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1 – 5 of 5Harold Lopez, Mauricio Jara and Adriana Cabello
The purpose of this paper is to analyze the impact of IFRS mandatory adoption on accounting conservatism and to shed light on the drivers of such impact.
Abstract
Purpose
The purpose of this paper is to analyze the impact of IFRS mandatory adoption on accounting conservatism and to shed light on the drivers of such impact.
Design/methodology/approach
Using a sample of listed firms for five Latin American countries, the authors analyze the relation between mandatory adoption of International Financial Reporting Standards and the conditional accounting conservatism of earnings.
Findings
The authors find evidence that IFRS adoption boosts earnings conservatism. This result is robust and heterogeneous. The results also show that the effect of IFRS differs across firms and countries. Specifically, the impact of IFRS adoption is higher for low-earnings-quality firms and for firms with high levels of investment opportunities.
Practical implications
The results suggest that IFRS adoption in Latin America has enhanced comparability of financial information both across and within countries.
Originality/value
This paper contributes to the literature by providing new evidence on the drivers of the impacts of IFRS adoption in emerging markets.
Propósito
Este artículo analiza el impacto de la adopción obligatoria de las Normas Internacionales de Información contable (IFRS o NIIF) en el conservadurismo contable y aclara los determinantes de dicho impacto.
Diseño/metodología/enfoque
Usamos una muestra de empresas listadas en cinco países latinoamericanos para analizar la relación entre la adopción obligatoria de IFRS y el conservadurismo contable condicional.
Resultados
Encontramos evidencia de que la adopción de IFRS aumenta el conservadurismo contable. Este resultado es robusto y heterogéneo. Nuestros resultados también muestran que el efecto de IFRS en conservadurismo difiere entre empresas y países. En particular, el impacto de IFRS es mayor para firmas con baja calidad contable y altos niveles de oportunidades de inversión.
Implicancias prácticas
Nuestros resultados sugieren que la adopción de IFRS en Latinoamérica fomentó la comparabilidad de los estados financieros tanto intra como entre países.
Originalidad/valor
Nuestro estudio contribuye a la literatura proveyendo evidencia nueva sobre los determinantes de los impactos de la adopción de IFRS en mercados emergentes.
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Mauricio Jara Bertin and José Tomás Arias Moya
The authors aim to analyze whether the adoption of IFRS accounting standards in Chilean capital markets affects the earnings conservatism of the firms that adopt them.
Abstract
Purpose
The authors aim to analyze whether the adoption of IFRS accounting standards in Chilean capital markets affects the earnings conservatism of the firms that adopt them.
Design/methodology/approach
Using a conditional earnings conservatism model, the authors compare the conservatism of the firms by periods of using or not using IFRS standards for a sample of 95 listed Chilean firms between 1999 and 2010.
Findings
The authors’ results show that conditional earnings conservatism is more pronounced under IFRS standards and suggest that the use of IFRS improves the relevance and reliability of the reported accounting information.
Originality/value
The authors provide new evidence from a Latin‐American emerging market and they shed some light on the potential effect of IFRS implementation for several Latin‐American countries that are in the on‐going process of convergence.
Propósito
Este artículo analiza si la adopción de las normas internacionales de información financiera (NIIF o IFRS) en el mercado de capitales chileno afecta el conservadurismo de las utilidades de las empresas que las adoptan.
Diseño/metodología/enfoque
Utilizando un modelo de conservadurismo condicional de las utilidades, se compara el conservadurismo de las empresas pre y post adopción de las normas IFRS para una muestra de 95 empresas que cotizan en el mercado de capitales chileno para el período entre 1999 y 2010.
Resultados
Los resultados obtenidos evidencian que el conservadurismo condicional en las utilidades es más pronunciado bajo la normativa IFRS y sugieren que el uso de IFRS mejora la relevancia y confiabilidad de la información contable reportada.
Originalidad
Se provee nueva evidencia para una economía emergente y algunas luces acerca del efecto potencial que el proceso de convergencia contable puede tener sobre la calidad de la información financiera para algunos países latinoamericanos.
Details
Keywords
- Accounting conservatism
- Asymmetric timeliness of earnings
- NIIF
- Annual stock returns
- Emerging market
- Quality of financial information
- Accounting
- Earnings
- Financial information
- conservadurismo contable
- reconocimiento asimétrico de las utilidades
- normas internacionales de información financiera
- rentabilidades anuales de los títulos
- economía emergente
- calidad de la información financiera
This issue sees the Emerald Group join the journal as a partner and includes five papers about innovation and two general pieces. The introduction to the theme of innovation…
Abstract
This issue sees the Emerald Group join the journal as a partner and includes five papers about innovation and two general pieces. The introduction to the theme of innovation reviews international and Latin American literature and analyzes Latin American patents in the USA. There is a study of university patents in Mexico from 1995 to 2009, as well as a case study of two new technology companies in Brazil and the positive role played in their development by a family conglomerate which filled the institutional voids around them. A data analysis is conducted on the dissemination of eight electronic products in the nine largest Latin American countries, and econometric studies look at agro‐industrial marketing in Chile. Another paper examines the effect of adopting new international accounting laws (IFRS) on the quality of information provided by companies in the Chilean market. Finally, the paper examines the influence of managerial perceptions on the strategic responses adopted by four Colombian organizations when facing a political crisis. This edition includes contributions from Chile, Colombia, Costa Rica, Spain, Mexico, Nicaragua and the UK.
