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Forward-looking disclosure tone in the chairman’s statement: obfuscation or truthful explanations 主席声明中前瞻性披露的语气:含糊其辞或如实解释
Q2 MANAGEMENT Pub Date : 2023-11-07 DOI: 10.1108/ijaim-03-2023-0060
Hidaya Al Lawati, Khaled Hussainey, Roza Sagitova
Purpose This study aims to examine the impact of a firm’s financial performance on forward-looking disclosure (FLD) tone and assess whether managers are engaging in impression management or providing truthful explanations when their companies have good or poor performance. Design/methodology/approach This study used the content analysis method to measure the tone of FLD in the chairman’s statements of Omani financial institutions for the period 2014–2018. Regression analysis is then used to test the research hypotheses. Findings The authors found that good-performing firms are disclosing more good news, whereas poor-performing firms disclose more bad news. The results provided evidence that managers in Oman are providing truthful explanations in their narratives. Practical implications This study offered interesting policy and practical implications for policymakers, managers and stakeholders. This paper provided insights to policymakers regarding the FLD tone practices used in the chairman’s reports in Oman. Policymakers should be aware of the importance of the chairman’s reports in the eye of multiple stakeholders and, therefore, need to set guidelines on the type and quality of non-financial voluntary information that should be disclosed in such reports in the context of emerging economies. For academics, evidence has been provided by this study’s results regarding the impact of corporate performance on disclosure tone. Originality/value This study offered a novel contribution to disclosure studies by being the first to examine the performance-disclosure narrative tone relation, in the context of Oman.
本研究旨在检验公司财务绩效对前瞻性披露(FLD)基调的影响,并评估当公司业绩好或差时,管理者是否从事印象管理或提供真实的解释。本研究采用内容分析法测量阿曼金融机构2014-2018年董事长声明中FLD的语气。然后使用回归分析来检验研究假设。作者发现,业绩良好的公司披露更多的好消息,而业绩不佳的公司披露更多的坏消息。结果表明,阿曼的管理者在他们的叙述中提供了真实的解释。本研究为政策制定者、管理者和利益相关者提供了有趣的政策和实际意义。本文为政策制定者提供了关于阿曼主席报告中使用的FLD语气实践的见解。政策制定者应该意识到主席报告在多个利益相关者眼中的重要性,因此,需要就新兴经济体背景下此类报告中应披露的非财务自愿信息的类型和质量制定指导方针。对于学术界来说,本研究的结果提供了关于公司绩效对披露语气影响的证据。原创性/价值本研究首次在阿曼的背景下研究了表现-披露叙事语气关系,为披露研究提供了新颖的贡献。
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引用次数: 0
The effect of IFRS convergence on risk disclosure: an investigation into the Indian accounting system 国际财务报告准则趋同对风险披露的影响:对印度会计制度的调查
Q2 MANAGEMENT Pub Date : 2023-11-01 DOI: 10.1108/ijaim-02-2023-0045
Saravanan R., Mohammad Firoz, Sumit Dalal
Purpose This study aims to empirically investigate the effect of International Financial Reporting Standards (IFRS) convergence on corporate risk disclosure, with a particular emphasis on the quantity and coverage of risk information. The research also conducts economic benefit and cost analysis to investigate the economic implications that may arise from the transition to IFRS reporting. Design/methodology/approach A content analysis approach is used to measure two broader dimensions of risk disclosure, namely, risk disclosure quantity and risk topic coverage. Furthermore, using firm-fixed effect regression on a sample of 143 Indian-listed companies, this study investigates the variations in these risk disclosure dimensions before (2012–2016) and subsequent to (2017–2021) the convergence with IFRS. Findings The empirical results of this research demonstrate that IFRS convergence has led to a significant improvement in firms’ risk disclosure across several dimensions. Particularly, during the post-IFRS period, firms’ usage of risk-related words and sentences has considerably surged in MD&A, Notes and whole annual reports. In addition, upon IFRS convergence, firms’ risk descriptions have become more extensive and evenly distributed across risk topic categories. Moreover, the in-depth benefit and cost analysis revealed that firms reporting under IFRS benefit from decreased cost of equity capital, but they also incur a higher cost of audit fees. Originality/value This study contributes to the literature in two ways. First, this is the only study, to the best of the authors’ knowledge, to conduct a broader examination of the impact of mandatory IFRS convergence on corporate risk disclosure, with a major focus on quantity and coverage of risk information. Second, by conducting economic benefit and cost analysis, this study provides novel insights into the critical role of IFRS risk disclosures toward multiple economic outcomes.
