Articoli di riviste: "Discretionary information"

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Coates, Del. "Analyzing and Optimizing Discretionary Information". Design Management Journal (Former Series) 8, n. 2 (10 giugno 2010): 58–65. http://dx.doi.org/10.1111/j.1948-7169.1997.tb00161.x.

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Verrecchia, Robert E. "Information quality and discretionary disclosure". Journal of Accounting and Economics 12, n. 4 (marzo 1990): 365–80. http://dx.doi.org/10.1016/0165-4101(90)90021-u.

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Ebert, Michael, Dirk Simons e Jack D. Stecher. "Discretionary Aggregation". Accounting Review 92, n. 1 (1 marzo 2016): 73–91. http://dx.doi.org/10.2308/accr-51434.

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ABSTRACT We study a disclosure decision for a firm's manager with many sources of private information. The presence of multiple numerical signals provides the manager with an opportunity to hide information via aggregation, presenting net amounts in order to show information in its best light. We show that this ability to aggregate fundamentally changes the nature of voluntary disclosure, due to the market's inability to verify that a report is free of strategic aggregation. We find that, in equilibrium, the manager fully discloses if and only if the manager's private information makes the firm look sufficiently weak. By separating bad news from good news, a disaggregate report informs the market of as much offsetting news as possible, revealing how close the news is to a neutral benchmark. The result is, therefore, pooling at the top and separation at the bottom, the opposite of what transpires with a single news source. JEL Classifications: M41; D82; D83.

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Moscariello, Nicola, Pietro Fera e Ettore Cinque. "The information content of discretionary accruals during systemic crises". Journal of Applied Accounting Research 21, n. 3 (17 aprile 2020): 455–76. http://dx.doi.org/10.1108/jaar-04-2018-0054.

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PurposeBy analyzing the relationship between discretionary accruals and information asymmetry throughout the latest global financial crisis, this paper deepens our understanding of the effect of managerial discretion on the informativeness of earnings in the case of a negative exogenous shock in business fundamentals.Design/methodology/approachThis paper examines the relationship between discretionary accruals and the bid–ask spread within the Italian Stock Exchange over the period of 2007–2012. The authors focus on one country in order to avoid systematic cross-country performance variation in discretionary accruals models, and they use the bid–ask spread as a proxy for information asymmetry.FindingsThis paper shows the role played by discretionary accruals in unblocking private information in the case of a negative exogenous shock in business fundamentals and finds a significant negative relationship between discretionary accruals and the bid–ask spread during the global financial crisis, although only limited to firms with strong corporate governance.Research limitations/implicationsSince the paper focuses on one country, the findings might not be necessarily generalizable. Moreover, the relatively small sample size could be another limitation.Practical implicationsThis paper offers useful evidence to identify settings in which discretionary accruals increase the informativeness of earnings. Further, it suggests controlling for macroeconomic variables to mitigate the risk of an erroneous interpretation of discretionary accruals models.Originality/valueThis paper extends knowledge and collects new evidence on the information content of discretionary accruals by investigating the relationship between discretionary accruals and information asymmetry during a systemic crisis.

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Cluley, Emma. "Discretionary disclosure of information under MAPPA". Probation Journal 55, n. 1 (marzo 2008): 85–93. http://dx.doi.org/10.1177/0264550507085682.

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Chowdhury, Abu, Sabur Mollah e Omar Al Farooque. "Insider-trading, discretionary accruals and information asymmetry". British Accounting Review 50, n. 4 (giugno 2018): 341–63. http://dx.doi.org/10.1016/j.bar.2017.08.005.

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Jorgensen, Bjorn N., e Michael T. Kirschenheiter. "Discretionary Risk Disclosures". Accounting Review 78, n. 2 (1 aprile 2003): 449–69. http://dx.doi.org/10.2308/accr.2003.78.2.449.

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We model managers' equilibrium strategies for voluntarily disclosing information about their firm's risk. We consider a multifirm setting in which the variance of each firm's future cash flow is uncertain. A manager can disclose, at a cost, this variance before offering the firm for sale in a competitive stock market with risk-averse investors. In our partial disclosure equilibrium, managers voluntarily disclose if their firm has a low variance of future cash flows, but withhold the information if their firm has highly variable future cash flows. We establish how the manager's discretionary risk disclosure affects the firm's share price, expected stock returns, and beta, within the framework of the Capital Asset Pricing Model. We show that whereas one manager's discretionary disclosure of his firm's risk does not affect other firms' share prices, it does affect the other firms' betas. Also, we demonstrate that a disclosing firm has lower risk premium and beta ex post than a nondisclosing firm. Finally, we show that ex ante, the expected risk premium and expected beta of each firm are higher under a mandatory risk disclosure regime than in the partial disclosure equilibrium that arises under a voluntary disclosure regime.

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Simamora, Alex Johanes. "Effect of earnings management on earnings predictability in information signaling perspective". Jurnal Akuntansi 22, n. 2 (29 agosto 2018): 173. http://dx.doi.org/10.24912/ja.v22i2.346.

