بررسی رابطه بین ارزیابی و استفاده نظارتی از اطلاعات حسابداری
خلاصه
کلید واژه ها
طبقه بندی JEL
1. مقدمه
2. استفاده از ارزیابی و سرپرستی اطلاعات حسابداری
3. مدل تجربی و ساخت نمونه
4. نتایج
5. بحث و نتیجه گیری
اعلامیه منافع رقابتی
سپاسگزاریها
منابع
Abstract
Keywords
JEL classification
1. Introduction
2. Valuation and stewardship uses of accounting information
3. Empirical model and sample construction
4. Results
5. Discussion and conclusion
Declaration of Competing Interest
Acknowledgements
References
Abstract
While there is scarce empirical research on the relationship between valuation and stewardship uses of accounting information, existing studies on the basis of US data show a positive relationship. Motivated by recent analytical literature which suggests a context-specific relationship, our study analyzes the relationship between valuation and stewardship uses in a non-US-setting, using data from German listed firms from 2006 to 2015. In line with prior US studies, we find a positive relationship for Chief Executive Officer (CEO) compensation in univariate analyses. However, the relationship does not remain positive when considering firms’ extent of free float in multivariate analyses, which suggests that firms’ governance structures affect the relationship. For non-CEO management board members’ compensation, we find no significant valuation/stewardship relationship in univariate and multivariate analyses. This finding might reflect differences in managerial characteristics, such as risk aversion, between CEOs and non-CEO board members. Highlighting the role of firm and managerial characteristics, our study offers more nuanced empirical insights into the relationship of valuation and stewardship uses. Our findings also raise doubts on whether the normative statement that valuation encompasses stewardship usefulness made by the International Accounting Standards Board (IASB) in its recent conceptual frameworks has empirical substance.