Weitere Artikel dieser Ausgabe durch Wischen aufrufen
This paper examines the association between conservatism and the value relevance of accounting information over the 1975 through 2004 period. We measure conservatism using approaches developed in Penman and Zhang, The Accounting Review 77:237–264, (2002) and Beaver and Ryan, Journal of Accounting Research 38:127–148, (2000) and value relevance using (1) adjusted R 2 from regressions of price on earnings and book values, (2) adjusted R 2 from regressions of returns on earnings and changes in earnings, and (3) returns earned by perfect foresight of earnings and book values. We find no evidence that firms with increasing conservatism exhibit greater declines in value relevance. Rather, we observe most significant declines in value relevance for firms where conservatism has not increased. When we adjust financial statements for the effects of conservatism, we find that the value relevance of adjusted numbers is generally lower and trends in value relevance unaffected. Based on these results, it is implausible that increasing conservatism drives the decline in value relevance.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Barth, M. E., Beaver, W. H., & Landsman, W. (2001). The relevance of value relevance research for financial accounting standard setting: Another view. Journal of Accounting and Economics, 31, 77–104. CrossRef
Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics, 24, 3–37. CrossRef
Beaver, W., & Ryan, S. (2000). Biases and lags in book value and their effects on the ability of the book-to-market ratio to predict book return on equity. Journal of Accounting Research, 38, 127–148. CrossRef
Beaver, W., & Ryan, S. (2005). Conditional and unconditional conservatism in accounting: Concepts and modeling. Review of Accounting Studies, 10, 269–309. CrossRef
Blair, M. & Wallman, S. (2001). The growing intangibles reporting discrepancy from unseen wealth: Report of the Brookings task force on intangibles.
Bliss, J. H. (1924). Management through accounts. New York, NY: The Ronald Press Co.
Brown, S., Lo, K., & Lys, T. (1999). Use of R 2 in accounting research: Measuring changes in value relevance over the last four decades. Journal of Accounting and Economics, 28, 83–116. CrossRef
Collins, D., Maydew, E., & Weiss, I. (1997). Changes in the value relevance of earnings and book values over the past 40 years. Journal of Accounting and Economics, 24, 39–68. CrossRef
Core, J., Guay, W., & Van Buskirk, A. (2003). Market valuations in the new economy: An investigation of what has changed. Journal of Accounting and Economics, 34, 43–67. CrossRef
Dontoh, A., Radhakrishnan, S., & Ronen, J. (2004). The declining value-relevance of accounting information and non-information-based trading: An empirical analysis. Contemporary Accounting Research, 21, 795–812. CrossRef
Easton, P., & Harris, T. (1991). Earnings as an explanatory variable for returns. Journal of Accounting Research, 29, 19–36. CrossRef
Elliott, R., & Jacobsen, P. (1991). U. S. accounting: A national emergency. Journal of Accountancy, 172(5), 54–58.
Fama, E., & French, K. (1997). Industry costs of equity. Journal of Financial Economics, 43, 153–193. CrossRef
Francis, J., & Schipper, K. (1999). Have financial statements lost their relevance? Journal of Accounting Research, 37, 319–352. CrossRef
Givoly, D., & Hayn, C. (2000). The changing time-series properties of earnings, cash flows, and accruals: Has financial reporting become more conservative? Journal of Accounting and Economics, 29, 287–320. CrossRef
Hayn, C. (1995). The information content of losses. Journal of Accounting and Economics, 20, 125–153. CrossRef
Holthausen, R. W., & Watts, R. (2001). The relevance of the value relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31, 1–75. CrossRef
Jenkins, E. (1994). An information highway in need of capital improvements. Journal of Accountancy, 177(5), 77–82.
Kieso, D., Weygandt, J., & Warfield, T. (2004). Intermediate accounting. New York, NY: Wiley.
Klein, A., & Marquardt, C. (2006). Fundamentals of accounting losses. The Accounting Review, 81, 179–206. CrossRef
Lev, B., & Sougiannis, T. (1996). The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics, 21, 107–138. CrossRef
Lev, B., & Zarowin, P. (1999). The boundaries of financial reporting and how to extend them. Journal of Accounting Research, 37, 353–385. CrossRef
Nakamura, L. (2003). A trillion dollars a year in intangible investment and the new economy. In J. Hand & B. Lev (Eds.), Intangible assets. Oxford: Oxford University Press.
Penman, S. (2009). Accounting for intangible assets: There is also an income statement. Abacus, 45, 358–371. CrossRef
Penman, S., & Zhang, X. (2002). Accounting conservatism, the quality of earnings, and stock returns. The Accounting Review, 77, 237–264. CrossRef
Revsine, L., Collins, D., & Johnson, B. (2005). Financial reporting and analysis. Upper Saddle River, NJ: Prentice Hall.
Sever, M., & Boisclaire, R. (1990). Financial reporting in the 1990s. Journal of Accountancy, 170(5), 36–41.
Sterling, R. (1967). Conservatism: The fundamental principle of valuation. Abacus, 3(2), 109–132. CrossRef
Stewart, B., I. I. I. (2002). Accounting is broken, here’s how to fix it. A radical manifesto. Evaluation, 5(1), 1–32.
Watts, R. (2003). Conservatism in accounting Part I: explanations and implications. Accounting Horizons, 17, 207–221. CrossRef
- Is the decline in the value relevance of accounting driven by increased conservatism?
- Springer US
microm, Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Avaloq/© Avaloq Evolution AG, Avaloq/© Avaloq