Does Performance Commitment Change Affect R&D Manipulation?
Taking the A-share M&A performance commitment events from 2011 to 2022 as the research object,This paper examines the impact of performance commitment changes on the R&D manipulation.The study finds that changes in performance promises increase firms'R&D manipulation and that this effect is achieved by increasing executive opportunism and reducing commercial credit financing;The heterogeneity test finds that the effect of performance commitment change on R&D manipulation is more significant among firms with connected M&A events,state-owned firms,and firms with less analyst attention;Motivation and economic consequences tests find that performance commitment changes increase R&D manipulation more by motivating executives'policy pandering motives,and that the behavior does allow firms to obtain more tax incentives and government grants.
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