Journal of Applied Accounting Research最新文献_第2页

Sustainability assurance joint provision and assurance statement readability: does the assurance provider gender diversity matter? 可持续性保证的联合提供和保证声明的可读性：保证提供者的性别多样性是否重要？

IF 3 Q1 BUSINESS, FINANCE

Journal of Applied Accounting Research

Pub Date : 2024-05-08 DOI: 10.1108/jaar-04-2023-0117

Yosra Mnif, Jihene Kchaou

Purpose

The primary objective of this paper is to investigate the relation between the joint provision of sustainability assurance and the readability of sustainability assurance statements. Additionally, it explores whether the presence of a female assurance partner influences the relation between the joint provision of sustainability assurance and the readability of sustainability assurance statements.

Design/methodology/approach

We analyzed a dataset comprising 882 firm-year observations from companies operating in sustainability sensitive industries for the period that spans the years 2016–2018.

Findings

The research indicates that joint sustainability assurance provision is associated with a more readable sustainability assurance statement, consistent with the “four-eyes” principle. Furthermore, the presence of a female assurance provider influences the joint assurance provision’s impact on sustainability assurance statement readability. Collectively, these results remain robust as they hold unchanged after controlling for endogeneity concerns.

Research limitations/implications

This study provides novel insights into the recent sustainability assurance literature, being the first to examine joint assurance provision, assurance partner gender and sustainability assurance statement readability.

Practical implications

This study has the potential to catalyze regulatory and policy initiatives by providing compelling evidence in favor of mandating joint audits within the area of sustainability assurance practices. Additionally, this research contributes to the ongoing discussion about gender diversity in accounting and nonaccounting assurance firms, providing evidence of the positive impact of female assurance partners on sustainability assurance statement readability.

Originality/value

The regression results provide preliminary evidence on how the presence of a female audit partner influences the relationship between the sustainability assurance joint provision and sustainability assurance statement readability, an issue that has not been examined before.

目的本文的主要目的是研究联合提供可持续发展保证与可持续发展保证声明可读性之间的关系。此外，本文还探讨了女性保证合作伙伴的存在是否会影响联合提供可持续发展保证与可持续发展保证声明的可读性之间的关系。研究结果研究表明，联合提供可持续发展保证与可读性更高的可持续发展保证声明相关，符合 "四眼 "原则。此外，女性保证提供者的存在也会影响联合保证条款对可持续发展保证声明可读性的影响。总体而言，这些结果仍然是稳健的，因为它们在控制了内生性问题后保持不变。研究局限/启示本研究为近期的可持续发展保证文献提供了新的见解，是研究联合保证条款、保证伙伴性别和可持续发展保证声明可读性的第一项研究。此外，这项研究还有助于当前关于会计和非会计鉴证公司性别多样性的讨论，提供了女性鉴证合伙人对可持续发展鉴证声明可读性产生积极影响的证据。原创性/价值回归结果提供了女性审计合伙人的存在如何影响可持续发展鉴证联合条款与可持续发展鉴证声明可读性之间关系的初步证据，而这一问题以前从未研究过。

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引用次数: 0

Sustainable development goals disclosure and analyst forecast quality 可持续发展目标披露与分析师预测质量

IF 3 Q1 BUSINESS, FINANCE

Journal of Applied Accounting Research

Pub Date : 2024-05-03 DOI: 10.1108/jaar-07-2023-0223

Giuseppe Nicolò, Giovanni Zampone, Giuseppe Sannino, Paolo Tartaglia Polcini

Purpose

This study aims to investigate the relationship between corporate sustainable development goals (SDGs) disclosure and analyst forecast quality.

Design/methodology/approach

The study focuses on a sample of 95 Italian-listed companies preparing the mandatory non-financial declaration (NFD) according to the Global Reporting Initiative (GRI) standards over a five-year period (2017–2021), corresponding to an unbalanced sample of 438 observations. Analyst forecast quality was proxied by earnings forecast accuracy (FA) and earnings forecast dispersion (FD), built on data retrieved from the Refinitiv database. A manual content analysis was performed on NFDs to derive an SDG disclosure score (SDGD) for each sampled company.