本研究旨在实证研究国际财务报告准则(IFRS)趋同对企业风险披露的影响,特别强调风险信息的数量和覆盖范围。该研究还进行了经济效益和成本分析,以调查过渡到国际财务报告准则报告可能产生的经济影响。设计/方法/方法采用内容分析法测量风险披露的两个更广泛的维度,即风险披露数量和风险主题覆盖范围。此外,本研究对143家印度上市公司的样本使用公司固定效应回归,研究了这些风险披露维度在与国际财务报告准则趋同之前(2012-2016)和之后(2017-2021)的变化。本研究的实证结果表明,IFRS趋同导致企业在多个维度上的风险披露显著改善。尤其在后国际财务报告准则时期,公司对风险相关词汇和句子的使用在MD&A,附注和整个年度报告中大幅增加。此外,在IFRS趋同之后,公司的风险描述变得更加广泛,并且在风险主题类别中均匀分布。此外,深入的收益和成本分析表明,采用国际财务报告准则的公司受益于权益资本成本的降低,但它们也招致了更高的审计费用成本。独创性/价值本研究在两个方面对文献做出了贡献。首先,据作者所知,这是唯一一项对强制性IFRS趋同对企业风险披露的影响进行更广泛考察的研究,主要关注风险信息的数量和覆盖范围。其次,通过进行经济效益和成本分析,本研究为国际财务报告准则风险披露对多种经济结果的关键作用提供了新的见解。
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引用次数: 0
Do shareholders appreciate the audit committee and auditor moderation? Evidence from sustainability reporting 股东是否欣赏审计委员会和审计师的节制?来自可持续发展报告的证据
Q2 MANAGEMENT Pub Date : 2023-11-01 DOI: 10.1108/ijaim-02-2023-0033
Cemil Kuzey, Hany Elbardan, Ali Uyar, Abdullah S. Karaman
Purpose The purpose of this study is to investigate the association between sustainability reporting (SR) and firm value considering the moderating effect of audit committee (AC) quality and auditor tenure on this association. Design/methodology/approach The data for the study comprise 41,500 firm-year observations worldwide between 2007 and 2018 drawing on ten main sectors. The authors run a country-industry-year fixed effect regression and address endogeneity concerns with further methodologies. Findings First, the authors find that SR is significantly and positively associated with both firm value and industry-adjusted firm value. Further tests revealed that the baseline findings hold for SR assurance and the Global Reporting Initiative framework as well. Second, the moderation analysis outlined the significant moderating role that the AC assumes. More specifically, AC independence and expertise were found to strengthen the value relevance of SR. Third, the market also appreciates the moderation of auditor tenure in SR. Practical implications Investors appreciate greater corporate transparency which means that sustainability reports are likely to reduce information asymmetry and thereby agency conflicts. In addition, the moderation analyses imply that shareholders consider AC quality while they attach value to corporate sustainability reports. Hence, the structure of the auditing function appears to perform an implicit assurance role in the value relevance of sustainability reports. In line with these implications, corporations can review and re-design their auditing function and decide whether or not they will attest to sustainability reports given that AC independence and expertise and auditor tenure predict this decision. Originality/value The study highlights the audit function’s growing role beyond financial reporting and suggests implications for ACs and auditors in ensuring shareholders about the credibility of SR.
