The objective of this study is to examine the value relevance of accounting information in explaining stock return. The study uses profitability, liquidity, leverage, market ratio, size and cash flow as proxies of acc...The objective of this study is to examine the value relevance of accounting information in explaining stock return. The study uses profitability, liquidity, leverage, market ratio, size and cash flow as proxies of accounting information. Cumulative abnormal return and market adjusted return are used as stock return variables. The samples of the study are listed companies in manufacturing industries that actively trading between 2003-2006 in Indonesia Stock Market. The study finds that profitability, turnover and market ratio has significant impact to the stock return. The result consistent with previous studies Hobart （2006）, Utama and Santoso （1998） and Restraningsih （2007）.展开更多
Using China A-shares capital market data of 2002-2005, this paper supports the conclusion that client importance is negatively associated with audit quality. Further, we partition the sample into Big 4 and Non-Big 4. ...Using China A-shares capital market data of 2002-2005, this paper supports the conclusion that client importance is negatively associated with audit quality. Further, we partition the sample into Big 4 and Non-Big 4. In subgroup of Non-Big 4, client importance is negatively associated with audit quality statistically. However, this association isn＇t statistically significant in Big 4 subgroup. The conclusion is significant for the development of CPA finns.展开更多
There are 9.56 million accountants in China, who are working in different size firms and nonprofit organizations. The objective of this article is to examine the quantitative relationship between the firm size and the...There are 9.56 million accountants in China, who are working in different size firms and nonprofit organizations. The objective of this article is to examine the quantitative relationship between the firm size and the quantity of accountants working for the firm. In this paper, the employees, sales revenues, and total assets in a firm are employed to measure firm size. The authors collect and analyze the data of 436 listed firms from the Chinese Shenzhen Stock Exchange. The result of this study indicates there is a positive relationship between the firm size and the quantity of accountants employed by the firm. The study also establishes the multiple regression equation, which can be used to predict the quantity of accountants of listed firms. And it provides a way to predict the quantity of accountants of legal organizations.展开更多
The world entrepreneurial scenery, being under constant evolution because of globalization and the current international crisis, has changed corporate competition, requiring companies to meet such key-factors to succe...The world entrepreneurial scenery, being under constant evolution because of globalization and the current international crisis, has changed corporate competition, requiring companies to meet such key-factors to success as increased organizational flexibility and innovative development of their structures and products. Thus ＂NTBF＂ （New Technology Based Firms） are increasingly developing, that are able to act both as a major player in the innovation process, and as a link between the market and the production world and that need not only venture capital to cope with the large initial investment, but also such figures that, with their leadership qualities, are able to anticipate the market development. As a result, the emergence of the knowledge society has increasingly driven companies to search for new business figures, playing both the role of financing partners and of valuable support to the entrepreneur in running a business. Such distinguishing characteristics appear to be peculiar to the figure of the business angel that, thanks to the know-how and international contacts, acts not only as a simple partner but also as a leading force within the company, who is able to simplify the decision process of the business and drive it to plan profitable investment and winning strategies. Therefore, the present work is aimed at understanding how such a figure is crucial to the development of new companies operating in emerging economies being, as well, technologically advanced, as it is the case for Estonia, which is called the ＂Silicon Valley of the Baltic Sea＂. Thus, the work will first focus on the functions, organization and the benefits resulting from the involvement of business angels and, secondly, on the reasons why this figure is preferable to other operators involved in venture capital, namely venture capitalists. Finally, the good practices implemented in Europe by the various associations of business angels will be analyzed, paying particular attention to the Italian context, in order to consider the opportunity to develop, even in the Baltic Republics area, a similar institution being able to ensure, by promoting contact between entrepreneurs and business angels, the proper development of businesses, especially starting-up companies.展开更多
The aim of this work is to analyze the critical issues related to stock options accounting granted to employees. Given the different ways to collect stock option plans, it follows that according to the accounting trea...The aim of this work is to analyze the critical issues related to stock options accounting granted to employees. Given the different ways to collect stock option plans, it follows that according to the accounting treatment adopted, it changes the financial reporting of stock option plans, and thus the information communicated to stakeholders and markets in general. The examination of the accounting treatment of stock options starts from the study of legal changes relating to the stock options and various criteria suggested will be presented for the evaluation of the options and for detection of their cost in the financial statements of companies （Guay, Kothari, ＆ Sloan, 2003）. After the analysis of international accounting standards issued by the International Accounting Standards Board （IASB） on the subject, specifically the ＂IFRS 2＂, we can state that they had a strong impact on Italian companies （Ciampaglia, 2008）. The central aspect of the study, however, consists of an analysis of the market effects of accounting for the cost associated with the issuance of stock option plans （Cerri ＆ Sottoriva, 2010）. Budgeted costs relating to the adoption of stock option plans granted to employees change the measures of economic performance of the enterprise, such as return on investment （ROI） and return on equity （ROE）, with significant effects on the evaluation of the economic capital of the company. A company that does not account for costs related to stock option plans recorded a best exercise, but it could distort the valuation of fmancial analysts （Tagliavini, 2000）. Finally, it can be observed that the proper accounting of costs associated with stock options is a prerequisite for the comparability of financial statements of companies that grant, and it is therefore necessary to adequately reflect the value of the company.展开更多
文摘The objective of this study is to examine the value relevance of accounting information in explaining stock return. The study uses profitability, liquidity, leverage, market ratio, size and cash flow as proxies of accounting information. Cumulative abnormal return and market adjusted return are used as stock return variables. The samples of the study are listed companies in manufacturing industries that actively trading between 2003-2006 in Indonesia Stock Market. The study finds that profitability, turnover and market ratio has significant impact to the stock return. The result consistent with previous studies Hobart （2006）, Utama and Santoso （1998） and Restraningsih （2007）.
