Earnings

I present evidence consistent with managers using derivatives and discretionary accruals as partial substitutes for smoothing earnings. Using 1994–1996 data for a sample of Fortune 500 firms, I estimate a set of simultaneous equations that captures managers' incentives to maintain a desired level of earnings volatility through hedging and accrual management. These incentives include increasing managerial compensation and wealth, reducing corporate income taxes and debt financing costs, avoiding underinvestment and earnings surprises, and mitigating volatility caused by low diversification. After controlling for such incentives, I find a significant negative association between derivatives' notional amounts and proxies for the magnitude of discretionary accruals.

U tekstu se sociološki analiziraju, pojašnjavaju i opisuju osnovni tokovi privatizacije i tranzicije Srbije tokom poslednje dve decenije. Posebno se prati proces dezintegracije radničke klase i njeno pretvaranje u osiromašenu i marginalnu masu najvećnih gubitnika tranzicije. Tu su i osvrti na karakteristike starih/novih ekonomskih elita, odnos vladajućih i opozicionih partija prema privatizaciji i radnicima. Na primeru radničkuih štrajkova se ukazuje na razmere atomizacije radničke klase, i odnos ignorancije od strane vlasti i ekonomske elite. Na delu su procesi tzv. prvobitne akumulacije kapitala i stvaranja kapitalizma periferije. Srž tih promena čini promena vlasničke strukture, tj. privatizacija društvene svojine. Ona je okosnica šireg procesa-tranzicije, koja je jednostrano i pogrešno svedena na privatizaciju. INSTITUCIONALNI MODELI PRIVATIZACIJE U SRBIJI Pravna i stvarna " demontaža " samopupravljanja u Jugoslaviji i Srbiji započeta je izmenama Zakona o radnim odnosima krajem 1988. godine. Ovo je konkretno značilo odbacivanje uloge radničkih saveta, profesionalizaciju funkcije upravljanja, oličenu u većoj slobodi delovanja direktora preduzeća. Društvena svojina je izgubila primat nad ostalim oblicima svojine, a radnici više nisu bili jedina legitimirajuća grupa za opstanak elita na vlasti. Elementi tržišnog privređivanja već su pre toga bili prisutni, posebno osnaženi propisima i kampanjama o značaju " male " privrede i mešovite svojine. Sve što je kasnije došlo, od izmena Ustava SFRJ, saveznog i republičkih zakona o transformaciji društvene svojine, išlo je u pravcu utiranja puta nastanku kapitalističkog društva. Opšti i najvažniji faktor koji je na to uticao bio je raspad zemlje, ratna dešavanja, internacionalizacija sukoba, stvaranje nacionalnih država i " novih " društava. Ma koliko se novouspostavljene vladajuće elite trudile da se predstave originalne, po rešenjima i ponašanju koje su narodu ponudile one su bile vrlo slične. Radnici kao najmasovnija društvena grupa najviše su trpeli posledice njihovih odluka, od ratnih sukoba, privatizacije, do reformi i (ne)uspešne tranzicije društva. Privatizacija po saveznom i republičkom zakonu s početka devedesetih se nije bitnije razlikovala. Reč je o tzv. " insajderskoj " privatizaciji. Radnim organizacijama i zaposlenima je ostavljena široka mogućnost da donesu odluku o vremenu i načinu privatizacije. Najveći deo kapitala se delio među zaposlenima i bivšim radnicima. Potom su na red dolazili državni fondovi (penzioni, za nezaposlene i sl.). Prodaja, dokapitalizacija i restrukturiranje su postupci koje je predviđao republički zakon. Pošto se sve to dešavalo u vremenu masovnog gubitka posla i zajedničkog tržišta, hiperinflacije i siromašenja stanovništva, to je nedostajalo finansijskih sredstava da se obavi šira privatizacija. Radnici su dobili besplatne akcije, kojih su se kasnije brzo oslobađali prodajom po niskim cenama. Godine 1994. došlo se na ideju da se isprave " nepravde " , tj. da se preispita dotadašnja privatizacija. To je učinjeno uredbom vlade Srbije, koja je praktično poništila raniju privatizaciju društvene svojine. Umesto 44% privatnog kapitala njegov udeo nije više prelazio 4%! Najveća šteta naneta je radnicima, jer oni više nisu posedovali ni akcije, a ni sigurna radna mesta. Najveću korist imali su ljudi iz " senke " , najbliži centrima političke moći. Oni su u međuvremenu obavljali " skrivenu " , ili " spontanu " privatizaciju. Prema istraživanjima Slobodana Vukovića najvažniju ulogu imali su direktori preduzeća, ali i pojedinci iz privatnog sektora. Na razne načine oni su " tunelovali " sredstva i usmeravali ih u firme registrovane na

