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The Differential Impact of IFRS Adoption on Aspects of Seasoned Equity Offerings in the UK and France 《国际财务报告准则》的采用对英国和法国经验丰富的股票发行的不同影响
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2018-10-16 DOI: 10.1080/17449480.2018.1531141
Mostafa Harakeh, Edward Lee, M. Walker
Abstract We examine the potential for IFRS to influence the market for SEOs in the UK and France. The divergence between the UK domestic accounting standards and IFRS is minor (low-divergence firms) whereas domestic accounting standards in France differ materially from IFRS (high-divergence firms); however, both countries have similar legal enforcement and institutional settings that might confound the effect of IFRS adoption. We argue that IFRS adoption serves to mitigate information asymmetry and improve accounting quality. Accordingly, we find that, following IFRS adoption, earnings management activities decrease among high-divergence firms prior to issuing SEOs. As a result of the lower levels of earnings management and information asymmetry, we predict and find that the market reaction to issuing SEOs improves significantly for high-divergence firms following IFRS. Given that equity financing becomes less costly, we find that the propensity to issue new SEOs increases among high-divergence firms after IFRS adoption. We find no similar changes among low-divergence firms. The results persist after running a matched-sample analysis and controlling for potential self-selection bias.
摘要:我们研究了IFRS在英国和法国影响seo市场的潜力。英国国内会计准则与国际财务报告准则之间的差异较小(低差异公司),而法国国内会计准则与国际财务报告准则之间存在重大差异(高差异公司);然而,这两个国家具有相似的法律执行和制度设置,这可能会混淆采用国际财务报告准则的效果。我们认为,采用国际财务报告准则有助于缓解信息不对称,提高会计质量。因此,我们发现,采用国际财务报告准则后,在发行seo之前,高差异公司的盈余管理活动减少。由于较低的盈余管理水平和信息不对称,我们预测并发现,对于遵循IFRS的高差异公司,市场对发布seo的反应显着改善。鉴于股权融资成本降低,我们发现在采用国际财务报告准则后,高差异公司发行新seo的倾向增加。我们发现在低差异企业中没有类似的变化。在进行匹配样本分析并控制潜在的自我选择偏差后,结果仍然存在。
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引用次数: 12
Firm Disclosures about Enforcement Reviews 关于执法审查的公司披露
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2018-09-26 DOI: 10.1080/17449480.2018.1519320
Jörg-Markus Hitz, H. Schnack
Abstract This paper provides descriptive evidence on voluntary firm disclosures related to enforcement reviews. Our analyses are set in the German institutional environment, where firms are mandated to disclose error announcements if enforcement institutions, after conclusion of the review, formally establish financial statements to contain material errors. We find that firms provide voluntary disclosures about ongoing enforcement reviews on rare occasions while they opt to disclose information about concluded reviews more frequently. Content analyses reveal that the format of disclosures about ongoing reviews is potentially associated with the eventual review outcome, which is consistent with firms deliberately using these disclosures. This interpretation is supported by additional multivariate analyses of disclosures relating to ongoing reviews, which turn out more likely for contentious reviews. Analysis of market reactions provides weak evidence that investors price these disclosures, as negative market responses to the disclosure of error findings are mitigated. Hence, our paper provides a novel angle on the growing literature on accounting enforcement and yields insights into firm-level incentives for strategic disclosures.
摘要本文提供了与执法审查相关的公司自愿披露的描述性证据。我们的分析是在德国的制度环境中进行的,在德国,如果执法机构在审查结束后正式建立财务报表以包含重大错误,则公司被要求披露错误公告。我们发现,公司在很少情况下自愿披露正在进行的执法审查,而他们选择更频繁地披露已完成的审查信息。内容分析表明,正在进行的审查的披露格式可能与最终的审查结果有关,这与公司故意使用这些披露是一致的。这一解释得到了与正在进行的审查有关的披露的额外多变量分析的支持,这些分析更有可能是有争议的审查。对市场反应的分析提供了微弱的证据,表明投资者对这些披露进行了定价,因为市场对披露错误发现的负面反应得到了缓解。因此,我们的论文为越来越多的关于会计执行的文献提供了一个新的角度,并对公司层面的战略披露激励产生了见解。
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引用次数: 3
Formal Participation in the EFRAG’s Consultation Processes: The Role of European National Standard-Setters 正式参与EFRAG的咨询过程:欧洲国家标准制定机构的作用
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2018-09-15 DOI: 10.1080/17449480.2018.1514124
Martin Gäumann, M. Dobler
Abstract While the European Financial Reporting Advisory Group (EFRAG) considers European national standard-setters (NSSs) as close partners that play a vital role in its legitimacy, empirical evidence on EFRAG’s consultation processes and the involvement of NSSs therein remains scarce. We use a multi-issue/multi-period approach to investigate the formal participation in EFRAG’s consultation processes. By examining 2,102 comment letters submitted to EFRAG in the 2002–2015 period, we find that NSSs typically outweigh other stakeholder groups in terms of level of participation across stages of the consultation process and project topics. Although NSSs’ level of participation is rather stable over time, it significantly varies across European countries. We also provide a recent classification of European NSSs and show that NSSs’ level of participation varies by their institutional status and is the highest for private NSSs. Our findings have implications for aspects of the legitimacy of both EFRAG and NSSs and shed light on the role of intermediaries in international accounting standard-setting.
