메뉴 건너뛰기




Volumn 45, Issue 2, 2010, Pages 143-168

IFRS adoption in Europe and investment-cash flow sensitivity: Outsider versus insider economies

Author keywords

IFRS; Insider and outsider economies; Investment cash flow sensitivity

Indexed keywords


EID: 77953121508     PISSN: 00207063     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.intacc.2010.04.007     Document Type: Article
Times cited : (65)

References (53)
  • 1
    • 1642279866 scopus 로고    scopus 로고
    • The impact of negative cash flow and influential observations on investment-cash flow sensitivity estimates
    • Allayannis G., Mozumdar A. The impact of negative cash flow and influential observations on investment-cash flow sensitivity estimates. Journal of Banking and Finance 2004, 28:901-930.
    • (2004) Journal of Banking and Finance , vol.28 , pp. 901-930
    • Allayannis, G.1    Mozumdar, A.2
  • 2
    • 77953119916 scopus 로고    scopus 로고
    • Market reaction to the adoption of IFRS in Europe. Working paper, University of Pennsylvania, Stanford University, and Harvard University.
    • Armstrong, C., Barth, M., Jagolinzer, A., & Riedl, E. (2007). Market reaction to the adoption of IFRS in Europe. Working paper, University of Pennsylvania, Stanford University, and Harvard University.
    • (2007)
    • Armstrong, C.1    Barth, M.2    Jagolinzer, A.3    Riedl, E.4
  • 4
    • 4444304770 scopus 로고    scopus 로고
    • Disclosure quality and the excess value of diversification
    • Bens D., Monahan S. Disclosure quality and the excess value of diversification. Journal of Accounting Research 2004, 42(4):691-730.
    • (2004) Journal of Accounting Research , vol.42 , Issue.4 , pp. 691-730
    • Bens, D.1    Monahan, S.2
  • 5
    • 37049011584 scopus 로고    scopus 로고
    • Accounting quality and firm-level capital investment
    • Biddle G., Hilary G. Accounting quality and firm-level capital investment. The Accounting Review 2006, 81(5):963-982.
    • (2006) The Accounting Review , vol.81 , Issue.5 , pp. 963-982
    • Biddle, G.1    Hilary, G.2
  • 6
    • 77953122508 scopus 로고    scopus 로고
    • How does financial reporting quality improve investment efficiency? Working paper, Hong Kong University of Science and Technology, and Massachusetts Institute of Technology.
    • Biddle, G., Hilary, G., & Verdi, R. (2008). How does financial reporting quality improve investment efficiency? Working paper, Hong Kong University of Science and Technology, and Massachusetts Institute of Technology.
    • (2008)
    • Biddle, G.1    Hilary, G.2    Verdi, R.3
  • 8
    • 77953121470 scopus 로고    scopus 로고
    • Financial factors and investment in Belgium, France, Germany and the UK: A comparison using company panel data. NBER working paper.
    • Bond, S., Elston, J., Mairesse, J., & Mulkay, B. (1997). Financial factors and investment in Belgium, France, Germany and the UK: A comparison using company panel data. NBER working paper.
    • (1997)
    • Bond, S.1    Elston, J.2    Mairesse, J.3    Mulkay, B.4
  • 9
    • 0000108966 scopus 로고    scopus 로고
    • Financial accounting information and corporate governance
    • Bushman R., Smith A. Financial accounting information and corporate governance. Journal of Accounting and Economics 2001, 31:237-333.
    • (2001) Journal of Accounting and Economics , vol.31 , pp. 237-333
    • Bushman, R.1    Smith, A.2
  • 11
  • 12
    • 36248965791 scopus 로고    scopus 로고
    • Cross-sectional variation in the economic consequences of international accounting harmonisation: The Case of mandatory IFRS adoption in the UK
    • Christensen H., Lee E., Walker M. Cross-sectional variation in the economic consequences of international accounting harmonisation: The Case of mandatory IFRS adoption in the UK. The International Journal of Accounting 2007, 42:341-379.
    • (2007) The International Journal of Accounting , vol.42 , pp. 341-379
    • Christensen, H.1    Lee, E.2    Walker, M.3
