Informacja

Drogi użytkowniku, aplikacja do prawidłowego działania wymaga obsługi JavaScript. Proszę włącz obsługę JavaScript w Twojej przeglądarce.

English (EN)·Polski (PL)·Yкраїнський (UK)
Przejdź do strony domowej biblioteki Centralna Biblioteka Wojskowa Link otwiera się w nowym oknie Logo biblioteki Prolib Integro - strona głównaCentralna Biblioteka Wojskowa

Wyszukujesz frazę "earnings" wg kryterium: Temat

  Lista filtrów
Wyrównaj
    Wyświetlanie 1-14 z 14
    Tytuł:
    Persistence of pre-IPO earnings of new companies from CEE stock markets
    Autorzy:
    Sosnowski, Tomasz
    Powiązania:
    https://bibliotekanauki.pl/articles/22443159.pdf
    Data publikacji:
    2022
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    earnings quality
    financial reporting
    earnings management
    initial public offering
    profitability
    Opis:
    Research background: A company?s earnings are one of the main determinants of investment decisions on the stock market. Thus, the reliability of disclosed financial information is crucial for the efficient allocation of capital. Unfortunately, reported earnings are an economic category susceptible to manipulation. This problem grows especially in the case of an initial public offering (IPO), as there is significant information asymmetry. Purpose of the article: The main aim of the paper is to assess the persistence of earnings reported by companies in the IPO process and to empirically identify financial characteristics associated with persistence of earnings. The usefulness of financial information is directly related to the issue of earnings quality. Therefore, this paper contributes to the stream of study on the quality of financial reporting of new stock companies. Methods: I employ a simple single-factor regression model to recognize the earnings persistence in new stock companies. Pre-IPO earnings are the explanatory variable. Then, I use multiple regression analysis to identify factors that influence this metric of reported earnings quality. Findings & value added: Using a sample of companies from stock exchange markets in Central and Eastern Europe (i.e., the Warsaw Stock Exchange, the Bulgarian Stock Exchange, the Bucharest Stock Exchange, the Belgrade Stock Exchange, the Prague Stock Exchange) that went public between 2010 and 2018, I find that, generally, pre-IPO earnings hold higher persistence compared to earnings reported in the year of the IPO. Profitability seems to be a factor that significantly influences this feature. Thus, the results contribute to corporate theory and practice facing insufficient empirical evidence on the issue of sustaining pre-IPO profitability in the long term, additionally putting these concerns in the context of the economic environment of European emerging stock markets.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 2; 415-434
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Earnings management in the private equity divestment process on Warsaw Stock Exchange
    Autorzy:
    Sosnowski, Tomasz
    Powiązania:
    https://bibliotekanauki.pl/articles/22446529.pdf
    Data publikacji:
    2018
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    initial public offering
    private equity
    earnings management
    Opis:
    Research background: Prior studies suggest that companies which go public manage earnings in order to inflate the issue price. However, for private equity funds the use of such activity can be costly in terms of the reputation capital as they are repetitive stock market players. The results of previous research on the effect of private equity fund on the quality of pre-IPO reported earnings are mixed and inconclusive. Purpose of the article: The main aim of the study is to empirically investigate the use of pre-IPO earnings management by private equity funds in the process of divestment conducted on a stock exchange. Methods: I provide comparisons between PE-backed companies and firms with a similar initial market value and growth potential, using the method of single-linkage clustering to build the study sample. In order to assess the scale of pre-IPO earnings management, I apply the discretionary accruals model of Larcker and Richardson [2004]. Findings & Value added: Using a sample of companies conducting IPO on WSE between 2005 and 2015 I do not find evidence that the presence of private equity fund among the shareholders of the company in the period preceding first listing of shares on a stock market constrains the use of earnings management prior to the IPO. The difference between the discretionary accruals in PE-backed and matched companies, when controlling for the market value and book-to-market ratio, is statistically insignificant. To be specific, companies with private equity funds in their shareholder structure do not exhibit lower scale of earnings management prior to the IPO in comparison to other new stock companies.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2018, 13, 4; 689-705
