caerCentral Asian Economic ReviewCentral Asian Economic Review2789-43982789-4401Университет Нархоз10.52821/2789-4401-2021-4-81-99caer-342Research ArticleБИЗНЕС И УПРАВЛЕНИЕ: ПРОБЛЕМЫ И РЕШЕНИЯBUSINESS AND GOVERNANCE: ISSUES AND SOLUTIONSУправление доходами нефтегазовых и металлургических компаний в РоссииEarning management of oil and gas and metal and metallurgy companies in Russiahttps://orcid.org/0000-0002-0212-0538ФайзулаевА.FaizulayevA.

Алматы

Alimshan Faizulayev – PhD

Almaty

a.faizulayev@kimep.kzhttps://orcid.org/0000-0002-1991-4123МашаковМ.MashakovM.

Алматы

Madi Mashakov – MBA, DBA candidate

Almaty

arantir@bk.ruhttps://orcid.org/0000-0003-4165-4476ЖусуповаБ.ZhussupovaB.

Алматы

Balzhan Zhussupova – PhD

Almaty

b.zhussupova@kimep.kzУниверситет КИМЭПКазахстанKIMEP UniversityKazakhstan202110022022048199Copyright © Файзулаев А., Машаков М., Жусупова Б., 20222022Файзулаев А., Машаков М., Жусупова Б.Faizulayev A., Mashakov M., Zhussupova B.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://caer.narxoz.kz/jour/article/view/342

Цель исследования – выявить взаимосвязь между владением и управлением доходами на примерах компаний нефтегазовой, и металлургической промышленности в России.

Методология

Методология: для проверки нашей гипотезы был проведен регрессионный анализ панельных данных. Наше исследование охватывает данные за периоды 2010-2016 гг. по двум отраслям: добыча и переработка нефти и газа, а также черная и цветная металлургия. Теоретические и эмпирические исследования показывают, что структура собственности играет важную роль для эффективности компании после исследований Ли и Лу [1], Али Шаха, Али Батта и Хасана [2] и Хассана [3].

Оригинальность / ценность исследования. В этом исследовании изучается влияние степени государственного и иностранного владения, а также размера юридических лиц на измерение управления корпоративными доходами; насколько нам известно, по этой теме проведено ограниченное количество исследований.

Результаты исследования

Результаты исследования. По словам Струковой [4], Видяпина и Степанова [5], Россия сильно зависит от экспортно-ориентированных отраслей, таких как нефть / газ и металл / металлургия. Таким образом, понимание определяющих факторов корпоративного управления финансовой отчетности становится важным вопросом. В статье делается вывод о том, что иностранная и государственная собственность вместе с размером предприятий являются факторами, снижающими эффект управления доходами.

The purpose of research is to identify the relationship between the ownership and earning management on a sample of companies of the oil and gas and metal and metallurgy industries in Russia.

Methodology

Methodology. Panel data regression analysis was conducted to test research hypothesis. Research covers the data for 2010-2016 periods in regard to two industries – oil and gas production and refinery, ferrous and non-ferrous metallurgy. The theoretical and empirical research suggests that the ownership structure plays an important role for the company performance following the studies of Liu and Lu [1], Ali Shah, Ali Butt and Hasan [2] and Hassan [3].

The originality / value of the research. This study examines the impact of the degree of government and foreign ownership, and the size of entities on corporate earning management measurement, up to our best knowledge there is limited studies conducted on this subject.

Findings

Findings. According to Strukova [4], Vidyapin and Stepanov [5], Russia heavily relies on the export oriented industries like oil/gas and metal/metallurgy. Therefore, understanding of the corporate governance determinants of financial reporting becomes an important issue. The paper finds that foreign and state ownership together with size of entities are factors which reduce the effect of earning management.

