环境不确定性下可自由支配应计利润的价值相关性:国际财务报告准则的影响和国家的法律制度

Q4 Economics, Econometrics and Finance
D. Cormier, M. Ledoux, Guy Villeneuve
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引用次数: 4

摘要

本文研究了在环境不确定性(以销售变异性衡量)下,采用国际财务报告准则和国家法律制度是否会影响可自由支配应计利润的价值相关性。样本包括法国和英国的住所,提供了法典/普通法法律制度的划分。我们表明,国际财务报告准则在法国比在英国更大程度上改善了可自由支配应计利润的价值相关性。在当地公认会计准则下,英国的可自由支配应计利润比法国更有价值,而在国际财务报告准则下没有观察到显著差异,这表明该国法律制度的边际效应。在高度不确定性的情况下,结果表明,国际财务报告准则提高了投资者区分机会主义盈余管理和盈余管理的能力,后者提供了有关未来现金流量的可靠信号。总体而言,国际财务报告准则将允许股票市场参与者更好地评估盈余管理的属性,同时减少代码法和普通法制度之间的股票定价差异。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Value relevance of discretionary accruals under environmental uncertainty: the incidence of IFRS and the country's legal regime
This paper studies whether IFRS adoption and the country's legal regime affect the value relevance of discretionary accruals under environmental uncertainty (measured by sales variability). The sample includes France and UK domiciles, providing a code/common law legal regime partition. We show that IFRS improve the value relevance of discretionary accruals to a larger extent in France than in the UK. Under local GAAP, discretionary accruals are more valued in the UK than in France while no significant difference is observed under IFRS, suggesting a marginal effect of the country%s legal regime. Under high uncertainty, results suggest that IFRS improve investors' ability to distinguish between earnings managed opportunistically and earnings management that provides a credible signal about future cash flows. Overall, IFRS would allow stock market participants to better assess properties of earnings management while reducing stock pricing discrepancies between code law and common law regimes.
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来源期刊
CiteScore
0.70
自引率
0.00%
发文量
7
期刊介绍: IJAAPE publishes original scholarly papers across the whole spectrum of: financial accounting, managerial accounting, accounting education, auditing, taxation, public sector accounting, capital market and accounting, accounting information systems, performance evaluation, corporate governance, ethics, and financial management. All methodologies, such as analytical, empirical, behavioural, surveys, and case studies are welcome. IJAAPE encourages contributions especially from emerging markets and economies in transition and studies whose results are applicable across nation states or capable of being adapted to the different accounting and business environments.
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