Uppsatsen undersöker hur väl resultat och bokförda värden förklarar marknadsvärde och avkastning för bolag noterade på Stockholmsbörsen under perioden 1999-2017. Vidare undersöker uppsatsen om värderelevansen av resultat och bokförda värden skiljer sig mellan hög- och lågteknologiska bolag samt om införandet av IFRS har påverkat värderelevansen. Justerad förklaringsgrad för tre regressionsmodeller används för att undersöka värderelevansens förändring över tid. Undersökningen visar att värderelevansen av resultat har minskat. Värderelevansen av bokförda värden av tillgångar och skulder, samt av resultat och bokfört värde av eget kapital kombinerat, har ökat. Alla tre modellerna visar, förutom i ett fall, på högre värderelevans för högteknologiska bolag än för lågteknologiska bolag. Vid en jämförelse av perioden innan införandet av IFRS och perioden efter har värderelevansen av resultat minskat, medan värderelevansen av bokförda värden, samt av resultat och bokfört värde av eget kapital kombinerat, ökat under samma tidsperiod. / This thesis examines the explanatory power of earnings and book values for market value and stock return for firms noted on the Nasdaq Stockholm exchange during the period 1999-2017. Further, this thesis examines if the value-relevance of earnings and book values differs between high-tech and low-tech firms, and if the implementation of IFRS has affected the value-relevance. The coefficient of determination of three regression models is used to examine the change in value-relevance over time. The examination shows that the value-relevance of earnings has declined. The value-relevance of book values of assets and liabilities, and of earnings and book value of equity, have increased. All three models show, except in one case, higher value-relevance for high-tech firms than for low-tech firms. A comparison of the periods before and after the implementation of IFRS shows that the value-relevance of earnings has declined, while the value-relevance of book values, and of earnings and book values combined, have increased.

Till följd av redovisningens utveckling och att olika länder har olika regleringar, har det blivit problematiskt att harmonisera och standardisera redovisningsinformation världen över. För att lösa det problemet lanserade FASB och IASB nya redovisningsregleringar, där t.ex. goodwillavskrivning ersattes med nedskrivningsprövning. I och med de nya regleringarna har det uppstått en diskussion om huruvida goodwillnedskrivning ger värderelevant information till investerare. Det är det som är syftet med den här studien; finns det ett samband mellan goodwillnedskrivning och börsvärde inom industribranschen i Sverige? Således om goodwillnedskrivning används av investerare vid företagsvärdering för räkenskapsåren 2005–2017. Studien har en kvantitativ metod och en deduktiv ansats. Datamaterialet har hämtats från Retriever Business samt direkt från bolagens årsredovisningar. Datamaterialet har analyserats genom en multipel regressionsanalys. Den multipla regressionsanalysen resulterade i ett negativt signifikant samband mellan börsvärde och goodwillnedskrivning, således är goodwillnedskrivning ett värderelevant mått för investerare inom industribranschen i Sverige. / Due to accounting development and different regulations in different countries, it has become difficult to harmonise and standardise accounting information worldwide. To solve this problem FASB and IASB launched a new regulation, where goodwill amortisation was replaced with impairments. With the new regulation, a discussion has arisen as to whether goodwill impairments provide value relevant information to investors. The purpose with this study is to evaluate if there is a relation between market value and goodwill impairments within the industrial sector in Sweden. Thus, if goodwill impairments are used by investors at company valuation for the financial years of 2005-2017. This study has a quantitative method and a deductive approach. The data have been retrieved from Retriever Business and from the company’s annual reports. The data have then been analysed via a multiple regression. The multiple regression showed a negative significant relation between market value and goodwill impairment, thus goodwill impairments are value relevant information for investors within the industrial sector in Sweden