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    The use of Beneish M-scores to reveal creative accounting: evidence from Slovakia
    Autorzy:
    Durana, Pavol
    Blazek, Roman
    Machova, Veronika
    Krasnan, Miroslav
    Powiązania:
    https://bibliotekanauki.pl/articles/22443167.pdf
    Data publikacji:
    2022
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    Beneish model
    creative accounting
    earnings management
    ROC curve
    Opis:
    Research background: In creative accounting, the primary goal of every enterprise is to increase and strengthen its market position. Over the years, manipulation of financial statements has also reached the territory of Central European countries, including the Slovak Republic. Therefore, an analysis was conducted to identify enterprises that handle accounting. This article focuses specifically on Sector A: agriculture, forestry, and fisheries. Purpose of the article: The aim of the article was to reveal the creative accounting practices of a sample of enterprises operating in the Slovak business environment in a sector using the Beneish model. Methods: The Beneish model was used to calculate the manipulation of enterprises? financial statements. Both variants, that is, the 5-parameter model and 8-parameter model, were used for the calculation. The results of these models were plotted using graphs and receiver operating characteristic (ROC) curves. Findings & value added: Based on the use of both variants of the Beneish model, it was proven that enterprises in the analyzed sector use the possibility of manipulating financial statements. The added value of the article is the detection of the use of creative accounting in a specific sector, which makes the study original in its application and space-time orientation.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 2; 481-510
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Quo Vadis, earnings management? Analysis of manipulation determinants in Central European environment
    Autorzy:
    Valaskova, Katarina
    Adamko, Peter
    Frajtova Michalikova, Katarina
    Macek, Jaroslav
    Powiązania:
    https://bibliotekanauki.pl/articles/19233715.pdf
    Data publikacji:
    2021
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    earnings management
    discretionary accruals
    aggressive accounting
    conservative accounting
    Opis:
    Research background: The paper investigates the earnings management phenomenon in the context of Central European countries, attempting to identify the factors and incentives that can influence earnings management behavior on a sample of 8,156 enterprises from Slovakia, the Czech Republic, Hungary, and Poland. Purpose of the article: The main purpose of the manuscript is to prove that there are significant differences in earnings management practices (measured by discretionary accruals) across the countries and to find the firm-specific features that influence the way enterprises manage their earnings. Methods: The modified Jones model was used to calculate the discretionary accruals, which are further analyzed across the countries. The statistically significant differences were confirmed across the countries. Thus, the impact of the economic sector, firm size, firm age, legal form, and ownership structure on earnings management behavior is studied by the Kruskal-Wallis test. The Dunn-Bonferroni post hoc tests then revealed the significant differences across the categories of the investigated earnings management determinants. To find the association between the particular earnings management practice (income-increasing or income-decreasing manipulation), correspondence analysis was used to visualize the mutual relations. Findings & value added: The results of the realized investigation revealed that the economic sector is one of the most important earnings management determinants, as its statistical significance was confirmed in each analyzed country. The correspondence analysis determined specific sectors, where income-increasing manipulation with earnings is practiced (NACE codes F, J, K, M, N), and vice versa, income-decreasing earnings management is characteristic for enterprises in sectors A, C, D, G or L. In specific economic conditions, firm size is also a relevant indicator (Hungary), or firm age and legal form and ownership structure (Poland). The recognition of crucial earnings management incentives may be helpful for authorities, policymakers, analysts and auditors when identifying various techniques and practices of earnings manipulation which could vary across the sectors and taking necessary measures to mitigate potential financial risks.
