Abstract
AbstractWe examine the influence of accounting opacity (earnings management [EM] and tax aggressiveness [TA]) and CEO characteristics (CEO age and tenure) on stock price synchronicity (SPS) of German companies and we test if CEO age and CEO tenure moderate the relation between EM, TA, and SPS. Using the GLS regression, we find that TA and EM have a significant positive effect on SPS. CEO age negatively moderates the relation between TA and SPS. CEO tenure affects positively SPS, but did not moderate neither the relation between EM and SPS nor the relation between TA and SPS. We use several robustness tests that confirm our main analysis.
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