本研究的目的是探讨可持续发展报告(SR)与公司价值之间的关系,考虑审计委员会(AC)质量和审计师任期对这种关系的调节作用。该研究的数据包括2007年至2018年全球10个主要行业的41,500个公司年度观察结果。作者进行了国家-行业-年度固定效应回归,并用进一步的方法解决了内生性问题。首先,作者发现社会责任与企业价值和行业调整后的企业价值均显著正相关。进一步的测试表明,基线调查结果也适用于社会责任保证和全球报告倡议框架。其次,调节分析概述了AC所承担的重要调节作用。更具体地说,我们发现审计独立性和专业知识加强了sr的价值相关性。第三,市场也赞赏sr中审计师任期的适度性。实际含义投资者欣赏更大的公司透明度,这意味着可持续发展报告可能减少信息不对称,从而减少代理冲突。此外,适度分析表明,股东在重视企业可持续发展报告的同时,也会考虑AC的质量。因此,审计职能的结构似乎在可持续发展报告的价值相关性方面发挥了隐含的保证作用。根据这些含义,公司可以审查和重新设计其审计职能,并决定是否将证明可持续发展报告,因为审计委员会的独立性和专业知识以及审计师的任期预测了这一决定。独创性/价值该研究强调了审计职能在财务报告之外的日益重要的作用,并为注册会计师和审计师在确保股东对社会责任的可信度方面提出了建议。
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引用次数: 0
The effect of corporate governance, corporate social responsibility and information asymmetry on the value of Indonesian-listed firms 公司治理、企业社会责任和信息不对称对印尼上市公司价值的影响
Q2 MANAGEMENT Pub Date : 2023-10-16 DOI: 10.1108/ijaim-02-2023-0038
Annisa Abubakar Lahjie, Riccardo Natoli, Segu Zuhair
Purpose This study aims to examine the influence of corporate governance (CG) and corporate social responsibility (CSR) on firm value while accounting for the impact of information asymmetry. Design/methodology/approach This empirical analysis is based on 1,079 observations from 83 listed Indonesian firms for the period 2007–2019. The authors applied simultaneous equation models with ordinary least squares and two-stage least squares. Findings The authors present empirical evidence of CG mechanisms that significantly contribute to low levels of CSR. Moreover, the authors identify a significant impact of information asymmetry on the relationship between CG, CSR and firm value. Research limitations/implications The results show that information asymmetry, CG and CSR do not necessarily result in improved firm value across boards. Moreover, the employment of a nonlinear Cobb–Douglas-type function indicated diminishing marginal returns. Practical implications The findings can help policymakers in developing countries in improving the monitoring and supervisory roles of CG mechanisms to provide more support to CSR, increasing regulatory pressures for improved CSR performance and reducing information asymmetry by adopting a standardized CSR reporting scheme. Social implications The suggested implications can contribute to more sustainable practices among Indonesian-listed firms as well as improving relationships with consumers and stakeholders toward the practice of CSR. Originality/value The adoption of a comprehensive CSR measurement tool to examine the value of CSR contributes to the extant literature, along with examining the impact of information asymmetry on the relationship between CG, CSR and firm value in a developing country context.
