Compo ek, Michał
A icle
Ea nings managemen in business g oups du ing he
SARS-CoV-2 pandemic
Cen al Eu opean Economic Jou nal (CEEJ)
P o ided in Coope a ion wi h:
Facul y o Economic Sciences, Uni e si y o Wa saw
Sugges ed Ci a ion: Compo ek, Michał (2024) : Ea nings managemen in business g oups du ing
he SARS-CoV-2 pandemic, Cen al Eu opean Economic Jou nal (CEEJ), ISSN 2543-6821, Sciendo,
Wa saw, Vol. 11, Iss. 58, pp. 286-304,
h ps://doi.o g/10.2478/ceej-2024-0019
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To ci e his a icle
Ea nings Managemen in Business G oups du ing he SARS-CoV-2
Pandemic. Cen al Eu opean Economic Jou nal, 11(58), 286-304.
DOI: 10.2478/ceej-2024-0019
To link o his a icle: h ps://doi.o g/10.2478/ceej-2024-0019
Ea nings Managemen in Business
G oups du ing he SARS-CoV-2
Pandemic
Michał Compo ek
Open Access. © 2024 M. Compo ek, published by Sciendo.
This wo k is licensed unde he C ea i e Commons A ibu ion 4.0 In e na ional License.
Michał Compo ek
Uni e si y o Lodz, Facul y o Economics and Sociology, Rewolucji 1905 oku 39, 90-214 Łódź, Poland
co esponding au ho : michal.compo [email protected]
Ea nings Managemen in Business G oups du ing he SARS-
CoV-2 Pandemic
Abs ac
This pape aims o assess he in luence o he SARS-CoV-2 pandemic on he acc ual-based ea nings managemen
pa e ns in non- inancial business g oups in he Wa saw S ock Exchange (WSE). This s udy con ibu es o he exis ing
li e a u e by conside ing ea nings manipula ion beha iou s in assessing he epo ing da a quali y, bo h in consolida ed
inancial s a emen s o business g oups and indi idual inancial s a emen s o pa en unde akings. The esea ch
me hods a e based on he Modi ied Jones Model wi h he simul aneous sepa a ion o indi idual subca ego ies o
acc uals ia c oss-sec ional analysis and ime-se ies da a app oach (sepa a ely o each business g oup). Empi ical
indings suppo ed he p esump ion ha ea nings manipula ion schemes in he SARS-CoV-2 ansi ional (2020)
and c isis (2021) pe iods di e ed s a is ically compa ed o he p e ious 2019 and 2020 yea s, espec i ely. Mo eo e ,
his a icle p o ed ha he company‘s po en ial inancial dis ess could imply acc ual-based ea nings managemen
beha iou s and mode a e he associa ion be ween he SARS-CoV-2 pandemic and ea nings manipula ions ac i i ies.
Finally, he ob ained esul s con i med ha al hough business g oups ha e an expanded se o balance shee policy
ins umen s, he quali y o ea nings epo ed in he indi idual inancial s a emen s o pa en unde akings and he
consolida ed inancial s a emen s o business g oups we e simila du ing he SARS-CoV-2 pandemic.
Keywo ds
acc ual-based ea nings managemen | business g oup | pa en unde akings | he SARS-CoV-2 pandemic
JEL Codes
G10, G32, M41
1. In oduc ion
Concen a ed o ms o business coope a ion a e
cha ac e ised by a high deg ee o economic and
o ganisa ional in eg a ion, c ea ing a single decision-
making cen e ha exe cises con ol o e he g oup o
companies o pa ne ships cons i u ing a collec i e. A
business g oup is a ypical example o a hie a chical
coope a ion s uc u e be ween en e p ises ope a ing
in a ious a eas o he wo ld.
The inancial epo ing sys em o a business g oup
p o ides in o ma ion on he comp ehensi e economic
pe o mance e ec s o all en e p ises o ming i s
s uc u e. Accoun ing o business g oups, he inal
exp ession o which is he p epa a ion o consolida ed
inancial s a emen s, is cha ac e ised by a clea
speci ici y e lec ed in an ex ended se o po en ial
balance shee policy ins umen s ha migh be used,
among o he s, o al e ea nings in en ionally. Financial
esul s in luence nume ous g oups o public company
s akeholde s, being he mos impo an economic
measu e disclosed in income s a emen s (Degeo ge e
al., 1999). As Anso (1979) no ed, epo ed ea nings
can be conside ed an indica o o he business’
economic e iciency, compensa ion o he isk
incu ed by in es o s and a ac o a ac ing capi al
necessa y o implemen inno a ions and con ibu e
o he company’s u u e g ow h. Howe e , due o i s
acc ual na u e, ea nings a e pa icula ly suscep ible
o manipula ion consis en wi h p io manage s’
in en ions, while he app op ia e selec ion o balance
shee policy ools a ec s bo h he size and s uc u e o
he inancial esul .
