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1. |
The Choice of Accounting Policy In Japan |
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Journal of International Financial Management&Accounting,
Volume 7,
Issue 1,
1996,
Page 1-23
Tatsuo Inoue,
Wayne B. Thomas,
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摘要:
AbstractThe purpose of this study is to investigate factors which potentially influence Japanese managers' choices of accounting policies. Several factors have been posed to affect the choice of accounting policy of U.S. managers (e.g., Watts and Zimmerman's (1986) positive accounting theory). However, the general business characteristics of the U.S. environment differ, sometimes drastically, from those in Japan. Factors affecting the choice of accounting policy in the U.S. may not similarly affect the choice of accounting policy in Japan. At the same time, new factors may be identified in the Japanese business environment.Income strategy models are developed for each firm according to the type (income increasing or income decreasing) of accounting policies employed. The results suggest that both the size and debt/equity hypotheses are significant, even for keiretsu firms. These results are surprising given (1) the close relationship between firms and the government, (2) regulations of the commercial code which serve to protect the interests of debtholders, and (3) the tight relationship between banks and firms within keiretsu groups which protects firms from bankruptcy and takeover. Variables representing firms' effective tax rate, ability to finance operations internally, and foreign political costs are also shown to significantly affect Japanese managers' choices of accounting policy. The bonus hypothesis is not significant in the Japanese environment. Furthermore, the choice of accounting policy is explained more by individual firm characteristics than by keiretsu membership or industry membership.
ISSN:0954-1314
DOI:10.1111/j.1467-646X.1996.tb00061.x
出版商:Blackwell Publishing Ltd
年代:1996
数据来源: WILEY
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2. |
The Effect of Exchange Rate Changes on Geographic Segment Earnings of U.S.‐Based Multinationals |
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Journal of International Financial Management&Accounting,
Volume 7,
Issue 1,
1996,
Page 24-49
Carol Bauman Johnson,
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摘要:
AbstractThis study examines the ability of exchange rate changes to aid in the explanation and prediction of the geographic segment earnings of U.S.‐based multinational corporations. In order to evaluate the potential usefulness of geographic segment earnings disclosures, it is important to understand the effect that currency changes should be expected to have on these earnings. Two types of exchange rate effects are examined. These include the mechanical translation effects of an exchange rate change, as well as the operating effects. A sample of geographic segment earnings disclosures is developed for two geographic locations (Canada and Europe) and six industries in which adequate country‐industry specific subsamples can be identified. Because the factors that impact exchange rate exposure tend to depend on country, industry, or both, provision is made for country, industry, and country‐industry specific sensitivity to currency changes. Regressions and nonparametric analyses are performed to determine whether exchange rate changes can help explain the geographic segment earnings within these samples. Results indicate that the accounting‐based translation effect that is typically modeled as the impact of exchange rate changes on earnings does not adequately capture the effect of exchange rate changes on segment earnings. Operating effects of past and current exchange rate changes do help explain earnings for geographic segments located in Europe and in four industries. Prediction models which are country or country‐industry specific are able to outperform a random‐walk prediction of geographic segment earnings in some ci
ISSN:0954-1314
DOI:10.1111/j.1467-646X.1996.tb00062.x
出版商:Blackwell Publishing Ltd
年代:1996
数据来源: WILEY
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3. |
The Predictive Ability of Geographic Segment Information at the Country, Continent, and Consolidated Levels |
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Journal of International Financial Management&Accounting,
Volume 7,
Issue 1,
1996,
Page 50-73
Don Herrmann,
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摘要:
AbstractThis study examines whether geographic information disclosed at an increasingly disaggregated level (specifically, consolidated vs. continent vs. country) results in increased predictive ability of company operations (specifically, sales, gross profit, and earnings). Multinational corporations (MNCs) are formed using a simulated merger approach by combining the annual operating results of six individual firms, one from each of six countries. This approach makes it possible to compare the forecasting accuracy of data disclosed at the country, continent, and consolidated levels, not possible using current geographic segment disclosures. Previous studies using year‐ahead forecast models implicitly assume the predictive factors included in the models are significant in forecasting operating results. Using regression forecast models, this study tests whether the predictive factors included in the models are effective in forecasting operating results by examining the direction, size, and significance of the regression coefficient estimates. The coefficients provide evidence that exchange rate changes, inflation, and real GNP growth are useful in forecasting annual sales and gross profit. Whereas, at least for this sample and this time period, exchange rate changes, inflation, and real GNP growth are not significant variables in forecasting annual earnings. The results indicate that the accuracy of forecasts increase as sales and gross profit are disclosed at a more disaggregated geographic level. The hypothesized relationship between consolidated, continent, and country levels, while holding strongly under perfect foresight, holds to a lesser extent using forecasts of exchange rates, inflation, and real GN
ISSN:0954-1314
DOI:10.1111/j.1467-646X.1996.tb00063.x
出版商:Blackwell Publishing Ltd
年代:1996
数据来源: WILEY
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4. |
Global Accounting Standards: An Investor's View |
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Journal of International Financial Management&Accounting,
Volume 7,
Issue 1,
1996,
Page 74-81
Nicholas Roach,
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ISSN:0954-1314
DOI:10.1111/j.1467-646X.1996.tb00064.x
出版商:Blackwell Publishing Ltd
年代:1996
数据来源: WILEY
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5. |
Book Review |
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Journal of International Financial Management&Accounting,
Volume 7,
Issue 1,
1996,
Page 82-83
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PDF (124KB)
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摘要:
Book Review in this ArticleHENRY A. DAVIS and E C. MILITELLO, JR.Foreign Exchange Risk Management: A Survey of Corporate Practices
ISSN:0954-1314
DOI:10.1111/j.1467-646X.1996.tb00065.x
出版商:Blackwell Publishing Ltd
年代:1996
数据来源: WILEY
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