Bu lacu, Geo giana; Robu, Ioan-Bogdan
A icle
Analysis o Acc uals Ea nings Managemen Using he
Jones Model. The Case o Romania Lis ed Companies
Jou nal o Accoun ing and Managemen In o ma ion Sys ems (JAMIS)
P o ided in Coope a ion wi h:
The Bucha es Uni e si y o Economic S udies
Sugges ed Ci a ion: Bu lacu, Geo giana; Robu, Ioan-Bogdan (2024) : Analysis o Acc uals Ea nings
Managemen Using he Jones Model. The Case o Romania Lis ed Companies, Jou nal o Accoun ing
and Managemen In o ma ion Sys ems (JAMIS), ISSN 2559-6004, Bucha es Uni e si y o Economic
S udies, Bucha es , Vol. 23, Iss. 1, pp. 50-75,
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Accoun ing and Managemen In o ma ion Sys ems
Vol. 23, No. 1, pp. 50-75, 2024
DOI: h p://dx.doi.o g/10.24818/jamis.2024.01003
Analysis o acc uals ea nings managemen
using he Jones Model. The case o Romania
lis ed companies
Geo giana Bu lacu
1
,a and Ioan-Bogdan Robu a
aFacul y o Economics and Business Adminis a ion, Alexand u Ioan Cuza
Uni e si y o Iași, România
Abs ac
Resea ch Ques ion: To wha ex en ea nings managemen ope a ions a e used by Romanian
en i ies lis ed on a egula ed ma ke and wha is he impac o hese ope a ions on he quali y
o epo ed inancial in o ma ion?
Mo i a ion: The inancial s a emen s epo ed by each en i y a e in ended o p o ide use ul
in o ma ion all he use s, hey a e in ended o desc ibe clea ly and hones ly p esen s he
inancial posi ion and pe o mance and cash lows espec i ely. The e a e cases whe e, ou
o a desi e o gain he us o s akeholde s (in es o s and o he equi y p o ide s), some
en i ies end o commi manipula ions in inancial epo ing using ea nings managemen .
Idea: The s udy aims o assess he ex en o which he ope a ions o ea nings managemen
a e used by he Romanian en i ies lis ed on a egula ed ma ke and he impac o hese
ope a ions on he quali y assu ance o he epo ed inancial in o ma ion.
Da a: This s udy was conduc ed based on he in o ma ion collec ed om he annual inancial
s a emen s o he en i ies ha a e lis ed on he Bucha es S ock Exchange, o he pe iod
be ween 2019-2021
Tools: The collec ed da a we e analyzed using he Jonse model based on he linea eg ession
analysis.
Findings: Using he Jones model based on he linea eg ession analysis, he esul s o he
s udy indica e a dis o ion o he esul s p esen ed by he analyzed companies, a solid eason
being gi en by he nega i e e ec s o he Co id-19 pandemic wi h a s ong impac on he
economic en i onmen .
1
Co esponding au ho : Doc o al School o Economics and Business Adminis a ion,
Alexand u Ioan Cuza Uni e si y o Iasi, Romania, Ca ol I Bl d no. 22, email add esses:
bu lacu.geo giana@ eaa.uaic. o
Analysis o acc uals ea nings managemen using he Jones Model.
The case o Romania lis ed companies
Vol. 23, No. 1 51
Con ibu ion: This s udy p o ides an o e iew o he concep o ea nings managemen based
on in o ma ion om he specialized li e a u e. The analysis o ea nings managemen
p ac ices was unde aken on he lis ed en i ies in Romania.
Keywo ds: ea nings managemen , disc e iona y acc uals, capi al ma ke ,
inancial s a emen
JEL codes: C59, M41
1. In oduc ion
En i ies a ound he wo ld a e con inuously conce ned o achie e he bes esul s and
gi e s akeholde s he bes possible iew o he en i y's pe o mance (Rus & Achim,
2020). Using he inancial in o ma ion o en i ies lis ed in a capi al ma ke ,
s akeholde s ha e he bene i o inding ou issues ela ed o hei s a us,
pe o mance, business plans. The quali y o he decisions ha a e made by po en ial
in es o s depends signi ican ly on he eali y o his in o ma ion (Is a e e al., 2015).
In he cu en economic con ex , en i ies a ound he wo ld a e aced wi h he p oblem
o audulen ac i i ies, which can ake many o ms. Due o nume ous accoun ing
scandals, con idence in he eliabili y and objec i i y o he inancial s a emen s o
s akeholde s has been signi ican ly educed (Bha acha jee e . al., 2016). Unde he
in luence o inancial auds, espec i ely as a esul o ea nings managemen and
o he c ea i e accoun ing echniques, he quali y o in o ma ion is a ec ed, wi h a
di ec impac on he dec ease o anspa ency in he epo ing o inancial
in o ma ion (De i e al., 2021). Howe e , he inancial in o ma ion epo ed by he
lis ed en i ies is subjec o inancial audi , whe eby he audi o , as an independen
p o essional, assesses ha he inancial s a emen s a e p epa ed in acco dance wi h
he e e en ial o applied epo ing (Ca p & Is a e, 2021). Howe e , a aud can
co up e e y hing, e en he independence and objec i i y o he inancial audi o ,
and, no in equen ly, his complici y in concealing o commi ing audulen
inancial ac s has been p o en (Robu, 2014).
