- Autor
- Kwaśny Jakub (Cracow University of Economics, Poland), Sajnóg Artur (University of Lodz, Poland)
- Tytuł
- International Determinants of Comprehensive Income Reporting by Groups - an Analytical and Comparative Study of Poland and Germany
Międzynarodowe uwarunkowania raportowania wyników całkowitych grup kapitałowych - polsko-niemieckie studium analityczno-porównawcze - Źródło
- Comparative Economic Research, 2022, vol. 25, nr 2, s. 163-185, tab., bibliogr. 61 poz.
- Słowa kluczowe
- Ład korporacyjny, Standardy rachunkowości, Raportowanie, Grupa kapitałowa
Corporate governance, Accounting standards, Reporting, Capital group - Uwagi
- Klasyfikacja JEL: G15, G38, M41, M52
summ., streszcz. - Kraj/Region
- Polska, Niemcy
Poland, Germany - Abstrakt
- Wiodącym nurtem badań teoretyczno-empirycznych zaprezentowanych w opracowaniu stanowi porównawcza analiza raportowania wyników całkowitych grup kapitałowych notowanych na polskim i niemieckim rynku kapitałowym. Część teoretyczną artykułu poświęcono dyskusji naukowej wokół uwarunkowań rynku kapitałowego i nadzoru korporacyjnego w Europie kontynentalnej oraz tzw. "nowego ładu korporacyjnego" związanego z konwergencją standardów sprawozdawczości finansowej, w tym MSSF, które obligują grupy kapitałowe do sporządzania skonsolidowanego sprawozdania z wyniku całkowitego. Dokonano również oceny znaczenia wyniku całkowitego dla podmiotów rynku kapitałowego. W części empirycznej znajdują się wyniki komparatywnych badań nad formą i strukturą skonsolidowanego sprawozdania z wyniku całkowitego oraz nomenklaturą jego komponentów, a także badań wpływu wyniku całkowitego na wartość rynkową grup kapitałowych z indeksu WIG30 oraz DAX w latach 2009-2019. (abstrakt oryginalny)
The mainstream theoretical and empirical research presented in the study is a comparative analysis of comprehensive income reporting by groups listed in the Polish and German capital markets. The theoretical part of the article is dedicated to a scientific discussion on the determinants of the capital market and corporate governance in continental Europe and the so called 'new governance', related to the convergence of financial reporting standards, including IFRSs, that oblige groups of entities to prepare consolidated statements of comprehensive income. It also assesses the relevance of comprehensive income to capital market players. The empirical part contains the results of comparative research on the format and structure of consolidated statements and the nomenclature of their components, as well as the findings from studies of the value relevance of comprehensive income for the WIG30 and DAX groups in 2009-2019. (original abstract) - Pełny tekst
- Pokaż
- Bibliografia
- Aguilera, R.V., Jackson, G. (2010), Comparative and International Corporate Governance, "Academy of Management Annals", 4 (1), pp. 485-556, https://doi.org/10.5465/19416520.2010.495525
- Allen, F., Gale, D. (2000), Comparing financial systems, The MIT Press, Cambridge, Massachusetts.
- Aluchna, M., Tomczyk, E. (2019), Compliance with Corporate Governance Best Practice. The Perspective of Ownership Structure, "Journal of Management and Financial Sciences", 11 (32), pp. 9-26, https://econjournals.sgh.waw.pl/JMFS/article/view/720 (accessed: 25.03.2021).
- Andrzejewski, M., Grabiński, K. (2016), Impact of corporate governance quality on financial efficiency of listed companies in times of financial crisis in the light of empirical studies, "Economic Studies. Scientific Journals of the University of Economics in Katowice", 268, pp. 9-19. https://www.ue.katowice.pl/fileadmin/user_upload/wydawnictwo/SE_Artyku%C5%82y_251_270/SE_268/01.pdf (accessed: 25.03.2021).
- Armstrong, C., Barth, M.E., Jagolinzer, A., Riedl, E.J. (2010), Market Reaction to Events Surrounding the Adoption of IFRS in Europe, "The Accounting Review", 85 (1), pp. 31-61, http://www.jstor.org/stable/27784261 (accessed: 25.03.2021).
- Asquith, P., Mikhail, M.B., Au, A.S. (2005), Information Content of Equity Analyst Reports, "Journal of Financial Economics", 75 (2), pp. 245-282. https://doi.org/10.1016/j.jfineco.2004.01.002
- Bamber, L.S., Jiang, J., Petroni, K.R., Wang, I.Y. (2010), Comprehensive Income: Who's Afraid of Performance Reporting?, "The Accounting Review", 85 (1), pp. 97-126, https://doi.org/10.2308/accr.2010.85.1.97
- Barth, M.E., Beaver, W.H., Landsman, W.R. (1996), Value-Relevance of Banks' Fair Value Disclosures under SFAS No. 107, "Accounting Review", 71 (4), pp. 513-537, http:// www.jstor.org/stable/248569 (accessed: 25.03.2021).