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This research is aimed to examine (1) effect of discretionary and innate accrual on earnings predictability (2) effect of market share and financial health on relationship between real earnings management and earnings predictability. This research use manufacture firms listed in Indonesian Stock Exchange 2003-2015 as research sample, with 2013-2014 as research period. Accrual earnings management is measured by discretionary and innate abnormal accrual. Real earnings management is measured by aggregate of abnormal cash flow of operation, abnormal production, abnormal discretionary expenses. As expected, discretionary accrual as opportunist act does not support earnings predictability, while innate accrual as information signaling of business model improves earnings predictability. Real earnings management as information signaling of market share and financial health improves earnings predictability as well. In general, earnings management as information signaling is more likely to communicate condition of firm and leads to informativeness of earnings.

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Chen, Changling, Alan Guoming Huang e Ranjini Jha. "Idiosyncratic Return Volatility and the Information Quality Underlying Managerial Discretion". Journal of Financial and Quantitative Analysis 47, n. 4 (23 febbraio 2012): 873–99. http://dx.doi.org/10.1017/s002210901200018x.

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AbstractVariation in idiosyncratic return volatility from 1978 to 2009 is attributable to discretionary accrual volatility and the correlation between premanaged earnings and discretionary accruals reflective of information quality across firms. These results are robust to controls for firm operating uncertainty, growth options, business-cycle variations, and firm age and industry effects, and they highlight the importance of managerial discretion in determining idiosyncratic volatility.

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Quosigk, Benedikt, e Dana A. Forgione. "Do donors respond to discretionary accounting information consolidation?" Journal of Public Budgeting, Accounting & Financial Management 30, n. 1 (5 marzo 2018): 16–39. http://dx.doi.org/10.1108/jpbafm-03-2018-003.

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Purpose The purpose of this paper is to investigate donor responses to discretionary accounting information consolidation. Nonprofit (NP) financial statement consolidation discretion significantly impacts program ratio reporting, the primary NP performance measure. Stakeholders are misled to allocate limited resources inefficiently. While some NPs file group Internal Revenue Service (IRS) Form 990 returns with their affiliates, effectively providing consolidated statements, others choose to file independently of their affiliates. Design/methodology/approach The authors use OLS regression analysis and panel data for 5,697 NP-year observations for the period 2009-2011 retrieved from the National Center for Charitable Statistics Form 990 database. Findings The authors find evidence that consolidation discretion substantially impacts donor decisions. NP managers have incentive to utilize consolidation discretion to influence charitable giving. Practical implications The authors urge the IRS and the Financial Accounting Standards Board to reconsider the consolidation guidance for NP organizations, to develop performance measures beyond the widely used program ratio, and to require program ratio segment reporting to allow for better comparability among NPs irrespective of consolidation status. Further, the authors caution stakeholders to consider supporting organization transactions in their resource allocation decisions. Originality/value The authors are the first to use NP supporting organization information to investigate consolidation discretion and its impact on donor responses.

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Liu, Xia, Shancun Liu, Zhen Qi e Chunhui Wen. "Discretionary liquidity trading, information production and market efficiency". Finance Research Letters 35 (luglio 2020): 101299. http://dx.doi.org/10.1016/j.frl.2019.09.014.

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Fong, Philip W. L. "Discretionary capability confinement". International Journal of Information Security 7, n. 2 (21 settembre 2007): 137–54. http://dx.doi.org/10.1007/s10207-007-0047-5.

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Veno, Andri, e Noer Sasongko. "PENGARUH ASIMETRI INFORMASI TERHADAP MANAJEMEN LABA DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI". Jurnal Manajemen Dayasaing 18, n. 1 (6 aprile 2017): 64. http://dx.doi.org/10.23917/dayasaing.v18i1.3819.

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The purpose of this study was to analyze the effect on earnings management information asymmetry, which was moderated by good corporate governance in 43 companies listed on the Indonesian Stock Exchange (BEI). To 43 companies such as sample in this study included the top 10 best Corporate Governance Perception Index (CGPI) during the period 2004 - 2013. The sampling technique is purposive sampling. Earnings management as independent variables proxy through Short Term Discretionary Accruals (STDA) and Long Term Discretionary Accruals (LTDA), while moderating variable is a proxy through Corporate Governance Corporate Governance Perception Index (CGPI). This analysis using multiple linear regression that was previously done through classical assumption test. The results of multiple linear regression analysis on the model of the Short Term Discretionary Accruals (STDA) showed that the asymmetry of information and good corporate governance significantly positive effect on earnings management. The results of multiple linear regression analysis on the model of the Long-Term Discretionary Accruals (LTDA) showed that the asymmetry of information and good corporate governance significantly negative effect on earnings management. While variable existing office Good Governance can moderate the effect of asymmetry in earnings management in Short-Term Discretionary Accruals (STDA) and Long Term Discretionary Accruals (Ltda).

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Choong, Yap Voon, Kok Thim Chan e John Stanley Murugeshu. "Earnings management, directors’ discretions and information content affecting discretionary accruals of Malaysian publicly listed companies". Corporate Ownership and Control 11, n. 4 (2014): 625–34. http://dx.doi.org/10.22495/cocv11i4c7p5.

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Managers have reporting discretion permitted by accounting standards over a combination of earnings management choices. The objective of this study is to identify the types of discretionary accounting choices that are indicative of earnings management. Based on a sample of 947 companies listed on the Malaysian stock exchange, the results indicate that a number of firm specific financial variables that proxy for agency cost, political costs and information asymmetry capture discretionary accruals behaviour. This study also seeks to examine the explanatory power of the earnings management in predicting future earnings and firm value. The results indicate that discretionary accruals can improve the informativeness of a firm’s current and past earnings when predicting future earnings and share price

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Syrjänen, Mikko J. "Non-discretionary and discretionary factors and scale in data envelopment analysis". European Journal of Operational Research 158, n. 1 (ottobre 2004): 20–33. http://dx.doi.org/10.1016/s0377-2217(03)00362-x.