Ea nings managemen (EM) is a e y widesp ead concep ha has a oused in e es
om esea che s in he con empo a y pe iod, being conside ed one o he ele an
aspec s o be discussed in cu en accoun ing (Filip & Ra ou nie , 2014; Vladu &
Cuzd io ean, 2014; Is a e, 2019). I occu s when "manage s y o modi y inancial
epo s ei he o mislead some s akeholde s abou he unde lying economic
pe o mance o he en i y o o in luence he esul s ha depend on he epo ed
accoun ing igu es" (Healy & Wahlen, 1999).
Accoun ing and Managemen In o ma ion Sys ems
52 Vol. 23, No. 1
This s udy aims o look a how acc uals ea nings managemen used o manipula e
inancial in o ma ion a e used by manage s o manipula e epo ed esul s and how
his in o ma ion in luences use s in decision-making. The main objec i e o he
s udy app oach is o analyze and es ima e he occu ence o dis o ions in inancial
epo ing o he en i ies unde analysis, as a esul o he use ea nings managemen
de e mined by acc uals. The pu pose o his s udy is o e iew he main in o ma ion
on ea nings managemen , based on a se ies o ep esen a i e da a on he case o be
analyzed.
The p esen s udy has he ollowing s uc u e: in he i s sec ion, espec i ely he
in oduc ion, he p oblem ha is in ended o be analyzed is p esen ed, he
in o ma ion ha highligh s he impo ance o he s udy, ollowed by he second
sec ion ha includes concep ual elemen s in e ms o ea nings managemen , he mos
ele an Romanian s udies ha ha e ocused hei a en ion on he analysis and
e alua ion o ea nings managemen o he Romanian en i ies quo ed o e ime, in
o de o de elop he esea ch hypo heses, and las bu no leas , he p esen a ion o
some impo an aspec s abou he model o be used o acc uals-based ea nings
managemen analysis o he selec ed pe iod. The las pa includes he pa o he
analysis i sel , as well as he esul s ob ained, ollowed by discussions and
conclusions, limi s, espec i ely u u e esea ch pe spec i es.
2. Li e a u e e iew and hypo hesis de elopmen
One o he mos widesp ead p ac ices a ec ing he quali y o he en i y's inancial
epo ing is gi en by he ea nings managemen . Ea nings managemen a ec s he
p ocess o inancial epo ing by exploi ing accoun ing policies in he o m o
in o ma ion ha does no e lec hei ac ual pe o mance (Talab e al., 2017).
2.1 The use o ea nings managemen in he manipula ion o inancial s a emen
O e ime, nume ous s udies ha e p o ided de ini ions in e ms o ea nings
managemen . In his ega d, i can be men ioned Beneish (1999), who s a es ha he
ex en o which esul s a e manipula ed has a oused in e es om inancial analys s,
esea che s, egula o s.
Among he i s o y o p o ide a de ini ion o he concep o ea nings managemen
is Schippe (1989). He conside s his concep as an in en ional ac ion in he inancial
epo ing p ocess, aimed a ob aining inancial gains. Fo hei pa , Healy and
Wahlen (1999) o e s a b oade de ini ion o ea nings managemen . Acco ding o
hei de ini ion: ea nings managemen occu s when manage s modi y inancial
epo s o mislead some s akeholde s abou he unde lying economic pe o mance o
he en i y.
Analysis o acc uals ea nings managemen using he Jones Model.
The case o Romania lis ed companies
Vol. 23, No. 1 53
Dechow and Skinne (2000) belie es ha ea nings managemen a e p ac ices
legi ima ely used by managemen in o de o decei e use s in o ma ion’s use s.
Salno and Ba idwan (2000) using an agency heo y app oach s a e ha ea nings
managemen a e in luenced by con lic s o in e es be ween manage s (agen ) and
adminis a o (p incipal), which a ise as a esul o each pa y wan ing o achie e o
conside he le el o p ospe i y hey desi e.
Sco (2003) de ines ou come managemen as a choice on he pa o managemen ,
accoun ing policies, o achie e ce ain goals. A he same ime, o he esea che s
conside ha ea nings managemen is he use o lexible accoun ing p inciples ha
allow manage s o in luence epo ed ea nings so ha he epo ed income is highe
o lowe han i would o he wise be (Da idson III e al., 2004).