(Neo)liberalna globalizacija ekonomije i društva podstakla je i promene u oblasti radnog i socijalnog
zakonodavstva. Njihova primena je dovela do gubitka vec stecenih radnih prava, a uspostavljanja novih oblika
ureenja industrijskih odnosa. Izmenjena je uloga sindikata, zaposlenih, menadžmenta i poslodavaca. Nacin
i tempo kojim se to dešavalo u najvecoj je meri sistemski determinisano, odnosima moci izmeu država i
vladajucih klasa u centru, (polu)periferiji kapitalistickog sistema. U društvima u tranziciji na to su uticali i
posebni faktori, meu kojima se po znacaju isticu (ne)modernizacijski potencijali novih politickih i ekonomskih
elita. One cine srž nove kapitalisticke klase, koja je svoje interese nametnula i zaštitila kroz ekonomski,
politicki, pravni i kulturni sistem. Radno zakonodavstvo je jedan od elemenata ostvarivanja klasnih interesa.
Ono je u Srbiji posle 2000. godine znacajno liberalizovano. Najnoviji talas liberalizacije predstavlja dokaz
narušene ravnoteže moci izmeu kapitala i rada kapitala, u korist prvog. U radu se analizira suština novog
radnog zakonodavstva, njegova (ne)usaglašenost sa meunarodnim pravom, konvencijama, radnim pravom i
praksom u najrazvijenijim clanicama EU. Naglašava se da ce njegova primena dovesti do vece konkurencije
na tržištu rada, rasta nezaposlenosti, eksploatacije i siromaštva zaposlenih, a zaštiti interesa domacih i stranih
vlasnika kapitala.

Modiglian and Millers" thinking on dividend policy revolutionizes the evolutionary dividend puzzle and builds upon what scholars inaugurated about six centuries ago when first joint-stock companies' dividend earnings history was all about sharing proceeds from voyages where parts were bought or sold by Captains in the open market. Later in the 16 th-century, shares were invented and traded in denominations by various captains. Many scholars have since packaged the dividend argument into various theories of dividend. However, indecisiveness is witnessed on whether to eat the "seed" or secure dividends from retained earnings and the impact this has on the value of the firm. The puzzle continues to be a conundrum to many researchers of modern times. This paper tries to underscore dividend theories analytically and zeroes in elaborately on Modigliani-Miller and Lintners" bird at hand theories from which all other theories of dividend draw.

Human Resource Accounting is the process of assigning, budgeting, and reporting the cost of human resources incurred in an organization. Conventionally, according to general accounting principles, only monetary and physical assets are accounted in the books of account and there has been a failure to value human resources of an organization. However there is a change in this concept, now any expense on human resources should be treated as a capital expenditure because such expenses yield benefits for a long time period and should be shown as an asset in the Balance Sheet. The paper aims to review the literature available on human resource accounting. The paper tries to evaluate the historical background that led to the emergence of the concept of HRA. It investigates the various models both monetary and non-monetary that have been developed for the valuation of human resources.

