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International Accounting Standards and Internal Performance Evaluation
sample comprises 200 IFRS/U.S. GAAP adopting firms and 766 local standards firlTlS.15
The vast majority of our sample of adopting firms (180 firms, or 90 percent of the adopting sample) follow IFRS and the rest choose U.S. GAAP.16
Table 1,reporis our sample distribution by calendar year, country, and industry. Panel A presents the time-series distribution of our sample firms based on event year 0. The frequency of IFRS/U.S. GAAP adoption increases in more recent years, consistent with the trend of greater accounting harmonization around the globe. Panel B reports that Germany and Switzerland are heavily represented in the adopting sample; similar findings are also reported in Barth et al. (2008). Finally, Panel C suggests that manufacturing firms have the largest representation in the adopting sample, again similar to Barth et al. (2008) on IFRS adopters and Lang et al. (2006) on cross-listed firms in the U.S. In order to control for the country, year, and industry effects, all of our subsequent regression analyses include country, year, and industry dummies as control variables.
Table 2, Panel A presents the surumary statistics around event year o for the variables in our IFRS/U.S. GAAP adoption decision analysis, separately for the adopting and local standards samples. All continuous variables are trimmed at the top and bottom l percent.
The adopting sample has a significantly lower percentage of closely held shares. This is consistent with more widely held firms, facing greater information need from investors and also due to internal performance evaluation demands (as postulated in this study), are more likely to adopt international accounting standards. The adopting firms generally possess stronger disclosure incentives, as evidenced by their larger size, higher leverage, larger analyst following, and greater U.S. institutional holdings than local standards firms. Furthermore, the adopting firms tend to have greater capital needs than local standards firms,indicated by their higher frequencies of debt and equity issuance and acquisition activities.
Finally, the adopting firms likely face greater information demand from foreign stakeholders, with higher frequency of U.K./U.S. cross-listings and greater percentage of foreign sales relative to total sales, than local standards firms.
Panel B of Table 2 reports the management turnover rates for our sample countries.Belgium, The Netherlands, Sweden, and Finland are dropped from this part of the analysis because each councry has a low number of firm-year observations (fewer than ten) with non-missing management turnover data in either the pre- or the post-adoption period among the adopting firms, The remaining countries include Austria, Denmark, France, Germany,Italy, and Switzerland, which account for the 803 firm-year observations in the adopting sample and l,722 firm-year observations in the local standards sample in our management turnover tests. The sample period for the management turnover tests is shorter than our overall sample period of 1988 t0 2004 because non-missing CEO turnover data are available on Worldscope from 1992 t0 2002. The turnover rates vary by country, although they match up reasonably well with those reported in DeFond and Hung (2004, Table 2). 楼下的都用谷歌翻的这我也会，不要机器，要自己翻