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Value Relevance Of The Voluntary Disclosure Of Advertising Expenditure
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Book Synopsis Value Relevance of the Voluntary Disclosure of Advertising Expenditure by : Xuchen Hu
Download or read book Value Relevance of the Voluntary Disclosure of Advertising Expenditure written by Xuchen Hu and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advertising expenditure is one of the most important budget items supporting marketing activities for most companies, and may be treated as an intangible asset. Through the impact on demand and costs, advertising activities affect the firm's pricing and output decisions as well as the firm's market value (Tannous, 1997; Chauvin & Hirschey, 1994). Despite the significant economic importance of advertising expenditure, not much attention has been given to the value relevance of advertising expenditure and the impact of advertising expenditure disclosure on firms' market value. Most of the empirical studies for value relevance of advertising expenditure have been conducted using data from the US and UK Academic research on the value relevance of advertising expenditure in Canada is nonexistent. The accounting standard applied in Canada is different from that used in prior US and UK studies. . Canada adopts Canadian GAAP before 2011, and switches to IFRS from 2011onwards. Both regimes do not require firms in Canada to disclose advertising expenditure. However, most US studies use data before 1994 to analyze value relevance of advertising expenditure. Before 1994, disclosing advertising expenditure is mandatory for US firms under US GAAP. The UK evidence uses data before 2005, during which period UK firms still adopt UK GAAP. Although UK. GAAP does not require companies to disclose advertising expenditure, unlike IFRS, different accounting standards can lead to different financial data reporting and different results. In addition, studies on the impact of voluntary disclosure of advertising expenditure on market value are nonexistent. Furthermore, Canada has a more stable financial system than that of the US and UK In this context, the objective of this thesis is to initiate research on the important dimension of advertising expenditure among Canadian firms. The findings of this thesis will enhance understanding of the relationship between advertising expenditure and market value, and companies' decisions to voluntarily disclose advertising expenditure on their market value.
Book Synopsis Value Relevance of Advertising Expenditure by : Syed Zulfiqar Ali Shah
Download or read book Value Relevance of Advertising Expenditure written by Syed Zulfiqar Ali Shah and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a review of the relevant empirical literature on advertising value relevance. The current dominant accounting practice is to treat advertising as a current period expense. There has been growing evidence, however, to suggest that advertising should be viewed as an investment in long-term brand equity. While the primary focus is on the valuation studies of advertising expenditure, the paper also provides an overview of various other studies that relate advertising to profitability or sales of the firm or industry to investigate the effects of advertising expenditure. As a consequence, it is emphasized that there has been a recent shift to the use of valuation models in exploring the nature of advertising expenditure. Since market value captures both the current and future profitability effects of advertising, valuation models are often seen as a better alternative in exploring the intangible nature of advertising expenditure. It is found that the bulk of evidence on advertising value relevance comes from the US, where there has historically been greater disclosure of advertising expenditure. There appears to be little evidence on this matter in the UK, however. This may largely be attributed to the lack of advertising data availability in the UK.
Book Synopsis Bias from Voluntary Disclosure of Advertising Spending by : Yi Yin
Download or read book Bias from Voluntary Disclosure of Advertising Spending written by Yi Yin and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: While advertising is a crucial marketing component, publicly listed companies possess considerable latitude in disclosing their advertising spending in financial statements. This research shows that firms opting to voluntarily disclose advertising spending differ systematically from those that do not in multiple ways. To explore the ramifications of these disparities, we use machine learning techniques to estimate undisclosed advertising spending and examine whether advertising effectiveness differs between firms with and without voluntary advertising disclosure. The results indicate that firms opting not to disclose their advertising spending realize a significantly reduced effect of advertising on customer-based brand equity. Moreover, for these firms, advertising is associated with higher systematic risk, lower firm value, and lower advertising sales elasticity. These findings suggest that advertising is less effective in product and financial markets for firms electing to keep advertising information private. Consequently, research using only voluntarily disclosed advertising likely overestimates the impact of advertising on firm value and advertising's sales elasticity and underestimates the impact of advertising on systematic risk for the full population of advertising firms. Correcting for this bias reduces advertising's sales elasticity and reveals that advertising does not significantly affect firms' systematic risk.
