Thesis (Ph.D.) - University of Glasgow, 1992. / Ph.D. submitted the Department of Accounting and Finance, University of Glasgow. Includes bibliographical references. Print version also available.

There has been little research on intellectual capital (IC) reporting practices of UK firms or on the incentives/disincentives that motivate them to disclose information about their value drivers. Therefore, this study explores annual report disclosures and seeks to explain why managers choose to disclose. The sample consists of 100 London Stock Exchange firms from nine knowledge-based sectors. Whilst adopting a primarily positive accounting theory explanation of disclosure, a new combination of theories (capital market transactions theory, proprietary costs theory and corporate governance theory) is used to generate explanatory variables. The results show that there is a skewing toward relational capital. However, there were large differences in the amount of information disclosed, both across sectors and, in many cases, inside sectors, suggesting that different sectors, or even different companies, may have quite different value drivers. Initial analysis of possible motives was conducted using an OLS regression including all possible explanatory independent variables. However, neither corporate governance nor proprietary costs are well-theorised, and several different variables were used to proxy each of these. Therefore, reduced regression models were also employed. Principal component analysis was used to generate one composite measure of corporate governance and proprietary costs. The results showed that reporting IC is negatively associated with the extent of external financing, while firms with high market-to-book values also disclose less IC information. However, contrary to expectations, the acquisition variable was insignificant although as expected, the relation between human capital disclosure and foreign operations was found to be positive and significant. For proprietary costs variables, there was a significantly positive relation between entry barriers and IC disclosure, and a negative relationship between IC and the intensity of industry competition. Finally, there was a significant, positive relationship between corporate governance and the disclosure of all types of IC.

Dissertation (MBus) -- AUT University, 2008. / Includes bibliographical references. Also held in print (ix, 113 leaves ; 30 cm.) in City Campus Theses Collection (T 658.4080951 LI)

Cette thèse contient trois essais distincts sur la publication d’information sectorielle que les entreprises européennes ayant plusieurs secteurs opérationnels effectuent en vertu des IFRS 8 Secteurs Opérationnels. Chaque essai vise à améliorer notre compréhension collective sur la politique de communication financière des cadres dirigeants en examinant diverses caractéristiques des informations sectorielles. Le chapitre I, “L’interaction entre la qualité et la quantité des publications sur l’information sectorielle” examine le choix des cadres dirigeants à l'égard de la quantité et de la qualité, ainsi que l’utilité de ces deux caractéristiques pour les analystes financiers. J’utilise le nombre de segments opérationnels publiés comme mesure quantitative et la variation inter-sectorielle de la profitabilité comme mesure qualitative et soutiens que plus de pouvoir discrétionnaire peut être exercé par les dirigeants sur la qualité que sur la quantité. Je trouve que les cadres dirigeants résolvent les préoccupations liées aux renseignements commerciaux de nature exclusive soit en déviant de a quantité recommandée par la norme, ou, lorsqu’ils suivent la norme, en réduisant la qualité de l’information sectorielle. Les analystes financiers n’apprécient pas toujours la qualité de l’information sectorielle, ce qui suggère que le modèle business crée des difficultés même pour des utilisateurs avertis. Mes résultats informent les normalisateurs lorsque ceux-ci initient le développement d’un nouveau cadre conceptuel et lorsqu’ils semblent envisager l’approche du modèle business pour le reporting. Le chapitre II s'intitule «La non-conformité des secteurs opérationnels à travers des documents d'entreprise. » Les régulateurs de marché examinent des cas de présentations lorsqu'une entreprise fournit des informations différentes sur le même sujet dans différents documents. En mettant l’accent sur les secteurs opérationnels, cet essai utilise des données recueillies manuellement auprès de quatre documents d’entreprise afin d'analyser l'impact de la publication d’information non-conforme sur l’exactitude des prévisions de résultat des analystes financiers. La non-conformité qui découle de la déségrégation supplémentaire des secteurs semble introduire de nouveautés et contribue à l’exactitude des prévisions. La publication des segmentations difficilement réconciliables entraine une exactitude réduite des prévisions. Ces résultats contribuent à notre compréhension des effets de la politique de communication des dirigeants à travers plusieurs documents et ont des répercussions sur le travail les régulateurs. Le chapitre III s'intitule « Prévisions managériales au niveau