Ph.D. theses (AA/ACC) Titler
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Stenheim, Tonny (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: The dissertation investigates the decision usefulness of goodwill-accounting numbers. Theory and methodology from value relevance, earnings-management and corporate-governance literature are employed in order to investigate the decision usefulness. The dissertation compares the value relevance of goodwill reported under the impairment-only method (current IFRS) with the value relevance of goodwill reported under alternative accounting methods. It also investigates the extent to which goodwill-impairment losses under IFRS are associated with variables for economic impairment and/or earnings-management incentives. And finally, it investigates whether an estimate of misrepresentation of economic impairment in goodwill is associated with earnings-management incentives and/or corporate-governance mechanisms. The results suggest that the impairment-only method provides accounting numbers that more faithfully depict economic fundamentals as reflected in stock prices. The results also suggest that reported goodwill-impairment losses are not strongly affected by earnings-management incentives. Still, misrepresentation of economic impairment in goodwill does not seem to be constrained by corporate-governance mechanisms. In overall, these findings support the recently implemented impairment-only method under current IFRS URI: http://hdl.handle.net/10398/8398 Filer i denne post: 1
Tonny_Stenheim_2ed.pdf (2.371Mb) -
Christoffersen, Jeppe (Frederiksberg, 2011)[Flere oplysninger][Færre oplysninger]
Resume: In recent years, we have witnessed multinational enterprises (MNEs) changing strategies to exploit opportunities for division of labor on a global scale (Hansen et al. 2009). In consequence these have received growing interest among researchers and governments as ‘agents of host country economic development’ (Scott-Kennel and Enderwick 2005, p.105). A general consensus of this research is that ‘FDI [Foreign Direct Investment] offers an additional channel for introduction of technology, innovation, new ideas, different organizational practices and new skills to a host country’ (Scott-Kennel and Enderwick 2005, p.112). Another consensus is that these knowledge resources were introduced into the host country through linkages between the MNEs and a local firm and would in the longer term diffuse to other firms through e.g. demonstration effects and labor turnover (Giroud and Scott-Kennel 2009).... URI: http://hdl.handle.net/10398/8332 Filer i denne post: 1
Jeppe Christoffersen_SUMMARY.pdf (1.138Mb) -
Bruun, Mark (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: This dissertation addresses the prediction of corporate earnings. The thesis aims to examine whether the degree of precision in earnings forecasts can be increased by basing them on historical financial ratios. Furthermore, the intent of the dissertation is to analyze whether accounting standards affect the accuracy of analysts’ earnings forecasts. Finally, the objective of the dissertation is to investigate how the stock market is affected by the accuracy of corporate earnings projections. The dissertation contributes to a deeper understanding of these issues. First, it is shown how earnings forecasts can be generated based on historical timeseries patterns of financial ratios. This is done by modeling the return on equity and the growth-rate in equity as two separate but correlated timeseries processes which converge to a long-term, constant level. Empirical results suggest that these earnings forecasts are not more accurate than the simpler forecasts based on a historical timeseries of earnings. Secondly, the dissertation shows how accounting standards affect analysts’ earnings predictions. Accounting conservatism contributes to a more volatile earnings process, which lowers the accuracy of analysts’ earnings forecasts. Furthermore, the dissertation shows how the stock market’s reaction to the disclosure of information about corporate earnings depends on how well corporate earnings can be predicted. The dissertation indicates that the stock market’s reaction to the disclosure of earnings information is stronger for firms whose earnings can be predicted with higher accuracy than it is for firms whose earnings can not be predicted with the same degree of accuracy. URI: http://hdl.handle.net/10398/9298 Filer i denne post: 1
Mark_Bruun.pdf (2.215Mb) -
Behavioral Aspects and the Impact of Personal CharacteristicsStæhr, Simone (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: This thesis is broadly concentrated on decision making under uncertainty. It seeks to investigate how agents in financial markets make decisions at the individual level and how these decisions can sometimes be affected by personal traits and cognitive biases rather than being perfectly rational. The primary focus is on financial analysts in the task of conducting earnings forecasts while a secondary focus is on investors’ abilities to interpret and make use of these forecasts. Simply put, financial analysts can be seen as information intermediators receiving inputs to their analyses from firm management and providing outputs to the investors. Amongst various outputs from the analysts are forecasts of earnings. According to decision theories mostly from the literature in psychology all humans are affected by cognitive constraints to some degree. These constraints may lead to unintentional