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Accounting harmonization and the value-relevance of dirty surplus accounting flows

机译：会计协调与肮脏盈余会计流的价值相关性

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Purpose – The purpose of this paper is to examine the effects of institutional factors and the European Union (EU) accounting harmonization on the value-relevance and comparability of dirty surplus accounting flows (DSFs) in the member countries throughout the period 1993 to 2002. Design/methodology/approach – The returns-earnings models and fixed-effect operating income growth models are used to examine the differences in the incremental and relative relevance of DSFs between countries which have a piecemeal system of regulation with significant input from the profession and/or market participants, and the code law countries with the government being the most important institution with regard to accounting regulation. Moreover, the relevance of DSFs in the three sub-periods is compared, each reflecting quite distinct attitudes in the EU towards international accounting harmonization. Findings – DSFs are incrementally relevant in Denmark, Finland, Ireland, Sweden and the UK, where equity market plays an important role in the country's financing system; and in comparison to comprehensive income, reported income is a dominant measure of performance in most European countries, with the exception of the five afore-mentioned countries. There is also evidence that cross country differences in the value-relevance and predictability of DSFs decrease in the later years of this sample period. Research limitations/implications – Future research focusing upon the specific accounting changes made by companies in the EU is needed for a better understanding of the relative importance of stock market integration and standard setting changes in explaining the characteristics of DSFs. Practical implications – The results indicate that the convergence in the reporting of DSFs over time is driven by global capital market integration, and more importantly, the accounting harmonization activities carried out via self-regulation with significant input from the profession and/or market participants at national level. Originality/value – The paper seeks to explore, firstly, the extent to which differences in the reporting of DSFs across the EU may be explained by institutional differences. Secondly, it explores whether or not differences across the countries have decreased in three phases of the EU harmonization process.
机译：目的–本文的目的是研究制度因素和欧洲联盟（EU）会计协调对1993年至2002年期间成员国的肮脏盈余会计流量（DSF）的价值相关性和可比性的影响。设计/方法/方法–收益-收益模型和固定效应营业收入增长模型用于检验具有零星监管体系，且来自专业和/或重要投入的国家之间DSF增量和相对相关性的差异。或市场参与者，以及法律法规国家，其中政府是会计监管方面最重要的机构。此外，比较了DSF在三个子时段中的相关性，每个子时段都反映了欧盟对国际会计协调的态度截然不同。研究结果– DSF在丹麦，芬兰，爱尔兰，瑞典和英国具有越来越重要的意义，在这些国家，股票市场在该国的融资体系中发挥着重要作用；与综合收入相比，报告的收入是大多数欧洲国家（除上述五个国家以外）业绩的主要衡量指标。也有证据表明，在本样本期的后期，跨国公司在DSF的价值相关性和可预测性方面的差异有所减少。研究的局限性/意义–为了更好地理解股票市场整合的相对重要性和解释DSFs的标准设置变化，需要针对欧盟公司进行的特定会计变更的未来研究。实际意义–结果表明，随着时间的流逝，DSF报告的趋同是由全球资本市场整合驱动的，更重要的是，通过自我监管进行的会计协调活动得到了来自行业和/或市场参与者的大量投入全国水平。原创性/价值–本文力求探索，首先，可以通过制度差异来解释整个欧盟DSF报告的差异程度。其次，它探讨了在欧盟协调进程的三个阶段中各国之间的差异是否有所减少。

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