We explore whether firms that are vulnerable to takeovers pre-emptively manage earnings in anticipation of such events. We find a positive relationship between firms’ vulnerability to takeovers and their propensity to manage earnings, mainly through the manipulation of real activities. We...

We examine the role of major corporate board reforms around the world in constraining earnings management. Using a large sample of 7,569 listed firms from 19 countries and a difference-in-difference design, we find that board reforms constrain firms' accrual earnings management. However, in...