The accoun ing policy o a business g oup is
in luenced by a wide se o de e minan s, among
which mac oeconomic ac o s a e ega ded as
essen ial (Glaum & Wy wa, 2011). Pe iods o economic
p ospe i ies and down u ns a ec he implemen ed
CEEJ • 11(58) • 2024 • pp. 286-304 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0019 288
solu ions in he ields o he i m’s alue and i s
assessmen , he alua ion o capi al a ibu able
o mino i y sha es and he changes in he size o
he capi al g oup (Remlein e al., 2021). Simila ly,
economic u bulences a e equen ly an incen i e o
modi y cu en pa e ns o ea nings managemen
beha iou s in public en e p ises (Filip & Ra ou nie ,
2014; G abiński, 2016; Jahmani e al., 2016; Lisboa &
Kacha a a, 2018). The p io li e a u e sugges s ha
ea nings managemen p emises esul om ma ke
o ces as well as he assump ions o agency heo y.
Changes in ma ke condi ions o business ac i i y
in con ac ion yea s may encou age manage s o
manipula e ea nings upwa ds o a oid accoun ing
loss o ea nings educ ion and mee analys s’
expec a ions (Ma uszewska & Tuszkiewicz, 2024).
On he o he hand, du ing a inancial c isis, i ms
a e also suspec ed o managing ea nings downwa d,
p ima ily h ough u he wo sening he signi ican
inancial loss gene a ed in he down u n pe iod and
ans e ing accoun ing i ems ha would nega i ely
impac he company’s economic pe o mance in he
u u e (Bu gs ahle & Diche , 1997; Aye s e al., 2006).
Mo eo e , a nega i e e ec o he in o ma ion con en
o accoun ing da a du ing economic u bulence can
be ied o low incen i es o oppo unis ic ac ions
by manage s who may s i e o manipula e ea nings
o ob ain bonuses s ipula ed in he con ac and
dependen on p e-de e mined esul s, which a e mo e
di icul o achie e in he cou se o o dina y business
(Hol hausen e al., 1995; Shu o & Iwasaki, 2014;
Rudiawa ni & Budian o, 2022). Inconclusi e indings
in he li e a u e highligh he need o con inuing
ea nings managemen amid inancial c isis s udies,
especially since p e ious esea ch conce ned di e en
c ises examined in a ious pe iods and coun ies
aking in o accoun di e se ypes o companies
(see, in e alia, F ancesche i, 2020).
This pape in es iga es he impac o he SARS-
CoV-2 pandemic on he e olu ion o acc ual-based
ea nings managemen pa e ns in non- inancial
business g oups lis ed in he Main Ma ke o he
Wa saw S ock Exchange (WSE). Thus, his esea ch
ela es o wo impo an scien i ic issues. Fi s ly, as
no ed by Remlein e al. (2021), in he con empo a y
economy, he e is a g owing in e es in business
g oups as accoun ing en i ies ha signi ican ly impac
he de elopmen o he capi al ma ke . Secondly, he
pandemic c isis a ec ing he global economy since
2019 has a ied om p e ious economic down u ns
in ela ion o he unup pe iod and i s ou b eak
(Reinha , 2022). Due o he speci ici y, he u moil
caused by he SARS-CoV-2 pandemic could ha e
shaped he manage ’s mo i a ion o al e ea nings
du ing he g ea es inancial dis ess o he 21s
cen u y di e en ly han be o e.
This s udy con ibu es o he exis ing li e a u e
in se e al ways. Due o he business g oups being he
cen al e e ence poin o he esea ch, his analysis
enables he simul aneous compa ison o epo ing da a
con ained in he consolida ed inancial s a emen s o
a g oup o companies o pa ne ships and indi idual
inancial s a emen s o pa en unde akings. This
app oach has a ce ain elemen o no el y conside ing
p io s udies. A di ec compa ison o he ea nings
epo ed in bo h ypes o inancial s a emen s is
he co e o unde s anding he oles o pa en and
subsidia y unde akings in he s uc u es o business
g oups, he p e e ed me hods o ans e ing
incomes, and ea nings edis ibu ion in companies
ela ed by capi al, pe sonnel o con ac . Hence, he
applied app oach allows o he judgemen o whe he
ea nings managemen beha iou s implemen ed in
he business g oups a e consis en wi h he pa e ns
adop ed in he pa en i ms ha exe cise con ol o e
o he unde akings. Mo eo e , his s udy, alongside
c oss-sec ional es ing, conside s he analysis o
he ime-se ies da a app oach speci ic o indi idual
en e p ises. The p oposed esea ch me hodology
in ol es he ex ac ion o indi idual subca ego ies o
disc e iona y acc uals by c ea ing equa ions sepa a ely
o indi idual es ed companies and no o a sample
o en e p ises. The main eason o choosing such a
solu ion was he belie ha ea nings managemen
pa e ns a e speci ic o each company (and no he
indus y in which he company ope a es), which can be
con i med by, among o he s, assump ions o he uppe
echelons heo y (Hamb ick & Mason, 1984; Plöckinge
e al., 2016; Talea u e al., 2020). The e o e, al hough
he main e e ences in his esea ch a e obse a ions
om 2019–2021, he calcula ions necessa y o
g asping ea nings manipula ion beha iou s we e
pe o med o companies whose sha es we e aded in
WSE con inuously in 2012–2021. Cap u ing ea nings-
al e ing pa e ns in companies whose sha es ha e been
aded on s ock exchanges o long pe iods is ano he
dis inc i e ea u e o his a icle.