sectoriel. » Je considère les prévisions au niveau sectoriel (PNS) comme un type d'information désagrégé que les entreprises fournissent ensemble avec leur stratégie de gestion. J’examine l’utilité de cette information pour l’exactitude des prévisions de résultat par les analystes ainsi que l’impact de cette information sur la manipulation du résultat. Je constate que les entreprises de haute technologie réputées pour l’incertitude supplémentaire liée à profitabilité sont moins susceptibles de fournir des PNS et que le PNS est associé à une prévision améliorée. Cependant, alors que la communication de davantage de PNS désagrégé par secteur a tendance à améliorer la précision, plus de précision ne semble pas avoir d’importance. Du point de vue des cadres dirigeants, les PNS les incitent à manipuler le résultat comptable, mais le PNS désagrégé par poste semble décourager la manipulation, fort probablement due à une surveillance supplémentaire. Dans un contexte où une orientation narrative et désagrégée est considérée comme la solution pour empêcher la vision à court terme, comprendre quel type d'information permet d’atteindre cet objectif, et de quelle manière, est tout autant pertinent pour les cadres dirigeants, les investisseurs et les régulateurs. / This thesis contains three stand-alone essays on the operating segment disclosures that European multi-segment companies make under IFRS 8 Operating Segments. Each essay aims to improve our collective understanding about managers’ disclosure strategy by examining various characteristics of operating segment disclosure. Chapter I, entitled “The Interplay between Segment Disclosure Quantity and Quality,” investigates managers’ choices with respect to both disclosure quantity and disclosure quality, and the usefulness of these two characteristics for financial analysts. Focusing on segment disclosures under the management approach, I measure quantity as the number of segment-level line items and quality as the cross-segment variation in profitability, and argue that greater managerial discretion can be exercised over quality than over quantity. I hypothesize and find that managers solve proprietary concerns either by deviating from the suggested line-item disclosure in the standard, or if following standard guidance, by decreasing segment reporting quality. Moreover, financial analysts do not always understand the quality of segment disclosures, which suggests that a business-model type of standard creates difficulties even for sophisticated users. My results inform standard setters as they start working on a disclosure framework and as they seem to consider the business model approach to financial reporting. Chapter II is entitled “Inconsistent Segment Disclosure across Corporate Documents.” Market regulators in the U.S. and Europe investigate cases of inconsistent disclosures when a company provides different information on the same topic in different documents. Focusing on operating segments, this essay uses hand-collected data from four different corporate documents of multi-segment firms to analyze the impact of inconsistent disclosure on financial analysts’ earnings forecast accuracy. Inconsistencies that arise from further disaggregation of operating segments in some documents seem to bring in new information and increase analyst accuracy. However, when analysts must work with different, difficult-to-reconcile segmentations, their information processing capacity and forecasts are less accurate. These findings contribute to our understanding of the effects of managers’ disclosure strategy across multiple documents and have implications for regulators and standard setters’ work on a disclosure framework. Chapter III is entitled “Management Guidance at the Segment Level.” Prior research has found that managers add information to their earnings guidance to justify, explain, or contextualize their forecasts. I identify segment-level guidance (SLG) as a type of disaggregated information that multi-segment firms provide with their management guidance, and investigate its usefulness for financial analysts’ earnings forecasting accuracy, as well as its influence on managers’ earnings fixation. I further characterize the level of precision (point and range, maximum or minimum estimate, or simply narrative) and of disaggregation of SLG. I find that companies in high tech industries known for increased uncertainty in future performance are less likely to provide SLG, and that SLG is associated with better forecasting accuracy. However, while providing more item-disaggregated SLG improves accuracy, increased precision has no impact on forecast accuracy. From the manager’s point of view, SLG creates incentives to engage in earnings management, and the more precise the SLG is the greater the incentive. In contrast, more item-disaggregated SLG discourages earnings management, perhaps by improving monitoring. In a context where qualitative, narrative, and disaggregated guidance is regarded as a solution to avoid earnings fixation and short termism, understanding which types of information achieve this goal, and how, is relevant for managers, investors, and regulators alike.