    Źródło:
    Oeconomia Copernicana; 2021, 12, 3; 631-669
    2083-1277
    Pojawia się w:
    Oeconomia Copernicana
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Detecting earnings manipulation and fraudulent financial reporting in Slovakia
    Autorzy:
    Svabova, Lucia
    Kramarova, Katarina
    Chutka, Jan
    Strakova, Lenka
    Powiązania:
    https://bibliotekanauki.pl/articles/19233539.pdf
    Data publikacji:
    2020
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    Beneish model
    discriminant analysis
    earnings manipulation
    fraudulent financial reporting
    Opis:
    Research background: Misleading financial reporting has a negative impact on all stakeholders since financial records are the primary source of information on financial stability, economic activity, and financial health of any company. The handling of them is primarily the responsibility of managers or owners and reasons for doing so may differ. Their common denominator is the artificial creation of information asymmetry to get different types of benefits. It is, therefore, logical that the issue of detecting opportunistic earnings management comes to the fore. Purpose of the article: The purpose of the study is to create a discriminant model of the detection of earnings manipulators in the conditions of the Slovak economy.  Methods: We used the discriminant analysis to create a model to identify fraudulent companies, based on the real data on companies that were convicted from misleading financial reporting in connection with tax fraud in the years 2009-2018. The model is inspired by the Beneish model, which is one of the most applied fraud detection methods at all. Findings & Value added: In order to achieve more accurate detection results, we extended the original model by taking into account the values of indicators from three consecutive years, i.e. by taking into account the development of the potential tendency of companies to be involved in opportunistic earnings management. Our model correctly identified 86.4% of fraudulent companies and overall reaches 84.1% classification ability. Both models were applied on empirical data on 1,900 Slovak companies from the years 2016-2018, while their overlap was 32.7% for fraudulent companies and 38.4% for non-fraud companies. This is a very useful result, as the application of both models rein-forces the results obtained and the identical classification of the company into fraudulent indicates that the manipulation of earnings occurs with a high probability.
    Źródło:
    Oeconomia Copernicana; 2020, 11, 3; 485-508
    2083-1277
    Pojawia się w:
    Oeconomia Copernicana
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    EARNINGS FORECASTS ERRORS IN PROSPECTUSES: EVIDENCE FROM INITIAL PUBLIC OFFERINGS ON THE WARSAW STOCK EXCHANGE
    Autorzy:
    Wawryszuk-Misztal, Anna
    Powiązania:
    https://bibliotekanauki.pl/articles/517198.pdf
    Data publikacji:
    2017
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    earnings forecasts
    initial public offerings
    IPO
    Warsaw Stock Exchange
    Opis:
    Research background: Several studies investigated the issue of accuracy of earnings fore-casts disclosed in IPO prospectus because of its importance in the investor’s decisions. Disclosing earnings forecasts can reduce information asymmetry and encourage potential investors to buy offered shares. The accuracy of earnings forecasts, and especially its deter-minants, was explored by some researchers, but for Polish companies such studies have not been conducted. Purpose of the article: The first objective of this study is to examine the bias and accuracy of earnings forecasts disclosed in IPO prospectuses by Polish companies attempting to be listed on the main market of the Warsaw Stock Exchange. The second aim of this paper is to identify the relationship between the absolute fore-cast error employed as a measure of earnings accuracy and a number of company specific characteristics such as company’s size, leverage, forecast horizon, managerial ownership, number of shares offered to investors (in relation to total shares before IPO). Methods: The empirical analysis were conducted on a sample of 102 domestic companies that performed IPOs on the main market of the Warsaw Stock Exchange during 2006-2015 and disclosed earnings forecasts in IPO prospectus. The forecast error (FER) and absolute forecast error (AFER) were adopted as a measure of accuracy of earnings forecasts. The non-parametric test was employed to achieve the adopted aims. Findings & Value added: The results show that, on average, the forecasted earnings exceed the actual earnings (i.e. the earnings forecasts are optimistic) and fore-casts are inaccurate. Moreover, the optimistic forecasts are more inaccurate than pessimistic ones. The findings of multiple regression model show that three independent variables may affect the level of absolute forecast error: the company’s size, managerial ownership and forecast horizon.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2017, 12, 2; 229-243
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Does the life cycle affect earnings management and bankruptcy?
