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CEO Age and Real Earnings Management

The purpose of this study is to verify the impact of CEO Age on real earnings management. Our empirical study is based on a sample of 7481 American firms from 2000 to 2009. Firstly we document a positive and significant relation between CEO Age and real earnings management and as a supplement analysis we find that this relation is not monotonic, it have a U-Shape with an inflexion point equal to 48 years. Our study has useful implications for financial statement users and accounting profession. Firstly, the different stakeholders of firms managed by an old CEO should be more careful when evaluating the quality of firm’s financial statements. In addition, external auditors and SEC should be more diligent when dealing with financial reports elaborated by old CEOs. The results of this paper confirm that CEO characteristics are determinants in financial reporting quality and that financial statements users and accounting profession should take this on consideration.