Based on hese de ini ions, some s udies nuance he idea ha illegi ima e
managemen o he inancial esul s ob ained would na u ally lead o audulen
inancial epo ing, which in u n could mislead he use s o his in o ma ion
(Ghazali e al., 2015).
Ea nings Managemen is classi ied in o wo ca ego ies, namely: acc uals ea nings
managemen and eal ea nings managemen (Roychowdhu y, 2006; Gunny, 2010;
And eas, 2017). Acc uals managemen in ol es accoun ing choices ha y o
"hide" o "mask" ue economic pe o mance (Dechow & Skinne , 2000). I is based
on he p o essional easoning ma e ialized in choosing ce ain accoun ing me hods
o making es ima es, ac ions ha ha e no di ec consequences on cash lows (Ca p
& Geo gescu, 2019). Real ea nings managemen e e s o changing he s uc u e and
ime o he en i y's no mal ac i i ies in an a emp o achie e ce ain objec i es
(Roychowdhu y, 2006; Huian e al., 2018). Fu he mo e, ac ual ea nings
managemen is he manipula ion ca ied ou by he en i y's ope a ing ac i i ies ha
di ec ly in luence i s cash low (Sun & Lan, 2014, Susan o, 2017).
In he li e a u e, REM p ac ices a e classi ied acco ding o h ee ca ego ies o
ac i i ies, namely: ope a ing ac i i ies decisions, in es men decisions and inancing
decisions (Roychowdhu y, 2006; Sellami, 2015; Xu e al., 2007). The ad an ages o
REM p ac ices compa ed o AEM p ac ices a e gi en by he ease o achie ing he
desi ed esul and de ec ion by egula o s o audi o s (Da mawan e al., 2019).
Howe e , he de ec ion o ea nings managemen echniques also depends on he
audi o 's con ol (Doukakis, 2014). The disad an age o eal ea nings managemen
is he impac on he en i y's u u e cash low. The e o e, his p ac ice mus be
an icipa ed by manage s, in o de no o endange he no mal ac i i y o he en i y
(Da mawan e al., 2019). REM p ac ices a e conside ed much mo e dange ous han
AEM because hey ha e a di ec impac on he company's pe o mance (Bede sche ,
2011; Sakaki e al., 2017). In he li e a u e, he mos discussed and used o m o
esul s managemen is acc ulas ea nings managemen (AEM) (Is a e e al., 2015;
Jackson, 2017; Wali, 2017, Ch is ensen e al., 2020, Al adhael e al., 2021). AEM
Accoun ing and Managemen In o ma ion Sys ems
54 Vol. 23, No. 1
p ac ices appea e y o en discussed in many s udies, as well as hei impac on he
pe o mance and alue o he en i y (Susan o, 2017, Su isno e al., 2019, An on &
Ca p, 2020, Ind iani & Pujiono, 2021).
Callao e al. (2017) in es iga es ea nings managemen h ough di e en models o
eme ging eas e n Eu opean coun ies. They analyze ou di e en and independen
samples om eme ging Eas e n Eu opean coun ies: Poland, Hunga y, Slo akia and
he Czech Republic, since ea nings managemen in Eas e n Eu opean coun ies is
s ill ba ely explo ed. Models used in he s udy a e: Jones (1991), Modi ied Jones
(1995), Kang and Si a anak ishnan (1995), Shi akuma (1996), Key (1997), Teoh
e al. (1998), Kasznik (1999), Yoon and Mille (2002), Dechow e al. (2003), Ko ha i
e al. (2005). The empi ical esul s indica e ha among di e en ea nings
managemen models, he Jones (1991), Shi akuma (1996), Kasznik (1999) and
Yoon and Mille model (2002) o e he mos eliable esul s o de ec ing ea nings
managemen in eme ging Eas e n Eu opean economic en i onmen .
In his s udy, Susan o (2017) examines he in luence o acc uals ea nings
managemen and eal ea nings managemen on i m alue in Indonesia. The
analyzed sample consis ed o 162 en i ies lis ed on he Indonesian S ock Exchange
o he pe iod 2012-2015. The collec ed da a we e analyzed using he mul iple
eg ession me hod. The esul s ob ained showed ha acc uals ea nings managemen
posi i ely and signi ican ly in luence he en i y alue, and eal ea nings managemen
in he opposi e di ec ion. Suna di (2018) examines he e ec o ea nings
managemen on he alue o he en i y be o e and when IFRS implemen a ion was
mode a ed by he i m's li e cycle. The sample analyzed comp ises 192 lis ed en i ies
in Nige ia, o he pe iod 2010-2016, he pe iod 2010-2011 was analyzed o explain
wha happened be o e IFRS was applied, while he pe iod 2012-2016 explained he
iming o IFRS applica ion. The esul s o he s udy showed ha ea nings
managemen had a posi i e and signi ican e ec on he i m alue wi h he
applica ion o IFRS. I was also ound ha inc eased sales and i m senio i y
s eng hen he in luence o e enue managemen on i m alue p io o IFRS
implemen a ion.
