The Effect Of Multinationality On Management Earnings Forecasts PDF Download
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| Author | : Bruce Wayne Runyan |
| Publisher | : |
| Total Pages | : |
| Release | : 2005 |
| Genre | : |
| ISBN | : |
Download The Effect of Multinationality on Management Earnings Forecasts Book in PDF, ePub and Kindle
This study examines the relationship between a firm's degree of multinationality and its managers' earnings forecasts. Firms with a high degree of multinationality are subject to greater uncertainty regarding earnings forecasts due to the additional risk resulting from the more complex multinational environment. Prior research demonstrates that firms that fail to meet or beat market expectations experience disproportionate market losses at earnings announcement dates. The complexities and greater uncertainty resulting from higher levels of multinationality are expected to be negatively associated with management earnings forecast precision, accuracy, and bias (downward versus upward). Results of the study are mixed. Regarding forecast precision, two measures of multinationality (foreign sales / total sales and the number of geographic segments) are significantly negatively related to management earnings forecast precision. This was the expected relationship. Regarding forecast accuracy, contrary to expectations, forecast accuracy is positively related to multinationality, with regard to the number of geographic segments a firm discloses. Regarding forecast bias, unexpectedly, two measures of multinationality (foreign sales / total sales and number of countries with foreign subsidiaries) are significantly positively related to more optimistic management earnings forecasts.
| Author | : Ahmed Riahi-Belkaoui |
| Publisher | : Bloomsbury Publishing USA |
| Total Pages | : 289 |
| Release | : 2001-12-30 |
| Genre | : Business & Economics |
| ISBN | : 031300482X |
Download Multinationality--Earnings, Efficiency, and Market Considerations Book in PDF, ePub and Kindle
The impact of multinationality on the operations of a firm is clear and strong. Riahi-Belkaoui shows how it affects the known relationships between earnings, efficiency, disclosure, and market valuation by its role as a dependent, moderating, intervening antecedant or consequent variable. Its impact can be felt, for example, in relationships and phenomena such as the timeliness and the informativeness of earnings, the underreaction of securities analysts, post-earnings announcement drifts, and the level and quality of disclosure. An understanding of multinationality in the earnings-disclosure-efficiency-market valuation relationship can also be used by accountants and researchers in their daily activities, and by corporate executives in multinational organizational decision making. The result is a useful, probing exploration for academics and practitioners alike.
| Author | : Ahmed Riahi-Belkaoui |
| Publisher | : Praeger |
| Total Pages | : 150 |
| Release | : 1996-09-30 |
| Genre | : Business & Economics |
| ISBN | : |
Download Multinationality and Firm Performance Book in PDF, ePub and Kindle
As foreign direct investment of U.S. multinational firms increases rapidly, some key questions emerge from this trend: What is the true nature of multinationality and what are its impacts on firm performance? Both questions are answered in this book through an examination of the nature of multinationality and its alternative measures and the effect of the degree of multinationality on firm performance, where firm performance is expressed by firm value, financial performance, prediction performance of earnings forecasts, diversification strategy and ownership structure, and corporate financing. The book is of value to all those interested in international business, finance and accounting issues, including professional accountants, business executives, teachers, researchers, and students.
| Author | : Joshua Ronen |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 587 |
| Release | : 2008-08-06 |
| Genre | : Business & Economics |
| ISBN | : 0387257713 |
Download Earnings Management Book in PDF, ePub and Kindle
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
| Author | : Walid Ben-Amar |
| Publisher | : |
| Total Pages | : 60 |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
Download The Corrosive Effect of Offshore Financial Centers on Multinational Firms' Disclosure Strategy Book in PDF, ePub and Kindle
This study investigates whether U.S. multinational firms with subsidiaries located in offshore financial centers (OFCs) (i.e., offshore firms) are more likely to be opaque in their voluntary disclosure relative to U.S. multinationals without such subsidiaries (non-offshore firms). We use management earnings forecasts to capture corporate voluntary disclosure. Consistent with the opportunism view, but inconsistent with the efficiency argument, our results (including robustness checks) show that offshore firms are less likely to issue earnings forecasts, disclose forecasts less frequently, exhibit a stronger tendency to withhold bad news forecasts, and release less precise forecasts than non-offshore firms. Moreover, of the three distinct dimensions of OFCs' institutional environment, namely, low taxation, lax regulation, and secrecy policy, each plays a role in negatively shaping firms' disclosure strategy. Thus, OFCs' institutional features exacerbate the opacity that plagues firms seeking to avoid taxes via their OFC subsidiaries. Our results are consistent with the notion that, beyond the scope of taxes, multinational firms' use of OFCs has a corrosive effect on market information dynamics. Hence, OFCs have a much wider impact on the U.S. economy as well as other major economies than just tax avoidance or evasion.
