Journal ArticleDOI
The influence of company characteristics and accounting regulation on information disclosed by Spanish firms
Reads0
Chats0
TLDR
In this paper, the influence of market pressures and pressure from regulatory bodies on information disclosure by Spanish firms is analyzed. But the authors do not consider the impact of positive accounting theory on the disclosure of information.Abstract:
Accounting information is subject to two different influences: market pressures and pressure from regulatory bodies. This paper provides an empirical analysis of the influence of both these forces on information disclosure by Spanish firms. To test hypotheses concerning the influence of regulation, annual reports of three different years for 49 companies have been analysed. Given that new Spanish accounting rules have been in force since 1990, annual accounts of a sample of quoted companies have been analysed for the period 1989–1991. In order to consider the influence of positive accounting theory, several characteristics relating to company attributes were selected and tested empirically for the sample of 49 companies. The information disclosed by the sample companies was measured through an information index, based on a list of 50 items of information, and it was regressed on the variables related to company characteristics. The influence of regulation was analysed through a panel data analysis includi...read more
Citations
More filters
Journal ArticleDOI
Earnings Quality Across Different Reporting Regimes: Listed, Large Private, Medium-Sized, Small and Micro Companies in the UK
Siming Liu,Len Skerratt +1 more
Abstract: Since the UK Companies Act 1981, there has developed a multi-tier framework for financial reporting. IFRS is designed for listed companies, there is a GAAP for large private and medium sized companies, and the FRSSE is designed for small companies, which also are exempt from mandatory audit. The recent EU Accounting Directive reinforces this strategy and recognises a new class of company, the micro company. However, it is not clear how the quality of reporting is affected by this multi-regime approach, and by the ability to switch between regimes. The purpose of this paper is to assess the smoothness of earnings between the different types of company from 2006-2013, based on 594,000 observations. We find that the earnings of listed companies are the most informative (least smooth), closely followed by small and micro companies. In contrast, the earnings of large private and medium sized companies are much smoother, suggesting that they are under regulated. The results are inconsistent with the equalisation of earnings quality across all groups, and with the discipline of regulation reflecting the size, complexity of companies and their agency issues. Small companies do not exploit the audit exemption to smooth earnings.
Journal ArticleDOI
Disclosure of university websites. Evidence from Italian data
TL;DR: In this article, the authors analyzed the disclosure of information by Italian universities through their websites and calculated both a global disclosure index and different partial disclosure indices relating to the areas of interest of the main stakeholders: complexity and social responsibility are the factors that affect the disclosure level the most.
Posted Content
Efficiency of Authoritative Disclosure Recommendations - Evidence from IFRS Transition Disclosure in Finland
Antti Miihkinen,Antti Miihkinen +1 more
TL;DR: In this paper, the authors explore the potential for disclosure recommendations given by authoritative supervisory bodies to reduce information asymmetry between the management and shareholders, and explore the efficiency of authoritative disclosure recommendations in situations where urgent disclosure improvements are needed.
Journal ArticleDOI
Disclosure Strategies and Cost of Capital
TL;DR: In this paper, the influence of the disclosure of forward-looking information on the cost of capital is analyzed, and it is shown that only specific information on actions, programs, decisions, and/or quantitative financial information helps toward the reduction of costs of capital.
Journal ArticleDOI
Intellectual Capital Reporting in Malaysian Technology Industry
TL;DR: In this article, the authors investigated the intellectual capital reporting practices of Malaysian listed companies in the technology industry and assessed the association of firm's characteristics and intellectual capital disclosure using the content analysis method, using the annual reports of all the technology companies listed on the Main Market and Ace Market of Bursa Malaysia in 2009.
References
More filters
Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal ArticleDOI
The Market for “Lemons”: Quality Uncertainty and the Market Mechanism
TL;DR: In this paper, the authors present a struggling attempt to give structure to the statement: "Business in under-developed countries is difficult"; in particular, a structure is given for determining the economic costs of dishonesty.
Journal ArticleDOI
Job Market Signaling
TL;DR: In this paper, the authors present a model in which signaling is implicitly defined and explains its usefulness, in which the employer is not sure of the productive capabilities of an individual at the time he/she hires him.
Book
Analysis of Panel Data
TL;DR: In this paper, the authors propose a homogeneity test for linear regression models (analysis of covariance) and show that linear regression with variable intercepts is more consistent than simple regression with simple intercepts.
Journal ArticleDOI
Auditor size and audit quality
TL;DR: In this paper, the authors argue that audit quality is not independent of audit firm size, even when auditors initially possess identical technological capabilities, and when incumbent auditors earn client-specific quasi-rents, auditors with a greater number of clients have more to lose by failing to report a discovered breach in a particular client's records.
Related Papers (5)
Theory of the firm: Managerial behavior, agency costs and ownership structure
Culture, corporate governance and disclosure in Malaysian corporations
Roszaini Haniffa,T. E. Cooke +1 more