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ABSTRACTWhile prior studies focus on real/accrual-based earnings management and expense misclassification to investigate earnings manipulation in avoiding covenant violations, this paper extends such research in a new direction. In particular, it examines whether firms employ classification shifting of revenues when they are subject to interest coverage EBITDA-based covenants close to their threshold values or limits. This earnings management tool allows firms to increase reported EBITDA by misclassifying non-operating revenues as operating revenues to remain within covenant limits that include EBITDA. Using a sample of 559 UK listed firm-years for the period 2005–2014, it establishes that the use of classification shifting of revenues is high when interest coverage covenants are close to their limits. Further analysis suggests that firms also employ revenue shifting when all their loan covenants are EBITDA-related. 相似文献
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Kamran Ahmed Kazi Feroz Alam Manzurul Alam 《Accounting Education: An International Journal》2013,22(4):325-335
This study examines the influence of intrinsic factors; financial and job-related factors; other factors such as parent and peer influence and work experience; exposure to high school accounting; and the students' perceived benefit-cost ratio to being a chartered accountant, on whether accounting students choose to pursue a chartered accountancy (CA) career or a non-accounting career. Based on a survey of 295 students from five universities in New Zealand, the results show that the students who intend to pursue a CA career place significantly greater importance on financial and job-related factors and perceived benefit-cost ratio than those who choose a non-accounting career. Intrinsic factors, other factors and exposure to high school accounting have no significant influence on the decision whether to select a CA career. A discriminant analysis revealed that financial and jobrelated factors have the highest explanatory power differentiating the two groups, followed by the students' perception of benefits and costs associated with a CA career. The results have important implications for recruitment into the accounting profession in New Zealand. 相似文献
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We examine the role of board characteristics on the performance of Australian credit unions during the period 2004–2012. Credit unions are unique as they are member‐owned institutions, and their directors are democratically elected by their members – an unusual governance structure that poses challenges for board effectiveness. We find that board remuneration, board expertise and attendance at meetings are associated with increased credit‐union performance and are consistent with the goal of maximising member benefits. While the unique features of credit unions limit the presence of external monitoring mechanisms, we provide evidence that these board characteristics are relevant for credit unions. 相似文献
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This paper’s objective was to explore low-income unbanked consumers’ perceptions of bank fairness and the way these perceptions were linked to consumer experiences of vulnerability. Qualitative data were used to analyse low-income consumers’ perceptions about banks’ services and communications. The study finds that although consumers’ financial inclusion is partially hindered by their personal circumstances, the perceived unfair treatment by banks has an even more negative impact on their financial inclusion. Low-income unbanked individuals report banks avoiding them, discriminating against them and impeding their financial inclusion. Banks’ perceived unfairness towards low-income consumers leads those consumers to experience vulnerability in numerous ways. Finally, we provide public policy implications for low-income consumers’ well-being and financial inclusion and to assist them in mitigating their vulnerability. 相似文献