Olan uji e al. (2020) ocused on acc ual-based ea nings managemen and eal-based
ea nings managemen and hei e ec s on he i m alue o a lis ed manu ac u ing
i m in Nige ia. The s udy ound ha acc ual-based ea nings managemen , e lec ed
by abno mal disc e iona y ea nings (ADA), has a posi i e e ec on is posi i ely
linked o e u n on equi y (ROE), a measu e o manu ac u ing companies' i m alue.
Ind iani and Pujiono (2021) examines he ea ning managemen issue in companies
lis ed on he Indonesian S ock Exchange using he modi ied Jones model. The
sample consis s o 450 en i ies, om 8 sec o s o ac i i y (essen ial and chemical
Analysis o acc uals ea nings managemen using he Jones Model.
The case o Romania lis ed companies
Vol. 23, No. 1 55
indus y; consume goods; se ices; mining, oil, na u al gas; plan a ion; p ope y and
eal es a e; and banking). The pe iod unde e iew uns om 2015 o 2019. The
esul s o he s udy indica e ha he e a e di e ences in ou come managemen
p ac ices ac oss di e en business sec o s. S udies in he li e a u e demons a e ha
companies can use bo h acc uals ea nings managemen p ac ices and eal ea nings
managemen p ac ices (Sellami, 2016, Das e al., 2017, Shah e al., 2020). Zang
(2012) examines USA en i ies and demons a es ha en i ies subs i u e o he wo
me hods o ea nings managemen . Ano he s udy ha eaches he same conclusion
is ha o Anagnos opoulou & Tsek ekos (2017), Elkalla (2020).
In he li e a u e, i is s a ed ha manage s' a i ude owa ds engaging in ea nings
managemen , whe he h ough AEM o REM, emains an issue unde analysis, as
does he likelihood ha manage s p ac ice AEM o REM (Compo ek, 2020; O uke
e al., 2021). In ecen yea s, he e a e s udies claiming ha manage s eso o bo h
ypes o EM o achie e he maximum e ec on he ea nings a io. Thus, he ques ion
o whe he he wo ypes o EM a e used as subs i u e o complemen a y ins umen s
has no ye been de ini i ely answe ed (Al-Absy e al., 2020).
A he le el o Romania accoun ing p ac ice, a leas in he las decade, he e is a
conce n ega ding he s udy o ea nings managemen , a he le el o he lis ed en i ies
o he Bucha es S ock Exchange. This conce n also a ises wi h he adop ion in ou
coun y o IFRS (2012) in he p epa a ion o inancial s a emen s o lis ed en i ies
(Is a e, 2019). In his ega d, he ollowing s udies can be lis ed:
Table 1. S udies based on he analysis
o he esul managemen a he le el o Romania
S udies
Main ideas
Ma iș e al., 2010
- analyze 36 lis ed en i ies o he inancial yea 2008 using he
Jones, Dechow (modi ied Jones) and Kasznik models;
- he epo ed esul s highligh ha only Jones model is he mos
signi ican , om an applica i e poin o iew o he Romanian
economic en i onmen , he o he wo models a e insigni ican .
B ad e al., 2014
- analyzes 56 Romanian en i ies lis ed o he pe iod 2011-2012; -
uses he change in ne income epo ed o o al asse s, he
a ia ion o cash lows epo ed o he a ia ion on he ne p o i ,
and he Spea man co ela ion be ween o al cash low and
acc uals;
- hei esul s signaled a dec ease in ea nings managemen
s a egies in 2012, when lis ed en i ies swi ched o IFRS.
Nechi a, 2015
- analyze a sample o 39 en i ies be ween 2005 and 2013;
- he ins umen s used a e: change in ne income epo ed o o al
asse s, he a ia ion o cash lows epo ed o a ia ion on he ne
p o i and Spea man co ela ion be ween o al cash low and
acc uals;
Accoun ing and Managemen In o ma ion Sys ems
56 Vol. 23, No. 1
S udies
Main ideas
- he esul s ob ained could lead o he conclusion ha income
uni o mi y p ac ices we e no used a e he implemen a ion o
IFRS by lis ed Romanian en i ies.
Is a e e al., 2015
- analyzes a numbe o 63 en i ies lis ed on he Bucha es S ock
Exchange o he pe iod 2006-2014;
- use he o iginal Jones model o calcula e o al acc uals;
- he esul s ob ained showed ha he adop ion o IFRS educed
disc e iona y acc uals and he p esence o ea nings managemen
echniques is highe o nega i e disc e iona y acc uals.
