Articles

Non-financial information: State of the art and research perspectives based on a bibliometric study

M. ERKENS, L. PAUGAM, H. STOLOWY

Comptabilité Contrôle Audit

2015, vol. 21, n°3, pp.15-92

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Mots clés : non-financial information (NFI) – corporate social responsibility (CSR) – intellectual capital – environmental reporting – social reporting – literature review – bibliometrics


Cet article propose une étude bibliométrique de la littérature sur le thème de l’information nonfinancière (INF). Nous analysons 787 articles publiés dans 53 revues de 1973 à 2013. Plusieurs importantes questions relatives à l’état de l’art de la recherche académique sur l’INF sont examinées : comment l’INF est-elle définie par la littérature ? L’INF peut-elle être définie ? Quels sont les principaux sujets couverts par la recherche sur l’INF ? Quelles méthodes sont utilisées par les chercheurs ? La recherche est-elle spécifique à certains pays ? L’analyse montre que beaucoup d’articles ne définissent pas le concept d’INF mais se réfèrent à des concepts sous-jacents comme lecapital social, environnemental, humain, ou la responsabilité sociale de l’entreprise (RSE). L’étude montre que la recherche en INF a atteint un certain degré de maturité à la fin des années 1990/début des années 2000. Plusieurs revues spécialisées, jouant désormais un rôle important, ont été créés pendant cette période. Par ailleurs, 10 thèmes de recherche sur l’INF sont répertoriés parmi lesquels la RSE semble être le plus souvent traité. Nous découvrons également que le volume des recherches sur l’audit de l’INF augmentealors que la recherche en comptabilité/contrôlede gestion sur le thème de l’INF reste limitée.La croissance de la recherche sur l’INF est alimentéeprincipalement par des articles utilisantdes méthodes sur données d’archives (approchesquantitatives ou qualitatives) ainsi que desessais. Enfin, nous proposons des pistes pour desrecherches futures

Rating Agency’s Adjustments to GAAP Financial Statements and Their Effect on Ratings and Credit Spreads

P. KRAFT

The Accounting Review

2015, vol. 90, n°2, pp.641-674

Départements : Comptabilité et Contrôle de Gestion

Mots clés : rating agency, off-balance sheet finance, corporate credit risk, soft information

http://aaajournals.org/doi/abs/10.2308/accr-50858?code=aaan-site


I examine a dataset of both quantitative (hard) adjustments to firms' reported U.S. GAAP financial statement numbers and qualitative (soft) adjustments to firms' credit ratings that Moody's develops and uses in its credit rating process. I first document differences between firms' reported and Moody's adjusted numbers that are both large and frequent across firms. For example, primarily because of upward adjustments to interest expense and debt attributable to firms' off-balance sheet debt, on average, adjusted coverage (cash flow-to-debt) ratios are 27 percent (8 percent) lower and adjusted leverage ratios are 70 percent higher than the corresponding U.S. GAAP ratios. I then find that Moody's hard and soft rating adjustments are associated with significantly higher credit spreads and flatter credit spread term structures. Overall, the results indicate that Moody's quantitative adjustments to financial statement numbers and qualitative adjustments to credit ratings enable it to better capture default risk, consistent with it effectively processing both hard and soft information

The Effect of Mandatory IFRS Adoptionon Conditional Conservatism in Europe

P. ANDRE, A. FILIP, L. PAUGAM

Journal of Business Finance & Accounting

avril-mai 2015, vol. 42, n°3 & 4, pp.482–514

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Mots clés : conditional conservatism, IFRS, Europe, enforcement, impairment, goodwill, intan-gibles


We study the effect of mandatory adoption of International Financial Reporting Standards (IFRS) in Europe in 2005 on conditional conservatism. We capture conditional conservatism with a modified version of the Khan and Watts measure (CScore) that also controls for potential shifts in unconditional conservatism and cost of capital. From a sample of 13,711 firm-year observations drawn from 16 European countries spanning the 2000–2010 period, we document an overall decline in the degree of conditional conservatism after the adoption of IFRS. We show that the decline in conditional conservatism is less pronounced for countries with high quality audit environments and strong enforcement of compliance with accounting standards using the Brown et al. audit and enforcement index. As asset impairment tests are a key mechanism ensuring conditional conser vatism in the IFRS framework, we further examine these. We show that firms booking an asset impairment present a smaller decline in the degree of conditional conservatism relative to firms that do not. We also demonstrate that firms that do not book an asset impairment when evidence suggests the probable need to do so experience a more pronounced reduction in conditional conservatism. We argue that IFRS are conceptually conditionally conservative but that inappropriate application of conditional conservatism principles is likely to prevent financial reporting from reaching the level of conservatism targeted by the International Accounting Standards Board (IASB)