Book Synopsis Earnings Quality by : Jennifer Francis
Download or read book Earnings Quality written by Jennifer Francis and published by Now Publishers Inc. This book was released on 2008 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.
Book Synopsis Research Handbook on Financial Accounting by : Luz Parrondo
Download or read book Research Handbook on Financial Accounting written by Luz Parrondo and published by Edward Elgar Publishing. This book was released on 2024-01-18 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through careful classification of the opportunities and challenges facing current financial regulatory bodies, the Research Handbook on Financial Accounting inspects the financial implications of our ever-changing modern economic and environmental climate.
Book Synopsis Advances in Accounting by : Philip M J Reckers
Download or read book Advances in Accounting written by Philip M J Reckers and published by Elsevier. This book was released on 2005-06-02 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in its twenty-first edition, Advances in Accounting continues to provide an important forum for discourse among and between academic and practicing accountants on issues of significance to the future of the discipline. Emphasis continues to be placed on original commentary, critical analysis and creative research - research that promises to substantively advance our understanding of financial markets, behavioral phenomenon and regulatory policy. Technology and aggressive global competition have propelled tremendous changes over the two decades since AIA was founded. A wide array of unsolved questions continues to plague a profession under fire in the aftermath of one financial debacle after another and grabbling with the advent of international accounting standards. This volume of Advances in Accounting not surprisingly includes articles reflective of recent focus on corporate governance, earnings management and the influence of the CEO, the accuracy of earnings forecasts and the value relevance or voluntary and mandated disclosures. This volume also looks at challenges facing the academic community with respect to technology and addresses pedagogical advances holding promise. AIA continues its commitment to the global arena by publishing research with an international perspective in the International Section inaugurated in Volume 20. As never before the accounting profession is seeking ways to reinvent itself and recapture relevance and credibility. AIA likewise continues to champion forward thinking research.
Book Synopsis The Economics and Politics of Accounting by : Christian Leuz
Download or read book The Economics and Politics of Accounting written by Christian Leuz and published by OUP Oxford. This book was released on 2005-09-15 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting and the role of accountants has permeated the modern societies. For the most part we have accepted the impartiality and objectivity of accounting and not recognized how accounting systems are embedded in a country's economic and legal framework, much of which is in turn shaped by political processes. This web of interactions results in complex economic and political questions which require accounting researchers to focus on several related trends: information economics, regulatory economics, sociology, and political science. Although considerable progress has been made in the field of accounting, many fundamental questions are still subject to debate. In this book leading international scholars address a number of important questions: · What is the role of accounting in security valuation, decision making and contracting? · What can we learn from economics-based research in accounting? · What is the role of auditing and how can accounting standards be enforced? · What are the cost and benefits of accounting and disclosure regulation? · What is the role of accounting in society? · How does lobbying affect the political process of standard setting? · What are the consequences of the internationalization of standard setting? This seminal book will be of interest to academics, researchers, and graduate students of Accounting, Finance, Business Studies, Sociology, and Political Economy.
Book Synopsis Methodological issues in accounting research by : Zahirul Hoque
Download or read book Methodological issues in accounting research written by Zahirul Hoque and published by Spiramus Press Ltd. This book was released on 2018-03-26 with total page 687 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is my theory? How do I choose a theory? Why and how should I employ a particular method for collecting the empirical data? These basic questions concern everyone involved in research. A research study can be a voyage of discovering or choice of theoretical perspective as well as gathering empirics or facts on a problem or situation. This book provides a good guideline as to why and how to choose a particular theory or method to study an organisational phenomenon such as accounting. All the chapters provide both retrospective and contemporary views by scholars in the field. Each chapter documents the latest developments and research in accounting and control systems and provides valuable insights into methodological perspectives in accounting research. This second edition has also introduced a number of new chapters covering strategy-management control as practice, grounded theory approach, institutional logic and rhetoric, social interaction theory, actor-network theory and practice theory. The book is primarily intended for research students and academic researchers. It can also be used for undergraduate Honours course as well as postgraduate accounting and business methodology courses. Research organisations and consulting firms in accounting and business fields may also find this book useful. The principal aims of this second edition are (1) to update the chapters previously published in 2006 and (2) to introduce new chapters documenting recent developments in accounting research.