Huian e al., 2018
- analyzes a numbe o 67 lis ed Romanian en i ies o he pe iod
2006-2015;
- o e alua e ea nings managemen uses he Ko ha i Leone and
Wasley model (2005), and o es he ele ance o accoun ing
in o ma ion in he p esence o EM s a egies uses he model
p oposed by Callao, Cimini and Ja ne (2016);
- The s udy shows ha ea nings managemen is mo e p esen in he
case o en i ies ha use he indi ec me hod o p esen ope a ing
cash low.
Is a e, 2019
- conduc s a s udy ega ding he de ec ion o ea nings managemen
using Ben o d's Law;
- he analyzed sample is ep esen ed by lis ed Romanian en i ies,
and he pe iod unde analysis is 2001-2017;
- he a iables used a e ep esen ed by ne income, pe iod, size,
ca ego y o audi o , audi opinion, sex o he inancial di ec o ;
- The esul s ob ained highligh ha , depending on he size o he
en i y, he e a e di e ences in he handling o epo ed e enues,
bu ne e heless, o be e p ecision, o he es s should be
conside ed.
Tache, 2021
- analyze he impac o ea nings managemen on audi quali y,
aking in o accoun he anspa ency o inancial epo ing in
acco dance wi h IFRS;
- he sample includes en i ies om 14 coun ies (5014 commen s),
he pe iod analyzed is 2010-2019;
- uses he Jones model o es ima e audi quali y;
- he esul s show ha he posi i e ela ionship be ween ea nings
managemen and audi quali y is s ongly in luenced by he
accu acy o inancial epo ing unde IFRS.
Bu că e al., 2022
- ca y ou a s udy o he impac o ea nings managemen on he
likelihood o aud in he inancial s a emen s;
- analyzes en i ies in he mos de eloped coun ies, such as Canada,
F ance, Ge many, I aly, Japan, Russia and he Uni ed S a es o
Ame ica;
- he analyzed sample includes 1,355 en i ies and he analyzed
pe iod is be ween 2014-2020;
Analysis o acc uals ea nings managemen using he Jones Model.
The case o Romania lis ed companies
Vol. 23, No. 1 57
S udies
Main ideas
- he analyzed a iables a e ep esen ed by F sco e, disc e iona y
acc uals, REM, Bank up cy sco e, o al asse s, capi al ma ke
pe o mance, inancing s uc u e, a e o e u n, audi ee and
compensa ion sco e;
- he esul s ob ained show ha , in he long un, he F-sco e is
nega i ely a ec ed by eal ea nings managemen ac i i ies. In
con as , he inna e componen o acc ual accoun ing appea s o
e e se o e ime, ha ing no signi ican long- e m impac on he
likelihood o audulen inancial epo ing.
Sou ce: au ho s’ p ocessing
As can be seen, in mos o he s udies submi ed abo e, he c i e ia used by he
au ho s in he selec ion o samples a e di e en om one s udy o ano he , i.e. he
pe iods s udied. The ansi ion o lis ed en i ies o IFRS was an impo an miles one
in he analysis o acc uals-based ea nings managemen .
Ea nings managemen p ac ices du ing inancial c ises and pandemics
The COVID-19 ou b eak has led o d as ic changes in he in e nal and ex e nal
en i onmen o en i ies (Ding e al., 2021), so hey had a s ong incen i e o conduc
ea nings managemen (Yan e al., 2022).
The Co id-19 pandemic has a ec ed e e y business in all indus ies, including
ou ism, anspo , ene gy and manu ac u ing, wi h implica ions o de e io a ing
business pe o mance and inc easing economic unce ain y (Ryu & Chae, 2022).
Wi h he ad en o he Co id-19 pandemic, he pe o mance o en i ies a ound he
wo ld has been nega i ely a ec ed due o a ious ac o s, including inc eased
unce ain y, supply and demand shocks and go e nmen -imposed lockdown (Ozili
& A un, 2020). Acco ding o he epo published by PwC 2021 (Global C isis
Su ey), o e 70% o en i ies ha e been nega i ely a ec ed by he Co id-19 c isis
(PwC, 2021). I can be a gued ha in imes o economic u moil and inancial
down u ns, companies a e mo e likely o engage in g ea e ea nings managemen , as
me hods o mi iga ing he nega i e e ec s o c ises on hei inancial pe o mance,
epo ing be e inancial in o ma ion and con eying a posi i e image o he en i y
(Filip & Ra ou nie , 2014; Ozili, 2017; Ozili & A un, 2020).
The Co id-19 pandemic was no only a public heal h c isis, bu also an
unp eceden ed economic c isis (Ali e al., 2022). This pandemic has also led o he
impai men o social ela ions, as a consequence o which he way in which en i ies
p oduce and gene a e jobs and income espec i ely a ound he wo ld (Pak e al.,
2020).