CEEJ • 11(58) • 2024 • pp. 286-304 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0019 289
2. Li e a u e e iew
2.1. The speci ici y o business g oups
as epo ing en i ies
The business g oup ope a ing in he Polish capi al
ma ke ( ollowing he p o isions o A . 3 o he Polish
Accoun ing Ac e e ed o as capi al g oup) includes
pa en unde akings wi h i s subsidia y and join ly
con olled subsidia y unde akings (Adamczyk, 2017).
Acco ding o he balance shee law, a cha ac e is ic
ea u e o his o ma ion is exe cising con ol o e
ano he obliga ion, which means he abili y o he
pa en company o di ec he inancial and ope a ing
policy o ano he unde aking o de i e economic
bene i s om i s ope a ions. F om he pe spec i e o
he egula o y sphe e, business g oups do no ha e
legal pe sonali y bu a e only c ea ed by a leas wo
en e p ises wi h such a pe sonali y. Howe e , in he
ligh o balance shee law, a business g oup is pe cei ed
as a sepa a e accoun ing en i y, and i s unc ioning
is ela ed o, among o he s, he obliga ion o p epa e
consolida ed inancial s a emen s, which es s wi h
he pa en company. The pu pose o consolida ion is
o combine he inancial s a emen o unde akings
comp ising a g oup o companies and pa ne ships
by agg ega ing he espec i e i ems in he inancial
s a emen s o he pa en and subsidia y unde akings,
conside ing he necessa y exclusions and adjus men s
(Adamczyk, 2017). The pa en unde aking should
p epa e he annual consolida ed inancial s a emen s o
i s g oup o companies o pa ne ships co e ing he da a
o he pa en unde aking and subsidia y unde akings
a all le els, p esen ed in such a manne as i he
g oups cons i u ed a single unde aking. The e o e, i
is p epa ed in he same way as he company’s sepa a e
inancial s a emen s. Consolida ion o inancial
s a emen s may be ca ied ou using he ull me hod,
he p opo ional me hod o he equi y me hod, and
he selec ion o he app op ia e p ocedu e depends
p ima ily on he scope o con ol exe cised by he
pa en i m o e subsidia y unde akings. Fo he sake
o o de , in excep ional si ua ions, he pa en company
may no p epa e consolida ed inancial s a emen s,
no include some subo dina ed unde akings in
consolida ion o exclude some unde akings ha
cons i u e he business g oup om consolida ion.
Due o hei peculia i ies, business g oups ha e
b oade oppo uni ies o selec ing balance shee
policies han indi idual economic uni s. In he case o
a g oup o companies o pa ne ships, he accoun ing
policy can be conside ed on wo le els, aking in o
accoun bo h accoun ing solu ions ypical o a i m
p epa ing inancial s a emen s on gene al p inciples,
as well as accoun ing p ac ices applicable only wi hin
business g oups (Figu e 1). The economic objec i es
The balance shee
policy o he business
g oup de eloped a he
pa en unde aking
le el
Accoun ing solu ions
ela ing o he business
g oup as a whole
The balance
shee policy o
he business
g oup Accoun ing guidelines
o indi idual
subo dina ed
unde akings
The balance shee
policy o he business
g oup de eloped a he
subo dina ed
unde akings le el
Figu e 1. A wo-dimensional app oach o he balance shee policy o a business g oup
Sou ce: own elabo a ion based on Remlein (2021)
CEEJ • 11(58) • 2024 • pp. 286-304 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0019 290
o lowe -le el pa en unde akings and subsidia y
companies a e usually consis en wi h he main goal
o he highe -le el pa en unde aking. The spec um
o he balance shee policy ools wi hin business
g oups conce ns bo h ins umen s esul ing om
he accoun ing policy implemen ed by he pa en
company, as well as ins umen s applicable a he le el
o consolida ion o indi idual inancial s a emen s
(e.g., ega ding he excep ions and exemp ions om
consolida ion, he ne asse alua ion, he alua ion
o he non-con olling in e es ) and ha embedded
wi hin he g oup’s in e nal balance shee policy
(e.g., he ans e p icing policy, he cash-pooling
ansac ions) (Remlein, 2021).