Findings

This study provides empirical evidence suggesting that voluntary SDG disclosure matters to the capital market in that it helps enhance the information environment of companies, evidenced by improved analyst forecast quality. In particular, this study highlighted that SDG disclosure positively influences analyst FA while negatively affecting analyst FD.

Research limitations/implications

This study focuses on the Italian context, which has idiosyncratic characteristics regarding the structure of the financial market, the composition of corporate ownership and experience in non-financial reporting practices.

Practical implications

This study indicates to corporate managers that following GRI standards may represent the right way to better integrate SDG disclosure in corporate non-financial reports and increase the relevance of such information for investors and other capital market participants.

Originality/value

To the best of the authors’ knowledge, this is the first study that empirically examines the association between SDG disclosure and analyst forecast quality.

目的本研究旨在探讨企业可持续发展目标（SDGs）披露与分析师预测质量之间的关系。研究的重点是根据全球报告倡议组织（GRI）标准准备强制性非财务声明（NFD）的 95 家意大利上市公司的样本，时间跨度为五年（2017-2021 年），相当于 438 个非平衡样本。分析师预测质量以盈利预测准确性（FA）和盈利预测离散性（FD）为指标，数据来源于 Refinitiv 数据库。本研究提供的经验证据表明，自愿性 SDG 披露对资本市场很重要，因为它有助于改善公司的信息环境，而分析师预测质量的提高就是证明。特别是，本研究强调，SDG 披露对分析师 FA 有积极影响，而对分析师 FD 有消极影响。研究局限/启示本研究侧重于意大利的情况，意大利在金融市场结构、公司所有权构成和非财务报告实践经验方面具有独特性。实践意义本研究向企业管理者表明，遵循全球报告倡议组织标准可能是更好地将可持续发展目标披露纳入企业非财务报告并提高此类信息对投资者和其他资本市场参与者的相关性的正确途径。

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引用次数: 0

Do investors care about greening in corporations? The role of eco-innovation and CSR committee 投资者关心企业的绿化吗？生态创新和企业社会责任委员会的作用

IF 3 Q1 BUSINESS, FINANCE

Journal of Applied Accounting Research

Pub Date : 2024-04-23 DOI: 10.1108/jaar-10-2023-0289

Abdullah S. Karaman, Ali Uyar, Rim Boussaada, Majdi Karmani

Purpose

Prior studies mostly tested the association between carbon emissions and firm value in certain contexts. This study aims to advance the existing literature by concentrating on three indicators of greening in corporations namely resource use, emissions and eco-innovation, and examining their value relevance in the stock market at the global level. Furthermore, we deepen the investigation by exploring the moderating role of eco-innovation and the CSR committee between greening in corporations and market value.

Design/methodology/approach

The data for the study were retrieved from the Thomson Reuters Eikon database for the years between 2002 and 2019 and contain 17,961 firm-year observations which are analyzed through fixed-effects regression.

Findings

The results reveal that while resource usage is viewed as value-relevant by the market, the emissions and eco-innovation are not. However, despite eco-innovation per se not being value-relevant, its interaction with resource usage and emissions is value-relevant. Furthermore, CSR committees undertake a very critical role in translating greening practices into market value.

Research limitations/implications

While the results for emissions support the cost-concerned school, the findings for resource usage confirm the value creation school. Furthermore, the interaction effect of eco-innovation and CSR committee confirms the resource-based theory and stakeholder theory, respectively.

Practical implications

Investors regard eco-innovation-induced pro-environmental behaviors as value-relevant. These results propose firms replace eco-innovation at the focal point in developing environmental strategies and connecting other greening efforts to it. Moreover, CSR committees are critical to corporations in translating greening practices into firm value by developing and implementing disclosure and communication strategies.

Originality/value

The study’s originality stems from investigating the synergetic effect that eco-innovation and CSR committees generate in translating greening practices to greater market value at a global scale.