本研究旨在探讨公司治理(CG)和企业社会责任(CSR)对企业价值的影响,同时考虑信息不对称的影响。本实证分析基于2007-2019年期间来自83家印尼上市公司的1,079项观察结果。本文应用了普通最小二乘法和两阶段最小二乘法的联立方程模型。作者提出了经验证据,证明企业社会责任机制显著导致企业社会责任水平低。此外,作者还发现信息不对称对企业责任、企业社会责任和企业价值之间的关系有显著影响。研究的局限性/启示研究结果表明,信息不对称、企业责任和企业社会责任并不一定会导致公司价值的全面提高。此外,非线性cobb - douglas型函数的使用表明边际收益递减。研究结果可以帮助发展中国家的决策者改善企业社会责任机制的监测和监督作用,为企业社会责任提供更多的支持,增加提高企业社会责任绩效的监管压力,并通过采用标准化的企业社会责任报告方案来减少信息不对称。本文所提出的社会启示有助于印尼上市公司在实践社会责任方面采取更可持续的做法,并改善与消费者和利益相关者的关系。原创性/价值采用全面的企业社会责任测量工具来检查企业社会责任的价值有助于现有文献,以及在发展中国家背景下检查信息不对称对企业社会责任、企业社会责任和企业价值之间关系的影响。
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引用次数: 0
Does CSR reduce financial distress? Moderating effect of firm characteristics, auditor characteristics, and covid-19 企业社会责任能减轻财务困境吗?事务所特征、审计师特征与covid-19的调节效应
Q2 MANAGEMENT Pub Date : 2023-09-26 DOI: 10.1108/ijaim-04-2023-0081
Md Jahidur Rahman, Hongtao Zhu, Sihe Chen
Purpose This study aims to investigate the relationship between corporate social responsibility (CSR) and financial distress and the moderating effect of firm characteristics, auditor characteristics and the Coronavirus disease 2019 (Covid-19) in China. Design/methodology/approach The research question is empirically examined on the basis of a data set of 1,257 Chinese-listed firms from 2011 to 2021. The dependent variable is financial distress risk, which is measured mainly by Z-score. CSR score is used as a proxy for CSR. Propensity score matching, two-stage least square and generalized method of moments are adopted to mitigate the potential endogeneity issue. Findings This study reveals that CSR can reduce financial distress. Specifically, results show an inverse relationship between CSR and financial distress, more significantly in non-state-owned enterprises, firms with non-BigN auditor and during Covid-19. The results are consistent and robust to endogeneity tests and sensitivity analyses. Originality/value This study enriches the literature on CSR and financial distress, resulting in a more attractive corporate environment, improved financial stability and more crisis-resistant economies in China.
本研究旨在探讨中国企业社会责任(CSR)与财务困境的关系,以及公司特征、审计师特征和2019冠状病毒病(Covid-19)的调节作用。本文基于2011年至2021年1257家中国上市公司的数据集对研究问题进行了实证检验。因变量为财务困境风险,主要通过Z-score来衡量。CSR得分作为CSR的代理。采用倾向评分匹配、两阶段最小二乘法和广义矩量法来缓解潜在的内生性问题。本研究发现企业社会责任可以减轻财务困境。具体而言,研究结果显示,企业社会责任与财务困境之间存在反比关系,在非国有企业、非大型审计机构和2019冠状病毒病期间更为显著。内生性检验和敏感性分析的结果是一致和稳健的。本研究丰富了企业社会责任与财务困境的相关文献,使中国的企业环境更具吸引力,金融稳定性提高,经济更具抗危机能力。
{"title":"Does CSR reduce financial distress? Moderating effect of firm characteristics, auditor characteristics, and covid-19","authors":"Md Jahidur Rahman, Hongtao Zhu, Sihe Chen","doi":"10.1108/ijaim-04-2023-0081","DOIUrl":"https://doi.org/10.1108/ijaim-04-2023-0081","url":null,"abstract":"Purpose This study aims to investigate the relationship between corporate social responsibility (CSR) and financial distress and the moderating effect of firm characteristics, auditor characteristics and the Coronavirus disease 2019 (Covid-19) in China. Design/methodology/approach The research question is empirically examined on the basis of a data set of 1,257 Chinese-listed firms from 2011 to 2021. The dependent variable is financial distress risk, which is measured mainly by Z-score. CSR score is used as a proxy for CSR. Propensity score matching, two-stage least square and generalized method of moments are adopted to mitigate the potential endogeneity issue. Findings This study reveals that CSR can reduce financial distress. Specifically, results show an inverse relationship between CSR and financial distress, more significantly in non-state-owned enterprises, firms with non-BigN auditor and during Covid-19. The results are consistent and robust to endogeneity tests and sensitivity analyses. Originality/value This study enriches the literature on CSR and financial distress, resulting in a more attractive corporate environment, improved financial stability and more crisis-resistant economies in China.","PeriodicalId":46371,"journal":{"name":"International Journal of Accounting and Information Management","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134884040","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Related party transactions and earnings quality: the moderating role of female directors 关联交易与盈余质量:女性董事的调节作用
Q2 MANAGEMENT Pub Date : 2023-09-14 DOI: 10.1108/ijaim-07-2022-0143
Carolina Bona Sánchez, Marina Elistratova, Jerónimo Pérez Alemán