The Importance of the Chief Audit Executive's Communication: Experimental Evidence on Internal Auditors' Judgments in a ‘Two Masters Setting’

F. HOOS, N. KOCHETOVA-KOZLOSKI, A.-C. D'ARCY

International Journal of Auditing

novembre 2015, vol. 19, n°3, pp.166-181

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Mots clés : Corporate governance, Internal audit, Internal control, Audit judgment

http://ssrn.com/abstract=2673253


The position of an internal audit function (IAF) as a ‘servant of two masters’ (i.e., management and the audit committee) may lead to a conflict of priorities. In this setting, the tone at the top set by the Chief Audit Executive (CAE) plays a critical role in balancing the potentially competing priorities of the ‘two masters’. We test twohypotheses in a mixed experimental design with the communicated preferences of the CAE to subordinates (cost reduction vs. effectiveness of internal controls) as a between-subjects factor, and levels of ambiguity (low, medium, high) manipulated within-subjects. Findings suggest that the emphasis in the CAE’s message can influence internal auditors’ judgments, and such influence is more pronounced when task ambiguity is high, resulting in the elimination of a significantly greater number of internal controls and the design of less effective processes. We discuss implications of our results for modern IAFs and the role of the CAE

The role of perceived attributes for the diffusion of innovations in cost accounting: The case of Activity-Based Costing

S. BECKER, A. WALD, C. GESSNER, R. GLEICH

Comptabilité Contrôle Audit

2015, vol. 1, n°21, pp.105-137

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Mots clés : Innovations administratives, Théorie de la diffusion, Attributs perçus de l'innovation, Comptabilité par activités, Comptabilité analytique, Administrative innovations, Diffusion theory, Perceived attributes of innovation, Activity-Based Costing, Cost accounting


La comptabilité par activités (ABC) compte parmi les innovations managériales les plus importantes. Cependant, sa diffusion dans le monde des entreprises est paradoxale. L’ABC a un intérêt très important, mais sa diffusion reste relativement modeste. Il est nécessaire d’approfondir les déterminants de la diffusion de l’ABC qui ne sont pas connus dans leur intégralité.Cet article cherche à identifier les déterminants de la diffusion de la comptabilité par activités. Nous utilisons la théorie de Rogers sur l’adoption des innovations comme cadre théorique pour formuler des hypothèses concernant les effets des attributs perçus de l’ABC sur sa diffusion. Contrairement aux études précédentes, nous intégrons toutes les attributs perçus de l’innovation qui ont été proposées par Rogers dans un modèle de recherche. Cela nous permet d’identifier la taille relative des effets des déterminants de l’adoption, et d’étudier les effets d’interaction potentiels entre ces déterminants. Nous testons les hypothèses avec un échantillon de 137 entreprises du secteur manufacturier allemand.Les résultats montrent que la théorie de Rogers est dotée d’un certain pouvoir explicatif. Conformément aux études précédentes nous trouvons que la perception de l’avantage relatif et la possibilité d’essai sont des facteurs déterminants de la diffusion de l’ABC. En revanche, la complexité, la compatibilité et le caractère observable ont des effets positifs mais non significatifs sur la diffusion. Nous interprétons ces résultats de manière à ce que la théorie de Rogers puisse être appliquée dans la diffusion des innovations administratives dans les organisations, cependant elle nécessite des ajustements dans ce contexte, qui est différent de la situation originale de la diffusion des innovations techniques entre les particuliers

Using Real Activities to Avoid Goodwill Impairment Losses: Evidence and Effect on Future Performance

A. FILIP, L. PAUGAM, T. JEANJEAN

Journal of Business Finance & Accounting

avril-mai 2015, vol. 42, n°3 & 4, pp.515–554

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Mots clés : goodwill impairment, earnings management, cash flow management, real activities