2.2. Ea nings managemen pa e ns
wi hin business g oups
Ea nings managemen occu s when manage s use
judgmen in inancial epo ing, lexibili y and
disc e ion in he selec ion o accoun ing policies, as
well as iming and s uc u ing ansac ions o al e
inancial epo s o ei he mislead some s akeholde s
abou he unde lying economic pe o mance o
he company o o in luence con ac ual ou comes
(Healy & Wahlen, 1999). The insigh abo e highligh s
ha manage s can manipula e ea nings using wo
dis inc app oaches. The i s o hem, e e ed o as
acc ual-based ea nings managemen , applies o he
egis a ion, eco ding and p esen a ion o economic
e en s by a c ea i e and non-s anda d in e p e a ion
o legally pe mi ed accoun ing p inciples, and hese
p ocedu es may esul in bo h di ec managemen in
e ms o shi ing e enue and cos s eams o e ime
and mis epo ing (Degeo ge e al., 1999). The second,
known as eal ea nings managemen , conce ns
implemen ing ope a ional ac i i ies beyond he
p e iously used pa e ns o con ince he company’s
s akeholde s ha he se economic objec i es ha e
been achie ed wi hin he company’s co e ac i i ies
(Roychowdhu y, 2006).
F om an ins umen al poin o iew, business
g oups ha e a wide spec um o ins umen s o
in luence hei ea nings esul in a desi ed way. As
Remlein e al. (2021) poin ed ou , one o he ools o
eal ea nings managemen used in business g oups is
designing ansac ions o sha es acquisi ions in o he
companies in such a way as o ob ain he desi ed
capi al ela ionship a e he ansac ion. McKee
(2005) indica ed acqui ing o spinning o new highly
p o i able companies o a g oup o ela ed en i ies,
as well as selling sha es in low-p o i companies as
impo an me hods o ea nings manipula ion in
business g oups. The men ioned ea nings managemen
echniques a e desc ibed in he li e a u e, espec i ely,
as he big be on he u u e and he h ow-ou o a
p oblem child, allowing he pa en company o
selec he app op ia e consolida ion ci cle. Piosik
and S ojek-Filus (2013), based on su eys conduc ed
among ep esen a i es o he inancial and accoun ing
se ices, con i med ha apa om commonly used
balance shee policy ins umen s such as dep ecia ion
w i e-o s, w i e-o s o ecei ables and in en o ies,
and ecognising and eleasing p o isions, business
g oups manage ea nings h ough goodwill w i e-
o s, me hods and es ima es used o conduc goodwill
impai men es s, and ma ching he condi ions
o conduc ing ansac ions be ween en i ies ha
cons i u e he business g oup. Re e ing o he las
men ioned ool o in luence epo ed ea nings quali y,
Ga ana e al. (2022) examined he ela ionships
be ween ela ed pa y ansac ions and di e en
ypes o ea nings managemen in I alian en e p ises.
Thei esea ch esul s lead o he conclusion ha
companies wi h highly ela ed pa y ansac ions a e
less likely o aise ea nings by o e p oduc ion and,
consequen ly, he sp ead o ixed p oduc ion cos s
o e a la ge numbe o manu ac u ed goods and he
educ ion o ixed cos pe uni sold. On he o he
hand, he signi ican posi i e ela ionships be ween
ela ed pa y ansac ions and abno mal le els o
disc e iona y expenses sugges ha i ms s i ing
o inc ease ea nings migh in en ionally educe
selling cos s, gene al and adminis a i e expenses, o
esea ch and de elopmen expendi u es o achie e he
se objec i es. Gene ally, Ga ana e al. (2022) showed
a s a is ically posi i e ela ionship be ween ela ed
pa y ansac ions and managing ea nings downwa d
bu no in ela ion o manipula ing ea nings upwa d.
As an aside, simila s udies on he Chinese capi al
ma ke we e p e iously conduc ed by Cheung e al.
(2009) and Hwang e al. (2013).
The p io li e a u e indica es inclusi e
indings abou he scope and di ec ions o ea nings
managemen p ac ices in companies wi h capi al,
pe sonal o con ac ual ies. Re e ing o in e na ional
compa isons, Beuselinck e al. (1999) in es iga ed
he de e minan s o ea nings managemen p ac ices
wi hin mul ina ional co po a ions om 91
coun ies. They p o ed ha companies conduc ing
hei ope a ions h ough se e al o eign and
domes ic a ilia es s i e o al e ea nings h ough
CEEJ • 11(58) • 2024 • pp. 286-304 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0019 291
coo dina ed epo ing s a egies ac oss subo dina ed
unde akings. A he same ime, pa en companies
es ablished in coun ies wi h high-quali y ins i u ions
end o manage consolida ed ea nings mo e h ough
subsidia ies in low-quali y ins i u ional en i onmen s.
Alawang (2021), based on obse a ions o business
g oups om 73 coun ies, e ealed ha ea nings
managemen pa e ns in pa en and nonpa en
unde akings a e s a is ically di e en . He no ed ha
pa en unde akings ha e lowe abno mal p oduc ion
cos s and abno mal disc e iona y expenses han
subo dina ed i ms, bu , on he o he hand, pa en
companies ha e highe abno mal cash low om
ope a ions han o he en i ies ha cons i u e he
business g oups.
