127904 20231023120954.0 doi 10.3846/16111699.2016.1203816 sideral 97435 ART-2016-97435 eng Callao, S. Universidad de Zaragoza (orcid)0000-0003-1298-7183 Value relevance of accounting figures in presence of earnings management. Are enforcement and ownership diffusion really enough? 2016 The study assesses and compares the value relevance (VR) of accounting numbers in entities that experienced high discretionary accruals intensity and so possible earnings management (EM) behaviours, testing whether and in what extent the quality of enforcement and governance mechanisms act as moderating factors on the relation EM-VR. Based on a sample of 2 667 European non-financial entities, the results show that while the VR of earnings is low in entities that experienced high discretionary accruals intensity, book value increases its VR. The study also shows that the quality of enforcement mechanisms and the ownership diffusion (that proxies the quality of corporate governance) are effectively able to obstruct the loss of VR of earnings. The value added of the paper consists in showing that both the quality of enforcement and the ownership diffusion contrast only in part and in different manner the loss of VR of earnings, due to the presence of EM behaviours, acting only in part as moderating factors. Access copy available to the general public Unrestricted info:eu-repo/semantics/openAccess by http://creativecommons.org/licenses/by/3.0/es/ 0.968 2016 ECONOMICS 165 / 347 = 0.476 2016 Q2 T2 BUSINESS 100 / 121 = 0.826 2016 Q4 T3 0.283 2016 Business, Management and Accounting (miscellaneous) 2016 Q2 Economics and Econometrics 2016 Q3 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Cimini, R. Jarne, J. I. Universidad de Zaragoza (orcid)0000-0003-0334-192X 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 17, 6 (2016), 1286-1299 Journal of Business Economics and Management Journal of Business Economics and Management 1611-1699 430660 http://zaguan.unizar.es/record/127904/files/texto_completo.pdf Versión publicada 1627444 http://zaguan.unizar.es/record/127904/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:127904 articulos driver 2023-10-23-11:05:05 ARTICLE