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Hafeez-Baig, Mohammud Jaamae, e Jordan English. "Disclosure of trust information: discretionary or principle-based jurisdiction?" Trusts & Trustees 23, n. 7 (13 luglio 2017): 829–34. http://dx.doi.org/10.1093/tandt/ttx089.

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Ali, Ashiq, Joshua Ronen e Shu-Hsing Li. "Discretionary Disclosures in Response to Intra-Industry Information Transfers". Journal of Accounting, Auditing & Finance 9, n. 2 (aprile 1994): 265–82. http://dx.doi.org/10.1177/0148558x9400900209.

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This study examines information disclosures about non-announcing firms' following the earnings release by another firm in the same industry. It provides indirect evidence (through stock price changes) that the information disclosed about non-announcing firms is significant only when announcing firms convey bad news through their earnings releases and when non-announcing firms are large. This finding provides support to Verrecchia's (1983) theory which predicts that in the presence of disclosure related costs, full revelation of managers' private information (as shown in the Grossman [1981]-Milgrom [1981] world) does not obtain. Instead, managers use discretion in disclosing their private information.

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Arya, Anil, Hans Frimor e Brian Mittendorf. "Discretionary Disclosure of Proprietary Information in a Multisegment Firm". Management Science 56, n. 4 (aprile 2010): 645–58. http://dx.doi.org/10.1287/mnsc.1090.1126.

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Lewellen, Wilbur G., Taewoo Park e Byung T. Ro. "Self-serving behavior in managers' discretionary information disclosure decisions". Journal of Accounting and Economics 21, n. 2 (aprile 1996): 227–51. http://dx.doi.org/10.1016/0165-4101(95)00417-3.

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Dhahbi, Afef, e Ben Abbes. "The effect of governance characteristics on information content of discretionary accruals: A comparative study between France and the USA". Corporate Ownership and Control 8, n. 2-5 (2011): 489–501. http://dx.doi.org/10.22495/cocv8i2c5p1.

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The aim of this paper is to examine the relationship between strong governance structure and the information content of discretionary accruals in countries, which present differences in their legal system (USA and France). To approach the concept of corporate governance this recovers several dimensions: the board of directors, its committees, and ownership structure we used the method of Data Envelopment Analysis (DEA). The findings indicate that the association between stock return and discretionary accruals is greater for firms having a good corporate governance structure independently of the context of study. Further, discretionary accruals of firms having good corporate governance have a greater association with future profitability future only for American context.

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Göttsche, Max, Stephan Küster e Tobias Steindl. "To Reveal or Not to Reveal? The Influence of Cultural Secrecy on Discretionary Disclosure Decisions". International Journal of Accounting 55, n. 03 (settembre 2020): 2050012. http://dx.doi.org/10.1142/s1094406020500122.

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Prior studies on the relationship between culture and discretionary disclosure fail to account for concurrent managerial incentives to reveal private information to the capital market. Our study extends the literature by investigating whether these managerial incentives offset the cultural influence on managers’ discretionary disclosure decisions. To this end, we exploit a setting in which managers have the discretion to influence both the quantity and quality of disclosure and can thereby either conceal or reveal private information. For a sample of European firms, we find that despite incentives to reveal private information, managers’ culturally determined preference for secrecy leads them to provide a low quantity as well as a lower quality of disclosure. Our results are robust to several sensitivity checks and demonstrate the relative importance of cultural influence on discretionary disclosure decisions.

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Mao, Ziqing, Ninghui Li, Hong Chen e Xuxian Jiang. "Combining Discretionary Policy with Mandatory Information Flow in Operating Systems". ACM Transactions on Information and System Security 14, n. 3 (novembre 2011): 1–27. http://dx.doi.org/10.1145/2043621.2043624.

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Zhang, Ni, Yi-fei Pu, Suiquan Yang, Jinkang Gao, Zhu Wang e Ji-liu Zhou. "A Chinese legal intelligent auxiliary discretionary adviser based on GA-BP NNs". Electronic Library 36, n. 6 (10 dicembre 2018): 1135–53. http://dx.doi.org/10.1108/el-03-2017-0056.

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PurposeThis paper aims to build a legal intelligent auxiliary discretionary system for predicting the penalty and damage compensation values. After extensively considering current the characteristics of the current Chinese legal system, a practical legal intelligent auxiliary discretionary system based on genetic algorithm-backpropagation (GA-BP) neural network (NN) is proposed herein.Design/methodology/approachAn experiment is designed to analyze cases involving mental anguish compensation in medical disputes, and a Chinese legal intelligent auxiliary discretionary adviser system is built based on a GA-BP NN. Because BP neural networks perform well for nonlinear problems and GAs can improve their ability to find optimal values, and accelerate their convergence, a combined GA–BP algorithm is used. In addition, an ontology is used to reduce the semantic ambiguities and extract the implied semantic information.FindingsWe confirm that a case-based legal intelligent auxiliary discretionary adviser system based on a GA-BP NN and ontology techniques has good performance in prediction. By predicting the mental anguish compensation values, the legal intelligent auxiliary discretionary adviser system can help judges to handle cases more quickly and ordinary people to discover the suggested compensation or penalty. In contrast to BP NN or SVM, the result seems more close to the actual compensation rate.Practical implicationsRecently, smart court has been developed in China; the purpose of which is to build the legal advice system for improving judicial justice and reducing differences in sentencing. A practical legal advice system is an urgent requirement for the judiciary.Originality/valueThis paper presents a study of a case-based legal intelligent auxiliary discretionary adviser system based on a GA-BP NN and ontology techniques. The findings offer advice to optimize legal intelligent auxiliary discretionary adviser systems for mental anguish compensation in medical disputes.