  • 13
    • 0009093975 scopus 로고    scopus 로고
    • The relationship between firm investment and financial status
    • Cleary S. The relationship between firm investment and financial status. Journal of Finance 1999, 54(2):673-692.
    • (1999) Journal of Finance , vol.54 , Issue.2 , pp. 673-692
    • Cleary, S.1
  • 14
    • 77953122052 scopus 로고    scopus 로고
    • Economic consequences from mandatory adoption of IABS standards in the European Union. Working paper, Arizona State University, Pennsylvania State University, and Texas Christian University.
    • Comprix, J., Muller, K., & Stanford, M. (2003). Economic consequences from mandatory adoption of IABS standards in the European Union. Working paper, Arizona State University, Pennsylvania State University, and Texas Christian University.
    • (2003)
    • Comprix, J.1    Muller, K.2    Stanford, M.3
  • 15
    • 77953121222 scopus 로고    scopus 로고
    • Adopting a label: Heterogeneity in the economic consequences of IFRS adoptions. Working Paper, University of Mannheim, University of Pennsylvania, University of Chicago, and Massachusetts Institute of Technology.
    • Daske, H., Hail, L., Leuz, C., & Verdi, R. (2007). Adopting a label: Heterogeneity in the economic consequences of IFRS adoptions. Working Paper, University of Mannheim, University of Pennsylvania, University of Chicago, and Massachusetts Institute of Technology.
    • (2007)
    • Daske, H.1    Hail, L.2    Leuz, C.3    Verdi, R.4
  • 16
    • 54249153844 scopus 로고    scopus 로고
    • Mandatory IFRS reporting around the world: Early evidence on the economic consequences
    • Daske H., Hail L., Leuz C., Verdi R. Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research 2008, 46(5):1085-1142.
    • (2008) Journal of Accounting Research , vol.46 , Issue.5 , pp. 1085-1142
    • Daske, H.1    Hail, L.2    Leuz, C.3    Verdi, R.4
  • 18
    • 84942585214 scopus 로고
    • Disclosure, liquidity and the cost of equity capital
    • Diamond D., Verrecchia R. Disclosure, liquidity and the cost of equity capital. Journal of Finance 1991, 1325-1360.
    • (1991) Journal of Finance , pp. 1325-1360
    • Diamond, D.1    Verrecchia, R.2
  • 19
    • 1642331944 scopus 로고    scopus 로고
    • Value-enhancing capital budgeting and firm specific stock return variation
    • Durnev A., Morck R., Yeung B. Value-enhancing capital budgeting and firm specific stock return variation. Journal of Finance 2004, 59(1):65-105.
    • (2004) Journal of Finance , vol.59 , Issue.1 , pp. 65-105
    • Durnev, A.1    Morck, R.2    Yeung, B.3
  • 20
    • 77953122949 scopus 로고    scopus 로고
    • Private benefits of control: An international comparison. NBER working paper.
    • Dyck, A., & Zingales, L. ( 2002). Private benefits of control: An international comparison. NBER working paper.
    • (2002)
    • Dyck, A.1    Zingales, L.2
  • 22
    • 0038831386 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities are useful: A comment on Kaplan and Zingales
    • Fazzari S., Hubbard G., Petersen B. Investment-cash flow sensitivities are useful: A comment on Kaplan and Zingales. Quarterly Journal of Economics 2000, 115(2):695-705.
    • (2000) Quarterly Journal of Economics , vol.115 , Issue.2 , pp. 695-705
    • Fazzari, S.1    Hubbard, G.2    Petersen, B.3
  • 23
    • 77953122576 scopus 로고    scopus 로고
    • Mandated disclosure and stock returns: Evidence from the over-the-counter market. Working Paper, Harvard Law School.
    • Ferrell, A. (2003). Mandated disclosure and stock returns: Evidence from the over-the-counter market. Working Paper, Harvard Law School.
    • (2003)
    • Ferrell, A.1
  • 25
    • 0000939170 scopus 로고
    • Tobin's marginal q and average q: A neoclassical interpretation
    • Hayashi F. Tobin's marginal q and average q: A neoclassical interpretation. Econometrica 1982, 50(1):213-224.
    • (1982) Econometrica , vol.50 , Issue.1 , pp. 213-224
    • Hayashi, F.1
