财务报告质量的估值:它是公司估值中的一个问题吗?

Q2 Business, Management and Accounting
N. Asyik, Dian Agustia, M. Muchlis
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引用次数: 1

摘要

目的本研究的目的是检验财务报告质量的决定因素及其对公司价值的影响。设计/方法论/方法本研究采用定量方法,通过制定一些假设来检验理论。本研究的样本是在印度尼西亚证券交易所上市的85家上市公司,观察期为2016年至2020年,为期5年。因此,它总共有425次观测。使用路径分析对数据进行分析。研究结果发现,财务报告质量的内在因素包括动态因素(经营周期和销售波动性)和静态因素(企业规模,FS)。这些因素有助于实现FRQ,并能够对市场做出积极反应。另一方面,静态因素(企业年龄、FA)和机构风险因素(杠杆)不能够产生FRQ。因此,它不能被视为投资者的经济决策者。实际含义研究含义包括理论含义和实践含义。理论启示证明,净盈余理论的估值反映了公司的市场价值,并反映在财务报表的组成部分中。本研究还使用了不止一种质量的财务报告。研究的实际意义是,研究结果有望为公司管理层提供信息,实现高质量的财务报告,并使市场或投资者对这些情况做出积极反应。此外,高质量的财务报告信息为投资者和资本市场分析师(包括投资者、经纪人和市场证券分析师)确定投资决策提供了好处。金融服务管理局还能够通过改革金融服务部门的框架监督,改进印度尼西亚公司治理做法的实施。原创性/价值本研究考察了FRQ的决定因素及其对企业价值(FV)的影响。FRQ的内在因素代理包括动态因素(运营周期和销售波动性)、静态因素(FS和FA)和机构风险因素(杠杆率)。对公司价值的后续研究,因为它显示了市场反应(财务报表用户)对财务报告质量的程度,这反映在FV中。本研究的独创性在于,研究对象是在发展中国家,特别是在印度尼西亚,因为以前的研究大多是在发达国家进行的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Valuation of financial reporting quality: is it an issue in the firm’s valuation?
Purpose The purpose of this study is to test the determinant of financial report quality and its consequences to the company values.Design/methodology/approach This research is using a quantitative approach and testing a theory by formulating some hypotheses. The sample of this study is 85 go public companies listed in the Indonesia Stock Exchange, for a 5-year observation period from 2016 to 2020. Hence, it has a total of 425 observations. Data were analyzed using path analysis.Findings The results found that innate factors from financial reporting quality (FRQ) consists of dynamic factors (operation cycle and sales volatility) as well as static factors (firm’s size, FS). These factors help to achieve FRQ and are able to provide a positive response to the market. On the other hand, static factors (firm’s age, FA) and institution risk factors (leverage) are not able to produce FRQ. Thus, it cannot be considered as an economic decision maker for an investor.Practical implications Research implications include theoretical and practical implications. Theoretical implications prove that the valuation of clean surplus theory, which shows the market value of the company, is reflected in the components of the financial statements. This study also uses more than one quality of financial reporting. The practical implication of the research is that the research results are expected to provide information for the company’s management, to fulfill quality financial reporting and so that the market or investors will respond positively to these conditions. In addition, quality financial reporting information provides benefits for investors and capital market analysts (consisting of investors, brokers and market securities analysts) in determining investment decisions. The Financial Services Authority is also able to improve the implementation of corporate governance practices in Indonesia, through reform of the framework supervision of the financial services sector.Originality/value This research examines the determinants of FRQ and its consequences on firm’s value (FV). Innate factors proxies from FRQ include dynamic factors (operation cycle and sales volatility), static factors (FS and FA) and institution risk factors (leverage). A follow-up study on the value of the company because it shows the magnitude of the market response (financial statement users) on the quality of financial reporting, which is reflected in FV, the originality of this research is that the object of research is carried out in developing countries, specifically in Indonesia, because most of the previous research was carried out in developed countries.
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来源期刊
AJAR Asian Journal of Accounting Research
AJAR Asian Journal of Accounting Research Business, Management and Accounting-Accounting
CiteScore
4.40
自引率
0.00%
发文量
21
审稿时长
12 weeks
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