Howe e , he as majo i y o exis ing s udies
on unde aken issues ha e been p epa ed o ake
in o accoun coun y-speci ic condi ions o business
ac i i y and applicable accoun ing, comme cial and ax
law in he conside ed egion. Kim and Cheong (2006)
p o ed ha a ilia ions o business g oups a e one o
he impo an ac o s a ec ing ea nings managemen
beha iou s in Ko ean i ms. They s a is ically
e idenced ha in eg a ed en e p ises ended o al e
ea nings mo e in ensely han independen i ms and
sugges ed ha conduc ing business ope a ions wi hin
he g oup o companies p o ides he con olling
sha eholde s o subo dina ed i ms wi h s onge
incen i es o engage in ea nings manipula ions o
co e up hei oppo unis ic beha iou . Beuselinck
and Deloo (2014) showed ha Belgian business
g oups al e hei ea nings mo e han non-in eg a ed
companies, explaining ha g oup i ms ha e mo e
ools and oppo uni ies o manage ea nings han
s and-alone en e p ises. Fu he mo e, hey ound
ha ully-owned g oup i ms implemen ea nings
managemen o a g ea e ex en , con i ming he
hypo hesis ha con olling sha eholde s ace ewe
cons ain s in managing he ea nings o a ully-owned
subo dina ed i m. Bonacchi e al. (2018) e ealed
ha he acc ual-based and eal ea nings managemen
le els in i s -le el subsidia y unde akings in I aly a e
gene ally highe han in pa en companies. Mo eo e ,
hey disco e ed ha pa en unde akings use hei
subsidia ies in he a ea o ea nings manipula ion o
bea a h eshold and a oid inancial losses bu no o
mee ma ke analys expec a ions. Khan and Kamal
(2022), explo ing ea nings managemen pa e ns in
business g oups in he con ex o pa en –subsidia y
links, ga he ed e idence ha Pakis ani companies
belonging o business g oups educes acc ual-based
ea nings managemen . Howe e , he same conclusion
conce ning eal ea nings managemen ac i i ies in
es ed en e p ises could no be con i med. In u n,
Mu akin e al. (2017) p esen ed di e en conclusions
ega ding companies om Bangladesh, claiming
ha he le el o disc e iona y acc uals is posi i ely
associa ed wi h business g oup a ilia ion s a us.
2.3. Ea nings managemen du ing he
SARS-CoV-2 economic u bulences
The economic si ua ion signi ican ly impac s he
unc ioning o en e p ises in he capi al ma ke . The
ou b eak o he pandemic con ibu ed o changing
he condi ions o he coun y’s mac oeconomic
en i onmen , a ec ing, among o he hings, he
adop ed ea nings managemen beha iou s (Kłysik-
U yszek & U yszek, 2022). Lizińska and Czapiewski
(2023), based on es ima ed alues o disc e iona y
acc uals, showed ha non- inancial join -s ock
companies ope a ing in he WSE we e less p one o
aise ea nings bu mo e eage o manage ea nings
downwa d du ing he i s yea o he pandemic
pe iod. Mo eo e , hey indica ed ha public companies
end o adop a big ba h s a egy h ough accoun ing-
ype ea nings manipula ion in he pandemic
yea s. On he o he hand, hey p o ed s a is ical
di e ences in pa e ns o eal ea nings managemen
o he p e-pandemic (2019) and he pandemic
(2020) yea s compu ed by he mix o abno mal le els
o disc e iona y expenses and abno mal le els o
cash low om ope a ions. Gene ally, acco ding
o he au ho s, examined companies e ol ed in o
mo e agg essi e income-inc easing s a egies ia
eal ansac ions du ing he inancial c isis caused
by he SARS-CoV-2 pandemic. An in e na ional
compa ison o he impac o he pandemic on ea nings
managemen o 46 coun ies by Lee e al. (2024) based
on qua e ly inancial s a emen s showed ha i ms in
coun ies mo e a ec ed by COVID-19 ou b eaks we e
mo e likely o manage ea nings h ough eal ea nings
managemen han i ms in coun ies wi h less se e e
COVID-19 ou b eaks. Addi ionally, he es ima ion
esul s p epa ed o Poland indica e he occu ence
o nega i e a e age alues o disc e iona y acc uals
sepa a ed by a ious models, indica ing a endency o
manage ea nings downwa d by Polish companies in
2020. Yaşa and Yalçın (2024), ocusing hei a en ion
on en e p ises om ou Eu opean coun ies (i.e., he
Uni ed Kingdom, I aly, Spain, and Tu key), p o ed ha
du ing pe iods o high unce ain y, manage s ended
o engage in acc ual-based ea nings managemen
CEEJ • 11(58) • 2024 • pp. 286-304 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0019 292
mo e han in p e-pandemic yea s. A he same ime,
he di ec ions o manage ial in luence on he epo ed
da a migh be a ied (bo h o income-inc easing
and income-dec easing ac i i ies). These conclusions
apply o all analysed coun ies. Di e en conclusions
o 15 Eu opean coun ies we e p esen ed by Lassoued
and El Mehdi (2021). They ound ha , indeed, du ing
economic u bulences in 2020, examined companies
ended o p esen lowe -quali y epo ed ea nings.