Book Synopsis The Routledge Companion to Financial Accounting Theory by : Stewart Jones
Download or read book The Routledge Companion to Financial Accounting Theory written by Stewart Jones and published by Routledge. This book was released on 2015-05-22 with total page 791 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial accounting theory has numerous practical applications and policy implications, for instance, international accounting standard setters are increasingly relying on theoretical accounting concepts in the creation of new standards; and corporate regulators are increasingly turning to various conceptual frameworks of accounting to guide regulation and the interpretation of accounting practices. The global financial crisis has also led to a new found appreciation of the social, economic and political importance of accounting concepts generally and corporate financial reporting in particular. For instance, the fundamentals of capital market theory (i.e. market efficiency) and measurement theory (i.e. fair value) have received widespread public and regulatory attention. This comprehensive, authoritative volume provides a prestige reference work which offers students, academics, regulators and practitioners a valuable resource containing the current scholarship and practice in the established field of financial accounting theory.
Book Synopsis Strategic Priorities in Competitive Environments by : Hasan Dincer
Download or read book Strategic Priorities in Competitive Environments written by Hasan Dincer and published by Springer Nature. This book was released on 2020-06-15 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book combines various analyses of strategic priorities in a competitive market environment, focusing on the balanced scorecard technique, but also considering customer expectations, organizational requirements, financial outcomes and technological infrastructures. The first part explores the financial impacts and performance measurement of investments, while the second part examines customer demand in a globalized environment. Part three then addresses organizational quality and internal processes, highlighting participatory elements and synergies. Lastly, part four investigates strategic learning in enterprises as a factor for sustainable economic success in times of change and disruption.
Book Synopsis Mandatory Non-financial Risk-Related Disclosure by : Stefania Veltri
Download or read book Mandatory Non-financial Risk-Related Disclosure written by Stefania Veltri and published by Springer Nature. This book was released on 2020-07-31 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the impact of the disclosure of non-financial risk, which could be seen as the most relevant non-financial information (NFI), in the aftermath of the 2014/95/EU Directive. The author analyses whether the switch from voluntary to mandatory NFI enhance the quality of disclosed NF risk-related information and the usefulness of the risk disclosure for investors. The book focuses specifically on the mandatory disclosure of non-financial (NF) risks as required by the EU Directive for listed Italian companies, investigating both the state of art of its disclosure and its usefulness for investors. In doing so, the book contributes to fill two relevant gaps in risk literature. The first research gap is related to the insufficient investigation of the disclosure of NF risks. Companies mandated to disclose risk-related information focused mainly on financial risks, in spite of the width of the definition of risk, conceived as information about any opportunity, danger, threat, or exposure that has or could impact the company in the future. The second gap is that empirical evidence about the effects of corporate risk disclosures is still limited, and the potential benefits of the disclosure of information on risks have not been fully explored. In particular, the relationship between risk disclosures and firm value is under researched, as the risk literature mainly focuses on the incentives question, related to the motives for which companies decide to disclose. The research in this book focuses on Italy, a country that provides a unique opportunity to examine the impact of mandatory NF risk disclosure on firm market value, being one of the biggest industrial European countries that had not mandatory legislation for NFI disclosure, and also one of the leading countries in voluntary corporate social responsibility (CSR) reporting at an international level. It has been carried out in the fiscal year 2017, the first year of the application of the mandatory NF disclosure for obliged Italian listed PIEs. The book contributes both to the measurement literature, as it presents a self-constructed quality NF risks and to the value relevance analysis literature, providing evidence of the usefulness of financial and non-financial risk-related disclosures in the Italian context.
