Evidence from Goodwill Non-impairments on the Effects of Unverifiable Fair-Value Accounting
Evidence from Goodwill Non-impairments on the Effects of Unverifiable Fair-Value Accounting
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商誉不减值对无法核实的公允价值会计影响的证据
DOI：
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
R. Watts
中科院分区：
文献类型：
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作者：
K. Ramanna;R. Watts
SFAS 142要求公司使用无法核实的公允价值估计来确定商誉减值。标准制定者认为，管理者将使用这种估计给出的自由裁量权来传达有关未来现金流的私人信息，而代理理论预测管理者将机会主义地使用自由裁量权。我们测试这些替代假设使用的样本公司与市场迹象的商誉减值（公司的账面商誉和连续两年的账面市值比高于1）。我们发现，非减值商誉是增加公司的特点，预计与更大的管理自由裁量权。我们还发现证据表明，自由裁量权的使用方式与基于机构的预测一致。证据并不能证实管理自由裁量权被用来传递私人信息。* 我们感谢保罗希利，S。P. Kothari，Richard Leftwich（编辑），Sugata Roychowdhury，Edward里德尔，匿名推荐人，以及来自香港中文大学，哈佛大学，马萨诸塞州理工学院，阿尔伯塔大学和康涅狄格大学的研讨会参与者提供了有益的意见;哈佛商学院的研究部门提供了研究援助;以及哈佛大学和马萨诸塞州理工学院的资助。任何错误都是我们的责任. 1
SFAS 142 requires firms to use unverifiable fair-value estimates to determine goodwill impairments. Standard setters suggest managers will use the discretion given by such estimates to convey private information on future cash flows, while agency theory predicts managers will use the discretion opportunistically. We test these alternative hypotheses using a sample of firms with market indications of goodwill impairment (firms with book goodwill and two successive years of book-to-market ratios above one). We find non-impairment of goodwill is increasing in firm characteristics predicted to be associated with greater managerial discretion. We also find evidence that the discretion is being used in a manner consistent with agency-based predictions. The evidence does not confirm managerial discretion is being used to convey private information. * We thank Paul Healy, S. P. Kothari, Richard Leftwich (the editor), Sugata Roychowdhury, Edward Riedl, the anonymous referees, and seminar participants at Chinese University of Hong Kong, Harvard University, Massachusetts Institute of Technology, University of Alberta, and University of Connecticut for helpful comments; the division of research at Harvard Business School for research assistance; and Harvard University and Massachusetts Institute of Technology for financial support. Any errors are our responsibility. 1