Alternative Performance Measures: Determinants of Disclosure Quality – Evidence from Germany

IF 4.6 Q1 BUSINESS, FINANCE Accounting in Europe Pub Date : 2020-11-17 DOI:10.1080/17449480.2020.1829655
Stephanie Jana, K. McMeeking
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引用次数: 4

Abstract

ABSTRACT Alternative performance measures (APMs) might be used to improve the information environment or strategically to mislead the market. The recently introduced European Securities and Markets Authority APM guidelines are intended to enhance corporate financial disclosures. We analyse the disclosure quality and determinants of all types of APMs in management reports of German listed firms for two financial periods. Although the quantity of APM disclosures is extensive, it differs across firms’ characteristics, and there is considerable room for improvement regarding disclosure quality. APM disclosure quality is positively associated with firm size and negatively associated with profitability. However, not all firms’ characteristics can be applied per se as universal determinants of APM disclosure quality, and a distinction must be made between different types of APMs. For example, high ownership concentration is negatively associated particularly with the quality of profitability APMs. Firms’ leverage is positively associated with the disclosure quality of non-profitability APMs.
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替代绩效指标:披露质量的决定因素——来自德国的证据
摘要替代绩效指标(APM)可能用于改善信息环境或战略性地误导市场。最近推出的欧洲证券和市场管理局APM指南旨在加强公司财务披露。我们分析了两个财政期间德国上市公司管理报告中所有类型APM的披露质量和决定因素。尽管APM披露的数量广泛,但各公司的特征不同,在披露质量方面还有相当大的改进空间。APM披露质量与公司规模呈正相关,与盈利能力负相关。然而,并非所有公司的特征本身都可以作为APM披露质量的普遍决定因素,必须区分不同类型的APM。例如,高所有权集中度与盈利能力APM的质量呈负相关。企业的杠杆作用与非盈利APM的披露质量呈正相关。
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来源期刊
Accounting in Europe
Accounting in Europe BUSINESS, FINANCE-
CiteScore
5.00
自引率
7.10%
发文量
14
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