عنوان مقاله
پایداری درآمد ها، شرایط اقتصادی و ارزش مربوط بودن اطلاعات حسابداری
فهرست مطالب
مقدمه
فرضیات تحقیق
اندازه گیری اهمیت ارزش
تحلیل و نتایج آزمایش
نتیجه گیری
بخشی از مقاله
برخی از مسائل آماری شناخته شده مربوط به این مدلسازی می باشد. به خصوص، اثرات مقیاس می تواند باعث افزایش مقدار R2 شود و این تاثیر به نوبه خود با ضریب تغییرات فاکتور مقیاس افزایش می یابد. مقایسات بین نمونه بر اسای R2 در صورتی نامعتبر خواهد بود که ضرایب تغییرات فاکتور مقیاس متفاوت باشند. برای اطمینان بیشتر به توصیه های گو 2007 عمل کرده و چگونگی استفاده از خطای مربع میانگین و تاثیر آن بر نتایج را بررسی کردیم.
کلمات کلیدی:
Earnings sustainability, economic conditions and the value relevance of accounting information Leif Atle Beisland a, *, Mattias Hamberg b aUniversity of Agder, 4604 Kristiansand, Norway b The Norwegian School of Economics, Norway Introduction Accounting information plays an important role when shareholders evaluate a firm’s prospects in forming their investment decisions. In accounting research, statistical associations between accounting information and share prices are used to assess the degree of value relevance of accounting information for shareholders (Collins, Maydew, & Weiss, 1997; Gjerde, Knivsfla˚, & Sættem, 2011; Thinggaard & Damkier, 2008). Although a few studies report that the level of value relevance changes in the long term (Collins et al., 1997; Francis & Schipper, 1999),there islittle documentation of short-term variations in measures of value relevance. Temporal variations in value relevance are a matter of research interest because value relevance measures are often used to compare time periods and accounting regimes. Such comparisons rely on the assumption that measures of value relevance are solely determined by the accounting system. We use a sample of Swedish firms to challenge this important assumption and investigate how value relevance is associated with earnings sustainability and general economic conditions. The analysis departsfrom two realities: (i) an immediately expensed investment decreases current earnings but increases future earnings, and (ii) the unconditional form of accounting conservatism inhibits firms from capitalizing their investments in many valuable resources (e.g., research and human capital). We argue that because the level of investment varies over time, firms that invest heavily in resources that cannot be capitalized as assets display larger temporal variations in their reported earnings. The consequence is that the unconditional form of accounting conservatism has more severe effects on value relevance measures Scandinavian Journal of Management (2013) xxx, xxx—xxx KEYWORDS Value relevance; Reported earnings; Sustainable earnings; Financial statement information; Intangible assets; Investment level; Growth expectations Summary This study demonstrates that the value relevance of accounting information is influenced by the ability to capitalize investments in valuable resources. We use data from Sweden to show that firms that operate in industries in which accounting conservatism limits this capitalization display lower value relevance as a result of more unsustainable earnings components. However, when controlling for the different properties of sustainable and unsustainable earnings components, the difference vanishes. Moreover, we show that firms operating in industries in which more investments are immediately expensed display systematic temporal variations in the level of value relevance. We contend that economic conditions in the form of investment levels and growth expectations explain this variation. Thus, value relevance can be substantially affected by the prevailing economic context. # 2013 Elsevier Ltd. All rights reserved.