På vilket sätt är redovisningsmått som publiceras i företagens årsredovisningar relevanta för att bestämma aktievärden? Kan redovisningsmått användas för att utforma lönsamma placeringsstrategier i aktier? Frågor som dessa är av intresse för såväl akademiker som professionellt verksamma placerare.  I denna avhandling utreds huruvida publicerade redovisningsmått är värderelevanta, i betydelsen att de kan användas för prognoser av företagens framtida räntabilitet på eget kapital. Statistiska modeller för prognos av räntabilitet på eget kapital med hjälp av redovisningsbaserade nyckeltal har estimerats och utvärderats. Det empiriska datamaterialet har utgjorts av årsredovisningar för svenska rörelsedrivande företag under perioden 1970-1985.  Vidare studeras om placeringsstrategier baserade på prognoser av framtida räntabilitet på eget kapital kan ge en aktieavkastning utöver vad som motiveras av placeringens risk. I denna del av studien prövas huruvida den svenska aktiemarknaden är informationseffektiv med avseende på offentligt tillgänglig årsredovisningsinformation. Placeringstrategier har utvärderats på aktier som fanns noterade på Stockholms fondbörs under perioden 1983-1994.  Den empiriska kartläggningen indikerar att redovisningsmått kan användas för att prognostisera framtida räntabilitet på eget kapital och att placeringsstrategier baserade på offentligt tillgänglig årsredovisningsinformation har genererat en avkastning utöver vad som motiveras av olika mått på placeringsrisk. I studien observeras dock betydande tidsmässiga instabiliteter beträffande såväl möjligheterna att prognostisera framtida räntabilitet på eget kapital, som förekomsten av avkastning utöver vad som motiveras av placeringsrisk. / <p>Diss. Stockholm : Handelshögskolan, 2002</p>

Globalization has led to the growth of international financial markets, as one of the results, the EU adopted IFRS in 2005 to meet the need of accounting globalization and harmonization. This action has triggered a debate about whether the adoption of IFRS is beneficial to accounting quality and information comparability. Meanwhile, China, playing a key role in the global economic development stage, realizes the importance of accounting harmonization and attempts to move towards the IFRS as well. However, to reach the goal that the Chinese companies produce financial statements that are the same as those that apply IFRS, there is still a long way to go. The purpose of this thesis is to examine whether the adoption of IFRS by EU has enhanced the quality of financial reporting and accounting information comparability. Additionally, the thesis further identified the seminal undertakings for the convergence of IFRS in Europe and pointed out the implication for China’s convergence with IFRS. The empirical findings in this thesis were obtained through qualitative interviews. The empirical findings suggest that accounting quality and information comparability has been enhanced with EU’s strong and full enforcement with IFRS. With the confidence in IFRS which is gained from the success of the EU’s adoption of IFRS, a coherent result was found that the convergence towards IFRS would also benefit China in accounting quality and information comparability, and further lead to more international investments. However, when it comes to the question whether China should emulate EU’s example to adopt IFRS directly or keep CAS (Chinese Accounting Standards) which is similar to IFRS, two mixed opinions were obtained basically from Europe side and China side. Through in-depth analysis with these empirical findings, the conclusion is that it is necessary for China to take steps to build intensive programs to enhance its capacity of the adoption of IFRS, so that it could adapt itself to the fact that the IFRS is already making its way around the world as a single set of high quality global accounting standards.

Syfte: Syftet med denna studie är att undersöka om det finns ett samband mellan redovisad nedskrivning av goodwill och börsvärdet hos företag noterade vid London Stock Exchange mellan 2009 och 2012. Inledning: EU införde 2005 en ny standard för koncernredovisning. Syftet med den nya redovisningsstandarden, IFRS 3, är att öka relevansen, pålitligheten och jämförbarheten i den finansiella rapporteringen. Detta medförde bland annat att posten goodwill inte längre får skrivas av enligt plan, utan årligen ska testas för eventuell nedskrivning. Metod: För att fylla studiens syfte har vi använt oss av en kvantitativ undersökning, där relevant data har samlats in via marknadsdata och analysverktyget Bloomberg. Studien genomfördes på de största företagen registrerade på London Stock Exchange med undantag för de företag som inte hade den data som krävdes för att vara relevanta för studiens syfte. Svaren analyserades genom multipel regressionsanalys samt deskriptiv statistik framställda i statistikverktyget Minitab. Slutsats: Undersökningen visade att det finns ett statistiskt signifikant negativt samband mellan nedskrivning av goodwill och börsvärde. Detta tyder på att investerare anser att en nedskrivning av goodwill är ett tecken på att börsvärdet försämrats. Resultatet kan tolkas som att investerare litar på företagsledningens förmåga att värdera goodwillpostens storlek. / Purpose: The purpose of this study is to investigate if there is a correlation between reported goodwill impairment and market value for companies listed on the London Stock Exchange between the years 2009 and 2012. Introduction: A new accounting standard was introduced in the EU in 2005, which meant a new standard for mergers. The goal of the new accounting standard, IFRS 3, is to increase the relevance, reliability and comparability in financial reporting. This resulted in a change where goodwill no longer will be amortized, but tested annually for impairment. Method: To fulfil the purpose of this study, we used a quantitative method where secondary data was collected from the market data and analyst tool Bloomberg. The study was conducted on the largest companies listed on the London Stock Exchange, except for the firms that did not have the data relevant for the purpose of the study. The responses were analysed by multiple regression analysis and descriptive statistics analysis, both produced by the statistical software Minitab. Conclusion: The findings indicate a statistical significant correlation between the impairment of goodwill and decrease in share price. This suggests that investors believe that goodwill impairment is indicative of a decrease in expected present value of future returns, i.e. decrease in share price. The result can be interpreted as evidence that investors rely on the corporate management's ability to value the firm’s goodwill.

