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Eine empirische Analyse des Einflusses der Rechnungslegung, Kapitalmarktorientierung und Abschlussprüfung auf die Zeitreiheneigenschaften der Erfolgsgrößen und des Cash Flows von UnternehmenBrauer, Sebastian 05 December 2011 (has links)
Diese Arbeit untersucht, ob (i) das Ausmaß von conditional conservatism und (ii) die Prognosegenauigkeit sowie (iii) Persistenz der Erfolgsgrößen und Cash Flows durch unternehmensspezifische rechtliche Rahmenbedingungen wie die (i) Rechnungslegung, (ii) Kapitalmarktorientierung und (iii) Abschlussprüfung beeinflusst werden. Zum einen lässt sich im Rahmen der Analyse durch die Gegenüberstellung zweier Unternehmensgruppen die Implikationen der IFRS und des HGB und zum anderen aber auch die der Anreizsteuerung über die Agencybeziehungen des Unternehmens zu den Bilanzadressaten auf die Finanzberichterstattung der Unternehmen beschreiben. Es soll demnach explizit der Frage nachgegangen werden, ob diese Implikationen die Informationsfunktion der Finanzberichterstattung hinsichtlich einer Erhöhung der Earnings Quality unterstützen und somit eine weitere Regulierung dieser rechtlichen Rahmenbedingungen sinnvoll erscheint.
Es wird innerhalb dieser Arbeit zudem gezeigt, dass das Modell von Basu (1997) nicht für eine angemessene Persistenzmessung geeignet ist, sondern vielmehr die unit root-Spezifikationen von Dickey und Fuller (1979,1981) oder die Threshold-Modelle von Enders und Granger (1998) herangezogen werden sollten. Darüber hinaus wird eine Vielzahl von Spezifikationstests vorgestellt, die u.a. einen multivariaten Ansatz zur Outlierkorrektur und verschiedene Formen der Berücksichtigung von fixed effects in den Regressionen umfasst.
Die Resultate der empirischen Untersuchung der deutschen Unternehmen sprechen für eine höhere Persistenz der Erfolgsgrößen der börsennotierten HGB-Bilanzierer sowohl im Vergleich mit den börsennotierten IFRS-Bilanzierern als auch mit den nicht börsennotierten Unternehmen. Conditional conservatism wird jeweils für jede Unternehmensgruppe, jedoch nicht im Verhältnis der Gruppen zueinander, nachgewiesen. Die Rechnungslegung, Kapitalmarktorientierung und Abschlussprüfung besitzen folglich keinen eindeutigen Einfluss auf das Ausmaß von conditional conservatism. Eine weitgehend fehlende Assoziation der drei getesteten rechtlichen Rahmenbedingungen offenbart sich ebenfalls innerhalb der angewendeten Modelle zur Prognose des Cash Flows. Die die Zeitreiheneigenschaften der Erfolgsgrößen und Cash Flows determinierenden Faktoren sind dahingehend eher in der operativen Geschäftstätigkeit eines Unternehmens, bei anderen rechtlichen Rahmenbedingungen oder makroökonomischen Effekten wie der konjunkturellen Entwicklung zu suchen.
In der Gegenüberstellung der verschiedenen ökonometrischen Methoden zeigt sich, dass vor allem die Hadi (1994)-Outlierkorrektur das R² erhöht und den Prognosefehler im Verhältnis zur in der Accounting-Literatur vorherrschenden Standardoutlierkorrektur senkt. Die unit root-Spezifikationen nach Dickey und Fuller (1979,1981) bieten im Vergleich zur Spezifikation von Basu (1997) ebenfalls höhere R² und geringere Prognosefehler.
Des Weiteren weisen ökonometrische Modelle, welche die Implikationen von conditional conservatism berücksichtigen, jeweils bessere Resultate als Modelle ohne eine Integration dieser Komponente auf. Die in dieser Arbeit vorgestellten Spezifikationstests und alternativen Modelle führen somit durchweg zu einer Verbesserung der betrachteten Gütekriterien und sollten bei einer empirischen Analyse, insbesondere von Paneldaten, zukünftig in der Accounting-Literatur ihre Berücksichtigung finden.
Wesentliche Abschnitte dieser Dissertation basieren auf den beiden folgenden Aufsätzen:
"A Note on the Time Series Measure of Conservatism", CESifo Working Paper No. 2968, zusammen mit Frank Westermann und
"Does the Introduction of IFRS Change the Timeliness of Loss Recognition? Evidence from German Firms", Institute of Empirical Economic Research Working Paper No. 87, zusammen mit Frank Westermann und Carl-Friedrich Leuschner.
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EFFECT OF OIL PRICES ON THE ECONOMIC GROWTH : PANEL DATA ANALYSIS OF WORLD NET OIL EXPORTERS AND NET OIL IMPORTERS COUNTRIESIbrar, Rabia January 2023 (has links)
In this thesis I capture the effect of oil prices on the economic growth of net oil exporters and net oil importers of the world. The existing literature on this topic only covers some parts of the world, major oil exporters and oil importers and some covers only a single country. So, in this work I take a larger set of countries and enlarge the time period. This work covers the time period 1972-2021. The effect is examined by using the pooled OLS and two way fixed effect. I get significant results for both the net oil exporters and net oil importers. The results of both net oil exporters and net oil importers are significantly different from zero. But these results are opposite from the existing literature. I found that an increase in oil price has a negative impact on the economic growth of net oil exporters, but it has a positive effect on the economic growth of net oil importers. So, these results also do not support the theoretical and empirical literature.
