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1.
Abstract

The structural shift in the USA from a tangible- to an intangible-intensive economy raises a concern that reporting based on generally accepted accounting principles (GAAP) might have lost its usefulness to investors. Amir and Lev [(1996) Value relevance of nonfinancial information: the wireless communications industry, Journal of Accounting and Economics, 22(1–3), pp. 3–30] argue that accounting information is not useful for intangible-intensive firms. In contrast, Collins et al. [(1997) Changes in the value relevance of earnings and book values over the past forty years, Journal of Accounting and Economics, 24(1), pp. 39–67] find that the value relevance (measured by R-squared) of accounting information has increased over time and that value relevance for intangible-intensive industries is as high as that for tangible-intensive industries. In this article, we attempt to resolve the above discrepancy by examining the impact of scale on R-squared (Brown, S., Lo, K. and Lys, T. (1999) Use of R2 in accounting research: measuring changes in value relevance over the last four decades, Journal of Accounting and Economics, 28(2), pp. 83–115). We find that, after controlling for scale, R-squared is lower for intangible-intensive industries than for non-intangible-intensive industries and has declined over time for intangible-intensive industries but remained stable for non-intangible-intensive industries. Interestingly, the declining trend ended with the demise of the ‘New Economy’ period (NEP) (Core, J. E., Guay, W. R. and Van Buskirk, A. (2003) Market valuations in the New Economy: an investigation of what has changed, Journal of Accounting and Economics, 34(2–3), pp. 43–67), and value relevance for both industry groups appears to be restored in the post-NEP to the pre-NEP level. We also find that R&D capitalisation increases value relevance for intangible-intensive industries, but does not completely eliminate the gap between the two groups.  相似文献   

2.
Abstract

In this paper, we investigate the impact of accounting standards on the information content of stock prices using a sample of 44 countries from around the world. We find that the adoption of International Financial Reporting Standards or US Generally Accepted Accounting Principles per se does not make stock prices more informative, but that better accounting standards are helpful only in countries having effective legal environments. In particular, we find a significantly negative relationship between stock price synchronicity and the quality of accounting standards in countries with a common-law legal origin and generally better shareholder protection. Our findings are consistent with the theoretical prediction in Zhang [(2013). Accounting standards, cost of capital, resource allocation, and welfare in a large economy. The Accounting Review, 88(4), 1459–1488] that improving accounting standards effectively would increase social welfare in general.  相似文献   

3.
In a sample of U.S. multiple-segment firms, we document a negative association between aggregation via segment reporting and timely loss recognition. A higher level of aggregation, as reflected in a firm’s reported organizational structure (the definition and characteristics of its segments), causes a multiple-segment firm to exhibit less cross-segment variation in profitability than a matched control portfolio of single-segment firms. We find that firms that engage in more aggregation report accounting numbers that provide less timely information about economic losses. We also observe that firms that provide more disaggregated segment data subsequent to adopting SFAS 131 experienced an increase in timely loss recognition. This result implies that higher quality segment reporting leads to an increase in timely loss recognition, which, per extant research, is associated with better governance. Our results complement results in Berger and Hann [2003. The impact of SFAS No. 131 on information and monitoring. Journal of Accounting Research, 41, 163–223] that show a decline in inefficient internal-capital-market transfers subsequent to the adoption of SFAS 131. Overall, we provide evidence supporting Beyer, Cohen, Lys, and Walther’s [2010. The financial reporting environment: Review of the recent literature. Journal of Accounting and Economics, 50, 296–343] contention that accounting conservatism is, in part, a function of managers’ aggregation choices.  相似文献   

4.
This paper implements the conceptual framework sketched by Pyatt (1990) to construct an extended Social Accounting Matrix for Spain in 1995 (ESAM-95) to consider, in addition to the market economy, the production of services provided by households through unpaid work. In doing so, the ESAM-95 integrates the accounts related to market activities (ESA accounts) with non-market activities (non-ESA accounts) in a consistent way. Additional classifications are introduced in both ESA and non-ESA accounts in order to disaggregate the institutional accounts by household type and those of production factors by educational level and gender. The extended SAM is useful to calibrate CGE models in which the distribution of time between paid and unpaid work is a relevant variable.  相似文献   

5.
Early efforts to endogenize consumption and hence to model the inter-relationships between production structures and income distribution via multiplier models are reviewed in this paper. It is suggested that, unlike the multipliers in Pyatt et al. (1973), the so-called Miyazawa multipliers cannot be sustained in the context of a model of the distribution of income among institutions (households, companies, etc) i.e. the institutional distribution of income. They can, however, be sustained within a model of the distribution of income among factors, i.e. the factorial distribution of income. Both distributions are modelled by Pyatt & Round (1979) which therefore provides a more general framework for analysing the relationship between the distribution of income and the structure of production.  相似文献   