управление доходамиРоссиянефть и газВВПEarning managementRussiaoil and gasGDPReferencesLiu Q., Lu Z. J. Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective // Journal of Corporate Finance. – 2007. – № 13(5). – P. 881-906.Liu, Q. and Lu, Z. J. (2007). Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective. Journal of Corporate Finance, 13(5), 881-906.Ali Shah S. Z., Butt S. A., Hassan A. Corporate governance and earnings management an empirical evidence form Pakistani listed companies // European Journal of Scientific Research. – 2009. – № 26(4). – P. 624-638.Ali Shah, S. Z., Butt, S. A. and Hassan, A. (2009). Corporate governance and earnings management an empirical evidence form Pakistani listed companies. European Journal of Scientific Research, 26(4), 624-638.Hassan S. U. Financial Reporting Quality, Does Monitoring Characteristics Matter? An Empirical Analysis of Nigerian Manufacturing Sector // The Business & Management Review. – 2013. – № 3(2). – P. 147-161.Hassan, S. U. (2013). Financial Reporting Quality, Does Monitoring Characteristics Matter? An Empirical Analysis of Nigerian Manufacturing Sector. The Business & Management Review, 3(2), 147-161.Струкова Е. Ставка на гигантов: чем Россия заменит истощившиеся нефтегазовые реки [Electronic resource] // RBC economics [website]. – 2012. – URL: https://www.rbc.ru/economics/13/08/2012/5703fb469a7947ac81a6aad5 (Accessed: 21.06.2019).Strukova, E. (2012, August 13). Stavka na gigantov: chem Rossiya zamenit istoshchivshiesya neftegazovye reki. RBC economics. Retrieved June 21, 2019, from https://www.rbc.ru/economics/13/08/2012/5703fb469a7947ac81a6aad5 (In Russian).Видяпин В., Степанов М. Экономическая география России / Под общей ред. акад. В. И. Видяпина, д.э.н., проф. М. В. Степанова. – М.: ИНФРА-М, Российская экономическая академия, 2000. – 533 с.Vidyapin, V. and Stepanov, M. (2000). Ekonomicheskaya geografiya Rossii. INFRA-M, Moscow, 533 p. (In Russian).Jones J. J. Earnings management during import relief investigations // Journal of Accounting Research. – 1991. – № 2(29). – P. 193-228.Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 2(29), 193-228.Campello M., Graham J. R., Harvey C. R. The real effects of financial constraints: evidence from a financial crisis // Journal of Financial Economics. – 2011. – № 3(97). – P. 470-487.Campello, M., Graham, J. R. and Harvey, C. R. (2011). The real effects of financial constraints: evidence from a financial crisis. Journal of Financial Economics, 3(97), 470-487.Abbadi S. S., Hijazi Q. F., Al-Rahahleh A. S. Corporate Governance Quality and Earnings Management: Evidence from Jordan // Australasian Accounting, Business and Finance Journal. – 2016. – № 10(2). – P. 54-75.Abbadi, S. S., Hijazi, Q. F. and Al-Rahahleh, A. S. (2016). Corporate Governance Quality and Earnings Management: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 10(2), 54-75.Li F. Annual report readability, current earnings and earning persistence // Journal of accounting and economics. – 2008. – № 45. – P. 221-247.Li, F. (2008). Annual report readability, current earnings and earning persistence. Journal of accounting and economics, 45, 221-247.Burgstahler D. I., Dichev I. Earnings management to avoid earnings decreases and losses // Journal of Accounting and Economics. – 1997. – № 1(24). – P. 99-126.Burgstahler, D. I. and Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 1(24), 99-126.Musfiqur R., Moniruzzaman M., Sharif J. Techniques, motives and controls of earnings management // International Journal of Information Technology and Business Management. – 2013. – № 11(1) – P. 26-31.Musfiqur, R., Moniruzzaman, M. and Sharif, J. (2013). Techniques, motives and controls of earnings management. International Journal of Information Technology and Business Management, 11(1), 26-31.Yang W. S., Chun L. S., Ramadili S. M. The Effect of Board Structure and Institutional Ownership Structure on Earnings Management // International Journal of Economics and Management. – 2009. – № 