References of "Muessig, Anke 50002704"
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See detailInformation Content of Systematic and Idiosyncratic Risk Disclosure
Weber, Véronique UL; Muessig, Anke UL

Scientific Conference (2019, October 24)

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See detailInformation Content of Systematic and Idiosyncratic Risk Disclosure
Weber, Véronique UL; Muessig, Anke UL

Scientific Conference (2019, July 04)

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See detailVoluntary disclosure, ownership structure, and corporate debt maturity: A study of French listed firms
Derouiche, Imen UL; Muessig, Anke UL; Allaya, Manel

in International Review of Financial Analysis (2019)

This study examines the effect of voluntary disclosure on corporate debt maturity and explores the role that ownership structure plays in this effect. Using a sample of 440 French listed firms over the ... [more ▼]

This study examines the effect of voluntary disclosure on corporate debt maturity and explores the role that ownership structure plays in this effect. Using a sample of 440 French listed firms over the period 2007-2013, the empirical results indicate that firms with higher voluntary disclosure have more long-term debt, suggesting that companies benefit from extensive disclosure by having greater access to long maturity debt. This is consistent with the evidence that voluntary disclosure provides an efficient monitoring mechanism in firms where long-term debt may insulate firms from lenders’ scrutiny for a long time. Results also show that the positive association between voluntary disclosure and long-term debt is relevant only when control rights of the controlling shareholders are significantly in excess of cash flow rights. This supports the findings of recent work that better disclosure policies are viewed more positively by the market in environments where the risk of wealth expropriation by dominant shareholders is higher. [less ▲]

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See detailInformation Content of Systematic Risk Disclosure
Weber, Véronique UL; Muessig, Anke UL

Scientific Conference (2018, September)

We analyse the relation between systematic risk disclosure, which is the description of a company’s exposure to systematic risk factors and its influence on investors’ risk perception for a sample of UK ... [more ▼]

We analyse the relation between systematic risk disclosure, which is the description of a company’s exposure to systematic risk factors and its influence on investors’ risk perception for a sample of UK listed firms from 2017 to 2015. Our results show that investors react to the systematic component of risk exposure description in the annual report; the information is incorporate into the capital market. For annual reports of financial years ending in 2013 or after, the relation between systematic risk disclosure and investors’ risk perception is negative compared to a positive relation for the annual reports ending before 2013. The mandatory strategic report introduced in 2013, in which firms are required to describe their risk exposure, seems to foster more timely description of risks and uncertainties. Therefore, firms tend to solely update the risk information in their annual reports in subsequent years and thus they resolve known risk factors rather than introducing new ones. [less ▲]

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See detailRisk disclosure and analyst following: a study of French listed firms
Derouiche, Imen UL; Muessig, Anke UL; Weber, Véronique UL

Scientific Conference (2018, September)

In this study, we analyse the association between risk disclosure and analyst following for a sample of non-financial French listed firms from 2007 to 2015. We identify the number of sentences, the risk ... [more ▼]

In this study, we analyse the association between risk disclosure and analyst following for a sample of non-financial French listed firms from 2007 to 2015. We identify the number of sentences, the risk words, the risk related sentences, and the risk factors as risk disclosure quantity. Company-specific risk factors, industry-specific risk factors, numeric intensity, the degree of similarity, and the degree of boilerplate measure risk disclosure quality. On the aggregated level, the quantity of risk information provided is not significantly associated with analyst following. For the quality, results show that the quality of risk disclosure is an important determinant of analysts’ decision to follow a firm. The higher the quality, expressed as less similar language and more revised information, the more likely it is that analysts follow the firm. From a theoretical perspective, this suggests that analysts are information intermediaries and not information providers. On the non-aggregated level, for the individual quantity measures, the results are ambiguous. For the individual quality measures, results on the aggregated level are confirmed. [less ▲]

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See detailRisk disclosure and firm operational efficiency
Derouiche, Imen UL; Muessig, Anke UL; Manita, Riadh

Scientific Conference (2018)

This paper examines the effect of risk disclosure on firm operational efficiency using a unique database of non-financial, and non-utility French firms belonging to the SBF 120 index over the period ... [more ▼]

This paper examines the effect of risk disclosure on firm operational efficiency using a unique database of non-financial, and non-utility French firms belonging to the SBF 120 index over the period 2007–2015. In a first step, we use a Data Envelopment Analysis (DEA) output-oriented Variable Returns to Scale model to determine firm operational efficiency scores based on one output (i.e., sales revenue) and three inputs (i.e., net property, plant, and equipment, cost of goods sold, and selling, general, and administrative costs). These scores are used in a second step to estimate the effect of risk disclosure on operational efficiency after controlling for a set of other factors. The empirical results show a statistically significant positive relationship between risk disclosure and operational efficiency, suggesting that firms tend to be relatively more efficient when they disclose more about the risks they are exposed to. Overall, we provide evidence that firms having higher risk disclosure are seen by stakeholders to be more credible and trustworthy, leading them to conduct better transactions and, consequently, to improve their operational efficiency. This is consistent with the notion that stackholders positively perceive transparent firms, in particular those revealing bad news. [less ▲]

