This paper finds that CEO stock options influence the choice, amount, and timing of funds distributed as a buyback. These results favor a managerial opportunism motive for buybacks over other theories and support two key research expectations - that buybacks impose option-induced agency costs on...

In the strategic discipline, resourced based view is widely accepted to explain the source of competitive advantage, it notes that the success of a company lies in the heterogeneity of the internal means are there to carry out their activity. The intangible resources have greater strategic...

This paper studies the effect of financial constraints and financial distress on accounting restatements; specifically, we empirically analyse whether several firm-specific characteristics-namely, the level of leverage, the cost of debt, and the interest coverage ratio-influence the likelihood...

The traditional categorisation of expenditures evident in many firms' Charts of Accounts and the financial statements does not identify and measure expenditures on intangible investment separately from tangible investment and operating expenditures. This contrasts with the accounting for...

The study explores the prediction accuracy of a P/Sales multiple – derived from the regression of transaction values on value drivers identified consistently with prior studies – in the highly standardized and homogenous context of the transfer of Small Accounting Practices. We find that the...

This article investigates the development of accountability and fiduciary loyalty as an institutional response to information asymmetries in agency relations, especially in firm-like settings. Lord Eldon articulated the crucial role of information asymmetries in opportunistic behaviour in early...

This study seeks to establish if the adoption of International Financial Reporting Standards (IFRS) in Kenya has been associated with higher accounting quality for listed companies based on the theory that IFRS adoption has benefits such as transparency, accounting quality and reduced cost of...

Barthelme et al. (2018) examine the real effects of pension accounting regulation and provide evidence consistent with the claim that recent changes in financial reporting rules affect pension asset allocation decisions. Their study offers an interesting opportunity to highlight the importance...

This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation, drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we highlight the challenges with (1) quantifying regulatory costs and...

This paper examines the economic consequences of mandatory IFRS reporting around the world. We analyze the effects on market liquidity, cost of capital and Tobin's q in 26 countries using a large sample of firms that are mandated to adopt IFRS. We find that, on average, market liquidity...