Accoun ing and Managemen In o ma ion Sys ems
64 Vol. 23, No. 1
whe e:
TA = o al acc ual;
A = asse s;
∆REV = change in e enues;
PPE = g oss p ope y, plan and equipmen ;
ε = e o e m, he disc e iona y pa o TA scaled by A -1, named DA (disc e iona y
acc uals).
Fo he sampled en i ies, he in o ma ion was collec ed manually om he epo ed
inancial s a emen s, ound on he Bucha es S ock Exchange websi e.
4. Resul s and discussions
Following he analysis o he da a collec ed a he le el o he p oposed sample in
he pe iod 2019-2021, he main esul s conce n desc ip i e s a is ics, es ima es o
Pea son co ela ion coe icien s, es ima ion o he pa ame e s o he p oposed model,
as well as s a is ics co esponding o es ing he exis ence o he in luence o non-
inancial ac o s on disc e iona y ini ia i es and en elopes.
Desc ip i e S a is ics
Fo he a iables in oduced in he econome ic model p oposed by Jones, he annual
a e age alues o he pe iod unde e iew, i.e. 2019-2021, a e p esen ed in he able
below.
Table 3. Annual means o he a iables included in he es ima ion o he DA
Va iable
Yea
2019
2020
2021
𝑻𝑨𝒕/𝑨𝒕−𝟏
0.0184
0.0942
0.0998
Δ𝑹𝑬𝑽𝒕/𝑨𝒕−𝟏
-0.1047
0.2568
0.2769
PPE /𝑨𝒕−𝟏
0.0579
0.0632
0.0679
Sou ce: au ho s’ p ocessing in SPSS 22.0.
F om he esul s ob ained, i can be seen ha du ing he analyzed pe iod, he
Romanian en i ies lis ed on he BVB egis e posi i e a e age alues o he TA. The
posi i e alues o he TA show he exis ence o ea nings managemen ope a ions in
he en i ies lis ed on he BVB, h ough he o e alua ion o u no e , unde alua ion
o deb s, amo isa ion and dep ecia ion. I can be no ed ha he highe alues o TA
a e eco ded du ing Co id-19 and pos -pandemic, espec i ely 2019-2020. Wi h he
excep ion o 2019, he alues ∆𝑅𝐸𝑉𝑡/𝐴𝑡−1 a e posi i e and signi ican du ing he
Co id-19 pe iod o mani es a ion. This aspec can be a ibu ed o he dec ease in
inancial esul s, espec i ely o he equi y capi al du ing he pandemic pe iod, which
Analysis o acc uals ea nings managemen using he Jones Model.
The case o Romania lis ed companies
Vol. 23, No. 1 65
led o an o e alua ion o he u no e h ough esul s managemen ac i i ies. Based
on he da a ob ained, i could be ound ha PPE/𝐴𝑡−1 eco ded a cons an le el,
which explains he cons an le el o numbness and dep ecia ion a he le el o he
lis ed Romanian en i ies. Mo eo e , he exis ence o ea nings managemen
ope a ions ha led o changes in u no e is also gi en by he co ela ions ha a e
es ablished be ween he analyzed a iables wi h he es ima ed esul s p esen ed in
Table 4.
Table 4. Co ela ions be ween he a iables included in he es ima ion o he DA
Va iable
𝑻𝑨𝒕/𝑨𝒕−𝟏
∆𝑹𝑬𝑽𝒕 /𝑨𝒕−𝟏
PPE /𝑨𝒕−𝟏
𝑻𝑨𝒕/𝑨𝒕−𝟏
1
0.502
0.661
Sig.
0.000
0.000
∆𝑹𝑬𝑽𝒕 /𝑨𝒕−𝟏
0.502
1
0.223
Sig.
0.000
0.002
PPE /𝑨𝒕−𝟏
0.661
0.223
1
Sig.
0.000
0.002
Sou ce: au ho s’ p ocessing in SPSS 22.0.
F om he da a p esen ed in Table 4 i can be s a ed ha he exis ence o a signi ican
co ela ion be ween 𝑇𝐴𝑡/𝐴𝑡−1 and ∆𝑅𝐸𝑉
𝑡 /𝐴𝑡−1 highligh s ha an inc ease in
acc uals is due o an inc ease in u no e . In his case, he ea nings managemen
ope a ions a e mainly aimed a an o e alua ion o u no e , while dep ecia ion and
impai men s associa ed wi h p ope y, plan and equipmen a e possibly
unde alued.
In o de o de e mine he alues o disc e iona y acc uals, he es ima ed alues o he
esidual componen o he Jones model we e used in he s udy. Es ima es o he
pa ame e s o he eg ession model a e p esen ed in Table 5.
Table 5. Es ima ions o he eg ession model pa ame e s used o de e mine he DA
Model
Cons an
∆𝐑𝐄𝐕𝐭 /𝐀𝐭−𝟏
PPE /𝐀𝐭−𝟏
B
1.855
0.183
0.415
Sig.
