In this paper, we developed an approach for the empirical testing of the relationship between the financing choices of companies and the abnormal returns obtained by their shareholders. We innovate ...by incorporating controls on how this relationship is affected by the capabilities of each funding source, at different levels of returns, through quantile regression. The estimation of the model for a sample of Brazilian companies indicates the inexistence of a significant relationship between abnormal returns and debt issuance. The same occurs between abnormal returns and equity issuance, with one exception: when there is a deficit of internal financing that extrapolates the available safe debt and the abnormal returns are, at least, median, this relationship becomes significant and positive. Considered as a whole, the results suggest an indifference to the sources of funds used by the company. Among the contributions, we highlight the incorporation of the aforementioned controls, which bridges the gap identified in the literature relating business financial flows and stock returns.
La globalización y los constantes avances de los sistemas de información, han impactado en las empresas indistintamente del tamaño o el área económica donde se enmarque su misión; para generar ...ventajas competitivas con empresas a nivel mundial han adoptado las Normas Internacionales de Información Financiera NIIF y las Normas Internacionales de Información Contable NIC, ya que constituye un lenguaje universal y permite la estandarización de la información de las empresas, este conjunto de normas comprenden una serie de principios que permiten evaluar el desempeño de las empresas en los mercados internacionales. Esta realidad no es ajena a las empresas bananeras de la provincia El Oro las cuales aportan el 2% al PIB nacional y compiten por el posicionamiento en el mercado internacional, en respuesta la Superintendencia de Compañías del Ecuador entre el 2006 y 2008 adoptó el empleo de las NIIF y la NIC en todas las empresas del país. En tal sentido, el objetivo de la investigación es analizar el impacto de las NIC y las NIIF en los Estados Financieros de las empresas del sector bananero del Cantón Machala Provincia El Oro. La metodología empleada se enmarca en el enfoque cuantitativo, se empleó la encuesta a una muestra de 166 empresas activas; como conclusiones destaca que, la implementación de las NIC ha sido un proceso paulatino acordé con la dinámica de los productores bananeros de la Provincia de El Oro.
Esta investigación ha tenido como propósito determinar la existencia de diferencias en el desempeño financiero entre universidades de investigación y universidades docentes en Chile. Se formularon ...indicadores empleando los estados financieros auditados anuales que las universidades reportan a organismos reguladores como lo son el Sistema de Información de la Educación Superior y la Superintendencia de Educación Superior. El estudio se aplica sobre una muestra de 53 instituciones para el periodo comprendido entre los años 2014 al 2021, construyendo así un panel de datos con variables sobre las cuales se han aplicado las pruebas estadísticas T-Student y el test no paramétrico de U Mann-Whitney. Los resultados muestran que no existen diferencias significativas en los indicadores de rentabilidad o márgenes. En cambio, si hay diferencias significativas en el resto de los ratios financieros analizados. Se concluye que las universidades de investigación presentan una situación financiera más robusta con respecto a las universidades docentes.
Issue that has arisen today in the management of public administration is good governance. Good governance can enhance organizational leadership, management and supervision, produce more effective ...interventions, and ultimately lead to better outcomes with improved community life. One of the form of government governance is financial statement accountability. The purpose of this study to provide empirical evidence regarding the effects of government governance and the effectiveness of internal audits on quality of financial statements. Sources of data obtained through field research conducted through observation, interviews and questionnaires and literature study. Data collection was conducted from March to July 2019 at the offices of regional work units in 8 districts / cities in the province of North Sulawesi, Indonesia. Returns the questionnaire at 58% of the amount distributed. Data collected were analyzed using Structural Equation Modeling with the path analysis method approach. The results showed that with an error rate of 0.05, good governance partially had a positive effect on the quality of the financial statements, the effectiveness of internal audit had a positive effect on the financial statements. Simultaneously good governance and the effectiveness of internal audit have a positive effect on the quality of local government financial reports.
Samenvatting In dit artikel doen we verslag van de impact van de macro-economische veranderingen op de jaarrekening van ondernemingen die zijn opgenomen in de Euro Stoxx 50-index. De hoge inflatie en ...stijgende rentes raken de jaarrekening op meerdere gebieden. Dit is zichtbaar in veel jaarrekeningen. De informatieverschaffing over de impact van de toenemende volatiliteit op risico's en schattingsonzekerheden blijft echter achter. Slechts in uitzonderlijke gevallen laten ondernemingen in 2022 zien wat de impact is van grotere schommelingen in bijvoorbeeld rentes en wisselkoersen op de resultaten door de sensitiviteitsanalyses aan te passen ten opzichte van 2021. Veelal liggen de gehanteerde percentages voor de sensitiviteitsanalyses (beduidend) lager dan de in 2022 werkelijk waargenomen volatiliteit. Op dit punt kunnen ondernemingen de informatieverschaffing aan gebruikers verbeteren. Keywords: Inflatie, stijgende rente, hyperinflatie
This study focuses on the revenue recognition disclosure quality of a sample of 63 large Dutch legal entities applying revised DAS 221 and DAS 270 in their 2022 financial statements. A large majority ...of companies in our sample use a prospective method for transitioning to the revised standards, though many companies were not really transparent in disclosing the transition method used. Further, only a small portion of companies in our sample (35%) disclosed how the revisions impacted their solvency. Overall, we conclude that the effects of the amended guidance in DAS 221/270 appear to be limited in financial reporting practice and that disclosure quality varies to a large extent. Also, we recommend the DASB to add specific disclosure requirements to DAS 221
We examine the financial reporting practices of small privately held businesses that are not subject to SEC regulation. Specifically, we determine the factors associated with the production and use ...of financial statements for firms that have discretion in the preparation of financial statements and do not face the demands of public equity markets. In addition, for firms that prepare financial statements, we determine the factors associated with the sophistication of the financial statements in terms of whether the financials are compiled, reviewed, and/or audited by a professional accountant and whether the firm produces accrual-based financial statements. Finally, we examine the potential benefits afforded firms producing financial statements, having audited financial statements, and having accrual-based financial statements. We find that firms with audited financial statements benefit in the form of greater access to credit and that firms with accrual-based financial statements benefit in the form of a lower cost of credit.
Taking into account the premise of rational expectations and the necessity of allocative efficiency, financial resources are expected to flow in the direction that would create the most efficiency. ...Also, given the asymmetry of information and the ethical risk raised between the providers of financial information and its users, external users are expected to have the required and sufficient knowledge of the final product of the financial reporting process, i.e., audited financial statements, the quality of financial statements, and the possibility of biased reporting, and also to optimally use the information contained in it for their economic decisions. Financially distressed firms are naturally expected to lose the trust of suppliers, and suppliers are reluctant to grant trade credit to such firms. The statistical population of the present research consists of all the companies listed on the Tehran Stock Exchange that have submitted their financial statements during the period of 1390 to 1400 (2011 to 2021). The present research, therefore, can also be helpful for standard-setting institutions (auditing organizations) to develop standards concerning the conditions by considering the financial situation of companies such as financial distress as exceptional conditions that may distort the effective implementation of some accounting standards. They can also revise and make adjustments to the stricter accounting rules affecting earnings management, especially in situations where managers are under a lot of pressure.
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