20-F reconciliations and investment recommendations by financial professionals

Krishnamoorthy, Ganesh; Maroney, James J.; hÓgartaigh, Ciarán Ó

doi:10.1016/j.jbusres.2007.06.028

Cited by 6 publications

(5 citation statements)

References 22 publications

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“…In particular, the most favorably rated stocks outperform the least favorably rated stocks upon and following the announcements of recommendation changes (Womack, 1996;Barber et al, 2001;Krishnamoorthy et al, 2008). These empirical findings are consistent with Grossman and Stiglitz (1980) that information gatherers bring new information to the market to justify their compensation.…”

Section: Introductionsupporting

confidence: 84%

Are stocks dumped or neglected by analysts' inferior investments to covered stocks?

Lee

Sharma

Cai

2011

Journal of Business Research

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Section: Introductionsupporting

confidence: 84%

Are stocks dumped or neglected by analysts' inferior investments to covered stocks?

Lee

Sharma

Cai

2011

Journal of Business Research

View full text Add to dashboard Cite

“…This communication can be impaired by complexity and divergence in accounting standards. For example, Krishnamoorthy et al (2008) report that financial professional's investment recommendations were significantly lower for a firm when it reports a 20‐F reconciliation loss relative to when it reports a reconciliation gain, although the financial results were identical in all cases. With the world economies becoming more globalized, minimizing the differences among various accounting standards is highly desirable.…”

Section: Conclusion Limitations and Suggestionsmentioning

confidence: 98%

The role of corporate governance in convergence with IFRS: evidence from China

Chen

Rezaee

2012

International Journal of Accounting &Amp; Information Management

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PurposeThe purpose of this paper is to examine the important role played by corporate governance in de facto International Financial Reporting Standards (IFRS) convergence, and to provide empirical evidence that audit quality mediates the degree of IFRS convergence.Design/methodology/approachThe paper develops a model showing the role of corporate governance in converging national accounting standards with the IFRS, and empirically tests the model using a sample of Chinese listed companies with B‐shares. Both analysis of variance and multiple regressions are employed to test the hypotheses.FindingsEffective internal corporate governance helps companies to be more aligned with IFRS and thus provide high quality financial information. Furthermore, audit quality as an external governance factor mediates the relationship between internal corporate governance and IFRS convergence.Research limitations/implicationsThe paper extends research findings, as shown in the literature, by showing the role of corporate governance in the IFRS convergence, especially the mediating effect of audit quality. In addition to accounting standards, global convergence of auditing standards and corporate governance is imperative if de facto convergence of accounting standards is to be achieved.Originality/valueThe paper highlights the effect of corporate governance and the interaction between internal and external corporate governance in achieving IFRS convergence, which has been largely ignored in the literature. Based on the results, the paper proposes an explanation for the mixed results shown in the literature.

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“…In regard to environmental investment, Nakamura's (2014) study showed that every company had different environmental performance due to differences in the characteristics of organization and industry. Other studies on environmental investment have also been conducted by several scholars (Jansson and Biel, 2011; Power et al , 2015; Krishnamoorthy et al , 2008; Sueyoshi and Goto, 2009; Banasik et al , 2010; Testa et al , 2015). Unfortunately, such studies are concentrated on the impact of environmental investment on firm performance and have ignored factors affecting companies in the implementation of environmental investment (Minatti Ferreira et al , 2014).…”

Section: Introductionmentioning

confidence: 99%

Determinants and consequences of environmental investment: an empirical study of Indonesian firms

Chariri

Nasir

Januarti

et al. 2019

JABS

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Purpose This study aims to examine the effect of institutional ownership, audit committee and types of industry on environmental investment. Furthermore, this research investigates the consequences of environmental investments on firm financial performance. Design/methodology/approach The sample consisted of 145 companies listed on the Indonesia Stock Exchanges and receiving PROPER awards issued by the Ministry of Environment, Republic of Indonesia in the year 2009-2015. The data were then analyzed using ordinal logistic regression and multiple regression. Findings The findings showed that environmental investment was significantly affected by types of industry. However, institutional ownership and audit committee did not influence environmental investment. Finally, the finding indicated that environmental investments positively affected firm financial performance. Research limitations/implications This research only covered companies listed on the Indonesia Stock Exchanges and receiving PROPER awards. Thus, the findings cannot be generalized for all companies in Indonesia and other markets. Originality/value This study is the first effort intended to investigate the determinants and consequences of environmental investment which have been ignored by previous studies, especially in the Asian emerging markets. This study at least provides us with two main contributions. First, the findings on determinants of environmental investment can be used by governments in Asian countries, especially Indonesia as a reference in making policies concerning the obligations of companies to the environmental problems. Second, the finding on the relationship of environmental investment and financial performance can be used by companies as strategies to generate profits without destroying the environment.

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20-F reconciliations and investment recommendations by financial professionals

Cited by 6 publications

References 22 publications

Are stocks dumped or neglected by analysts' inferior investments to covered stocks?

Are stocks dumped or neglected by analysts' inferior investments to covered stocks?

The role of corporate governance in convergence with IFRS: evidence from China

Determinants and consequences of environmental investment: an empirical study of Indonesian firms

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