Book Synopsis Managing Risk to Enhance Stakeholder Value by :
Download or read book Managing Risk to Enhance Stakeholder Value written by and published by . This book was released on 2002 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Book Synopsis Business Models and Corporate Reporting by : Lorenzo Simoni
Download or read book Business Models and Corporate Reporting written by Lorenzo Simoni and published by Routledge. This book was released on 2021-09-19 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the role of business models in corporate reporting. It illustrates the evolution of non-financial reporting, the importance of business model reporting, and the main conceptualisations of business models. It also offers a methodological contribution to the assessment of business model reporting. Finally, it discusses the main implication of business model reporting for different categories of subjects and some challenges related to this kind of disclosure. Readers will understand the role of business models in the non-financial reporting landscape. They will also gain an understanding of how business models can help users of the annual report contextualise other non-financial items disclosed. However, effective business model reporting implies paying attention to certain features that define its quality. This theme is discussed in the empirical part of the book and in the section devoted to implications for preparers, users, and regulators. As large companies in the EU and the UK have to disclose the business model in the annual report, this book will be of interest to preparers and users of financial statements, regulators involved in the ongoing non-financial regulatory process, and professional bodies. It will also be of interest to academics interested in the investigation of non-financial reporting.
Book Synopsis Advances in Accounting by : Philip M J Reckers
Download or read book Advances in Accounting written by Philip M J Reckers and published by Elsevier. This book was released on 2003-11-12 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in its 20th edition, "Advances in Accounting" continues to provide an important forum for discourse among and between academic and practicing accountants on issues of significance to the future of the discipline. Emphasis continues to be placed on original commentary, critical analysis and creative research - research that promises to substantively advance our understanding of financial markets, behavioral phenomenon and regulatory policy. Technology and aggressive global competition have propelled tremendous changes over the two decades since AIA was founded. A wide array of unsolved questions continues to plague a profession under fire in the aftermath of one financial debacle after another. This volume of "Advances in Accounting" includes articles reflective of recent economic distress: articles on the effects of post bankruptcy financial reporting, measurement of decline in earnings persistence, re-estimations of bankruptcy prediction models, and an understanding of new assurance needs. It also looks at trends of significance to academics (trends in research and dissertations focus) and practitioners (trends in IS audits). With this 20th volume, "Advances in Accounting" makes a new commitment to the global arena by introduction of an International Section and a new international associate editor. As never before, the accounting profession is seeking ways to reinvent itself and recapture relevance and credibility. AIA likewise continues to champion change through this revised global editorial commitment.
Book Synopsis Advances in Environmental Accounting and Management by : Martin Freedman
Download or read book Advances in Environmental Accounting and Management written by Martin Freedman and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The End of Accounting and the Path Forward for Investors and Managers by : Baruch Lev
Download or read book The End of Accounting and the Path Forward for Investors and Managers written by Baruch Lev and published by John Wiley & Sons. This book was released on 2016-06-14 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative new valuation framework with truly useful economic indicators The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents' continuous deterioration in relevance to investors' decisions. An enlightening discussion details the reasons why accounting is losing relevance in today's market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demonstrates its utility in key industries. New indicators focus on strategy and execution to identify and evaluate a company's true value-creating resources for a more up-to-date approach to critical investment decision-making. While entire industries have come to rely on financial reports for vital information, these documents are flawed and insufficient when it comes to the way investors and lenders work in the current economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making. Discover a new, comprehensive system of economic indicators Focus on strategic, value-creating resources in company valuation Learn how traditional financial documents are quickly losing their utility Find a path forward with actionable, up-to-date information Major corporate decisions, such as restructuring and M&A, are predicated on financial indicators of profitability and asset/liabilities values. These documents move mountains, so what happens if they're based on faulty indicators that fail to show the true value of the company? The End of Accounting and the Path Forward for Investors and Managers shows you the reality and offers a new blueprint for more accurate valuation.
