Alternative Performance Measures: Determinants of Disclosure Quality - Evidence from Germany

被引:7
作者
Jana, Stephanie [1 ]
McMeeking, Kevin [2 ,3 ]
机构
[1] ESCP Berlin, Dept Financial Reporting & Audit, Berlin, Germany
[2] Univ Exeter, Dept Finance & Accounting, Exeter, Devon, England
[3] Univ Brunel London, Sch Business, Business Accounting, London, England
关键词
disclosure quality; alternative performance measures; non-GAAP measures; pro forma financial measures; ESMA guidelines; NON-GAAP EARNINGS; INFORMATION ASYMMETRY; IMPRESSION MANAGEMENT; CORPORATE DISCLOSURE; AGENCY COSTS; RISK-FACTORS; FIRM; CONSEQUENCES; GOVERNANCE; RELEVANT;
D O I
10.1080/17449480.2020.1829655
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Alternative performance measures (APMs) might be used to improve the information environment or strategically to mislead the market. The recently introduced European Securities and Markets Authority APM guidelines are intended to enhance corporate financial disclosures. We analyse the disclosure quality and determinants of all types of APMs in management reports of German listed firms for two financial periods. Although the quantity of APM disclosures is extensive, it differs across firms' characteristics, and there is considerable room for improvement regarding disclosure quality. APM disclosure quality is positively associated with firm size and negatively associated with profitability. However, not all firms' characteristics can be applied per se as universal determinants of APM disclosure quality, and a distinction must be made between different types of APMs. For example, high ownership concentration is negatively associated particularly with the quality of profitability APMs. Firms' leverage is positively associated with the disclosure quality of non-profitability APMs.
引用
收藏
页码:102 / 142
页数:41
相关论文
共 115 条
[1]   On the 'Disclosure Initiative - Principles of Disclosure': The EAA Financial Reporting Standards Committee's View [J].
Abad, Cristina ;
Barone, Elisabetta ;
Gullkvist, Benita M. ;
Hellman, Niclas ;
Marques, Ana ;
Marton, Jan ;
Mason, Stephani ;
Menezes Silva, Ricardo Luiz ;
Morais, Ana ;
Gutierrez, Soledad Moya ;
Quagli, Alberto ;
Vysotskaya, Anna .
ACCOUNTING IN EUROPE, 2020, 17 (01) :1-32
[2]  
Afterman A. B., 2015, CPA J, V85
[3]  
AGYEIMENSAH BK, 2015, INT J ACCOUNTING FIN, V5, P188, DOI DOI 10.5296/IJAFR.V5I1.7267
[4]  
Ahmed K., 1999, BRIT ACCOUNT REV, V31, P35, DOI DOI 10.1006/BARE.1998.0082
[5]   An investigation of compliance with international accounting standards by listed companies in the Gulf Co-Operation Council member states [J].
Al-Shammari, Bader ;
Brown, Philip ;
Tarca, Ann .
INTERNATIONAL JOURNAL OF ACCOUNTING, 2008, 43 (04) :425-447
[6]   Pro forma disclosure and investor sophistication: External validation of experimental evidence using archival data [J].
Allee, Kristian D. ;
Bhattacharya, Nilabhra ;
Black, Ervin L. ;
Christensen, Theodore E. .
ACCOUNTING ORGANIZATIONS AND SOCIETY, 2007, 32 (03) :201-222
[7]   FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND PREDICTION OF CORPORATE BANKRUPTCY [J].
ALTMAN, EI .
JOURNAL OF FINANCE, 1968, 23 (04) :589-609
[8]  
[Anonymous], 2010, Management Commentary: A Framework for Presentation
[9]  
[Anonymous], 2013, Z OFFENTLICHES RECHT
[10]  
Aripin N., 2010, THESIS