- Barth, M.E., Landsman, W., Lang, M. (2008), International Accounting Standards and Accounting Quality, "Journal of Accounting Research", 46 (3), pp. 467-498, https://doi.org/10.1111/j.1475-679X.2008.00287.x
- Barton, J., Hansen, T.B., Pownall, G. (2010), Which performance measures do investors around the world value the most - and why, "Accounting Review", 85 (3), pp. 753-789, https://doi.org/10.2308/accr.2010.85.3.753
- Bhattacharya, N., Black, E.L., Christensen, T.E., Larson, C.R. (2003), Assessing the Relative Informativeness and Permanence of Pro Forma Earnings and GAAP Operating Earnings, "Journal of Accounting and Economics", 36 (1-3), pp. 285-319, https://doi.org/10.1016/j.jacceco.2003.06.001
- Biddle, G., Choi, J.H. (2006), Is comprehensive income useful?, "Journal of Contemporary Accounting & Economics", 2 (1), pp. 1-32, https://doi.org/10.1016/S1815-5669(10)70015-1
- Bloomfield, R.J. (2002), The "Incomplete Revelation Hypothesis' and Financial Reporting, "Accounting Horizons", 16 (3), pp. 233-243, https://doi.org/10.2308/acch.2002.16.3.233
- Bradshaw, T. (2002), The Use of Target Prices to Justify Sell-side Analysts' Stock Recommendations, "Accounting Horizons", 16 (1), pp. 27-41, https://doi.org/10.2139/ssrn.303162
- Bratten, B., Causholli, M., Khan, U. (2016), Usefulness of fair values for predicting banks' future earnings: Evidence from other comprehensive income and its components, "Review of Accounting Studies", 21 (1), pp. 280-315, https://doi.org/10.1007/s11142-015-9346-7
- Brimble, M., Hodgson, A. (2007), On the Inter-Temporal Value Relevance of Conventional Financial Accounting in Australia, "Accounting & Finance", 47 (4), pp. 599-622, https://doi.org/10.1111/j.1467-629X.2007.00241.x
- Bühner, R. (2001), Corporate governance, teaching materials, Lehrstuhl am Betriebswirtschaftslehre mit Schwerpunkt Organisation und Management, Universität Passau.
- Cahan, S.F., Courtenay, S.M., Gronnewoller, P.L., Upton, D.R. (2000), Value Relevance of Mandated Comprehensive Income Disclosures, "Journal of Business Finance & Accounting", 27 (9-10), pp. 1273-1301, https://doi.org/10.1111/1468-5957.00356
- Camilleri, M.A. (2017), Responsible Corporate Governance in Europe, [in:] M. Aluchna, S.O. Idowu, Responsible Corporate Governance, Springer, Heidelberg, Switzerland.
- Chambers, D., Linsmeier, T., Shakespeare, C., Sougiannis, T. (2007), An evaluation of SFAS No. 130 comprehensive income disclosure, "Review of Accounting Studies", 12 (4), pp. 557-593, https://doi.org.10.1007/s11142-007-9043-2
- Cheng, C.S.A., Cheung, J.K., Gopalakrishnan, V. (1993), On the Usefulness of Operating Income, Net Income and Comprehensive Income in Explaining Security Returns, "Accounting and Business Research", 23 (91), pp. 195-203, https://doi.org/10.1080/00014788.1993.9729879
- Chhillar, P., Lellapalli, R.V. (2015), Divergence or convergence: paradoxes in corporate governance?, "Corporate Governance", 15 (5), pp. 693-705, https://doi.org/10.1108/CG-05-2015-0066
- Cohen, J.R., Hanno, D.M. (2000), Auditors' Consideration of Corporate Governance and Management Control Philosophy in Preplanning and Planning Judgments, "Auditing: A Journal of Practice & Theory", 19 (2), pp. 133-146, https://doi.org/10.2308/aud.2000.19.2.133
- Dastgir, M. (2008), Comprehensive Income and Net Income as Measures of Firm Performance: Some Evidence for Scale Effect, "European Journal of Economics, Finance and Administrative Sciences", 12, pp. 123-133, http://rms.scu.ac.ir/Files/Articles/Journals/Abstract/ejefas_12_10.pdf2009111814121213.pdf (accessed: 25.03.2021).