Abstrak Penelitian ini bertujuan untuk menjelaskan pengaruh keandalan akrual, tingkat hutang, volatilitas arus kas, dan volatilitas penjualan terhadap persistensi laba. Populasi dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2011-2013 sejumlah 139 perusahaan. Sebanyak 81 perusahaan dijadikan sebagai sampel dengan menggunakan teknik purposive sampling. Metode analisis yang digunakan adalah analisis regresi linier berganda dengan alat bantu SPSS. Persistensi Laba diukur dengan menggunakan proksi laba sebelum pajak dibagi saham yang beredar. Hasil penelitian menunjukkan variabel keandalan akrual, dan volatilitas penjualan berpengaruh positif terhadap persistensi laba, variabel tingkat hutang berpengaruh negatif terhadap persistensi laba, variabel volatilitas arus kas tidak berpengaruh terhadap persistensi laba. Abstract This study aims to describe the influence of the reliability of the accrual, the level of debt, cash flow volatility, and volatility persistence against the sales profit. The population in this research is the manufacturing companies listed on BEI 2011-2013 an amount of 139 companies. As many as 81 companies serve as samples by using purposive sampling technique. Methods of analysis used was multiple linear regression analysis with SPSS tools. Persistence of profit is measured by using a proxy profit before tax divided shares in circulation. The results showed variable reliability of accrual and sales volatility influential positive against profit persistence, variable rate debt a negative effect againts the persistence of profit, cash flow volatility variable have no effect against persistence. PENDAHULUAN Saat ini perkembangan pasar modal di Indonesia semakin meningkat, hal ini dibuktikan dengan semakin dominannya pihak swasta dalam pembiayaan pembangunan ekonomi. Pihak swasta ini dikenal dengan istilah investor, investor merupakan orang perorangan atau lembaga yang melakukan suatu penanaman modal dengan mengharapkan pengembalian di masa mendatang. Para investor akan mengevaluasi dan memprediksi kinerja perusahaan salah satunya berdasarkan laporan keuangan. Laporan keuangan pada dasarnya adalah hasil dari proses akuntansi yang dapat digunakan sebagai alat komunikasi antara data keuangan atau aktivitas suatu perusahaan dengan pihak yang berkepentingan dengan data atau aktivitas dari perusahaan tersebut. Laporan laba rugi merupakan laporan utama untuk melaporakan kinerja suatu perusahaan, terutama tentang profitabilitas di buthkan untuk

The central idea of the present study is to re-establish the importance of human capital variables (education and experience) at all India level and also at the disaggregated level of gender (male/female) across regular and casual workers using NSS 68th round. This is the latest employment–unemployment unit-level records pertaining to year 2011–2012. The paper examines the impact of human capital variables, household factors, job-related factors, individual characteristics and locational factors on earnings of an individual. Separate augmented Mincerian equations have been used for regular and casual workers, further subdivided at the level of male and female. The method of quantile regression has been used to estimate the augmented Mincerian equation at the above-mentioned disaggregated levels. The present study showcases that human capital variables, household factors, job-related factors, individual characteristics and locational factors impact regular and casual workers differently, the variation being further pronounced when disaggregated at the level of gender. Interestingly, human capital variables impact the earnings of regular workers (male and female) and casual (male and female) workers positively. Factoring the growing informalisation (not being entitled to social security benefits) in the regular form of employment, the study showcases a wide disparity within the regular workers. Thus, an attempt has been made to unfold primarily the interplay between education and earnings at various disaggregated levels.

Głównym celem monografii było zaprezentowanie uwarunkowań, specyfiki i ewolucji pracy oraz wynagrodzeń pracowników tworzących gospodarkę kreatywną, a także zidentyfikowanie i przeanalizowanie zagrożeń płynących z niestabilności dochodów z pracy oraz z charakteru kreatywnych rynków pracy. Przedstawione wyniki koncentrują się na sytuacji w Polsce na tle innych krajów Unii Europejskiej. Dużo miejsca poświęcono także Australii – światowemu liderowi badań nad gospodarką kreatywną. W analizie przyjęto podejście holistyczne, które wydaje się adekwatne wobec szeregu powiązań poszczególnych elementów dotyczących aktywności zawodowej pracowników gospodarki kreatywnej, a także mnogości źródeł cząstkowych danych odnoszących się do tej grupy zawodowej.
W pracy zdefiniowano gospodarkę kreatywną oraz pokrewne pojęcia odnoszące się do tworzących ją zawodów i branż, a następnie usystematyzowano główne klasyfikacje gospodarki kreatywnej bazując na ich zakresie przedmiotowym oraz podmiotowym. Przeanalizowano kwestie metodyki określania wielkości zatrudnienia w gospodarce kreatywnej. Omówiono dynamikę i strukturę zatrudnienia w kreatywnych przemysłach i zawodach w Australii, Unii Europejskiej i w Polsce. Zaprezentowano rozwój form pracy i organizacji czasu pracy pracowników gospodarki kreatywnej, w szczególności – zatrudnienia równoległego. Wskazano zalety i wady podejmowania aktywności zawodowej w gospodarce kreatywnej. Przeprowadzono analizę porównawczą dynamiki wynagrodzeń w sektorach kreatywnych w UE, a następnie specyfiki wynagrodzeń wybranych grup twórców w Wielkiej Brytanii, Niemczech i Australii. Zbadano poziom, zróżnicowanie i strukturę wynagrodzeń pracowników kreatywnych w Polsce. Wskazano kluczowe determinanty różnic poziomu dochodów kobiet i mężczyzn pracujących w gospodarce kreatywnej według ich wieku, wykształcenia i stażu pracy. Zaprezentowane zjawiska dotyczące wynagrodzeń odniesiono do teorii segmentacji rynku pracy. Monografię zamyka analiza ubezpieczeń społecznych oraz bezrobocia przedstawicieli gospodarki kreatywnej.

