...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Finance and Accounting >Switching to Semi-annual Financial Statement Reports - Market Reaction, Audit Fee and Corporate Governance Quality
【24h】

Switching to Semi-annual Financial Statement Reports - Market Reaction, Audit Fee and Corporate Governance Quality

机译：转向半年度财务报告报告 - 市场反应，审计费和公司治理质量

获取原文
   

获取外文期刊封面封底 >>

       
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

The aim of the research is to examine the reaction of market participants (investors and firms) to a regulatory exogenous shock of easing financial reporting statement regulations. Since 2017, small cap firms, publicly traded on Tel-Aviv stock exchange, are required to publish only Semi-annual reports hence any firm may opt to switch from formerly mandatory quarterly reporting to the currently required semi-annual financial reporting statement. We show that 2/3 of the firms chose to adopt the relief in regulation. In the group of firms that chose to apply the regulation relief, we find a significant negative abnormal market reaction of -2% to the announcement of adopting the relief. In the group of firms that waive the regulation relief and chose to stay on quarterly reporting, we observe a significant positive abnormal market reaction of +2.5% to the announcement of voluntary continuing with the quarterly financial reports. Moreover, for the firms that switch to semi-annual reports, we show a significant decrease of 19.8% in the number of external auditing hours and a significant decrease of 16% in the annual external total audit fee in 2017 as compared to 2016. No significant change in the annual external total audit fee has been observed for the firms that opted not to adopt the abovementioned regulation. We also collect additional information about institutional investor holdings and outside directors which serves on these boards (financial expertise, gender and "busyness") as signals to corporate governance quality. We find positive and significant associations between the voluntarily continue the quarterly financial reporting and high quality corporate governance. The findings of the event study provide a valuable contribution to the ongoing debate on the relevance of the quarterly financial reports to investors. The additional finding of lower corporate governance quality and decreased external audit effort which characterized the firms that adopt the relief represent an increased risk for information asymmetry for investors in such firms thus further reinforces the importance of frequent financial reporting.
机译：该研究的目的是审查市场参与者（投资者和公司）对宽松财务报告报表法规的监管外源冲击的反应。自2017年以来，小型CAP公司在特拉维夫证券交易所公开交易，只能出版半年报，因此，任何公司都可以选择从以前强制性季度报告转换为目前所需的半年财务报告声明。我们展示了2/3的公司选择了在监管中采取救济。在选择申请监管救济的公司集团中，我们发现对采用救济的宣布，发现-2％的显着负面异常市场反应。在豁免监管救济和选择待季度报告的公司集团中，我们观察到季度财务报告宣布自愿持续的显着正异常市场反应+ 2.5％。此外，对于切换到半年度报告的公司，我们在2017年的外部审计时间的数量和2017年度外部审计费用的大幅下降和大幅下降了16.8％的显着降低。对于未采用上述规定的公司，已遵守年度外部审计费的重大变化。我们还收集有关机构投资者控股和境外董事的其他资料，该董事会（金融专业知识，性别和“繁忙”）作为公司治理质量的信号。我们在自愿继续季度财务报告和高质量的公司治理之间找到积极和重要的协会。事件研究的调查结果对关于季度财务报告与投资者的相关性的持续辩论提供了有价值的贡献。额外的公司治理质量和下降的外部审计努力的额外发现，其特征在于采用救济的公司代表了这些公司的投资者信息不对称的风险增加，因此进一步加强了经常财务报告的重要性。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号