- Dechow, P.M., Ge, W., Schrand, C.M. (2010), Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences, "Journal of Accounting and Economics", 50 (2-3), pp. 344-401, https://doi.org/10.1016/j.jacceco.2010.09.001
- Devalle, A., Onali, E., Magarini, R. (2010), Assessing the Value Relevance of Accounting Data After the Introduction of IFRS in Europe, "Journal of International Financial Management and Accounting", 21 (2), pp. 85-119, https://doi.org/10.2139/ssrn.2420765
- Dhaliwal, D., Subramanyam, K.R., Trezevant, R. (1999), Is comprehensive income superior to net income as a measure of firm performance, "Journal of Accounting and Economics", 26 (1-3), pp. 46-67, https://doi.org/10.1016/S0165-4101(98)00033-0
- Enriques, L., Volpin, P. (2007), Corporate governance reforms in continental Europe, "Journal of Economic Perspectives", 21 (1), pp. 117-140, https://doi.org/10.1257/jep.21.1.117
- Ernstberger, J. (2008), The Value Relevance of Comprehensive Income under IFRS and US GAAP: Empirical Evidence from Germany, "International Journal of Accounting, Auditing and Performance Evaluation", 5 (1), pp. 1-29, https://doi.org/10.1504/IJAAPE.2008.020191
- Financial Accounting Standards Board (FASB) (1980), Elements of Financial Statements of Business Enterprises, Concepts Statement No. 3, CT, Stamford.
- Graham, J.R., Harvey, C.R., Rajgopal, S. (2005), The Economic Implications of Corporate Financial Reporting, "Journal of Accounting and Economics", 40 (1-3), pp. 3-73, https://doi.org/10.1016/j.jacceco.2005.01.002
- Grossman, S.J., Stiglitz, J.E. (1980), On the impossibility of informationally efficient markets, "American Economic Review", 70 (3), pp. 393-408, https://doi.org/10.1146/annurev-financial-110716-032355
- Hodder, L.D., Hopkins, P.E., Wahlen, J.M. (2006), Risk-relevance of Fair Value Income Measures for Commercial Banks, "The Accounting Review", 81 (2), pp. 337-375, https://doi.org/10.2308/accr.2006.81.2.337
- IFRSs - International Financial Reporting Standards (2011), IFRS Foundation.
- Jacoby, S.M. (2001), Corporate Governance in Comparative Perspective: Proposals for Convergence, "Comparative Labour Law & Policy Journal", 22 (1), pp. 5-32, https://doi.org/10.2139/ssrn.285949
- Jeffers, E. (2005), Corporate governance: toward converging models?, "Global Finance Journal", 16 (2), pp. 221-232, https://doi.org/10.1016/j.gfj.2005.06.003
- Jermakowicz, E.K., Prather-Kinsey, J., Wulf, I. (2007), The Value Relevance of Accounting Income Reported by DAX-30 German Companies, "Journal of International Financial Management and Accounting", 18 (3), pp. 151-191, https://doi.org/10.1111/j.1467-646X.2007.01011.x
- Jerzemowska, M., (2019), What connects and what differentiates the corporate governance systems of selected countries?, "Studies in Law and Economics", 112, pp. 261-284, https://doi.org/10.26485/SPE/2019/112/15
- Jerzemowska, M., Golec, A., (2013), Corporate governance in Poland: strengths, weaknesses and challenges, Conference Paper, https://www.researchgate.net/publication/315779018 (accessed: 25.03.2021).
- Kanagaretman, K., Mathieu, R., Shehata M. (2009), Usefulness of comprehensive income reporting in Canada, "Journal of Accounting and Public Policy", 28 (4), pp. 349-365, https://doi.org/10.1016/j.jaccpubpol.2009.06.004
- Khanna, T., Palepu, K.G. (2004), Globalization and Convergence in Corporate Governance: Evidence from Infosys and the Indian Software Industry, "Journal of International Business Studies", 35 (6), pp. 484-507, https://doi.org/10.1057/palgrave.jibs.8400103
- Kubota, K., Suda, K., Takehara, H. (2006), Reporting of the Net Income Plus Other Comprehensive Income: Information Content Test of the Japanese Firms, Working paper, Musashi University, https://ssrn.com/abstract=1393746 (accessed: 25.03.2021).