0.087
0.000
0.000
No es - TA /A −1 is he dependen a iable, R2 – 0,755 and Adjus ed R2 – 0,565
Sou ce: au ho s’ p ocessing in SPSS 22.0.
F om he da a displayed in Table no. 5 i can be said ha an inc ease in u no e
co esponds o an inc ease DA. The explained (non-disc e iona y) pa is much
smalle han he pa ha is explained by he in luence o o he ac o s no included
in he model ( he disc e iona y pa ). The a ia ion 𝑇𝐴𝑡/𝐴𝑡−1 is explained by 7,55%
by he change in he no mal commi men s, which shows he p esence o ea nings
managemen ope a ions ma e ialised in abno mal acc uals.
In o de o es he second hypo hesis, he s udy in oduced he p ice pe sha e as a
dependen a iable, in o de o assess and es he ele ance o he inancial
in o ma ion. Signi ican amoun s o he in luence o inancial in o ma ion on
Accoun ing and Managemen In o ma ion Sys ems
66 Vol. 23, No. 1
posi ion and pe o mance indica e he p esence o ele ance. In o de o assess he
ele ance o inancial in o ma ion, ha is in o ma ion on inancial posi ion and
pe o mance, he ollowing model is p oposed in he s udy:
P = β0(TA /A -1) + β1(∆REV /A -1) + β2(PPE /A -1) + ε
(4)
whe e,
P ep esen s he sha e p ice o he en i y on 31 Decembe
βi=0,...,3 ep esen he pa ame e s o he eg ession model, and
ε ~ N(0,1), andom a iable, e o .
Table 6. Co ela ions be ween he a iables included in he equa ion
Va iable
P ice
𝐓𝐀𝐭/𝐀𝐭−𝟏
∆𝐑𝐄𝐕𝐭 /𝐀𝐭−𝟏
PPE /𝐀𝐭−𝟏
P
1
-0.005
-0.062
-0.019
Sig.
0.969
0.630
0.881
𝑻𝑨𝒕/𝑨𝒕−𝟏
-0.005
1
0.502
0.661
Sig.
0.969
0.000
0.000
∆𝑹𝑬𝑽𝒕 /𝑨𝒕−𝟏
-0.062
0.502
1
0.223
Sig.
0.630
0.000
0.002
PPE /𝑨𝒕−𝟏
-0.19
0.661
0.223
1
Sig.
0.881
0.000
0.002
Sou ce: au ho s’ p ocessing in SPSS 22.0.
A he le el o co ela ions ha a e es ablished be ween he a iables included in
Equa ion (4) assessing ele ance, i can be seen ha he e a e no signi ican links
be ween he sha e p ice (P), asse s, income, espec i ely dep ecia ion. This implies
ha in subs an ia ing hei decisions, wi h an impac on he s ock exchange a e,
in es o s a e no p ima ily in e es ed in he e u n on asse s used in he ope a ing
ac i i y, bu especially in he inancial esul s ob ained by he en i y.
Table 7. Summa y o he model o he equa ion
Model
R
R Squa e
Adjus ed R Squa e
S d. E o o he Es ima e
1
0.073
0.005
-0.046
42.03933
Sou ce: au ho s’ p ocessing in SPSS 22.0.
The in o ma i e capaci y o he a iables used in model (4) can be assessed using
he de e mina ion epo in Table 7. I is no ed ha only 0.5% o he change in he
exchange a e can be explained on he basis o asse s, income, dep ecia ion and
impai men s. The di e ence may be explained by he in luence o o he ac o s o
in o ma ion no included in he inancial s a emen s.
Fo he hi d hypo hesis, cash low om ope a ional ac i i ies (CFO) will be
in oduced in he analysis as eceip s and paymen s, he alue o o al asse s,
acco ding o he equa ion:
DA /A -1 = β0 + β1 · CFO /A -1 + ε
(5)
Analysis o acc uals ea nings managemen using he Jones Model.
The case o Romania lis ed companies
Vol. 23, No. 1 67
The disc epancy be ween he DA and he CFO canno be explained as a esul o he
no mal accoun ing ope a ions ecognised by he inancial epo ing e e en ials, and
he misma ch be ween he wo indica es he p esence o manipula ion o he
in o ma ion in he inancial s a emen s. The co ela ions be ween he wo a iables
a e shown in Table 9.
Table 9. Co ela ions be ween he a iables included in he equa ion
Va iable
𝑫𝑨𝒕/𝑨𝒕−𝟏
CFO /A -1
𝑫𝑨𝒕/𝑨𝒕−𝟏
1
0.047
Sig.
0.521
CFO /A -1
0.047
1
Sig.
0.521
Sou ce: au ho s’ p ocessing in SPSS 22.0.
