This work is aimed at investigating the determinants of readability of notes to the financial statements of brazilian public-held companies. This is an exploratory study with quantitative approach, ...carried out from standard financial statements annually divulged by the companies participating in the IBrX 50, between 2010 and 2016. To measure readability, the Flesch Readability Formula was adopted. Data were analyzed through multiple linear regression. The results highlight that the notes of the companies have low readability and that the variables like size, operational complexity, time of listing, governance, auditing by big four and the length of the report are statistically significant to determine the readability of the notes. The results highlight that, even though the companies studied are the largest ones, with better levels of corporative governance and they are audited by renowned auditing firms, their notes to the financial statements have low readability. This research contributes by highlighting that even large companies, audited by renowned companies in auditing and with high levels of governance, lack greater zeal with the preparation and disclosure of accounting information, considering the low readability identified. The verification of the notes' low readability draws attention to the importance of actions performed by the accounting regulators and operators, in order to provide an enhancement of the information delivered to users.
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.
In 2021 hebben veel
Special Purpose Acquisition Companies
(‘SPACs’) een beursnotering verkregen. De verslaggeving van SPACs staat volop in de belangstelling, onder andere bij de
IFRS Interpretations ...Committee
(IFRIC). In dit artikel doen wij verslag van ons onderzoek naar de jaarverslaggeving 2021 van SPACs die in 2020 of 2021 een beursnotering in Nederland, het Verenigd Koninkrijk of Frankrijk hebben verkregen. De verantwoording van (oprichters)aandelen, (oprichters)warrants, escrow-rekeningen en underwriting fees blijkt diffuus. Ook verschilt in sterke mate de transparantie omtrent oordeelsvorming en risico’s. De verschillen in de verslaggeving worden enerzijds verklaard door verschillen in het toepasselijke vennootschapsrecht en de daarmee samenhangende aandeelhoudersrechten en de rapportagevereisten tussen landen en anderzijds door verschillen in oordeelsvorming bij vergelijkbare omstandigheden en vereisten. Dat de verslaggeving van SPACs bij
standard setters
in de belangstelling staat, is dus niet onterecht.
This study empirically tests the hypothesis in the literature that women, in their investment decisions, tend to show greater risk aversion and/ or a lower degree of optimism than their male ...counterparts by analyzing investment recommendations by Equity Research analysts in Brazil. Based on a sample of 7496 recommendations for the main companies listed on the B3 between 2009-2021, a statistically significant effect was found in the opposite direction to that predicted: recommendations made by women tended to be more optimistic. We found that the difference is specific to sell recommendations, issued more frequently by men and that the effect disappears when controlling for the coverage sector and institution, which suggests that the difference is due to the fact of women, who account for only 12.8% of all recommendations, focus on covering specific sectors, such as consumption. Keywords: gender, overconfidence, Equity Research, equities, stocks. Este estudo busca testar empiricamente a hipotese, presente na literatura, de que, em suas decisdes de investimento, mulheres tenderiam a apresentar maior aversao ao risco e/ou menor grau de otimismo do que seus pares homens baseado na analise das recomendagoes de investimento por parte de analistas de Equity Research no Brasil. Numa amostra com 7496 recomendagoes para as principais empresas listadas na B3 entre 2009-2021, encontrou-se um efeito estatisticamente significativo na direcao oposta ao previsto: recomendagoes feitas por mulheres tenderam a ser mais otimistas. Verificou-se que a diferenga se da especificamente nas recomendagoes de venda, emitidas mais frequentemente por homens, e que o efeito desaparece ao se controlar o setor de cobertura e a instituido a que o analista pertence. Ou seja, sugere que a diferenga ocorre porque mulheres, que respondem por apenas 12,8% do total de recomendagoes, se concentrarem na cobertura de setores especificos, como consumo. Palavras-chave: genero, excesso de autoconfianga, Equity Research, renda variavel, agoes. Este estudio se propone probar empiricamente la hipotesis de que las mujeres en sus decisiones de inversion tienden a mostrar una mayor aversion al riesgo y lo un menor grado de optimismo que los hombres analizando las recomendaciones de inversion realizadas por analistas de Equity Research en Brasil. A partir de una muestra de 7496 recomendaciones para empresas que cotizan en la B2 entre 2009-2021, se encontro un efecto estadisticamente significativo en sentido contrario al previsto: las recomendaciones realizadas por mujeres tendieron a ser mas optimistas. Se verifico que la diferencia se da especificamente en las recomendaciones de venta, emitidas con mayor frecuencia por los hombres, y que el efecto desaparece al controlar por sector de cobertura e institucion a la que pertenece el analista, lo que sugiere que la diferencia se debe a que las mujeres, que representan solo el 12,8% de todas las recomendaciones, se centran en la cobertura de sectores como el consumo. Palabras clave: genero, exceso de confianza, Equity Research, renta variable, acciones.