We examine whether managers postpone the recognition of goodwill impairmentby manipulating cash flows and the consequences of such a strategy on future performance. According to SFAS 142, an impairment loss must be recognized if the reporting unit’s total fair value to which goodwill has been allocated is less than its book value. A growing body of empirical evidence shows that managers delay the recognition of goodwill impairment in accounting books. However, past literature is silent on how managers convince various gatekeepers (e.g., auditors, financial analysts) that recognizing an impairment loss is unnecessary although it seems economically justified. SFAS 142 requires managers to forecast future cash flows to justify the decision to recognize, or not, an impairment loss. Therefore, we predict that managers manipulate upward current cash flows to support their choice to avoid reporting an impairment loss. We also test whether or not this real earnings management is detrimental to future performance. Based on a sample of US firms over the period 2003–2011, we documentthat firms suspected of postponing goodwill impairment losses exhibit significantly positivediscretionary cash flows compared to various control groups. We also find that this real activitiesmanipulation is detrimental to future performance

Microcomputations as Micropayments in Web-based Services

G. O. KARAME, A. FRANCILLON, V. BUDILIVSCHI, S. CAPKUN, V. CAPKUN

ACM Transactions on Internet Technology

mai 2014, vol. 13, n°3

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

http://dl.acm.org/citation.cfm?id=2611526&dl=ACM&coll=DL&CFID=790735117&CFTOKEN=32190012


In this article, we propose a new micropayment model for nonspecialized commodity web-services based on microcomputations. In our model, a user that wishes to access online content (offered by a website) does not need to register or pay to access the website; instead, he will accept to run microcomputations on behalf of the service provider in exchange for access to the content. These microcomputations can, for example, support ongoing computing projects that have clear social benefits (e.g., projects relating to medical research) or can contribute towards commercial computing projects. We analyze the security and privacy of our proposal and we show that it preserves the privacy of users. We argue that this micropayment model is economically and technically viable and that it can be integrated in existing distributed computing frameworks (e.g., the BOINC platform). In this respect, we implement a prototype of a system based on our model and we deploy our prototype on Amazon Mechanical Turk to evaluate its performance and usability given a large number of users. Our results show that our proposed scheme does not affect the browsing experience of users and is likely to be used by a non-trivial proportion of users. Finally, we empirically show that our scheme incurs comparable bandwidth and CPU consumption to the resource usage incurred by online advertisements featured in popular websites

An Empirical Investigation of the Impact of Audit and Auditor Characteristics on Audit Performance

W. ALISSA, V. CAPKUN, T. JEANJEAN, N. SUCA

Accounting Organizations and Society

octobre 2014, vol. 39, n°7, pp.495-510

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Mots clés : Auditor effort, Auditor experience, Task complexity, Auditor performance, Tax audits

http://ssrn.com/abstract=2458850


We use a unique and confidential database of 15,392 tax audits performed by the Croatian Tax Administration during the 2002-2006 period to examine the impact of task complexity, auditor experience, and auditor effort on audit performance. We provide external validation to prior experimental and analytical research showing that task complexity decreases while auditor experience and effort increase audit performance. We also extend this literature by examining the roles of task complexity and experience in moderating the impact of the effort on audit performance. We find that task complexity mitigates, while experience enhances the positive relationship between auditor effort and performance. However, we also find that auditor experience reinforces the positive effect of auditor effort on performance to a greater degree when complexity is high. Taken together, our findings provide new evidence on how audit and auditor characteristics impact audit performance, and new insight into how task complexity and auditor experience separately and jointly moderate the impact of auditor effort on performance

Audit Fees In Family Firms: Evidence From U.S. Listed Companies

C. LESAGE, C. BEN ALI

Journal of Applied Business Research

2014, vol. 30, n°3, pp.807-815

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Mots clés : Family Firms; Audit Fees; Agency Conflicts; Corporate Governance


Family businesses are an important part of the world economy (Anderson & Reeb, 2003) and differ considerably from non-family firms with regard to corporate governance. However, despite their difference, family businesses have received relatively little research attention. Our study contributes to this growing research by empirically investigating the relationship between family shareholding and audit pricing. Using a sample of 3,291 firm-year observations of major U.S. listed companies, for the 2006–2008 period, our results demonstrate that audit fees are negatively associated with family shareholding after taking into account time-varying effects and industry effects as well as traditional control variables. The empirical results are robust to alternativefamily shareholding measures and estimation model specifications. Our results are consistent with the convergence-of-interests hypothesis suggesting that family firms face lower manager/shareholders agency costs. Auditors charge lower fees for family firms because of lower information asymmetry and risk given that the controlling family is well informed about the firmand is better able to monitor managerial decisions

Business Partnering: Is It All That Good?

J. BURNS, L. WARREN, J. OLIVEIRA

Controlling & Management Review

avril 2014, vol. 58, n°2, pp.36-41

Départements : Comptabilité et Contrôle de Gestion



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