Presentation of specificity and determinants of work and remuneration in the creative economy is the main purpose of the monograph. Additionally, threats related to income instability and character of work in the creative economy are identified and analysed. Whereas the results concentrate on the situation in Poland compared to the rest of the EU, a lot of attention has also been paid to Australia which is the world leader in research on the creative economy. A holistic approach was applied because of its appropriateness in the light of interrelations of many characteristics of the creative economy workers’ labour market activity as well as of the multiplicity of sources of fragmentary data on that professional group.
The book defines the creative economy and related notions referring to occupations and industries in that sector. It systemizes the main classifications of the creative economy. Then, it analyses issues of the methodology of calculating the volume of employment in the creative economy and discusses the dynamics and structure of employment in the creative industries and occupations in Australia, the European Union and in Poland. After that, the characteristic forms of work and working time organization in the creative economy, such as the multi-job holding, are discussed.
The study then considers advantages and disadvantages of professional career in the creative economy. Dynamics of the remuneration in the creative sectors in the EU are compared, followed by a comparison of earnings of some groups of creators in the United Kingdom, Germany and Australia. Finally, a level, diversity and structure of the remuneration of creative workers in Poland are investigated. The book further analyses the key determinants of differences in income distribution of men and women in the creative economy by age, education and years of job experience. Phenomena referred to earnings are contextualised with the theory of labour market segmentation. The monograph finishes with an analysis of the social insurance and unemployment of the creative economy workers.

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It is easy to see that highly fatalistic, ineffi cient persons believe that their actions have little outcome. Because greater fatalism lowers an employee’s effort level, it may result in lower wages, while the anti-fatalistic attitude translates into more effective work that in turn may be rewarded with a higher salary. In this article the author tests a self-confi dence scale that is similar to
the most widely used Rotter locus of control scale. People with high self-confidence have determination, feel they have an infl uence on their future, and are optimistic. In the analysis the author investigates the predictive power of self-confidence in wage equations using Hungarian data.

Americans with disabilities represent a significant proportion of the population. Despite their numbers and the economic hardships they face, disability is often excluded from general sociological studies of stratification and inequality. To address some of these omissions, this paper focuses on employment and earnings inequality by disability status in the United States since the enactment of the 1990 Americans with Disabilities Act (ADA), a policy that affects many Americans. After using Current Population Survey data from 1988-2014 to describe these continuing disparities, we review research that incorporates multiple theories to explain continuing gaps in employment and earnings by disability status. In addition to theories pointing to the so-called failures of the ADA, explanations also include general criticisms of the capitalist system and economic downturns, dependence on social welfare and disability benefits, the nature of work, and employer attitudes. We conclude with a call for additional research on disability and discrimination that helps to better situate disability within the American stratification system.

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This thesis aims to investigate earnings quality, by employing recent methodologies. The thesis has three empirical chapters. The first empirical chapter is about the profile of chief executive officers (CEO) and earnings quality. Based on previous studies, I introduce a measure of CEO profile, denoted PSCORE, which aggregates nine personal characteristics of CEOs. Data for the construction of the PSCORE are publicly available on the CEOs’ curriculum vitae and firms’ financial statements. Following previous studies, I measure earnings quality in different ways: abnormal accruals (Jones, 1991; Dechow, Sloan, and Sweeney, 1995; Peasnell, Pope, and Young, 2000b); abnormal cash flows, abnormal production costs, and abnormal discretionary expenditures (Roychowdhury, 2006); and deviations of the first digits of figures reported in financial statements from what are expected by Benford’s Law (Amiram, Bozanic, and Rouen, 2015). Using a sample of UK listed companies for 2005-2012, I find pos...

