge
gaps, and inc ease he quali y o EM esea ch sho ly.

COGENT BUSINESS & MANAGEMENT 15
Limi a ions o he esea ch
While his e iew p o ides aluable insigh s, i ’s impo an o acknowledge i s limi a ions. Fi s ly, he
eliance on he Scopus da abase may mean ha some ele an s udies ou side o his da abase we e
missed. The choice o using ‘ea nings managemen ’ as he sole keywo d migh o e look speci ic aspec s
co e ed by o he keywo ds. Ano he limi a ion is he ocus solely on ‘a icles,’ po en ially excluding
insigh s om di e en ypes o publica ions. las ly, bibliome ic s udies, like his one, may no cap u e
he ull quali a i e con ex o he esea ch. Resea che s a e encou aged o complemen hese indings
wi h o he esea ch me hods, like quali a i e s udies o me a-analyses, o a mo e ho ough unde s and-
ing o his in e es ing opic. Awa eness o and add essing hese limi a ions will con ibu e o a mo e
comp ehensi e explo a ion o ea nings managemen in he b oade academic con ex .
Disclosu e s a emen
No po en ial con lic o in e es was epo ed by he au ho (s).
Abou he au ho
Thu Hien Bui (PhD) is a senio lec u e and Vice Dean o he Facul y o Business Adminis a ion, Fo eign T ade
Uni e si y, Hanoi, Vie nam. She has had many esea ch pape s published in local jou nals and epu able jou nals
indexed in Scopus. He main scien i ic ac i i ies a e in he ield o co po a e inance, co po a e go e nance and
sus ainabili y de elopmen . In addi ion, she is ac i ely pa icipa ing in many p ac ical esea ch p ojec s o deli e
knowledge o he public.
Funding
The au ho ecei ed no di ec unding o his esea ch
Da a a ailabili y s a emen
The da a ha suppo he indings o his s udy a e openly a ailable a h ps://doi.o g/10.7910/DVN/IA9lP1, Ha a d
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