Analysis of financial statements comparability of keeping operational cash
DOI:
https://doi.org/10.20397/2177-6652/2020.v20i0.1758Palavras-chave:
Financial report quality, comparability, financial provision and organizational ownership limitationResumo
The information flow is a key parameter in an economic activity and operates as a main criteria in the creation, stability and efficiency of asset markets. The goal of this study is the analysis of financial statements comparability of keeping operational cash. to achieve this, the data related to the accepted companies in securities exchanges from 1388 to 1396 were extracted and the combinational data regression model was used to test the study hypothesis. Study results show that the equality of financial report, comparability and the financial provision limitation have a meaningful effect on keeping operational cash. on the other hand, the effect of organizational ownership on keeping cash is not confirmed. In the end, the results indicate that keeping cash is a function of comparability and liquidity changes caused by financial report quality changes and has the ability of swing comparing.
Referências
BadAvar Nahandy, y, Taghizade Khangah and... 1396. The effect of paying shares’ profit and maintaining the bad new on the danger of share price reduction while emphesizing on the information asymmetry, the seasonal magazine of accounting analysis, 24(1), 19-40.
Pourzamani, z. And mansouri, F. 1394. The effect of exposure, being conservative and their mutual relationship on the normal share asset costs. Financial accounting researches. 7(25),79-96.
Roudposhti guide, F, and Kilifred, H. R., Lac, F. 1394. The accounting style and the comparability of financial states. The seasonal magazine of management accounting, 8(25), 29-47.
Fakhari, H, Rezaii Pine Noei, E. Presenting a model for the evaluation of the company’s information environment 1396.
Forougi, D. Ghasemzad, P. 1395. The effect of comparability on the financial faces. Financial accounting Researches, 8(1), 39-54
Mehrvarz, F, Marfou’, M. 1395. The relationship between the comparability of financial faces and spreadin the awareness of share prices regarding future benefits. The seasonal magazine of management accounting, 12(49), 83-110.
Nabat doost, <. H. Mohammadzade Salete, H 1395. Analysis of the accounting quality on the comparability of financial states in the confirmed companies of Tehran. Accounting science seasonal magaze, 16(62), 159-176.
Akins, B., Ng, J and Verdi, R. (2012); “Investor competition over information and the pricing of information asymmetry”, The Accounting Review, Vol. 87 No. 1, pp.35–58.
Armstrong, C., J. Core, D. Taylor, and R. Verrecchia. 2011. When does information asymmetry affect the cost of capital? Journal of Accounting Research 49 (1): 1 -40.
Biddle, G., Hilary, G. Verdi, R.S. 2010. How does financial reporting quality relate to investment efficiency?, Journal of Accounting and Economics, 49(1-2), 58-74.
Botosan, C., and M. Plumlee, 2002, A re-examination of disclosure level and the expected cost of equity capital, Journal of Accounting Research, 40(1), 21–40.
Brown, S. & Hillegiest, S. A. 2007. "How Disclosure Quality Affects the Level of Information Asymmetry". Review of Accounting Studies. 12: 443 -477.
Chang, E., Lin, T., Ma, X., 2014. Governance through trading and corporate investment decisions. Working paper, University of Hong Kong.
Chang, E., Lin, T., Ma, X., 2014. Governance through trading and corporate investment decisions. Working paper, University of Hong Kong.
Chen, C., Xiumin M., Roychowdhury, S., Xin W., and Matthew, B. 2016. Clarity Begins at Home: Internal Information Asymmetry and External Communication Quality. Forthcoming the Accounting Review.
Choi, J.-H., Choi, S., Myers, L. & Ziebart, D. 2014. Financial Statement Comparability and the Ability of Current Stock Returns to Reflect the Information in Future Earnings, available at: http://ssrn.com/abstract= 2337571.
De Franco, G., Kothari, S., Verdi, R. 2011. The benefits of financial statement comparability. Journal of Accounting Research, 49 (4), 895–931.
