TY - CONF
AB - This study examines the effect of audit on private firms’ cost of debt. We use a sample of 1,949 small private firms operating in the period 2006-2010 with optional financial statement audit. High quality data allows us to construct a more precise interest rate measure than existing studies employ. After controlling for obvious sources of demand for voluntary audits (ownership complexity, subsidiary status, bank relations), we find a robust central result that voluntary audits increase rather than decrease the cost of debt financing, contrary to several existing studies. This finding indicates that voluntary audits are generally treated as “adopting a label” and penalised by creditors, regardless of the perceived auditor quality as a result of the lemon problem in the audit market. Even Big-4 audits increase the cost of debt, likely as a result due to the lemon problem in the audit market, although the increase is smaller than for non-Big-4 audits. The results are sensitive to the estimation method used (OLS, Heckman’s two-step, PSM) and (sub-)sample selection. We show that disregarding the underlying assumptions of these estimation methods may lead to incorrect inferences. Additional analyses show that audited firms’ reported earnings are less informative about future operating performance than earnings of their unaudited counterparts. Our results also indicate that results are sensitive to cost of debt definition and this might have affected the results reported in the existing literature.
AU - Kosi, Urska
AU - Koren, Jerney
AU - Valentincic, Aljosa
ID - 37109
KW - private firms
KW - voluntary audit
KW - cost of debt
KW - self-selection bias
KW - lemon problem
TI - Does Financial Statement Audit Reduce the Cost of Debt of Private Firms?
ER -
TY - CONF
AU - Kosi, Urska
AU - Florou, Annita
AU - Pope, Peter F.
ID - 37115
TI - Does Mandatory IFRS Adoption Improve the Credit Relevance of Accounting Information?
ER -
TY - JOUR
AB - Private firms are likely to use the financial reporting process more for other objectives, such as tax savings, than for communicating performance. However, observing firms choosing accounting policies for tax-minimisation purposes is not straightforward due to (i) tax and non-tax costs of reporting lower income (ii) accounting policies that result in lower reported income and no tax savings but generate non-tax benefits (iii) preparers' multiple incentives and (iv) econometric issues. We observe a large sample of 20,505 private firms writing off assets in two separate regimes, one that generates tax savings and one that does not. Firms significantly decrease, but continue to use, write-offs after the adverse change in tax treatment of write-offs. The exogenous tax change should not affect other reporting incentives. This allows us to disentangle the tax-minimisation incentive from other (un-observable) incentives, including debt contracting, dividends and employee relations that contribute to the observed anomalous positive relationship between write-offs and profitability. We show that for private firms (i) obtaining tax savings is important overall (ii) non-tax costs and benefits are probably also important and (iii) earnings informativeness for future cash flows increases after the adverse tax legislation change.
AU - Kosi, Urska
AU - Valentincic, Aljosa
ID - 3549
IS - 1
JF - European Accounting Review
TI - Write-offs and profitability in private firms: Disentangling the impact of tax-minimisation incentives
VL - 22
ER -
TY - CONF
AU - Florou, Annita
AU - Kosi, Urska
ID - 37110
TI - Does mandatory IFRS adoption facilitate debt financing?
ER -
TY - JOUR
AU - Niemann, Rainer
AU - Sureth-Sloane, Caren
ID - 5045
IS - 2
JF - European Accounting Review
SN - 0963-8180
TI - Sooner or Later? – Paradoxical Investment Effects of Capital Gains Taxation under Simultaneous Investment and Abandonment Flexibility
VL - 22
ER -
TY - JOUR
AU - Vollert, Pia
AU - Eikel, Carolin
AU - Sureth-Sloane, Caren
ID - 5048
IS - 4
JF - Steuer und Wirtschaft
TI - Advance Pricing Agreements (APAs) als Instrument zur Vermeidung von Verrechnungspreiskonflikten – eine kritische Betrachtung
VL - 90
ER -
TY - CONF
AU - Garnefeld, I.
AU - Münkhoff, Eva
AU - Raum, K.
ID - 46697
T2 - 42nd EMAC Annual Conference, Istanbul
TI - Threat and normative appeals to reduce product returns in online retailing – An effective marketing practice?
ER -
TY - CONF
AU - Münkhoff, Eva
AU - Garnefeld, I.
AU - Bruns, A.