目的以前的研究大多是在特定情况下测试碳排放与公司价值之间的关联。本研究旨在推进现有文献，集中研究企业绿化的三个指标，即资源利用、排放和生态创新，并在全球范围内考察它们在股票市场中的价值相关性。此外，我们还通过探讨生态创新和企业社会责任委员会在企业绿化与市场价值之间的调节作用来深化研究。研究数据来自汤姆森路透 Eikon 数据库，时间跨度为 2002 年至 2019 年，包含 17961 个公司年度观测值，并通过固定效应回归进行分析。然而，尽管生态创新本身与价值无关，但其与资源使用和排放的交互作用却与价值有关。此外，企业社会责任委员会在将绿化实践转化为市场价值方面发挥着非常关键的作用。研究局限/意义虽然排放量的研究结果支持成本关注学派，但资源使用量的研究结果却证实了价值创造学派。此外，生态创新与企业社会责任委员会的交互效应分别证实了基于资源的理论和利益相关者理论。这些结果建议企业在制定环境战略时将生态创新作为重点，并将其他绿化工作与之联系起来。此外，企业社会责任委员会通过制定和实施信息披露与沟通战略，在将绿化实践转化为企业价值方面对企业至关重要。原创性/价值本研究的原创性在于研究了生态创新和企业社会责任委员会在全球范围内将绿化实践转化为更大市场价值方面所产生的协同效应。

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引用次数: 0

How does excess cash affect corporate financial performance? 超额现金如何影响公司财务业绩？

IF 3 Q1 BUSINESS, FINANCE

Journal of Applied Accounting Research

Pub Date : 2024-04-09 DOI: 10.1108/jaar-08-2023-0231

Ismail Kalash

Purpose

This article analyzes the moderating role of investment opportunities, business risk and agency costs in shaping the nexus between excess cash and corporate performance.

Design/methodology/approach

This research uses dynamic regression models (two-step system generalized method of moments) to analyze the data related to 200 Turkish companies listed on Borsa Istanbul (BIST) for the years between 2009 and 2020.

Findings

The findings indicate that when excess cash increases, the financial performance deteriorates only for firms with lower investments compared to firms with more investments. In addition, investment contributes to better financial performance for firms that hold cash surplus, whereas the influence of investment is insignificant for firms that have insufficient cash. Agency costs of equity exacerbate the adverse impact of excess cash on financial performance while agency costs of debt mitigate this effect. Excess cash reduces the financial performance of highly leveraged firms. However, this impact becomes insignificant when debt ratio decreases. The findings also show that investment has more significant role than business risk in building the precautionary motive to hold cash.

Research limitations/implications

The findings of this article are limited to the Turkish market. Future research is still needed in other emerging markets to compare the results and reveal more about the effect of excess cash on firm performance, and how other factors can change this effect.

Practical implications

The findings verify the increased significance of excess cash in the presence of investment opportunities and difficulties in accessing external funds. Nevertheless, the role of the equity related agency problem in reducing the benefits of cash surplus confirms the necessity of policies that support corporate governance, especially in emerging markets.

Originality/value

This article, according to the knowledge of author, is the first to examine the role of agency costs associated with debt and equity, and the compound effect of investment opportunities and business risk on the nexus between excess internal funds and corporate financial performance in emerging markets.

本文分析了投资机会、商业风险和代理成本在形成超额现金与公司业绩之间关系中的调节作用。研究采用动态回归模型（两步系统广义矩法）分析了 2009 年至 2020 年期间在伊斯坦布尔证券交易所（BIST）上市的 200 家土耳其公司的相关数据。此外，对于持有现金盈余的企业来说，投资有助于提高财务绩效，而对于现金不足的企业来说，投资的影响并不显著。股权的代理成本加剧了过剩现金对财务绩效的不利影响，而债务的代理成本则减轻了这种影响。现金过剩会降低高杠杆企业的财务业绩。然而，当债务比率降低时，这种影响就变得不明显了。研究限制/影响本文的研究结果仅限于土耳其市场。实际意义研究结果证实，在存在投资机会和难以获得外部资金的情况下，超额现金的重要性会增加。然而，与股权相关的代理问题在减少现金盈余收益方面所起的作用证实了支持公司治理政策的必要性，尤其是在新兴市场。原创性/价值据作者所知，本文首次研究了与债务和股权相关的代理成本的作用，以及投资机会和商业风险对新兴市场内部资金过剩与公司财务业绩之间关系的复合影响。

