http://hdl.handle.net/10993/63 Search this channel search http://orbilu.uni.lu/simple-search http://hdl.handle.net/10993/41655 Title: Risk disclosure and firm operational efficiency <br/> <br/>Author, co-author: Derouiche, Imen; Manita, riadh; Muessig, Anke <br/> <br/>Abstract: This paper examines the effect of risk disclosure on firm operational efficiency using a unique database of nonfinancial, 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 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 relation between risk disclosure and operational efficiency, suggesting that firms tend to be relatively more efficient when they disclose more about their risk exposure. Overall, we provide evidence that firms with greater risk disclosure are seen by stakeholders as more credible and trustworthy, leading them to conduct better transactions and, consequently, to improve their operational efficiency. This result is consistent with the notion that stakeholders perceive transparent firms positively, particularly those revealing bad news. Fri, 17 Jan 2020 11:22:13 GMT http://hdl.handle.net/10993/40770 Title: Information Content of Systematic and Idiosyncratic Risk Disclosure <br/> <br/>Author, co-author: Weber, Véronique; Muessig, Anke Fri, 25 Oct 2019 10:42:42 GMT http://hdl.handle.net/10993/40230 Title: Effect of firm regulatory focus on risk disclosure: Evidence from UK strategic reports <br/> <br/>Author, co-author: Weber, Véronique Tue, 03 Sep 2019 08:27:45 GMT http://hdl.handle.net/10993/40229 Title: Information Content of Systematic and Idiosyncratic Risk Disclosure <br/> <br/>Author, co-author: Weber, Véronique; Muessig, Anke Tue, 03 Sep 2019 08:20:26 GMT http://hdl.handle.net/10993/40014 Title: Accruals Quality, Financial Constraints And Corporate Cash Holdings <br/> <br/>Author, co-author: Mansali, Hatem; Derouiche, Imen; Jemai, Karima <br/> <br/>Abstract: This paper examines the impact of accruals quality on the corporate cash holdings of a large sample of 6,501 observations of French firms listed in Euronext Paris over the period 2000 – 2015. The results show that cash holdings decrease with accruals quality, suggesting that firms tend to increase their cash reserves in the presence of information asymmetry driven, in particular, by low accounting quality. The results also show that this negative effect is more pronounced in financially constrained firms than in financially unconstrained ones. This indicates that low reporting quality drives higher cash holdings when firms are, in addition, financially constrained, which emphasizes the importance of information asymmetry for corporate cash holdings. Overall, the conclusion is consistent with the precautionary motive for cash holdings. Support is also found for the notion that corporate transparency is a key factor in explaining a firm’s cash management policy and, in general, corporate policies. Wed, 31 Jul 2019 14:22:11 GMT http://hdl.handle.net/10993/39152 Title: Improving Predictions of Upward Cost Adjustment and Cost Asymmetry at the Firm-Year Level <br/> <br/>Author, co-author: Kaspereit, Thomas; Lopatta, Kerstin <br/> <br/>Abstract: This study introduces a new method for predicting cost elasticity with respect to changes in sales that incorporates cost asymmetry at the firm-year level. The new method is based on widely available factors that, according to the “economic theory of sticky costs” (Banker et al., 2013) and the “integrated theory of cost behavior” (Banker and Byzalov, 2014), are expected to influence cost behavior. The new method is subject to fewer data restrictions than the method proposed by Weiss (2010). By extending the cost variability and cost stickiness (CVCS) model of Banker and Chen (2006), we find that incorporating firm-year specific proxy measures for upward cost adjustment and cost asymmetry significantly enhances earnings forecasts. However, this improvement in forecast accuracy is not reflected in contemporaneous stock returns, pointing towards a partial understanding of cost behavior by capital markets. We further find that predicted cost stickiness is associated with lower analysts’ forecast accuracy and a weaker effect of earnings surprises on market reactions, confirming the results reported in Weiss(2010) for his measure of cost asymmetry. Wed, 27 Mar 2019 16:14:04 GMT http://hdl.handle.net/10993/38155 Title: Risk disclosure and firm operational efficiency <br/> <br/>Author, co-author: Derouiche, Imen; Muessig, Anke; Manita, Riadh <br/> <br/>Abstract: 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. Wed, 09 Jan 2019 12:48:24 GMT http://hdl.handle.net/10993/38147 Title: Quelle place pour la divulgation volontaire des entreprises dans le choix de la source de dettes ? <br/> <br/>Author, co-author: Derouiche, Imen Wed, 09 Jan 2019 12:01:35 GMT http://hdl.handle.net/10993/38144 Title: L'effet de la divulgation volontaire sur le choix de la source de la dette: Étude portant sur les firmes françaises cotées <br/> <br/>Author, co-author: Derouiche, Imen; Hassen, Majdi <br/> <br/>Abstract: L’objectif de la présente recherche est d’examiner l’effet de la divulgation volontaire sur le choix de la source de la dette. Les banques jouent un rôle important dans la surveillance des firmes du fait qu’elles ont souvent accès aux informations privées dans le cadre de leur activité d’octroi de crédits. Il est, par suite, attendu que le recours au financement par dette bancaire soit plus élevé dans les firmes ayant un plus faible niveau de divulgation volontaire. Se focalisant sur un échantillon de 1560 observations de firmes françaises cotées durant la période 2007-2013, les résultats indiquent un effet négatif des indices de divulgation volontaire, notamment l’indice global et