ID - 46696
T2 - 42nd EMAC Annual Conference, Istanbul
TI - How to prolong a sales promotion – Ex-post time extension versus reframing
ER -
TY - BOOK
AU - Münkhoff, Eva
ID - 46643
SN - 9783658021214
TI - Umsatz- und Profitabilitätsauswirkungen industrieller Dienstleistungen
ER -
TY - CHAP
AU - Schneider, Martin
ED - Heiko Hoßfeld, Renate Ortlieb
ID - 4944
T2 - Macht und Employment Relations
TI - "Gung Ho": Nationale Kultur und Schlanke Produktion in Ron Howards Spielfilm.
ER -
TY - JOUR
AU - Reimsbach, Daniel
ID - 47907
IS - 4
JF - Journal of Business Economics
KW - Economics and Econometrics
KW - Business and International Management
SN - 0044-2372
TI - Pro forma earnings disclosure: the effects of non-GAAP earnings and earnings-before on investors’ information processing
VL - 84
ER -
TY - JOUR
AB - ABSTRACTThis study examines how the disclosure of negative sustainability‐related incidents affects the investment‐related judgments of decision‐makers. Participants in a sequential 2 × 2 between‐subjects experiment first received a company's financial information before viewing additional sustainability information (by the company and by a non‐governmental organization (NGO); with and without negative disclosure). Results indicate that self‐reporting of negative incidents does not affect decision‐makers’ stock price estimates and investment decisions compared with judgments based on financial information only. However, third‐party disclosure of these incidents by a NGO has a negative affect on these investment‐related judgments. Furthermore, the magnitude of the NGO reporting effect depends on whether the company itself simultaneously reports these incidents. Thus, disclosing negative incidents in sustainability reporting could lose some of its apparent stigma. Instead of avoiding negative reporting altogether, managers might use it as a risk mitigation tool in their reporting strategy. The results also emphasize the power of the often‐mentioned ‘watchdog’ function of NGOs acting as stakeholder advocates. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment
AU - Reimsbach, Daniel
AU - Hahn, Rüdiger
ID - 47911
IS - 4
JF - Business Strategy and the Environment
KW - Management
KW - Monitoring
KW - Policy and Law
KW - Strategy and Management
KW - Geography
KW - Planning and Development
KW - Business and International Management
SN - 0964-4733
TI - The Effects of Negative Incidents in Sustainability Reporting on Investors’ Judgments–an Experimental Study of Third‐party Versus Self‐disclosure in the Realm of Sustainable Development
VL - 24
ER -
TY - CHAP
AU - Koch, Christian
ED - Betz, Stefan
ID - 50361
SN - 978-3-8300-7413-7
T2 - Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung, Produktion und Logistik
TI - Einsatz der Risikoanalyse als Instrument des Investitionscontrollings
ER -
TY - CHAP
AU - Puls, Christoph
ED - Betz, Stefan
ID - 50369
SN - 978-3-8300-7413-7
T2 - Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung, Produktion und Logistik
TI - Kostenorientiertes Management von Logistikdienstleistern
ER -
TY - CHAP
AU - Opitz, Oliver
ED - Betz, Stefan
ID - 50389
SN - 978-3-8300-7413-7
T2 - Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung, Produktion und Logistik
TI - Integrierte, ökologieorientierte Produktlebenszyklusrechnung
ER -
TY - CHAP
AU - Faupel, Christian
ED - Betz, Stefan
ID - 50400
SN - 978-3-8300-7413-7
T2 - Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung, Produktion und Logistik
TI - Integrierte, ökologieorientierte Produktlebenszyklusrechnung
ER -
TY - JOUR
AU - Garnefeld, I.
AU - Steinhoff, Lena
ID - 45734
IS - 1
JF - Journal of Service Management
TI - Primacy versus Recency Effects in Extended Service Encounters
VL - 24
ER -
TY - CONF
AU - Steinhoff, Lena
AU - Palmatier, R. W.
ID - 45749
T2 - Proceedings of the 42nd European Marketing Academy (EMAC) Conference, Istanbul
TI - The Effect of Loyalty Programs on Target and Bystander Customers: A Customer Portfolio Perspective on Loyalty Program Performance
ER -
TY - GEN
AU - Steinhoff, Lena
AU - Palmatier, R. W.
ID - 45756
TI - Understanding the Effectiveness of Loyalty Programs, Marketing Science Institute (MSI) Working Paper Series
ER -
TY - JOUR
AU - Haake, Claus-Jochen
AU - Martini, Jan Thomas
ID - 2519
IS - 4
JF - Group Decision and Negotiation
SN - 0926-2644
TI - Negotiating Transfer Prices
VL - 22
ER -