摘要尽管欧洲财务报告咨询小组(EFRAG)认为欧洲国家标准制定者(NSS)是在其合法性中发挥重要作用的密切合作伙伴,但关于EFRAG咨询过程和NSS参与其中的经验证据仍然很少。我们采用多问题/多时期的方法来调查EFRAG咨询过程的正式参与情况。通过审查2002-2015年期间提交给EFRAG的2102封评论信,我们发现NSS在咨询过程各阶段和项目主题的参与程度方面通常超过其他利益相关者群体。尽管NSS的参与水平随着时间的推移相当稳定,但欧洲国家之间的差异很大。我们还提供了欧洲NSS的最新分类,并表明NSS的参与水平因其机构地位而异,在私人NSS中最高。我们的研究结果对EFRAG和NSSs的合法性具有启示意义,并阐明了中介机构在国际会计准则制定中的作用。
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引用次数: 9
Do Macro-economic Crises Determine Accounting Value Relevance? 宏观经济危机决定会计价值相关性吗?
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2018-09-02 DOI: 10.1080/17449480.2018.1514123
F. A. Bilgic, S. Ho, A. Hodgson, Zhengling Xiong
Abstract We investigate whether the value relevance of earnings and book values in Turkey significantly changed across periods of financial uncertainty. Our enquiry differs from the mainstream literature that posits a unidirectional association determined by the ‘quality’ of individual firm accounts towards price. We find divergence in accounting value relevance components across the 1997–2012 period. Dominant value relevance shifts from earnings and negative interest rates in hyper-inflation, to the balance sheet after IFRS in 2005. On the other hand, the global financial crisis (GFC) is associated with diminished accounting value relevance for all variables. Policy issues are raised about value relevance consistency, the use of negative (low) interest rates as fiscal policies and the asymmetric application of market based valuations in emerging economies.
摘要我们调查了土耳其收益和账面价值的价值相关性是否在金融不确定性时期发生了显著变化。我们的调查不同于主流文献,主流文献认为,单个公司账户对价格的“质量”决定了单向关联。我们发现,在1997-2012年期间,会计价值相关性成分存在差异。主导价值相关性从高通胀时期的收益和负利率转变为2005年《国际财务报告准则》之后的资产负债表。另一方面,全球金融危机与所有变量的会计价值相关性降低有关。提出了关于价值相关性一致性、负(低)利率作为财政政策的使用以及新兴经济体市场估值的不对称应用的政策问题。
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引用次数: 9
What is a Conceptual Framework for Financial Reporting? 什么是财务报告的概念框架?
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2018-07-13 DOI: 10.1080/17449480.2018.1496269
I. Dennis
ABSTRACT Despite more than forty years of exploration into constructing a conceptual framework (CF) for financial reporting the question ‘What is a CF?’ has not been adequately answered. The result is that those who construct CFs are not guided by a clear concept of a CF and communication about CFs is undermined by differences in understanding what it is. There has been a failure to undertake conceptual enquiry into the nature of a CF or into the expressions used in describing it. This paper addresses this failure by undertaking such a conceptual enquiry. Existing explanations of CFs are examined and found to be inadequate. What is wanted from a CF is identified and explained and this is used to prescribe what should be understood by the expression ‘conceptual framework’. A new characterisation of CFs is given that should assist any future construction of new CFs. Problems that may be faced by those who seek to construct a CF are identified.
