The Role of Firm-Specific Incentives and Country Factors in Explaining Voluntary IAS Adoptions: Evidence from Private Firms
The Role of Firm-Specific Incentives and Country Factors in Explaining Voluntary IAS Adoptions: Evidence from Private Firms
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企业特定激励措施和国家因素在解释自愿采用 IAS 方面的作用：来自私营企业的证据
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
Raynolde Pereira
中科院分区：
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作者：
Jere R. Francis;Inder K. Khurana;Xiumin Martin;Raynolde Pereira
摘要本文调查了民营企业自愿采用国际会计准则的情况，并建立在先前的研究基础上，该研究认为，采用国际会计准则后的高质量财务报告可以减少信息不对称，促进与外部各方的合同。具体而言，我们探讨以下问题。首先，在控制了国家层面的制度因素后，企业特定的激励措施在采用国际会计准则的决定中是否重要？第二，企业与国家因素的相对重要性是否因机构设置而异？通过对来自56个国家的3，722家中小型私营企业的抽样调查，我们报告了两个主要发现。首先，公司和国家因素在自愿采用国际会计准则的决定中都很重要。其次，当我们关注按经济发展水平划分的国家的子样本时，我们发现，在较发达国家，企业因素主导国家因素，而在欠发达国家，国家因素主导企业因素解释采用国际会计准则。这一结果与Doidge et al.（Journal of Financial Economics，86（1），pp. 1-39，2007年），公司激励措施在解释较发达国家的治理选择（包括会计）方面更为重要，在这些国家，更好的治理带来的好处更有可能超过随之而来的成本。总的来说，我们的研究结果表明，欠发达国家可以通过发展促进私人承包的机构来提高采用国际会计准则的收益。
Abstract This paper investigates voluntary adoptions of International Accounting Standards (IAS) by private enterprises, and builds on prior research which posits that higher quality financial reports through IAS adoption can reduce information asymmetry and facilitate contracting with external parties. Specifically, we pursue the following questions. First, do firm-specific incentives matter in the IAS adoption decision after controlling for country-level institutional factors? Second, does the relative importance of firm vs. country factors vary across institutional settings? Using a sample of 3,722 small and medium-sized private enterprises from 56 countries, we report two primary findings. First, both firm and country factors matter in the voluntary IAS adoption decision. Second, when we focus on sub-samples of countries partitioned by the level of economic development, we find that firm factors dominate country factors in more developed countries, while in less developed countries, country factors dominate firm factors in explaining IAS adoptions. This result is consistent with the argument in Doidge et al. (Journal of Financial Economics, 86(1), pp. 1–39, 2007) that firm incentives are more important in explaining governance choices (including accounting) in more developed countries where the benefits from better governance are more likely to exceed the attendant costs. Collectively, our results suggest that less developed countries can enhance the benefits from IAS adoptions by developing institutions which facilitate private contracting.