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Browsing Department of Accounting and Auditing (AA/ACC) by Title
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Christoffersen, Jeppe (Frederiksberg, 2011)[More information][Less information]
Abstract: In recent years, we have witnessed multinational enterprises (MNEs) changing strategies to exploit opportunities for division of labor on a global scale (Hansen et al. 2009). In consequence these have received growing interest among researchers and governments as 'agents of host country economic development' (Scott-Kennel and Enderwick 2005, p.105). A general consensus of this research is that 'FDI [Foreign Direct Investment] offers an additional channel for introduction of technology, innovation, new ideas, different organizational practices and new skills to a host country' (Scott-Kennel and Enderwick 2005, p.112). Another consensus is that these knowledge resources were introduced into the host country through linkages between the MNEs and a local firm and would in the longer term diffuse to other firms through e.g. demonstration effects and labor turnover (Giroud and Scott-Kennel 2009).... URI: http://hdl.handle.net/10398/8332
Files in this item: 1Jeppe Christoffersen_SUMMARY.pdf (1.138Mb)
Banghøj, Jesper; Plenborg, Thomas (København, 2007)[More information][Less information]
Abstract: We explore the impact of stock pay and stock holdings on the pay to performance sensitivity in Denmark. Our research is motivated by the fact that most non-UK/US studies ignore stock based pay and stock holdings when measuring the pay to performance sensitivity. Further, most studies that explore the pay to performance relation apply the Black and Scholes approach assuming that the executive is both risk neutral due to hedge possibilities and well diversified. However, as pointed by Hall and Murphy (2002) executives are neither risk neutral nor well diversified. We adopt the certainty equivalence approach developed by Lambert et al (1991) to demonstrate that in a setting where executives are risk averse and undiversified there is a gap between the cost of granting stock options and the value, which executives receive from the same stock option program. Our findings indicate that the Danish level of pay is lower than in the UK and the US but more in line with the pay in other Scandinavian countries. Further, our results show that stock options are less frequently used to compensate Danish executives. On the other hand, stock ownership seems to be a more popular way to align the interests of the management and the shareholders than stock options. Furthermore, including stock holdings affect our four pay to performance sensitivity measures significantly. We also demonstrate that the pay to performance sensitivity is considerably lower than indicated by the Black and Scholes approach. Finally, the pay to performance sensitivity is on average smaller in Denmark than in the US. However, the pay to performance sensitivity seems similar in Denmark and the UK. URI: http://hdl.handle.net/10398/6741
Files in this item: 1wp_2007-01.pdf (277.2Kb)
Petersen, Christian; Plenborg, Thomas (København, 2006)[More information][Less information]
URI: http://hdl.handle.net/10398/6743
Files in this item: 1wp-2006-002.pdf (214.1Kb)
Jeppesen, Kim K. (København, 2008)[More information][Less information]
Abstract: This paper examines recent attempts to professionalize Danish public sector auditing by the establishment of a certification of public sector auditors known in Danish as Certificeret Offentlig Revisor (COR). The establishment of the COR-certification has led to a dispute over the public sector auditing jurisdiction between a coalition of public sector auditors and the professional bodies of the private sector auditors. The paper outlines the process that led to the decision to create the COR-certification, analyse the COR coalition's attempt to build a network of support for its jurisdictional claim of expertise, and discusses the general implications of the case for the ongoing attempt to create a European certification of public sector auditors. *) Paper presented at the 5th EIASM International Conference on Accounting, Auditing & Management in Public Sector Reforms, Amsterdam September 3-5, 2008 URI: http://hdl.handle.net/10398/6745
Files in this item: 1wp_2008-01.pdf (105.0Kb)
a case study of the implementation of the EU eigth directive in Denmark 1984-2003Loft, Anne; Jeppesen, Kim K. (København, 2003)[More information][Less information]
Abstract: This paper analyses the complex process through which EU's Eighth Company Law Directive on the qualification of statutory auditors (1984) was implemented in Denmark. The Directive envisaged one group of 'statutory auditors' in each member state. However, in Denmark there were two groups of auditors: the state authorised auditors who had a long education and high status, and the registered auditors who had a shorter education, lower status and whose clients were mainly medium and small sized businesses. An exemption was made in the Directive to allow the registered auditors to continue to audit despite that they did not have the required 'university level' education. This made the issue of education central to the long-term survival of the registered auditors and it consequently became the object of a long conflict between the parties with an interest in auditor education and qualifications: the profession, the state and the educational institutions. This case illustrates the processes of audit regulation in a small European state with a highly developed economy where auditors are approved and regulated by the state but through processes heavily influenced by the profession. It provides an interesting contrast to other studies carried out on the implementation of this Directive, e.g. in the UK (Cooper et al, 1996) and in Greece (Caramanis, 1999), and perhaps some insight into the difficulties which may be encountered in implementing the new Eighth Directive proposed by the Commission in May 2003. Key Words: EU; Eighth Directive; accounting profession; Denmark; harmonisation; regulation. URI: http://hdl.handle.net/10398/6739
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Belyst ved investorer og analytikeres holdningerPlenborg, Thomas; Holm, Jakob Wagner; Banghøj, Jesper; Østrup, Jens (Frederiksberg, 2009)[More information][Less information]
URI: http://hdl.handle.net/10398/7959
Files in this item: 1WP_2009-02[1].pdf (140.1Kb)