本研究旨在依財務資訊揭露之立意，以Ohlson（1995）評價模型為基礎 ，探討採行IFRS下，綜合損益相關資訊之價值攸關性；另以採行IFRS前後之期間，探討財務報導格式改變對其他綜合損益資訊價值攸關性之影響。實證結果如下： 1. 採行IFRS下，綜合損益總額具顯著正向價值攸關性，但與當期損益相較 ，綜合損益總額並未發現具有較高之相對價值攸關性。 2. 採行IFRS下，當期其他綜合損益總額具顯著正向增額價值攸關性；其組成項目中，換算對國外子公司之淨投資產生之外幣兌換利得或損失與其他綜合損益項目─其他具顯著負向增額價值攸關性，再衡量備供出售金融資產之利益及損失與採用權益法認列之關聯企業及合資之其他綜合損益份額具顯著正向增額價值攸關性。 3. 相較於ROC GAAP之報導格式，採行IFRS下，當期其他綜合損益總額及其大部分組成項目更清楚地揭露於綜合損益表，而具較高之增額價值攸關性。 / 本研究旨在依財務資訊揭露之立意，以Ohlson（1995）評價模型為基礎 ，探討採行IFRS下，綜合損益相關資訊之價值攸關性；另以採行IFRS前後之期間，探討財務報導格式改變對其他綜合損益資訊價值攸關性之影響。實證結果如下： 1. 採行IFRS下，綜合損益總額具顯著正向價值攸關性，但與當期損益相較 ，綜合損益總額並未發現具有較高之相對價值攸關性。 2. 採行IFRS下，當期其他綜合損益總額具顯著正向增額價值攸關性；其組成項目中，換算對國外子公司之淨投資產生之外幣兌換利得或損失與其他綜合損益項目─其他具顯著負向增額價值攸關性，再衡量備供出售金融資產之利益及損失與採用權益法認列之關聯企業及合資之其他綜合損益份額具顯著正向增額價值攸關性。 3. 相較於ROC GAAP之報導格式，採行IFRS下，當期其他綜合損益總額及其大部分組成項目更清楚地揭露於綜合損益表，而具較高之增額價值攸關性。

Since 2005, publicly traded European companies are required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). This is the result of the so-called “IAS-Regulation” of the European Parliament and of the European Council (Regulation (EC) No. 1606/2002) which formulates two objectives directly related to financial reporting: (higher) comparability and transparency of financial statements. With regard to transparency, researchers often rely on proxies to measure the quality of financial statements. In this dissertation, I follow this approach and examine the quality of IFRS financial statements relying on different proxies, such as value relevance, the degree of earnings management, and disclosure quality. The four papers in this dissertation cover research questions related to the determinants and consequences of managerial discretion in the three most important components of financial statements: the balance sheet, the income statement, and the notes. In summary, this dissertation answers important questions concerning the quality of accounting under IFRS which have remained unanswered – and in some cases even unasked – until now. Therefore, this dissertation has a material impact on the understanding of accounting quality under IFRS.

