The Timeliness of Income Recognition by European Companies: An Analysis of Institutional and Market Complexity

Ivana Raonic · Stuart J. McLeay · Ioannis G. Asimakopoulos

128 citations0/0 files storedJournal of Business Finance &amp Accounting

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Financial Reporting and XBRL

Abstract

This study examines international differences in the asymmetric timeliness of accounting earnings by modelling international exposure to different jurisdictions as a firm‐specific effect, using an index of regulatory complexity that relates to conditions in each of the capital markets in which the firm's equity is listed. The companies investigated are those with shares cross‐listed on European stock exchanges, some of which are also listed in New York. Variation across jurisdictions and markets with respect to earnings timeliness and conservatism can be explained in part as an interaction of market effects and regulatory effects, with some evidence of opposition between the two, and the sensitivity of earnings to stock price changes shows a common, converging trend towards greater accounting conservatism in Europe.

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References

1998Law and Finance 1997Legal Determinants of External Finance 2003Earnings management and investor protection: an international comparison 1997The conservatism principle and the asymmetric timeliness of earnings1 2000The effect of international institutional factors on properties of accounting earnings 1997Legal Determinants of External Finance 2000The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative?2000Country-Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data

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