知名期刊-European Accounting Review-2020第1期摘要

新增三所会计硕士调剂，财经大学王牌专业不要错过！

刚刚好薛之谦 - 初学者

European Accounting Review (EAR) is an international scholarly journal of the European Accounting Association (EAA). Devoted to the advancement of accounting knowledge, EAR provides a forum for the publication of high-quality accounting research manuscripts. The journal acknowledges its European origins and the variety of the European accounting research community. Conscious of these origins, European Accounting Review emphasizes openness and flexibility, not only regarding the substantive issues of accounting research, but also with respect to paradigms, methodologies, and styles of conducting that research. EAR is global in scope and welcomes submissions relating to any country or region as long as their relevance to an international audience is clearly communicated.                           

European Accounting Review is currently abstracted and indexed in:

ABI/Inform; EBSCO (Business Source Corporate, Business Source Elite, Business Source Premier, TOC Premier); Economic Literature Database; Emerald Abstracts (Emerald Management Reviews);IBSS; IBZ; ISI - Social Science Citation Index (SSCI); OCLC ArticleFirst Database and OCLC FirstSearch Electronic Collections Online; Scopus; Swets Information Services; and Thomson Gale.

European Accounting Association and our publisher Taylor & Francis make every effort to ensure the accuracy of all the information (the "Content") contained in our publications. However, European Accounting Association and our publisher Taylor & Francis, our agents, and our licensors make no representations or warranties whatsoever as to the accuracy, completeness, or suitability for any purpose of the Content. Any opinions and views expressed in this publication are the opinions and views of the authors, and are not the views of or endorsed by European Accounting Association and our publisher Taylor & Francis. The accuracy of the Content should not be relied upon and should be independently verified with primary sources of information. European Accounting Association and our publisher Taylor & Francis shall not be liable for any losses, actions, claims, proceedings, demands, costs, expenses, damages, and other liabilities whatsoever or howsoever caused arising directly or indirectly in connection with, in relation to, or arising out of the use of the Content. Terms & Conditions of access and use can be found at http://www.tandfonline.com/page/terms-and-conditions .

点击阅读原文，进入《European Accounting Review》主页！                               

European Accounting Review

Volume 29, Issue 1

（March 2020）

1

目录

[1]. Disclosure Transparency and Disagreement Among Economic Agents: The Case of Goodwill Impairment

Andreicovici Ionela, Jeny Anne, Lui Daphne

[2]. Annual Report Narratives and the Cost of Equity Capital: U.K. Evidence of a U-shaped Relation

Athanasakou  Vasiliki, Eugster Florian, Schleicher Thomas, Walker  Martin

[3].Informational Content and Assurance of Textual Disclosures: Evidence on Integrated Reporting

Caglio Ariela, Melloni Gaia, Perego Paolo

[4].10-K Disclosure of Corporate Social Responsibility and Firms' Competitive Advantages

Cannon James N., Ling Zhejia, Wang Qian,

[5]. Can the Balanced Scorecard Help in Designing Conference Calls? The Effect of Balanced Information Composition on the Cost of Capital

Firk Sebastian, Hennig Jan C., Wolff Michael

[6].Readability of Narrative Disclosures in 10-K Reports: Does Managerial Ability Matter?

Hasan Mostafa Monzur

[7].Relative Emphasis on Non-GAAP Earnings in Conference Calls: Determinants and Market Reaction

Henry Elaine, Hu Nan, Jiang Xi

2

摘要

01

 Disclosure Transparency and Disagreement Among Economic Agents: The Case of Goodwill Impairment 

Andreicovici Ionela

Frankfurt School of Finance and Management, Frankfurt, Germany

Jeny Anne

Business School, Cergy-Pontoise, France

Lui Daphne

Business School, Cergy-Pontoise, France

Abstract：We examine whether more transparent disclosure about goodwill impairment tests conveys useful information to sell-side analysts about the parameters used in the complex and often opaque impairment testing process. Drawing on a sample of European companies from 2006 to 2014, we construct a unique dataset on the transparency of goodwill impairment disclosure and develop two analyst disagreement measures by extracting analysts' opinions about firms' impairment decisions in brokers' reports. We show that the level of disclosure transparency is negatively associated with both disagreement among analysts, a proxy for information uncertainty, and disagreement between analysts and managers, a proxy for information asymmetry. Further, we find that discount-rate-related disclosure transparency is associated with both types of analyst disagreement, while cash-flow-related disclosure transparency is associated with disagreement between analysts and managers only. Our paper speaks to the usefulness of goodwill impairment test disclosures to analysts, while also highlighting that opportunistic and boilerplate disclosure by some firms hampers the ability to resolve information asymmetry and information uncertainty.

