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1.
Peter M. Clarkson Xiaohua Fang Yue Li Gordon Richardson 《Journal of Accounting and Public Policy》2013
Establishing the information content of transparent voluntary environmental disclosures and the source of this information content is of fundamental importance for corporate social responsibility (CSR) practitioners. Our results indicate that: (1) incremental to information provided by current Toxics Releases Inventory (TRI) data, voluntary environmental disclosures provide valuation relevant information; (2) the various disclosure categories are similar in value relevance, implying that each category is informative of management’s current environmental strategies; (3) current TRI is positively associated with cost of capital but there is no association between voluntary environmental disclosures and cost of capital; and (4) taken together, the above results point to a signaling role for such disclosures and financial performance prediction as the means by which voluntary environmental disclosures enhance firm value. This advances the literature by pinning down the source of firm value enhancement of such disclosures. Our results suggest that a proactive environmental strategy and the signaling of such a strategy to investors can enhance a firm’s stock price, a finding which will assist CSR practitioners in convincing top management that proactive environmental strategies combined with transparent voluntary environmental disclosures are worthwhile. 相似文献
2.
This paper examines the association between conservatism and the value relevance of accounting information over the 1975 through
2004 period. We measure conservatism using approaches developed in Penman and Zhang, The Accounting Review 77:237–264, (2002) and Beaver and Ryan, Journal of Accounting Research 38:127–148, (2000) and value relevance using (1) adjusted R
2 from regressions of price on earnings and book values, (2) adjusted R
2 from regressions of returns on earnings and changes in earnings, and (3) returns earned by perfect foresight of earnings
and book values. We find no evidence that firms with increasing conservatism exhibit greater declines in value relevance.
Rather, we observe most significant declines in value relevance for firms where conservatism has not increased. When we adjust
financial statements for the effects of conservatism, we find that the value relevance of adjusted numbers is generally lower
and trends in value relevance unaffected. Based on these results, it is implausible that increasing conservatism drives the
decline in value relevance. 相似文献