Standard Jones and Modified Jones: An Earnings Management Tutorial
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Cristiano Machado Costa
José Mauro Madeiros Velôso Soares
Abstract
Context: measurement of earnings management usually requires multi-step models for computation. After examining the literature through bibliometrics studies, literature review, and research databases, we found that the Standard Jones model and its subsequent modifications are those that have more prominent use. Much of this research is potentially interesting for business theories related to earnings quality and accounting manipulation; however, it is difficult to be understood by junior researchers and practitioners, because they are not clearly described in the literature or the steps may be easy to confuse. Objective: in this tutorial, we present several key concepts about earnings management and explain, step by step, how to measure it. Method: our tutorial considers measurement using the following models: Standard Jones, Modified Jones, Modified Jones with return on assets (ROA), and Modified Jones using Cash Flows and Accruals Reversals. Conclusions: our main contribution with this tutorial is to provide a step-by-step guide for future studies, so that they can be more comparable with each other when using measurement methods of earnings management.
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Costa, C. M., & Soares, J. M. M. V. (2021). Standard Jones and Modified Jones: An Earnings Management Tutorial. Journal of Contemporary Administration, 26(2), e200305. https://doi.org/10.1590/1982-7849rac2022200305.en
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Methodological Articles
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Bergstresser, D., & Philippon, T. (2006). CEO incentives and earnings management. Journal of Financial Economics, 80(3), 511-529. https://doi.org/10.1016/j.jfineco.2004.10.011
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Camara, G. A., & Galdi, F. C. (2013). Securitização como mecanismo de gerenciamento de resultados em bancos brasileiros. Revista de Contabilidade e Organizações, 7(18), 14-24. https://doi.org/10.11606/rco.v7i18.55610
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Cornett, M. M., McNutt, J. J., & Tehranian, H. (2009). Corporate governance and earnings management at large US bank holding companies. Journal of Corporate Finance, 15(4), 412-430. https://doi.org/10.1016/j.jcorpfin.2009.04.003
Costa, C. M., Matte, A. M., & Monte-Mor, D. S. (2018). Endividamento e decisões contábeis: A relação não linear entre dívida e qualidade dos lucros. Revista de Contabilidade e Organizações, 12, e137077. https://doi.org/10.11606/issn.1982-6486.rco.2018.137077
Costa, C. M., & Soares, J. M. M. V. (2021), “Standard Jones and Modified Jones: An earnings management tutorial”, Mendeley Data, V2, https://doi.org/10.17632/c939cpg956.2
Cox, N. (2006). WINSOR: Stata module to Winsorize a variable. Retrivied from https://econpapers.repec.org/software/bocbocode/s361402.htm
Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(1), 35-59. Retrieved from https://www.jstor.org/stable/3203324
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting And Economics, 50(2-3), 344-401. https://doi.org/10.1016/j.jacceco.2010.09.001
Dechow, P., Hutton, A., Kim, J., & Sloan, R. (2012). Detecting earnings management: A new approach, forthcoming. Journal of Accounting and Economics, 50(2), 275-334. https://doi.org/10.1111/j.1475-679X.2012.00449.x
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193-225. Retrieved from https://www.jstor.org/stable/248303
De Jong, A., Mertens, G., Poel, M. V. D., & Dijk, R. V. (2014). How does earnings management influence investor’s perceptions of firm value? Survey evidence from financial analysts. Review of Accounting Studies, 19(2), 606-627. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2202294
Dutzi, A., & Rausch, B. (2016). Earnings management before bankruptcy: A review of the literature. Journal of Accounting and Auditing: Research & Practice, 2016(2016), 1-21. http://dx.doi.org/10.5171/2016.245891
Eisenhauer, J. G. (2003). Regression through the origin. Teaching statistics, 25(3), 76-80. https://doi.org/10.1111/1467-9639.00136
Eldenburg, L. G., Gunny, K. A., Hee, K. W., & Soderstrom, N. (2011). Earnings management using real activities: Evidence from nonprofit hospitals. The Accounting Review, 86(5), 1605-1630. http://dx.doi.org/10.2308/accr-10095
El Diri, M. (2017). Introduction to earnings management. New York, NY: Springer Books.
