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Stock Incentives and Financial Restatement:Empirical Evidence from the Listed Firms in Chinese A Share Market

Hu Guoqiang1 Peng Jiasheng2  
This paper examines the association between stock incentives and financial restatement in chinese listed firms by logistic regression,using a sample of firms that had implemented stock incentives and paired firms from 2005 to 2007.The research finds the firms that have implemented stock incentives have significantly higher possibility of financial restatement than the firms that have not stock incentives;compared to the other firms that have implemented stock incentives based on the performance,financial restatement are more likely to happen in the firms that have implemented stock incentives based on the stock prices.It supports the conclusion that operators of the listed firms that have stock incentives,especially has stock incentives based on the stock prices,may manipulate short-term earnings.
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