Background: The purpose of accounting and financial reporting is to provide useful information for its users in their decision-making. The importance of intangible assets for companies in the modern digital economy has led to debates concerning how it should be presented in accounting. As of today, the relevance and reliability of intangible assets can be questioned since large values of intangibles are left out of accounting and financial reports. Purpose: The aim of the study is to investigate the association between reliability and value relevance of intangible assets.  Method: Using the Feltham and Ohlson (1995) model, we test the association between intangible assets and market valuation of firms. We divide the sample into reliable and unreliable and test whether there is any difference in value relevance of intangible assets between the groups. Conclusion: The result indicates, without statistical significance, that reliability seems to matter more for goodwill than for total intangibles and other identifiable intangibles. Moreover, we suggest that investors seem to focus more on accounting standards and uncertainty than management discretion when assessing reliability of intangible assets. However, we are not satisfied with how reliability has been operationalized earlier and this study reinforces our doubts. Thus, among other suggestions we propose further research directed towards investors to find out whether reliability is important and what they consider as reliable.

El presente trabajo de investigación busca determinar el impacto que los contratos de consorcio, conforme a la NIIF 11 "Acuerdos Conjuntos", tienen en el desempeño financiero de las empresas del sector upstream de hidrocarburos domiciliadas en San Isidro en el año 2018. En los últimos años, ha habido un aumento de trabajos de exploración y explotación en nuestro país, como consecuencia de la riqueza mineral que se posee, siendo muchos de ellos realizados bajo la forma de los consorcios. En este sentido, el objetivo del trabajo es identificar la existencia de criterios adecuados para la clasificación de los contratos de consorcio por parte del área contable y demás áreas responsables. Asimismo, determinará el impacto financiero del reconocimiento de los contratos de consorcio en los estados financieros de estas empresas. Finalmente, se identificará el tratamiento tributario que las mencionadas entidades aplican para los contratos de consorcio y el impacto de este en sus rendimientos. La investigación se desarrolló en cinco secciones principales. En el Capítulo I, Marco Teórico, se definieron los términos claves que permitirán un mejor entendimiento del trabajo realizado, entre estos se encuentran la Norma Internacional de Información Financiera N°11 (NIIF 11), los aspectos societarios locales y la definición de desempeño financiero. En el Capítulo II, Plan de Investigación, se plantearon los problemas de investigación y se determinaron los objetivos e hipótesis generales y específicas. En el Capítulo III, Metodología de Investigación, se estableció el tipo de investigación a realizar, así como la muestra empleada en el análisis cualitativo y cuantitativo. En el Capítulo IV, Desarrollo de la Investigación, se llevó a cabo el trabajo de campo, conformado por las entrevistas a los expertos y las encuestas a los profesionales; de la misma forma, se desarrolló un caso práctico para evaluar el impacto de los consorcios bajo la NIIF 11. En el Capítulo V, Análisis de Resultados, se analizaron los resultados obtenidos durante el trabajo de campo y el caso práctico planteado. Finalmente, se plantean conclusiones de la investigación y se proponen recomendaciones basadas en un análisis exhaustivo. El portal permitirá que los vendedores puedan dar a conocer sus productos (los cuales serán organizados por categorías) a precios competitivos, fomentado el consumo colaborativo por parte de los clientes que se suscriban al portal. Los productos ofertados a precios competitivos se encontrarán a disposición de compra durante un periodo de tiempo y mientras mayores compras