Filip, A., & Raffournier, B. (2014). Financial crisis and earnings management: The European evidence. The International Journal of Accounting, 49(4), 455-478. https://doi.org/10.1016/j.intacc.2014.10.004
Formigoni, H., Antunes, M. T. P., & Paulo, E. (2009). Diferença entre o lucro contábil e lucro tributável: Uma análise sobre o gerenciamento de resultados contábeis e gerenciamento tributário nas companhias abertas brasileiras. Brazilian Business Review, 6(1), 44-61. http://dx.doi.org/10.15728/bbr.2009.6.1.3
Grecco, M. C. P. (2013). The Effect of Brazilian convergence to IFRS on earnings management by listed Brazilian nonfinancial companies. Brazilian Business Review, 10(4), 110-132. https://doi.org/10.15728/bbr.2013.10.4.5
Gull, A. A., Nekhili, M., Nagati, H., & Chtioui, T. (2018). Beyond gender diversity: How specific attributes of female directors affect earnings management. The British Accounting Review, 50(3), 255-274. https://doi.org/10.1016/j.bar.2017.09.001
Gunny, K. A. (2010). The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks. Contemporary Accounting Research, 27(3), 855-888. https://doi.org/10.1111/j.1911-3846.2010.01029.x
Hahn, G. J. (1977). Fitting regression models with no intercept term. Journal of Quality Technology, 9(2), 56-61. https://doi.org/10.1080/00224065.1977.11980770
Harris, O., Karl, J. B., & Lawrence, E. (2019). CEO compensation and earnings management: Does gender really matters? Journal of Business Research, 98, 1-14. https://doi.org/10.1016/j.jbusres.2019.01.013
Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383. https://doi.org/10.2139/ssrn.156445
Huang, X., Krishnan, S., & Lin, P. (2018). Tone analysis and earnings management. Journal of Accounting & Finance (2158-3625), 18(8). https://doi.org/10.33423/jaf.v18i8.110
Jewell, J. J., & Mankin, J. A. (2011). What is your ROA? An investigation of the many formulas for calculating return on assets. Academy of Educational Leadership Journal, 15, 79-91. Retrieved from http://ssrn.com/abstract=2155943
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228. https://doi.org/10.2307/2491047
Kalifekh, D. (2018). Cross-sectional analysis. Stata Forum. Retrieved from https://www.statalist.org/forums/forum/general-stata-discussion/general/1443035-cross-sectional-analysis
Kama, I., & Weiss, D. (2013). Do earnings targets and managerial incentives affect sticky costs? Journal of Accounting Research, 51(1), 201-224. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1475-679X.2012.00471.x
Kang, S. H., & Sivaramakrishnan, K. (1995). Issues in testing earnings management and an instrumental variable approach. Journal of Accounting Research, 33(2), 353-367. https://doi.org/10.2307/2491492
Keung, E., & Shih, M. S. (2014). Measuring discretionary accruals: are ROA-matched models better than the original Jones-type models? Review of Accounting Studies, 19(2), 736-768. https://doi.org/10.1007/s11142-013-9262-7
Kothari, S. P. A, Leone, A. J., & Wasley, C. E. (2005). Performance-matched discretionary accruals. Journal of Accounting & Economics, 39(1), 163-197. https://doi.org/10.1016/j.jacceco.2004.11.002
Lin, B., Lu, R., & Zhang, T. (2012). Tax-induced earnings management in emerging markets: Evidence from China. Journal of the American Taxation Association, 34(2), 19-44. http://dx.doi.org/10.2308/atax-10236
Liu, Y., Wei, Z., & Xie, F. (2016). CFO gender and earnings management: Evidence from China. Review of Quantitative Finance and Accounting, 46(4), 881-905. https://doi.org/10.1007/s11156-014-0490-0
Lo, K., Ramos, F., & Rogo, R. (2017). Earnings management and annual report readability. Journal of Accounting and Economics, 63(1), 1-25. https://doi.org/10.1016/j.jacceco.2016.09.002
Magro, C. B. D., Lavarda, C. E. F., & Klann, R. C. (2019). Abordagens de estudos sobre gerenciamento de resultados: novas perspectivas a partir da análise bibliométrica. Revista Mineira de Contabilidade, 20(1), 34-49. https://doi.org/10.21714/2446-9114RMC2019v20n1t03
Martinez, A. L. (2011). The role of analysts as gatekeepers: enhancing transparency and curbing earnings management in Brazil. Revista de Administração Contemporânea, 15(4). https://doi.org/10.1590/S1415-65552011000400009
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