Foreign Currency Translation Reporting and the Exchange-Rate Exposure Effect

This study further explores a structural break in the relation between stock returns of firms with foreign currency positions and lagged exchange rate changes (exchange rate exposure effect) documented in Bartov and Bodnar (1994). We examine whether changes in the financial accounting reporting of foreign currency positions from SFAS No. 52 might have improved investors' ability to characterize firms' economic exchange rate exposures, and thus the impact of exchange rate movements on firm value. Our findings indicate that only firms reporting using the dollar as the functional currency (i.e., those reporting as if they were still under SFAS No. 8) retain a significant relation between the lagged change in the dollar and firm value in the post-SFAS No. 52 period. For firms reporting using the foreign currency as the functional currency (i.e., those who switched to the new translation method) the significant lagged relation disappears. This is consistent with the use of a foreign currency as the functional currency under SFAS No. 52 facilitating valuation of U.S. firms with foreign operations.     

The Role of Firm-Specific Incentives and Country Factors in Explaining Voluntary IAS Adoptions: Evidence from Private Firms

Abstract

This paper investigates voluntary adoptions of International Accounting Standards (IAS) by private enterprises, and builds on prior research which posits that higher quality financial reports through IAS adoption can reduce information asymmetry and facilitate contracting with external parties. Specifically, we pursue the following questions. First, do firm-specific incentives matter in the IAS adoption decision after controlling for country-level institutional factors? Second, does the relative importance of firm vs. country factors vary across institutional settings? Using a sample of 3,722 small and medium-sized private enterprises from 56 countries, we report two primary findings. First, both firm and country factors matter in the voluntary IAS adoption decision. Second, when we focus on sub-samples of countries partitioned by the level of economic development, we find that firm factors dominate country factors in more developed countries, while in less developed countries, country factors dominate firm factors in explaining IAS adoptions. This result is consistent with the argument in Doidge et al. (Journal of Financial Economics, 86(1), pp. 1–39, 2007 Doidge, C., Karolyi, A. and Stulz, R. 2007. Why do countries matter so much for corporate governance?. Journal of Financial Economics, 86(1): 1–39. [Crossref], [Web of Science ®] , [Google Scholar]) that firm incentives are more important in explaining governance choices (including accounting) in more developed countries where the benefits from better governance are more likely to exceed the attendant costs. Collectively, our results suggest that less developed countries can enhance the benefits from IAS adoptions by developing institutions which facilitate private contracting.     

The Foreign Exchange Exposure Management Practices of Finnish Industrial Firms

This study employs questionnaire survey and financial accounting data to extend earlier empirical work on the foreign exchange (FX) exposure management practices of Finnish industrial firms. The paper concentrates on: (i) the form that FX corporate hedging policy takes; (ii) the control of FX procedures and trading; and, (iii) our respondents' perceptions about their ability to predict FX rate changes for hedging decisions. Our results indicate that the extent to which firms hedge FX exposure depends on the type of exposure and the form that FX hedging policy takes. Also, a significant number of the firms pursue FX hedging strategies on the expectation of attaining trading profits and this strategy appears to be accommodated within their FX policies. This feature is not explicitly demonstrated in previous studies. Finnish firms hedge a much higher proportion of both transaction and translation exposures compared to economic exposure. We partly attribute this emphasis to the requirements of the Finnish Accounting Act, which came into effect in 1993. The organisational, historical and financial settings of the firms also have significant impacts on exposure management practices. The overall implication of those results is that firms respond to changes in the financial, economic and regulatory environments in which they operate.     

公司特征与信息披露质量研究：国外文献述评

公司特征与上市公司信息披露质量之间的关系是一个理论研究热点,国外学者主要从三个方面对此进行理论分析,一是基于委托代理理论、信号传递理论以及政治进程理论等;二是立足于上市公司在企业战略、信息披露成本、融资需求以及外在压力等方面的个体差异;三是从制度、历史以及会计师事务所等因素.实证研究结论表明公司特征与上市公司信息披露质量之间关系是复杂的,对于财务杠杆、公司业绩,行业等公司特征与上市公司信息披露质量之间的关系,有学者的结论截然相反.回顾国外文献有利于全面分析我国上市公司信息披露质量影响因素,对于提高上市公司信息披露质量间接测度的有效性具有重要的理论意义.     

