The Impact Of Legal And Voluntary Investor Protection On The Early Adoption Of Ifrs PDF Download
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| Author | : Annelies Renders |
| Publisher | : |
| Total Pages | : 37 |
| Release | : 2005 |
| Genre | : |
| ISBN | : |
Download The Impact of Legal and Voluntary Investor Protection on the Early Adoption of IFRS. Book in PDF, ePub and Kindle
Previous studies (Dumontier and Raffournier, 1998, El-Gazzar et al, 1999; Cuijpers and Buijink, 2004) typically explain the early adoption of IFRS by firm-specific benefits. However, the adoption of IFRS also leads to costs for company insiders, namely less managerial discretion and as a consequence smaller private benefits due to increased disclosure requirements and less accounting method choices. This paper argues that the cost of adopting IFRS depends on characteristics of the institutional environment, more specifically the level of investor protection.Using a sample of European companies, we find that IFRS is more likely adopted in countries with strong laws protecting investors and/or extensive corporate governance recommendations where the loss of private benefits following IFRS-adoption is lower. Furthermore, the results show that corporate governance recommendations are as effective as hard laws in stimulating IFRS-adoption and that their impact increases as laws become weaker. This suggests that by improving corporate governance codes, countries can easily reduce the extraction of private benefits by managers and enhance the quality of the financial information. However, when looking at specific recommendations and laws, we find that shareholder rights with regard to voting rights and the general meeting need to be regulated by law in order to effectively reduce the level of private benefits.
| Author | : Annelies Renders |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 2005 |
| Genre | : |
| ISBN | : |
Download Legal and Voluntary Investor Protection and Early IFRS-adoption Book in PDF, ePub and Kindle
| Author | : Christoph Sindezingue |
| Publisher | : GRIN Verlag |
| Total Pages | : 29 |
| Release | : 2011 |
| Genre | : Business & Economics |
| ISBN | : 3656089809 |
Download Does IFRS increase transparency and consequently increase investor protection? Book in PDF, ePub and Kindle
Studienarbeit aus dem Jahr 2010 im Fachbereich BWL - Investition und Finanzierung, Note: 70/100, Durham University (Durham Business School), Veranstaltung: Research Methods, Sprache: Deutsch, Abstract: Since 2005, the disclosure of consolidated financial statements according to IFRS has been mandatory for all listed companies in the European Union. IFRS supporters claim that a single accounting standard would increase the level of disclosure and hence, increase transparency and therefore investor protection. This paper strives to determine if IFRS increases investor protection through improvements in reporting transparency. Therefore, this paper focuses on the ability of IFRS to decrease earnings management, the main driver of investor protection. The theoretical rationale gives an overview of earnings management, revealing its popularity among management. However, irrespective of the motivation, earnings management reduces the transparency for the investor and thereby reduces investor protection. The review of empirical evidence reveals that voluntary adoption of IFRS leads to a strong decrease in earnings management and an increase in disclosure quality of financial statements. Indeed, the voluntary adoption is biased because the first-time adopters are convinced that a higher transparency could be used to their own advantage. In contrast, the mandatory adoption is not free of ambiguity, but literature tends to conclude that the forced implementation of IFRS leads neither to a reduction of earnings management nor to a higher level of disclosure. Consequently, a mandatory IFRS adoption does not necessarily increase investor protection.
| Author | : Mohammad Nurunnabi |
| Publisher | : Emerald Group Publishing |
| Total Pages | : 276 |
| Release | : 2021-08-23 |
| Genre | : Business & Economics |
| ISBN | : 1801174423 |
Download International Financial Reporting Standards Implementation Book in PDF, ePub and Kindle
Contributions to International Accounting aims to address a vital gap in research by focusing on providing relevant and timely studies on International Financial Reporting Standards implementation for local and international policymakers.
| Author | : Carien van Mourik |
| Publisher | : Routledge |
| Total Pages | : 568 |
| Release | : 2013-10-01 |
| Genre | : Business & Economics |
| ISBN | : 113624350X |
Download The Routledge Companion to Accounting, Reporting and Regulation Book in PDF, ePub and Kindle
Financial accounting, reporting and regulation is a vast subject area of huge global importance, with interest rising significantly in the light of the ongoing global financial crisis. The authors begin with a broad overview of the subject of accounting, setting the stage for a discussion on the theoretical and practical issues and debates regarding financial reporting, which are expanded on in the second part of the book. This includes how to define the reporting entity, recognition and measurement of the elements of financial statements, fair values in financial reporting and the costs and benefits of disclosure. The third part assesses the interest, need and theories behind the accounting, reporting and regulation industry, while parts four and five look at the institutional, social and economic aspects; with issues such as accounting for environmental management and, accounting regulation and financial reporting in Islamic countries, both issues of ever increasing importance. This authoritative Companion presents a broad overview of the state of these disciplines today, and will provide a comprehensive reference source for students and academics involved in accounting, regulation and reporting.