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引用次数: 0

The influence of financial flexibility on firm performance: the moderating effects of investment efficiency and investment scale 财务灵活性对企业绩效的影响：投资效率和投资规模的调节作用

IF 3 Q1 BUSINESS, FINANCE

Journal of Applied Accounting Research

Pub Date : 2024-03-12 DOI: 10.1108/jaar-07-2023-0192

Wei Wu, Chau Le, Yulu Shi, Fadi Alkaraan

Purpose

Financial flexibility and investment efficiency are of vital importance in strategic choices at boardrooms, particularly in post-crisis recovery strategies. This study examines the moderating effects of investment efficiency and investment scale on the relationship between financial flexibility and firm performance.

Design/methodology/approach

The authors use sample of 10,755 US-listed firms over the period 2010–2021 to examine the relationships between investment scale, investment efficiency, financial flexibility and firm performance. Particular attention is paid to overinvestment and underinvestment.

Findings

Findings of this study reveal that financial flexibility mitigates investment inefficiency through reducing overinvestment. Financial flexibility contributes to boost a firm’s accounting and market performance. Additionally, investment efficiency and investment scale have moderating effects on the relationship between financial flexibility and firm performance. However, the influence of investment efficiency is greater than the influence of investment scale. Finally, the authors find that the direct and indirect effects of financial flexibility are stronger on market performance than accounting performance, implying that market is more sensitive to corporate financial policies.

Research limitations/implications

Findings of this study have implications for scholars, decision-makers policymakers, investors and other stakeholders.

Practical implications

This study has its own limitations due to the sample selection issues, country context and the research model adopted by this study.

Originality/value

The novel contribution to the extant literature is incorporating the influence of investment scale and investment efficiency into the relationship between financial flexibility and firm performance.

目的财务灵活性和投资效率在董事会的战略选择中至关重要，尤其是在危机后的复苏战略中。本研究探讨了投资效率和投资规模对财务灵活性与公司业绩之间关系的调节作用。作者使用 2010-2021 年间 10755 家美国上市公司的样本，研究了投资规模、投资效率、财务灵活性与公司业绩之间的关系。研究结果研究结果表明，财务灵活性通过减少过度投资来缓解投资效率低下的问题。财务灵活性有助于提高公司的会计和市场绩效。此外，投资效率和投资规模对财务灵活性与企业绩效之间的关系具有调节作用。但是，投资效率的影响大于投资规模的影响。最后，作者发现财务灵活性对市场绩效的直接和间接影响强于对会计绩效的影响，这意味着市场对企业财务政策更为敏感。研究局限/意义本研究的结论对学者、决策者、政策制定者、投资者和其他利益相关者都有启示。

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引用次数: 0

Earnings management, investor sentiment and short-termism 收益管理、投资者情绪和短期主义

IF 3 Q1 BUSINESS, FINANCE

Journal of Applied Accounting Research

Pub Date : 2024-01-18 DOI: 10.1108/jaar-05-2023-0127

Kléber Formiga Miranda, Márcio André Veras Machado

Purpose

This study examines the investment horizon influence, mediated by market optimism, on earnings management based on accruals and real activities. Based on short-termism, the authors argue that earnings management increases in optimistic periods to boost corporate profits.

Design/methodology/approach

The authors analyzed non-financial Brazilian publicly traded firms from 2010 to 2020 by estimating industry-fixed effects of groups of short- and long-horizon firms to compare their behavior on earnings management practices during bullish moments. For robustness, the authors used alternate measures and trade-off analyses between earning management practices.

Findings

The findings indicate that, during bullish moments, companies prioritize managing their earnings through real activities management (RAM) rather than accruals earnings management (AEM), depending on their time horizon. The results demonstrate the trade-off between earnings management practices.

Research limitations/implications

This study presents limitations when using proxies for earnings management and investor sentiment.

Practical implications

Investors and regulators should closely monitor companies' operations, especially during bullish market conditions to prevent fraud.

Originality/value

The study addresses investor sentiment mediation in the earnings management discussion, introducing the short-termism approach.