    Autorzy:
    Durana, Pavol
    Michalkova, Lucia
    Privara, Andrej
    Marousek, Josef
    Tumpach, Milos
    Powiązania:
    https://bibliotekanauki.pl/articles/19233663.pdf
    Data publikacji:
    2021
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    earnings management
    corporate life cycle
    cash flow pattern
    bankruptcy
    Opis:
    Research background: Deteriorating economic conditions and a negative outlook increase the pressure on financial management and the need to show high financial performance. According to Positive Accounting Theory, the growing risk of bankruptcy is associated with the phenomenon of earnings management. Bankruptcy risk and the quality of reported profits, along with other aspects of financial performance, vary throughout the company's life cycle. Nevertheless, these factors or their interactions are investigated only to a very small extent. Purpose of the article: The aim of this study is to clarify the impact of corporate life cycle and bankruptcy on earnings management, in order to describe behaviour of companies at different stages of corporate life cycle. Methods: A hierarchical mixed model with a random time and industry effect was chosen as appropriate because it allows the investigation of multilevel data that is not independent. The sample covers the financial indicators of more than 33,000 Central European companies from 2015-2019. The non-sequential Dickinson model, company age, and three models of accrual earnings management were used as proxies for the company's life cycle and quality of reported profit. Findings & value added: Earnings management and bankruptcy risk have a U-shape, indicating that financially distressed firms reduce reported accounting profit at the Introduction, Decline and, to a lesser extent, at the Growth stage. Slovak and Czech companies manipulate profits to a similar extent, Hungarian companies increase accounting profit to a greatest extent than the surveyed countries by controlling bankruptcy - life cycle effect; however, the variability of accounting manipulations across industries has not been demonstrated. These findings imply that start-ups and declining businesses provide crooked financial statements to obtain more favourable debt covenants, and estimating discretionary accruals using life-cycle subsamples can improve the predictive power of accrual earnings management models.
    Źródło:
    Oeconomia Copernicana; 2021, 12, 2; 425-461
    2083-1277
    Pojawia się w:
    Oeconomia Copernicana
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Stability of profits and earnings management in the transport sector of Visegrad countries
    Autorzy:
    Kliestik, Tomas
    Novak Sedlackova, Alena
    Bugaj, Martin
    Novak, Andrej
    Powiązania:
    https://bibliotekanauki.pl/articles/19322541.pdf
    Data publikacji:
    2022
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    business profit
    earnings management
    stationarity
    transport sector
    Visegrad four
    Opis:
    Research background: Business profit and its stable development are key performance indicators. Many enterprises performed earnings manipulation, either upward or downward, according to the current business and macroeconomic situation, as well as time. These activities may interrupt the stationarity of time series. This article focuses on the transport enterprises, and the assessment of bonds in their earnings. Purpose of the article: The target of the article was to identify the occurrence of non-stationary and its unit root in the EBITDA of transport enterprises for each country in V4 during the period of 2010-2019. Methods: The stationarity and unit roots in time series were tested by the Kwiatkowski, Phillips, Schmidt, and Shin tests and the Augmented Dickey-Fuller based on the samples of 470 Slovak, 405 Czech, 774 Polish, and 1,056 Hungarian. The behavior of earnings manipulation (the first cause of non-stationarity) was indicated by the Modified Jones model. Additional causes for non-stationarity were confirmed by the regression analysis, including factors such as the GDP, unemployment rate, average monthly gross wage, and the Ease of doing business index. Findings & value added: The non-stationarity in the time series of EBITDA was disclosed for each country in the V4 region. Earnings management was discovered to be the cause of this erratic development. Thus, the value-added for the authorities and auditors is to show the association between non-stationary and creative accounting. In addition, purposeful downward manipulation in the transport sector occurs, not upward, which is typical in general. The methodology used in the study may be applied cross-sectorally in emerging countries. The labelling of specific macroeconomic variables depending on the country offers enterprises the opportunity to focus on factors with a crucial influence on their existence and activities.