Keywords: Corporate Disclosure Disagreement, Goodwill Impairment, Sell-side Analysts.

02

Annual Report Narratives and the Cost of Equity Capital: U.K. Evidence of a U-shaped Relation 

Athanasakou Vasiliki

Sobey School of Business, Saint Mary's University, Halifax, Nova Scotia, Canada

Eugster Florian

Department of Accounting, Stockholm School of Economics, Stockholm, Sweden

Schleicher Thomas

Alliance Manchester Business School, Manchester, UK

Walker Martin

Alliance Manchester Business School, Manchester, UK.

Abstract：We hypothesize and test for a U-shaped relation between the cost of equity capital and the level of disclosure in annual report narratives. Using a computer-generated word-count-based index of the level of disclosure in U.K. annual report narratives, we document a negative relation with the cost of equity capital at low levels of disclosure, and a positive relation at higher levels of disclosure, together implying the presence of an optimal level of disclosure. We interpret the positive relation at higher levels of disclosure as evidence of uninformative clutter increasing the cost of equity capital. Additional analyses indicate the presence of both firm-level learning and regulatory corporate reporting initiatives as factors shaping adjustments towards optimum levels of disclosure.

Keywords:  Clutter, Disclosure Optimum, Learning Effects, Narratives

03

Informational Content and Assurance of Textual Disclosures: Evidence on Integrated Reporting

Caglio Ariela

Department of Accounting, Bocconi University – SDA, Bocconi, Italy

Melloni Gaia

Department of Accounting, HEC Lausanne – University of Lausanne, Lausanne, Switzerland

Perego Paolo

Faculty of Economics & Management, Free University of Bolzano-Bozen, Bolzano, Italy

Abstract： This paper examines the economic benefits associated with textual attributes and the external assurance of integrated reporting (IR), an innovative form of corporate disclosure that connects financial and environmental, social and governance (ESG) information in a single report. We investigate the setting of South Africa, where IR has been mandatory since 2010 for listed companies. We find that IR readability is associated with a higher market valuation, conciseness with higher stock liquidity and tone bias with less dispersed analysts' estimates. Results suggest that market participants appreciate IRs that are readable, short and focused, as well as hint at tone management strategies targeting analysts. We also show that assurance on IR moderates the negative effects of poor textual attributes: if firms publish IRs that are difficult to read but assure them, this compensates for the negative influence of reading difficulty on a market value; if long IRs are assured, this dampens the negative effect of verbosity on liquidity; if firms assure IRs, analysts' forecast dispersion is lower, therefore suggesting that assurance acts as a credibility-enhancing mechanism for external users. Finally, we show that textual attributes and assurance matter for broader audiences interested in the ESG dimensions of a firm's performance.

Keywords: Assurance,Capital market effects, Integrated reporting,Textual analysis.

04

10-K Disclosure of Corporate Social Responsibility and Firms' Competitive Advantages

Cannon James N.

School of Accountancy, Jon M. Huntsman College of Business, Utah State University, Logan, UT, USA

Ling Zhejia

Department of Accounting, Debbie and Jerry Ivy College of Business, Iowa State University, Ames, IA, USA

Wang Qian

Department of Accounting, Debbie and Jerry Ivy College of Business, Iowa State University, Ames, IA, USA

Abstract： In this paper, we offer evidence that disclosure of corporate social responsibility (CSR) in the 10-K provides information about firms' competitive advantages. We create a textual measure of CSR disclosure that aggregates CSR keywords found in 10-Ks. We measure firms' competitive advantages by using levels of and persistence of industry-adjusted gross margin; selling, general, and administrative (SG&A) margin; and operating margin. We first show that 10-K CSR disclosure intensity is associated with lower levels of gross margin but higher SG&A margin. We then observe that firms with more CSR keywords in their 10-Ks maintain more persistent above-industry-median gross and operating margins. Upon sorting our full set of 10-K CSR keywords into three subcategories (philanthropy, business practice, and product), we find that the intensities of disclosure in these CSR subcategories have associations with varying competitive advantages.

Keywords:  Competitive advantage, Corporate social responsibility, Non-financial disclosure, Operating performance.