Inledning: Enligt IAS 19 ska diskonteringsräntan för bestämmande av pensionsskulden bestämmas utifrån räntan på företagsobligationer. Om det saknas en fungerande marknad för företagsobligationer ska räntan på statsobligationer användas. Efter finanskrisen år 2008 ökade räntespreaden mellan dessa två räntor och det uppstod ett problem för länder utan en fungerande marknad för företagsobligationer, däribland Sverige. Syfte: Syftet med denna studie är att undersöka hur svenska börsbolags diskonteringsräntenivå har påverkats av finanskrisen år 2008. Samt vad detta har för konsekvenser på boalgens finansiella rapporter och dess annvändare. Metod: Undersökningen studerar korrelationen som sambandsmått för att mäta hur diskonteringsräntan förhåller sig till soliditeten i svenska börsbolag som redovisar förmånsbestämda pensionsplaner. Referensram: Denna del av undersökningen består av en genomgång av relevanta delar av regelverket (IFRS) samt centrala redovisningsbegrepp och principer. Teori: Teorin består av teoretiska resonemang kring accounting choice, accounting disclosure och earnings management. Resultat & analys: Undersökningens resultat visar att det finns en svag korrelation mellan och diskonteringsränta hos svenska börsbolag med förmånsbestämda pensionsplaner. Dessutom visar resultatet att svenska börsbolag inte längre har en diskonteringsränta i nivå med statsobligationsräntan. Diskussion: Diskussion förs kring hur svenska bolag förhållit sig till regelverket och redovisningsprinciper vid beräkning av sina pensionsskulder samt hur detta har påverkat intressenterna av den finansiella rapporten. Slutsats: Utifrån funna resultat kan slutsats dras att efter finanskrisen har bolag med en låg soliditet valt en högre diskonteringsränta. Dessutom visar resultatet att spreaden har ökat mellan statsobligationsräntan och svenska börsbolags diskonteringsränta.

This dissertation consists of three studies related to accounting disclosure at the interface of the organization and society. The first study investigates the overlapping perspectives of legitimacy theory, institutional theory, resource dependence theory, and stakeholder theory and integrates these theories into a more cohesive meta-theory of the organization-society interface. The second study examines whether a corporation's charitable contributions represent a corporate social performance strategy or a legitimation strategy. More specifically, study two investigates, from two competing perspectives, how corporate executives rationalize their philanthropic actions. The third study analyzes the relationship between the current tax laws and the fulfillment of corporate foundations' social functions. Taken together, these three studies build upon prior theoretical and empirical work to advance social and environmental accounting research.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-04-16T19:31:44Z No. of bitstreams: 1 Fernando Andrade Pereira.pdf: 1047077 bytes, checksum: caa67f4cd6ce326c4e049ff41bee6ee9 (MD5) / Made available in DSpace on 2015-04-16T19:31:44Z (GMT). No. of bitstreams: 1 Fernando Andrade Pereira.pdf: 1047077 bytes, checksum: caa67f4cd6ce326c4e049ff41bee6ee9 (MD5) Previous issue date: 2012-06-21 / Nenhuma / Este estudo tem como objetivo geral analisar a adequação da evidenciação contábil das mantenedoras das universidades brasileiras de ensino privado sem fins lucrativos em relação às normas contábeis e a legislação aplicável ao setor. A fundamentação teórica baseou-se no conceito e nas características do ensino superior, no sistema nacional de ensino do Brasil, na organização jurídica e administrativa das mantenedoras das instituições de ensino, na evidenciação (disclosure) contábil, bem como nos aspectos específicos da divulgação das demonstrações contábeis das mantenedoras das universidades privadas sem fins lucrativos. O enquadramento metodológico levou em consideração o estudo qualitativo e quantitativo com a utilização de pesquisa documental e auxílio de ferramentas estatísticas para análise e tratamento dos dados. A amostra reúne demonstrações contábeis publicadas do exercício de 2010 de 43 instituições de quatro regiões do Brasil, sendo 24 associações civis e 19 fundações de direito privado. Os resultados revelam que as associações mantêm melhores graus de conformidade em cinco dos sete itens analisados, apresentando um grau geral de 79% contra 70% das fundações, enquanto o grau geral de conformidade do estudo foi de 75%. Na análise por região, foi possível verificar que as instituições de ensino do Sudeste apresentaram melhores níveis de conformidade em relação às outras regiões da federação. As entidades do Sul apresentaram o pior grau geral médio na publicação das demonstrações contábeis. Complementando o estudo foram contrastados os