海外收益披露是否与价值相关?分解解决了难题

R. Joliet, A. Muller
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引用次数: 7

摘要

本研究考察了与国内业绩披露相比,国外特定地区和国家的业绩披露与股东财富的关系是否存在差异。考虑到在之前的文献中,关于地理绩效差异的价值相关性的实证研究结果令人惊讶地相互矛盾和令人困惑,我们在本文中质疑先前的样本选择程序和数据处理。使用广泛的国际公司级别数据库,我们区分了国外“地区”和“国家”特定的业绩披露,并发现(1)使用分类的国外收益信息显著提高了国外业绩价值相关性的准确性和重要性;(2)披露拉丁美洲国家产生的正收益变动具有持续的负价值影响;(3)对外部门披露的价值相关性对亚太国家和英国尤其明显,证实了这些地区对外国直接投资的吸引力。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Are Foreign Earnings Disclosures Value-Relevant? Disaggregation Solves the Puzzle
This study examines whether foreign region- and country-specific performance disclosures relate differentially to shareholder wealth compared to domestic performance disclosures. Bearing in mind the fact that, in previous literature, empirical findings regarding the value-relevance of geographic performance disparities have been surprisingly conflicting and puzzling, we question in this paper prior sample selection procedures and data treatments. Using an extensive international company-level database, we distinguish between foreign ‘region-’ and ‘country-’specific performance disclosures and find that (1) the use of disaggregated foreign earnings information increases significantly the precision and significance of the value-relevance of foreign performance; (2) the disclosure of positive earnings movements generated in Latin American countries has a consistently negative value impact and (3) the value-relevance of foreign segment disclosures is particularly perceptible for Asian Pacific countries and the United Kingdom, confirming the attractiveness of these areas for foreign direct investment.
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