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Kim, Hyun Ah, e Seok Woo Jeong. "Gender diversity in employees and discretionary accruals: the Korean evidence". International Journal of Accounting & Information Management 26, n. 3 (6 agosto 2018): 362–83. http://dx.doi.org/10.1108/ijaim-07-2016-0068.

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Purpose This paper aims to investigate the relation between gender diversity in employees and earnings quality. Specifically, how gender diversity among full-time and part-time employees is associated with discretionary accruals in Korea is examined. Design/methodology/approach The author analyzes the association between women ratio among full-time (part-time) employees and discretionary accruals by using 3,687 firm-years of Korean listed companies from 2010 to 2012. The regression model used in Barua et al. (2010) is adopted. The dependent variables, the absolute value of discretionary accruals, are proxied by the Modified Jones Model of Dechow et al. (1995) and the Performance Matched Model of Kothari et al. (2005). Findings First, a higher ratio of women among full-time workers is related to lower discretionary accruals, whereas that of part-time female employees is not related to discretionary accruals. Second, the effect of gender diversity in employees varies depending on the possibility of earnings management. Third, the results are robust with sample firm-years without female executives, thereby suggesting that the results are not driven by the existence of female executives, and robust to accounting standards and firm-year clustering. Originality/value This paper expands the understanding about the determination of discretionary accruals by demonstrating the impact of full-time female employees on earnings quality. Previous studies demonstrated that female workers are more ethical in the workplace, and the quality of accounting information disclosed by firms with female CFOs or directors, i.e. high ranking officers, is higher. It is observed that accounting information quality is higher when firms simply have more female workers, regardless of their relative position in the firm. This complements the results of previous studies and indicates gender diversity among employees is a sign of accounting information quality.

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Shin, Hoyoung, e Hyunmin Oh. "The Effect Of Accruals Quality On The Association Between Voluntary Disclosure And Information Asymmetry In Korea". Journal of Applied Business Research (JABR) 33, n. 1 (29 dicembre 2016): 223–36. http://dx.doi.org/10.19030/jabr.v33i1.9892.

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Using data on the firms' voluntary disclosures from the Korea Stock Exchange from 2011 to 2014, we first empirically examine the association between voluntary disclosure and information asymmetry and then investigate the extent to which this association is affected by accruals quality since Korea adopted International Financial Reporting Standards (IFRS) in 2011. We use Comprix et al. (2011) and Shin and Park (2014)'s measures of information asymmetry. They are daily stock return volatility (VOLA) and trading volume turnover (VOL). We use the Dechow et al.'s (1995) revised Jones model and the Kothari et al.'s (2005) performance matched discretionary accrual model to measure the discretionary accruals. The absolute values of discretionay accruals are used as proxies for accruals quality. Final research samples with voluntary disclosure for this study are 1,226 (firms-years) companies. The research findings generally support our hypotheses. First, the relation between voluntary disclosure and information asymmetry is statistically and significantly positive as we have expected. The Korean companies with high voluntary disclosure would experience higher daily stock return volatility and less trading volume, which implies that companies tend to disclose biased information to the outside, which is consistent with prior studies in Korea. Second, the accruals quality (moderating variable) on the relation between voluntary disclosure and information asymmetry is statistically and significantly negative. Thus, we can conclude that when accruals quality is high, more voluntary disclosure decreases information asymmetry. These findings imply that accruals quality works as a mechanism in reducing the negative effect of voluntary disclosure on information asymmetry after the adoption of IFRS in Korea. The limitation of this study is such that we might not have considered other omitted variables and other proxies for the accruals quality, voluntary disclosure, and information asymmetry.

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Abdallah, Sara. "Earnings relevance changes post the Egyptian revolution crisis". Journal of Financial Reporting and Accounting 17, n. 1 (11 marzo 2019): 60–79. http://dx.doi.org/10.1108/jfra-10-2017-0095.

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Purpose This paper aims to investigate whether the value relevance of accounting information has been affected by the occurrence of the Egyptian revolution financial crisis. More specifically, this paper examines the value relevance changes of three key accounting constructs: operating cash flow, normal non-discretionary accruals and discretionary accruals before and after the Egyptian revolution crisis. Design/methodology/approach Ordinary Least Squares (OLS) regression is used to examine the changes in earnings value relevance across before and after the Egyptian revolution crisis. The performance matched Jones model (Kothari et al., 2005) is used to estimate the discretionary accruals. Findings After the Egyptian revolution financial crisis, the discretionary accruals (DAC) information value has significantly improved. However, the non-discretionary earnings components (OCF and NDAC) have minimal changes. The evidence of further analysis indicates that managers are using the discretionary accruals to signal the future adding value investments that respond optimally to changes in discount rates. Research limitations/implications The paper extends the literature debate about earnings management over a financial crisis; the findings provide implications for regulatory bodies that could learn how the common incentives of firms to attract potential investors during a crisis could lead them to provide a high-quality financial reporting. Originality/value Using data from the Egyptian market, the paper fills a research gap by examining the value relevance of earnings and tests whether the revolution crisis has influenced earnings reporting and firms’ values from a relatively developing country with special institutional and enforcement backgrounds.