níveis de conformidade com o tamanho das IES, representado pela receita bruta e os indicadores econômico-financeiros possibilitando afirmar que as IES que melhor divulgam são também aquelas de maior receita. A liquidez corrente foi o único indicador econômico financeiro que apresentou relação significante com os níveis de conformidade. / This study aimed to analyze the financial statements of entities that maintains nonprofit private universities in Brazil in accordance with accounting standards and applicable law. The theoretical framework used was based on the concept and characteristics higher education in Brazilian educational system, in legal and administrative organization of the entities that maintains educational institutions, in accounting disclosure and the content presented in the financial statements. The methodological framing took into account the qualitative and quantitative study with the use of documental research and help of statistical tools for analysis and data processing. The sample gathers published accounting statements of the financial year 2010 from 43 institutions in four Brazilian regions, being 24 civil associations and 19 foundations under private law. The results reveal that the associations maintain better conformity degrees in five of the seven analyzed items, presenting a general degree of 79% against 70% of the foundations, while the general degree of conformity of the study was of 75%. In the analysis by region, it was found that the educational institutions in the Southeast had higher levels of compliance in relation to other federal regions. The entities in the southern region were those that presented worst level of compliance in relation same as that indicated in legislation and standards for disclosure of accounting reports. Complementing studying, compliance levels were contrasted with gross income and economic indicators and financial of institutions allowing affirms that the institutions that disclose best are also those with higher income. The current ratio was the only economic-financial indicator that presented significant relation with the conformity levels.

xii, 84 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number. / In this dissertation, I investigate how cross-country differences in regulatory environments affect the value and distribution of gains in cross-border acquisitions. I focus on how pre-acquisition strategies to reduce the valuation discount arising from weak regulatory environments affect the value and distribution of gains between acquiring and target firms. The two specific strategies I examine are cross-listing and voluntarily adopting International Financial Reporting Standards (IFRS). I compare the value and distribution of synergy gains for target firms from weak regulatory environments that have cross-listed or adopted IFRS (i.e., "strategic firms") to (1) target firms in similar countries that have not done so (i.e., "non-strategic firms") and (2) target firms in strong regulatory environment countries. For the first group, I expect lower total synergy gains and merger premia in acquisitions involving strategic target firms. However, I expect higher total valuation gains (i.e., the merger premium plus the increase in value from the strategy) for strategic firms. For the second comparison group, I expect higher total synergy gains and merger premia in acquisitions involving strategic firms relative to firms from strong regulatory environments. I test my predictions on a sample of cross-border acquisitions completed in 26 countries between 1995-2007. In acquisitions involving target firms from weak regulatory environments, I find no evidence that either the total synergy gain or merger premium are smaller for strategic firms. In fact, I find some evidence that the total synergy gains are higher for strategic firms relative to non-strategic firms. I find some evidence of higher total valuation gains for cross-listed firms, consistent with my hypothesis. For the second comparison group, I find no evidence that either the total synergy gain or merger premium are higher for strategic firms. By examining cross-border acquisitions, my research provides evidence on an increasingly important and economically significant type of foreign direct investment. I relate literature investigating the determinants and distribution of merger synergies to literature analyzing methods to eliminate cross-country valuation discounts. Therefore, my research makes an important contribution by providing insights beyond identifying which party captures synergy gains in cross-border acquisitions. / Committee in charge: David Guenther, Chairperson, Accounting; Steven Matsunaga, Member, Accounting; Linda Krull, Member, Accounting; Bruce Blonigen, Outside Member, Economics