风险报告和收益平滑:信号还是管理机会主义?

IF 3.6 Q1 BUSINESS, FINANCE
Hend Monjed, Salma Ibrahim, B. Jorgensen
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引用次数: 0

摘要

目的本研究的目的是检验管理者用来向资本市场传达风险信息的两种报告机制之间的联系:风险披露和收益平滑。设计/方法论/方法本研究并置了两个相互竞争的假设,即“机会主义”和“信号传导”,并实证调查了2005-2015年期间英国大型公司样本中一个是否主导另一个。这项研究还利用全球金融危机作为一种可以说是对经济整体风险的外生冲击,来调查其对管理者联合使用文本风险披露和收益平滑的影响。研究结果本研究发现,风险披露与盈余平滑存在负相关。这一发现支持了这样一种观点,即有动机通过平滑收益来掩盖公司真实潜在风险的经理提供了较低水平的风险相关披露。这项研究表明,在全球金融危机期间,风险披露和收益平滑之间的权衡比危机前后更为明显。此外,这项研究表明,对于现金流波动性较高的公司来说,这种关联更为负面。这种负关联对各种模型规范、额外的公司治理相关控制措施和盈利平滑的替代措施都是稳健的。原创性/价值研究结果为风险披露和收益平滑之间的关联提供了新的经验证据,并支持机会主义假设,尤其是当企业面临风险增加时。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Risk reporting and earnings smoothing: signaling or managerial opportunism?
Purpose The purpose of this study is to examine the association between two reporting mechanisms used by managers to communicate risk information to the capital market: risk disclosure and earnings smoothing. Design/methodology/approach This study juxtaposes two competing hypotheses, the “opportunistic” and the “signaling”, and empirically investigates whether one dominates the other for a sample of large UK firms for the period 2005–2015. This study also uses the global financial crisis as an arguably exogenous shock on overall risk in the economy to investigate its effect on managers' joint use of textual risk disclosures and earnings smoothing. Findings This study finds that risk disclosure and earnings smoothing are negatively associated. This finding supports that managers with incentives to mask the firm’s true underlying risk through smoothing earnings provide lower levels of risk-related disclosures. This study documents that the trade-off between risk disclosure and earnings smoothing is more pronounced during the global financial crisis period than before and after the crisis period. Further, this study demonstrates a more negative association for firms with higher volatility of cash flows. This negative association is robust to various model specifications, additional corporate governance related controls and an alternative measure of earnings smoothing. Originality/value The findings provide new empirical evidence about the association between risk disclosure and earnings smoothing and support the opportunistic hypothesis, especially when firms are faced with increased risk.
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来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
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