Accrual Earnings Management and Firm Valuation: Distributional Evidence From JSE-Listed Firms
This study evaluates whether investors on the Johannesburg Stock Exchange (JSE) incorporate accrual earnings management (AEM) into firm valuation decisions. Using a panel dataset of 171 non-financial firms and 1,881 firm-year observations over the period 2015-2025, discretionary accruals are estimated using the perform...