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Khan, Muhammad Anees, Syed Imran e Muhammad Jehangir. "Impact of Credit Rating, Profitability and Liquidity on Capital Structure and Information Asymmetry: Evidence from Pakistani Non-Financial Sector". Global Economics Review III, n. I (30 giugno 2018): 105–16. http://dx.doi.org/10.31703/ger.2018(iii-i).12.

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This study conducted for the nonfinancial sector of Pakistan, Total number of observations for the study is 600 with a group of 120. The dependent variable for this study is Capital structure and discretionary accrual, while independent variables include credit rating, profitability, and liquidity. The study developed two models for answering the research questions and objectives. Model one is about the impact of credit rating, profitability and liquidity on the capital structure, while model two is to examine the impact of credit rating and profitability on discretionary accrual. The results of the study show that credit rating and profitability positively impact capital structure and liquidity has a negative impact on capital structure. Moreover, in the second model, credit rating and profitability positively impact discretionary accrual. Another interesting finding from this study is that high rated firms more actively involved in asymmetry information. Due to this, in the financial market, investors invest in firms that increase the profitability of the firm.

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Einhorn, Eti, e Amir Ziv. "Unbalanced Information and the Interaction between Information Acquisition, Operating Activities, and Voluntary Disclosure". Accounting Review 82, n. 5 (1 ottobre 2007): 1171–94. http://dx.doi.org/10.2308/accr.2007.82.5.1171.

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As different activities cannot be measured or communicated with the same precision, accounting information is often only a partial and unbalanced reflection of the fundamental economics, emphasizing certain aspects of the underlying operations while disregarding others. We highlight this inherent imbalance in information as the source of an interaction between corporate operating and discretionary disclosure strategies, and thereby also as an important determinant of the information acquisition strategy. We demonstrate that information imbalance, via its distorting effect on operating activities, leads to a reduction in the propensity of managers to acquire information and provide voluntary disclosures.

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Dantas, José Alves, Fernando Caio Galdi, Lúcio Rodrigues Capelletto e Otávio Ribeiro Medeiros. "Discricionariedade na Mensuração de Derivativos como Mecanismo de Gerenciamento de Resultados em Bancos". Brazilian Review of Finance 11, n. 1 (30 maggio 2013): 17. http://dx.doi.org/10.12660/rbfin.v11n1.2013.3658.

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The paper has the purpose of identifying whether Brazilian banks use discretionary accounting choices when recognizing and measuring derivatives for practicing earnings management and which are the determinants of this practice. Using a two-stage model to segregate the discretionary part in the estimated fair value of derivatives and based on information from the third quarter of 2002 to the fourth quarter of 2010, the empirical results confirm the reversing nature of these discretionary actions, show that banks utilize this type of action as a mechanism for earnings smoothing, and disclose that this practice is more common in private institutions, smaller in asset size and with lower capitalization. The evidence advances with respect to the previous literature, which have identified the use of derivatives in practicing earnings management by banks, but have not associated this practice to discretionary actions by the management.

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Dhahbi, Afef, Lucie Courteau e Mohamed Wajdi Triki. "Governance quality and the pricing of discretionary accruals: American field study". Corporate Ownership and Control 5, n. 4 (2008): 302–8. http://dx.doi.org/10.22495/cocv5i4c2p3.

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The aim of this paper is to examine the relationship between efficient governance structure and the information content of discretionary accruals. To determine governance scores, Data Envelopment Analysis is applied to a sample of 149 American firms for the period 1998 to 2003. The findings indicate that the association between stock return and discretionary accruals is greater for firms having a good corporate governance structure

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Moradzadehfard, Mehdi. "Evaluation of Management Earnings Forecast Error and Information Content of Accruals: Listed Companies in Tehran Stock Exchange". Journal of Education and Vocational Research 4, n. 4 (30 aprile 2013): 119–29. http://dx.doi.org/10.22610/jevr.v4i4.109.

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Aim of this study is studying relation of management earnings forecast error and information content of accruals. Thus, the sample consists of 71 companies were selected for the period 2003-2011. In this study discretionary accruals is used as independent variables. The results suggest that there is a significant negative relationship between earnings management forecast error and the total discretionary accruals. These results indicate that other assumptions that management forecasts for financing through equity or debt generates a significant positive relationship between positive accruals and management earnings forecast error. In addition, through equity or debt financing outlook, there is no significant relationship between earnings forecast error and negative accruals.

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Shu, Sydney Qing, e Wayne B. Thomas. "Managerial Equity Holdings and Income Smoothing Incentives". Journal of Management Accounting Research 31, n. 1 (1 giugno 2017): 195–218. http://dx.doi.org/10.2308/jmar-51822.

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ABSTRACT We explore how managerial stock holdings and option holdings affect CEOs' income smoothing incentives. Given the different roles of stock holdings and option holdings in solving agency problems, managers may smooth past earnings using discretionary accruals for the purpose of revealing information to help investors better predict future earnings or for the purpose of hiding volatility of past earnings. We find the association between past smoothing and predictability of future earnings is increasing (decreasing) in CEO stock (option) holdings. Results are consistent with stock holdings aligning the interests of managers and shareholders, and managers using discretionary accruals to smooth past earnings to reveal information to investors about future performance. In contrast, option holdings have been linked with excessive risk taking by managers, and managers use discretionary accruals to mask volatility of less predictable earnings. We demonstrate that income smoothing can be informative or opportunistic, depending on the incentives of CEOs.