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Household consumption: How households' disposable income, financial assets and total debt affect household consumptionBolkvadze, Endi, Ekblad, Rebecka January 2022 (has links)
This study examines whether macroeconomic variables, such as household disposableincome, financial assets and total debt affect household consumption by applying Panel dataon The fixed effects model. The data included 13 European OECD countries that are membersof EMU between the years 2009-2019. The test showed that disposable income is the onlyvariable with statistically significant effect on household consumption. The life cyclehypothesis as well as The permanent income hypothesis, states that individuals strive forsmooth consumption by distributing their resources relatively evenly. That way they are ableto maintain a certain standard of living. According to The Ricardian equivalence theorem,neither changes in saving nor indebtedness increase private consumption, if the initial wealthremains unchanged. These theories are included in the theoretical reference which, togetherwith previous studies, constitutes the starting point for this paper.
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Enhetsarbetskostander och inflation : Finns det något samband? / Unit labour cost and inflation : Is there any Relationship?Löfving, Carl, Nilsson, Samuel January 2022 (has links)
I den här uppsatsen studerade vi förhållandet mellan enhetsarbetskostnaden och inflationen bland OECD-länderna. Den metod som vi använde var dels en regression av paneldata med fixed effects och dels en dynamisk modell där vi försökte urskilja det fördröjda förhållandet mellan våra intressevariabler. Förhållandet har länge debatterats och flera teorier har hävdat dess samband men empiriska studier har visat på dess motsats. Vi ville därför bidra till den tidigare forskningen genom att undersöka förhållandet mellan de båda variablerna med ett större antal länder än vad majoriteten av de tidigare studierna har undersökt, men också med mer modern data. Dessutom undersökte vi om förhållandet har försvagats över tid. För att göra detta delade vi upp våra data i två delar, en mellan 1995–2008 och en mellan 2009–2020. Den sista forskningsfrågan vi undersökte är att vi försökte se om förhållandet skiljer sig åt mellan USA och de EU-länder som är medlemmar i OECD. Uppsatsen är uppdelad i ett teoriavsnitt följt av den metod vi använder. Därefter följer ett avsnitt om resultat och analys. Till sist följer en kort sammanfattning. I uppsatsen finner vi stöd för att enhetsarbetskostnaderna har en betydande inverkan på inflationen och vice versa, vilket bekräftar Blanchards teori om att det finns en löne-prisspiral. Vi kan också se att den första eftersläpningen av inflationen har en signifikant inverkan endast när vi inte inkluderar våra kontrollvariabler. När vi vände på regressionen och studerade den första laggen av enhetsarbetskostnaderna ser vi att den har en svagt signifikant inverkan på inflationen, skild från noll. Vidare finner vi skillnader med avseende på uppdelningen i tiden. Våra resultat visar att effekten mellan våra variabler skiljer sig åt mellan 1995–2008 och 2009–2020. Vår tredje och sista forskningsfråga är om förhållandet skiljer sig åt mellan olika geografiska områden. Här fann vi att det finns en signifikant skillnad mellan USA och EU-länderna.
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Vd-ersättning i fokus: Fast eller rörlig : En kvantitativ studie av svenska bolag på StockholmsbörsenAhlstrand, Max, Blomqvist, Edvin January 2024 (has links)
Debatten om vd-ersättning har vuxit de senaste åren och medier har uppmärksammat allt fler fall om höga bonusar till vd:ar. Detta har väckt starka reaktioner från många aktieägare, men viktigt att förstå är att vd-ersättningen är mer än bara en vanlig lön. Olika former aversättningar ger upphov till olika incitament, vilket kan påverka företagspresentationen.Tidigare forskning om sambandet mellan vd-ersättning och företagsprestation har främststuderat de angloamerikanska marknaderna. Det är endast en studie som har gjort en mer omfattande undersökning kring den svenska marknaden, men detta är över 20 år sedan. Stockholmsbörsen är idag betydligt större och kapitalmarknaderna mer sammankopplade. Detta mynnar ut i studiens intresse att undersöka den svenska marknaden igen. Med ett urvalpå 214 bolag undersöks sambandet mellan rörlig vd-ersättning och företagsprestation mätt som ROA på Stockholmsbörsen. Studien använder en multipel regressionsanalys på paneldataför att undersöka sambandet och tidsperioden är fyra år. Resultatet från studien visar dock att det fortfarande inte finns något tillräckligt starkt signifikant samband mellan vd-ersättning och företagsprestation på den svenska marknaden, vilket väcker frågor kring incitamentsprogrammen faktiska relevans.