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See detailZur Zufriedenheit von Mitgliedern des Verwaltungsrats und der Geschäftsleitung Schweizer Aktiengesellschaften mit dem "umfassenden Bericht" der Revisionsstelle : Ergebnisse einer explorativen Studie
Muessig, Anke UL

in Funk, Wilfried (Ed.) Internationale Rechnungslegung und Internationales Controlling : Herausforderungen - Handlungsfelder - Erfolgspotenziale (2017)

In der Schweiz sind zum 1. Januar 2008 die geänderten Artikel des Obligationenrechts (OR) zur Abschlussprüfung (sog. ordentliche Revision) in Kraft getreten. Ein Ziel der Reform ist es gewesen, die ... [more ▼]

In der Schweiz sind zum 1. Januar 2008 die geänderten Artikel des Obligationenrechts (OR) zur Abschlussprüfung (sog. ordentliche Revision) in Kraft getreten. Ein Ziel der Reform ist es gewesen, die Qualität der ordentlichen Revision zu erhöhen. Ansatzpunkte waren insbesondere die Verbesserung der Kommunikation der Revisionsstelle mit dem Verwaltungsrat (VR) durch die Einführung des sog. umfassenden Berichts und die Erweiterung des Prüfungsumfangs um die Prüfung der Existenz des Internen Kontrollsystems (IKS). Der vorliegende Beitrag adressiert die Unsicherheiten der Revisionsstellen beim umfassenden Bericht. Ziel ist es, erstmalig und in einer breitangelegten Befragung von VR- und GL-Mitgliedern ihre Zufriedenheit mit dem umfassenden Bericht zu erheben. Die Ergebnisse der explorativen Studie sollen den Wirtschaftsprüfungsgesellschaften Verbesserungspotenziale hinsichtlich ihrer Berichterstattung aufzeigen und Ansatzpunkte für eine „passgenaue” Berichterstattung liefern. [less ▲]

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See detailUnderstanding audit oversight transformation : ramifications of institutional work and the power of (de-)mythologizing
Löhlein, Lukas; Muessig, Anke UL

E-print/Working paper (2017)

This study investigates the dynamics that transformed audit oversight in Germany from an instrument, organized by the profession, to maintain international legitimacy into a regulatory regime that is ... [more ▼]

This study investigates the dynamics that transformed audit oversight in Germany from an instrument, organized by the profession, to maintain international legitimacy into a regulatory regime that is integrated into the state apparatus. While prior research has focused on countries where the global demand for oversight structures overlapped with local pressures for regulatory reforms, we examine the diffusion of patterns of control within a context that is characterized by a strong mythologized belief in the German qualified statutory auditor and professional self-regulation. By analysing archival documents and interviews with key actors, we investigate through the lens of institutional work how initially the audit establishment maintained the existing self-regulatory logic despite, and because of, the implementation of formal independent oversight structures. We illustrate how the institutional work of small auditors aimed at disrupting the large audit firms’ field dominance unintentionally undermined the mythologized self-regulation. In doing so, we offer insights into how institutional myth is both constructed and dismantled. Our focus on multiple actors allows us to shed light on how parallel institutional work of distinct actors can lead to mutually effective and unintended institutional consequences. We argue that a successful institutional worker executes a combination of two basic types of work, which we refer to as existential and instrumental modes of work. Finally, comparing our findings with literature on audit oversight in other countries allows us to conceptualize audit oversight along a political-operational dimension and a public-private dimension. [less ▲]

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See detailRegional Disparities in Audit Pricing : Evidence from Switzerland
Muessig, Anke UL

in Baldauf, Julia; Graschitz, Sabine (Eds.) Theorie und Praxis aus Rechnungslegung und Wirtschaftsprüfung (2017)

This study’s purpose is to prove the existence of regional disparities in terms of the relationship between audit fees and their major determinants in the Swiss audit market, which is ideal for ... [more ▼]

This study’s purpose is to prove the existence of regional disparities in terms of the relationship between audit fees and their major determinants in the Swiss audit market, which is ideal for identifying regional disparities. First, the study shows that audit firms compete in two regional markets demarcated by the German-French language border rather than in the nation-wide market. Second, evidence could not be found for limited price competition in the supplier-concentrated regional markets as the markets’ leader cannot take significant advantage out of this in terms of price premiums. In contrast, Deloitte having a considerable but not the highest market share in French-speaking Switzerland commands an audit fee premium in this regional market. The results suggest that audit fee differences within the class of large audit firms may be rather due to product differentiation in terms of perceived audit quality and reputational effects than to limited price competition in the oligopoly. Regional-specific reputations of an audit firm do seem to matter and to affect audit pricing. Third, most importantly, evidence is provided for regional disparities in the mean audit fees, in the difference between the audit fees paid to Ernst & Young, Deloitte, and PwC and the audit fees paid to their respective competitors as well as in the audit fees increase over time. [less ▲]

