Riset Akuntansi dan Pasar Modal

8/17/2019 Riset Akuntansi dan Pasar Modal

1/41

RISET AKUNTANSI

KEUANGAN DANPASAR MODALKuliah Umum Program Pascasarjana Doktor IlmuAkuntansi# D"s"m$"r

%&'(


2/41

Th" E)ci"nt Mark"ts*+,oth"sis -"ns"n .'/012 3"4n"s an ")ci"nt mark"t

as 5ollo6s7 A mark"t is ")ci"nt 6ith r"s,"ct to

in5ormation s"t t i5 it is im,ossi$l" to mak""conomics ,ro4ts $+ tra3ing on th" $asis o5in5ormation s"t t8 Risk9a3just"3 rat" o5 r"turn8

On a!"rag"8 Economic ,ro4ts ar" n"t o5 all costs8


3/41

Mark"t ")ci"nc+

Much o5 th" r"gulation o5 4nancialr",orting is ,r"mis"3 on th" notion thatonc" 4rms mak" accounting 3ata

,u$licl+ a!aila$l": th" im,lications 6ill$" 6i3"l+ a,,r"ciat"3 an3 r";"ct"3 ins"curit+ ,ric"s


4/41

Mark"t ")ci"nc+

I5 th" mark"t is in")ci"nt: th"n 4nancialr",orting an3 3isclosur" ar" not as"


5/41

Im,lications o5 E)ci"nt S"curiti"s Mark"ts5or inancial R",orting

ull 3isclosur" Manag"m"nt shoul3 3"!"lo, an3 r",ort

in5ormation a$out th" 4rm as long as th"

$"n"4ts to in!"stors "=c""3 th" costs In!"stors 6ill us" all a!aila$l" in5ormation a$out th"4rm: so that a33itional in5ormation 6ill not $" 6ast"3

Th" mor" in5ormation a 4rm 3isclos"s a$out its"l5: th"gr"at"r is in!"stors> con43"nc" in th" 6orking o5

s"curiti"s mark"t .l"ss insi3" in5ormation to 6orr+a$out2

Th" 5act o5 3isclosur" an3 not th" 5orm it tak"sis 6hat is im,ortant


6/41

Mark"t ")ci"nc+

Post9"arnings announc"m"nt 3ri5t .?"rnar3 @ Thomas:'/1/ @ '//&27 irms that r",ort goo3 n"6s .$a3 n"6s2 in uart"rl+

"arnings: th"ir a$normal r"turns t"n3 to 3ri5t u,6ar3s

.3o6n6ar3s2 5or som" tim" 5ollo6ing th"ir announc"m"nt Accrual anomal+ .Sloan: '//#27

Stock ,ric"s ar" 5oun3 to act as i5 in!"stors B4=at"B on"arnings: 5ailing to r";"ct 5ull+ in5ormation contain"3 inth" accrual an3 cash ;o6 com,on"nts o5 curr"nt "arnings

until that in5ormation im,acts 5utur" "arnings8 A$normal accrual .Ci": %&&'27

Th" o!"r,ricing o5 total accruals that Sloan .'//#23ocum"nts is 3u" larg"l+ to a$normal accruals8


7/41

In5ormation As+mm"tr+

S"curit+ ,ric"s 3o not 5ull+ r";"ct5un3am"ntal !alu" in th" ,r"s"nc" o5insi3" in5ormation8

In5ormation as+mm"tr+7 som" ,arti"s to$usin"ss transactions ma+ ha!" anin5ormation a3!antag" o!"r oth"rs

T6o major t+,"s o5 in5ormationas+mm"tr+ A3!"rs" s"l"ction

Moral haar3


8/41

Th" L"mons Pro$l"m


9/41

Th" L"mons Pro$l"m

Ak"rlo5 .'/0&2 us"3 car mark"t


10/41

In5ormation As+mm"tr+

S"curiti"s mark"ts ar" su$j"ct toin5ormation as+mm"tr+ ,ro$l"ms

an l"a3 to th" $r"ak3o6n in th"

5unctioning o5 th" ca,ital mark"t In!"stors can>t 3i


11/41

ull Disclosur"

% main $"n"4ts7 To "na$l" in!"stors to mak" $"tt"r

3"cisions

To im,ro!" th" a$ilit+ o5 s"curiti"s mark"tsto 3ir"ct in!"stm"nt to its most ,ro3ucti!"us"s

E=am,l"7 !oluntar+ 3isclosur": MD@A


12/41

Foluntar+ Disclosur"