se tengan sobre un determinado producto, este tendrá una reducción de precio, que generará ahorro en el cliente. Al visualizar el número de artículos vendidos y que este trae un ahorro, los mismos clientes se encargarán de persuadir a familiares, amigos, colegas de trabajo o estudio a consumir. Cabe resaltar que el ahorro no será representado por una devolución en dinero en efectivo, sino como garante (inicial) para la compra de otro artículo. La plataforma estará diseñada de modo que el usuario tenga una experiencia amigable y pueda desenvolverse ampliamente al momento de realizar sus compras. Asimismo, el servicio de atención al cliente siempre estará dispuesto a satisfacer cualquier duda relacionada con la seguridad de las compras, además de poner a disposición un buzón de quejas y sugerencias. La cobertura del servicio durante el primer año abastecería las siguientes zonas de Lima Metropolitana1: Zonas 2, 4, 6, y 8. / The present research work seeks to determine the impact that consortium contracts, in accordance with IFRS 11 "Joint Agreements", have on the financial performance of the upstream hydrocarbons sector companies domiciled in San Isidro in 2018. In the recent years, there has been an increase in exploration and production in our country, as a result of the mineral wealth that it possesses, many of them being carried out in the form of consortium. In this sense, the objective of the work is to identify the existence of suitable criteria for the classification of consortium contracts by the accounting area and other responsible areas. It will also determine the financial impact of the recognition of consortium contracts in the financial statements of these companies. Finally, the tax treatment that the entities apply for consortium contracts and their impact on their performance will be identified. The research was developed in five main sections. In Chapter I, Theoretical Framework, define the key terms that will allow a better understanding of the work done, among them are the International Financial Reporting Standard No. 11 (IFRS 11), local corporate aspects and the definition of financial performance. In Chapter II, Research Plan, research problems were established, and general and specific objectives and hypotheses were determined. In Chapter III, Research Methodology, the type of research to be carried out was established, as well as the sample used in the qualitative and quantitative analysis. In Chapter IV, Research Development, fieldwork was carried out, consisting of interviews with experts and surveys with professionals; in the same way, a practical case was developed to evaluate the impact of the consortiums under IFRS 11. In Chapter V, Analysis of Results, the results obtained during the fieldwork and the practical case raised were analyzed. Finally, research conclusions are raised, and recommendations are proposed based on an exhaustive analysis. The portal will allow sellers to present their products (which will be organized by category) at competitive prices, promoting collaborative consumption by customers who subscribe to the portal. The products offered at competitive prices will be available for purchase for a period of time and the greater the purchases made on a certain product, it will have a price reduction, which will generate savings for the customer. By visualizing the number of items sold and that this brings savings, the same customers will be in charge of persuading family, friends, work or study colleagues to consume. It should be noted that the savings will not be represented by a return in cash, but as a guarantor (initial) for the purchase of another item. The platform will be designed so that the user has a friendly experience and can function widely when making purchases. Likewise, the customer service will always be ready to answer any questions related to the security of purchases, in addition to making a complaints and suggestions box available. The service coverage during the first year would supply the following areas of Metropolitan Lima: Zones 2, 4, 6, and 8. / Tesis