Purpose This study aims to analyse the effect of related party transactions (RPTs) on earnings quality in a sample of Spanish listed firms, as well as the moderating role played by female directors in the relationship between RPTs and earnings quality. Design/methodology/approach The sample includes non-financial Spanish listed firms from 2005 to 2019. The authors use panel data analysis based on the firm fixed-effect estimator. Additionally, the authors use the two-step system generalized method of moments estimator to test the robustness of the results. Findings The results show a negative effect of RPTs on earnings quality. Further analysis reveals that the negative effect is mainly driven by transactions between the firm and its directors and major shareholders, as well as by RPTs that are more likely to reflect insiders’ self-interest. Moreover, the authors show that the presence of female directors reduces the negative impact of RPTs on earnings quality. Practical implications The study provides practical implications for investors, auditors and policymakers, who should be aware that RPTs might harm earnings quality and adversely affect the flow of financial capital to promising investment opportunities. Additionally, the study evidences the key governance role played by female directors regarding financial reporting policies as RPTs increase. Social implications The findings promote the need for a higher representation of women in leadership positions since the authors reveal the key governance role played by female directors regarding financial reporting policies as RPTs increase. Originality/value The results to emerge from the study complement available evidence concerning the effect of RPTs on earnings quality in a continental European country. The authors also provide novel evidence vis-à-vis the role of female directors in the relationship between RPTs and earnings quality.
本研究旨在分析关联交易(RPTs)对西班牙上市公司盈余质量的影响,以及女性董事在关联交易与盈余质量的关系中所起的调节作用。样本包括2005年至2019年的西班牙非金融类上市公司。本文采用基于企业固定效应估计量的面板数据分析方法。此外,作者还使用两步系统广义矩估计方法来检验结果的鲁棒性。结果表明,RPTs对盈余质量具有负向影响。进一步分析表明,负面影响主要由公司及其董事和大股东之间的交易驱动,以及更可能反映内部人自身利益的rpt。此外,作者还表明,女性董事的存在降低了rpt对盈余质量的负面影响。该研究为投资者、审计师和政策制定者提供了实际意义,他们应该意识到rpt可能会损害盈余质量,并对金融资本流向有前景的投资机会产生不利影响。此外,研究还证明,随着rpt的增加,女性董事在财务报告政策方面发挥的关键治理作用。由于作者揭示了随着rpt的增加,女性董事在财务报告政策方面发挥的关键治理作用,因此研究结果促进了女性在领导职位上的更高代表性的必要性。原创性/价值该研究的结果补充了一个欧洲大陆国家关于rpt对盈余质量影响的现有证据。作者还为-à-vis女性董事在RPTs与盈余质量关系中的作用提供了新的证据。
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引用次数: 0
Foreign institutional investors and the value of excess cash holdings: international evidence 境外机构投资者与超额现金持有的价值:国际证据
Q2 MANAGEMENT Pub Date : 2023-09-12 DOI: 10.1108/ijaim-04-2023-0078
Muhammad Ilyas, Rehman Uddin Mian, Affan Mian
Purpose Using a comprehensive sample from developed and emerging economies, this study aims to examine whether foreign institutional investors (FIIs) enhance the value of excess cash by constraining the potential self-appropriating managerial propensity related to its inefficient utilization. Design/methodology/approach This study uses a large panel data set of firms from 32 non-US countries from 2007 to 2018. Using data from COMPUSTAT Global and S&P Capital IQ, this study uses ordinary least squares regression with year- and firm-fixed effects for the baseline analysis. In addition, two-stage least squares with instrumental variable regression and propensity score matching approaches were used to address the potential endogeneity. Findings This study shows that FIIs significantly increase the value of excess cash holdings. The authors also found that the positive impact of FIIs is more significant when investors come from common-law countries with better governance and investor protection. Furthermore, in countries and firms with weaker governance controls, the relationship between FIIs and the value of excess cash is stronger, consistent with the institutional monitoring hypothesis. Collectively, the findings imply that FIIs are advantageous to investees because they effectively promote the efficient deployment of corporate resources. Practical implications Collectively, the findings of this study imply that FIIs are advantageous to investees because they effectively promote the efficient deployment of corporate resources. Originality/value This study offers new evidence on how FIIs impact the value of excess cash in an international setting. In addition, it highlights the significance of the legal origin of institutional investors’ home country and the governance quality of host countries and investee firms in influencing the effect of foreign institutional monitoring on the value of excess cash.
