عنوان مقاله
رابطه بین کیفیت حسابداری تعهدی، ریسک اطلاعاتی و بهای سرمایه
فهرست مطالب
مقدمهتوسعه فرضیه
روش تحقیق و انتخاب نمونه
بحث
آنالیز حساسیت
نتایج
بخشی از مقاله
روش تحقیق و انتخاب نمونه
تخمین کیفیت حسابداری تعهدی و مولفه های آن
آنالیز
تجربی به متریک AQ و تقسیم بندی آن به مولفه های ذاتی و اختیاری نیاز
دارد. شیوهDechow و Dichev برای دستیابی به دقت اطلاعاتی صورت مالی استفاده
می شود. مدل آنها نشان می دهد که زمان بندی پیشرفت ها و فداکاری های
اقتصادی شرکت اغلب با زمان بندی جریانات نقدی وابسته تفاوت دارد.
کلمات کلیدی:
Journal of Business Finance & Accounting, 36(1) & (2), 51–72, January/March 2009, 0306-686Xdoi: 10.1111/j.1468-5957.2008.02118.xAccruals Quality, Information Risk andCost of Capital: Evidence from AustraliaPhilip Gray, Ping-Sheng Koh and Yen H. Tong∗Abstract: Recent theoretical work argues that information risk is a non-diversifiable risk factorthat is priced in the capital market. Using accruals quality to proxy for information risk, Franciset al. (2005) provide empirical support for this argument using a sample of US firms. This paperre-examines the interplay of accruals quality, information risk and cost of capital in Australia,where a number of important institutional and regulatory differences are hypothesized to affectthe relation between accruals quality and cost of capital. The results suggest that, while accrualsquality impacts on the cost of capital for Australian firms, some salient differences exist. Incontrast to findings for US firms, the costs of debt and equity for Australian firms are largelyinfluenced by accruals quality arising from economic fundamentals (i.e., innate accrual quality)but not discretionary reporting choices (i.e., discretionary accrual quality). This finding isconsistent with our predictions based on the Australian institutional and regulatory environment.In addition, using both the asset pricing tests in Francis et al. (2005) and Core et al. (2008), weprovide evidence consistent with accruals quality being a priced risk factor.Keywords: accruals quality, information risk, cost of capital, information asymmetry, informationprecision, discretionary, innate1. INTRODUCTIONRecent theoretical work posits that information risk is a non-diversifiable risk factorthat is priced by the capital market. Several explanations have been given for thecause of information risk. In a multi-asset rational expectations framework, Easleyand O’Hara (2004, hereafter EOH) analyze the role of information asymmetry amonginvestors in the determination of cost of capital. In their model, less-informed investorsrecognize their informational disadvantage to more-informed investors. Accordingly,they demand a return premium for firms with a higher degree of informationasymmetry (i.e., a higher level of information risk). In contrast, Lambert et al. (2007)∗The authors are respectively from UQ Business School, University of Queensland, Australia; Department ofAccounting, Hong Kong University of Science and Technology, Hong Kong; and Nanyang Business School,Nanyang Technological University, Singapore. They are grateful for the comments and suggestions of ananonymous referee, Peter F. Pope (editor), Neil Fargher, Egon Kalotay, Michael O’Brien and seminarparticipants at Macquarie University. (Paper received June 2007, revised version accepted October 2008)Address for correspondence: Ping-Sheng Koh, Department of Accounting, Hong Kong University of Scienceand Technology, Clear Water Bay, Kowloon, Hong Kong.e-mail: ackoh@ust.hkC 2008 The AuthorsJournal compilation C 2008 Blackwell Publishing Ltd, 9600 Garsington Road, Oxford OX4 2DQ, UKand 350 Main Street, Malden, MA 02148, USA. 51