6.
Based on Camfferman and Zeff [(2015). Aiming for global accounting standards: The International Accounting Standards Board, 2001–2011. Oxford: Oxford University Press] we reflect on possibilities for academic research on the International Accounting Standards Board (IASB) and its International Financial Reporting Standards (IFRSs). We argue that a research agenda may be formed around the notion that the IASB differs from national standard setters because its constituent base includes jurisdictions as well as the more traditional preparer, user and auditor constituency groups. We show that taking a jurisdictional angle draws attention to the variety among the IASB’s jurisdictional constituents, identifying numerous research possibilities related to their decisions to adopt, or not to adopt, IFRSs, and to the mechanisms they have developed to form their own IFRS policies and to interact with the IASB. We illustrate how the IASB’s structure, governance, processes and standards are influenced by the challenge of reconciling the needs and values of jurisdictional constituents with the objective of setting global accounting standards. We call for research on the ramifications of the diversity of jurisdictional constituents, as well as changing perceptions of standard setting within jurisdictions, for all aspects of the functioning of the IASB. Such research should make greater use of the variety of sources available to researchers today.  相似文献   

7.
Abstract

This paper uses the uniqueness of the French audit environment to conduct an in-depth study of audit pricing issues associated with the requirement to hire two independent auditors (joint audit). I use a model derived from Simunic's [(1980). The pricing of audit services: Theory and evidence. Journal of Accounting Research, 18(1), 161–190] seminal work to examine to what extent audit fees are influenced by the number of Big 4 joint auditors (zero, one, or two). After controlling for well-known drivers of audit fees that are specific to audit client firms (size, complexity, and risk), for governance characteristics and for auditor selection, the paper shows that the decision to hire two Big 4 auditors as joint auditors does not require the payment of a higher Big 4 premium compared to the choice of one Big 4 auditor paired with a smaller auditor, other things being equal. The choice of two Big 4 auditors thus appears to be a rational economic choice for large and international firms.  相似文献   

8.
We have developed a generalised iterative scaling method (KRAS) that is able to balance and reconcile input–output tables and SAMs under conflicting external information and inconsistent constraints. Like earlier RAS variants, KRAS can: (a) handle constraints on arbitrarily sized and shaped subsets of matrix elements; (b) include reliability of the initial estimate and the external constraints; and (c) deal with negative values, and preserve the sign of matrix elements. Applying KRAS in four case studies, we find that, as with constrained optimisation, KRAS is able to find a compromise solution between inconsistent constraints. This feature does not exist in conventional RAS variants such as GRAS. KRAS can constitute a major advance for the practice of balancing input–output tables and Social Accounting Matrices, in that it removes the necessity of manually tracing inconsistencies in external information. This quality does not come at the expense of substantial programming and computational requirements (of conventional constrained optimisation techniques).  相似文献   

9.
Ball and Shivakumar [(2006), The role of accruals in asymmetrically timely gain and loss recognition. Journal of Accounting Research, 44, 207–242] show that the observed smoothness of earnings (i.e. negative contemporaneous correlation between accruals and cash flows) is the joint product of the role of accruals in smoothing out transitory fluctuations in operating cash flows (noise reduction role) and the role of accruals in providing timely recognition of economic gains and losses (contracting role). These two roles of accruals have opposite effects on earnings smoothness properties. Using a regression framework that allows us to simultaneously consider both roles, we show that failing to control for changes in timely gain and loss recognition as firms shift to IFRS can lead to erroneous inferences regarding the effects of IFRS adoption on earnings smoothness, and consequently on researcher’ conclusions about how IFRS adoption has affected accounting quality. Our results are consistent with mandatory (2005) IFRS adoption resulting in a change in the contracting role rather than the noise reduction role (or smoothness role) of accruals. A decrease in timely loss recognition, an increase in timely gain recognition, and a net decrease in asymmetric timely loss recognition are what drives the change in observed smoothness properties of earnings around mandatory IFRS adoption.  相似文献   

10.
Financial balance is fundamental to input–output (IO) analysis, and consequently the respect of this balance is one of the dominant criteria in evaluating IO constructs. Kop Jansen, and ten Raa [(1990) The Choice of Model in the Construction of Input–Output Coefficients Matrices. International Economic Review 31, 213] proved that the byproduct-technology construct (BTC) and the industry-technology construct (ITC) do not generally conserve financial balance. In contrast, Majeau-Bettez et al. [(2016) When do Allocations and Constructs Respect Material, Energy, Financial, and Production Balances in LCA and EEIO? Journal of Industrial Ecology 20, 67–84] demonstrated that the BTC necessarily respects financial balance and that the ITC is always financially balanced when applied to data recorded in monetary units. The present article resolves this paradox.  相似文献   

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