特定行业的会计准则对资本分配决策有影响吗?

IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Journal of Accounting & Economics Pub Date : 2024-04-01 DOI:10.1016/j.jacceco.2023.101670
Peter Fiechter , Wayne R. Landsman , Kenneth Peasnell , Annelies Renders
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引用次数: 0

摘要

本研究探讨了特定行业会计准则的实施是否有助于资本市场参与者做出向企业提供资本的决策。我们预测并发现,在相关行业准则实施后的几年里,企业的资本增长平均会增加。资本增长主要来自股票发行,其原因在于准则的实施,而非特定行业的趋势或经济冲击。我们对行业标准的异质性进行了探讨,发现对(i)揭示新信息、提供明确指导或提高会计统一性的行业标准,以及(ii)小型企业、信息不对称程度较高的企业和标准实施前资本约束较高的企业的影响更为明显。我们还发现有证据表明,有两个渠道可以解释所记录的资本流动的增加:减少信息不对称和提高财务报表的可比性。
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Do industry-specific accounting standards matter for capital allocation decisions?

This study examines whether the implementation of industry-specific accounting standards helps capital market participants in making decisions about providing capital to firms. We predict and find an, on average, increase in firms’ capital growth in years following implementation of the relevant industry standard. The increase in capital growth arises primarily from equity issuances and is attributable to the implementation of the standards rather than industry-specific trends or economic shocks. We explore heterogeneity in industry standards and find more pronounced effects for (i) industry standards that reveal new information, provide explicit guidance, or increase accounting uniformity, and (ii) small firms, firms with greater information asymmetry, and firms with greater capital constraints before implementation of the standards. We also find evidence consistent with two channels explaining the documented increase in capital flows: reduction of information asymmetry and increase in financial statement comparability.

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来源期刊
CiteScore
8.70
自引率
6.80%
发文量
68
期刊介绍: The Journal of Accounting and Economics encourages the application of economic theory to the explanation of accounting phenomena. It provides a forum for the publication of the highest quality manuscripts which employ economic analyses of accounting problems. A wide range of methodologies and topics are encouraged and covered: * The role of accounting within the firm; * The information content and role of accounting numbers in capital markets; * The role of accounting in financial contracts and in monitoring agency relationships; * The determination of accounting standards; * Government regulation of corporate disclosure and/or the Accounting profession; * The theory of the accounting firm.
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