CGN: Disclosure & Accounting Decisions (Topic)最新文献

{"title":"Firm Performance, Reporting Goals, and Language in Narrative Disclosures","authors":"H. S. Asay, R. Libby, Kristina Rennekamp","doi":"10.2139/ssrn.2137133","DOIUrl":"https://doi.org/10.2139/ssrn.2137133","url":null,"abstract":"Prior research finds that the reporting complexity of qualitative disclosures increases as firm performance deteriorates, and that reporting complexity may dampen investors’ short-term reactions to news. While some argue that managers intentionally increase reporting complexity to hide bad performance, others suggest that bad performance is instead simply more difficult to describe in fewer and more readable words. I use a controlled experiment to investigate these explanations, and find greater support for the idea that bad performance is inherently more difficult to describe than good performance. Counter to arguments made in the archival literature, I find that individuals provide longer, but more readable, disclosures when performance is bad and they are given a goal of reporting strategically rather than reporting accurately. This contradicts the claim that managers intentionally obfuscate poor performance in order to mitigate negative reactions to bad news. My study also provides evidence in a controlled setting on how other linguistic choices may vary with performance and goals.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133327464","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}

{"title":"Financial Reporting Quality and External Debt Financing Constraints: The Case of Privately Held Firms","authors":"Shujun Ding, Mingzhi Liu, Zhenyu Wu","doi":"10.1111/abac.12083","DOIUrl":"https://doi.org/10.1111/abac.12083","url":null,"abstract":"Using a sample consisting of 1,160,801 observations of privately held firms, we explore the relationship between earnings quality and privately held firms’ debt financing, access to debt, and cost of debt, as well as the moderating effects of provincial-level economic development on this relationship. Our findings indicate that better earnings quality increases private firms’ access to debt financing and lowers their cost of debt. The empirical results also show that these effects are more pronounced in less developed provinces.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128774431","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}

{"title":"Ownership Concentration, Client Importance, and Earnings Management: Evidence from Pakistani Business Groups","authors":"A. Bhutta, J. Knif, Muhammad Fayyaz Sheikh","doi":"10.2139/ssrn.2852255","DOIUrl":"https://doi.org/10.2139/ssrn.2852255","url":null,"abstract":"The purpose of this study is to investigate the earnings management behavior in Pakistani business groups by empirically testing the impact of ownership concentration as well as client importance on earnings management. A novel measure for client importance is proposed. This measure uses information on whether the business group is using the same auditor for two or more of its affiliates. The study finds a positive impact of group affiliation on earnings management. However, this relation is weak during the energy-crisis period, suggesting an increased reliance of Pakistan business groups on external capital markets and a redistribution of external financing through transactions on group-internal capital markets. The findings also reveal efficient earnings management in non-family business groups as well as in independently operated family firms. Moreover, there seems to be a positive and non-linear relation between group affiliate’s ownership concentration and earnings management. The presence of institutional investors constrains the business groups from earnings management and this is mainly due to the proportion of domestic institutional investors. Finally, the results indicate a statistically significant positive relation between client importance and earnings management in family-owned business groups. This result is not sensitive to the size of the auditor firm used.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129359080","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}

{"title":"The Intellectual Capital Disclosure, Corporate Performance and Stock Price","authors":"Ardiansyah Rasyid","doi":"10.2139/ssrn.2837443","DOIUrl":"https://doi.org/10.2139/ssrn.2837443","url":null,"abstract":"This research found that the intellectual capital disclosure can affect the relationship between earning and stock price. The intellectual capital disclosure can clearly depict the whole corporate resources which to generate revenue. This means the intellectual capital disclosure can describe prospect of corporate for the financial future performance. Intellectual capital disclosure can affect some investors in Indonesia Stock Exchange, this condition has been confirmed by this research result. The research result indicate regression coefficient from the interaction variable between Intellectual capital disclosure size index and corporate performance significantly affect to stock price. It obviously means that disclosure has the information contents which describe the future performance and it is necessary for corporates to be more transparent in order to attract all investors. This research has proved that intellectual capital information has important information to capture the whole picture of corporation.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126249768","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}

