The Circumstances and Legal Consequences of Non‐GAAP Reporting: Evidence from Restatements*
The Circumstances and Legal Consequences of Non‐GAAP Reporting: Evidence from Restatements*
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DOI：
10.1506/wbf9-y69x-l4dx-jmv1
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发表时间：
2004-03
影响因子：
3.6
通讯作者：
Zoe-Vonna Palmrose;Susan Scholz
中科院分区：
文献类型：
--
作者：
Zoe-Vonna Palmrose;Susan Scholz
我们的研究考察了1995年至1999年宣布重述的492家美国公司的非GAAP财务报告情况。我们分析了重述诉讼的发生和解决，并探讨了会计项目在提起和解决这一诉讼中的作用。为此，我们专注于损益表。我们提供的证据的性质和普遍性的会计错报，以及如何，如果有的话，他们影响诉讼。我们评估重述的性质，无论是正常的，经常性的主要经营收益（核心）或其他组成部分的收益（非核心）是错误的，他们的普遍性，估计主要账户的数量错误的。在我们的样本中，有核心重述的公司有更高的频率故意误报（欺诈）和随后的破产或退市。同样，平均而言，他们有更多的重大错误陈述，更多的负面证券价格反应重述公告，以及更多的负面证券价格变化之前和之后的六个月重述公告。然而，控制这些和其他因素，我们发现会计项目和诉讼之间的重大关联，无论是发生或决议。具体而言，核心重述--主要由收入错报驱动，是核心收益的一个组成部分--和更普遍的重述都发挥了作用，而非核心收益的错报则没有。
Our study examines the circumstances of non-GAAP financial reporting by 492 U.S. companies that announced restatements from 1995 to 1999. We analyze the occurrence and resolution of litigation over restatements; and, we explore the role of accounting items in bringing and resolving this litigation. To do so, we focus on the income statement. We provide evidence on the nature and pervasiveness of accounting misstatements and how, if at all, they affect litigation. We assess the nature of restatements by whether normal, recurring earnings from primary perations (core) or other components of earnings (non-core) are misstated and their pervasiveness by estimating the number of primary accounts misstated. In our sample, companies with core restatements have higher frequencies for intentional misstatements (fraud) and subsequent bankruptcy or delisting. They likewise have, on average, more material misstatements, more negative security price reactions to restatement announcements, and more negative security price changes over the six months preceding and following restatement announcements. However, controlling for these and other factors, we find a significant association between accounting items and litigation, whether occurrences or resolutions. Specifically, core restatements - driven primarily by revenue misstatements, a component of core earnings - and more pervasive restatements each play a role, while misstatements of non-core earnings alone do not.