集群企业创业传导仿真的构建分析

集群企业二次创业已成为产业集群转型升级的重要路径,而集群企业网络影响了集群企业的二次创业行为。本文从复杂网络视角出发,在对集群企业网络与复杂网络模型之间耦合关系的探讨基础上,分析了用仿真方法构建集群企业网络,探讨了如何模拟集群企业网络中创业行为的传导,为刻画现实的集群企业创业行为传导过程和效果提供了新的分析思路。     

会计师事务所内部治理机制建设探析

新审计准则的颁布实施，实现了我国审计准则与国际趋同。为了适应审计国际化的要求，必须健全和完善会计师事务所内部治理科学机制，走出适合中国国情、顺应国际趋势的内部治理的道路，这对提高质量管理和风险控制水平，做强做大事务所有着积极的意义，本文对此进行了探讨。     

A Dutch disease approach into the premature deindustrialization

We explore the main causes and consequences of the premature deindustrialization phenomena. We argue that local currency overvaluations mainly associated with a surge in capital inflows into the emerging market economies following the deregulation of their capital accounts severely hurt the output share of manufacturing industry. Applying the second generation estimators allowing for cross-section dependency (Augmented Mean Group and Common Correlated Effects Mean Group), we run a panel data regression model based on a sample of 39 developing countries in Latin America, Sub-Saharan Africa, East Asia, North America, and Europe from 1960 to 2017. We show that the baseline regression results are robust to different data sets, alternative real exchange rate/deindustrialization measurements, and dynamic model specifications. We find that an overvaluation of 50% which corresponds approximately to one and half standard deviations is associated with a contraction of manufacturing output share as high as 1,25% over the five year period. Moreover, the evidence suggests that the manufacturing competencies which have been eroded by local currency overvaluations in real terms cannot simply be brought back during the undervaluation periods. Hence, the need for a comprehensive industrial policy along with a firm use of capital controls and macroprudential measures given a robust institutional framework comes out as the main policy implication of our results, and they are duly discussed in light of recent developments in the literature.     

A Production Model With Firm-Specific Temporal Variation in Technical Inefficiency: With Application to Spanish Dairy Farms

This paper introduces a stochastic frontier production model which accommodates firm-specific temporal variation in technical inefficiency. Unlike Cornwell, Schmidt and Sickles (1990), technical inefficiency is not modeled through the intercept of the production frontier, but through an error component model. The proposed model is a generalization of the Battese and Coelli (1992) model, which imposed a common temporal pattern upon all firms. In our application involving Spanish dairy farms, we find that the new model is preferred to the Battese and Coelli (1992) model on the basis of the likelihood ratio test. Results provide a new source of information on the different patterns of technical inefficiency change among the 82 farms in the sample.     

资产质量分析——基于我国上市公司的数据

本文研究的是我国上市公司的资产质量。以K值作为衡量调整前后每股净资产的波动幅度的指标,以2000-2002年上市公司3年的样本为研究对象,分析了我国上市公司资产质量及其与盈利能力的相关问题。我们发现,K值越小,上市公司的资产质量就越好;上市公司资产质量越好,其当年的盈利能力就越好,而其未来的盈利能力却不一定好。     

无形资产与企业特质对股东回报差异化的影响

本文以沪深两市2005~2012年上市公司作为研究样本,发现无形资产和股东回报差异与行业和市场平均水平的程度具有显著的相关性,这一结果印证了企业资源观理论,说明了无形资产有助于企业形成自身特质,从而区别于其竞争对手。根据中国使用权类无形资产占比较大的特点,本文进一步将无形资产区分为使用权类无形资产、技术类无形资产、商誉和其他无形资产。研究结果显示,使用权类无形资产与股东回报差异化的相关度更大,这一现象与中国使用权类无形资产具有更强的隔离机制,防止被竞争对手获得有关。     