| Author | : Leonidas C. Doukakis |
| Publisher | : |
| Total Pages | : 68 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
Download The Effect of IFRS on Investment Decisions Book in PDF, ePub and Kindle
This study investigates the effect of a change in financial reporting regulation, the adoption of International Financial Reporting Standards (IFRS), on investment decisions in Europe. It further investigates whether capital investment decisions were influenced by the adverse macroeconomic conditions that took place during the crisis period in the Eurozone in years 2008-2010. Moreover, we control for the fact that the impact of the IFRS adoption may differ depending on a) the timing of the adoption i.e. voluntary versus mandatory adopters and b) the legal enforcement and corruption levels. We provide evidence that financial reporting practices of mandatory versus voluntary adopters cause significant differences in (a) the cost of equity capital, (b) the level of capital investments and (c) the return on invested capital. Our evidence suggest that mandatory adopters improved the level of capital investments and the return on invested capital in the post IFRS period and that the cost of equity capital was reduced. These evidence are more pronounced under the strong legal enforcement environment. For the group of voluntary adopters, we verify also a significant reduction in the cost of equity capital in the post IFRS adoption period. Regarding their investment practices, we document higher level of capital investment relative to mandatory adopters in both the pre and post IFRS period and even after controlling for the legal enforcement environment. We provide evidence that during the crisis period the cost of equity capital was increased for both groups. Nevertheless, our results suggest that both groups keep their investment policy unchanged by not reducing the level of capital investments.
| Author | : Antonio Maria Baggio |
| Publisher | : Springer Nature |
| Total Pages | : 333 |
| Release | : 2023-01-28 |
| Genre | : Business & Economics |
| ISBN | : 3031200322 |
Download Populism and Accountability Book in PDF, ePub and Kindle
This book takes into consideration the development of different forms of populism in various countries with democratic political systems over the past two decades. Despite the diversity existing between current populisms, common elements have emerged: the tendency to diminish the role of political representation, the centrality of the "charismatic leader," the nationalistic idealization of "people" that undermine international agreements. How do these phenomena affect the instruments, rules, and culture of democracy? Why does populism receive strong acclaim? How can leaders respond to the real needs that can be at the basis of populisms without abandoning democratic principles? Using an interdisciplinary approach which emphasizes accountability and responsibility, this book addresses these and other issues facing current and future corporate leaders. The chapters offer suggestions on how to choose between major worthy causes, how to effectively measure the outcomes of social responsible action, and how to navigate the challenges of accountability. Providing practical tools to combat the root of populism in business and community, this book is intended for practitioners, researchers, and students of business and management, politics, and other related disciplines such as public administration, social science, and the humanities.
| Author | : Noor Houqe |
| Publisher | : |
| Total Pages | : 34 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
Download Does Mandatory IFRS Adoption Improve Information Quality in Low Investor Protection Countries? Book in PDF, ePub and Kindle
We empirically examine the effect of IFRS adoption on the information quality of financial reporting in low investor protection countries. We examine the capital markets of France, Switzerland and Sweden, three Western European civil law countries, which are regarded as low investor protection, owing primarily to their respective systems of law according to the World Economic Forum's 2011/2012 Global Competitiveness Report. By utilising and analysing data from 2003 and 2011, we find a significant improvement in both forecast accuracy and forecast dispersion following the mandatory adoption of IFRS in all three of the countries sampled, confirming our hypotheses. These results are robust to an increase in sample size as well as the removal of financial companies from the primary sample. These results suggest that the mandatory adoption of IFRS in low investor protection countries will lead to an improvement in information quality and international comparability.
| Author | : Karl A. Muller |
| Publisher | : |
| Total Pages | : 43 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
Download Consequences of Voluntary and Mandatory Fair Value Accounting Book in PDF, ePub and Kindle
We examine the causes and consequences of European real estate firms' decisions to provide investment property fair values prior to the required disclosure of this information under International Financial Reporting Standards (IFRS). We find evidence that investor demand for fair value information--reflected in more dispersed ownership--and a firm's commitment to transparency increase the likelihood of providing fair values prior to their required provision under International Accounting Standard 40 - Investment Property. We also find that firms not providing these fair values face higher information asymmetry. However, we fail to find that the relatively higher information asymmetry was reduced following mandatory adoption of IFRS. Rather, we find that differences in information asymmetry largely remain. Taken together, this evidence suggests that common adoption of fair value accounting due to the mandatory adoption of IFRS does not necessarily level the informational playing field.
| Author | : Jonathan Fisher |
| Publisher | : Sweet & Maxwell |
| Total Pages | : 734 |
| Release | : 2003 |
| Genre | : Financial services industy |
| ISBN | : 9780421673007 |
Download The Law of Investor Protection Book in PDF, ePub and Kindle
This series enables practitioners to stay up to date with litigation and developments in the field of entertainment law. Emphasis is placed on the practical implications of relevant legislative developments and the effects of technology on artists, rights owners and collecting societies