    Źródło:
    Oeconomia Copernicana; 2022, 13, 2; 475-509
    2083-1277
    Pojawia się w:
    Oeconomia Copernicana
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    The credibility of earnings announced by new stock companies: accrual and real earnings management
    Autorzy:
    Sosnowski, Tomasz
    Powiązania:
    https://bibliotekanauki.pl/articles/22444316.pdf
    Data publikacji:
    2021
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    initial public offering
    real earnings management
    discretionary accruals
    listing status
    Opis:
    Research background: An initial public offering (IPO) creates an excellent opportunity to research the impact of changes in the institutional environment of companies on the trustworthiness of the information disclosed in financial statements. Purpose of the article: The main aim of the study is to analyze the use of accrual and real earnings management to inflate earnings, revenue, or total assets around the going public event. Therefore, this paper contributes to the stream of study on the quality of financial reporting of new stock companies. Methods: Two main approaches reflect the use of various types of earnings management activities, i.e., discretionary accruals and real earnings management. In both cases, it was necessary to use proper OLS method estimated models to identify the normal level of categories that affect the results reported in financial statements. Findings & value added: Based on a sample of 183 IPOs from the Warsaw Stock Exchange between 2005 and 2015, generally, managers of newly-listed companies actively use discretionary accruals, reduce production costs and certain discretionary expenses, and abnormal cash flows from operations ? i.e., all proxies of earnings management used in the paper ? in the periods around the IPO. In the period prior to the IPO, managers more often introduce techniques typical of the real sphere of the company's operations, in particular, the deliberate modeling of certain discretionary costs. In turn, the use of discretionary accruals dominates in the year after the IPO.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2021, 16, 3; 661-677
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Earnings management and the floatation structure: empirical evidence from Polish IPOs
    Autorzy:
    Sosnowski, Tomasz
    Powiązania:
    https://bibliotekanauki.pl/articles/22446621.pdf
    Data publikacji:
    2017
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    initial public offering
    IPO
    primary shares
    secondary shares
    earnings management
    Opis:
    Research background: Firms use discretionary accounting choices to manage earnings disclosures around the time of certain types of corporate events. The initial public offering particularly provides an opportunity to earnings management because of the significant information asymmetry between investors and issuers at the time of the offering. Purpose of the article: The main aim of the study is to empirically investigate the links between the earnings management and the portions of primary and secondary shares sold in IPO. Methods: In order to investigate whether the earnings management influences the issue of new shares and the sale of secondary shares I use Tobit and logit regressions, where discre-tionary accruals are the proxy for earnings management. Findings & Value added: Using a sample of 221 firms from Warsaw Stock Exchange between 2005 and 2015 I do not find evidence that the increase of pre-IPO discretionary accruals positively affects the sale of primary shares in the IPO, but the analysis has revealed that the deliberate conservative reporting limits the probability of the new shares issuance. In turn, the sale of secondary shares by the original shareholders in IPO is more likely in companies using a conservative earnings management. Furthermore, negative discretionary accruals increase the portion of secondary shares sold in the IPO.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2017, 12, 4; 693-709
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Advanced methods of earnings management: monotonic trends and change-points under spotlight in the Visegrad countries
    Autorzy:
    Kliestik, Tomas
    Valaskova, Katarina
    Nica, Elvira
    Kovacova, Maria
    Lazaroiu, George
    Powiązania:
    https://bibliotekanauki.pl/articles/19233520.pdf
    Data publikacji:
    2020
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    business finance
    change-point
    earnings management
    monotonic trend
    European countries
    Opis:
    Research background: Enterprises manage earnings in an effort to balance their profit fluctuations to provide increasingly consistent earnings in every reporting period. Earnings management is legal and very effective method of accounting techniques and may be used to obtain specific objectives of the enterprises involving the manipulation of accruals. Therefore, there is a need to analyze it in the context of group of countries, while the issue of their detection in the new ways appears.  Purpose of the article: The analysis of annual earnings before interest and taxes (EBIT) of 5,640 enterprises from the Visegrad Four during the period 2009-2018 confirms that the development of earnings management in these countries is not a randomness. Thus, the aim of this article is to determine the existence of positive trend in earnings management and to detect the change-point in its development for each Visegrad country. Methods: Grubbs test, Mann-Kendall trend test and Buishand test were used as appropriate statistical methods. Mann-Kendall test identifies significant monotonic trend occurrence in earnings manipulation in every country. Buishand test indicates significant years, which divides the development of EBIT into two homogenous groups with individual central lines. Findings & Value added: Based on the statistical analysis applied, we rejected randomness in the managing of earning, but we determined the trend of its increasing. The positive earnings manipulation was not homogenous in the analyzed period, however, a change-point was defined. Year 2014 was identified as a break-point for Slovak, Polish and Hungarian enterprises considering the earnings manipulation. Year 2013 was detected as a change-point in Czech enterprises. The methodical approach used may be very helpful for researchers from other countries to determine, detect and understand earnings management as well as for the investors to make decisions based on a specificities of an individual country.