会计师事务所核心竞争力实证分析

针对我国会计师事务所做大做强的战略目标,借鉴平衡计分卡的思想,初步构建我国会计师事务所核心竞争力的评价指标,采用因子分析法修正该评价指标并对其测度进行研究。研究发现,我国本土会计师事务所核心竞争力现实水平不高,但极具潜力,发展空间很大。     

我国电信业双向接入定价的有效性分析——三家运营商模型

基于我国电信业全业务重组的背景,通过建立一个三家运营商的双向接入定价模型,探讨接入定价的决定因素和有效性问题.在此基础上,给出了在数网竞争情形下符合效率原则的双向接入Ramsey定价法.     

企业内劳动产出效率的一个新模型

本文以新制度经济学家提出的交易费用概念为出发点,构建了一个新的劳动者产出效率模型.新模型将劳动者分为生产者和管理者两种类型,生产者直接参与生产,而管理者通过影响生产者的努力系数间接参与生产过程.本文初步研究了生产者、管理者产出效率函数的一些性质,并探讨了企业均衡条件下这两种产出效率随着管理人员工资、生产者工资变化的规律.     

会计师事务所行业专业化经营现状与对策分析

本文认为,行业专业化经营是提供优质服务、提升会计师事务所竞争能力和赢得竞争优势的有效手段。国际“四大”利用其规模优势和行业审计专长优势占领了大部分的会计服务市场,并拥有境内优质的客户资源。我国本土事务所在行业专业化经营战略方面与国际“四大”存在较大差距,需要采取正确的专业化经营策略增强其竞争能力。     

税务机关、商家与消费者的三人博弈分析

本文在税务机关与商家的纳税博弈模型的基础上，把消费者引入博弈模型，建立了税务机关、商家与消费者三人博弈模型，以此说明了有奖发票的作用机理。认为消费者的风险态度是有奖发票发挥作用的一个关键因素，税务机关应该设立较大金额的奖金，最大限度地发挥有奖发票的作用。     

会计师事务所“低价揽客”的博弈分析

本文从博弈论的角度对会计师事务所的“低价揽客”行为进行分析,认为“低价揽客”使会计师事务所在审计定价方面陷入“囚徒困境”,进而加剧了事务所之间的恶性压价竞争,降低了审计质量,加大了审计风险,导致事务所的人才流失,影响会计师事务所的可持续发展,并进一步分析了“低价揽客”的成因和提出了相关建议。     

中国电力企业的绩效分析

本文采用数据包络分析方法(DEA)，利用1991年的中国燃煤基荷电厂的电厂级数据，对中国电力企业的发电绩效做了初步的分析。分析结果显示，在所有的成本无效率中，大约95％的成本无效率是由过度使用燃料引起的，其余的5％则是由过度的劳动力引起的，因此“减员增效”并不是提高电力工业效率的捷径。     

Exploring the Complementarities Within High‐Performance Work Systems: A Set‐Theoretic Analysis of UK Firms

High‐performance work systems (HPWS) are important conceptual instruments in the human resource management literature. Yet our current understanding of the complementarities within HPWS remains limited for two reasons: First, the dominant theoretical perspectives on HPWS provide a landscape of theoretical possibilities rather than an understanding of different possibilities through which HPWS generate positive effects on performance; and second, the literature on HPWS merely proposes several seemingly equally important HR practices. This article explores the internal nature of HPWS by integrating a configurational perspective of core, peripheral, and nonessential HR practices with a typology of complementarities. Analyzing 530 UK‐based firms using fuzzy set qualitative comparative analysis (fsQCA), I identify four frequently implemented HPWS consistently associated with high labor productivity. The complementarities within all HPWS combine pairs of core HR practices with sets of peripheral HR practices. Moreover, the complementarities within three of the four HPWS rely on firms’ avoidance of implementing certain HR practices. The results suggest that the synergies of HPWS arise from efficient complementarities and virtuous overlaps, and reveal the significance of achieving high performance by not implementing HR practices. This article thus advances a new perspective on HPWSs, highlighting the challenges involved in successfully designing HPWS. © 2016 Wiley Periodicals, Inc.