M"3ium7 Annual r",ort

"$sit"

T+,"7 G"n"ral

Sustana$ilit+ r",orting H or,orat" Social

R"s,onsi$ilit+ Int"ll"ctual ca,ital


13/41

R"s"arch on Disclosur"

?otosan .'//027 4rms 6ith lo6 anal+st5ollo6ing: th"r" is a n"gati!" r"lation$"t6""n cost o5 "uit+ ca,ital an3 th"

"=t"nt o5 th"ir !oluntar+ 3isclosur"s8 "lk"r .'//27 signi4cant n"gati!" r"lation

$"t6""n 3isclosur"s an3 $i39ask s,r"a3s8

u: Kra5t: Jhang .%&'%27 high"r r",orting5r"u"nc+ r"3uc"s in5ormation as+mm"tr+an3 th" cost o5 "uit+


14/41

R"s"arch on Disclosur"

Sustaina$ilit+ r",orting Dhali6al: Li: Tsang: @ ang .%&''27 4rms 6ith a high cost o5

"uit+ ca,ital in th" ,r"!ious +"ar t"n3 to initiat" 3isclosur"o5 SR acti!iti"s in th" curr"nt +"ar an3 that initiating 4rms6ith su,"rior social r"s,onsi$ilit+ ,"r5ormanc" "njo+ a

su$s"u"nt r"3uction in th" cost o5 "uit+ ca,ital Kim: Park: @ i"r .%&'%27 sociall+ r"s,onsi$l" 4rms ar" l"ss

lik"l+ to manag" "arnings through 3iscr"tionar+ accruals an3to mani,ulat" r"al o,"rating acti!iti"s

Int"ll"ctual ca,ital7 Striuko!a: Un"rman: @ Guthri" .%&&127 I issu"s consi3"r"3

im,ortant .,ro=i"3 $+ 5r"u"nc+ o5 3isclosur" o5 th"s" issu"sin th" cor,orat" r",orts stu3i"32 !ari"3 $oth 6ith com,an+si" an3 5rom s"ctor to s"ctor8


15/41

Falu" R"l"!anc"R"s"arch

E=amin"s th" association $"t6""n as"curit+ ,ric"9$as"3 3","n3"nt !aria$l"an3 a s"t o5 accounting !aria$l"s

l l


16/41

Falu" R"l"!anc"R"s"arch

air !alu"s o5 4nancial instrum"nts ar",ric"3 .?arth et al.: '//#2

Intangi$l" ass"ts ."8g8 ca,itali"3

so5t6ar": $rans: an3 goo36ill2 ar" ,ric"3."8g8 A$oo3+ @ L"!: '//1 ?arth et al.:'//1 ?arth @ linch: '//1 ham$"r etal.: '///2


17/41

Falu" R"l"!anc" R"s"arch

Song: Thomas: @ i .%&'&27 4n3 that th"!alu" r"l"!anc" o5 L"!"l ' an3 L"!"l % 5air!alu"s is gr"at"r than th" !alu" r"l"!anc" o5

L"!"l 5air !alu"s -on"s @ Smith .%&''27 oth"r com,r"h"nsi!"

incom" .OI2 gains an3 loss"s: s,"cial it"ms.SI2 gains an3 loss"s ar" all !alu"9r"l"!ant8

*o6"!"r: th" !alu" r"l"!anc" o5 OI gainsan3 loss"s is signi4cantl+ small"r than th"!alu" r"l"!anc" o5 SI gains an3 loss"s8


18/41

Positi!" Accounting Th"or+

PAT tak"s th" !i"6 that 4rms organi"th"ms"l!"s in th" most ")ci"nt mann"r:so as to ma=imi" th"ir ,ros,"cts 5or

sur!i!al A 4rm can $" !i"6"3 as a n"=us o5

contracts Th" 4rm 6ill 6ant to minimi" th" !arious

contracting costs

Man+ o5 th"s" contracts in!ol!" accounting!aria$l"s


19/41

Th" Thr"" *+,oth"s"s o5 Positi!" Accounting Th"or+

Th" $onus ,lan h+,oth"sis

Th" 3"$t co!"nant h+,oth"sis

Th" ,olitical cost h+,oth"sis


20/41


Th" $onus ,lan h+,oth"sis All oth"r things "ual: manag"rs o5 4rms 6ith

$onus ,lans ar" mor" lik"l+ to choos"

accounting ,roc"3ur"s that shi5t r",ort"3"arnings 5rom 5utur" ,"rio3s to th" curr"nt,"rio3


