دانلود مقاله ترجمه شده ارتباط بین پایداری درآمد، شرایط اقتصادی و ارزش اطلاعات حسابداری – مجله الزویر

فهرست مطالب:

 چکیده
مقدمه
فرضیات تحقیق
اندازه گیری اهمیت ارزش
طرح پژوهشی
داده ها، انتخاب نمونه و آماره های توصیفی
تجزیه تحلیل و نتایج آزمایش
پایداری درآمد و سطح اهمیت ارزش
شرایط اقتصادی و تغییرات در اهمیت ارزش
نتیجه گیری

بخشی از ترجمه:

ای مطالعه نشان می دهد که اهمیت ارزش اطلاعات حسابداری تحت تاثیر توانایی سرمایه گذاری در منابه ارزشمند است. ما از داده های کشور سوئد استفاده کرده و نشان دادیم که شرکت هایی که در صنایعی فعالیت می کنند که در آن محافظه کاری حسابداری این سرمایه گذاری را محدود می کند داای اهمیت ارزش کم تری ناشی از مولفه های پایدارتر ناپایدار هستند. با این حال، هنگام کنترل خواص مختلف درامد های پایدار و ناپایدار، این میزان اختلافات فروکش می کند. به علاوه، ما نشان دادیم که شرکت های موجود در صنایعی که در آن سرمایه های زیادی هزینه می شود ، نوعی تغییرات زمانی موقت در سطح اهمیت ارزش را نشان می دهند. لازم به ذکر است که شرایط اقتصادی در شکل سطوح سرمایه گذاری و پیش بینی های رشدی توجیه کننده این تغییرات هستند. از این رو اهمیت ارزش می تواند به طور معناداری متاثر از وضعیت اقتصادی غالب باشد.

۱ مقدمه

اطلاعات حسابداری نقش مهمی در ارزیابی ابعاد شرکت از جمله تصمیم گیری های سرمایه گذاری توسط سهامدارن ایفا می کند. در مطالعات حسابداری، همبستگی های آماری بین اطلاعات حسابداری و ارزش سهام برای ارزیابی درجه اهمیت ارزش اطلاعات حسابدای برای سهامداران مورد استفاده قرار می گیرند( کولینز، میدیو و ویس ۱۹۹۷،جرد،نیوزفالا و ساتم ۲۰۱۱، تینگارد و امکیر ۲۰۰۸). اگرچه مطالعات معدودی گزارش کرده اند که سطح اهمیت ارزش در بلند مدت(کولینز و همکاران ۱۹۹۷، فراسیس و شیپر ۱۹۹۹)، تغییر می کند، اطلاعات مستند اندکی در خصوص تغییرات کوتاه مدت در اندازه گیری های اهمیت ارزش در اختیار می گذارند. تغییرات کوتاه مدت در اهمیت ارزش در حال حاضر توجه خاصی را به خود جلب کرده است زیرا معیارهای اندازه گیری اهمیت ارزش اغلب برای مقایسه دوره های زمانی و رژیم های حسابداری مورد استفاده قرار می گیرند. چنین مقایساتی متکی به این فرضیه هستند که معیارهای اندازه گیری اهمیت ارزش با سیستم حسابداری تعیین می شوند. ما ز نمونه شرکت های سوئدی برای به چالش کشیدن اهمیت این فرضیه و بررسی میزان ارتباط و همبستگی با شرایط اقتصادی و پایداری درامدها استفاده کردیم.

بخشی از مقاله انگلیسی:

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. 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 when a firm expenses more of its investments. The variation in the effect of a conservative accounting system over time is not an unknown feature (Givoly & Hayn, 2000), but its effects on measures of value relevance have attracted little attention in prior research. In the empirical analysis, we follow the procedures of researchers such as Francis and Schipper (1999) and partition the sample to study differences in value relevance between firms that are likely to capitalize a large portion of their investments in valuable resources (referred to as traditional industries) and firms that must expense most of their investments in valuable resources (referred to as non-traditional industries). The initial empirical tests suggest that firms operating in traditional industries, such as manufacturing firms, report more value-relevant information than firms in nontraditional industries, such as consulting and biotechnology firms. To better understand these differences in value relevance, we begin by analyzing reported earnings and their components. To be value-relevant,reported earnings mustrepresent a level of earnings that can be sustained in the future (Beaver, Lambert, & Morse, 1980). We develop three models that separate sustainable from unsustainable earnings components. Throughout the study, we regard sustainable earnings as earnings components that are expected to prevail over a multi-period future, and we consider unsustainable earnings to be transitory, single-period earnings components. The empirical tests show that the separation of sustainable and unsustainable earnings components increases the measure of value relevance. However, value relevance increases considerably more for firmsin non-traditional industries.Indeed,the difference in value relevance between the two groups disappears completely when sustainable and unsustainable earnings components are separated. Our results suggest that firms operating in non-traditional industries have more unsustainable earnings components in theirreported earnings. Although the separation ofsustainable and unsustainable earnings componentsis based on mechanical techniquesratherthan, for example, a firm’s own disclosure of unsustainable earnings components, we believe thatthe larger unsustainable earnings components in non-traditional industries can be attributed to their many investments in valuable resources that cannot be capitalized. We contend that a comparison of the value relevance between two samples is complicated if the ability of reported earnings to capture sustainable earnings differs between the two samples. Next, we analyze whether economic conditions affect measures of value relevance. We suggest that the growth in GDP per capita proxies for the firm’s level of investment, and that the stock market’s average book-to-market ratio proxies for the market’s growth expectations. We document the systematic temporal variations in value relevance for non-traditional industries and find that these variations are significantly associated with the level of investment and growth expectations. However, firms operating in traditional industries do not experience these variations. We suggesttwo explanations. First, an immediate expensing of valuable investments renders accounting earnings similar to cash flows, and when the level of investment is high, current earnings are particularly unrepresentative of future earnings. Thus, high investment levelsreduce the value relevance of accounting information for firms with non-recognizable resources. When the level of investment is low, the reported earnings contain fewer unsustainable elements; thus, the value relevance increases. Second, firms that rely on unrecognized resources are more difficult to understand, and this difficulty reduces an investor’s ability to determine their future cash flows and value. We suggest that the difficulty of understanding a firm’s resource base plays a greater role when the expected growth rate is high than when it is low. Although the two proxies we use are somewhat crude measures of the investment level and growth expectations, the analysis clearly showsthat exogenousfactorsinfluence the relationship between accounting information and value when investments are immediately expensed. Our results suggest that researchers must be cautious to avoid mistakenly attributing differences in value relevance to differences in accounting because the real cause can be the research design. We suggesttwo areasin which caution isrequired. First, biases are more likely to occur in comparisons between samples in which the proportion of unsustainable earnings elements differ. In these situations, simple adjustments for unsustainable earnings will provide a more reliable testing environment. Second, biases are more likely to occur in comparisons between samples containing differences in the level of investment and growth expectation. In particular, these biases can occur when the analyzed time periods are short. These analyses may include comparisons of the value relevance before and after the adoption of a new accounting standard. Indeed, when the firms in these samples have a greater reliance on resources that must be immediately expensed, more biases may be present in the analysis. The remainder of the paper is organized as follows. ‘‘Research hypotheses’’ discusses prior research and develops the hypotheses to be tested. ‘‘Measuring value relevance’’ outlines our research methodology and data sample. ‘‘Test results and analysis’’ presents the results of the empirical analysis, and ‘‘Conclusions’’ concludes the analysis. Research hypotheses The longitudinal development of value relevance has been subject to extensive research. Several studies based on US data suggest that accounting earnings have become less relevant over time (Francis & Schipper, 1999; Lev & Zarowin, 1999). These findings are not confirmed in the Scandinavian setting. Thinggaard and Damkier (2008) do not find that the level of value relevance decreased in Denmark during the time period from 1983 to 2002, whereas Gjerde et al. (2011) actually find that the value relevance in Norway increased from 1965 to 2004. To the best of our knowledge, there is no similar longitudinal study that uses Swedish data. imilar longitudinal study that uses Swedish data. A large number of studies have demonstrated the important role of accounting information in capital markets (Kothari, 2001). Longitudinal studies of value relevance illustrate that this role is dependent on developments that are exogenous to accounting regulations, such as changes in company size and industry composition (Collins et al., 1997). Nonetheless, the main focus of most longitudinal studies is on accounting systems and regulations (e.g., Barth, Landsman, & Lang, 2008).

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