High quality financial reporting is critically important for bank regulation, particularly market discipline, but limited evidence exists on why banks provide different levels of financial reporting quality. I examine whether institutional investors and financial analysts impact bank financial reporting quality. Although I find no impact of analysts on bank financial reporting quality, institutional ownership is positively associated with financial reporting quality, and this relation is strongest for banks with high information asymmetry and for “monitoring” institutional investors. Institutional investors also sell shares following the announcement of a restatement, suggesting they are willing to use the threat of exit as a mechanism to influence bank managers and demand financial reporting quality. Finally, I find institutional investors demand financial reporting quality primarily for high risk banks and also reduce ex-ante bank risk and ex-post non-performing loans. Collectively, these results suggest institutional investors are an important component of bank governance. / text

abstract: Recent research finds that there is significant variation in stock market participation by state and suggests that there might be state-specific factors that determine household stock market participation in the United States. Using household survey data, I examine how accounting quality of public companies at the state level affects households’ stock market participation decisions. I find that households residing in states where local public companies have better accounting quality are more likely to invest in stocks. Moreover, those households invest greater amounts of their wealth in the stock market. Cross-sectional tests find that the effect of accounting quality on stock market participation is more pronounced for less affluent and less educated households, consistent with prior findings that lacking familiarity with and trust in the stock market is an important factor deterring those types of households from stock investments. In state-level tests, I find that these household outcomes affect income inequality, which is less severe in states where high public-firm accounting quality spurs more stock market participation by poorer households. Conversely, in states where public firms have lower accounting quality, stock market participation among poorer households is less common, and a larger share of high equity returns accrues to richer households, exacerbating income inequality. / Dissertation/Thesis / Doctoral Dissertation Accountancy 2020

This study is on implementation of International Financial Reporting Standards (IFRS) by reporting entities in Nigeria. Since Nigeria adopted IFRS in 2010, managers of reporting entities have been confronted with organizational changes both in the structures and processes of financial reporting. Previous studies have not assessed the claims that adopting IFRS improves the quality of financial reports and managerial efficiency. This study evaluated the assertion that IFRS adoption impacts the quality of financial reports, operational costs, and operational efficiencies of management. The theoretical frameworks which undergirded the study were theories of organizational behaviors and attitudinal change. Data were collected via a stratified sampling of 520 respondents who completed a 5-point Likert scale, which has a long history of reliability and usage in social science research. This study adopted a documentary review of financial statements before and after IFRS implementation to evaluate how IFRS adoption affected them. Logistic regression was used to test the main effects of IFRS adoption as independent variable to predict managerial efficiency as outcome variable. The study found statistically significant improvement in the quality of financial reporting and managerial efficiency following IFRS adoption. Participants' perceptions about IFRS measured on the attitudes scale did not significantly predict managerial efficiency, however, and the cost and benefit of implementing IFRS had no significant relationship with managerial efficiency. The study has positive social change implications as its findings, when implemented, may lead to more efficient company management, business expansion, improved government accounting oversight, more job opportunities, and reduced crime rates.

Though at the enterprises the estimation of a financial condition is annually, it is necessary to develop, to improve constantly and to evaluate the system of the internal control, necessary to develop a technique of the reporting quality estimation of the enterprise specially for the certain enterprise in view of all features, to take advantage of statistical data and to draw corresponding conclusions, to make constant monitoring. The purpose of development of the mechanism - detection of deviations of data in the reporting from actual results of activity, definition of clauses causing distortion of a real financial condition of the enterprise, revealing of size of influence of the given distortions and qualities of the reporting as a whole on decision-making, and also revealing of the reasons causing these deviations and distortions, and development of recommendations on corresponding correction separate directions for improvement of quality of the reporting. How can high reporting quality and internal control create an advantage? In survey of institutional investors is reported that investors apply a penalty if they believe a company’s internal control to be insufficient. Sixty-one percent of respondents said they had avoided investing in companies and 48% had de-invested in companies where internal control was considered inadequate. As additional support, they study went on to report that 82% of respondents agreed that good internal control was worth a premium on share price. These institutional investors are pushing for greater transparency on risk issues and related internal control efforts. Simply put, an organization’s ability to implement and maintain a leading-class control framework can create competitive advantage in today’s market. A system of the financial reporting conducting with strong management, quality control and good legislative base is the key factor of economic development. The trust of investors in the financial and not financial information is based on strong Internal Control, high-quality standards of the financial reporting, audit and ethics, thus, standards and Internal Control play the leading part in assistance of economic growth and financial stability in the country. Nevertheless, every company meets the problems of implementation of the internal control. Among them there can be problems in labor qualification, legislation and so on. It is also necessary to examine the successful experience at the micro level.