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Model-based Tests for Standards Evaluation and Biological AssessmentsLi, Zhengrong 27 September 2007 (has links)
Implementation of the Clean Water Act requires agencies to monitor aquatic sites on a regular basis and evaluate the quality of these sites. Sites are evaluated individually even though there may be numerous sites within a watershed. In some cases, sampling frequency is inadequate and the evaluation of site quality may have low reliability.
This dissertation evaluates testing procedures for determination of site quality based on modelbased procedures that allow for other sites to contribute information to the data from the test site. Test procedures are described for situations that involve multiple measurements from sites within a region and single measurements when stressor information is available or when covariates are used to account for individual site differences.
Tests based on analysis of variance methods are described for fixed effects and random effects models. The proposed model-based tests compare limits (tolerance limits or prediction limits) for the data with the known standard. When the sample size for the test site is small, using model-based tests improves the detection of impaired sites. The effects of sample size, heterogeneity of variance, and similarity between sites are discussed. Reference-based standards and corresponding evaluation of site quality are also considered. Regression-based tests provide methods for incorporating information from other sites when there is information on stressors or covariates.
Extension of some of the methods to multivariate biological observations and stressors is also discussed. Redundancy analysis is used as a graphical method for describing the relationship between biological metrics and stressors. A clustering method for finding stressor-response relationships is presented and illustrated using data from the Mid-Atlantic Highlands. Multivariate elliptical and univariate regions for assessment of site quality are discussed. / Ph. D.
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An analysis of the effect of marital/dependency status on retention, promotion, and on-the-job productivity of male Marine Corps officers / Analysis of the effect of marital and family status on retention, promotion, and on-the-job productivity of male Marine Corps officersCerman, Guray, Kaya, Bulent 03 1900 (has links)
Approved for public release; distribution is unlimited. / This thesis investigates the effect of marital and family status on the performance and job productivity of male U.S. Marine Corps officers. The analysis includes evaluation of fitness reports, retention, and promotion to O-4 and O-5 ranks as performance measures. The primary goal is to examine the existence of any marriage premium on officers' performance and productivity and to investigate potential causal hypotheses. The personnel database used for the analysis includes more than 27,000 male Marine officers who entered the Marine Corps between FY 1980 and 1999. After controlling for selection, estimating fixed effects and using panel data in order to capture timely-varying effects, this study finds that there is a marriage premium for all performance measures. The thesis rejects the explanation that such premiums are due to supervisor favoritism. Moreover, married male officers obtain higher fitness report scores, higher promotion probabilities, and higher retention probabilities than single officers. Each additional year spent in marriage increases fitness report scores and retention probabilities. Having additional non-spousal dependents increase fitness report scores and retention probabilities. On the other hand, being a currently single but "to-be-married" officer yields higher premium, as married officers, for all productivity and performance indicators. This supports selectivity into marriage as a partial explanation of the source of the marriage premium. / Lieutenant Junior Grade, Turkish Navy / First Lieutenant, Turkish Army
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Institutional ownership : and its implication on firm performance.Hjelm, Richard, Sundin, Jesper January 2016 (has links)
This study investigates the relationship between firm performance and institutionalownership in Sweden. This study contributes to the ongoing debate between researchersregarding the potential benefit of institutional owners through increased monitoringcapabilities. A panel data analysis and a fixed effects model estimated with generalized leastsquares is utilized to investigate the relationship between performance and ownership structure,controlling for firm size, foreign ownership, leverage and return on equity. While having astrong theoretical foundation no correlation is found between institutional ownership and firmperformance. This is true even when institutional owners are further divided into pressureresistantand pressure-sensitive owners. This study indicates that institutional ownership has noimpact on firm performance. These findings are consistent with similar studies performed inother Nordic countries. / Master thesis
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Distribuční dopady inflace v České republice / Distributional Effects of Inflation in the Czech RepublicLinhartová, Petra January 2015 (has links)
Consumer price index captures the changing costs of the consumer basket of a typical household. Despite differences in spending patterns, change in con- sumer price index is used as a measure of inflation for the whole population. The aim of this thesis is to assess how close to the official inflation rate house- holds are and determine which groups have significantly different inflation. Using the Czech data from the Household Budget Survey over the 1990-2012 period we calculated specific inflation for each household in our sample. We first found out that on average only two thirds of households are close to the official inflation rate, which led us to the construction of subgroup price indices. In the empirical part, we examined the effect of household characteristics on inflation by applying the fixed effects estimation. We found that low-income households, pensioners, households in urban areas and households with few members have higher than average inflation.
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Alternativní techniky odhadu gravitačních modelů obchodu / Various Estimation Techniques of the Gravity Model of TradeDavidová, Lucie January 2015 (has links)
This diploma thesis deals with alternative estimation possibilities of the gravity model in trade. We provide the reader with a synthetic methodological overview of the technical problems with the estimation of gravity equations. Consequently, we test for the heterogeneity of data sets used in gravity models of trade which leads us to a conclusion that behavioural patterns of exporters and importers built in the datasets are very complicated and a single generalized specification of gravity equation can lead to bias in estimates and/or to similarly generalized conclusions that hide important robust idiosyncrasies in behavior present in some subsamples of economic agents. Both the theory of estimation techniques and dataset heterogeneity are applied in the empirical part estimating Austria's export function.
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