دانلود رایگان مقاله انگلیسی تاثیر استانداردهای حسابداری در تصمیمات مصون سازی - امرالد 2017

Abstract

Purpose: The purpose of this paper is to study the effects of financial accounting standards on the economic decisions of managers. The primary research question addressed in the paper is whether the hedging behavior of corporate treasurers in France has been affected by the issuance of International Accounting Standard No. 39 and International Financial Reporting Standard No. 9 dealing with financial instruments and hedging Design/methodology/approach: Forty-eight semi-structured interviews were conducted with French corporate treasurers. The interview instrument is included as an exhibit to this paper. The interviews were recorded and transcribed. In addition, three interviews were conducted with representatives of Big 4 audit firms who are experts in accounting for financial instruments. Our empirical findings are interpreted using a theoretical framework derived from Jean Baudrillard who argues that the "map" (accounting results) tends to define the "territory" (economic decision-making) in a period of “hyperreality” (when the underlying economic reality is confused). In other words, accounting standards, and the reported numbers that result from such standards, can influence the economic decisions of managers and not merely represent the outcome of economic decisions already taken. Findings: Corporate treasurers often make decisions based on earnings impact. This finding is similar to findings in prior literature regarding the effects of accounting standards on economic decisions taken by managers. A fear of increased earnings volatility is central to the treasurers' concerns. Also key is the complexity of the process for qualifying financial instruments for hedge accounting treatment. We also find that the behavior of corporate treasurers is neither stable nor homogeneous. The behavior appears to be the outcome of a collective learning process in which the corporate treasurer is only one actor. Originality/value: This paper is a qualitative research study conducted in an area of research where there have previously been only quantitative studies. Our access to a large number of French corporate treasurers is unique. Our study supports prior findings regarding the influence of accounting standards on managerial behavior, but with an added theoretical interpretation related to Baudrillard's arguments regarding the nature of the "map" and the "territory" in complex economic systems.

Conclusion

Our research question focused on the impact of accounting standards on treasurers' hedging decisions. Towards that aim, we conducted a qualitative research project involving forty-eight semi-structured interviews. Our findings confirm the impact, both on the activity of the treasurer and on his/her relationships with professionals in the area of finance, control and auditing. Furthermore, the interviews confirm the phenomenon described by Baudrillard, that of confusion between the map (the accounting results) and the territory (the economic decisions). The interviewees pointed to fear of increased earnings volatility and excessive complexity of the regulation as sources of confusion. This is consistent with the literature on similar changes in the US environment (Evans et al., 1978; Wilner 1982; Zhang, 2009). Our observation of the actual process (van de Ven, 1992) provides a double contribution. Firstly, our approach focuses on perceptions and practices rather than the variables that are studied through statistical analysis and experiments. On the other hand, we complement early works to highlight the complexity of the economic decisions. The behavior of corporate treasurers is multiple and is not a static variable. We have seen that in face of the fear of volatility, which is perceived as a real problem by most treasurers, attitudes are not homogenous. The outcomes are often the result of negotiation, compromise, or trial and error, a process in which the treasurer is one actor among others. We have represented this dialectic using a scheme that links the territory to the map via modeling through the standards, and where the map influences the territory.