Article2001

Management Motivation and Market Assessment: Revaluations of Fixed Assets

51 citations0/0 files storedJournal of International Financial Management and Accounting

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Financial Reporting and Valuation Research

Abstract

The study examines Hong Kong managers' motivation for upward revaluation of fixed assets. The results show that revaluations are positively associated with the firms' future operating performance, suggesting that the managers' primary motivation for upward revaluation of fixed assets has been to signal fair value of assets to financial statements users. Another motivation for revaluations has been to improve the firm's borrowing capacity. The results also indicate a significantly positive association between revaluations and stock prices and returns, suggesting that the market's assessment aligns with the managers' revaluations.

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References

1983Culture's Consequences: International Differences in Work-Related Values.1988Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally 1998Revalued Financial, Tangible, and Intangible Assets: Associations with Share Prices and Non-Market-Based Value Estimates 1999Revaluations of fixed assets and future firm performance: Evidence from the UK 1990Accounting-based constraints in public and private debt agreements 1993An Investigation of Revaluations of Tangible Long-Lived Assets 1990An empirical examination of debt covenant restrictions and accounting-related debt proxies 1992Fixed Asset Revaluations and Managerial Incentives

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