目的本研究探讨了以市场乐观情绪为中介的投资期限对基于应计项目和实际活动的收益管理的影响。作者分析了 2010 年至 2020 年巴西非金融类上市公司的情况，通过估计行业固定效应对短期和长期视角公司进行分组，以比较它们在牛市期间的盈利管理行为。为了稳健起见，作者使用了其他衡量标准，并对收益管理实践进行了权衡分析。研究结果研究结果表明，在看涨时期，公司会根据其时间跨度，优先通过实际活动管理（RAM）而非应计收益管理（AEM）来管理其收益。研究的局限性/意义本研究在使用收益管理和投资者情绪的代理变量时存在局限性。

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引用次数: 0

Organizational resilience of audit firms – evidence from the outbreak of the COVID-19 审计事务所的组织复原力--来自 COVID-19 爆发的证据

IF 3 Q1 BUSINESS, FINANCE

Journal of Applied Accounting Research

Pub Date : 2024-01-05 DOI: 10.1108/jaar-06-2023-0185

Jesper Haga, Kim Ittonen

PurposeThis paper examines the organizational resilience of audit firms during the early stages of COVID-19. The unexpected restrictions placed on travel and on-site working created unanticipated barriers for auditors in Hong Kong. The authors expect that auditors with greater organizational resilience can respond to unexpected situations and restore expected performance levels relatively quickly.Design/methodology/approachThe authors utilize a sample of 1,008 companies listed on Hong Kong Stock Exchange (HKEX) with a financial year-end of December 31. The authors identify five proxies contributing to organizational resilience: auditor size, industry specialization, diversity, geographic proximity to the client and auditing a new client. The authors use audit report timeliness as this study's main dependent variable.FindingsThis study's full-sample results suggest that larger auditors, industry specialists and auditors with closer relationships to clients issued more timely audit reports during the pandemic. The analysis of a subsample of companies that initially published unaudited financial statements reveals that industry expertise and longer auditor-client relationships significantly reduced the need for year-end audit adjustments. Finally, the authors find that larger auditors were more likely to offload clients, whereas industry specialists were more likely to retain clients.Research limitations/implicationsThe results of the paper suggests that audit firm characteristics associated cognitive abilities, behavioral characteristics and contextual conditions are associated with audit firm organizational resilience and, consequently, helps auditors respond unexpected changes in the audit environment.Practical implicationsThe findings of the paper are informative for those involved in audit firm management or auditor hiring and retention decisions.Originality/valueThis study is the first to link organizational resilience to the performance of audit firms in a time of unexpected events. The authors connect three auditor and two auditor-client dimensions to the organizational resilience of the audit firms.

本文探讨了审计公司在 COVID-19 早期阶段的组织应变能力。对旅行和现场工作的意外限制给香港的审计师造成了意想不到的障碍。作者预计，组织复原力较强的审计师能够应对突发情况，并相对较快地恢复预期绩效水平。作者确定了五种有助于提高组织复原力的代用指标：审计师规模、行业专业化、多样性、与客户的地理距离以及审计新客户。作者将审计报告的及时性作为本研究的主要因变量。研究结果本研究的全样本结果表明，规模较大的审计师、行业专家以及与客户关系较密切的审计师在大流行病期间出具的审计报告更为及时。对最初发布未经审计财务报表的公司子样本进行的分析表明，行业专家和审计师与客户关系较长的公司大大减少了年终审计调整的需要。最后，作者发现，规模较大的审计师更有可能卸载客户，而行业专家则更有可能保留客户。研究局限/启示本文的研究结果表明，与认知能力、行为特征和环境条件相关的审计师事务所特征与审计师事务所的组织复原力有关，因此有助于审计师应对审计环境中的意外变化。实践意义本文的研究结果对参与审计事务所管理或审计师聘用和留任决策的人员具有参考价值。原创性/价值本研究首次将组织复原力与审计事务所在突发事件中的表现联系起来。作者将三个审计师维度和两个审计师-客户维度与审计公司的组织复原力联系起来。

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引用次数: 0

Top management characteristics and comprehensive focus on budgeting 最高管理层的特点和对预算编制的全面关注

IF 3 Q1 BUSINESS, FINANCE

Journal of Applied Accounting Research

Pub Date : 2023-12-19 DOI: 10.1108/jaar-02-2023-0036

Lili-Anne Kihn, Eva Ström

Purpose

This study examines how the strong emphasis placed on the purposes of budgeting, referring to a comprehensive focus on budgeting, is related to top managers' education and tenure while controlling for their functional positions in their respective firms and ages, as well as several company-specific predictors (information quality, firm size, information technology, importance of profit and strategy).