3(2). – P. 332–353.Yang, W. S., Chun, L. S. and Ramadili, S. M. (2009). The Effect of Board Structure and Institutional Ownership Structure on Earnings Management. International Journal of Economics and Management, 3(2), 332–353.Healey P., Wahlen J. A Review of the Earnings Management Literature and It’s Implications for Standard Setting [Electronic resource] // Corporate Governance & Accounting eJournal. – 1998. – URL: https://ssrn.com/abstract=156445 or http://dx.doi.org/10.2139/ssrn.156445 (Accessed: 20.02.2019).Healey, P., Wahlen, J. (1998). A Review of the Earnings Management Literature and Its Implications for Standard Setting. Corporate Governance & Accounting eJournal. Retrieved February 20, 2019, from https://ssrn.com/abstract=156445 or http://dx.doi.org/10.2139/ssrn.156445.Roychowdhury S. Earnings management through real activities manipulation // Journal of Accounting and Economics. – 2006. – № 42(3). – P. 335-370.Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370.Eisenhardt K. Agency theory: An assessment and review // Academy of Management Review. – 1989. – № 14(1). – P. 57-74. – DOI: 10.5465/AMR.1989.4279003.Eisenhardt, K. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57-74, DOI: 10.5465/AMR.1989.4279003Gul F. A., Chen C. J., Tsui J. Discretionary Accounting Accruals, Managers’ Incentives and Audit Fees // Contemporary accounting research – 2003. – № 20(3) – P. 441-464. – DOI: 10.1506/686E-NF2J-73X6-G540.Gul, F. A., Chen, C. J. and Tsui, J. (2003). Discretionary Accounting Accruals, Managers’ Incentives and Audit Fees. Contemporary accounting research, 20(3), 441-464, DOI: 10.1506/686E-NF2J-73X6-G540.Cohen D., Dey A., Lys T. Real and accruals-based earnings management in the Pre- and Post-SarbanesOxley Periods // The Accounting Review. – 2008. – № 83(3). – P. 757-787. – DOI: 10.2308/accr.2008.83.3.757.Cohen, D., Dey, A. and Lys, T. (2008). Real and accruals-based earnings management in the Pre- and Post-Sarbanes-Oxley Periods. The Accounting Review, 83(3), 757-787, DOI: 10.2308/accr.2008.83.3.757.Jensen M., Meckling W. Theory of the firm: Managerial behavior, agency costs and ownership structure // Journal of Financial Economics. – 1976. – № 4(3). – P. 305-360.Jensen, M. and Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 4(3), 305-360.Chung R., Ho S., Kim J. B. Ownership structure and the pricing of discretionary accruals in Japan // Journal of International Accounting, Auditing and Taxation. – 2004. – № 1(13). – P. 1-20. – DOI: 10.1016/j.intaccaudtax.2004.02.003.Chung, R., Ho, S. and Kim, J. B. (2004). Ownership structure and the pricing of discretionary accruals in Japan. Journal of International Accounting, Auditing and Taxation, 1(13), 1-20, DOI: 10.1016/j.intaccaudtax.2004.02.003.Dechow P. M., Sloan R. G., Sweeney A. P. Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC // Contemporary Accounting Research – 1996. – № 13(1). – P. 1-36.Dechow, P. M., Sloan, R. G. and Sweeney, A. P. (1996). Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC. Contemporary Accounting Research, 13(1), 1-36.Fischer M., Rosenzweig K. Attitudes of students and accounting practitioners concerning the ethical acceptability of earnings management // Journal of Business Ethics. – 1995. – № 14(6). – P. 433-444. – DOI: 10.1007/BF00872085.Fischer, M. and Rosenzweig, K. (1995). Attitudes of students and accounting practitioners concerning the ethical acceptability of earnings management. Journal of Business Ethics, 14(6), 433-444, DOI: 10.1007/BF00872085.Gedajlovic E. R., Shapiro D. M. Management and ownership effects: Evidence from five countries // Strategic Management Journal. – 1998. – № 19(6). – P. 533-553.Gedajlovic, E. R. and Shapiro, D. M. (1998). Management and ownership effects: Evidence from five countries. Strategic Management Journal, 19(6), 533-553.Thomsen S., Pedersen T. Ownership structure and economic performance in the largest European companies // Strategic Management Journal. – 2000. – № 21(6). – P. 689-705.Thomsen, S. and