    Źródło:
    Oeconomia Copernicana; 2020, 11, 2; 371-400
    2083-1277
    Pojawia się w:
    Oeconomia Copernicana
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Is earnings management impacted by audit fees and auditor tenure? An analysis of the Big Four audit firms in the US market
    Autorzy:
    Santos-Jaén, José Manuel
    Martín de Almagro-Vázquez, Gema
    Valls Martínez, María del Carmen
    Powiązania:
    https://bibliotekanauki.pl/articles/19906103.pdf
    Data publikacji:
    2023
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    earnings management
    auditor tenure
    auditor rotation
    audit fees
    Big Four
    Opis:
    Research background: Audits are intended to ensure the reliability of financial statements, as this is fundamental for different stakeholders. However, both auditor tenure and audit fees could affect the earnings management of companies. In 2014, the European Union established a mandatory audit firm rotation policy. In the United States, although there is still no mandatory regulation in this regard, there has been a large public debate over the advisability of this policy. Another unresolved controversy is whether audit fees determine audit quality. Purpose of the article: The aim of this research is to study the effect of auditor tenure and audit fees on earnings management, i.e., to determine whether a longer-term relationship between the auditor and the audited company, as well as higher audit fees, reduce the audited company's earnings management, thereby making the financial statements more reliable for stakeholders and increasing the quality of the audit report. In addition, the Big Four auditing companies in the United States were analyzed in order to determine the influence of corporate culture. Methods: A sample of companies listed in the S&P 500 stock market index was employed for the analysis, covering the years 2012 to 2021, resulting in a dataset comprising 3,010 observations. To examine the research hypotheses while mitigating the potential bias from omitted variables, a linear regression analysis was conducted using panel data with fixed effects regression. To enhance the robustness of the results, winsorized variables were also employed. Findings & value added: Overall, the results confirm that the quality of financial statements improves as auditor tenure increases, and so implementing a mandatory auditor rotation may not be in a company’s best interests. The results also support the market segmentation theory, as higher audit fees are aligned with higher quality financial reporting. Furthermore, by analyzing the Big Four audit companies in the US, it is shown that the influence of audit fees and auditor tenure on earnings management also depends on the internal aspects of the particular audit firm, especially its ethical culture. In sum, US policymakers should neither set limits on audit fees nor enforce a mandatory audit firm rotation similar to that of the EU.
    Źródło:
    Oeconomia Copernicana; 2023, 14, 3; 899-934
    2083-1277
    Pojawia się w:
    Oeconomia Copernicana
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    COMPARISON OF LIQUIDITY BASED AND FINANCIAL PERFORMANCE BASED INDICATORS IN FINANCIAL ANALYSIS
    Autorzy:
    Pustylnick, Igor
    Powiązania:
    https://bibliotekanauki.pl/articles/489125.pdf
    Data publikacji:
    2017
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    earnings management
    financial statement fraud
    revenue manipulations
    M-Score
    Z-Score
    Opis:
    Research background: Since the turn of the 21st century financial statement manipulations became the center of attention for accountants, auditors and financial analysts. Since being classified by the regulators as fraudulent, earnings management has required a separate detection methodology. The majority of detection research is performed through the comparison of a large number of statements for the same company in order to find irregularities in earnings behavior. Shortening of the detection time and the amount of data becomes important. Purpose of the article: The goal was to compare the characteristics of M-Score and ∆P-∆R and to find their advantages and limitations. Applying both indicators to the different samples, the research attempted to determine the statistical connection between them and to set up the limits of their applicability. Since M-Score indicator is liquidity-based, this research attempted to determine to which extent M-Score and Z-Score are statistically related. Methods: The research paper compares the behavior of both indicators using various samples of financial data: the sample of companies, charged with fraud, the sample with exceptional liquidity, the large random sample and the sample from the emerging market economy. Based on the original observations, two other subsamples (one based on poor Z-Score and one based on exceptional Z-Score) were extracted from the main sample. For all samples ∆P-∆R, M-Score and Z-Score were statistically compared among and between themselves. Findings/value added: The research found the limitations of ∆P-∆R and M-Score in the stable markets and was able to connect them in the emerging market by using linear regression model (also including Z-Score). The research confirmed that M-Score can mistake exceptional performance for manipulations, resulted in Type I errors. ∆P-∆R appeared somewhat coarse and prone to Type II errors. The combined use of both in the emerging markets will provide the best approach.