本研究利用来自发达经济体和新兴经济体的综合样本,旨在检验外国机构投资者(fii)是否通过约束与现金低效利用相关的潜在自占管理倾向来提高多余现金的价值。本研究使用了2007年至2018年来自32个非美国国家的大型面板数据集。使用来自COMPUSTAT Global和s&p;P Capital IQ的数据,本研究使用具有年度和公司固定效应的普通最小二乘回归进行基线分析。此外,两阶段最小二乘法与工具变量回归和倾向得分匹配方法被用来解决潜在的内生性。研究结果表明,境外投资机构显著增加了超额现金持有量的价值。作者还发现,当投资者来自治理和投资者保护较好的普通法国家时,外国投资机构的积极影响更为显著。此外,在治理控制较弱的国家和公司中,外国投资机构与过剩现金价值之间的关系更强,这与机构监测假设相一致。综上所述,研究结果表明,境外投资机构对投资者是有利的,因为它们有效地促进了企业资源的有效配置。综上所述,本研究的结果表明,境外投资机构对投资者是有利的,因为它们有效地促进了企业资源的有效配置。独创性/价值本研究提供了新的证据,说明在国际环境下,外国投资机构如何影响多余现金的价值。此外,本文还强调了机构投资者母国的法律渊源以及东道国和被投资公司的治理质量对境外机构监测对超额现金价值的影响的重要性。
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引用次数: 0
Does family ownership matter? Evidence of the payment method and market reaction to M&A deals in Taiwan 家族所有权重要吗?台湾并购交易付款方式及市场反应之证据
Q2 MANAGEMENT Pub Date : 2023-03-23 DOI: 10.1108/ijaim-10-2022-0231
Yousry Ahmed, Mohamed Elsayed, Yuru Chen
Purpose This paper aims to examine the effect of family ownership on the payment method of mergers and acquisitions (M&A) deals. It also investigates the market reaction around the announcement of these M&A deals. Design/methodology/approach Archival data of M&A deals of a sample of Taiwanese listed firms during 2008–2018 are collected and examined using probit, event study and OLS models. This study addresses the endogeneity concern using the two-stage least squares statistical technique and Heckman’s two-step estimation method. Findings This study finds that family firms are more likely to use cash as an exchange medium in M&A deals to avoid the problem of diluting control rights. This study further finds that family firms receive a positive market reaction around the announcement of M&A deals relative to non-family counterparts. The empirical results support the notion that family ownership is a value-creation structure. Practical implications The findings provide additional evidence-based insights into the debate about family ownership with the aim of informing policy and offering practical recommendations to expand the US-based literature. Originality/value To the best of the authors’ knowledge, this is the first study to provide empirical evidence on the impact of family ownership on payment method choice in M&A activities in Taiwan. It also provides novel evidence that family firms experience value gains when taking M&A investment decisions relative to non-family firms.
