過去文獻在探討盈餘管理誘因和實質盈餘管理之間的關係時，忽略考量公司治理所扮演的角色，另一方面，先前研究在探討實質盈餘管理和公司治理之間的關係時，則忽略考量盈餘管理的誘因。本研究結合上述二脈文獻，將實質盈餘管理、從事實質盈餘管理的誘因以及董事會特性的調節效果進行整合性的探討。
本研究以2003年至2009年美國上市櫃公司作為樣本，檢驗具有零盈餘門檻和前期盈餘誘因的公司是否較易於從事實質盈餘管理，並檢驗董事會的獨立性、勤勉度與專業性三種特性是否有助於減輕因為零盈餘門檻和前期盈餘誘因而從事實質盈餘管理的情形。實證結果發現，具有零盈餘門檻或前期盈餘誘因的公司較有可能從事實質盈餘管理。在董事會特性的調節效果方面，本研究發現當董事會的成員具備較高的獨立性或專業性時，對於有誘因符合零盈餘或前期盈餘門檻之公司所從事的實質盈餘管理，具有一定程度的抑制效果。

One stream of research on the incentives for earnings management and real earnings management does not consider the role of corporate governance, while another stream of research on real earnings management and the role of corporate governance does not consider the incentives for earnings management. By integrating the two streams of research this paper focus on the relationships among real earnings management, the incentives for engaging in real earnings management, and the moderating effect of board characteristics.
Using all U.S. firm-year listed companies during the sample period of 2003-2009, this study examines whether firms with incentives to meet “zero earnings” and “last year’s earnings” thresholds will engage in more real earnings management. Furthermore, I also investigate whether the independence, diligence, and professionalism of the board of directors will mitigate degree of real earnings management when managers have the incentives to meet specific earnings benchmarks. The study provides evidence supporting that firms with incentives of avoiding negative earnings or maintaining earnings growth engage in more real earnings management. With regard to the role of board characteristics, the results indicate that board members with higher independence or more professionalism lead to less real earnings management of firms which have specific earnings goals. These findings suggest that to enhance the board independence and professionalism is important in limiting managerial opportunism behavior associated with real earnings management.

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