{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/108247"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/108247","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Private equity ownership and financial misreporting","abstract":"I study whether private equity (PE) ownership is associated with portfolio firms’ financial misreporting by examining the occurrence of restatements and SEC enforcement actions during the post-IPO period. Using a sample of firms that went public between 1998 and 2015, I find that PE-backed firms are more likely to issue restatements during the five-year post-IPO period than non-PE-backed firms. The restatements received by PE-backed firms are more material, i.e., having a more negative impact on net income or longer duration. Furthermore, PE-backed firms are more likely to be subject to SEC Accounting and Auditing Enforcement Releases (AAERs). Cross-sectional analyses suggest that the financial misreporting of PE-backed firms is attributable to PE firms’ pursuit of profits as well as their control over the board and executives. Overall, this paper provides new insights into the opportunistic influence of PE firms.","abstract_html":"I study whether private equity (PE) ownership is associated with portfolio firms’ financial misreporting by examining the occurrence of restatements and SEC enforcement actions during the post-IPO period. Using a sample of firms that went public between 1998 and 2015, I find that PE-backed firms are more likely to issue restatements during the five-year post-IPO period than non-PE-backed firms. The restatements received by PE-backed firms are more material, i.e., having a more negative impact on net income or longer duration. Furthermore, PE-backed firms are more likely to be subject to SEC Accounting and Auditing Enforcement Releases (AAERs). Cross-sectional analyses suggest that the financial misreporting of PE-backed firms is attributable to PE firms’ pursuit of profits as well as their control over the board and executives. Overall, this paper provides new insights into the opportunistic influence of PE firms.","abstract_has_math":false,"creators":["Wang, Shuyang"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Accountancy","degree_department":null,"school":null,"contributors":["Li, Laura Yue","Chen, Clara Xiaoling","Zhu, Wei","McClane, Jeremy"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2020,"date_issued":"2020-08-27T00:49:54Z","date_published":"2020-08-27T00:49:54Z","updated_at":"2026-07-22T22:24:48Z","subjects":["Private equity","financial reporting quality","misreporting","corporate governance"],"languages":["en"],"rights":["Copyright 2020 Shuyang Wang"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/2142/108247","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Li, Laura Yue","Chen, Clara Xiaoling","Zhu, Wei","McClane, Jeremy"]},{"key":"dc:creator","label":"Author","values":["Wang, Shuyang"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2020-08-27T00:49:54Z","2022-08-27T00:51:40Z","2020-04-13","2020-05"]},{"key":"dc:type","label":"Dc Type","values":["text","Thesis"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Accountancy"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Private equity","financial reporting quality","misreporting","corporate governance"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2020 Shuyang Wang"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/108247"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["I study whether private equity (PE) ownership is associated with portfolio firms’ financial misreporting by examining the occurrence of restatements and SEC enforcement actions during the post-IPO period. Using a sample of firms that went public between 1998 and 2015, I find that PE-backed firms are more likely to issue restatements during the five-year post-IPO period than non-PE-backed firms. The restatements received by PE-backed firms are more material, i.e., having a more negative impact on net income or longer duration. Furthermore, PE-backed firms are more likely to be subject to SEC Accounting and Auditing Enforcement Releases (AAERs). Cross-sectional analyses suggest that the financial misreporting of PE-backed firms is attributable to PE firms’ pursuit of profits as well as their control over the board and executives. Overall, this paper provides new insights into the opportunistic influence of PE firms.","Submission published under a 24 month embargo labeled 'Closed Access', the embargo will last until 2022-05-01","The student, Shuyang Wang, accepted the attached license on 2020-04-09 at 23:57.","The student, Shuyang Wang, submitted this Dissertation for approval on 2020-04-10 at 00:02.","This Dissertation was approved for publication on 2020-04-13 at 09:02.","DSpace SAF Submission Ingestion Package generated from Vireo submission #14952 on 2020-08-25 at 17:40:05","Made available in DSpace on 2020-08-27T00:49:54Z (GMT). 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Using a sample of firms that went public between 1998 and 2015, I find that PE-backed firms are more likely to issue restatements during the five-year post-IPO period than non-PE-backed firms. The restatements received by PE-backed firms are more material, i.e., having a more negative impact on net income or longer duration. Furthermore, PE-backed firms are more likely to be subject to SEC Accounting and Auditing Enforcement Releases (AAERs). Cross-sectional analyses suggest that the financial misreporting of PE-backed firms is attributable to PE firms’ pursuit of profits as well as their control over the board and executives. Overall, this paper provides new insights into the opportunistic influence of PE firms.","Submission published under a 24 month embargo labeled 'Closed Access', the embargo will last until 2022-05-01","The student, Shuyang Wang, accepted the attached license on 2020-04-09 at 23:57.","The student, Shuyang Wang, submitted this Dissertation for approval on 2020-04-10 at 00:02.","This Dissertation was approved for publication on 2020-04-13 at 09:02.","DSpace SAF Submission Ingestion Package generated from Vireo submission #14952 on 2020-08-25 at 17:40:05","Made available in DSpace on 2020-08-27T00:49:54Z (GMT). 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