Howe e , manage s s i e o ob ain he se economic
objec i es by al e ing ea nings upwa d, which can be
explained by he desi e o display an accep able le el
o inancial esul s in s akeholde s’ eyes and alle ia e
he nega i e e ec s o he pandemic on he company’s
economic pe o mance. Ali e al. (2022), in es iga ing
public companies om he G-12 coun ies, disco e ed
ha examined en e p ises seemed less in ol ed in
ea nings managemen p ac ices du ing he SARS-
CoV-2 pandemic han in he p e-pandemic pe iod.
They also disco e ed ha en i ies in coun ies s ongly
hi by he consequences o he SARS-CoV-2 pandemic
did no epo a signi ican dec ease in ea nings
manipula ion by acc uals.
Se e al s udies based on quali a i e esea ch
examine he impac o he SARS-CoV-2 pandemic
on ea nings quali y. Ushe a and Vagne (2021), using
a s anda d ques ionnai e su ey, ound ha due o
es ic ions on he company’s ope a ions du ing he
pandemic disease, manage s conside ed managing
ea nings by c ea ing a ce ain ese e in he o m o
a sa ings accoun . U ilising he cookie ja ese es
echnique was supposed o help he company ba gain
wi h mo e c i ical condi ions and e ade bank up cy.
In u n, Compo ek and Shchy ba (2024) showed
ha mos inance manage s and employees o
inancial and accoun ing se ices exp essed ha he
pandemic has con ibu ed o he in ensi ica ion o
ea nings manipula ion in he Polish capi al ma ke .
The pe cep ion o he SARS-CoV-2 ou b eak as a
signi ican ac o o changes in ea nings managemen
pa e ns in public companies was s a is ically ela ed o
such a iables as he in e iewees’ p e ious expe ience
wi h ea nings managemen ac i i ies, assessmen o
he e hicali y o ea nings- ocused decisions and he
size o he company compu ed by sales e enues.
I is no ewo hy ha he numbe o publica ions
on he links be ween he ea nings managemen
phenomenon and he SARS-CoV-2 pandemic is
g owing apidly. The as majo i y o hem a e
conce ned wi h he consequences o he impac o he
pandemic on in o ma i i y and quali y o epo ed
da a om he pe spec i e o selec ed coun ies
(Jo dan e al., 2021; Yan e al., 2022; Fu e al., 2022;
Hsu & Jan, 2023; Ga a a e al., 2023) o speci ic ypes
o en e p ises unde conside a ion (Taylo e al., 2022;
B annan e al., 2024, e c.).
3. Me hodology
3.1. Resea ch sample
The esea ch sample used in his pape included 189
business g oups whose sha es we e con inuously
aded in he WSE om 2012 o 2021. Capi al g oups
conduc ing business in banking and insu ance
(codes 110 and 120 acco ding o he WSE sec o
classi ica ion) and hose ha did no p o ide all
he necessa y inancial da a o calcula ions we e
emo ed om he esea ch sample. The esea ch
sample selec ion, including s able companies lis ed on
he s ock exchange o a leas en consecu i e yea s,
was mo i a ed by applying a ime-se ies da a app oach
in sepa a ing disc e iona y acc uals and ex ac ing
abno mal acc uals sepa a ely o indi idual business
g oups. The p oposed esea ch me hod allowed,
among o he aspec s, o a oid p esen ing abo e-
a e age disc e iona y acc uals in connec ion wi h
IPOs, which cons i u e an incen i e o pu o wa d
he company’s inancial esul in a be e ligh in he
eyes o i s s akeholde s and engaged manage s in mo e
agg essi e income-inc easing ea nings managemen
(Lizińska & Czapiewski, 2016).
3.2. Acc ual-based ea nings
managemen measu es
The impac o he pandemic c isis on accoun ing- ype
ea nings manipula ions was measu ed by analysing he
ex en and di ec ions o disc e iona y acc uals o e he
pe iod 2019–2021. Acco dingly, i SARS-CoV-2 does
a ec ea nings manipula ions, signi ican di e ences
in he magni ude and sign o disc e iona y acc uals
we e expec ed be ween he p e-pandemic pe iod
(2019), ansi ional pe iod (2020) and he c isis yea
(2021). The sepa a ion o he ansi ion pe iod in he
s udy is explained by he ac ha he i s con i med
cases o SARS-CoV-2 and he s a e o epidemic h ea
in Poland occu ed in Ma ch 2020, and he e o e, he
en i e yea 2020 canno be conside ed a pandemic.