Based on he esul s p esen ed in Table 9, i can be seen ha he e a e no signi ican
co ela ions be ween he alue o asse s and he alue o cash lows om ope a ing
ac i i y. This can be explained by he manipula ion by manage s o ansac ions
gene a ing cash eceip s o paymen s. Such ansac ions will no e ec i ely lead o
hei se lemen bu a e only in ended o manipula e he en i y's inancial
pe o mance o he pu pose o epo ing dis o ed esul s.
Table 10. Summa y o he model o he equa ion
Model
R
R Squa e
Adjus ed R Squa e
S d. E o o he Es ima e
1
0.047
0.002
-0.003
21.0784
Sou ce: au ho s’ p ocessing in SPSS 22.0.
The p esence o esul managemen ope a ions can also be explained by he alue o
he de e mina ion a io (𝑅2). As can be seen om Table 10, he alue o he
de e mina ion epo is 0.047, which indica es ha he inancial in o ma ion has been
handled and does no accu a ely p esen he inancial pe o mance.
5. Conclusions
As we could see based on he in o ma ion cap u ed in he specialized li e a u e, he
concep o esul managemen is no a ecen one, i is ound in human socie y in
a ious s ages o i s de elopmen . Companies a e acing inc easing unce ain ies in
he managemen en i onmen , also caused by he ou b eak o COVID-19. The esul s
sugges ha ea nings managemen p ac ices ha employ acc uals ha e a ied in a
s a is ically di e en manne du ing he COVID-19 economic c isis compa ed o
o he c ises.
In he p esen s udy i is p oposed he s a is ical analysis o he acc uals ea nings
managemen , by e iewing he specialized li e a u e on he p oblem o be esea ched
Accoun ing and Managemen In o ma ion Sys ems
68 Vol. 23, No. 1
and es ablishing esea ch objec i es, achie ed on he basis o a s a is ical
me hodological app oach, o deduc i e-induc i e ype.
In he i s s age o he s udy, he concep s o esul managemen , disc e iona y and
non-disc e iona y commi men s, espec i ely he p esen a ion o he Jones model,
a e based. A his s age, he concep o esul managemen was desc ibed, i s
cha ac e is ics we e p esen ed, as well as a numbe o models used o e ime o i s
analysis.
In he second s age o he s udy, s a ing om he cu en s a e o knowledge in he
specialized li e a u e and om he me hodological app oaches o analysis and
e alua ion o he esul managemen , he s udy p oposes as a me hod o analysis he
model p oposed by Jones in 1991. The esul s o he s udy, ob ained a e es ing he
hypo heses o mula ed in he s udy, led o he achie emen o he objec i es.
The limi s o his s udy in he ield o ea nings managemen a e de e mined by he
complexi y o his issue and by he impossibili y o cap u ing all he ac o s ha
de e mine manage s o eso o manipula ion o hei inancial si ua ions. The e a e
also a numbe o limi a ions o his s udy ha c ea e po en ial o u u e esea ch.
Fi s o all, only he inancial c isis p oduced by he Co id-19 pandemic was
conside ed in he s udy. I would be use ul o con inue his esea ch also by
compa ing he e ec s o di e en economic e en s ha a ec ed he global ma ke .
Secondly, in he ollowing s udies ela ed o ou come managemen ope a ions, o he
models p oposed o e ime in he li e a u e o he analysis o ea nings managemen
will be used as a p io i y.
Ano he limi o his s udy is gi en by he analyzed popula ion, summa ized only o
lis ed en i ies in Romania. Fu he esea ch can ex end he analysis o ea nings
managemen o di e en coun ies and inancial ma ke s.
In he s udy i was p oposed a quali a i e and quan i a i e analysis o he dynamics
o he main ideas and p oblems ha can be he basis o some scien i ic s udies o
pe spec i e. Th ough he esul s o his s udy, he u u e di ec ions aim o add ess
he same opics o in e es a na ional and in e na ional le el. Howe e , o he
isibili y o he in e na ional esea ch, he app oach o he ea nings managemen
issue aims o make a se ies o compa isons a he le el o he main capi al ma ke s
a Eu opean le el.
The esul s o he s udy led o he achie emen o he p oposed objec i es, namely
he de e mina ion o he deg ee o which a he le el o he lis ed Romanian en i ies
we e used ea nings managemen . The main quan i a i e a iables used a e asse s,
income, dep ecia ion and impai men s, p ice pe sha e, cash low om ope a ing
ac i i y. Quali a i e a iables ook in o accoun he objec o ac i i y, he ype o
Analysis o acc uals ea nings managemen using he Jones Model.
The case o Romania lis ed companies
Vol. 23, No. 1 69
audi opinion issued o he en i y conce ned. Fo he analysis o ea nings
managemen , he o iginal Jones model was used.
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