Abstrack: The purpose of this research was to examine and find out empirical evidence of influence the information of earnings and cash flow on stock price. The sample used consists of 22 companies included in the group LQ 45 on period 2011–2013. Data were analyzed method using multiple linear  regression analysis.. The results of this research showed that the regression models free of symptoms of normality, multicolniery, autocorrelation, and heteroskedastisitas. Test results show that the  partial hypothesis, earnings and investing cash flow are significantly positive effect on stock prices, while operating cash flow and financing cash flow does not significantly influence on stock prices. The results of simultaneous hypothesis testing showed that earnings, operating cash flow, investing cash flow and financing cash flows have a significant and positive effect on stock price.
Keywords: earning, cash flow, and stock price

Penelitian ini di lakukan pada perusahaan perbankan yang tercatat di Bursa Efek Indonesia (BEI) dalam kurun waktu tahun 2011-2014, dengan tujuan untuk untuk menganalisis bagaimana tingkat kesehatan perbankan tersebut yang dihitung berdasarkan metode Risk Profile, Earnings, Capital. Metode analisis data yang digunakan dalam penelitian ini adalah metode analisis deskriptif, dengan menggunakan analisis rasio RGEC (risk profil, good corporate governance, earnings, capital) sebagaimana yang telah diatur dalam Surat Edaran Bank Indonesia No.13/24/DPNP 25 Oktober 2011 Perihal Sistem Penilaian Tingkat Kesehatan Bank Umum. Hasil penelitian menunjukkan risk profile perbankan yang diukur dengan risiko kredit (NPL) menunjukkan tingkat kesehatan rata-rata yang sangat sehat dengan peringkat yang diperoleh yaitu satu (PK-1), dan risk profile yang diukur dengan risiko likuiditas (LDR) menunjukkan tingkat kesehatan rata-rata yang cukup sehat dengan peringkat yang diperoleh yaitu tiga (PK-3). Earnings yang diukur dengan ROA dan NIM menunjukkan tingkat kesehatan rata-rata yang sehat dengan peringkat yang diperoleh yaitu dua (PK-2). Capital yang diukur dengan CAR menunjukkan tingkat kesehatan rata-rata yang sangat sehat dengan peringkat yang diperoleh yaitu satu (PK-1)

The Covid-19 pandemic wrecked international tourism, which went through a crisis of incomparable proportions. The latest assessment released in December 2021 by the Asian Development Bank (ADB) and United Nations World Tourism Organization (UNWTO) shows that it was tourism that "suffered the greatest crisis in 2020". International arrivals had plunged by 73 per cent. The Covid-19 pandemic led almost all nations to impose a wide range of restrictions on world travel, including border closures to tourists, some of which are still continuing.

Çalışmanın ana amacı hanehalklarının tüketim kalıpları ve kazançları göz önünde bulundurularak fiyat endeksleri üzerindeki geçişin irdelenmesidir. Görselliğin ön plana çıktığı, analizlere ilişkin ayrıntıların ise görece daha az yer verildiği çalışmanın bulguları istenildiği takdirde paylaşılabilir.
Ülkemizde hanehalklarının tüketim eğilimleri diğer ülkelerde olduğu gibi kazanç, fiyat, borçlanma, tasarruf vb. pek çok değişkenin birleşiminden oluşmaktadır. Bu çalışmada tüketici fiyat endeksiyle kazanç ve tüketim eğilimleri birlikte analiz edilmeye çalışılmıştır.

Olibe (2016) uses price and trading volume responses around IFRS earnings disclosures for U.K. cross-listed firms trading as American Depository Receipts in U.S. equity markets to investigate whether such disclosures provide information to market participants over and above U.S. GAAP earnings disclosures. He finds evidence of significant price and trading volume responses for IFRS earnings disclosures, leading to the conclusion that market participants find that those disclosures facilitate trading in U.S. equity markets. This discussion focuses on the paper's incremental contribution to the literature and offers suggestions for improvements in the research design and analyses.

This paper surveys major empirical regularities concerning changes in earnings inequality in Europe and the U.S. over the past 25 years. Next, it indicates which of these regularities can be explained within the competitive demand-supply framework of analysis and what is left unexplained. Finally, it considers the implications of organizational change as a possible rationale for recent inequality developments.

An empirical evaluation of the adopted but a modified version of the firm valuation equation has been conducted to test the retained earnings-based firm valuation model including retained earnings, firm value, and shareholders’ wealth as variables. The impact of retained earnings on firm value and shareholders’ wealth as well as firm value on shareholders' wealth has been evaluated by using primary data collected randomly from 85 listed manufacturing firms using a questionnaire. The alpha score of .866 has been generated relating constructs of the research instrument. Furthermore, factor analysis and ordinary least squares regression has been used to test study hypotheses. Study findings suggested that retained earnings have played a vital role in the expansion activities and benefited sample firms in achieving desired growth. Moreover, the value of sample firms enhanced and shareholders’ wealth maximized due to investment and reinvestment of retained earnings in value-enhancing projects. Thus, results have applauded the Musharraf government and concomitantly validated the strength of retained earnings-based firm valuation model.