Design/methodology/approach

Survey data were collected from senior managers of large manufacturing firms in Finland and Sweden.

Findings

The results suggest that academic business education is positively associated with a comprehensive focus on budgeting, but tenure as well as functional position in the company (Chief Financial Officer (CFO) or not) and age are not. Overall, the company-specific control variables in general and information quality in particular are shown to have greater explanatory power than the top management characteristics analyzed.

Research limitations/implications

This study identifies several empirically supported factors that seem to contribute to a comprehensive focus on budgeting. The effects of information quality, business education, the importance of profit and firm size could be considered in future research.

Practical implications

Academic business education matters more than the other top management characteristics analyzed. If organizations want to make comprehensive use of budgets, they should employ business graduates and be mindful of company-specific variables.

Originality/value

This study is the first to address a comprehensive focus on budgeting and some of its determinants. Future research could investigate a broader set of such determinants in different contexts.

目的本研究探讨了对预算编制目的的高度重视（即对预算编制的全面关注）与高层管理人员的教育程度和任期之间的关系，同时控制了他们在各自公司的职能职位、年龄以及几个公司特定的预测因素（信息质量、公司规模、信息技术、利润和战略的重要性）。研究结果表明，商业学术教育与全面关注预算编制呈正相关，但任期、在公司的职能职位（首席财务官（CFO）与否）和年龄则不相关。总体而言，与所分析的高层管理人员特征相比，公司特定控制变量尤其是信息质量的解释力更强。在未来的研究中，可以考虑信息质量、商业教育、利润重要性和公司规模的影响。如果企业希望全面利用预算，就应该聘用商科毕业生，并注意公司的具体变量。原创性/价值本研究首次全面关注预算编制及其部分决定因素。未来的研究可以在不同的背景下调查更广泛的决定因素。

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引用次数: 0

Banking research in the GCC region and agenda for future research – A bibliometric examination 海湾合作委员会地区的银行业研究和未来研究议程--文献计量学研究

IF 3 Q1 BUSINESS, FINANCE

Journal of Applied Accounting Research

Pub Date : 2023-12-15 DOI: 10.1108/jaar-03-2023-0070

Rajib Shome, Hany Elbardan, Hassan Yazdifar

Purpose

This paper provides a comprehensive review of the influential and intellectual aspects of the literature on the Gulf Cooperation Council (GCC) region's banking activities.

Design/methodology/approach

This study undertakes a bibliometric meta-analysis review of the GCC region banking literature, covering 199 articles published between 2004 and 2022, extracted from the Web of Science (WoS) database, followed by a content analysis of highly cited papers.

Findings

This paper identifies the influential aspects of the GCC region banking literature in terms of journals, articles, authors, universities and countries. The paper also identifies and discusses five major research clusters: (1) bank efficiency; (2) corporate governance (CG) and disclosure; (3) performance and risk-taking; (4) systemic risk, bank stability and risk spillovers and (5) intellectual capital (IC). Finally, it identifies gaps in the literature and highlights some important research issues that provide directions for future research.

Research limitations/implications

This paper is limited to the articles indexed in the WoS database and written in English. Though the WoS database encompasses a wide range of multidisciplinary journals, there is a chance that some relevant articles are not included in the WoS database or written in another language.

Practical implications

This study provides regulators, practitioners and academics with valuable insight and an in-depth understanding of the banking system of the GCC region.

Originality/value

To the best of the authors' knowledge, this is the first review paper on GCC region banking literature. This study provides regulators, practitioners and academics with valuable insight and an in-depth understanding of the banking system of the GCC region.

