حسابداری ارزش واقعی و دارایی های نقدی شرکت
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حسابداری ارزش واقعی و دارایی های نقدی شرکت

عنوان فارسی مقاله: حسابداری ارزش واقعی و دارایی های نقدی شرکت
عنوان انگلیسی مقاله: Fair value accounting and corporate cash holdings
مجله/کنفرانس: پیشرفت در حسابداری – Advances in Accounting
رشته های تحصیلی مرتبط: حسابداری، اقتصاد، مدیریت
گرایش های تحصیلی مرتبط: حسابداری مالی، اقتصاد مالی، مدیریت مالی
کلمات کلیدی فارسی: حسابداری ارزش واقعی، کد گذاری استانداردهای حسابداری ۸۲۰، ورودی های ارزشمند، دارایی های نقدی شرکت ها
کلمات کلیدی انگلیسی: Fair value accounting, Accounting Standards Codification 820, Fair value inputs, Corporate cash holdings
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.adiac.2017.12.002
دانشگاه: Collins College of Business – University of Tulsa – United States
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2018
ایمپکت فاکتور: 0.672 در سال 2017
شاخص H_index: 20 در سال 2019
شاخص SJR: 0.277 در سال 2017
شناسه ISSN: 0882-6110
شاخص Quartile (چارک): Q3 در سال 2017
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 13
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
کد محصول: E6732
فهرست انگلیسی مطالب

Abstract


1- Introduction


2- Literature review and hypothesis development


3- Research design


4- Main results


5- Additional tests


6- Conclusion


Appendix 1


References

نمونه متن انگلیسی مقاله

Abstract


A trade-off often exists between relevance and reliability of accounting numbers. Prior research suggests that fair value accounting increases the relevance and decreases the reliability. The reduced reliability may lead to more agency conflicts. We predict a positive relation between the use of fair value inputs and the level of corporate cash holdings because prior research links more agency conflicts to a higher level of cash. We find that increased use of fair value inputs is associated with a higher level of cash holdings, and the results are mainly driven by Level 1 and Level 2 fair value inputs. In addition, we find that our results are stronger for firms with more-able managers.


Introduction


Fair value accounting has received tremendous attention in academic research since the early 2000s. In 2006, the Financial Accounting Standards Board, 2006 (FASB) issued a significant standard, Accounting Standards Codification 820, (ASC 820), Fair Value Measurement. ASC 820 requires that firms using fair value inputs (assets and liabilities) disclose fair value inputs by levels. Specifically, Level 1 fair value inputs have the highest level of measurement certainty, and Level 3 fair value inputs have the lowest level of measurement certainty. A large body of prior research documents that the use of fair value inputs increases the relevance (e.g., Song, Thomas, & Yi, 2010) and reduces the reliability of accounting numbers (e.g., Allen and Ramanna, 2013), suggesting a trade-off between relevance and reliability. Despite the surge of attention on fair value accounting, there is little empirical evidence on whether and how the use of fair value inputs relates to the level of corporate cash holdings. The purpose of this study is to examine the association between fair value inputs and corporate cash holdings. From the relevance-reliability trade-off perspective, if using fair value inputs reduces the reliability of accounting numbers, then investors may make wrong decisions because these numbers are less-credible and less-verifiable. In addition, a high level of managerial opportunistic or self-serving behavior is often involved in the use of fair value accounting (Watts, 2003). Both factors suggest that the reduced reliability may increase the agency conflicts between investors and managers. Thus, we argue that a positive association may exist between the use of fair value inputs and cash holdings because prior research (e.g., Oper, Pinkowitz, Stulz, and Williamson, 1999; Dittmar, MahrtSmith, & Servaes, 2003; Kalcheva & Lins, 2007) suggests that firms with more agency conflicts hold more cash.

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