Keywords: Retained earnings; Firm value; Shareholders' wealth; Investment; Reinvestment; Listed manufacturing firms; Pervez Musharraf era.

This study aims to test is ability of cash flows to predict the earning, his research is expected to give contribution in providing evidence on whether
(1) operating cash flow is useful to predicting earning.
(2) Investing cash flow is useful to predicting earning.
(3) Financing cash flow is useful to predicting earning.

In the present research, Statistical population consists of firms listed on London Stock Exchange Group (LSEG) during 2015-2018. Earning (dependent variable) was measured by net income, operating income and independent variable, namely cash flows through operating, investing and financing operations. The results generally indicates the models' ability to interpret hypothesis and confirm the ability of cash flows to predict earnings.

This article creates a context for marketing as a system to initiate customer relationships and drive earnings growth. This is in stark contrast to the notion that marketing is the sum of promotional activities and tactics. The intended audience is marketers, entrepreneurs and small business owners.

This study considers the question whether the changes in Accounting Standards has led to companies making less use of earnings management. The paper is an attempt to investigate whether the application of high quality standards like International Financial Reporting Standards (IFRS) is related to high financial reporting quality. This study addresses this issue empirically. Furthermore, this research examines whether German companies that have applied IFRS have less earnings management compared to German companies that report according to the German Generally Accepted Accounting Principles (GGAAP). The sample, consisting of two equally large listed companies in Germany (Südzucker Group and Henkel Group) from 2003-2014. The study suggests that IFRS-adopters show different earnings management performance compared to companies reporting under German GAAP. This finding contributes to the discussion on whether high quality standards are appropriate and operational in countries with weak ...

This paper investigates the impact of earnings management on value relevance of accounting information in the context of Japan. Researchers carrying out earnings management research usually rely on the Jones (1991) or the modified Jones model (1995) to disaggregate accruals into its discretionary and non‐discretionary components. However, because of criticisms leveled against extant models of discretionary accruals, this study instead uses earnings management measures constructed by Leuz et al. (2001) and Bhattacharya et al. (2001) and examines the relationship between these measures and their impact on the value‐relevance of accounting information. The latter is operationalized by the explanatory power of book values and earnings (combined model) and earnings alone (earnings model) for stock price. Results based on 5,318 consolidated firm‐year observations over 1992‐1999 show that, both earnings management measures and aggregate earnings management measures (combination of both ear...

Overeducation-the situation in which an individual has more schooling than is needed to do one's job-has been researched extensively for nearly three decades, but some major issues in regard to it are still topics of ongoing debate. By using a panel data, that combines a survey of two cohorts of Israeli first-degree holders and data from administrative sources on jobs and wages, we examine the contribution of job turnover, cognitive abilities and continuing graduate studies to the likelihood of overeducation and wage dynamics. The study produces four main findings. First, rapid job-switching makes a negative contribution to the increase in employee's wage and there is a negative correlation between two variables-an employee's tenure and the number of past employers in the years after the completion of degree studies-and the probability of being overeducated. Second, the contribution of the individual's cognitive abilities and quantitative reasoning skills to the likelihood of becoming overeducated is negative. Third, the wages of overeducated employees are some 11 percent lower and rise more slowly than the wages of those whose level of schooling corresponds to their jobs; this outcome may be interpreted as indicating that the "scars" of being overeducated tend to be long-lasting. Fourth, the overeducated workers have lower propensity to continue to advanced academic studies.