Background: All companies need to portray themselves to society and since the majority of employment stems from SMEs there are different ways SMEs can communicate to society and their stakeholders. This can be communicated through both formal and informal reporting. Purpose: The purpose of this thesis is to identify the relationship between SMEs and their stakeholders in the context of reporting. Through the widespread distribution of SMEs as a topic the purpose is to further investigate SMEs and their use of formal and informal reporting. Methodology: This thesis adopts a qualitative comparative case study of Swedish SMEs. The sample consisted of ten companies where an abductive approach was used throughout the study. The findings were analyzed with the help of stakeholder theory, agency theory and institutional theory to answer the research question. Conclusion: The findings indicate that the studied companies in general use different kinds of formal and informal reporting for each stakeholder. The findings also indicate that by using different kinds of reporting for each stakeholder, the company thus aligns the interests of the stakeholders with the company and therefore reduces information asymmetry. Regarding what kind of information they choose to report, previous knowledge is proven to be one of the most important factors since knowing what the stakeholders want can be crucial for any company.

In 2009, The United States Securities and Exchange Commission (SEC) issued a mandate requiring public companies to provide financial information to the SEC and on their corporate Web sites in an interactive data format using the eXtensible Business Reporting Language (XBRL). This dissertation consists of three separate, but interrelated studies exploring issues related to interactive data visualization in financial reporting contexts. The first study employs theories in information systems (task-technology fit and the technology-performance chain model) and cognitive psychology (cognitive load) to examine the link between characteristics of interactive data visualization and task requirements in a financial analysis context, and the impact of that link on task performance and user attitudes towards interactive data technology use. The second study extends the first by examining the effects of prior interactive data technology use on future choice to use an interactive technology. This study uses the IS continuance model to examine antecedents to continued interactive technology use based on previous assessments of task-technology fit and performance impacts from the first study. The third study employs an elaboration likelihood model (ELM) to understand the interactivity concept and its impact on information processing and belief/attitude formation. This study examines the impact of increasing interactivity on investor perceptions of forecast credibility and on a firm’s attractiveness as a potential investment choice. Overall, these three studies provide insights on factors that impact decision-making in interactive financial reporting contexts, and how characteristics of interactive data visualization impact information processing, user perceptions, and task performance

Ekonomiska kriser är incitament till ökad användning av earnings management på grund av företagens osäkra omvärld. Sambandet mellan earnings management och ekonomiska kriser varierar mellan att vara positivt eller negativt utan slutsatser om vad tidigare motstridiga resultat egentligen beror på. Institutionella och miljömässiga faktorer har visat sig spela roll i företagens tillämpning av earnings management. Syftet med studien är därför att undersöka om användningen av earnings management i olika marknadsekonomier påverkas under en kris. Studien finner inga samband mellan earnings management, ekonomisk kris och marknadsekonomier. Däremot visar studien ett signifikant samband mellan earnings management och marknadsekonomier. LME-länder uppvisar högre nivåer av earnings management än CME-länder. Studiens slutsats är därför att landspecifika egenskaper påverkar användningen av earnings management och förklaras av institutionell agentteori. Studien finner ett signifikant positivt samband mellan earnings management och företagsstorlek. Studien bidrar till forskningen genom att visa ett icke-existerande samband mellan earnings management och ekonomiska kriser. Studien kommer med en möjlig förklaring till tidigare motstridig forskning på området genom att visa på ett samband mellan marknadsekonomier och earnings management. / Economic crises are incentives for increased use of earnings management, due to companies’ uncertain environment. The relation between earnings management and economic crises varies between being positive and negative, without conclusions about what previous inconsistent results are actually due to. Institutional and environmental factors have shown to play a role in companies’ application of earnings management. The purpose of this study is therefore to examine if the use of earnings management in different market economies is affected during a crisis. This study does not show a relationship between earnings management, economic crisis, and market economies. However, this study shows a significant relationship between earnings management and market economies. LME countries show higher levels of earnings management than CME countries. The conclusion of the study is therefore that country-specific characteristics affect the usage of earnings management and is explained by the institutionalized agency theory. This study finds a significant positive relationship between earnings management and company size. This study contributes to existing literature by showing a non-existent relationship between earnings management and economic crisis. This study provides a possible explanation of previous contradictory research on this field by showing a relationship between market economies and earnings management.

This dissertation comprises five essays on advanced digital financial reporting formats, their determinants, and their impact on capital markets. The first chapter leads through the outline of the dissertation, introduces the research context, and provides a framework for the topic of advanced digital reporting formats in research and practice. Chapters two and three analyze the usage and empirical determinants of the voluntary usage of online financial reports (OFR) based on HTML and its impact on the information environment in Europe. In the fourth chapter, the dissertation analyzes the quality of OFR and its corporate governance determinants. Chapter five deals with a literature review on the adoption of XBRL worldwide, its potential impact, and respective influencing factors. The closing chapter comprises a qualitative research study based on semi-structured interviews with experts from large, listed firms as well as auditing and advisory companies in Germany in the context of the mandatory adoption of digital reporting formats and tackles the topics of organizational and processual integration as well as financial reporting and communication considerations.

No description available.