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Jia, Jianjun, Lili Shao, Zhenzhen Sun e Fang Zhao. "Corporate cash savings and discretionary accruals". China Finance Review International 10, n. 4 (23 aprile 2020): 429–45. http://dx.doi.org/10.1108/cfri-09-2019-0139.

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PurposeThis paper assesses how discretionary accruals (DAs) affect corporate cash savings policies and the motivation behind this cash saving behavior and, also whether the linkage between DAs and cash saving affect the market-perceived cash value.Design/methodology/approachWe construct the measure of DAs using the previous five-year average information to investigate the association of DAs with the change in cash. Moreover, the Faulkender and Wang (2006) methodology is utilized to examine the market-perceived cash value in DAs.FindingsThe key finding is that firms with high DAs save significantly more cash. A one standard deviation increase in DAs saves cash by 12.59%. Furthermore, the value of cash is low for these firms. The effect is stronger in firms with poor governance but not present in financially constrained firms.Research limitations/implicationsThe empirical evidence highlights DAs have negative effect on market-perceived cash value, which underscores the insight that managers manage earnings opportunistically using DAs.Originality/valueTaken together, we provide more evidence on the literature of accruals in earnings manipulation.

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Anggraeni, Erike, Muslim Marpaung, Ersi Sisdianto, Bayu Tri Cahya e Muhammad Kurniawan. "The Influence’s Analysis of Deferred Tax Expense, Current Tax and Discretionary Accrual towards Earnings Management (Survey in Manufactured Company Registered at Indonesia Stock Exchange in the Period of 2014 – 2018". Webology 17, n. 2 (21 dicembre 2020): 568–86. http://dx.doi.org/10.14704/web/v17i2/web17052.

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The study aims to provide an overview of the influence of deferred tax expense, current tax and discretionary accruals to earnings management towards Earnings Management where it was caused by the temporary differences between accounting income and taxable profit. In this PSAK, there is a statement paragraph that can provide freedom of management in determining an earning in deferred tax of the difference between accounting standard and tax regulations in the amount of deferred tax payable related to accounting income in a current perioed or a current fiscal year. The amount of current tax is same with tax expense in SPT. The type of a method of this study is quantitative. Based on the hipothesis testing, it can be concluded that deferred tax expense and discretionary accruals have a significant positive influence toward earnings management while current tax has no significant positive towards Earnings Management in Manufactured Company registered at Indonesia Stock Exchange in the period of 2014 – 2018. The limitation of this study is that it only discusses how much influence the deferred tax expense, current tax and discretionary accruals have on earnings management, as well as the number of samples and populations that are less than 100 samples, thus opening up opportunities for new researchers by adopting the same theme. The implications of this study are expected to be able to add to the state of knowledge relating to the effect of deferred tax expense, current tax and discretionary accruals on earnings management.

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Kim, Kilhwan, e Kyung C. Chae. "Discrete-time queues with discretionary priorities". European Journal of Operational Research 200, n. 2 (gennaio 2010): 473–85. http://dx.doi.org/10.1016/j.ejor.2008.12.035.

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36

Mayberry, Michael A., Sean T. McGuire e Thomas C. Omer. "Smoothness and the Value Relevance of Taxable Income". Journal of the American Taxation Association 37, n. 2 (1 agosto 2015): 141–67. http://dx.doi.org/10.2308/atax-51252.

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ABSTRACT This study investigates whether the smoothness of estimated taxable income influences its value relevance. Contrary to research that finds that smoothness enhances the value relevance of book income, we find that smoothness reduces the value relevance of taxable income. We decompose the smoothness of taxable income into its innate and discretionary components and find that innate smoothness is not associated with the value relevance of taxable income. However, we find that discretionary smoothness is associated with a reduction in taxable income's value relevance, suggesting that discretionary smoothness either eliminates or reduces the information contained in taxable income. In additional analysis, we find that discretionary smoothness is also associated with higher levels of future tax avoidance, consistent with managers smoothing taxable income as part of their tax avoidance strategy. In combination, our results suggest that the reduced value relevance of estimated taxable income is a byproduct of managers' tax-planning strategy. JEL Classifications: G32; H25; H32; M41.

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Krishnan, Gopal V. "Audit Quality and the Pricing of Discretionary Accruals". AUDITING: A Journal of Practice & Theory 22, n. 1 (1 marzo 2003): 109–26. http://dx.doi.org/10.2308/aud.2003.22.1.109.

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Accrual-based earnings is considered superior to cash flows. Accruals allow managers to communicate their private and inside information and thereby improve the ability of earnings to reflect underlying economic value. However, managers could engage in aggressive reporting of accruals that would seriously undermine the informativeness of reported earnings. Since outsiders cannot directly observe earnings, high-accrual firms face greater agency costs relative to low-accrual firms. Auditing plays an important role in mitigating these agency costs by constraining opportunistic management of accruals. This study examines whether there is a linkage between audit quality and pricing of discretionary accruals. The findings indicate that the association between stock returns and discretionary accruals is greater for firms audited by Big 6 auditors than for firms audited by non-Big 6 auditors. Further, discretionary accruals of clients of Big 6 auditors have a greater association with future profitability than discretionary accruals of clients of non-Big 6 auditors.