Abstract
Purpose – The purpose of this paper is to examine the role that social capital plays in the
determination and distribution of business earnings of female entrepreneurs in selected rural
communities of Ogun State, Nigeria.
Design/methodology/approach – The theoretical foundation of social capital and its relationship to
informal finance was used in a modified Mincer’s model to examine the distribution of earnings among a
sample of members of informal self-help groups. The study relied on a set of secondary data collected
from a survey of 275 female micro-entrepreneurs in five rural communities in Ogun State, Nigeria. The
analysis of data was done with the use of SPSS computer software while the ordinary least squares
regression technique was used in the models’ estimation.
Findings – The findings show that though human capital variables contribute to earnings in the usual
Mincer’s parlance, social capital as well as neighbourhood effect variables appear much more important
determinants.
Originality/value – The study quantified and applied five social capital variables in the estimated
earnings function and three of these variables were found to be statistically significant in their effects on
earnings distribution among the study sample. The study concluded by advocating a multi-disciplinary
approach to the study of enterprise development as well as a coordinated approach by the government to
promote self-help organisations among women in the rural areas.
Keywords Nigeria, Women, Entrepreneurialism, Microeconomics, Rural regions, Social networks
Paper type Research paper

This study empirically examines the effects of accounting conservatism on earnings management. Earnings management is proxied by accrual earnings management (AEM) and measured by discretionary accruals. Accounting conservatism is measured by accrual conservatism. This study uses data from 108 companies listed on the Indonesia Stock Exchange from 2016 to 2018. By using the Multiple Regression Model that places earnings management as the dependent variable and accounting conservatism as an independent variable, this study proves that accounting conservatism has a positive effect on earnings management. Moreover, the business cycle (cycle), asset turnover (ROA), and sales growth (SG) are control variables that also control this research model.

Earnings management is one of the accounting tools employed by managers in order to manipulate the earnings of their companies through the utilization of accounting choices and discretionary accruals. Extant literature posits that different dividend policies tend to have varying effect on earnings management. Prior studies have provided contradictory and conflicting results on the association between earnings management and dividend policy. This study therefore examines whether earnings management affects dividend policy of listed diversified conglomerate companies in Nigeria. The study adopts correlational research design. Secondary data for the study was extracted from the companies' annual reports and accounts. There are six diversified conglomerate companies listed on the Nigerian Stock Exchange as at 31st December 2017. The study took a census approach of all the six listed diversified conglomerate companies over the study period, 2008-2017. Panel regression technique was employed in analyzing the data collected for the purpose of the study. Results revealed that earnings management significantly but negatively affect dividend policy of Nigerian quoted diversified conglomerate companies. In line with the findings, the study recommends that investors whose primary motive is dividend should focus their investment more on quoted diversified conglomerate companies as their earnings is free from earnings manipulation. Introduction Stakeholders use financial statements to provide information about the financial activities of an entity for major decision making. One of the fundamental variables of financial statements that stakeholders and regulators use for effective and efficient decision making is the reported earnings numbers. Reported earnings, particularly, the "accounting earnings" indicate firm's direction, reduces information asymmetry and ensures efficient capital allocation. This is achievable only if the managers did not alter the financial statements. The prevalence of corporate scandals that are related to earnings management practices have raised concerns and remain contemporary issues to researchers, regulatory bodies and investing public in the 21stcentury and during the last two decades in particular. Consequent upon the prevalence of these phenomena, a critical examination of dividends, as a means of rewarding investors cannot be overemphasized as dividends are components of reported earnings.

En el siguiente trabajo nos proponemos abordar la relación entre la educación y el mercado laboral a lo largo del período de políticas económicas de perfil heterodoxo, por oposición al conjunto de estrategias de ajuste y apertura económica que caracterizó al último cuarto del siglo y específicamente a la década de los noventa. Entre las principales características del período se pueden enumerar una vuelta hacia el mercado interno, modificaciones importantes en el funcionamiento macro-económico y una recuperación de las políticas de transferencia condicionadas. Si bien, en términos generales, el conjunto de elementos mencionados redundan en el incremento de las tasas de empleo y la mejora de los indicadores sociales, dicha situación debe ser abordada, no obstante, en el contexto que la evidencia disponible sugiere, a saber, la persistencia de una estructura productiva concentrada y heterogénea que no experimentó cambios significativos a pesar de las políticas impulsadas y del modelo de acumulación iniciado a partir de 2003. En el marco de estos desarrollos, el objetivo de esta ponencia es analizar la evolución de los niveles educativos de la fuerza de trabajo y su impacto en las remuneraciones percibidas por los ocupados del Área Metropolitana de Buenos Aires, teniendo en cuenta cómo el perfil asumido por la estructura ocupacional y la configuración sectorial del aglomerado durante el período inciden en dicha dinámica. Para ello se recurre a la utilización de los micro-datos de la Encuesta Permanente de Hogares del INDEC tomando algunos años testigo como ventana de observación dentro del período señalado.