This study investigates the role of gender diversity in fraud commission and detection with a view to identifying whether companies with more female corporate leaders are less likely to be involved ...in financial statement fraud. Using a bivariate probit model, the role of female corporate leaders in financial statement fraud commission and detection is examined for Chinese listed companies from 2007 to 2018. The representation of female corporate leaders increases the likelihood of fraud detection, thus reducing firms’ propensity to engage in fraud. The finding confirms that women are risk averse and more committed to ethical practices than men in corporate leadership positions. Moreover, this impact of gender diversity is contingent upon the nature of ultimate controllers of listed companies: more female representation in top leadership roles can mitigate fraud commission or detect fraud effectively in non-state-owned enterprises, but not in state-owned enterprises. In addition, the recent anti-corruption campaign initiated by Chinese President Jinping Xi is a powerful form of public governance. Female corporate leaders play a more positive role in mitigating fraud commission and detecting fraud commission in the post-campaign period than in the pre-campaign period.
This research looks at the current situation and development of the snacking industry from a company perspective (taking KP snacks as an example). First, the paper analyses the financial statements ...based on the balance sheet, income statement and statement of cash flow. The reason is analysis of financial statements is one of the most important aspects of company management, it can help in optimize the financial management of the company. Secondly, this research is based on the annual report of “KP snacks” between 2017 to 2022 and uses the data from the reports to calculate several ratios, to analyse the profitability, operating conditions and capital management of the company. Based on those analyses, the revenue of the company is forecasted for the next 5 years. According to the study, KP Snacks has strong profitability, but cash flow is not being handled well. However, the company’s profitability is expected to increase over the next few years.
Seasonality and Analyst Forecasting AYRES, DOUGLAS; DOLVIN, STEVEN
Quarterly journal of finance and accounting,
01/2022, Letnik:
60, Številka:
1/2
Journal Article
Recenzirano
Chang, Hartzmark, Solomon and Soltes (2017) document anomalous and substantial stock market reactions to quarterly earnings releases for firms that exhibit seasonal earnings patterns. They partly ...attribute this finding to heightened financial analyst forecast errors for seasonal firms, but they do not examine why, to what extent or which firm and analyst characteristics impact the error. We fill this gap by further examining the relation between seasonality and analyst forecast error. Utilizing a novel measure of seasonality and a sample of North American firms, we document that seasonal business patterns appear to reduce overall forecast accuracy and lead to greater levels of disagreement among analysts, which generally supports the findings of Chang et al. (2017). We note that analyst experience offsets the effect of seasonality, as more experienced analysts are able to produce more accurate, less dispersed estimates for seasonal firms.
Şirketlerin mali durumlarını ve dolayısıyla finansai tablolarını olduǧundan daha iyi göstermek amacıyla yaptıkları deǧişiklikler, muhasebe veya finansai bilgi manipülasyonu olarak adlandırılır. ...Finansai bilgi manipülasyonunu ortaya çıkarmak için bazı yöntemler geliştirilmiştir. Bu çalışmada, Beneish TR Modeli kullanılarak, finansai tablolarda yapılan olası manipülasyonlar tespit edilmeye çalışılmıştır. Bu amaçla hisse senetleri Borsa İstanbul (BİST)'te işlem gören ana metal sanayi sektör grubunda yer alan 16 şirketin 2018, 2019, 2020, ve 2021 dönemleri finansai tabloları kullanılmış ve 2020 ile 2021 yılları için Beneish TR deǧerleri elde edilmiş ve yorumlanmıştır. Buna göre, 2020 yılında yalnızca bir şirketin manipülasyon yapma ihtimali olduǧu, 5 şirketin manipülasyon yaptıǧına dair ciddi kanıtlar bulunduǧu, 7 şirkette de manipülasyon yapıldıǧına dair çok önemli kanıtlar olduǧu, 2021 yılı için ise bir şirkette manipülasyona başvurulduǧuna dair bir kanıt olmadıǧına, 2 şirketin manipülasyon yapma ihtimali bulunduǧu, 5 şirketin manipülasyon yaptıǧına dair ciddi kanıtlar olduǧu ve 8 şirketin manipülasyon yaptıǧına dair çok önemli kanıtları bulunduǧu tespit edilmiştir.