In this paper, we present the ban on progressive depreciation of housing associations in connection with the change to K-regulatory frameworks. Bokföringsnämnden (2014) stated that progressive depreciation was no longer allowed, and this study explores what kind of implications it had for the housing associations' income statements. Additional problems have been addressed by examining what effects it could have on the perception of that accounting must be based on giving a fair view (Artsberg, 2005), and whether stakeholders can access and interpret this financial information (Burks, 2015). Based on theories that consider that a similar framework is not appropriate for housing associations and non-profit organizations, as for profit driven companies, we have used this criticism on the matter (Burks, 2014; Torres and Pina, 2003). We have also taken into consideration why Bokföringsnämnden decided to prohibit the depreciation method. The empirical study focuses on examining twenty newly constructed housing associations annual reports from 2012 to 2014 to see whether they have had to change their depreciation method, and if this in turn has had an influence on their results, and if this has led to changes in their annual report. The end result of this study is based on a quantitative research which shows that a change has occurred in housing associations' income statements. 95 percent of the sample reported a loss in 2014, while in 2012 only 5 percent showed negative results. In a combined analysis of the use of literature and empirical data, there are clear indications that there is a requirement for new regulatory alternative templates for housing associations to report financial information if they are to present a fair view and enable comparison between associations.

I investigate the stock market's reaction to events related to the Public Company Accounting Oversight Board's (PCAOB) development and enactment of Auditing Standard No. 5 (AS 5). The change from Auditing Standard No. 2 (AS 2) to AS 5 was debated in the business press at length. The PCAOB stated that the goal of AS 5 was to reduce the prohibitive costs of the Sarbanes-Oxley Act of 2002 - Section 404 and AS 2 (Krishnan et al. 2008) while maintaining the effectiveness of the internal control audits required by those policies. However, there was concern that internal control audit quality would decrease under AS 5. My study examines how investors perceived this change by considering stock market reaction around 10 event dates related to PCAOB and Securities and Exchange Commission (SEC) actions with regard to the development and enactment of AS 5. I find evidence that the market's reaction to key AS 5 events was significantly negative, which is consistent with investors perceiving AS 5 as a significant decrease in internal control audit quality. I also study these investor reactions cross-sectionally to further examine the two potential effects of AS 5 (decrease in compliance costs and decrease in internal control audit quality) and how they relate to firm characteristics (size, complexity, litigation risk, and fraud risk). I find evidence consistent with my main finding: investors' perceived increase in information risk under AS 5 is apparent when considering firm characteristics. Finally, I consider ex-post financial reporting quality under AS 5 and find no significant change in financial reporting quality compared to under AS 2. This study contributes to accounting research by being the first to study the stock market's perception of this significant policy change archivally and the first to consider the effectiveness of AS 5 with regard to financial reporting quality.

China and its economic development is today something that affects us all in one way or another. Through economic expansion Chinese companies starts to be an important player on the global scene. They are getting an international competitor, co-operating with foreign companies and it has the latest year been heavily invested in by foreign financiers. Conversely, according to recent research a vast majority of the experts claims that the Chinese companies’ financial reporting disclosure holds a low quality. That these financial reports include plentiful falsified information is disturbing the market and prevents shareholders a fair and free view of the companies, it also reduces the control possibilities. Voices have been raised demanding changes to ensure a higher FRQ in the future. But to find the right actions and point out needed changes, the first requirement is finding the roots behind the presumed low FRQ. Experts’ point at different directions, comprising of nine main underlying reasons that are primarily considered affecting the FRQ in negative matters. These nine explanations will be evaluated against each other in this thesis to find out where the main focus needs to be to prevent future falsified financial statements. The nine reasons where it is claimed that China are lacking are: - Legal system -Education -Pressure -Political impact -Ownership structure -Auditing -Low Business ethics -Tax avoidance -Cost reduction This thesis finds that the main underlying reasons behind Chinese firms’ falsified financial stamen are: (1) Pressure – that influences managers and is a great incentive for earnings management. (2) Political impact – the political impact seem to have a substantial negative influence on companies FRQ. (3) Ownership structure – low transparency and hierarchal business structures appears to be biggest problems within the corporate governance. (4) Low business ethics – a too corrupt and non-moral business structure threatens the integrity of the financial reports. (5) Tax avoidance – the unwillingness to pay taxes makes many companies reduce earnings or hide sales to avoid value added tax (VAT). (6) Cost reduction – The high endeavor to keep costs down might in many cases also bring effects on the quality of disclosed material.