摘要尽管在构建财务报告概念框架(CF)方面进行了40多年的探索,但“什么是CF?”尚未得到充分答复。其结果是,那些构建CF的人没有以CF的明确概念为指导,关于CF的交流因理解CF的差异而受到破坏。未能对CF的性质或描述CF时使用的表达方式进行概念探究。本文通过进行这样的概念探究来解决这一失败。对CF的现有解释进行了审查,发现其不充分。确定并解释了CF需要什么,这用于规定“概念框架”表达应该理解什么。给出了CF的新特征,这将有助于未来任何新CF的构建。确定了那些寻求构建CF的人可能面临的问题。
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引用次数: 437
Inside the Black Box of IASB Standard Setting: Evidence from Board Meeting Audio Playbacks on the Amendment of IAS 19 (2011) 国际会计准则理事会标准制定的黑匣子里:来自董事会会议的证据——《国际会计准则第19号修正案》音频回放(2011年)
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2018-07-01 DOI: 10.1080/17449480.2018.1501502
M. Klein, Rolf Uwe Fülbier
Abstract We provide evidence on the little researched internal sphere of private IASB standard setting, more specifically, on the dynamic of board discussions and the respective impact of exogenous input such as comment letters, the array of arguments evoked in IASB debates, individual board member contribution and board-staff relations. We conduct a content analysis of audio recordings of 14 IASB meetings on the amendment of IAS 19 Employee Benefits (2011) between November 2008 and February 2010. Our main findings comprise the argument-based handling of comment letters not being conditioned by the political or economic importance of the senders, the gatekeeper role of staff members in channelling exogenous input and their equal role in board discussions and the dominant reference to conceptual arguments there. We also point to the heterogeneous involvement of board members, their different attribution to key issues and to further observations regarding the meeting governance, board’s discussion culture and etiquette. Our paper adds to the literature on private IASB standard setting, pension accounting and group decision making. Data: All data are available from the public sources identified in this paper
摘要我们提供了关于国际会计准则理事会私人标准制定内部领域研究较少的证据,更具体地说,关于董事会讨论的动态以及外部输入的各自影响,如评论信、国际会计准则委员会辩论中引发的一系列争论、董事会成员个人贡献和董事会与员工关系。我们对2008年11月至2010年2月期间14次国际会计准则理事会关于修订《国际会计准则第19号雇员福利(2011)》的会议的录音进行了内容分析。我们的主要发现包括对评论信的基于论点的处理,不受发件人的政治或经济重要性的制约,工作人员在引导外部投入方面的把关作用,以及他们在董事会讨论中的平等作用,以及对概念论点的主要参考。我们还指出了董事会成员的不同参与,他们对关键问题的不同归因,以及对会议治理、董事会讨论文化和礼仪的进一步观察。我们的论文补充了关于私人IASB标准制定、养老金会计和集团决策的文献。数据:所有数据均来自本文中确定的公共来源
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引用次数: 7
Disclosure Practices by Family Firms: Evidence from Swedish Publicly Listed Firms 家族企业的信息披露行为:来自瑞典上市公司的证据
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2018-06-05 DOI: 10.1080/17449480.2018.1479531
D. Vural
Abstract I investigate the effect of family ownership on firms’ disclosure practices in their annual reports. In specific, I study Swedish publicly listed firms, which are typically characterized by controlling owners that have a strong influence in the corporate governance decisions of the firm, including corporate disclosures. To measure disclosure, I construct a comprehensive disclosure index covering information on (1) corporate governance, (2) strategic and financial targets and (3) notes to the financial statements. The results reveal that overall, family firms provide less disclosure in annual reports than non-family firms do. The finding is consistent with the premise that through their management positions, family owners can directly monitor managers and avoid costly public disclosures. Overall, the results suggest that ownership structure of firms is important to consider in understanding firms’ disclosure incentives, particularly in settings where controlling owners play a significant role in the governance of the firm.
摘要本文研究了家族所有权对企业年报披露行为的影响。具体而言,我研究了瑞典上市公司,这些公司的典型特征是控股所有者对公司的公司治理决策(包括公司披露)有很强的影响力。为了衡量披露,我构建了一个综合披露指数,包括(1)公司治理信息,(2)战略和财务目标信息,(3)财务报表附注信息。结果显示,总体而言,家族企业在年度报告中披露的信息比非家族企业少。这一发现与一个前提是一致的,即通过他们的管理职位,家族所有者可以直接监督管理者,避免代价高昂的公开披露。总体而言,研究结果表明,在理解公司披露激励时,公司的所有权结构是重要的考虑因素,特别是在控股所有者在公司治理中发挥重要作用的情况下。
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引用次数: 20
The Role of the State and Accounting Transparency – IFRS Implementation in Developing Countries 国家的作用和会计透明度——《国际财务报告准则》在发展中国家的实施
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2018-05-06 DOI: 10.1080/17449480.2018.1468913
Alexandra Fontes
Despite the worldwide diffusion of IFRS, several questions regarding the national implementation of IFRS arise. These are necessarily linked to the impact of a range of country-specific factors. Th...
尽管国际财务报告准则在世界范围内传播,有关国际财务报告准则的国家实施出现了几个问题。这些必然与一系列具体国家因素的影响有关。Th……
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引用次数: 2
Introducing More IFRS Principles of Disclosure – Will the Poor Disclosers Improve? 引入更多的国际财务报告准则披露原则-不良披露者会有所改善吗?