本文旨在研究家族所有权对并购交易支付方式的影响。它还调查了这些并购交易宣布后的市场反应。本文以台湾上市公司为样本,收集2008-2018年间并购交易的档案资料,并运用probit、事件研究和OLS模型进行检验。本研究使用两阶段最小二乘统计技术和Heckman的两步估计方法来解决内生性问题。本研究发现,家族企业在并购交易中更倾向于使用现金作为交换媒介,以避免控制权被稀释的问题。本研究进一步发现,相对于非家族企业,家族企业在并购交易宣布后会得到积极的市场反应。实证结果支持家族所有权是一种价值创造结构的观点。这些发现为关于家族所有权的辩论提供了额外的基于证据的见解,目的是为政策提供信息并提供实用建议,以扩大美国的文献。就作者所知,本研究首次提供实证证据,探讨家族所有权对台湾并购活动中支付方式选择的影响。它还提供了新的证据,表明家族企业在进行并购投资决策时相对于非家族企业会获得价值收益。
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引用次数: 0
Debt crisis, age and value relevance of goodwill: evidence from Greece 债务危机、商誉的年龄和价值相关性:来自希腊的证据
IF 30.2 Q2 MANAGEMENT Pub Date : 2022-02-22 DOI: 10.1108/ijaim-10-2021-0215
Eleftherios Pechlivanidis, Dimitrios Ginoglou, P. Barmpoutis
PurposeThe purpose of this study is to investigate the value relevance of goodwill and its additional aspects during a long-term period in Greece. Furthermore, by implementing two of the most popular value relevance models, the Ohlson’s price and Easton and Harris’ return model, this study examines the impact of goodwill on Greek stock prices from 2007 to 2018, a period of 12 years in which International Financial Reporting Standards (IFRS) are applied. Furthermore, this study analyzes how goodwill’s value relevance changes as it ages and during the Greek debt crisis.Design/methodology/approachIn order to test the value relevance of goodwill we implemented two of the most popular value relevance models, Ohlson’s price and Easton and Harris’ return model. Our sample consists of non-financial listed Greek companies that reported positive goodwill accounting balances on their financial statements during the financial period from 2007 to 2018. Finally, we applied fixed-effects regression model to all equations.FindingsThe results provide evidence that the year-end goodwill accounting balance is value relevant, and that the debt crisis has improved goodwill’s information content. Finally, the empirical findings suggest that only current year acquired goodwill is value relevant compared to older goodwill, and therefore, goodwill’s impact on stock prices is decreasing as it ages.Research limitations/implicationsA noteworthy limitation of this study is that it focuses on a specific code-law country Greece, which is a relatively small economy compared to the whole Eurozone. This research contributes to the research literature as it confirms other research findings in the European context and specifically that goodwill based on IFRS is value relevant to financial statement users. Additionally, it investigates for the first time how goodwill was affected by the Greek debt crisis. Finally, it contributes to other researcher’s debate concerning the duration of goodwill’s value relevance in a code law environment such as Greece.Practical implicationsFinancial analysts and institutions are provided with more assurance about goodwill’s financial reporting quality to be embedded in the financial evaluation process of corporates. As this research confirms that goodwill should be regarded as an asset, companies should obtain better financial ratings from financial institutions and investors and thus will have better access to equity and debt funding.Originality/valueWe investigate the value relevance of goodwill in Greece during a long-term period of 12 years. Additionally, our study examines the impact of the Greek debt crisis on the information content of goodwill accounting balances and the period during which accumulated goodwill balances and within-year acquired goodwill maintain its value relevance. Our research could assist accounting standard setters such as the International Accounting Standard Board to evaluate the quality of specifi
