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Earnings Management and CEO Turnover

Student: Staseva Ekaterina

Supervisor: Sergey Stepanov

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2021

The aim of this bachelor thesis is to analyse the connection between earnings management, crisis and CEO turnover. The data on CEO turnover and companies’ fundamentals in 2005-2010 is used. The final panel data contains 719 SIC (standard industrial classification) industries, CEO turnover and quarterly fundamentals data, combined by each SIC code. Simple regression analysis for panel data is than applied to investigate the relationships between firm performance measures, CEO turnover and discretionary accruals with account for crisis. It was proved that CEO turnover positively and significantly depends on the crisis and on discretionary accruals, which are the indication of earnings management. Results are consistent with previous research, but the presence of heteroskedasticity must be accounted for.

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