biases in the decision making and the magnitude of these constraints does sometimes vary with personal traits. Therefore, to the extent that financial analysts are subjects to behavioral biases their outputs to the investors are likely to be biased by their interpretation of information. Because investors need accuracy in the financial forecasts on which they base investment decisions they may end up losing money as a consequence of biased forecasts. Thus, relying primarily on decision theories such as social comparison theory and theories on confirmation bias this thesis investigates how and why pronounced biases in financial analysts’ forecasts documented at the market level by prior literature occur at the individual level and which personal traits interact in this process. URI: http://hdl.handle.net/10398/9492 Filer i denne post: 1
Simone Stæhr.pdf (3.062Mb) -
Fallan, Even (Frederiksberg, 2013)[Flere oplysninger][Færre oplysninger]
Resume: Environmental accounting information (environmental disclosure) is the main topic of this dissertation. It started out as sporadic disclosure in company staff newspapers, press releases etc., and developed in the 1970s to become more often incorporated in annual reports for US and Northern- and Central European companies (Lessem, 1979). Since then, environmental disclosure has become common in both annual reports and on corporate web sites. All companies listed on Oslo Stock Exchange (OSE) disclosed environmental information in their annual reports as from year 2000 (Fallan, 2007). “The concept “environmental” in this context refers to those disclosures where an organizational process or a production process may have impact on the natural environment” (Fallan and Fallan, 2007). In the four papers of this thesis, the term environmental disclosure refers to companies’ self-reported environmental information in media intended for widespread distribution (annual reports, separate environmental reports, web sites, press releases etc.). In addition to publicly available corporate environmental disclosure, environmental information is also supplied as private information by the company itself (private corporate disclosure – e.g. when a company have meetings with one stakeholder to provide or discuss information); publicly available information about the company (and its surroundings) supplied by others than the company itself (public noncorporate information – e.g. news media coverage, research reports, and public databases); and private non-corporate information (e.g. use of independent experts to take water or soil samples and satellite monitoring of land or water). However, the three latter types of environmental information are out of scope of this thesis. URI: http://hdl.handle.net/10398/8856 Filer i denne post: 1
Even_Fallan_NEW.pdf (2.949Mb) -
How to exploit the potential for management accounting of information technologyRom, Anders (København, 2008)[Flere oplysninger][Færre oplysninger]
Resume: A lag seems to exist between management accounting techniques and management accounting practices of organisations (Bjørnenak, 1997a). The accounting lag exists in spite of the interaction taking place between academia and practice in terms of researchers conducting field studies and management accountants attending research-based courses before and during their careers in practice. URI: http://hdl.handle.net/10398/7717 Filer i denne post: 1
anders_rom.pdf (2.648Mb) -
The Role and Interplay of Management Control Systems and Company PerformanceWillert, Jeanette (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: This dissertation addresses the topic Management Control Systems (MCS) as a Package. Many research studies investigate management and control systems individually, whereas fewer research studies take a holistic view and include a larger part of all the MCS managers use to guide and direct subordinates behaviour in the best interest of their companies. In the MCS literature, it is stressed that knowledge is particularly lacking about how managers design and use MCS as a package, and the effectiveness of using the MCS. This dissertation responds to this call by carrying out a large survey among executive managers in large companies, a survey that investigates the subject: Effective Management and Control Systems. The focus in the survey is to explore how executive management in large companies design and use their management control systems package. Further, this study is supplemented with archival data on the participating companies’ performance. The dissertation presents three papers, each of which introduces knowledge within studying managers’ use of MCS as a package. The first paper presents executive managers’ use of management control systems as a package in large companies. With basis in a conceptual MCS framework the paper explores executive managers’ focus and emphasis on using the different parts of an MCS package to guide and direct their subordinates to ensure high organisational performance and further success for their companies. The second paper is a literature review including a comparative analysis of MCS frameworks. The paper discusses the fundamental purpose of MCS frameworks to clarify the usability of MCS frameworks in research and in practice. The paper draws attention to research gaps and missing variables within the frameworks, and provides a guideline of issues that researchers and practitioners may benefit from when using the frameworks. The third paper investigates relationships between executive managers’ use of some MCS and companies’ financial performance. The MCS investigated are: strategy, evaluation of subordinates, rules and procedures and executive managers’ focus on customer relations when guiding and directing their subordinates. The paper finds both some positive and some negative relations between the use of MCS and companies’ development in financial performance. The findings in all three papers can be used by both researchers and practitioners who wish to expand and advance their existing knowledge about MCS’ impact on company performance and success. URI: http://hdl.handle.net/10398/9382 Filer i denne post: 1