21/41


Th" 3"$t co!"nant h+,oth"sis All oth"r things "ual: th" clos"r a 4rm is to

!iolation o5 accounting9$as"3 3"$t co!"nants:

th" mor" lik"l+ th" 4rm manag"r to s"l"ctaccounting ,roc"3ur"s that shi5t r",ort"3"arnings 5rom 5utur" ,"rio3s to th" curr"nt,"rio3


22/41


Th" ,olitical cost h+,oth"sis All oth"r things "ual: th" gr"at"r th" ,olitical

costs 5ac"3 $+ a 4rm: th" mor" lik"l+ th"

manag"r is to choos" accounting ,roc"3ur"sthat 3"5"r r",ort"3 "arnings 5rom curr"nt to5utur" ,"rio3s


23/41

Em,irical PAT R"s"arch

*"al+ .'/12 ?onus ,lan h+,oth"sis manag"rs o5 4rms 6ith

$onus ,lans $as"3 on r",ort"3 incom"s+st"maticall+ a3o,t"3 accrual ,olici"s so as to

ma=imi" th"ir "=,"ct"3 $onus"s Dich"! @ Skinn"r .%&&%2

D"$t co!"nant h+,oth"sis manag"rs choos"accounting ,olici"s to maintain th"ir co!"nant ratiosso as to m""t or "=c""3 th" l"!"l r"uir"3

-on"s .'//'2 Political cost h+,oth"sis a


24/41

Earnings Manag"m"nt

Earnings manag"m"nt is th" choic" $+ amanag"r o5 accounting choic": or actionsa


25/41

Patt"rns o5 Earnings Manag"m"nt

Taking a $ath

Incom" minimiation

Incom" ma=imiation

Incom" smoothing


26/41

T+," o5 Earnings Manag"m"nt

O,,ortunistic ?a3 si3"

E)ci"nt Goo3 si3"


27/41

Earnings Manag"m"nt

Accrual "arnings manag"m"nt

R"al "arnings manag"m"nt

lassi4cation shi5ting

A l E i


28/41

Accrual EarningsManag"m"nt Accruals7

Discr"tionar+ accruals

Non 3iscr"tionar+ accruals

Discr"tionar+ accruals "arningsmanag"m"nt

Di ti A l


29/41

Discr"tionar+ AccrualsMo3"l S"!"ral mo3"ls to "stimat" 3iscr"tionar+

accruals7 -on"s .'//'2

D"cho6 "t al8 .'//2 Kothari "t al8 .%&&'2

Stu$$"n .%&'&2


30/41

R"al Earnings Manag"m"nt

?ush"" .'//127 R@D "=,"n3itur"s

Ro+cho63hur+ .%&

Pric" 3iscounts to t"m,oraril+ incr"as"sal"s: o!"r,ro3uction to r",ort lo6"r costo5 goo3s sol3: an3 r"3uction o53iscr"tionar+ "=,"n3itur"

Gunn+ .%&'&27 Similar 6ith Ro+cho63hur+ sal" o5 ass"ts


31/41

lassi4cation Shi5ting

Misclassi4cation o5 it"ms within th" 4nancial stat"m"nt Mc Fa+ .%& manag"rs o,,ortunisticall+ shi5ting "=,"ns"s

5rom cor" "=,"ns"s .cost o5 goo3s sol3 an3 s"lling: g"n"ral:an3 a3ministrati!" "=,"ns"s2 to s,"cial it"ms8

?arua: Lin: S$araglia .%&'&27 4rms shi5t o,"rating "=,"ns"sto incom"93"cr"asing 3iscontinu"3 o,"rations to incr"as"cor" "arnings

L"" .%&'%27 4rms manag" cash ;o6s 5rom o,"ration $+shi5ting it"ms $"t6""n th" stat"m"nt o5 cash ;o6scat"gori"s $oth 6ithin an3 outsi3" th" $oun3ari"s o5

g"n"rall+ acc",t"3 accounting ,rinci,l"s .GAAP2: an3 $+timing c"rtain transactions such as 3"la+ing ,a+m"nts tosu,,li"rs or acc"l"rating coll"ctions 5rom custom"rs8


32/41

R"s"arch on Accruals EM

Manag"m"nt can im,ro!" or im,air th"ualit+ o5 4nancial stat"m"nts throughth" "="rci"s o5 3isc"rtion o!"r 4nancial

stat"m"nts Moti!"s 5or accrual manag"m"nt7

o,,ortunistic or ")ci"nt contracting Su$raman+am .'//#27 manag"rial

3iscr"tion im,ro!"s th" a$ilit+ o5 "arningsto r";"ct "conomic !alu" ")ci"ntcontracting