文摘Using China A-shares capital market data of 2002-2005, this paper supports the conclusion that client importance is negatively associated with audit quality. Further, we partition the sample into Big 4 and Non-Big 4. In subgroup of Non-Big 4, client importance is negatively associated with audit quality statistically. However, this association isn＇t statistically significant in Big 4 subgroup. The conclusion is significant for the development of CPA finns.
文摘There are 9.56 million accountants in China, who are working in different size firms and nonprofit organizations. The objective of this article is to examine the quantitative relationship between the firm size and the quantity of accountants working for the firm. In this paper, the employees, sales revenues, and total assets in a firm are employed to measure firm size. The authors collect and analyze the data of 436 listed firms from the Chinese Shenzhen Stock Exchange. The result of this study indicates there is a positive relationship between the firm size and the quantity of accountants employed by the firm. The study also establishes the multiple regression equation, which can be used to predict the quantity of accountants of listed firms. And it provides a way to predict the quantity of accountants of legal organizations.
文摘The world entrepreneurial scenery, being under constant evolution because of globalization and the current international crisis, has changed corporate competition, requiring companies to meet such key-factors to success as increased organizational flexibility and innovative development of their structures and products. Thus ＂NTBF＂ （New Technology Based Firms） are increasingly developing, that are able to act both as a major player in the innovation process, and as a link between the market and the production world and that need not only venture capital to cope with the large initial investment, but also such figures that, with their leadership qualities, are able to anticipate the market development. As a result, the emergence of the knowledge society has increasingly driven companies to search for new business figures, playing both the role of financing partners and of valuable support to the entrepreneur in running a business. Such distinguishing characteristics appear to be peculiar to the figure of the business angel that, thanks to the know-how and international contacts, acts not only as a simple partner but also as a leading force within the company, who is able to simplify the decision process of the business and drive it to plan profitable investment and winning strategies. Therefore, the present work is aimed at understanding how such a figure is crucial to the development of new companies operating in emerging economies being, as well, technologically advanced, as it is the case for Estonia, which is called the ＂Silicon Valley of the Baltic Sea＂. Thus, the work will first focus on the functions, organization and the benefits resulting from the involvement of business angels and, secondly, on the reasons why this figure is preferable to other operators involved in venture capital, namely venture capitalists. Finally, the good practices implemented in Europe by the various associations of business angels will be analyzed, paying particular attention to the Italian context, in order to consider the opportunity to develop, even in the Baltic Republics area, a similar institution being able to ensure, by promoting contact between entrepreneurs and business angels, the proper development of businesses, especially starting-up companies.
文摘The aim of this work is to analyze the critical issues related to stock options accounting granted to employees. Given the different ways to collect stock option plans, it follows that according to the accounting treatment adopted, it changes the financial reporting of stock option plans, and thus the information communicated to stakeholders and markets in general. The examination of the accounting treatment of stock options starts from the study of legal changes relating to the stock options and various criteria suggested will be presented for the evaluation of the options and for detection of their cost in the financial statements of companies （Guay, Kothari, ＆ Sloan, 2003）. After the analysis of international accounting standards issued by the International Accounting Standards Board （IASB） on the subject, specifically the ＂IFRS 2＂, we can state that they had a strong impact on Italian companies （Ciampaglia, 2008）. The central aspect of the study, however, consists of an analysis of the market effects of accounting for the cost associated with the issuance of stock option plans （Cerri ＆ Sottoriva, 2010）. Budgeted costs relating to the adoption of stock option plans granted to employees change the measures of economic performance of the enterprise, such as return on investment （ROI） and return on equity （ROE）, with significant effects on the evaluation of the economic capital of the company. A company that does not account for costs related to stock option plans recorded a best exercise, but it could distort the valuation of fmancial analysts （Tagliavini, 2000）. Finally, it can be observed that the proper accounting of costs associated with stock options is a prerequisite for the comparability of financial statements of companies that grant, and it is therefore necessary to adequately reflect the value of the company.