Diamond, D., and R. Verrecchia. 1991. Disclosure, liquidity and the cost of capital. Journal of Finance 46 (4): 1325 -1359.
Dou, Y., Hope, O., Thomas, W., Zou, Y., 2015. Blockholder exit threats and financial reporting quality. Working paper, University of Toronto.
Easley, D., and M. O’Hara. 2004. Information and the cost of capital. Journal of Finance 59 (4):1553-1583.
Fishman, M., and Hagerty, K. (1992) Insider trading and the e¢ ciency of stock prices, RAND Journal of Economics 23, 106-122.
Fu, R., Kraft, A. and Zhang, H. 2012. Financial reporting frequency, information asymmetry, andthe cost of equity, .Journal of Accounting and Economics, 54(2-3), 132-149.
Gomes, A., G. Gorton, and L. Madureira, 2006, SEC Regulation Fair Disclosure, Information, and the Cost of Capital, Working Paper: Washington University; University of Pennsylvania; Case Western Reserve University.
Kyle, A. 1985. Continuous auctions and insider trade. Econometrica 53, 1315–1335.
Lambert, R., C. Leuz, and R. Verrecchia. 2012. Information asymmetry, information precision, and the cost of capital. Review of Finance (forthcoming).
LAMBERT, R., AND R. VERRECCHIA. 2010. “Cost of Capital in Imperfect Competition Settings.” Working paper, University of Pennsylvania.
Lauri, A. 2003. Asymmetric Information : Theory and Applications. Tu-91.167 Seminar in Strategy and International Business.
Leuz, C., and R. Verrecchia. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38 (Supplement): 91 -124.
Levitt, A., 1998, The Importance of High Quality Accounting Standards, Accounting Horizons 12, 79-82.
Lin Tsui-Jung, Yi-Pei Chen b , Han-Fang Tsai. 2017. The relationship among information asymmetry, dividend policy and ownership structure. Finance Research Letters 20 .
Lundholm, R. and L. Myers (2002). "Bringing the future forward: The effect of disclosure on the returnsearnings relation". Journal of Accounting Research 40(3): pp 809.
Merton, R., 1987, A Simple Model of Capital Market Equilibrium With Incomplete Information, Journal of Finance 43, 483-510.
Michael J Imhof, Scott E. Seavey, and David B. Smith (2017) Comparability and Cost of Equity Capital. Accounting Horizons: June 2017, Vol. 31, No. 2, pp. 125 -138.
Sohn, B. C. 2016. The effect of accounting comparability on the accrual-based and real earnings management. Journal of Accounting and Public Policy,35(5), 513–539.
Stiglitz L. 2003. Estimating the components of the bid/ask spread. Journal of Financial Economics 21 (1): 123 -142.
Stiglitz L. 2004. Bid, ask, and transaction prices in a specialist market with hetergeneously informed traders. Journal of Financial Economics 14 (1): 71 -100.
Van Buskirk, A. 2012. Disclosure frequency and information asymmetry. Review of Quantitative Finance and Accounting, 38, 411–440.
Cohen, D., 2008, Does Information Risk Really Matter? An Analysis of the Determinants and Economic Consequences of Financial Reporting Quality, Asia Pacific Journal of Accounting and Economics 15, 69-90.
Verrecchia, R. 2001. Essays on disclosure. Journal of Accounting and Economics, 32, 97-180.
Downloads
Publicado
Como Citar
Edição
Seção
Licença
Copyright (c) 2020 Revista Gestão & Tecnologia
Este trabalho está licenciado sob uma licença Creative Commons Attribution-NonCommercial 4.0 International License.
Os direitos, inclusive os de tradução, são reservados. É permitido citar parte de artigos sem autorização prévia desde que seja identificada a fonte. A reprodução total de artigos é proibida. Em caso de dúvidas, consulte o Editor.
