Artikel
The role of accounting accruals for the prediction of future cash flows: Evidence from Spain
The aim of this study is to determine whether accruals have information value beyond that provided by isolated current cash flows for the prediction of future cash flows. Using a sample of 4,397 Spanish companies (mostly privately held), we estimate in-sample regressions of future cash flows on isolated current cash flows and on accrual-based earnings. We then find that the out-of-sample prediction errors provided by the accrual-based earnings model are significantly lower than those obtained with the cash flows model. We also regress the decrease in prediction errors brought about by the addition of accruals on a set of firm-specific circumstances where accounting manipulation is expected. In all cases the decrease in prediction errors is significantly affected in the hypothesized direction.
- Sprache
-
Englisch
- Erschienen in
-
Journal: SERIEs - Journal of the Spanish Economic Association ; ISSN: 1869-4195 ; Volume: 3 ; Year: 2012 ; Issue: 4 ; Pages: 499-520 ; Heidelberg: Springer
- Klassifikation
-
Wirtschaft
Accounting
- Thema
-
cash flows
accruals
prediction
Jahresabschluss
Cash Flow
Prognoseverfahren
Privatwirtschaft
Spanien
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Arnedo, Laura
Lizarraga, Fermín
Sánchez, Santiago
- Ereignis
-
Veröffentlichung
- (wer)
-
Springer
- (wo)
-
Heidelberg
- (wann)
-
2012
- DOI
-
doi:10.1007/s13209-011-0070-7
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Arnedo, Laura
- Lizarraga, Fermín
- Sánchez, Santiago
- Springer
Entstanden
- 2012
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