تاثیرات بازار محصول در مورد پذیرش IFRS
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تاثیرات بازار محصول در مورد پذیرش IFRS

عنوان فارسی مقاله: تاثیرات بازار محصول در مورد پذیرش IFRS
عنوان انگلیسی مقاله: Product market effects of IFRS adoption
مجله/کنفرانس: مجله حسابداری و سیاست عمومی - Journal of Accounting and Public Policy
رشته های تحصیلی مرتبط: حسابداری
گرایش های تحصیلی مرتبط: حسابداری مالی
کلمات کلیدی فارسی: قوانین گزارشگری مالی، رقابت بازار محصول
کلمات کلیدی انگلیسی: Financial reporting regulation، Product market competition
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus - Master Journal List - JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.jaccpubpol.2018.09.004
دانشگاه: University of Nebraska-Lincoln, College of Business, P.O. Box 880488, Lincoln, NE 68588-0488, USA
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2018
ایمپکت فاکتور: 2/093 در سال 2017
شاخص H_index: 58 در سال 2019
شاخص SJR: 0/910 در سال 2017
شناسه ISSN: 0278-4254
شاخص Quartile (چارک): Q1 در سال 2017
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 26
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
کد محصول: E11110
فهرست انگلیسی مطالب

Abstract


1- Introduction


2- Related literature and hypotheses development


3- Sample selection and research design


4- Results


5- Conclusion


References

نمونه متن انگلیسی مقاله

Abstract


Prior literature finds that International Financial Reporting Standards (IFRS) adopters enjoy lower financing costs subsequent to IFRS adoption. We predict and find that mandatory IFRS adopters exploit lower financing costs to increase market share vis-à-vis non-adopters. This effect is robust across several different model specifications in a sample capturing the universe of public and private firms in the EU, in a matched sample of public and private firms, and in a public firm sample comparing mandatory and voluntary IFRS adopters. We further find that IFRS is associated with an increase (decrease) in industry sales concentration (competition), consistent with large public firms increasing market share. In supplemental analyses, we find that mandatory adopters issue more equity and debt after IFRS adoption and that larger market share gains accrue to those mandatory IFRS adopters that issue more equity and debt after IFRS adoption. Overall, we provide evidence of unintended product market consequences of IFRS adoption.


Introduction


The purpose of this paper is to examine the association between a change in financial reporting and public firms’ market share. We exploit the mandatory adoption of International Financial Reporting Standards (IFRS) and concurrent enforcement changes in the European Union (EU) as an exogenous change in financial reporting for public firms and find that this change is associated with an increase in IFRS firms’ market share vis-à-vis non-adopters. Based on evidence that information quality improves access to financing and that firm liquidity affects the product market, we predict and find that public firms’ market share increases after IFRS adoption. Our investigation responds to a call by Leuz and Wysocki (2016, p. 108) to provide “more evidence on the real and indirect effects of disclosure and reporting regulation, for example, with respect to corporate behavior, competition, and innovation.” This study also adds to a growing literature on the real effects of financial reporting improvements, which include multinational corporation investment decisions (Shroff et al., 2014), managers’ investment efficiency (Loureiro and Taboada, 2015) and investor allocation decisions (DeFond et al., 2012; Lawrence, 2013). Most relevant to our setting is recent evidence highlighting fewer financing frictions for adopting firms following IFRS and concurrent regulatory events (e.g., (Florou and Kosi, 2015; Naranjo et al., 2018).

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