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2018-05-04 DOI: 10.1080/17449480.2018.1476772
N. Hellman, J. Carenys, Soledad Moya Gutiérrez
Abstract The current paper was prepared for the International Accounting Standards Board (IASB) Research Forum 2017 and evaluates the effects of introducing more principles of disclosure as part of the IASB Disclosure Initiative. We perform a literature review of academic research on how entities have complied with disclosure requirements in the past. The review shows high levels of non-compliance and high volatility across entities, including poor disclosers being far below the average. We find no clear pattern of higher compliance for International Financial Reporting Standards (IFRS) with more reliance on disclosure principles as compared to specific requirements (i.e. IFRS 7, IFRS 8), but note the methodological problem of measuring compliance with disclosure principles. Academic research suggests that the degree of compliance depends on entities’ incentives for providing or withholding information in combination with local conditions for primary users, auditors and regulators. Based on our review, we argue that increased reliance on entities to act in ‘good faith’ when complying with disclosure requirements, in capital-market contexts where entities may be in high-incentive situations and have low costs of non-compliance, is potentially risky in terms of how well the Standards protect primary users from poor disclosers. More emphasis is needed on ensuring that the disclosure requirements are enforceable and auditable in order to secure a certain minimum level of disclosure.
本论文是为国际会计准则理事会(IASB) 2017年研究论坛准备的,旨在评估作为IASB披露倡议的一部分引入更多披露原则的影响。我们对过去实体如何遵守披露要求的学术研究进行文献综述。审查显示,各实体的不合规程度很高,波动性也很大,包括披露不良信息的企业远远低于平均水平。与具体要求(即IFRS 7、IFRS 8)相比,我们没有发现国际财务报告准则(IFRS)更多依赖披露原则的更高合规性的明确模式,但注意到衡量披露原则合规性的方法问题。学术研究表明,合规程度取决于实体提供或隐瞒信息的动机,以及主要使用者、审计人员和监管机构的当地条件。根据我们的审查,我们认为,在资本市场背景下,在实体可能处于高激励状态且不合规成本较低的情况下,在准则保护主要用户免受不良披露者影响的程度方面,增加对实体在遵守披露要求时“善意”行事的依赖具有潜在风险。需要更加强调确保披露要求是可执行和可审计的,以便确保某种最低程度的披露。
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引用次数: 38
Articulation, Profit or Loss and OCI in the IASB Conceptual Framework: Different Shades of Clean (or Dirty) Surplus 国际会计准则理事会(IASB)概念框架中的表述、损益和OCI:不同程度的净(或脏)盈余
IF 2.8 Q1 BUSINESS, FINANCE Pub Date : 2018-05-04 DOI: 10.1080/17449480.2018.1448936
Carien van Mourik, Yuko Katsuo Asami
Abstract The 2015 International Accounting Standards Board (IASB) Conceptual Framework Exposure Draft (2015 IASB CF ED) proposes a mixed valuation and transactions approach to income determination. Nevertheless, it does not clearly choose between single or dual concepts of profit, which renders the 2015 IASB CF ED’s financial accounting model somewhat incoherent. The 2015 IASB CF ED proposes a rebuttable presumption that profit or loss should be all-inclusive. Only the IASB can rebut this presumption, but the 2015 IASB CF ED provides no clear conceptual basis on which to rebut this presumption. In spite of considering dual measurement, the IASB believes that it is neither possible, nor necessary, to distinguish between profit or loss and other comprehensive income (OCI) on a conceptual basis. This paper suggests that the 2015 IASB CF ED’s approach to measurement can be improved by introducing a deprival value measurement rule in cases where fair value and historical cost are not appropriate. Furthermore, it argues that under dual measurement it is both necessary and possible to make a conceptual distinction between the realised items of income and expense in profit or loss and those recognised by accretion in OCI.
2015年国际会计准则理事会(IASB)概念框架征求意见稿(2015 IASB CF ED)提出了一种用于确定收益的混合估值和交易方法。然而,它并没有明确选择单一或双重的利润概念,这使得2015年IASB CF ED的财务会计模型有些不连贯。2015年IASB CF ED提出了一个可反驳的假设,即利润或亏损应包括一切。只有IASB可以反驳这一假设,但2015年IASB CF ED没有提供明确的概念基础来反驳这一假设。尽管考虑了双重计量,但IASB认为,在概念基础上区分利润或亏损与其他综合收益(OCI)既不可能也没有必要。本文建议,在公允价值和历史成本不合适的情况下,可以通过引入剥夺价值计量规则来改进2015年IASB CF ED的计量方法。此外,本文认为,在双重计量下,在损益中的已实现的收入和费用项目与在保本金中以增额确认的项目之间进行概念区分是必要的,也是可能的。
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引用次数: 4
期刊
Accounting in Europe
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