智慧資本研究可分為策略流派（strategic stream）與評量流派（measurement stream）。前者主要研究如何創造與運用智慧資本，以及探討智慧資本與價值創造的關係；後者著重如何對智慧資本進行衡量。 　　本研究依評量流派之觀點，以民國91年度資訊電子業上市公司為樣本，探討智慧資本資訊對於企業價值的影響。本文採用內容分析法對各樣本公司進行揭露程度評比，採用Ohslon (1995)模型進行實證研究，結果顯示智慧資本之資訊揭露與企業價值攸關，揭露程度與公司價值成正向關係。就分項智慧資本而言，流程資本以及關係資本之揭露程度與公司價值有顯著關係；然而，人力資本與創新資本的揭露程度與公司價值之關係均不顯著。 / The research in intellectual capital (IC) can be divided into two streams focusing on strategic aspect and measurement aspect, respectively. The former stream investigates how to create and use IC and concentrates on the relation between IC and the value creation. On the other hand, the measurement stream is more concerned with the IC reporting and measurement. 　　Basing on the view of measurement stream, this study selects 177 listed companies in Taiwan electronic industry in 2002 as a sample and investigates the effect of IC information on firm value. By using content analysis method to score the degree of IC disclosure for each sample firm, the empirical result shows that the comprehensive disclosure of IC has significant and positive effect on firm value. When we further look into the decomposition of IC disclosure, both relation capital and process capital are found to have positive and significant effect on firm value while the human capital and innovation capital do not have such a significant relationship.

Made available in DSpace on 2016-12-23T13:42:09Z (GMT). No. of bitstreams: 1 Luciana Holtz.pdf: 1142936 bytes, checksum: c0f2f879f2b716a20dc4c846a29d6491 (MD5) Previous issue date: 2013-05-22 / This research was developed with the objective of investigating the effects of the characteristics of structure and composition of the board of directors on the quality of accounting information of the companies listed on the BM&FBovespa. Specifically, the characteristics of the board studied were the size and the independence of the board, and the separation of the roles of the president of the board and the chief executive of the business. The proxies for quality of accounting information were the value relevance of the accounting information and the informativeness of earnings. The sample includes non-financial firms listed on the BM&FBovespa with an annual liquidity higher than 0,001, during the period of 2008 to 2011. The data was collected from the Economática® data base and directly from annual reports and reference forms of firms available on the CVM or BM&FBovespa site. To reach the proposed objective the methodology of research consists in a quantitative approach based on Vafeas (2000), Firth, Fung and Rui (2006) and Habib and Azim (2008). The analysis of the data was based on the technique of multiple regression for the estimation of models of value relevance of accounting information and informativeness of earnings. The results indicate that in the Brazilian market, for firms that negotiate stock on the BM&FBovespa, the characteristics of independence of the board of directors and separation of the roles of president of the board of directors and of chief executive have a positive influence on the quality of the accounting information being reported, specifically on the relevance of the net equity. The informativeness of earnings is positively affected by the independence of the board of directors and negatively by the bigger boards (above nine members). The results in general corroborate with international studies such as Vafeas (2000), Firth, Fung and Rui (2006), Ahmed, Hossain and Adams (2006) and Dimitropoulos and Asteriou (2010), specially relating to the independence of the board of directors. Is possible to check that stronger governance structures exercise effects that improve the quality of accounting information reported / Esta pesquisa foi desenvolvida com o objetivo de investigar os efeitos das características da estrutura e composição do conselho de administração sobre a qualidade das informações contábeis das empresas listadas na BM&FBovespa. Especificamente as características do conselho estudadas foram o tamanho e a independência do conselho de administração e a separação dos cargos de presidente do conselho e diretor executivo da empresa. As proxies para qualidade da informação contábil foram a relevância da informação contábil e informatividade dos lucros. A amostra abrange empresas não financeiras listadas na BM&FBovespa com liquidez anual superior a 0,001, compreendendo o período de 2008 a 2011. Os dados foram coletados com base no banco de dados Economática® e diretamente nos informes anuais e formulários de referência das empresas disponíveis no sítio da CVM ou BM&Fbovespa. Para atingir o objetivo proposto, a metologia da pesquisa consiste em uma abordagem quantitativa com base em Vafeas (2000), Firth, Fung e Rui (2006) e Habib e Azim (2008). A análise dos dados foi por meio do uso da técnica de regressão múltipla para a estimação dos modelos de relevância da informação contábil e informatividade dos lucros. Os resultados revelam que, no mercado brasileiro, para as empresas que negociam ações na BM&FBovespa, as características de independência do conselho de administração e separação dos cargos de presidente do conselho de administração e diretor executivo influenciam positivamente a qualidade da informação contábil reportada, especificamente a respeito da relevância do patrimônio líquido. Já a informatividade dos lucros é afetada positivamente pela independência do conselho de administração e negativamente pelos conselhos com tamanhos maiores (acima de nove membros). Os resultados em geral corroboram estudos internacionais, tais como Vafeas (2000), Firth, Fung e Rui (2006), Ahmed, Hossain e Adams (2006) e Dimitropoulos e Asteriou (2010), especialmente em relação à independência do conselho de administração. É possível verificar que estruturas de governança mais fortes exercem efeitos que melhoram a qualidade das informações contábeis reportadas