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Bernoth, Kerstin, Andrew Hughes Hallett e John Lewis. "THE CYCLICALITY OF AUTOMATIC AND DISCRETIONARY FISCAL POLICY: WHAT CAN REAL-TIME DATA TELL US?" Macroeconomic Dynamics 19, n. 1 (20 agosto 2013): 221–43. http://dx.doi.org/10.1017/s1365100513000369.

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This paper develops a new methodology for estimating both the automatic and discretionary components of fiscal policy in one reaction function using the differences between real-time and ex post data. Discretionary policy should respond to information available to the policy maker at the time (real-time data), whereas automatic fiscal policy should respond to the true state of the economy at the time (proxied by the final data). We find that the intended discretionary response of fiscal policy to the cycle is counter-cyclical. Our estimates suggest that the automatic stabilizers are at the lower end of the range found in the related literature. This new methodology reduces the risk present in the conventional CAB approach that part of the discretionary actions may be wrongly attributed to automatic stabilizers. In that sense, automatic stabilizers are typically not as strong as usually claimed. This could be of particular use in countries where insufficient data exist to estimate structural budget sensitivities directly.

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Agnes Cheng, C. S., e Austin Reitenga. "Characteristics of institutional investors and discretionary accruals". International Journal of Accounting & Information Management 17, n. 1 (26 giugno 2009): 5–26. http://dx.doi.org/10.1108/18347640910967717.

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40

Jenkins, David S., e Uma Velury. "The effect of institutional ownership on the informativeness of discretionary accruals". Corporate Ownership and Control 6, n. 1-2 (2008): 286–91. http://dx.doi.org/10.22495/cocv6i1c2p5.

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We examine whether the pricing of discretionary accruals is associated with the level of institutional ownership. We posit that if institutional investors monitor their investment actively, then managers would be discouraged from using the discretion in U.S. GAAP to manage earnings and would be encouraged to convey private information which would translate into greater information content. As a sensitivity test, we also examine the relation between discretionary earnings and future earnings. We find that this association is positively related to the level of institutional ownership. Our results collectively support the notion that institutional investors actively monitor their investments and encourage managers to report informative accruals.

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Livingstone, Katherine, Carlos Celis-Morales, Santiago Navas-Carretero, Rodrigo San-Cristobal, Hannah Forster, Clara Woolhead, Clare O'Donovan et al. "Personalized Nutrition Advice Reduces Intake of Discretionary Foods and Beverages: Findings From the Food4Me Randomized Controlled Trial". Current Developments in Nutrition 5, Supplement_2 (giugno 2021): 152. http://dx.doi.org/10.1093/cdn/nzab035_060.

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Abstract Objectives This study aimed to examine changes in intake of discretionary foods and beverages following a personalized nutrition intervention using two national classifications for discretionary foods. Methods Participants were recruited into a 6-month RCT across seven European countries (Food4Me) and were randomized to receive generalized dietary advice (Control) or one of three levels of personalized nutrition advice (based on dietary, phenotypic and genotypic information). Dietary intake from a FFQ was used to determine change between baseline and month 6 in (i) % energy, % contribution to total fat, SFA, total sugars and salt and (ii) contribution (%) made by sweets and snacks to intake of total fat, SFA, sugars and salt from discretionary foods and beverages, defined by Food Standards Scotland (FSS) and the Australian Dietary Guidelines (ADG). Results A total of 1270 adults (40.9 (SD 13.0) years; 57% female) completed the intervention. At month 6, percentage sugars from FSS discretionary items was lower in personalized nutrition vs control (19.0 ± 0.37 vs 21.1 ± 0.65; P = 0.005). Percentage energy (31.2 ± 0.59 vs 32.7 ± 0.59; P = 0.031), % total fat (31.5 ± 0.37 vs 33.3 ± 0.65; P = 0.021), SFA (36.0 ± 0.43 vs 37.8 ± 0.75; P = 0.034) and sugars (31.7 ± 0.44 vs 34.7 ± 0.78; P < 0.001) from ADG discretionary items were lower in personalized nutrition vs control. The % contribution of sugars from sweets and snacks was lower in personalized nutrition vs control (19.1 ± 0.36 vs 21.5 ± 0.63; P < 0.001). At 3 months, effects were consistent for ADG discretionary items, while there was no significant differences in personalized nutrition vs control for FSS discretionary items. Conclusions Compared with generalized dietary advice, personalized nutrition advice achieved greater reductions in intake of discretionary foods and beverages when the classification included all foods high in fat, added sugars and salt. Future personalized nutrition strategies may be used to target intake of discretionary foods and beverages. Funding Sources European Commission Food, Agriculture, Fisheries and Biotechnology Theme of the Seventh Framework Programme for Research and Technological Development [265494]. KML is supported by a NHMRC Emerging Leadership Fellowship (APP1173803).

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Hann, Rebecca N., Yvonne Y. Lu e K. R. Subramanyam. "Uniformity versus Flexibility: Evidence from Pricing of the Pension Obligation". Accounting Review 82, n. 1 (1 gennaio 2007): 107–37. http://dx.doi.org/10.2308/accr.2007.82.1.107.