CEEJ • 11(58) • 2024 • pp. 286-304 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0019 293
The in e p e a ion and assessmen o he scope o
he ea nings managemen phenomenon in epo ing
en i ies depends signi ican ly on he adop ed me hod
o ex ac ing indi idual subca ego ies o acc uals. In
his esea ch, he sepa a ion o disc e iona y acc uals
(DACC) was ca ied ou by he Modi ied Jones model
(Dechow e al., 1995). Thus, he alue o abno mal
acc uals equals he andom e o in he examined
eg ession model. When disc e iona y acc uals
de ia e signi ican ly om ze o, i sugges s a highe
deg ee o acc ual-based ea nings manipula ion in
he company. The Modi ied Jones model adop s he
ollowing analy ical o mula:
𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑡𝑡𝑡𝑡
𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑡𝑡𝑡𝑡−1 =𝛼𝛼𝛼𝛼1�1
𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑡𝑡𝑡𝑡−1�+𝛼𝛼𝛼𝛼2�∆𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑡𝑡𝑡𝑡−∆𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑇𝑇𝑇𝑇𝑡𝑡𝑡𝑡
𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑡𝑡𝑡𝑡−1 �+𝛼𝛼𝛼𝛼3�𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑅𝑅𝑅𝑅𝑡𝑡𝑡𝑡
𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑡𝑡𝑡𝑡−1�+𝜀𝜀𝜀𝜀𝑡𝑡𝑡𝑡
(1)
Whe e: TACC – o al acc uals in pe iod (de e mined by
he balance shee app oach o he cash low app oach); TA
– o al asse s in yea ; REV – e enues om sales in yea
; REC – ne ecei ables in yea ; PPE – g oss p ope y,
plan and equipmen in yea ; α1, α2, α3 – a i m-speci ic
pa ame e (in he eg ession model);
ε
– a andom e o .
The calcula ion o o al acc uals e e s o
changes in non-mone a y componen s o wo king
capi al (Ga cia La a e al., 2005; Mendes e al., 2012;
W óblewski e al., 2017). The balance shee app oach
enables obse ing he agg ega e e ec s o ea nings
managemen p ocesses, such as accele a ing he
ecogni ion o ecei ables o w i e-o s o ecei ables
and in en o ies, calcula ing o al acc uals based on
he ollowing o mula:
TACC =(
D
CA -
D
CASH )-(
D
CL -
D
)-DEP (2)
Whe e: CA – cu en asse s in pe iod ; CASH – sho -
e m in es men s in yea ; CL – cu en liabili ies in yea
; STD – sho - e m deb s in yea ; DEP – dep ecia ion in
he iscal yea ; o he designa ions – as abo e.
The p oposed esea ch app oach allowed also
ob aining an answe o he ques ion o whe he
he applied me hods o calcula ions o indi idual
subca ego ies o acc uals (c oss-sec ional s i m-
speci ic ime-se ies app oach) de e mine s a is ically
he scale o he ea nings managemen phenomenon
in business g oups du ing he SARS-CoV-2
pandemic. The ime-se ies and c oss-sec ional
app oaches deli e concep ually di e se es ima es
o disc e iona y acc uals. The i s me hod uses
da a om an es ima ion pe iod du ing which no
sys ema ic ea nings managemen is expec ed o occu .
I s disad an age is he assump ion ha he empo al
model equi es a sample ha p o ides a leas hese
obse a ions o each company. Consequen ly,
companies unde in es iga ion a e usually ma u e
business en i ies wi h g ea e epu a ional capi al o
lose i ea nings manipula ions a e unco e ed. Hence,
his i m-speci ic ime-se ies da a app oach could
in oduce a selec ion bias (Callao e al., 2017). In u n,
he c oss-sec ional app oach assumes homogenei y
ac oss i ms in he same indus y (La ke &
Richa dson, 2004), so he p obabili y o de ec ing
i egula i ies in epo ed da a is lowe i such acc uals
a e co ela ed o se e al companies om he same
indus y. Je e and Shi akuma (1999) e en no iced
ha only en e p ises whose acc uals a e nega i e
ela i e o he indus y benchma k could be iden i ied
as ea nings manipula o s. In u n, Bagnoli and Wa s
(2000) showed ha companies a e much mo e willing
o manage ea nings i hei di ec compe i o s in he
sec o also s i e o al e inancial esul s. Hence,
when es ima ing disc e iona y acc uals using c oss-
sec ional eg ession, he alue o nondisc e iona y
acc uals may be o e s a ed, and, in u n, he le el o
abno mal acc uals may be unde es ima ed.
