tailieunhanh - Accounting Practices and the Market Valuation of Accounting Numbers: Evidence from Indonesia, Korea, Malaysia, the Philippines, Taiwan, and Thailand

Bertrand and Mullainathan (1998) illustrate the potential power of designs that consider interactions across governance mechanisms. They examine the impact on executive compensation of changes in states’ anti-takeover legislation. Adoption of anti-takeover legislation presumably reduces pressure on top managers. They attempt to distinguish between optimal contracting and skimming theories in explaining observed contracting arrangements. Do share- holders, observing weakening of one disciplining mechanism, respond by strengthening another, say, pay-for-performance? Or do CEOs facing reduced threat of hostile takeover exploit this reduced pressure to skim more resources by increasing their mean pay? They find that pay-for-performance sensitivities (especially for accounting measures of. | The International Journal of Accounting Accounting Practices and the Market Valuation of Accounting Numbers Evidence from Indonesia Korea Malaysia the Philippines Taiwan and Thailand Roger C. Graham and Raymond D. Kingy Oregon State University Corvallis OR USA and yUniversity of Oregon Eugene OR USA Key Words International accounting practices Valuation Asia Clean surplus Conservatism Abstract This study examines the relation between stock prices and accounting earnings and book values in six Asian countries Indonesia South Korea Malaysia the Philippines Taiwan and Thailand. The analysis is based on a residual earnings model that expresses the value of the firm in terms of book value and residual income. The model holds for any clean surplus accounting system. However for finite time horizons biased accounting may affect model estimates. The six countries examined in this study differ in faithfulness to clean surplus accounting as well as bias conservatism . The study addresses two questions. First are there systematic differences across countries in the value relevance of accounting and are these differences related to accounting differences Second are there systematic differences in the incremental and relative information content of book value per share BVPS and abnormal residual earnings per share REPS across the countries and are such differences related to accounting differences We find differences across the six countries in the explanatory power of BVPS and REPS for firm values. Explanatory power for Taiwan and Malaysia is relatively low while that for Korea and the Philippines is relatively high. These differences are generally consistent with differences in accounting practice however since Korean accounting practice is strongly influenced by tax law we did not expect the high association for Korea. Second with respect to the incremental and relative explanatory power of BVPS and REPS we find BVPS to have high explanatory power in the Philippines and .

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