Corporate managers often pursue voluntary non-GAAP reporting when mandatory reporting is limited, although regulators are concerned with how this reporting is utilized. While the level of flexibility external auditors exhibit during discussions over subjective GAAP reporting choices can influence management's GAAP reporting decisions, it is important to determine if this behavior affects subsequent non-GAAP reporting decisions. Additionally, recent calls for increased audit committee questioning of non-GAAP disclosures may also cause audit committees to influence non-GAAP reporting. In this dissertation, I conduct an experiment to examine how auditor flexibility and audit committee questioning influence non-GAAP preparation and earnings release disclosure choices of senior executives. I predict less flexible auditor behavior will enhance managers' psychological feeling of constraint, while audit committee questioning focused on non-GAAP measures can increase managers' self-assessment of reporting decisions, both of which will translate into more conservative non-GAAP reporting. However, given prior research indicating that corporate governance mechanisms can combine in complex ways, I predict a greater impact of audit committee questioning absent auditor constraint. Results indicate managers make less conservative non-GAAP preparation decisions and disclose more non-GAAP measures in the absence of constraint from inflexible auditors. However, absent this constraint, managers make more conservative non-GAAP preparation choices and present non-GAAP measures less prominently in earnings press releases when the audit committee questions non-GAAP disclosures. These results are driven by a thorough self-assessment of reporting decisions by managers expecting audit committee questioning. This study provides evidence on how external auditors and audit committees influence various voluntary reporting decisions. / Doctor of Philosophy / Corporate managers can report their company's financial information to investors and other stakeholders in various ways. Some financial information is required to be reported in accordance with a set of formal accounting standards called United States Generally Accepted Accounting Principles (GAAP). Beyond this mandatory reporting, other financial information is disclosed voluntarily when company management believes this extra information is beneficial to investors. These voluntary disclosures— called non-GAAP measures— do not follow a set of accounting standards and can be disclosed with more discretion by company management than GAAP measures. The variation in how non-GAAP measures are prepared and disclosed concerns regulators, such as the Securities and Exchange Commission (SEC). Mandatory GAAP financial reporting is overseen by external auditors from public accounting firms, but auditors typically have very little formal oversight over non-GAAP reporting. Although company management ultimately decides how to disclose GAAP information, external auditors influence these reporting decisions by recommending choices during discussions over subjective GAAP issues. Sometimes auditors exhibit inflexible behavior during these discussions by being unwilling to consider management's reporting choices. This inflexibility limits or constrains the GAAP reporting choices of managers. However, prior research has not studied how this constraint impacts how managers make non-GAAP reporting choices. Further, GAAP reporting choices can also be influenced by the audit committee, which is a subgroup of members of the board of directors that is in charge of overseeing financial reporting and disclosure. Recent calls from regulators have asked for increased audit committee questioning of non-GAAP disclosures, which may also cause audit committees to influence non-GAAP reporting. Non-GAAP measures are often presented in earnings press releases, which are public announcements by a company that disclose information regarding results of operations or financial condition for a given period. Managers can make strategic decisions regarding the preparation of non-GAAP measures and the presentation of this information in earnings releases, both of which can influence investors' decision-making. In this dissertation, I conduct an experiment utilizing senior executives to examine how auditor flexibility and audit committee questioning influence these two types of non-GAAP reporting decisions: how to prepare non-GAAP measures and how to disclose them in earnings press releases. I predict less flexible auditor behavior will enhance managers' psychological feeling of constraint, while audit committee questioning focused on non-GAAP measures will increase managers' self-assessment of reporting decisions, both of which will translate into more conservative non-GAAP reporting. However, prior research indicates that corporate governance mechanisms, which are factors intended to help direct and monitor company management (such as auditors and audit committees), can combine in complex ways. Therefore, I predict a greater impact of audit committee questioning absent auditor constraint. The results indicate managers make less conservative non-GAAP preparation decisions (i.e. are more likely to calculate non-GAAP earnings figures that deviate from their GAAP counterparts) and disclose more non-GAAP measures in the absence of constraint from inflexible auditors. However, absent this constraint, managers make more conservative non-GAAP preparation choices and present non-GAAP measures less prominently in earnings press releases when the audit committee questions non-GAAP disclosures. These results are driven by a thorough self-assessment of reporting decisions by managers expecting audit committee questioning. This study provides evidence on how external auditors and audit committees influence various voluntary reporting decisions. Given the ubiquity of non-GAAP reporting in recent years, this dissertation can provide valuable insights to regulators, investors, and other stakeholders on factors that influence managerial decision-making related to non-GAAP disclosures.