  • 26
    • 0012319054 scopus 로고    scopus 로고
    • Information asymmetry, corporate disclosure and the capital markets: A review of the empirical disclosure literature
    • Healy P., Palepu K. Information asymmetry, corporate disclosure and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 2001, 31:405-440.
    • (2001) Journal of Accounting and Economics , vol.31 , pp. 405-440
    • Healy, P.1    Palepu, K.2
  • 27
    • 0028560578 scopus 로고
    • R&D and internal finance: A panel study of small firms in high-tech industries
    • Himmelberg C., Petersen B. R&D and internal finance: A panel study of small firms in high-tech industries. Review of Economics and Statistics 1994, 76(1):38-51.
    • (1994) Review of Economics and Statistics , vol.76 , Issue.1 , pp. 38-51
    • Himmelberg, C.1    Petersen, B.2
  • 28
    • 77953122868 scopus 로고    scopus 로고
    • Managerial empire building and firm disclosure. Working paper, University of Toronto and University of Oklahoma.
    • Hope, O., & Thomas, W. (2007). Managerial empire building and firm disclosure. Working paper, University of Toronto and University of Oklahoma.
    • (2007)
    • Hope, O.1    Thomas, W.2
  • 29
    • 0002308919 scopus 로고
    • Corporate structure, liquidity and investment: Evidence from Japanese industrial groups
    • Hoshi T., Kashyap A., Scharfstein D. Corporate structure, liquidity and investment: Evidence from Japanese industrial groups. Quarterly Journal of Economics 1991, 106:33-60.
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 33-60
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 30
    • 0040483286 scopus 로고    scopus 로고
    • Do relationships have limits? Banking relationships, financial constraints, and investment
    • Houston J., James C. Do relationships have limits? Banking relationships, financial constraints, and investment. Journal of Business 2001, 74:347-373.
    • (2001) Journal of Business , vol.74 , pp. 347-373
    • Houston, J.1    James, C.2
  • 31
    • 77953123972 scopus 로고    scopus 로고
    • Cash flow sensitivity of investment. Working paper, City University of New York.
    • Hovakimian, A., & Hovakimian, G. (2005). Cash flow sensitivity of investment. Working paper, City University of New York.
    • (2005)
    • Hovakimian, A.1    Hovakimian, G.2
  • 32
    • 0000180018 scopus 로고    scopus 로고
    • Capital-market imperfections and investment
    • Hubbard R. Capital-market imperfections and investment. Journal of Economic Literature 1998, 36(1):193-225.
    • (1998) Journal of Economic Literature , vol.36 , Issue.1 , pp. 193-225
    • Hubbard, R.1
  • 33
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen M. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 1986, 76(2):323-329.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.1
  • 34
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen M., Meckling W. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 1976, 3:305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 35
    • 0003112060 scopus 로고    scopus 로고
    • Do investment-cash flow sensitivities provide useful measures of financing constraints?
    • Kaplan S., Zingales L. Do investment-cash flow sensitivities provide useful measures of financing constraints?. Quarterly Journal of Economics 1997, 112(1):169-215.
    • (1997) Quarterly Journal of Economics , vol.112 , Issue.1 , pp. 169-215
    • Kaplan, S.1    Zingales, L.2
  • 36
    • 0039011997 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities are not valid measures of financing constraints
    • Kaplan S., Zingales L. Investment-cash flow sensitivities are not valid measures of financing constraints. Quarterly Journal of Economics 2000, 115(2):707-712.
    • (2000) Quarterly Journal of Economics , vol.115 , Issue.2 , pp. 707-712
    • Kaplan, S.1    Zingales, L.2
  • 39
    • 34247482883 scopus 로고
    • Finance and growth: Schumpeter might be right
