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北京工商大学学报(社会科学版)摇 摇 摇 摇 2019 年摇 第 5 期

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Can Military Top Executives Reduce Corporation Earnings

Management Based on Moral Integrity Perspective?

1,2 1 1
ZHANG Jing , LIN Ting & SUN Guangguo
(1郾 School of Accounting, Dongbei University of Finance and Economics, Dalian, Liaoning 116025, China;
2郾 School of Accounting, Anhui University of Finance and Economics, Bengbu, Anhui 233000, China)

Abstract: In recent years, with the growing number of veterans involved in corporate management and their distinctive busi鄄
ness culture, it is impossible to ignore the influence of their military experience on corporate financial behavior. Using a dataset
of Chinese A鄄share non鄄financial listed companies during the years from 2012 to 2017 as research object, this paper empirically
examines the impact of top executives蒺 military experience on corporation earnings management. The research result suggests that
top executives蒺 military experience can significantly reduce corporate earnings management (no matter whether it is positive or
negative), and that a Chairman with military experience has a stronger governance effect than a General Manager or CEO with
military experience. A further study shows that the reduction effect is also influenced by the nature of property right and the level
of marketization. The research conclusion indicates that top executives蒺 military experience has left an imprint on their moral in鄄
tegrity and value conception, which can have a positive corporate governance effect. Under the background from military and ci鄄
vilian integration to an upgrading national strategy, this research provides evidence to support government to formulate the prefer鄄
ential policies to appoint or recruit military veterans.
Key Words: military experience; moral integrity; earnings management; nature of property right; marketization level; gov鄄
ernance effect

(本文责编摇 潘端莲)

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