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Details van artikel 133 van 166 gevonden artikelen
| Titel: |
The contractual and value relevance of reported earnings in a dividend-focused environment |
| Auteur: |
Cormier, Denis Magnan, Michel Morard, Bernard |
| Verschenen in: |
European accounting review |
| Paginering: | Jaargang 9 (2000) nr. 3 pagina's 387-417 |
| Jaar: |
2000-09-01 |
| Inhoud: |
This study investigates the relevance of reported earnings in the context of an institutional environment, i.e., Switzerland, in which investors focus on dividends. In conjunction with a dividend focus, the financial reporting environment faced by Swiss firms provides their managers with more accounting discretion than managers of Anglo-Saxon firms typically have. From a contractual perspective, dividendbased earnings management is expected since Swiss corporate law explicitly states that dividends, which must be voted on by stockholders, are to be based upon a firm's reported earnings. From a value perspective, thin trading conditions and a long-term investment horizon are expected to increase the importance of dividend payments and to influence the informativeness of reported earnings. Results indicate that Swiss managers do engage in dividend-based earnings management, that earnings quality signals are used by managers to voluntarily constrain their accounting choices and that the value relevance of earnings is conditional upon dividend payments. |
| Uitgever: |
Routledge |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 133 van 166 gevonden artikelen
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