    • King R., Levine R. Finance and growth: Schumpeter might be right. Quarterly Journal of Economics 1993, 108(3):717-737.
    • (1993) Quarterly Journal of Economics , vol.108 , Issue.3 , pp. 717-737
    • King, R.1    Levine, R.2
  • 43
    • 0042012826 scopus 로고    scopus 로고
    • Earnings management and investor protection: An international comparison
    • Leuz C., Nanda D., Wysocki P. Earnings management and investor protection: An international comparison. Journal of Financial Economics 2003, 69:505-527.
    • (2003) Journal of Financial Economics , vol.69 , pp. 505-527
    • Leuz, C.1    Nanda, D.2    Wysocki, P.3
  • 44
    • 0242534354 scopus 로고    scopus 로고
    • The economic consequences of increased disclosure
    • Supplement
    • Leuz C., Verrecchia R. The economic consequences of increased disclosure. Journal of Accounting Research 2000, 38:91-124. Supplement.
    • (2000) Journal of Accounting Research , vol.38 , pp. 91-124
    • Leuz, C.1    Verrecchia, R.2
  • 45
    • 77953119527 scopus 로고    scopus 로고
    • Economic consequences of financial reporting and disclosure regulation: What have we learned? Working paper, University of Chicago and Massachusetts Institute of Technology.
    • Leuz, C., & Wysocki, P. (2007). Economic consequences of financial reporting and disclosure regulation: What have we learned? Working paper, University of Chicago and Massachusetts Institute of Technology.
    • (2007)
    • Leuz, C.1    Wysocki, P.2
  • 46
    • 0346613552 scopus 로고    scopus 로고
    • Stock markets, banks, and economic growth
    • Levine R., Zervos S. Stock markets, banks, and economic growth. American Economic Review 1998, 88:537-558.
    • (1998) American Economic Review , vol.88 , pp. 537-558
    • Levine, R.1    Zervos, S.2
  • 47
    • 33644542593 scopus 로고
    • The inflexibility of monetary policy
    • Mayer T. The inflexibility of monetary policy. Review of Economics and Statistics 1958, 40(4):358-374.
    • (1958) Review of Economics and Statistics , vol.40 , Issue.4 , pp. 358-374
    • Mayer, T.1
  • 48
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers S., Majluf N. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 1984, 13(2):187-221.
    • (1984) Journal of Financial Economics , vol.13 , Issue.2 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 49
    • 77953121002 scopus 로고    scopus 로고
    • The reduction of firms' ownership induced agency costs following financial reporting reform in the European Union. Working paper, Queen's University.
    • Pae, J., Thornton, D., & Welker, M. (2006). The reduction of firms' ownership induced agency costs following financial reporting reform in the European Union. Working paper, Queen's University.
    • (2006)
    • Pae, J.1    Thornton, D.2    Welker, M.3
  • 50
    • 77953120107 scopus 로고    scopus 로고
    • Capital market consequences of European firms' mandatory adoption of IFRS. Working paper, University of Missouri and Tennessee State University.
    • Prather-Kinsey, J., Jermakowicz, E., & Vongphanith, T. (2008). Capital market consequences of European firms' mandatory adoption of IFRS. Working paper, University of Missouri and Tennessee State University.
    • (2008)
    • Prather-Kinsey, J.1    Jermakowicz, E.2    Vongphanith, T.3
  • 52
    • 0000354615 scopus 로고
    • Asymmetric information, liquidity constraints, and Canadian investment
    • Schaller H. Asymmetric information, liquidity constraints, and Canadian investment. Canadian Journal of Economics 1993, 26:552-574.
    • (1993) Canadian Journal of Economics , vol.26 , pp. 552-574
    • Schaller, H.1
  • 53
    • 0002661755 scopus 로고
    • A general equilibrium approach to monetary theory
    • Tobin J. A general equilibrium approach to monetary theory. Journal of Money, Credit, and Banking 1969, 1:15-29.
    • (1969) Journal of Money, Credit, and Banking , vol.1 , pp. 15-29
    • Tobin, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.