3.3. Empi ical models speci ica ion
To examine he in luence o he SARS-CoV-2
pandemic on ea nings managemen pa e ns in
business g oups and pa en unde akings, we use
he o dina y leas squa e (OLS) wi h obus s anda d
e o s on he pooled panel sample. The o mula o he
adop ed model is as ollows:
𝐷𝐷𝐷𝐷𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑡𝑡𝑡𝑡=𝛼𝛼𝛼𝛼0+𝛼𝛼𝛼𝛼1𝑌𝑌𝑌𝑌𝑅𝑅𝑅𝑅𝑇𝑇𝑇𝑇𝑅𝑅𝑅𝑅+ �𝑇𝑇𝑇𝑇𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝑇𝑇𝑇𝑇𝑅𝑅𝑅𝑅𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶 𝑅𝑅𝑅𝑅𝑇𝑇𝑇𝑇𝑅𝑅𝑅𝑅𝑉𝑉𝑉𝑉𝑇𝑇𝑇𝑇𝑉𝑉𝑉𝑉𝐶𝐶𝐶𝐶𝑅𝑅𝑅𝑅𝑉𝑉𝑉𝑉
𝑛𝑛𝑛𝑛=9
𝑖𝑖𝑖𝑖=1
+ 𝜀𝜀𝜀𝜀𝑡𝑡𝑡𝑡
(3)
The main a iable YEAR es s he e ec o
he SARS-CoV-2 pandemic on he a iance o
disc e iona y acc uals (Aljughaiman e al., 2023;
Yaşa & Yalçın, 2024). As con ol a iables desc ibing
i m-speci ic a ibu es ha po en ially a ec he
magni ude o acc ual-based ea nings managemen in
he es ed sample, we used asse s s uc u e (TANG),
g ow h oppo uni ies (GO), company p o i abili y
(ROA), he le el o e ained ea nings (RET), long-
e m liabili ies (LTL), le e age (LEV), ope a ional isk
(EVOL), e ec i e ax a e (ETR) and non-deb ax shield
CEEJ • 11(58) • 2024 • pp. 286-304 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0019 300
6. Conclusions
The ea nings managemen phenomenon highligh s
he impo ance o manage s’ disc e iona y in luence
on epo ing da a quali y. The implemen ed ea nings
manipula ion p ac ices depend no only on he adop ed
accoun ing p inciples bu also on applied accoun ing
es ima es, p o essional judgmen and s akeholde s’
expec a ions ega ding he u u e inancial s anding
o he company (G abiński, 2016).
The impac o mac oeconomic ac o s on business
g oups’ inancial si ua ion is no ob ious and comple ely
p edic able. On he one hand, he economic c isis may
encou age manage s o epo high losses pe he
assump ions o he big ba h echnique o demons a e
imp o emen in he company’s s anding in subsequen
pe iods. On he o he hand, i ms hoping o de end
hei expec ed inancial esul s may ha e a s onge
incen i e o inc ease hei inancial esul s. This
si ua ion has been demons a ed, among o he s, in he
es ed sample abou he c isis yea (2021). The s i ing
o capi al g oups ope a ing in he WSE o al e
ea nings upwa d may be impo an in o ma ion o
audi o s, who pay much mo e a en ion o he p ac ice
o in en ional o e s a emen o epo ed ea nings due
o he isk o company bank up cy o he isk o loss
o epu a ion (K ishnan e al., 2011).
The empi ical esea ch canno be gene alised o all
companies om he Polish capi al ma ke . Howe e ,
hey d aw a en ion o he need o u he s udies
on he issue o ea nings quali y in business g oups
du ing economic u moil, including he c isis caused
by he SARS-CoV-2 pandemic. The di ec ion o
u he empi ical obse a ions may be he assessmen
Table 7. The e ec o he SARS-CoV-2 pandemic and inancial dis ess on acc ual-based ea nings managemen
Va iables Time-se ies da a app oach C oss-sec ional app oach
2019-2020 2020-2021 2019-2020 2020-2021
B (S . E o ) B (S . E o ) B (S . E o ) B (S . E o )
In e cep -0.008 0.013 0.024* 0.013 -0.035 0.020 -0.016 0.018
YEAR 0.039*** 0.011 0.028*** 0.010 0.018 0.016 0.035** 0.014
DIST 0.002** 0.001 -0.002*** 0.001 0.003*** 0.001 0.001 0.001
YEAR*DIST -0.004*** 0.001 -0.001* 0.000 -0.002 0.001 0.001** 0.000
TANG -0.004 0.025 -0.039 0.025 0.011 0.037 -0.023 0.035
GO -0.064 0.067 -0.075 0.066 0.088 0.098 0.069 0.093
ROA 0.250*** 0.026 0.317*** 0.044 0.609*** 0.038 0.390*** 0.062
RET -0.015*** 0.005 -0.013*** 0.003 -0.023** 0.008 -0.006 0.005
LTL -0.041*** 0.007 -0.033*** 0.005 -0.006 0.011 0.005 0.007
LEV -0.001 0.001 0.000 0.001 -0.001 0.001 -0.002 0.001
EVOL -0.001 0.000 -0.003** 0.001 -0.001** 0.000 -0.008*** 0.001
ETR 0.004 0.006 0.000 0.001 0.002 0.008 -0.001 0.001
NDTS -0.147 0.148 0.039 0.162 -0.351 0.216 -0.150 0.227
R0.594 0.503 0.705 0.522
R20.353 0.253 0.497 0.272
Adj. R20.331 0.228 0.481 0.248
D-W 1.951 2.000 1.852 1.938
Sig <0.001 <0.001 <0.001 <0.001
CI 7.774 9.393 7.774 9.393
***/**/* indica e signi icance a he 0.01/0.05/0.10 le els, espec i ely
Sou ce: own elabo a ion
CEEJ • 11(58) • 2024 • pp. 286-304 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0019 301
o ea nings managemen by conside ing epo ing
in o ma ion aken om qua e ly o hal -yea ly
inancial s a emen s, which will con ibu e o mo e
p ecise judgmen s in ecognising he ime p o ile
o unde aken acc ual-based ea nings managemen
ac i i ies.
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