Resumen
En este número el Grupo Editorial Emerald ha ingresado como socio a la revista. Se publican cinco artículos sobre innovación, más dos artículos de índole general. El artículo de introducción a innovaciones revisa la literatura internacional y latinoamericana y hace un análisis de las patentes latinoamericanas en Estados Unidos. Se presenta un estudio sobre las patentes universitarias en México 1995‐2009. Se estudian dos casos de nuevas empresas tecnológicas en Brasil, y el positivo papel que tuvo para su desarrollo un conglomerado familiar que compensó los vacíos institucionales del entorno. Se analizan los datos sobre la difusión de ocho productos electrónicos en los nueve mayores países latinoamericanos. Se realizan estudios econométricos sobre las innovaciones en mercadeo de negocios agroindustriales en Chile. Otro artículo trabaja el efecto de adoptar las nuevas normas contables internacionales (NIIF o IFRS) en la calidad de la información que emiten las empresas en el mercado chileno. Finalmente, un artículo estudia la influencia de la percepción gerencial sobre las respuestas estratégicas adoptadas por cuatro empresas colombianas ante una crisis política. Este número contiene contribuciones provenientes de Chile, Colombia, Costa Rica, España, México, Nicaragua y Reino Unido.
Edinson Edgardo Cornejo-Saavedra
Examinar si las firmas no financieras que estuvieron registradas en la Superintendencia de Valores y Seguros de Chile (SVS) manipularon la cifra de beneficios para evitar reportar…
Abstract
Propósito
Examinar si las firmas no financieras que estuvieron registradas en la Superintendencia de Valores y Seguros de Chile (SVS) manipularon la cifra de beneficios para evitar reportar pérdidas o disminuciones en las ganancias, durante el período 2010-2014.
Diseño/metodología/enfoque
Se analizó la distribución de los beneficios netos y la distribución de los cambios en los beneficios netos de las firmas, de acuerdo con la metodología de Burgstahler y Dichev (1997).
Hallazgos
Los resultados mostraron frecuencias inusualmente bajas de pequeñas pérdidas y de pequeñas disminuciones en los beneficios, y frecuencias inusualmente altas de pequeñas utilidades y de pequeños incrementos en las ganancias. Ambos resultados fueron estadísticamente significativos.
Implicaciones prácticas
El estudio presentó evidencia de posibles prácticas de earnings management para evitar reportar pérdidas o disminuciones en el beneficio neto durante el período 2010-2014. Estos resultados permitirían identificar empresas “sospechosas” de earnings management, y aumentarían la probabilidad de detectar las firmas que manipularon al alza el beneficio reportado en los estados financieros o que —en un caso extremo— cometieron un fraude aún no revelado.
Originalidad/valor
Los resultados de este tipo de estudios podrían ser útiles para focalizar actividades de monitorización y fiscalización para una mayor transparencia en el mercado bursátil.
Palabras clave
Manipulación del beneficio contable, Distribución de frecuencias, Beneficio neto, Pérdida, Umbral de beneficios.
Clasificación del artículo
Trabajo de investigación
Purpose
This paper aims to examine whether a sample of non-financial Chilean firms performed earnings management to avoid the decreases and losses in the earnings during the 2010-2014 period.
Design/methodology/approach
The analysis is undertaken using the distributions of earnings changes and earnings, according to Burgstahler and Dichev (1997) methodology.
Findings
The results showed unusually low frequencies of small losses and small declines in earnings and unusually high frequencies of small benefits and small increases in earnings. Both results were statistically significant.
Practical implications
The study presents evidence of possible earnings management activity to avoid reporting losses and earnings decreases during the period 2010-2014. These results would allow to identify “suspicious” companies of earnings management and would increase the likelihood of detecting firms that managed upside the reported earnings or that – in an extreme case – would be committing a fraud not disclosed.
Originality/value
The results of these types of studies would be useful to carry out monitoring and control activities, to increase transparency in the stock market.
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Olga Fullana, Mariano González and David Toscano
In this paper we analyse the effect on unconditional conservatism of the mandatory adoption of International Financial Reporting Standards (IFRS) by the European listed firms in…
Abstract
Purpose
In this paper we analyse the effect on unconditional conservatism of the mandatory adoption of International Financial Reporting Standards (IFRS) by the European listed firms in January 2005. Under the hypothesis that accounting regulation influences the accounting conservatism, we use a non-market-based measure of unconditional conservatism – the accrual-based measure proposed by Givoly and Hayn (2000) – to test this effect, controlling for the other determinants of the unconditional conservatism found in the accounting literature.
Design/methodology/approach
We use a panel data of 10 years and 96 non-financial listed firms in the Spanish stock market in which the differences between local GAAP and IFRS are more important. A pre-estimation analysis of the data reveals that GLS with random effects is the correct estimation procedure. However, to try to deal with the likely endogeneity in the set of variables, the authors perform an estimate with a dynamic estimator for panels with few periods and many individuals where the independent variables are not strictly exogenous.
Findings
As expected, results show evidence that support a significant reduction on the unconditional conservatism of firms in the sample due to the adoption of IFRS. This evidence is relevant to equity market, debt market and corporate governance users of the financial information, and also for the policymakers who can assess the effects of their mandate.
Research limitations/implications
Results shown in this paper have all the limitations of system-, country-, sample- and event-specific studies but, along with many others drawn in alternative contexts, may help to correctly understand both the time-evolution and cross-sectional country differences of firms’ unconditional conservatism.
Originality/value
The study represents the first analysis of the effect of the adoption of IFRS on unconditional conservatism of the European listed companies using a non-market accrual-based measure. Results are not influenced by the dynamics of the stock market and, by comparison, allow us to analyse this influence in results provided by using market-based measures of the unconditional accounting conservatism provided by previous literature.
Details