财政年度末季度收益的信息不确定性

IF 3.6 Q1 BUSINESS, FINANCE
Linda H. Chen, G. Jiang, Kevin X. Zhu
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引用次数: 2

摘要

目的本研究的目的是调查是否在同一家公司,盈余风险在财政年度结束(FYE)季度相对于其他季度加剧,更重要的是,如果这种类型的盈余风险是独特的。此外,作者还讨论了减轻此类信息风险的解决方案。设计/方法/方法本研究提供的证据表明,与财政年度季度收益相关的信息风险不能用其他已确定的风险因素来解释。缓解这种风险的解决方案包括强有力的公司治理和更精简的财务报告结构。研究结果表明,财政年度季度的收益反应系数明显低于非财政年度季度(1984-2015)。此外,强有力的公司治理和更精简的财务报告结构,要么是公司自愿减少使用特别项目报告,要么是美国财务会计准则委员会(FASB)的编纂变化,如FASB 145,可以帮助减轻这种类型的信息不确定性。研究局限/启示本研究解释了先前文献中确定的与财政年度季度收益相关的信息风险加剧的原因,即“整体解释”和“操纵解释”并不相互排斥。因此,作者认为将两者分开是徒劳的。相反,作者提供了两种可能的解决方案。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Information uncertainty of fiscal year end quarter earnings
Purpose The purpose of this study is to investigate whether within the same firm, earnings risk is exacerbated in the fiscal year end (FYE) quarters relative to that of other quarters, more importantly, if this type of earnings risk is unique. Further, the authors discuss solutions to mitigate this type of information risk. Design/methodology/approach This study provides evidence that the information risk associated with FYE quarter earnings cannot be explained by other identified risk factors. Solutions to mitigate this risk include strong corporate governance and a more streamlined financial reporting structure. Findings The paper shows that there is significantly lower earnings response coefficient for FYE quarters than for non-FYE quarters (1984–2015). Furthermore, strong corporate governance and a more streamlined financial reporting structure, either by firms willingly reducing the usage of extraordinary item reporting or by FASB codification changes such as FASB 145, can help mitigate this type of information uncertainty. Research limitations/implications This study explains that the causes of the exacerbated information risk associated with FYE quarter earnings identified in prior literature, namely, the “integral explanation” and “manipulation explanation,” are not mutually exclusive. Therefore, the authors deem it futile to disentangle the two. Instead, the authors offer two possible solutions.
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来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
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