Arbeitspapier
The impact of managerial ownership, monitoring and accounting standard choice on accrual mispricing
We analyse to what extent the accrual anomaly is related to the choice of the accounting system as well as firm-level heterogeneity in corporate governance mechanisms. Using a unique dataset of listed German firms over the period 1995 to 2005 we first corroborate former results indicating that the accrual anomaly is also present in Germany. However, this anomaly seems to be driven mainly by firms with managerial ownership. In a second step, we test how different corporate governance mechanisms affect the anomaly. For the German experiment on voluntary adoption of IFRS our results confirm previous findings that the anomaly is less likely to be present under a conservative accounting system. While creditor monitoring is able to reduce the accrual anomaly, shareholder monitoring is not. Apart from offering evidence related to the cross-sectional difference in the degree of accrual mispricing, our results give also some insights related to the cross-country variation of this phenomenon.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2009-02
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Accounting
- Thema
-
Accrual Anomaly
Earnings Quality
Corporate Governance
Managerial Ownership
Capital Market Efficiency
Accounting Standard
Shareholder Monitoring
Creditor Monitoring
Rückstellung
Bilanzpolitik
Corporate Governance
Eigentümerstruktur
International Financial Reporting Standards
Finanzmarkt
Markteffizienz
Kapitalgesellschaft
Deutschland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gegenfurtner, Bernhard
Ampenberger, Markus
Kaserer, Christoph
- Ereignis
-
Veröffentlichung
- (wer)
-
Technische Universität München, Center for Entrepreneurial and Financial Studies (CEFS)
- (wo)
-
München
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Gegenfurtner, Bernhard
- Ampenberger, Markus
- Kaserer, Christoph
- Technische Universität München, Center for Entrepreneurial and Financial Studies (CEFS)
Entstanden
- 2009
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