| Author | : |
| Publisher | : |
| Total Pages | : 516 |
| Release | : 2005 |
| Genre | : Dissertations, Academic |
| ISBN | : |
Download Dissertation Abstracts International Book in PDF, ePub and Kindle
| Author | : Jennifer Francis |
| Publisher | : Now Publishers Inc |
| Total Pages | : 97 |
| Release | : 2008 |
| Genre | : Business & Economics |
| ISBN | : 1601981147 |
Download Earnings Quality Book in PDF, ePub and Kindle
This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.
| Author | : Victoria Krivogorsky |
| Publisher | : Routledge |
| Total Pages | : 206 |
| Release | : 2019-01-30 |
| Genre | : Business & Economics |
| ISBN | : 1315468638 |
Download Institutions and Accounting Practices after the Financial Crisis Book in PDF, ePub and Kindle
Financial globalization paired with the relaxation of constraints on capital flows between countries before the 2008 crisis, increased merger activities among the World’s largest stock exchanges. The financial crisis of 2008 had a severe impact on the development of equity markets, corporate financial stability, and corporate governance, and a multi-step approach is needed to fully appreciate the causes and effects of this event. This book engages the separate strands of literature to advance a more holistic understanding of whether and how the national institutional environments in selected countries around the world has been changed after the crisis. Institutions and Accounting Practices after the Financial Crisis: International Perspective sets out a framework for the analysis of institutional environments and accounting practices in in selected countries around the world during the pre-crisis period, followed by an examination of the impact of the crisis. It scrutinizes the changing roles of debt and equity markets; the shift in accounting practices and capital financing choices due to the economic downturn; and the lessons that can be obtained from the financial crisis, while considering the institutional architecture of international business environments. This ongoing process of integration and globalization increases interdependence between world markets, and allows shocks to propagate across national and continental lines, making the understanding of international markets vitally important to American investors. Aimed at primarily researchers, academics and students in the fields of international accounting, management and finance, Institutions and Accounting Practices after the Financial Crisis: International Perspective will additionally be of value to practitioners and policy makers, supplying them with information regarding the changes in accounting practices and risk evaluation due to the crisis.
| Author | : Kunio Ito |
| Publisher | : Springer |
| Total Pages | : 337 |
| Release | : 2014-07-08 |
| Genre | : Business & Economics |
| ISBN | : 4431547924 |
Download International Perspectives on Accounting and Corporate Behavior Book in PDF, ePub and Kindle
Despite the globalization of accounting standards occurring through convergence to International Financial Reporting Standards, local accounting systems are deeply intertwined with each country’s unique institutions such as its corporate system, disclosure practices and enforcement mechanisms. First, this book empirically analyzes the effects of globalization and localization of accounting rules on corporate behavior such as earnings management, signaling, investment behavior and dividend payout policy. Second, the book unravels the economic consequences of disclosure based on the concept of self-disciplining enforcement such as management forecasts, environmental disclosures and risk disclosures by Japanese firms. This volume is a step forward in understanding the link between accounting and corporate behavior based on a new institutional accounting approach.
| Author | : Malek El Diri |
| Publisher | : Springer |
| Total Pages | : 120 |
| Release | : 2017-08-20 |
| Genre | : Business & Economics |
| ISBN | : 3319626868 |
Download Introduction to Earnings Management Book in PDF, ePub and Kindle
This book provides researchers and scholars with a comprehensive and up-to-date analysis of earnings management theory and literature. While it raises new questions for future research, the book can be also helpful to other parties who rely on financial reporting in making decisions like regulators, policy makers, shareholders, investors, and gatekeepers e.g., auditors and analysts. The book summarizes the existing literature and provides insight into new areas of research such as the differences between earnings management, fraud, earnings quality, impression management, and expectation management; the trade-off between earnings management activities; the special measures of earnings management; and the classification of earnings management motives based on a comprehensive theoretical framework.