33/41

Accruals an3 R"al EM

oh"n: D"+: @ L+s .%&&127 4rms s6itch"3 5romaccrual9$as"3 to r"al "arnings manag"m"nt

m"tho3s a5t"r th" ,assag" o5 SOC

oh"n @ Jaro6in .%&'&27 SEO 4rms "ngag" in r"alacti!iti"s mani,ulation: an3 th" 3"clin" in ,ost SEO,"r5ormanc" 3u" to th" r"al acti!iti"s manag"m"ntis mor" s"!"r" than that 3u" to accrualmanag"m"nt8

Jang .%&'%27 6h"th"r manag"rs us" r"al acti!iti"smani,ulation an3 accrual $as"3 "arningsmanag"m"nt as su$stitut"s in managing "arnings


34/41

Earnings ualit+

Accruals ualit+

Earnings ,"rsist"nc"

Earnings r"s,ons" co")ci"nt .ER2 utur" "arnings r"s,ons" co")ci"nt .ER2

Tim"lin"ss


35/41

Earnings ualit+ @ G

oh"n: *oitash: Krishnamoorth+: @right .%&'(27 au3itcommitt"">s in3ustr+ "=,"rtis": 6h"n

com$in"3 6ith accounting "=,"rtis": canim,ro!" th" "


36/41

Stan3ar3 S"tting

Stan3ar3 s"tting is a 5orm o5 r"gulationthat is ultimat"l+ th" r"s,onsi$ilit+ o5 acountr+>s go!"rnm"nt or l"gislatur"

Stan3ar3 s"tting $o3i"s7 IAS?: AS?:DSAK9IAI


37/41

IRS R"s"arch

Lan3sman: Ma+3"6: Thornock .%&'%27 Th" in5ormation cont"nt o5 annual"arnings announc"m"nts an3 man3ator+

a3o,tion o5 IRS larkson: *anna: Richar3son: Thom,son

.%&''27 Th" im,act o5 IRS a3o,tion onth" !alu" r"l"!anc" o5 $ook !alu" an3"arnings


38/41

IRS R"s"arch

Li .%&'&27 th" IRS man3at" signi4cantl+ r"3uc"s th"cost o5 "uit+ 5or man3ator+ a3o,t"rs: an3 this r"3uctionis ,r"s"nt onl+ in countri"s 6ith strong l"gal "n5orc"m"nt

i, @ oung .%&'%27 man3ator+ IRS a3o,tion im,ro!"s

cross9countr+ in5ormation com,ara$ilit+ Armstrong: ?arth: -agolin"r: @ Ri"3l .%&'&27

Incr"m"ntall+ ,ositi!" r"action 5or 4rms 6ith lo6"r ualit+,r"9a3o,tion in5ormation: 6hich is mor" ,ronounc"3 5or$anks: an3 6ith high"r ,r"9a3o,tion in5ormation as+mm"tr+

Incr"m"ntall+ n"gati!" r"action 5or 4rms 3omicil"3 in co3"la6 countri"s

A ,ositi!" r"action to IRS a3o,tion "!"nts 5or 4rms 6ithhigh9ualit+ ,r"9a3o,tion in5ormation8


39/41

R"s"arch On Anal+sts> ?"ha!ior

Anal+sts> $"ha!ior is im,ortant toaccounting r"s"arch: $"caus" anal+star" among th" major in5ormation

int"rm"3iari"s 6ho us" an3 int"r,r"taccounting 3ata

S"curit+ ,ric"s r";"ct th" r"sults o5 th"iranal+sis Anal+sts> 5or"casts out,"r5orm th" $"st

statistical mo3"ls .?ro6n et al: '/10a2


40/41

R"5"r"nsi

?"a!"r: 8*8 %&&%8 P"rs,"cti!"s onR"c"nt a,ital Mark"t R"s"arch:

Accounting Review 00 .%2: (9(0(8

Scott: 8R8 %&'(8 inancial Accounting Th"or+: 0th E38 : P"arson E3ucation8


41/41

Sylvia Veronica Siregar

Pascasarjana Ilmu Akuntansi FEUI

[email protected] /

[email protected] /

sylviavnps@ya!oo.com

"#$%&$#%'$(

T"rima Kasih

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