Jeanette Willert.pdf (2.210Mb) -
The role of internal controls and materialityChristensen, Leif (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: Accounting and auditing is closely related to the quality of data. Two important elements supporting the quality of information are internal controls and materiality. Inspired by Simons (1994), these elements can be considered “basic building blocks”. Internal controls are perhaps the most important element, as they ensure that information used for management purposes has the required quality (Kinney, 2000). This information can be used as a basis for preparing the external financial reporting (COSO, 2013) and as a prerequisite for establishing information-based management control systems (MCS) (Simons, 1994). When regarding management controls as a package, internal controls are part of the administrative controls and often formalised in policies and procedures (Malmi and Brown, 2008). The level of controls should be guided by the need for reliable information. These considerations are linked to another “basic building block”, namely the concept of materiality. The basic meaning of materiality is “that there is no need to be concerned with what is not important or with what does not matter” (Bernstein, 1967). Gaining an understanding of these concepts is important in order to answer the question “when is enough – enough?” The information should be both reliable and relevant, but there is also the cost to consider, since companies spend considerable resources on the design, implementation and operation of administrative controls and financial reporting (Carney, 2006). It is also important to understand these concepts when performing an audit of the internal controls embedded in the company systems and processes (Kinney et al., 2013), as well as when preparing an annual report. The overall objective of this thesis is to add to the understanding of the role of internal controls and materiality. The three articles included aim at meeting this objective by analysing selected areas within accounting and auditing. URI: http://hdl.handle.net/10398/9353 Filer i denne post: 1
Leif Christensen.pdf (2.457Mb) -
Neerup Themsen, Tim (Frederiksberg, 2014)[Flere oplysninger][Færre oplysninger]
Resume: This dissertation addresses one of the most popular management control practices adopted worldwide over the last three decades: the practice of risk management. The current risk management literature has argued that our knowledge of the particularities of risk management practices is limited. It has been stressed that knowledge is particularly lacking about the long-term effects of practising risk management. This dissertation responds to these calls by carrying out two longitudinal case studies of two large Danish public capital investment programmes, also known as mega-projects. The focus of the two studies has been on three key risk management-related aspects: (1) the translation of uncertainties into risks, (2) the relationship between frameworks and practices of risk management, and (3) the effects of practising risk management on knowledge and project management roles. The dissertation further advances current risk management literature into the study of mega-projects and draws upon actor-network theory. It consists of three papers, which each deals with one of the above aspects. The dissertation presents three major findings. Firstly, it is demonstrated that, contrary to expectations, only some types of uncertainties are included as risks, termed pure risks, while others, termed impure risks, are systematically excluded despite the finding that people found them relevant to include. This finding is explained with reference to technical risk devices as these were found to define the boundaries between what can and what cannot be defined as an acceptable risk and thus be included. Secondly, the dissertation demonstrates that by enacting certain realities of ‘risk’ and ‘risk management’, frameworks of risk management make the practice produce the risks that confirm its propositions and thus its success. In addition, the dissertation shows that when provisional situations arise which undermine the frameworks’ propositions, reconfiguring the risk management control system, risk terminologies and the roles of actors become key actions performed to re-establish the practice. Lastly, the dissertation demonstrates that during project processes, new uncertainties emerge which challenge project and risk management objectives as new knowledge about the conditions is produced that cannot be included. In sum, this dissertation contributes by shedding light on how practices of risk management are constructed and the effects they produce over longer periods of time. URI: http://hdl.handle.net/10398/9053 Filer i denne post: 1
Tim_Neerup_Themsen.pdf (2.341Mb)
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