{"title":"Motivations for Reporting Organizational Misconduct by Professional Bystanders","authors":"J. Erp, Kim Loyens","doi":"10.2139/ssrn.2807505","DOIUrl":"https://doi.org/10.2139/ssrn.2807505","url":null,"abstract":"The vast majority of business offenses, whether systematic and serious or small and relatively harmless, remains undetected by public regulatory authorities. Yet, they are often witnessed in some form by employees, local residents, customers, competitors, accomplices or other parties. Reporting these signals to authorities can provide valuable information to regulatory agencies’ own detection and investigation activities, and thus contribute to more efficient and effective enforcement. Although an extensive scholarship exists on reporting, it has mainly focused on whistle-blowers: insiders who are directly part of or involved in the offending behaviour. This study focuses on one type of external witnesses, namely bystanders who maintain a professional relationship with a company. These could include suppliers, customers, and competitors. These parties distinguish themselves from whistleblowers in the sense that although they sustain a close relation with a (suspected) offending business, they are not directly part of the organization, let alone do they take part in the offense. Therefore, the name ‘bellringers’ has been suggested for this category. Building on the existing literature about whistleblowing and bell-ringing, this paper asks what motivates ‘bellringers’ to report suspected business violations to enforcement authorities, and how they experience the reporting process. To answer this question, an extensive empirical study was carried out of more than 350 reports of offenses at three inspectorates in the Netherlands, and 60 interviews with reporting business owners and representatives of business sector organizations and inspectorates.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126424418","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}

{"title":"Earnings Management, Chapter 11 Emergence and Firm Value","authors":"Timothy C. G. Fisher, Ilanit Gavious, J. Martel","doi":"10.2139/ssrn.2786587","DOIUrl":"https://doi.org/10.2139/ssrn.2786587","url":null,"abstract":"We study the impact of earnings management prior to bankruptcy filing on the passage of firms through Chapter 11. Using data on 261 U.S. public firms, we construct three measures of earnings management, two of which are accounting (accrual) manipulation measures (discretionary accruals and abnormal working capital accruals) and one a real activities manipulation measure (abnormal operating cash flows). Our key findings are that earnings management prior to bankruptcy reduces the likelihood of plan confirmation and emergence from Chapter 11. The findings are consistent with creditors rewarding conservative earnings reporting and punishing overly optimistic earnings reports. We find clear evidence that upward management of earnings destroys economic value by making the survival of the firm less likely, an effect that has not previously been uncovered by the literature. We also find that auditor choice (Big 4 vs. non-Big 4) directly affects the probability for plan confirmation as well as the likelihood of emergence from bankruptcy.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133659634","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}

{"title":"Does Mandatory Risk Information Disclosure Affect Bank Debt Design? Cross-Country Evidence from Yankee Bond Covenants","authors":"Alexandra Niessen-Ruenzi, J. Parwada, S. Ruenzi, Eric K. M. Tan","doi":"10.2139/ssrn.2766726","DOIUrl":"https://doi.org/10.2139/ssrn.2766726","url":null,"abstract":"This paper investigates the impact of mandatory risk disclosure on the design of foreign bank debt. The Basel II and III Accords require the public disclosure of bank regulatory information under the Pillar 3 or market discipline framework. The new information details bank risk exposures and management strategies, capital adequacy and remuneration practices to enhance market discipline through transparency. We target foreign issuers of US (“Yankee”) to test whether banks domiciled in Pillar 3 regimes increase debt raising in an overseas market and face reduced demand from investors for covenants. Pillar 3 reporting reduces the propensity of banks to raise debt capital abroad, a finding that is attenuated when the banks are domiciled in countries with superior creditor rights protections. Pillar 3 reporting increases the imposition of covenants in Yankee bonds, particularly for banks domiciled in countries with weaker debt law enforcement standards and stronger shareholder rights.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"209 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116199244","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}

