Template-Type: ReDIF-Article 1.0 Author-Name: Keylla Dennyse Celestino Da Silva Author-X-Name-First: Keylla Dennyse Celestino Da Author-X-Name-Last: Silva Author-Name: Fernanda Fernandes Rodrigues Author-X-Name-First: Fernanda Fernandes Author-X-Name-Last: Rodrigues Author-Name: César Augusto Tibúrcio Silva Author-X-Name-First: César Augusto Tibúrcio Author-X-Name-Last: Silva Title: Impression management using graphical resources in Brazilian company reports Abstract: The aim of this study is to investigate the evidence of impression management in terms of selectivity or improved presentation in the graphs and charts used by companies. The reports of 180 Brazilian companies between 1997 and 2014 were analysed. The variables tested were: company size, profitability, age, variation in results, report size and publication period. The results indicated that there is a significantly positive relationship between financial performance and the total amount of graphs and charts, in particular those with key financial information (net income, net revenue and dividends) and those with improved or enhanced presentation. This is a sign of impression management in the reports analysed. It was verified a relationship between the company's age and the low amount of graphs and charts used by the company during the initial years of the analysis period to disclose financial information in their reports. Journal: Int. J. of Accounting and Finance Pages: 1-27 Issue: 1 Volume: 9 Year: 2019 Keywords: management report; impression management; graphical resources; selectivity; improved presentation; enhancement; Brazil; key financial information; financial performance; manipulation. File-URL: http://www.inderscience.com/link.php?id=101316 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:intjaf:v:9:y:2019:i:1:p:1-27 Template-Type: ReDIF-Article 1.0 Author-Name: Sven-Olof Yrjö Collin Author-X-Name-First: Sven-Olof Yrjö Author-X-Name-Last: Collin Author-Name: Timurs Umans Author-X-Name-First: Timurs Author-X-Name-Last: Umans Author-Name: Kristian Lindqvist Author-X-Name-First: Kristian Author-X-Name-Last: Lindqvist Author-Name: Kristian Tjörnebrant Author-X-Name-First: Kristian Author-X-Name-Last: Tjörnebrant Title: Explaining the functional orientation of the budget: a survey of Swedish organisations Abstract: The paper presents a congruence model where factors belonging to the environment, to the corporation, and to the management control system of the corporation are expected to influence the functional emphasis put on the budget, i.e., the function of coordination, responsibility and evaluation. Through a test performed on 111 Swedish corporations, we find indications that the budget is very much alive; it appears to focus more on dealing with external situations than with internal characteristics; and it appears to be part of the formalisation of the organisation. We draw these conclusions based on our findings that suggest that the budget is being used mainly as a coordinative device, and less as an instrument for evaluating actions. Journal: Int. J. of Accounting and Finance Pages: 28-46 Issue: 1 Volume: 9 Year: 2019 Keywords: budget; Sweden; functional emphasis; congruence model. File-URL: http://www.inderscience.com/link.php?id=101321 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:intjaf:v:9:y:2019:i:1:p:28-46 Template-Type: ReDIF-Article 1.0 Author-Name: Norliza Che-Yahya Author-X-Name-First: Norliza Author-X-Name-Last: Che-Yahya Author-Name: Ruzita Abdul-Rahim Author-X-Name-First: Ruzita Author-X-Name-Last: Abdul-Rahim Author-Name: Rasidah Mohd-Rashid Author-X-Name-First: Rasidah Author-X-Name-Last: Mohd-Rashid Title: Flipping activity in Malaysian IPO market: a new explanation from the winners' curse perspective Abstract: This study examines the influence of winners' curse phenomenon on flipping activity through a winners' curse measurement proposed in Amihud et al. (2003). The study defines winners' curse using allocation rate (<i>ALLOC<SUB align="right"><SMALL>j</SMALL></SUB></i>) which is as the natural log of the reciprocal of investor demand or oversubscription ratio. In a view, the presence of winners' curse in an IPO market leads to high flipping activities indicating that new IPO subscribers are not willing to retain the allocated IPOs for longer term. However, from another view where high <i>ALLOC<SUB align="right"><SMALL>j</SMALL></SUB></i> could also reflect IPOs with low demand, the immediate trading activity by the new subscribers is not possible to be done. The latter view suggests that <i>ALLOC<SUB align="right"><SMALL>j</SMALL></SUB></i> should produce low flipping activities. Using a sample of 381 IPOs issued in Bursa Malaysia from January 2000 to December 2013, the cross-sectional multiple regression analyses results report that <i>ALLOC<SUB align="right"><SMALL>j</SMALL></SUB></i> relate significantly and negatively to flipping activity. The significant relationship supports the latter view that uninformed investors are more likely to win big IPOs which are not demanded by the informed investors. Therefore, the lower demanded IPOs produce low flipping activities. Journal: Int. J. of Accounting and Finance Pages: 47-67 Issue: 1 Volume: 9 Year: 2019 Keywords: flipping activity; winners' curse; initial public offerings; Malaysian IPO market. File-URL: http://www.inderscience.com/link.php?id=101322 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:intjaf:v:9:y:2019:i:1:p:47-67 Template-Type: ReDIF-Article 1.0 Author-Name: Kazuhiro Takino Author-X-Name-First: Kazuhiro Author-X-Name-Last: Takino Author-Name: Yoshikazu Ishinagi Author-X-Name-First: Yoshikazu Author-X-Name-Last: Ishinagi Title: Valuation of a risk-averse investor under incomplete information Abstract: In this study, we provide a firm valuation rule under incomplete information. Incomplete information here means that investors have not been informed the true expected return of business cash flows. We describe incomplete information using the filtering theory. We evaluate the firm value under incomplete information with a utility-based valuation rule. The utility-based rule reflects the risk aversion of investors in firm value. We also verify the relation between the quality of information and firm value using sensitivity analysis. This examination indirectly relates the quality of information and cost of capital for the firm. Furthermore, we examine the firm value using the discount cash flow (DCF) method as an example of risk-neutral valuation approaches. By comparing the results of DCF valuation, we describe how a risk-averse investor evaluates the firm under the incomplete information environment. Journal: Int. J. of Accounting and Finance Pages: 68-85 Issue: 1 Volume: 9 Year: 2019 Keywords: valuation; utility indifference pricing; incomplete information. File-URL: http://www.inderscience.com/link.php?id=101323 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:intjaf:v:9:y:2019:i:1:p:68-85