¿La supervisión de la Comisión de Valores reduce la complejidad de los informes financieros?
Does Securities Commission Oversight Reduce the Complexity of Financial Reporting?
Resumen
En este trabajo se investiga si la supervisión de la Comisión de Valores reduce la complejidad de los informes financieros. Para ello se utilizan las cartas de opinión (comment letters) de la Comisión de Valores de Irán. Además, para medir dicha complejidad, se emplea el índice de Fog. Usando un diseño de diferencia en diferencias con la aproximación propensity score matching, se encuentra que la supervisión de la Comisión de Valores reduce esta complejidad. Además, se muestra que el impacto de la supervisión de las comisiones de valores en la complejidad de los informes financieros es mayor para las empresas con mayor calidad de gobierno corporativo. También se documenta que este impacto (1) no se limita a un año y persiste al menos dos años después, y (2) no es mayor para las empresas que reciben más cartas de opinión (comment letters). Además, se constata el efecto indirecto de la supervisión de la comisión de valores, en el sentido de que las empresas que no reciben ninguna carta de opinión (comment letters) reducen la complejidad de sus informes financieros si la comisión de valores ha hecho comentarios sobre la empresa líder del sector o sobre un competidor cercano. En definitiva, este artículo proporciona, por un lado, evidencia relacionada con el debate internacional sobre si las comisiones de valores podrían tener efectos beneficiosos en la información financiera que elaboran las empresas y, por otro, contribuye a la literatura sobre la complejidad de los informes financieros y los factores que reducen la misma, lo cual ocupa un lugar destacado entre los temas más importantes en el contexto de la información financiera internacional.
Descargas
Citas
Antle, R. (1982). The auditor as an economic agent. Journal of Accounting Research, 20 (2), 503-527. https://doi.org/10.2307/2490884
Baghdadi, G., Bhatti, M., Ishaq, Q., Nguyen, L., & Podolski, E. (2018). Skill or Effort? Institutional Ownership and Managerial Efficiency. Journal of Banking & Finance, 91, 19-33. https://doi.org/10.1016/j.jbankfin.2018.04.002
Ball, R. & Shivakumar, L. (2006). The role of accruals in asymmetrically timely gain and loss recognition. Journal of Accounting Research, 44 (2), 207-242. https://doi.org/10.1111/j.1475-679X.2006.00198.x
Baugh, M., Ege, M., & Yust, C. G. (2019). Internal control quality and bank performance during the financial crisis. Available at SSRN: https://ssrn.com/abstract=3302936. https://doi.org/10.2139/ssrn.3302936
Bazrafshan, A., Hesarzadeh, R. (2019). Multiple directorships and managerial ability. European Journal of International Management, https://doi.org/10.1504/EJIM.2019.10016753
Bens, D. A., Cheng, M., & Neamtiu, M. (2016). The impact of SEC disclosure monitoring on the uncertainty of fair value estimates. The Accounting Review, 91 (2), 349-375. https://doi.org/10.2308/accr-51248
Bens, D., & Johnston, R. (2009). Accounting discretion: Use or abuse? An analysis of restructuring charges surrounding regulator action. Contemporary Accounting Research, 26 (3), 673--699. https://doi.org/10.1506/car.26.3.2
Bertrand, M., & Mullainathan, S. (2003). Enjoying the quiet life? Managerial behavior following anti-takeover legislation. Journal of Political Economy, 11, 1043-1075. https://doi.org/10.1086/376950
Bloomfield, R. (2002). Incomplete revelation hypothesis and financial reporting. Accounting Horizons, 16 (3), 233--243. https://doi.org/10.2308/acch.2002.16.3.233
Bloomfield, R. (2008). Discussion of 'Annual report readability, current earnings, and earnings persistence'. Journal of Accounting and Economics 45 (2-3), 248--252. https://doi.org/10.1016/j.jacceco.2008.04.002
Bonsall, S., & Miller, B. (2017). The impact of narrative disclosure readability on bond ratings and the cost of debt capital. Review of Accounting Studies, 22(2), 608-643. https://doi.org/10.1007/s11142-017-9388-0
Bozanic, Z., Choudhary, P., & Merkley, K. (2019). Securities law expertise and corporate disclosure. The Accounting Review, 94 (4), 141-172. https://doi.org/10.2308/accr-52265
Bratten, B., Payne, J. L., & Thomas, W. B. (2016). Earnings management: do firms play follow the leader? Contemporary Accounting Research, 33 (2), 616-643. https://doi.org/10.1111/1911-3846.12157
Brown, S. V., Tian, X., & Tucker, J. W. (2018). The spillover effect of SEC comment letters on qualitative corporate disclosure: Evidence from the risk factor disclosure. Contemporary Accounting Research, 35 (2), 622-656. https://doi.org/10.1111/1911-3846.12414
Cassell, C. A., Dreher, L. M. & Myers, L. A. (2013). Reviewing the SEC's review process: 10-K comment letters and the cost of remediation. The Accounting Review, 88 (6), 1875-1908. https://doi.org/10.2308/accr-50538
Cassell, C. A., Dreher, L. M., & Myers, L. A. (2019). The consequences of writing not so readable responses to SEC comment letters. Review of Accounting Studies, (In press). https://doi.org/10.1007/s11142-019-09507-x
Chen, C., Kim, J. B., Wei, M., & Zhang, H. (2018). Linguistic information quality in customers' forward-looking disclosures and suppliers' investment decisions. Contemporary Accounting Research. https://doi.org/10.1111/1911-3846.12471
Chen, N. (2015). Repatriation taxes and the value of cash holdings. Working Paper, University of California at Irvine. Available at SSRN: https://ssrn.com/abstract=2496756. https://doi.org/10.2139/ssrn.2496756
Chen, X., Harford, J., Li, K. (2007). Monitoring: Which institutions matter? Journal of Financial Economics, 86, 279-305. https://doi.org/10.1016/j.jfineco.2006.09.005
Cheng, X., Gao, L., Lawrence, J. E., & Smith, D. B. (2014). SEC division of Corporation Finance Monitoring and CEO power. Auditing: A Journal of Practice & Theory, 33 (1), 29-56. https://doi.org/10.2308/ajpt-50625
Chow, S., Hui, Y., Vieito, J. & Zhu, Z. (2016). Market liberalizations and efficiency in Latin America. Studies in Economics and Finance, 33 (4), 553-575. https://doi.org/10.1108/SEF-01-2015-0014
Chychyla, R., Leone, A., & Minutti-Meza, M. (2018). Complexity of financial reporting standards and accounting expertise. Journal of Accounting and Economics, 67 (1), 226-253. https://doi.org/10.1016/j.jacceco.2018.09.005
Cohen, D. A., Dey, A., & Lys, T. Z. (2008). Real and accrual‐based earnings management in the pre‐ and post‐Sarbanes‐Oxley periods. The Accounting Review, 83 (3), 757-787. https://doi.org/10.2308/accr.2008.83.3.757
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2010). Signaling Theory: A Review and Assessment. Journal of Management, 37(1), 39--67. https://doi.org/10.1177/0149206310388419
Cunningham, L., Johnson, B. A., Johnson, e. s., Scott, L., & Lisic, L. L. (2019). The switch up: An examination of changes in earnings management after receiving SEC comment letters. Contemporary Accounting Research (In press). https://doi.org/10.1111/1911-3846.12546
Daft, R. L., & Macintosh, N. B. (1981). A tentative exploration into the amount and equivocality of information processing in organizational work units. Administrative Science Quarterly, 26, 207-224. https://doi.org/10.2307/2392469
Dal Bo, E. (2006). Regulatory capture: A review. Oxford Review of Economic Policy, 22 (2), 203-225. https://doi.org/10.1093/oxrep/grj013
De Fuentes. C., & Porcuna, R. (2019). Predicting audit failure: evidence from auditing enforcement releases. Spanish Journal of Finance and Accounting, 48 (3), 274-305. https://doi.org/10.1080/02102412.2018.1524220
DeFond, M. L. & Hung, M. (2003). An empirical analysis of analysts' cash flow forecasts. Journal of Accounting and Economics, 35, 73--100. https://doi.org/10.1016/S0165-4101(02)00098-8
Demerjian, P., Lev. B., & McVay, S. (2012). Quantifying managerial ability: A new measure and validity tests, Management Science, 58 (7), 1229--1248. https://doi.org/10.1287/mnsc.1110.1487
Dichev, I. D., Graham. J., Harvey. C. R., & Rajgopal. S. (2011). Earnings quality: Evidence from the field. Journal of Accounting and Economics, 56 (2-3), 1--33. https://doi.org/10.1016/j.jacceco.2013.05.004
Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88, 430--465. https://doi.org/10.1016/j.jfineco.2007.02.007
Duro, M., Heese, J., & Ormazabal, G. (2018). The effect of enforcement transparency: Evidence from SEC comment-letter reviews. Review of Accounting Studies, 24 (3), 780-823. https://doi.org/10.1007/s11142-019-09503-1
Dyer, T., Lang. M., & Lawrence, L. M. (2017). The evolution of 10-K textual disclosure: Evidence from Latent Dirichlet Allocation. Journal of Accounting & Economics, 64 (2), 221-245. https://doi.org/10.1016/j.jacceco.2017.07.002
Ege, M., Glenn, J. L. & Robinson, J. R. (2018). Unexpected SEC resource constraints and comment Letter quality. Available at SSRN: http://dx.doi.org/10.2139/ssrn.3137092
Eshleman, J. D., & Guo, P. (2014). Do big 4 auditors provide higher audit quality after controlling for the endogenous choice of auditor? Auditing: A Journal of Practice & Theory, 33 (4), 197-219. https://doi.org/10.2308/ajpt-50792
Fooladi, M. & Farhadi, M. (2019). Corporate governance and detrimental related party transactions. Asian Review of Accounting, 27 (2), 196-227. https://doi.org/10.1108/ARA-02-2018-0029
Francis, J. R. (2011). A framework for understanding and researching audit quality. Auditing: A Journal of Practice & Theory, 30.2, 125-152. https://doi.org/10.2308/ajpt-50006
Francis, J., Philbrick, D. & Schipper, K. (1994). Shareholder litigation and corporate disclosures. Journal of Accounting Research, 32 (2), 137--164. https://doi.org/10.2307/2491279
Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39 (2), 295-327. https://doi.org/10.1016/j.jacceco.2004.06.003
General Accounting Office (GAO). (1991). Failed banks: Accounting and auditing reforms urgently needed. United States General Accounting Office -- Report to Congressional Committees
Gietzmann, M. B. & Isidro, H. (2013). Institutional investors' reaction to SEC concerns about IFRS and US GAAP reporting. Journal of Business Finance & Accounting, 40, 796-841. https://doi.org/10.1111/jbfa.12027
Gietzmann, M. B., & Pettinicchio, A. K. (2014). External auditor reassessment of client business risk following the issuance of a comment letter by the SEC. European Accounting Review, 23 (1), 57-85. https://doi.org/10.1080/09638180.2013.774703
Goldstein, I., & Sapra, H. (2013). Should banks' stress test results be disclosed? An analysis of the costs and benefits. Foundation and Trends in Finance, 8, 1--54. https://doi.org/10.1561/0500000038
Gow, I. D., Larcker, D. F., & Reiss, P. C. (2016). Causal inference in accounting research. Journal of Accounting Research, 54, 477--523. https://doi.org/10.1111/1475-679X.12116
Grossman, S., & Stiglitz, J. (1980). On the impossibility of informationally efficient Markets. American Economic Review, 70 (3), 393-407. https://doi.org/10.7916/D8765R99
Guay, W., Samuels, D., & Taylor, D. (2016). Guiding through the Fog: Financial statement complexity and voluntary disclosure. Journal of Accounting and Economics, 62 (2-3), 234-269. https://doi.org/10.1016/j.jacceco.2016.09.001
Hafner, M., & Stapel, D. (2010). Information to go: Fluency enhances the usability of primed information. Journal of Experimental Social Psychology, 46, 73--84. https://doi.org/10.1016/j.jesp.2009.10.001. https://doi.org/10.1016/j.jesp.2009.10.001
Harford, J., Kecskes. A., Mansi, S. (2017). Do long-term investors improve corporate decision making? Journal of Corporate Finance, 50, 424-452. https://doi.org/10.1016/j.jcorpfin.2017.09.022. https://doi.org/10.1016/j.jcorpfin.2017.09.022
Hesarzadeh, R. & Bazrafshan, A. (2018). Corporate reporting readability and regulatory review risk. Baltic Journal of Management, 13 (4), 488-507. https://doi.org/10.1108/BJM-11-2017-0357
Hesarzadeh, R. & Bazrafshan, A. (2019). CEO ability and regulatory review risk. Managerial Auditing Journal, 34 (5), 575-605. https://doi.org/10.1108/MAJ-08-2018-1958
Hesarzadeh, R., Bazrafshan, A., & Rajabalizadeh, J. (2019). Financial reporting readability: Managerial choices versus firm fundamentals. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 1–31. https://doi.org/10.1080/02102412.2019.1668219
Hesarzadeh, R. (2019). Are the individual and collective roles of financial reporting quality measures the same? Evidence in the context of information. Spanish Journal of Finance and Accounting, 48 (2), 160-202. https://doi.org/10.1080/02102412.2018.1469858
Imhoff, E. A. (2003). Accounting quality, auditing and corporate governance. Accounting Horizons, 17 (S1), 117--128. https://doi.org/10.2308/acch.2003.17.s-1.117
International Monetary Fund. (2016). Advancing financial development in latin america and the Caribbean. Retrieved from https://www.imf.org/external/pubs/ft/wp/2016/wp1681.pdf https://doi.org/10.5089/9781484321713.001
Islamic Consultative Assembly. (2005). Securities Market Act of the Islamic Republic of Iran. Available at http://rdis.ir/RuleDetailEn.asp?RuleID=18
Jackson, H. E., & Roe, M. J. (2009). Public and private enforcement of securities laws: Resource-based evidence, Journal of Financial Economics, 93, 207--238. https://doi.org/10.1016/j.jfineco.2008.08.006
Jang, M. H., Rho, J. H. (2016). IFRS adoption and financial statement readability: Korean evidence, Asia-Pacific Journal of Accounting & Economics, 1, 22-42. https://doi.org/10.1080/16081625.2014.977306
Jiraporn, P., Davidson, W. N., DaDalt, P., & Ning, Y. (2009). Too busy to show up? An analysis of directors absences. The Quarterly Review of Economics and Finance, 49 (3), 1159--1171. https://doi.org/10.1016/j.qref.2008.08.003
Johnston, R., & Petacchi, R. (2017). Regulatory oversight of financial reporting: Securities and Exchange Commission comment letters. Contemporary Accounting Research, 34 (2), 1128-1155. https://doi.org/10.1111/1911-3846.12297
KhazaeeFarid, A., & Fathollahi, M. (2010). Investigating the impact of modern english novels translation on the sentence-length stylistic norm of Persian novels: A case study of nine classic and modern novels. Language and Translation Studies, 42(3), 37-58. (With Persian). https://doi.org/10.22067/lts.v42i3.19127
Kim, O., & Verrecchia, R. (1991). Market reaction to anticipated announcements. Journal of Financial Economics, 30 (2), 273-309. https://doi.org/10.1016/0304-405X(91)90033-G
Kolahi. S., & Shirvani, L. (2012). A comparative study of the readability of English textbooks of translation and their Persian Translation. International Journal of Linguistics, 4 (4), 344-361. https://doi.org/10.5296/ijl.v4i4.2737
Kothari, S., Shu, S., Wysocki, P. (2009). Do managers withhold bad news? Journal of Accounting Research, 47 (1), 241--276. https://doi.org/10.1111/j.1475-679X.2008.00318.x
KPMG, (2011). Disclosure overload and complexity: Hidden in plain sight
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2006). What works in securities laws? Journal of Finance, 61, 1--32. https://doi.org/10.1111/j.1540-6261.2006.00828.x
Lawrence, A. (2013). Individual investors and financial disclosure. Journal of Accounting and Economics, 56 (1), 130--147. https://doi.org/10.1016/j.jacceco.2013.05.001
Lee, Y. (2012). The effect of quarterly report readability on information efficiency of stock prices. Contemporary Accounting Research, 29 (4), 1137--1170. https://doi.org/10.1111/j.1911-3846.2011.01152.x
Lehavy, R., Li, F., & Merkley, K. (2011). The effect of annual report readability on analyst following and the properties of their earnings forecasts. The Accounting Review, 86 (3), 1087--1115. https://doi.org/10.2308/accr.00000043
Lewis, C. (2012). Risk modeling at the SEC: the accounting quality model, speech delivered at the Financial Executives International Committee on Finance and Information Technology, available at: http://www.sec.gov/news/speech/2012- spch121312cmlhtm
Li, F. (2008). Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics, 45 (2-3), 221--247. https://doi.org/10.1016/j.jacceco.2008.02.003
Lo, K., Ramos, F., Rogo, R. (2017). Earnings management and annual report readability. Journal of Accounting Research, 54 (4), 1187-1230. https://doi.org/10.1016/j.jacceco.2016.09.002
Lopes, A. B., Walker, M., & Menezes da Silva, R. L. (2016). The determinants of firm-specific corporate governance arrangements, IFRS adoption, and the informativeness of accounting reports: Evidence from Brazil. Journal of International Accounting Research, 15 (2),101-124. https://doi.org/10.2308/jiar-51532
Loughran, T., & Mcdonald, B., (2016). Textual analysis in accounting and finance: A survey. Journal of Accounting Research, 63 (1), 1-25. https://doi.org/10.1111/1475-679X.12123
Mashayekhi, B., & Mashayekh, S. (2008). Development of accounting in Iran. The International Journal Of Accounting, 43(1), 66--86. https://doi.org/10.1016/j.intacc.2008.01.004
Miller, B. (2010). The effects of reporting complexity on small and large investor trading. The Accounting Review, 85 (6), 2107--2143. https://doi.org/10.2308/accr.00000001
Mirshekari, S., & Saudagaran, S. (2005). Perceptions and characteristics of financial statement users in developing countries: Evidence from Iran. Journal of International Accounting, Auditing and Taxation, 14, 33−54. https://doi.org/10.1016/j.intaccaudtax.2005.01.001
Mishkin, F. S. (1997). Evaluating FDICIA. In: Kaufman, George G. (Ed.), FDICIA: Bank Reform Five years Later and Five Years Ahead. JAI Press, Greenwich, CT, 17--33. https://doi.org/10.1257/jep.11.3.139
Moreno, A., & Casasola. A. (2015). A Readability evolution of narratives in annual reports: A longitudinal study of two Spanish companies. Journal of Business and Technical Communication, 30 (2), 202 -- 235. https://doi.org/10.1177/1050651915620233
Oppenheimer, D. (2006). Consequences of erudite vernacular utilized irrespective of necessity: Problems with using long words needlessly. Applied Cognitive Psychology, 20 (2), 139-156. https://doi.org/10.1002/acp.1178
Rennekamp, K. (2012). Processing fluency and investors' reactions to disclosure readability. Journal of Accounting Research, 50 (5), 1319--1354. https://doi.org/10.1111/j.1475-679X.2012.00460.x
Robinson, J., Xue, Y., & Yu, Y. (2011). Determinants of disclosure noncompliance and the effect of the SEC review: Evidence from the 2006 mandated compensation disclosure regulations. The Accounting Review, 86 (4), 1415--1444. https://doi.org/10.2308/accr-10033
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42 (3), 335--370. https://doi.org/10.1016/j.jacceco.2006.01.002
Ryan, K. (2016). "Lingua::EN::Fathom " Retrieved from http://search.cpan.org/dist/Lingua-EN-Fathom/lib/Lingua/EN/Fathom.pm
Ryans, J. P. (2019). Textual classification of SEC comment letters. Available at SSRN: https://ssrn.com/abstract=2474666. https://doi.org/10.2139/ssrn.2474666
San Norberto, E. M., Gómez-Alonso, D, Trigueros. J. M, Quiroga, J., Gualis, J, Vaquero. C. (2014). Legibilidad del consentimiento informado quirúrgico en España. Cirugía Española, 92, 201--207. https://doi.org/10.1016/j.ciresp.2013.02.027
Securities and Exchange Organization of Iran (SEO). (2008). The enforcement regulations governing the reporting procedures. Available at http://www.rdis.ir (In Persian)
Shah, A., & Oppenheimer, D. (2007). Easy does it: The role of fluency in cue weighting. Judgment and Decision Making, 2 (6), 371-379. 2008-00191-005
Shipman, J. E., Swanquist, Q. T., & Whited, R. L. (2017). Propensity Score Matching in Accounting Research. The Accounting Review, 92 (1), 213-244. https://doi.org/10.2308/accr-51449
Skomra, J. (2018). The impact of SEC comment letters and short selling on the demand for audit quality. (Doctoral dissertation).Retrieved from https://etd.ohiolink.edu/!etd.send_file?accession=kent1524152243954506&disposition=inline
Subramaniam, R. K., Dhoraisingham, S., & Mahenthiran. S. (2016). Liquidity implications of corporate social responsibility disclosures: Malaysian Evidence. Journal of International Accounting Research, 15 (1), 133-153. https://doi.org/10.2308/jiar-51204
Tehran Stock Exchange (TSE). (2016). Iran's capital market. Available at: http://tse.ir/cms/Portals/0/int/Guide%20to%20investe%20in%20TSE1_1.pdf
Torre, D. L., & Schmukler, S. (2006). Emerging capital markets and globalization: The Latin American experience. Stanford University Press, Palo Alto, and World Bank, Washington, DC. https://doi.org/10.1596/978-0-8213-6543-4
Zang, A. Y. (2012). Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review, 87 (2), 675-703. https://doi.org/10.2308/accr-10196
Zurel, S. (2014). Readability of annual reports: comparison of American and French annual reports. Avalable at: https://lib.ugent.be/fulltxt/RUG01/002/162/189/RUG01-002162189_2014_0001_AC.pdf
Las obras que se publican en esta revista están sujetas a los siguientes términos:
1. Ediciones de la Universidad de Murcia (EDITUM) y ASEPUC conservan los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia de uso indicada en el punto 2.
2. Las obras se publican en la edición electrónica de la revista bajo una licencia de Creative Commons Reconocimiento-NoComercial-SinObraDerivada 4.0 Internacional. Permite copiar, distribuir e incluir el artículo en un trabajo colectivo (por ejemplo, una antología), siempre y cuando no exista una finalidad comercial, no se altere ni modifique el artículo y se cite apropiadamente el trabajo original. Esta revista no tiene tarifa por la publicación Open Access. ASEPUC y EDITUM financian los costes de producción y publicación de los manuscritos.
3. Condiciones de auto-archivo. Se permite y se anima a los autores a difundir electrónicamente la versión publicada de sus obras, ya que favorece su circulación y difusión y con ello un posible aumento en su citación y alcance entre la comunidad académica.