05

Can the Balanced Scorecard Help in Designing Conference Calls? The Effect of Balanced Information Composition on the Cost of Capital 

Firk Sebastian

Department of Accounting, University of Groningen, Groningen, Netherlands

Hennig Jan C.

Chair of Management and Control, University of Goettingen, Goettingen, Germany

Wolff Michael 

Chair of Management and Control, University of Goettingen, Goettingen, Germany

Abstract： Most recent studies on conference calls focus on the costs for firms that can arise from the calls' open nature. We study the benefits of conference calls and hypothesize that firms could use the balanced scorecard concept as a framework for presenting the information (i.e. balanced information composition) in conference calls to lower the cost of capital. Our results show a negative association between a more balanced information composition in conference calls and a firm's cost of capital. Additional tests substantiate that the effect of such a balanced information composition on the cost of capital is driven by a reduction in information asymmetry. Overall, the findings suggest that firms can benefit from the balanced scorecard concept by using it as a framework for preparing their conference calls.

Keywords: Balanced Scorecard, Cost of Capital, Earnings Conference Calls, Textual Analysis.

06

Readability of Narrative Disclosures in 10-K Reports: Does Managerial Ability Matter?

Hasan Mostafa Monzur

School of Economics and Finance, Curtin University, Perth, Australia

Abstract： This study examines the association between managerial ability and the readability of narrative disclosures in 10-K reports. Using a large US sample from 1994 to 2015, we find that managerial ability is significantly positively associated with the readability of narrative disclosures in 10-K reports. We also find that this association is more pronounced for firms with high levels of profitability. In addition, firms' financial performance mediates the association between managerial ability and the readability of 10-K reports. Further analysis shows that the association was more pronounced before the implementation of the plain English disclosure rules. These results are robust to alternative specifications of managerial ability, 10-K report readability, and the endogeneity concern. Overall, findings from this study suggest that managerial ability matters for improving the readability of corporate disclosures.

Keywords:  10-K reports, Managerial ability, Readability.

07

Relative Emphasis on Non-GAAP Earnings in Conference Calls: Determinants and Market Reaction

Henry Elaine

Stevens Institute of Technology, Hoboken, NJ, USA

Hu Nan

Xi'an Jiaotong University, Xi'an, People's Republic of China.

Jiang Xi

Stevens Institute of Technology, Hoboken, NJ, USA

Abstract： We use textual analysis to examine whether non-GAAP earnings receive greater emphasis than GAAP earnings in the conference calls that accompany earnings announcements. We measure relative emphasis, i.e. prominence, based on the first appearance or frequency of GAAP and non-GAAP earnings per share (EPS) dollar amounts in the transcripts of conference calls. To complement our analysis of relative emphasis on non-GAAP earnings, we measure general non-GAAP content using frequency counts of keywords. We find that firms place greater relative emphasis on non-GAAP earnings and include more general non-GAAP content when the non-GAAP results exceed the GAAP results, when the non-GAAP results achieve a benchmark that the GAAP results missed, and when the firm's GAAP earnings are less value-relevant. We find somewhat weak evidence that impression-management motivation is the dominant explanation for greater relative emphasis on non-GAAP earnings but not for general non-GAAP content. Overall, the construct and measurement of relative emphasis on non-GAAP earnings and general non-GAAP content differ, but results indicate they are complements in explaining the market response to earnings conference calls.

Keywords:  Conference calls, Disclosure emphasis, Non-GAAP, Text mining.

声明：本文资料来源于网络，版权归原作者和原杂志所有。传播学术成果，见证学术力量，会计学术联盟在行动，感谢社会各界的支持与厚爱！

★学术板块荣誉出品★

整理：葛格 福建师范大学研究生
审核人：管考帅 山东政法学院本科生编辑：胡晗芳 云南民族大学研究生审核：张婷 中国矿业大学研究生副主编：孙玥  宁夏大学研究生指导：水皮/李高波   北京交通大学博士生

以上就是本期“学术快报”栏目分享的主要内容。会计学术联盟，全球超过11万会计金融学者在关注，不忘初心：因缘分相聚，因互助成长，因智慧光华；牢记使命：传播会计前辈思想，引领青年一代成长。

往期回顾：

想与财务总监、全球会计博士、会计教师交流，会计学院长/系主任交朋友？欢迎有缘人联系盟小二(微信13717527221)，加好友请注明：姓名+学历+职称+职务+单位，符合条件的，将被邀请进群。

点击阅读原文，进入《European Accounting Review》主页！                               

喜欢点这里哟👇