摘要:

Abstract:The objective of this research is to explain accounting policy choice in the Australian property industry by reference to costly contracting theory. This paper makes three departures from the predominant literature. First, instead of focusing on a single policy choice, it focuses on a portfolio of 15 choices. Second, instead of measuring each policy choice dichotomously, it measures the dollar effect of each policy choice. Finally, the research focuses on the impact of policy choices on owners' equity as well as income. The results confirm the importance of compensation arrangements as a determinant of accounting policy choice but fail to provide evidence that debt constraints or political costs are significant determinants of accounting policy choice. These results suggest that including property firms in a more heterogeneous sample may reduce the power of tests on the debt constraints and political costs hypotheses. More generally (when compared to previous research) the results suggest that the determinants of policy choice are likely to be industry specific.

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1994.tb00266.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

AbstractAlmost all cash issues by New Zealand listed public companies are by way of a rights issue. This paper examines the terms of 143 issues between 1976 and 1984. Of those issues 86 were underwritten and 57 were not. The paper is concerned with two questions. The first question examines whether there are fundamental differences in the terms of the issues that explain why some issues were underwritten and some were not. The second question examines the extent to which the underwriters' fee corresponds to the value of a put option, where that value is given by an adaptation of the Black Scholes formula. The conclusions are that there are differences in the terms of issues that are underwritten, compared with those that are not, and that the underwriters' fee is substantially in excess of the Black Scholes put value.

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1994.tb00267.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

AbstractThe Australian standard on income statements (AAS 1) was recently amended to require that extraordinary items be non‐recurring. Although the amendment applies from 1990, the Corporations Law requires that comparative financial statements for 1989, complying with the new rule, be included with the 1990 financial statements. Comparison of these with actual financial statements for 1989 indicates how the statements would have differed in 1989 if the standard had then required extraordinary items to be non‐recurring. The differences are investigated to partially explain cross sectional differences in firms' classification criteria. Results imply that managers who are remunerated highly (relative to the magnitude of the earnings of the firm) prefer to classify gains as operating and losses as extraordin

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1994.tb00268.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

AbstractThis paper was motivated by the limited understanding of the role of accounting vis a vis other information in supporting the needs of management. The paper reports the findings of a study which examined differences in the design parameters of management information systems in firms adopting different strategic priorities. Based on a sample of 49 business unit general managers, the findings indicate that the effectiveness of business units is dependent on a match between the design of the information system and the firm's strategic posture. Information systems which have the characteristics of a broad scope system were found to be more effective in firms employing a strategy of continuous product/market development and innovation (Prospectors) than in firms which were protecting a comparatively narrow and stable product‐market (Defenders). The results have important implications for management accountants involved in the design and implementation of management information systems, especially in firms adopting a more innovative strategic posture. In particular, the study sheds light on the role of accounting as part of the “mosaic” of information provided to managers for decision m

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1994.tb00269.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Abstract:This paper reconsiders the prediction that the underpricing of IPOs is increasing in ex ante uncertainty by objectively establishing proxies for ex ante uncertainty on definitional grounds rather than by appealing to intuitive arguments. Based on a sample of 420 U.S. IPOs from the period 1976–1985, the results suggest that there is a hierarchy of proxies. The results also support the prediction of a positive relation between underpricing and ex ante uncertainty. Finally, the results suggest that as the effectiveness of a selected proxy as a measure of ex ante uncertainty increases, so does the strength of the relation between the degree of underpricing and ex ante uncertainty as measured by that prox

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1994.tb00270.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Abstract:This note presents descriptive evidence of self‐admitted tax evasion in New Zealand and identifies characteristics associated with this behaviour. A survey of voters from Christchurch is conducted. The frequency of self‐admitted under‐reporting of income (23%) is much more frequent than the frequency of self‐admitted overstating of deductions (12%). Using logistic regression analysis, under‐reporting behaviour is associated with age, income, the number of evaders personally known and the morality and consequences of evasion behaviour. Determining the existence or nonexistence of associations between key independent variables and evasion behaviour represents useful information for tax policy makers and others involved in revenue enforcement a

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1994.tb00271.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Book reviewed in this article:Philip BrownCapital Markets ‐ Based Research in Accounting: An IntroductionJonathan Anderson and Milicent PooleThesis and Assignment WritingJohn Wiley&Sons, Queensland, Second EditionK Keasey and R WatsonSmall Firm Management: Ownership, Finance and PerformanceJohn J GlynnPublic Sector Financial Control and AccountingStephen A Zeff and Bala G DharanReadings and Notes on Financial Accounting: Issues and ControversiesJohn G BurchCost of Management Accounting ‐ A Modern ApproachK David and I HarperPrivatisation: The Financial ImplicationsP Hutchinson, S Alison, W Gregory and S LumbyFinancial Management Decisions, Principles and Applicat

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1994.tb00272.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY