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  • Compliance with goodwill-related mandatory disclosure requirements and the cost of equity capital/
Tác giả CN Mazzi, Francesco.
Nhan đề Compliance with goodwill-related mandatory disclosure requirements and the cost of equity capital/Francesco Mazzi,Paul André, Dionysia Dionysiou, Ioannis Tsalavoutas
Thông tin xuất bản 2017.
Mô tả vật lý p. 268 - 312.
Tóm tắt Theory suggests that increased levels of corporate disclosure lead to a decrease in cost of equity via the reduction of estimation risk. We examine compliance levels with International Financial Reporting Standard 3 Business Combinations and International Accounting Standard 36 Impairments of Assets mandated goodwill-related disclosure and their association with firms’ implied cost of equity capital (ICC). Using a sample of European firms for the period 2008–2011, we find a median compliance level of about 83% and significant differences in compliance levels across firms and time. Non-compliance relates mostly to proprietary information and information that reveals managers’ judgement and expectations. Overall, we find a statistically significant negative relationship between the ICC and compliance with mandated goodwill-related disclosure. Further, we split the sample between firms meeting (or not) market expectations about the recognition of a goodwill impairment loss in a given year to study whether variation in compliance levels mainly plays a confirmatory or a mediatory role. We find the latter: higher compliance levels matter only for the sub-sample of firms that do not meet market expectations regarding goodwill impairment. Finally, our results hold only in countries where enforcement is strong.
Thuật ngữ không kiểm soát Accounting disclosure
Thuật ngữ không kiểm soát Compliance
Thuật ngữ không kiểm soát Cost of equity capital
Thuật ngữ không kiểm soát Goodwill
Thuật ngữ không kiểm soát Ias 36
Thuật ngữ không kiểm soát Ifrs 3
Thuật ngữ không kiểm soát Impairments
Tác giả(bs) CN Mazzi, Francesco
Tác giả(bs) CN André, Paul
Tác giả(bs) CN Dionysiou, Dionysia
Tác giả(bs) CN Tsalavoutas, Ioannis
Nguồn trích Accounting and Business Research- vol.47/2017
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24510|aCompliance with goodwill-related mandatory disclosure requirements and the cost of equity capital/|cFrancesco Mazzi,Paul André, Dionysia Dionysiou, Ioannis Tsalavoutas
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300|ap. 268 - 312.
520|aTheory suggests that increased levels of corporate disclosure lead to a decrease in cost of equity via the reduction of estimation risk. We examine compliance levels with International Financial Reporting Standard 3 Business Combinations and International Accounting Standard 36 Impairments of Assets mandated goodwill-related disclosure and their association with firms’ implied cost of equity capital (ICC). Using a sample of European firms for the period 2008–2011, we find a median compliance level of about 83% and significant differences in compliance levels across firms and time. Non-compliance relates mostly to proprietary information and information that reveals managers’ judgement and expectations. Overall, we find a statistically significant negative relationship between the ICC and compliance with mandated goodwill-related disclosure. Further, we split the sample between firms meeting (or not) market expectations about the recognition of a goodwill impairment loss in a given year to study whether variation in compliance levels mainly plays a confirmatory or a mediatory role. We find the latter: higher compliance levels matter only for the sub-sample of firms that do not meet market expectations regarding goodwill impairment. Finally, our results hold only in countries where enforcement is strong.
6530 |aAccounting disclosure
6530 |aCompliance
6530 |aCost of equity capital
6530 |aGoodwill
6530 |aIas 36
6530 |aIfrs 3
6530 |aImpairments
7001 |aMazzi, Francesco
7001 |aAndré, Paul
7001 |aDionysiou, Dionysia
7001 |aTsalavoutas, Ioannis
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