Seminar Paper
نویسندگان
چکیده
This study links the trend in two earnings quality metrics: 1) the standard deviation of residuals from the Dechow and Dichev (2002) model, and 2) squared residuals from the Jones (1991) model to firm age (defined using data about firm incorporation/founding dates). The results reveal the significant increasing trends in both measures during the 1962-2006 period are related to the dramatic decrease in firm age coupled with the increasing percentage of market capitalization that young firms during the sample. Given young firms are expected to have greater variation in accruals, the temporal trends in the measures are not indicative of worse earnings quality over time. We further illustrate after accounting for firm age, there is no association between earnings quality measures and the trend in idiosyncratic return volatility during the sample period. Overall, researchers need to carefully consider the confounding effects of firm age on measures of earnings quality when conducting empirical tests.
منابع مشابه
volume 6 , supplement 1,summer 2012 (presented at 13th Royan Congress on Reproductive Biomedicine and 7th Royan Nursing and Midwifery Seminar)
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