- La Porta, R., Lopez-de-Silanes, F., Shleifer, A. (1999), Corporate ownership around the world, "Journal of Finance", 54 (2), pp. 471-517, https://doi.org/10.1111/0022-1082.00115
- Land, J., Lang, M.H. (2002), Empirical Evidence on the Evolution of International Earnings, "The Accounting Review", 77, pp. 115-133, https://doi.org/10.2308/accr.2002.77.s-1.115
- Louis, H. (2003), The value relevance of the foreign translation adjustment, "Accounting Review", 78 (4), pp. 1027-1047, https://doi.org/10.2308/accr.2003.78.4.1027
- Mallin, Ch.A. (2004), Corporate governance, Oxford University Press, Oxford.
- Mironiuc, M., Huian, M.C. (2016), Study of the Congruence between Accounting Numbers and Stock Market Variables through Comprehensive Income: Empirical Evidence for Romania Companies Quoted On the Regulated Market, "Accounting and Management Information Systems", 15 (3), pp. 498-521, https://www.researchgate.net/publication/308749801 (accessed: 25.03.2021).
- Nejad, M.Y., Embong, Z., Ahmad, A. (2017), Value Relevance of Other Comprehensive Income and Its Available-For-Sale Financial Instruments (AFS) and Revaluation Surplus of Property, Plant and Equipment (REV) Components, "Asian Journal of Accounting and Governance", 8 (special issue), pp. 133-143, https://doi.org/10.17576/AJAG-2017-08SI-12
- Nestor, S., Thompson, J.K. (2000), Corporate Governance Patterns in OECD Economies: Is Convergence Under Way?, OEC, http://www.oecd.org/dataoecd/7/10/1931460.pdf (accessed: 25.03.2021).
- O'Hanlon, J.F., Pope, P.F. (1999), The value relevance of U.K. dirty surplus accounting flows, "British Accounting Review", 31 (4), pp. 459-482, https://doi.org/10.1006/bare.1999.0116
- Ohlson, J.A. (1999), On Transitory Earnings, "Review of Accounting Studies", 4 (1-4), pp. 145-162, https://doi.org/10.1023/A:1009653114699
- Păşcan, I. (2014), Does Comprehensive Income Tell us more about an Entity's Performance Compared to Net Income? Study on Romanian Listed Entities, "Procedia Economics and Finance", 15, pp. 1077-1082, https://doi.org/10.1016/S2212-5671(14)00559-0
- Sajnóg, A. (2017), The role of comprehensive income in predicting banks' future earnings based on the practice of banks listed on the Warsaw Stock Exchange, "Equilibrium. Quarterly Journal of Economics and Economic Policy", 12 (3), pp. 485-500, https://doi.org/10.24136/eq.v12i3.26
- Shleifer, A., Vishny, R.W. (1997), A survey of corporate governance, "Journal of Finance", 52 (2), pp. 737-783, https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
- Smith, P.A., Tse, S. (1998), Reporting comprehensive income: Does it really affect stock prices?, "Journal of Corporate Accounting & Finance", 9 (4), pp. 75-86, https://doi.org/10.1002/jcaf.3970090408
- Soderstrom, N., Sun, K. (2007), IFRS Adoption and Accounting Quality: A Review, "European Accounting Review", 16 (4), pp. 675-702, https://doi.org/10.1080/09638180701706732
- Thinggaard, F., Wagenhofer, A., Evans, L., Gebhard, G., Hoogendoom, M., Marton, J., Di Pietra, R., Mora, A., Peasnell, K. (2006), Performance Reporting - The IASB's Proposed Formats of Financial Statements in the Exposure Draft of IAS 1, "Accounting in Europe", 3 (1), pp. 35-63, https://doi.org/10.1080/09638180600920152
- Turktas, B., Georgakopoulos, G., Sotiropoulos, I., Vasieleiou, K. (2003), Reporting Comprehensive Income: Reasons for Reporting Choices and Investor Reactions, "International Journal of Economics and Finance", 5 (4), pp. 1-20, https://doi.org/10.5539/ijef.v5n4p1
- Walton, P., Haller, A., Raffournier, B. (2003), International Accounting, Thomson Learning, London.
- Weiner, J., Pape, J. (1999), The Taxonomy of Systems of Corporate Governance, "Corporate Governance. An International Review", 7 (2), pp. 152-166, https://doi.org/10.1111/1467-8683.00143
- Yen, A.C., Hirst, D.E., Hopkins, P.E. (2007), A Content Analysis of the Comprehensive Income Exposure Draft Comment Letters, "Research in Accounting Regulation", 19, pp. 53-79, http://dx.doi.org/10.1016/S1052-0457(06)19003-7
- Cytowane przez
- ISSN
- 1508-2008
- Język
- eng
- URI / DOI
- http://dx.doi.org/10.18778/1508-2008.25.18