收益对收益的解释力:非平稳性、分解性和时效性

IF 3.6 Q1 BUSINESS, FINANCE Review of Accounting and Finance Pub Date : 2022-07-21 DOI:10.1108/raf-09-2021-0239
J. Wild, Jon Wild
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引用次数: 3

摘要

目的本研究旨在检验几个假设,结合基本会计概念,以解释收益对回报的解释力的变化。设计/方法论/方法作者探讨了三个因素对收益解释力的影响。首先,盈利报告之前的会计期间具有明显的时间内子周期行为特征。假设认识到这种时间内的非平稳性可以增加收益的解释力。其次,假设将收益分解为经营成分,以增加收益的解释力。此外,还研究了前两个因素的联合考虑。第三,作者假设,认识到及时性、预测价值、客观性和可验证性等基本会计概念,可以对收益的解释力提供关键见解。发现作者探索了一个具有管理预测的公司样本,该样本产生了自然的时间内子周期——预测前、预测期和实现期——以产生植根于基本会计概念的假设。实证证据表明,对非平稳时间内行为和收益分解的认识显著提高了收益对回报的解释力。这些发现与会计信息的基本概念有关。独创性/价值这项研究是独一无二的,因为它考察了非平稳性和分解在评估收益中传达的信息中的共同作用。重要的是,这些因素的结果与及时性、预测价值、客观性和可验证性等基本会计概念及其内在权衡有关。
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Explanatory power of earnings for returns: nonstationarity, disaggregation and timeliness
Purpose This study aims to examine several hypotheses, in conjunction with fundamental accounting concepts, to explain variations in the explanatory power of earnings for returns. Design/methodology/approach The authors explore three factors for their impact on the explanatory power of earnings. First, the accounting period preceding the earnings report is characterized by distinct intratemporal subperiod behavior. Recognizing this intratemporal nonstationarity is hypothesized to increase the explanatory power of earnings. Second, disaggregation of earnings into operating components is hypothesized to increase the explanatory power of earnings. Moreover, joint consideration of these first two factors is investigated. Third, the authors hypothesize that recognizing fundamental accounting concepts such as timeliness, predictive value, objectivity and verifiability offer key insights into the explanatory power of earnings. Findings The authors explore a sample of firms with management forecasts, which yields natural intratemporal subperiods – preforecast, forecast and realization periods – to generate hypotheses rooted in fundamental accounting concepts. The empirical evidence shows that recognition of nonstationary intratemporal behavior and earnings disaggregation yields a significant increase in the explanatory power of earning for returns. These findings are linked to fundamental concepts of accounting information. Originality/value This study is unique as it examines the joint role of nonstationarity and disaggregation in assessing the information conveyed in earnings. Importantly, results on these factors are linked to fundamental accounting concepts of timeliness, predictive value, objectivity and verifiability, along with their inherent trade-offs.
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来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
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