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See detailFührt die EU-Bilanzrichtlinie zu inkonsistenten und unsystematischen Rechnungslegungsnormen? Eine kritische Würdigung am Beispiel von Aufwandsrückstellungen
Muessig, Anke UL

in ACE Comptabilité, fiscalité, audit, droit des affaires au Luxembourg (2016)

The European accounting directive does not specify the users of financial statements, nor weights the single objectives of financial accounting. Thus deducting EU accounting standards consistently and ... [more ▼]

The European accounting directive does not specify the users of financial statements, nor weights the single objectives of financial accounting. Thus deducting EU accounting standards consistently and systematically from predefined objectives is nearly impossible. As an example, accounting for ‘provisions for future charges’ can be justified neither by financial statements’ informational and stewardship function nor by the objective of measuring distributable profits for tax dividend payment purposes, or by capital maintenance requirements. Accounting for ‘provisions for future charges’ simply allows preparers of financial statements to shift ex post profit distribution decisions to ex ante profit determination, for a specific ‘apparent’ purpose i.e. the maintenance of assets or repairs thereof. Accordingly the ‘true and fair’ profit actually realized by the entity is not disclosed to external users. Thus accounting for ‘provisions for future charges’ is in contradiction with the informational and stewardship function of the annual accounts, as well as with the determination of a fair measurement of distributable profits. More specifically, shareholders find themselves deprived of part of the profits actually realized by the entity and dispose of fewer financial resources to cover for their own expenses. Besides, by shifting the profit distribution decisions to the level of profit determination, a circular reference is introduced in the question of determining the distributable profit, residing in the fact that in the function of the distributable profit is included a variable that needs to be determined by the financial statements, i.e. the variable ‘profit to be distributed’. The usefulness of the balance sheet as a basis for the profit determination is taken ad absurdum, if management’s profit distribution decisions are already reflected at the level of profit determination. In this case, determination of distributable profit is based on the question of how much profit the entity’s governing body intend to distribute and not based on the ‘true and fair’ profit actually realized. Accounting for ‘provision for future charges’ is neither the expression of protection of creditors. In substance, accounting for provisions is required by the prudence principle but this is only true for provisions accounted for future expected losses (future charges not compensated by future revenues). Provisions for charges cover expenses not linked to ‘expected’ future losses. Thus, provisions for charges reflect compensated future charges. Accordingly accounting for ‘provisions for future charges’ distorts the financial position and performance of an entity, misinterprets the prudence principle and violates the accrual principle of accounting. [less ▲]

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See detailMissing the opportunity to develop a systematic accounting approach: the case of recognition of provisions
Muessig, Anke UL

Conference given outside the academic context (2014)

Detailed reference viewed: 24 (1 UL)
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See detailZur Zeitwertbilanzierung latenter Steuern in der internationalen Rechnungslegung
Muessig, Anke UL; Breitkreuz, Robert

in Zeitschrift für Betriebswirtschaft (2011), 81

Latente Steuern haben durch die internationalen Rechnungslegungsstandards einen großen Bedeutungszuwachs in der Bilanzierungspraxis erfahren. Die Skepsis, welche dem Informationsgehalt dieses speziellen ... [more ▼]

Latente Steuern haben durch die internationalen Rechnungslegungsstandards einen großen Bedeutungszuwachs in der Bilanzierungspraxis erfahren. Die Skepsis, welche dem Informationsgehalt dieses speziellen Bilanzpostens seitens der Wissenschaft und Praxis entgegengebracht wird, gründet sich nicht zuletzt auf die stetige Überbewertung der oftmals langfristigen latenten Steuerforderungen und -verbindlichkeiten, welche auf die Nominalwertbilanzierung zurückzuführen ist. Das IASB lehnt eine im Sinne des Asset-Liability-Ansatzes konzeptkonforme Diskontierung ab und begründet das Diskontierungsverbot mit dem hohen Komplexitätsgrad der Barwertermittlung und somit ausschließlich mit Wirtschaftlichkeitsüberlegungen. Der vorliegende Beitrag analysiert erstmals detailliert die einzelnen Problembereiche der Zeitwertbestimmung latenter Steuern. Es werden Lösungsvorschläge zur Bestimmung der Laufzeiten, der Herleitung eines risikoadäquaten Zinssatzes und der allgemeinen Ausgestaltung eines möglichen Barwertkalküls für aktive und passive latente Steuern herausgearbeitet. Es zeigt sich, dass eine Diskontierung latenter Steuern grundsätzlich möglich ist und im Vergleich zu anderen Bilanzierungssachverhalten nicht wesentlich aufwendigere Schätzverfahren erfordern muss. Trotz eines unausweichlichen Ermessenspielraums für den Bilanzierenden lassen sich die Zeitwerte latenter Steuern auch glaubwürdig darstellen, sodass die damit vermittelten relevanten Informationen für die Abschlussadressaten insgesamt entscheidungsnützlich sind. [less ▲]

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See detailKritische Analyse der Anbieterkonzentration auf dem Schweizer Markt für Revisions- und Beratungsleistungen
Muessig, Anke UL; Breitkreuz, Robert

in Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung (2010), 10

Detailed reference viewed: 36 (4 UL)