Pedersen, T. (2000). Ownership structure and economic performance in the largest European companies. Strategic Management Journal, 21(6), 689-705.Dahlquist M., Robertsson G. Direct foreign ownership, institutional investors, and firm characteristics // Journal of Financial Economics. – 2001. – № 59(3). – P. 413-440.Dahlquist, M. and Robertsson, G. (2001). Direct foreign ownership, institutional investors, and firm characteristics. Journal of Financial Economics, 59(3), 413-440.Bushee B. Do Institutional Investors Prefer Near-term Earnings Over Long-run Value? // Contemporary Accounting Research. – 2001. – № 18(2). – P. 207-246.Bushee, B. (2001). Do Institutional Investors Prefer Near-term Earnings Over Long-run Value? Contemporary Accounting Research, 18(2), 207-246.Grinblatt M., Keloharju M. The investment behavior and performance of various investor types: A study of Finland’s unique data set // Journal of Financial Economics. – 2000. – № 55(1). – P. 43-67.Grinblatt, M. and Keloharju, M. (2000). The investment behavior and performance of various investor types: A study of Finland’s unique data set. Journal of Financial Economics, 55(1), 43-67.Dvorak T. Do domestic investors have an informational advantage? Evidence from Indonesia // The Journal of Finance. – 2005. – № 60(2). – P. 817-839.Dvorak, T. (2005). Do domestic investors have an informational advantage? Evidence from Indonesia. The Journal of Finance, 60(2), 817-839.Warfield T. D., Wild J. J., Wild K. L. Managerial ownership accounting choices, and informativeness of earnings’ // Journal of Accounting and Economics. – 1995. – № 20(1). – P. 61-91. – DOI: 10.1016/0165-4101(94)00393-J.Warfield, T. D., Wild, J. J. and Wild, K. L. (1995). Managerial ownership accounting choices, and informativeness of earnings’. Journal of Accounting and Economics, 20(1), 61-91, DOI: 10.1016/0165-4101(94)00393-J.Denis D. K., McConnell J. International corporate governance // Journal of Financial and Quantitative Analysis. – 2003. – № 38(1). – P. 1-36.Denis, D. K. and McConnell, J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 38(1), 1-36.Balsam S., Bartov E., Marquardt C. Accruals management, investor sophistication, and equity valuation: Evidence from 10-Q filings // Journal of Accounting Research. – 2002. – № 40(4). – P. 987−1012.Balsam, S., Bartov, E. and Marquardt, C. (2002). Accruals management, investor sophistication, and equity valuation: Evidence from 10-Q filings. Journal of Accounting Research, 40(4), 987−1012.Pound J. Proxy contest and the efficiency of shareholder oversight // Journal of Financial Economics. – 1988. – № 20(1-2). – P. 237–265.Pound, J. (1988). Proxy contest and the efficiency of shareholder oversight. Journal of Financial Economics, 20(1-2), 237–265.Khan H. A. Corporate governance of family businesses in Asia: What’s right and what’s wrong? [Electronic resource] // ADBI Working Paper. – 1999. – № 3. – URL: https://www.adb.org/sites/default/files/publication/157212/adbi-rp3.pdf (Accessed: 05.07.2019).Khan, H. A. (1999). Corporate governance of family businesses in Asia: What’s right and what’s wrong? ADBI Working Paper, 3, Retrieved July 5, 2019, from https://www.adb.org/sites/default/files/publication/157212/adbi-rp3.pdf.Bhojraj S., Hribar P., Picconi M., McInnis J. Making sense of cents: an examination of firms that marginally miss or beat analyst forecasts // The Journal of Finance. – 2009. – № 64(5). – P. 2361–2388.Bhojraj, S., Hribar, P., Picconi, M. and McInnis, J. (2009). Making sense of cents: an examination of firms that marginally miss or beat analyst forecasts. The Journal of Finance, 64(5), 2361–2388.Fan J., Wong T. Corporate Ownership structure and the informativeness of accounting earnings in East Asia // Journal of Accounting and Economics. – 2002. – № 33(3). – P. 401-425.Fan, J. and Wong, T. (2002). Corporate Ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33(3), 401-425.Lemmon M. L., Lins K. Ownership structure, corporate governance, and firmvalue: Evidence from the East Asian financial crisis // The Journal of Finance. – 2003. – № 58(4). – P. 1445-1468.Lemmon, M. L. and Lins, K. (2003). Ownership structure, corporate governance, and firmvalue: Evidence from the East Asian financial crisis. The Journal of Finance, 58(4), 1445-1468.Yeo G., Tan P., Ho K., Chen S. Corporate Ownership Structure and the informativeness of Earnings // Journal of Business Finance & Accounting. – 2002. – № 29(7-8). – P. 1023-1046. – DOI: 10.1111/1468-5957.00460.Yeo, G., Tan, P., Ho, K. and Chen, S. (2002). Corporate Ownership Structure and the informativeness of Earnings. Journal of Business Finance & Accounting, 29(7-8), 1023-1046, DOI: 10.1111/1468-5957.00460.Roe M. A Political Theory of American Corporate Finance // Columbia Law Review. – 1991. – № 91(1). – P. 10–67. – DOI: 10.2307/1122856.Roe, M. (1991). A Political Theory of American Corporate Finance. Columbia Law Review, 91(1), 10–67, DOI: 10.2307/1122856.Abed S., Al-Attar A., Suwaidan M. Corporate governance and earnings management: Jordanian evidence // International Business Research. – 2012. – № 5(1). – P. 216-225. – DOI: 10.5539/ibr.v5n1p216.Abed, S., Al-Attar, A. and Suwaidan, M. (2012). Corporate governance and earnings management: Jordanian evidence. International Business Research, 5(1), 216-225, DOI: 10.5539/ibr.v5n1p216.Dayha J., McConnell J., Travlos N. The Cadbury Committee, corporate performance, and top management turnover // Journal of Finance. – 2002. – № 57(1). – P. 461-484. – DOI: 10.1111/1540-6261.00428.Dayha, J., McConnell, J. and Travlos, N. (2002). The Cadbury Committee, corporate performance, and top management turnover. Journal of Finance, 57(1), 461-484, DOI: 10.1111/1540-6261.00428.Swastika D. L. T. Corporate governance, firm size, and earning management: Evidence in Indonesia stock exchange // IOSR Journal of Economics and Finance (IOSR-JEF). – 2013. – № 10(4). – P. 77-82.Swastika, D. L. T. (2013). Corporate governance, firm size, and earning management: Evidence in Indonesia stock exchange. IOSR Journal of Economics and Finance (IOSR-JEF), 10(4), 77-82.González J. S., García-Meca E. Does corporate governance influence earnings management in Latin American markets? // The Journal of Business Ethics. – 2014. – № 121(3). – P. 419-440.González, J. S. and García-Meca, E. (2014). Does corporate governance influence earnings management in Latin American markets? The Journal of Business Ethics, 121(3), 419-440.Yermack D. Remuneration, retention and reputation incentives for outside directors // The Journal of Finance. – 2004. – № 59(5). – P. 2281–2308.Yermack, D. (2004). Remuneration, retention and reputation incentives for outside directors. The Journal of Finance, 59(5), 2281–2308.Anderson R., Reeb D. Founding-family Ownership and Firm Performance: Evidence from the S&P 500 // The Journal of Finance. – 2003. – № 58(3). – P. 1301-1328. – DOI: 10.1111/1540-6261.00567.Anderson, R. and Reeb, D. (2003). Founding-family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328, DOI: 10.1111/1540-6261.00567.Московская Биржа [website]. – URL: http://moex.com/ (Accessed: 21.06.2019).The Moscow Stock Exchange website. Retrieved June 21, 2019, from http://moex.com/ (In Russian).Центр раскрытия корпоративной информации [website]. – URL: http://www.e-disclosure.ru (Accessed: 21.06.2019).Center of Disclosure of Corporate Information website. Retrieved June 21, 2019, from http://www.edisclosure.ru (In Russian).Каталог организаций – List-Org [website]. – URL: https://www.list-org.com/ (Accessed: 21.06.2019).The database of entities – List-Org website. Retrieved June 21, 2019, from https://www.list-org.com/ (In Russian).Справочная служба Московского Центра Экономической Безопасности - ОГРН.ru [website]. – URL: https://www.ogrn.ru/ (Accessed: 21.06.2019).Information service of the Moscow Center for Economic Security – OGRN.ru. Retrieved June 21, 2019, from https://www.ogrn.ru/ (In Russian).

The authors declare that there are no conflicts of interest present.