O presente estudo objetiva analisar o impacto da adoção da norma internacional de contabilidade (IFRS) no Brasil na comparabilidade entre as normas contábeis (IFRS International Financial Reporting Standards e BRGAAP Brazilian Generally Accepted Accounting Principles) e a relevância das informações geradas pela contabilidade na tomada de decisões pelos investidores. Como um objetivo secundário, busca identificar quais mudanças (CPCs Comitê de Pronunciamentos Contábeis) foram mais significativas (e frequentes) para as contas contábeis e os indicadores financeiros com o propósito de avaliar os efeitos na comparabilidade das demonstrações financeiras das companhias brasileiras listadas na Bolsa de Valores de São Paulo (IBOVESPA). Utilizou-se a ferramenta estatística de teste de médias, onde as hipóteses formuladas a serem testadas foram elaboradas a partir do levantamento do referencial teórico. A pesquisa constatou que os números contábeis das empresas listadas no IBOVESPA diferem significativamente e de forma positiva, quando aplicadas as normas internacionais de contabilidade em vez de aplicar a norma contábil brasileira (BRGAAP), assim como verificado em outros países. Também foi constatado que o padrão de contabilidade IFRS apresenta maior relevância contábil que a norma brasileira, uma vez que os dados contábeis se mostraram mais próximos aos valores de mercado. A pesquisa verificou nos relatórios contábeis das empresas inconsistências quanto à adoção das novas normas e, também, consideráveis variações nas formas de divulgação das informações. Além de ter identificado as normas (CPC 13, CPC 15 e CPC 27) que provocaram efeitos mais significativos em termos de valores e de frequência. Conclui-se com este estudo que as demonstrações financeiras sofrem impactos significativos ao se analisar os dois padrões contábeis em tela e que as demonstrações financeiras sob o padrão internacional apresentam maior relevância contábil que a norma de contabilidade brasileira. Ao fim do estudo, sugere-se que sejam aplicados outros testes estatísticos de análise multivariada dos dados financeiros com o intuito de se analisar simultaneamente o impacto de outras variáveis na comparabilidade e na relevância contábil. / This study analyzes the impact of the adoption of international accounting standard (IFRS) in comparability between the accounting standards (IFRS-International Financial Reporting Standards and BRGAAP - Brazilian Generally Accepted Accounting Principles) and relevance of information generated by accounting in decision decisions by investors in Brazil. As a secondary objective, which seeks to identify changes (CPCs - Accounting Pronouncements Committee) were more significant (and frequent) for accounts and financial indicators in order to evaluate the effects on the comparability of financial statements of Brazilian companies listed on the Bolsa de Valores de Sao Paulo (IBOVESPA). We used a statistical tool to test medium, where the hypotheses to be tested were prepared from a survey of the theoretical. The survey found that the accounting numbers of firms listed on IBOVESPA differ significantly in a positive way, when applied to international accounting standards instead of applying the accounting standard in Brazil (BR GAAP), as seen in other countries. It was found that the accounting standard IFRS accounting is more value relevant than the Brazilian standard, since the accounting data is shown closer to market values. The research found in the accounting reports, the data regarding the adoption of new standards and also considerable variations in the forms of disclosure. In addition to having identified the standards (CPC 13, CPC 15 and CPC 27) that caused the most significant effects in terms of values and frequency. It is concluded from this study that the financial statements suffer significant impacts when analyzing the two accounting standards on screen and that the financial statements under international standards are more value relevant than the accounting standard Brazilian accounting. At the end of the study a suggestion is made, that other tests should be applied, focused on statistical multivariate analysis of the financial data in order to simultaneously analyze the impact of other variables on the accounting comparability and on the value relevance.