Where, the dependent variable takes the firm of discretionary accruals (DA); is our measurement of earnings management by absorbent firm i in relative to the year prior to the merger announcements), and the independent variables are, respectively, made up of transient institutional ownership (TIO), dedicated institutional ownership (DIO), institutional cross-holding (ICH), pre-bid ownership positions in the target companies (POTC), mergers' auditor quality (AUDIT), along with the merger payment method (MP).
The results depicted in Table 6 show well that the variable POTC does significantly influence the absorbent companies' level of discretionary accruals.
Therefore, regardless of the model adopted for the evaluation earnings management in the year prior to a merger, the empirical results show that the variables dedicated institutional ownership (DIO), institutional cross-holding (ICH), and pre-bid ownership positions in target companies (POTC) constitute the major determinants of earnings management in regard to merger.
That's why POTC
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She alleged that the respondents misrepresented themselves to the public that they were members of the board of directors of PHC, Philcomsat and POTC.
Due to the misrepresentation the respondents were able to allegedly siphon out PHC's corporate funds in various forms from 2003 to 2007 worth P122,199,459 which were booked under 'advances to affiliates' even as the funds were never credited to POTC or Philcomsat, Bildner said.
The Court of Appeals (CA) affirmed the Department of Justice's (DOJ) resolution dismissing the over P100-million estafa case filed against the officials of Philcomsat Holdings Corporation (PHC), Philcomsat and the Philippine Overseas Telecommunications Corporation (POTC).
She alleged that the respondents misrepresented themselves to the public that they are members of the Board of Directors of PHC, Philcomsat and POTC.
The shares of POTC, the parent company, were sequestered in 1986 by the PCGG on allegations they had been acquired through ill-gotten wealth.
Bautista explained that to represent the government's 35-percent stake in Philcomsat, he and Karen Singson, then chief privatization officer of the Privatization and Management Office, were nominated to the board of the POTC, Philcomsat's parent company.
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