本研究的目的是调查希腊长期商誉及其附加方面的价值相关性。此外,通过实施两种最流行的价值相关模型,即Ohlson的价格模型和Easton和Harris的回报模型,本研究考察了商誉对2007年至2018年希腊股票价格的影响,这是一段采用国际财务报告准则(IFRS)的12年期间。此外,本研究还分析了商誉的价值相关性如何随着时间的推移和希腊债务危机而变化。为了测试商誉的价值相关性,我们采用了两种最流行的价值相关性模型:奥尔森的价格模型和伊斯顿和哈里斯的回报模型。我们的样本包括2007年至2018年财政期间财务报表上商誉会计余额为正的非金融上市希腊公司。最后,对所有方程应用固定效应回归模型。研究结果表明,年末商誉会计余额具有价值相关性,债务危机提高了商誉的信息含量。最后,实证研究结果表明,只有当年获得的商誉与较早的商誉相比具有价值相关性,因此,商誉对股价的影响随着商誉的老化而降低。研究局限性/启示本研究的一个值得注意的局限性是,它只关注了一个具体的法典国家希腊,与整个欧元区相比,希腊是一个相对较小的经济体。这项研究有助于研究文献,因为它证实了欧洲背景下的其他研究结果,特别是基于国际财务报告准则的商誉与财务报表使用者的价值相关。此外,它还首次调查了商誉是如何受到希腊债务危机的影响的。最后,它有助于其他研究人员关于商誉的价值相关性的持续时间在法典环境,如希腊。实际意义财务分析师和金融机构对商誉的财务报告质量有了更多的把握,可以嵌入到企业的财务评估过程中。由于这项研究证实,商誉应该被视为一种资产,公司应该从金融机构和投资者那里获得更好的财务评级,从而更好地获得股权和债务融资。原创性/价值我们调查了希腊商誉在12年期间的价值相关性。此外,我们的研究考察了希腊债务危机对商誉会计余额信息内容的影响,以及累积商誉余额和年内获得商誉保持其价值相关性的期间。我们的研究可以帮助会计准则制定者,如国际会计准则理事会,评估具体标准的质量,如国际财务报告准则第3号“企业合并”和国际会计准则第38号“资产减值”。
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引用次数: 2
Antecedents of corporate social responsibility disclosure: evidence from the UK extractive and retail sector 企业社会责任披露的前因后果:来自英国采掘业和零售业的证据
IF 30.2 Q2 MANAGEMENT Pub Date : 2022-02-11 DOI: 10.1108/ijaim-08-2021-0158
Yan Wang, K. Yekini, B. Babajide, Miriama Kessy
PurposeThis study aims to examine the level of corporate social responsibility (CSR) disclosure among the UK extractive and retail sectors and consequently ascertain whether corporate board characteristics and firm characteristics can explain observable differences in the extent of CSR disclosure.Design/methodology/approachBased on the KPMG survey 2017, the sample comprises all the firms in the extractive industries, such as mining and oil and gas and also retail industries, such as food and drug retailers and general retailers for the sample period of 2005 to 2018.FindingsThe findings show that the level of CSR disclosure from extractive sector is much higher than that of their counterparts in retail sector. In addition, the multiple regression results show that CSR disclosure is positively and significantly associated with board gender diversity, board independence, board size. Nevertheless, the results show that board meetings and Chief Executive Officer duality do not have a significant impact on CSR disclosure.Originality/valueThis study contributes to the existing literature on CSR in that it advances the understanding of the interaction between governance mechanisms and specific firm characteristics of two distinct sectors of the UK economy and how this in turn influences the CSR in the two sectors.
本研究旨在考察英国采掘业和零售业的企业社会责任(CSR)披露水平,从而确定公司董事会特征和公司特征是否可以解释企业社会责任披露程度的可观察差异。根据毕马威2017年的调查,样本包括2005年至2018年样本期间采掘业(如采矿、石油和天然气)和零售业(如食品和药品零售商和一般零售商)的所有公司。研究结果表明,采掘业的企业社会责任披露水平远高于零售业。此外,多元回归结果显示,企业社会责任披露与董事会性别多样性、董事会独立性、董事会规模存在显著正相关关系。然而,研究结果表明,董事会会议和首席执行官二元性对企业社会责任披露没有显著影响。原创性/价值本研究对现有的企业社会责任文献做出了贡献,因为它促进了对英国经济中两个不同部门的治理机制和特定公司特征之间相互作用的理解,以及这反过来如何影响这两个部门的企业社会责任。
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引用次数: 7
期刊
International Journal of Accounting and Information Management
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