Equity
I
ncentive,
I
nstitutional
I
nvestor
H
eterogeneity and
R
eal
E
arnings Management
ABSTRACT
The listed
companies often create conflicts of interest with their agents by delegating control to them for management. To be able to reduce this conflict of interest, companies often implement equity incentives. But this also makes the agents to manipulate the surplus to satisfy their own interests. In contrast, institutional investors often take advantage of their specialization to partici
股权激励、机构投资者异质性与真实盈余管理-11558字.docx