{"title":"Do Municipal Bond Markups Reflect Accounting Quality?","authors":"Angela K. Gore, B. Henderson, Yuan Ji","doi":"10.2139/ssrn.2772605","DOIUrl":"https://doi.org/10.2139/ssrn.2772605","url":null,"abstract":"We examine whether accounting measures of information uncertainty – specifically, the presence of internal control problems – impact municipal bond markups. Markups are the differences between the prices paid by investors and those stipulated in the underwriting agreement, and are a source of compensation to bond dealers. Markups are controversial in part because they are not transparent and individual investors comprise a large portion of the investor base. Primary findings suggest that municipal bonds issued by entities with a material weakness in internal controls exhibit larger markups. Findings are magnified under circumstances of greater information asymmetry between issuers and investors, such as for revenue bond issuances, delayed release of financial information, and retail investor trades. Moreover, bonds issued by entities with material weaknesses remain in dealer inventory significantly longer before eventual sale to investors. Our evidence is consistent with markups reflecting compensation to underwriters for the additional risk and effort involved in placing bonds issued by entities with serious accounting problems.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129742214","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}

{"title":"Antecedents of Voluntary Corporate Governance Disclosure: A Post-2007/08 Financial Crisis Evidence from the Influential UK Combined Code","authors":"Mohamed H. Elmagrhi, C. Ntim, Yan Wang","doi":"10.1108/CG-01-2016-0006","DOIUrl":"https://doi.org/10.1108/CG-01-2016-0006","url":null,"abstract":"Purpose: This study investigates the level of compliance with, and disclosure of, good corporate governance (CG) practices among UK publicly listed firms, and consequently ascertains whether board characteristics and ownership structure variables can explain observable differences in the extent of voluntary CG compliance and disclosure practices.Design/Methodology/Approach: The study uses one of the largest datasets to-date on compliance and disclosure of CG practices from 2008 to 2013 containing 120 CG provisions drawn from the 2010 UK Combined Code relating to 100 UK listed firms to conduct multiple regression analyses of the determinants of voluntary CG disclosures. A number of additional estimations, including two stage least squares, fixed-effects and lagged structures, are conducted in order to test the robustness of the findings. Findings: The results suggest that there is a substantial variation in the levels of compliance with, and disclosure of, good CG practices among the sampled UK firms. We also find that firms with larger board size, more independent outside directors and greater director diversity tend to disclose more CG information voluntarily, whereas the level of voluntary CG compliance and disclosure is insignificantly related to the existence of a separate CG committee and institutional ownership. Additionally, the results indicate that block ownership and managerial ownership impact negatively on voluntary CG compliance and disclosure practices. The findings are fairly robust across a number of econometric models that sufficiently address various endogeneity problems and alternative CG indices. Overall, the findings are generally consistent with the predictions of neo-institutional theory.Originality/Value: This paper extends, as well as contributes to the extant CG literature by offering new evidence on compliance with, and disclosure of, good CG recommendations contained in the 2010 UK Combined Code following the 2007/08 global financial crisis. This paper also advances the existing literature by offering new insights from a neo-institutional theoretical perspective of the impact of board and ownership mechanisms on voluntary CG compliance and disclosure practices.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115950915","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}

{"title":"Disclosure of Downside Risk and Investors' Use of Qualitative Information: Evidence from the IPO Prospectus's Risk Factor Section","authors":"Rui Ding","doi":"10.1111/irfi.12066","DOIUrl":"https://doi.org/10.1111/irfi.12066","url":null,"abstract":"I use the context of a company's initial public offering (IPO) of equity securities as a capital-market setting to empirically study the economic consequences of risk factor disclosures. Using data from Australian IPOs, I examine the relation of textual risk disclosures in the prospectus to initial underpricing. I find that the quantity of disclosures in the risk factor section itself has no significant impact on initial underpricing. However, an increase in the informativeness of risk factor disclosures is associated with lower IPO underpricing. My results suggest that IPOs that provide informative risk factor disclosures have less ex ante uncertainty, in the sense that the disclosures help investors estimate the dispersion of secondary market value. The effect of informative risk factor disclosures on IPO underpricing is more pronounced for IPOs with less prestigious lead underwriters and is mainly driven by younger firms, smaller firms, and firms with poorer operating performance prior to their IPOs. Collectively, my findings suggest that informative disclosures of downside risk are useful for investors to evaluate IPOs.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"28 44","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117482500","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}