<b>BACKGROUND:</b> Evidence-based medicine has had a profound impact on healthcare. In the field of Plastic surgery, powerful examples include; less radical skin cancer excision margins and skin-sparing or even nipple-sparing mastectomies and microsurgical reconstruction. Sustained progression of the field, relies on the development of a high-quality evidence base, with strong use of peer-reviewed research protocols, which are publicly registered and completed studies transparently reported. The extent of compliance with these principles is currently unknown and the author hypothesised that it would be low. The author further hypothesised that registration could be improved by the development of a new global research registry and reporting quality can be improved by the mandatory implementation of reporting guidelines in a journal. <b>METHODS:</b> This thesis incorporated 11 studies. The first two studies used a literature review to determine; the levels of evidence, rates of study registration and protocol publication in the recent Plastic Surgery literature. Thirdly, the design, build and launch of a new global research registry to boost compliance with registration and to determine barriers to it using a survey amongst users. This would be followed by systematic reviews to determine compliance with the STROBE and PRISMA guidelines respectively. An analysis of each guide for authors (GFA) of the surgical journals listed in the Thomson Reuters journal citation report for surgery to determine support for reporting guidelines. The impact of the mandatory implementation of reporting guidelines in a surgical journal would be assessed using a before and after design. Finally, to develop a reporting guideline for surgical case reports (SCARE) and surgical case series (PROCESS) using a DELPHI consensus exercise amongst an expert panel. <b>RESULTS:</b> Protocols were registered in 4% of 595 recent research studies and 0.5% were published. There was a mean compliance of 12/22 for the STROBE guideline (n=94) and 16/27 for the PRISMA guideline (n=79). The Research Registry® was launched in February 2015. Analysis of the first 500 previously unregistered studies, showed they came from 57 countries and included 1.77 million patients. Key barriers to registration were a lack of awareness of the need to register and lack of time (n=149). In addition, 45% registered their study at the time of journal submission. The GFA analysis showed 62% didn’t mention reporting guidelines at all (n=193). Subsequent mandatory implementation in a single surgical journal, increased compliance with STROBE by 12% (n=152), with CONSORT by 40% (n=13) and with PRISMA by 58% (n=28). The SCARE and PROCESS reporting guidelines were developed and published in late 2016. According to Google Scholar, they have accumulated over 200 citations at the time of writing. <b>CONCLUSION:</b> Study registration, protocol use and reporting quality are poor in plastic surgery. Potential solutions to these long-standing problems have been developed and explored within this thesis. These include the development and use of the Research Registry® and the mandatory implementation of reporting guidelines, with both measures front-loaded within a gatekeeper framework for journals. It is now for Plastic Surgeons and the wider surgical community to pick up the gauntlet and drive forward high-quality research, evidence-based surgical practice and better outcomes for their patients and society at large.

No description available.

In this thesis I investigate the economic determinants and consequences of corporate governance (broadly defined) in Canadian “comply or explain” governance disclosure regime. I find that the quality of governance in firms varies in the cross-section and is associated with firm value as economic theory suggests. Furthermore, I find the effectiveness of board and audit committee has a strong impact on the auditor-client management relationship in their negotiation over financial reporting. Such relationships then influence financial reporting quality and audit fees. Overall, my results support that the theorized advantages of “comply or explain” allow firms greater flexibility in tailoring their governance practice to their specific circumstances. Such tailored governance practice is more efficient and cost-effective and serves the interests of shareholders by 1) improving firm value; 2) constraining managerial opportunism; and 3) improving audit quality without incurring higher audit fees. / Thesis (Ph.D, Management) -- Queen's University, 2013-07-26 11:29:18.86