-
作者：Francis, JR; Khurana, IK; Pereira, R
作者单位：University of Missouri System; University of Missouri Columbia; University of Melbourne
摘要：Prior research predicts that firms reliant on external financing are more likely to undertake a higher level of disclosure, and a higher disclosure level should, in turn, lead to a lower cost of external financing. This paper tests these predictions outside the United States where alternative legal and financial systems could mitigate the effectiveness of such disclosures and, comprehensively, examines both disclosure incentives and disclosure consequences on cost of capital for a common set o...
-
作者：Davila, A; Foster, G
作者单位：Stanford University
摘要：Adopting management accounting systems are important events in the life of young and growing companies. Using a sample of 78 startup companies, we document cross-sectional differences in the adoption of operating budgets as well as seven other management accounting systems. We find that our proxies for agency costs, perceived benefits and costs, company scale, and top management style explain cross-sectional differences in the time-to-adoption of budgets. In particular, the presence of venture...
-
作者：Dutta, S; Reichelstein, S
作者单位：University of California System; University of California Berkeley; Stanford University
摘要：This paper develops a multiperiod principal-agent model in which a manager must be given incentives to undertake investments and to exert personally costly effort. Investments are soft (e.g., intangible assets) and therefore entail measurement errors for the accounting system as it seeks to separate investments from operating expenditures. This separation is of no concern to the stock market, which draws on its own information about future cash flows resulting from current investments. The fir...