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We functionally derive the discretionary component of the pension obligation (PBO) based on deviation of actuarial assumptions—discount rate and compensation growth rate—from their respective industry medians. We then examine the implications of allowing discretion in the choice of pension assumptions on the pricing of the PBO. We find no evidence that discretion—as currently allowed under U.S. GAAP—impairs the value relevance of the PBO. We also find that the discretionary component is incrementally value-relevant beyond the nondiscretionary component. Additional analyses suggest that these results are unlikely attributable to market fixation on reported PBO or measurement error in our discretionary component. Overall, we find that imposing uniformity in the choice of pension assumptions, on average, prevents communication of value-relevant information through the PBO.

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Ada, Serkan, Canan Gamze Bal, Adnan Çelik e Tahir Akgemci. "Discretionary Use of Family Practice Information Systems: An Empirical Examination in Turkey". Health Information Management Journal 42, n. 2 (giugno 2013): 17–22. http://dx.doi.org/10.1177/183335831304200203.

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Chang, Shen-Ho, Shaio Yan Huang, Teng-Shih Wang e Dennis B. K. Hwang. "The development of an indicator for measuring information quality of discretionary accruals". Applied Financial Economics 24, n. 18 (11 giugno 2014): 1177–86. http://dx.doi.org/10.1080/09603107.2014.925047.

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GRÉGOIRE, PHILIPPE. "INSIDER TRADING AND VOLUNTARY DISCLOSURE". International Journal of Theoretical and Applied Finance 11, n. 02 (marzo 2008): 143–62. http://dx.doi.org/10.1142/s0219024908004750.

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We set up a model to study the voluntary disclosure of information by insiders of publicly traded companies. We consider a trading framework as in [14] with many assets and one insider per asset. There is one discretionary liquidity trader who can allocate his trades across the different assets and many noise traders who trade with equal intensity in all assets. Before trade begins, insiders can disclose information in order to attract the discretionary liquidity trades. We show that if the level of noise trading is above a certain threshold, then there is an equilibrium where all insiders do not disclose any information. Below this threshold, equilibria are such that some information is always revealed by insiders. We also find that the greater the number of assets, the smaller the intensity of noise trading must be in order to induce insiders to disclose some information, and we find that insiders reveal all their information when the intensity of noise trading approaches zero.

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Luu, Tuan Trong. "Discretionary HR practices and employee well-being". Personnel Review 49, n. 1 (12 novembre 2019): 43–66. http://dx.doi.org/10.1108/pr-05-2018-0162.

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Purpose The more HRM systems invest in employees’ work life and career growth beyond legal requirements, the happier employees are. The purpose of this paper is to examine the role of discretionary HR practices in promoting employee well-being as well as mechanisms underlying this effect. Design/methodology/approach The participants for the study came from retail shops of a large information technology company in Ho Chi Minh City, Vietnam. The data set collected from these participants was analyzed through multilevel structural equation modeling and bootstrapping methods. Findings The results of this study provided empirical support for the relationships between discretionary HR practices and the psychological, physical and social dimensions of employee well-being. Job crafting was found to serve as a mediator for these relationships. Abusive supervision played a role in attenuating the effects of discretionary HR practices on the dimensions of employee well-being as well as job crafting. Originality/value This inquiry extends the research stream on the HRM-employee well-being relationship by examining the predictive role of discretionary HR practices.

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Kahler, Miles. "Organization and Cooperation: International Institutions and Policy Coordination". Journal of Public Policy 8, n. 3-4 (luglio 1988): 375–401. http://dx.doi.org/10.1017/s0143814x00008679.

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ABSTRACTSystems of policy coordination since 1945 may be classified as rule-governed systems relying on decentralized national decisions (a stylized Bretton Woods system) or discretionary bargaining in which coordination decisions are taken collectively at the international level (e.g. world economic summits). The European Monetary System combines elements of these two models. National attachments to rules cannot be explained solely by the strength of international institutions. A discretionary bargaining model of coordination is more likely to be successful when national leaders share a policy diagnosis that both cuts across economic issue areas and divides their own domestic political coalitions and governments. International organizations may facilitate policy coordination under a rule-based system through provision of resources to ease adjustment costs and rule clarification, and in a discretionary bargaining system by brokering, providing information and model building.

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Yang, Dong-Hoon. "Signaling through Accounting Accruals vs. Financial Policy: Evidence from Bank Loan Loss Provisions and Dividend Changes". Review of Pacific Basin Financial Markets and Policies 12, n. 03 (settembre 2009): 377–402. http://dx.doi.org/10.1142/s0219091509001678.

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This study examines substitution or complementarity relationships between discretionary loan loss provisions (LLP) and dividend signals. The statistical tests and results presented in this study indicate that bank managers may signal simultaneously with an accounting policy (i.e., discretionary LLP) and a financial policy (i.e., dividend change). This finding primarily points out the possibility that a bank manager with an incentive to mitigate asymmetric information can select multiple signals to maximize signaling effects. Thus, LLP signaling is a complementary (rather than a substitute) signaling device of dividend signaling.

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Chance, Don M. "Discretionary trading and the search for alpha". Journal of Asset Management 6, n. 2 (agosto 2005): 117–35. http://dx.doi.org/10.1057/palgrave.jam.2240170.

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Ruggiero, John. "Non-discretionary inputs in data envelopment analysis". European Journal of Operational Research 111, n. 3 (dicembre 1998): 461–69. http://dx.doi.org/10.1016/s0377-2217(97)00306-8.

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