目的本文对海湾合作委员会（GCC）地区银行业活动相关文献的影响力和知识性方面进行了全面综述。本研究对海湾合作委员会地区的银行业文献进行了文献计量元分析综述，涉及 2004 年至 2022 年间发表的 199 篇文章，这些文章均从科学网（WoS）数据库中提取，随后对高被引论文进行了内容分析。本文还确定并讨论了五大研究集群：(1) 银行效率；(2) 公司治理 (CG) 和信息披露；(3) 业绩和风险承担；(4) 系统性风险、银行稳定性和风险溢出；以及 (5) 智力资本 (IC)。最后，本文指出了文献中存在的不足，并强调了一些重要的研究问题，为今后的研究提供了方向。研究局限性/影响本文仅限于 WoS 数据库中索引的英文文章。尽管 WoS 数据库涵盖了广泛的多学科期刊，但仍有可能存在一些相关文章未被 WoS 数据库收录或以其他语言撰写的情况。本研究为监管机构、从业人员和学术界提供了宝贵的见解，有助于他们深入了解海湾合作委员会地区的银行体系。

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引用次数: 0

Back to goodwill amortisation: impact of the 2016 Spanish regulation on the mispricing of listed firms 回到商誉摊销：2016 年西班牙法规对上市公司错误定价的影响

IF 3 Q1 BUSINESS, FINANCE

Journal of Applied Accounting Research

Pub Date : 2023-12-13 DOI: 10.1108/jaar-12-2022-0331

Fernando Ruiz-Lamas, David Peón

Purpose

This article analyses the recent inverse transition from goodwill impairment to goodwill amortisation implemented in Spain in 2016. The authors contribute to the existing literature by describing their differing impact over goodwill and impairment figures and testing the impact of goodwill on balances over stock prices.

Design/methodology/approach

First, using a database with all Spanish non-financial firms with positive goodwill on their balance sheets, the authors describe the impact of the regulatory change over goodwill and impairment figures. Second, focussing on listed firms only, the authors study the impact of financial reporting of goodwill and impairment on stock prices.

Findings

Average goodwill per company and the share of goodwill over total assets significantly reduced after 2016, but the results cannot be easily extrapolated to listed firms due to lack of data. When testing the impact of potentially inflated goodwill balances on prices, the authors find that investors kept overvaluing firms with inflated goodwill balances also with the amortisation method.

Research limitations/implications

The lack of data for listed firms with goodwill in Spain makes it difficult to obtain statistically sound evidence, the results could be biased by the cultural traits of the country and related to the intensity of enforcement and monitoring.

Practical implications

This might suggest that the effects of the impairment method linger, so the authors conform to the interpretation that the systematic amortisation paired with a periodic impairment test may lead to accounting that better reflects the underlying economics of goodwill.

Originality/value

To the best of the authors' knowledge, there are no recent articles that analyse this new “turn-around” requiring again the systematic amortisation of goodwill.

本文分析了西班牙最近于 2016 年实施的从商誉减值到商誉摊销的反向过渡。作者描述了商誉和减值数字的不同影响，并测试了商誉对股票价格余额的影响，从而为现有文献做出了贡献。设计/方法/方法首先，作者使用一个包含所有资产负债表中商誉为正值的西班牙非金融企业的数据库，描述了监管变化对商誉和减值数字的影响。其次，作者仅以上市公司为重点，研究了商誉和减值的财务报告对股票价格的影响。研究结果2016 年后，每家公司的平均商誉和商誉占总资产的比例显著下降，但由于缺乏数据，无法轻易将结果推断到上市公司。在测试商誉余额可能虚增对价格的影响时，作者发现，在采用摊销法的情况下，投资者也一直高估商誉余额虚增的公司的价值。研究局限/意义由于缺乏西班牙商誉上市公司的数据，因此难以获得统计上可靠的证据，结果可能会因该国的文化特征以及执法和监督力度而产生偏差。实践意义这可能表明，减值方法的影响仍然存在，因此作者认为，系统性摊销与定期减值测试相配合，可以使会计核算更好地反映商誉的潜在经济效益。

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