l’indice de divulgation de gouvernance, sur le recours des firmes au financement par dette bancaire. Il semble, de ce fait, que les firmes les moins transparentes préfèrent la dette bancaire qui leur permet d’atténuer les risques d’aléa moral auxquelles elles s’exposent. Dans un tel contexte, la dette bancaire constitue un mécanisme efficace de réduction d’asymétrie d’information et de renforcement de la surveillance des firmes et peut se substituer, ainsi, à la divulgation volontaire. De ce fait, la qualité de l’environnement informationnel semble jouer un rôle important dans le choix de la source de la dette. Wed, 09 Jan 2019 11:06:31 GMT http://hdl.handle.net/10993/36968 Title: Information Content of Systematic Risk Disclosure <br/> <br/>Author, co-author: Weber, Véronique; Muessig, Anke <br/> <br/>Abstract: 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. Wed, 17 Oct 2018 16:18:34 GMT http://hdl.handle.net/10993/36967 Title: Risk disclosure and analyst following: a study of French listed firms <br/> <br/>Author, co-author: Derouiche, Imen; Muessig, Anke; Weber, Véronique <br/> <br/>Abstract: 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. Wed, 17 Oct 2018 10:01:15 GMT http://hdl.handle.net/10993/36964 Title: Accruals Quality, Financial Constraints and Corporate Cash Holdings <br/> <br/>Author, co-author: Derouiche, Imen; Mansali, Hatem; Jemai, Karima <br/> <br/>Abstract: This paper examines the impact of accruals quality on corporate cash holdings of a large sample of 6,501 observations of French firms listed in Euronext Paris over the period 2000-2015. The results show that cash holdings decrease with accruals quality, suggesting that firms tend to increase their cash reserves in the presence of information asymmetry driven, in particular, by low quality of accounting quality. Results also report that this negative effect is more pronounced in financially constrained firms than in financially unconstrained ones. This indicates that low reporting quality drives higher cash holdings when firms are, in addition, financially constrained, which emphasizes the importance of information asymmetry for corporate cash holdings. Overall, our conclusion is consistent with the precautionary motive for cash holdings. We also find support for the notion that corporate transparency is a key factor in explaining a firm’s cash management policy, and in general, corporate policies. Wed, 17 Oct 2018 09:44:20 GMT http://hdl.handle.net/10993/34956 Title: Handling the E-Grants in the Participation Portal <br/> <br/>Author, co-author: Sommarribas, Adolfo; Mokhtari, Nadine Tue, 20 Feb 2018 14:13:18 GMT http://hdl.handle.net/10993/32494 Title: International Financial Reporting Standards and Private Firms’ Access to Bank Loans <br/> <br/>Author, co-author: Balsmeier, Benjamin; Vanhaverbeke, Steven Tue, 03 Oct 2017 14:19:08 GMT http://hdl.handle.net/10993/32129 Title: The control-ownership wedge and the survival of French IPOs <br/> <br/>Author, co-author: Derouiche, Imen; Narjess, Toumi; Syrine, Sassi <br/> <br/>Abstract: Purpose – This paper investigates the effect of the control–ownership wedge of controlling shareholders (excess control) on the survival of French initial public offerings (IPOs). Design/methodology/approach − This paper studies a large sample of 434 French IPOs. The empirical analysis uses the Cox proportional hazard and accelerated failure time models. Data are manually gathered from IPO prospectuses. Findings – The findings support a positive relation between the control–ownership wedge and IPO survival time, indicating that survival is more likely in firms with high excess control levels. This result is consistent with the view that controlling shareholders with a large control–ownership wedge have incentives to preserve their private benefits of control by increasing firm survival chances. The findings also show that older IPOs are more likely to survive, while riskier and underpriced IPOs are more likely to delist. Practical implications – The results provide a better understanding of the role of excess control in IPO survival. They also enrich the debate on the efficiency of the one-share-one-vote rule. Originality/value – The research provides new insights into the role of agency conflicts in IPO survivability. In particular, it explores the effect of dominant shareholders with a control–ownership wedge on survival time. Thu, 07 Sep 2017 11:39:29 GMT http://hdl.handle.net/10993/31284 Title: MAINTAINING AND DISRUPTING INSTITUTIONS: (UN)INTENDED CONSEQUENCES OF PARALLEL INSTITUTIONAL WORKS IN A LOCAL REGULATORY CONTEXT <br/> <br/>Author, co-author: Löhlein, Lukas; Muessig, Anke Mon, 29 May 2017 18:01:01 GMT http://hdl.handle.net/10993/31283 Title: Change to Remain the Same: Institutional Work after a Regulatory Intervention – The Case of the Establishment of the German Audit Oversight System <br/> <br/>Author, co-author: Löhlein, Lukas; Muessig, Anke Mon, 29 May 2017 17:43:46 GMT http://hdl.handle.net/10993/31282 Title: Understanding audit oversight transformation : ramifications of institutional work and the power of (de-)mythologizing <br/> <br/>Author, co-author: Löhlein, Lukas; Muessig, Anke <br/> <br/>Abstract: 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. Mon, 29 May 2017 17:26:14 GMT http://hdl.handle.net/10993/31281 Title: Missing the opportunity to develop a systematic accounting approach: the case of recognition of provisions <br/> <br/>Author, co-author: Muessig, Anke Mon, 29 May 2017 17:06:04 GMT http://hdl.handle.net/10993/31280 Title: L’analyse des résultats de la consultation publique : quels objectifs pour la révision du PCN (Table ronde – débat) <br/> <br/>Author, co-author: Muessig, Anke Mon, 29 May 2017 17:05:39 GMT