    Źródło:
    Oeconomia Copernicana; 2017, 8, 1; 83-97
    2083-1277
    Pojawia się w:
    Oeconomia Copernicana
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Reinvestment and effective corporate income tax rates in V4 countries
    Autorzy:
    Prochazka, Petr
    Cerna, Iveta
    Powiązania:
    https://bibliotekanauki.pl/articles/22443154.pdf
    Data publikacji:
    2022
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    Visegrad Four countries
    Reinvested earnings
    Corporate income tax rate
    Foreign direct investment
    Opis:
    Research background: In the Visegrad Four (V4) countries (Poland, the Czech Republic, Hungary, and Slovakia), the inward foreign direct investment (FDI) shows high shares in the exports and gross domestic product (GDP). Furthermore, reinvested earnings play a significant role in the national balances of payments (BoP). Therefore, it is crucial to investigate the reinvestment rates and effective corporate income tax rates (ETRs) of transnational corporations (TNCs) and financial institutions settled in the V4 countries and compare them with the said rates in other European Union (EU) Member States. It is essential to unveil factors shaping investors? decisions to reinvest profits. Policymakers should reflect on them when cultivating the overall business climate to boost citizens? welfare. Purpose of the article: We aim to identify the determinants of the FDI profit reinvestment rate in the V4 countries as host economies from 2014 to 2019 and draw a comparison with the EU?27 average. We dedicate special attention to the correlation between the reinvestment and the ETRs and other selected business climate indicators as specified in the World Bank?s Ease of Doing Business (World Bank, 2020). Methods: To assess the determinants of the reinvestment rates, we employ a three-stage model of multiple linear regression, where we analyse extensive datasets published by the International Monetary Fund (IMF), Eurostat, World Bank, and public and aggregate country-by-country reports (CbCR) provided by the respective financial institutions and TNCs. Findings & value added: Our research shows that the corporate income tax (CIT) rate and ETRs significantly correlate with the reinvestment rate. The same applies to three Ease of Doing Business sub-indicators (Starting a business, Getting credit, and Contract enforcement). Contrary to the findings of Lundan (2006), Beugelsdijk et al. (2010), Nguyen and Rugman (2015), and Sutherland et al. (2020), macroeconomic factors, the profitability of corporations, and exchange rate stability turned out to be statistically insignificant. Our research has policy implications, for it can contribute to policy discussions on enhancing business environments in the V4 countries and ways to motivate foreign investors to reinvest their profits. The added value combines macroeconomic data with the unique and relatively new CbCR databases.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 3; 581-605
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-14 z 14

      Ta witryna wykorzystuje pliki cookies do przechowywania informacji na Twoim komputerze. Pliki cookies stosujemy w celu świadczenia usług na najwyższym poziomie, w tym w sposób dostosowany do indywidualnych potrzeb. Korzystanie z witryny bez zmiany ustawień dotyczących cookies oznacza, że będą one zamieszczane w Twoim komputerze. W każdym momencie możesz dokonać zmiany ustawień dotyczących cookies