In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Securities and Exchange Commission is required to propose and adopt clawback rules. After a financial statement restatement, a clawback is utilized to recover incentive compensation that was previously paid out to a manager based on the misstatement. My study investigates financial reporting executives' (FREs) decision-making after the external auditors have proposed a restatement that will lead to a clawback. I performed a web-based experiment that was electronically distributed to sixty FRE participants (i.e., CFOs, controllers, and treasurers) and manipulated executive compensation structure (i.e., a higher percentage of total compensation based on incentives or a lower percentage of total compensation based on incentives) and auditor industry specialization (i.e., industry-specialist or non-industry specialist) in a clawback environment. I hypothesized that higher incentives or the presence of a non-specialist auditor would cause FREs to be less likely to agree with an auditor's proposed restatement, more likely to involve the external auditor's national office, and more likely to request termination of the external auditors. Further, I posited that the two factors would interact for each of the three dependent variables. As predicted, my results reveal that FREs are less likely to agree with the restatement due to loss aversion when a higher proportion of their pay is incentive-based; however, auditor specialization does act to mitigate the influence of loss aversion by increasing their likelihood to accept the restatement. Additionally, I find that FREs are highly likely to request the involvement of the national office and very unlikely to request termination of the auditors across all conditions. In consideration of the upcoming clawback rules, this is a timely study that makes important contributions. First, I find an unintended negative consequence of clawback regulation, as my results indicate that clawbacks may exacerbate aggressive financial reporting decisions by FREs during a restatement negotiation. Further, I find that specialist auditors can act as effective monitors of FREs' behaviors in a clawback environment. Last, my results provide evidence for firms regarding the influence of executive compensation structures on FREs' decision-making in a clawback setting. / Ph. D.

This Dissertation consists of two essays. The first essay studies the causal impacts of compensation disclosure on executive compensation, turnover, and executives’ job responsibilities. We find that, after the SEC mandates the disclosure of Chief Financial Officers (CFOs)’ compensation in 2006, CFO pay increases significantly relative to CEO pay, particularly in firms most affected by the mandate. CFOs are more likely to leave their firms following poor performance. The results are absent for the CEO or other executives, suggesting they are unique outcomes of enhanced CFO compensation disclosures. The evidence is consistent with more intense monitoring following the disclosure mandate. CFOs require additional compensation for the loss of private benefits due to greater monitoring and are subject to greater internal discipline. There is also some evidence that the CFOs hide bad news and lower corporate reporting quality after the mandate, suggesting that CFOs engage in more short-term behavior to boost their performance and avoid termination. The second essay of my dissertation focuses on the idiosyncratic volatility puzzle - the negative relation between estimated idiosyncratic volatility and the subsequent month returns documented by Ang et al (2006). We document a systematic pattern of temporary increases in the estimated idiosyncratic volatility for the quintile of stocks with the highest estimated idiosyncratic volatility in a given month. A large portion of this temporary increase in the estimated idiosyncratic volatility is reversed in the subsequent month. This temporary increase in the idiosyncratic volatility for the quintile of stocks with the highest estimated idiosyncratic volatility is associated with relatively large positive returns (positive abnormal returns) in the estimation month and relatively low returns (negative abnormal returns) in the subsequent month. Our evidence shows that these temporary increases in the estimated idiosyncratic volatility and the related positive and negative abnormal returns in the estimation and subsequent months, respectively, create a negative relation between the estimated idiosyncratic volatility and subsequent month returns documented in the prior literature (Ang et al. 2006). We find no significant relation between idiosyncratic volatility and subsequent returns for eighty percent of the stocks that do not exhibit large changes in idiosyncratic volatility despite large differences in the levels of their idiosyncratic volatility. Finally, there is no relation between the estimated idiosyncratic volatility and subsequent returns after a lag of 3 months when the abnormal returns associated with temporary changes are no longer present. Overall, our results are consistent with the notion that there is no relation between the true underlying idiosyncratic volatility and expected returns, and that the previously documented negative relation between estimated idiosyncratic volatility and subsequent month’s returns is being driven by temporary one-month increases in the estimated idiosyncratic volatility and the associated abnormal returns for a subset of stocks. / Ph. D.