Petersen, Christian; Plenborg, Thomas (København, 2007)[More information][Less information]
Abstract: Adopting a survey approach, our study examines how firms implement impairment test of goodwill. We focus on how firms define and measure the recoverable amount of CGU. The survey includes 58 completed questionnaires representing 73% of the firms on the Copenhagen Stock Exchange that recognise goodwill in the balance sheet. Our survey generally supports that a common practice on impairment tests of goodwill has not yet been established. Based on our analysis it is difficult to determine whether this simply reflects that firms adopt an approach suited to their organisational and economic structures or if it exposes that firms are uncertain as how to apply a standard. The analysis also reveals that some of the methods used when defining a CGU are not in compliance with IAS 36. In addition, we find inconsistencies in the way that firms estimate the recoverable amount. Our analysis should be of interest to a number of parties including firms, financial advisors, auditors, standard setters and users of financial statements. Impairment tests, IAS 36, compliance, goodwill, value in use, valuation techniques. URI: http://hdl.handle.net/10398/6744
Files in this item: 1wp_2007-02.pdf (371.8Kb)
an empirical analysisPetersen, Christian; Plenborg, Thomas (København, 2007)[More information][Less information]
Abstract: Fair value accounting has become predominant in accounting as a vast number of IAS/IFRS standards are based on fair value accounting, including IAS 36 Impairment of assets. Fair value accounting for goodwill is technically challenging, since market prices are not observable. Thus, valuation technologies must be applied in order to test goodwill for impairment. While prior research on goodwill has concentrated on either the (dis)advantages for each accounting procedure for goodwill or examined the value relevance of goodwill (amortization) and goodwill write-offs, little effort has been devoted to the technical problems in the implementation of IAS 36. However, recent research on the topic document that firms commit a variety of errors in applying IAS 36 (Petersen and Plenborg, 2007). We examine firm characteristics that might explain the frequency of errors that firms commit in applying impairment tests. Our findings suggest that at least two factors might explain why errors are present – the lack of an impairment manual and not involving employees with rigorous experience in firm valuation. Our research, which might be seen as the fist step toward guidelines in applying technically challenging accounting standards, should be of interest to firms, auditors and standard setters. URI: http://hdl.handle.net/10398/6749
Files in this item: 1wp_2007-04.pdf (293.7Kb)
Petersen, Christian; Plenborg, Thomas (København, 2008)[More information][Less information]
Abstract: This study focuses on methodological errors that arise when firm valuation is carried out in practice. Violation of assumptions underlying the valuation models are examples of methodological errors. We analyze valuation spreadsheets from five Danish financial institutions (i.e., stockbrokers and corporate finance departments) in order to trace if firm valuation models are properly applied. We conclude the following: (i) Methodological errors often cause valuation models to generate estimates that differ significantly from the theoretically correct value; and (ii) Firm value estimates were biased due to a variety of methodological errors. The implications of those errors may be significant. Investors are exposed to poor recommendations. Financial institutions such as investment bankers and stockbrokers may be exposed to bad reputation and lawsuits. Accounting firms that do not carry out firm valuation correctly (for example in testing goodwill for impairment) also run the risk of litigations. URI: http://hdl.handle.net/10398/6746
Files in this item: 1wp_2008-03.pdf (229.2Kb)
Fallan, Even (Frederiksberg, 2013)[More information][Less information]
Abstract: Environmental accounting information (environmental disclosure) is the main topic of this dissertation. It started out as sporadic disclosure in company staff newspapers, press releases etc., and developed in the 1970s to become more often incorporated in annual reports for US and Northern- and Central European companies (Lessem, 1979). Since then, environmental disclosure has become common in both annual reports and on corporate web sites. All companies listed on Oslo Stock Exchange (OSE) disclosed environmental information in their annual reports as from year 2000 (Fallan, 2007). "The concept "environmental" in this context refers to those disclosures where an organizational process or a production process may have impact on the natural environment" (Fallan and Fallan, 2007). In the four papers of this thesis, the term environmental disclosure refers to companies' self-reported environmental information in media intended for widespread distribution (annual reports, separate environmental reports, web sites, press releases etc.). In addition to publicly available corporate environmental disclosure, environmental information is also supplied as private information by the company itself (private corporate disclosure – e.g. when a company have meetings with one stakeholder to provide or discuss information); publicly available information about the company (and its surroundings) supplied by others than the company itself (public noncorporate information – e.g. news media coverage, research reports, and public databases); and private non-corporate information (e.g. use of independent experts to take water or soil samples and satellite monitoring of land or water). However, the three latter types of environmental information are out of scope of this thesis. URI: http://hdl.handle.net/10398/8856
Files in this item: 1Even_Fallan_NEW.pdf (2.949Mb)
How to exploit the potential for management accounting of information technologyRom, Anders (København, 2008)[More information][Less information]
Abstract: A lag seems to exist between management accounting techniques and management accounting practices of organisations (Bjørnenak, 1997a). The accounting lag exists in spite of the interaction taking place between academia and practice in terms of researchers conducting field studies and management accountants attending research-based courses before and during their careers in practice. URI: http://hdl.handle.net/10398/7717
Files in this item: 1anders_rom.pdf (2.648Mb)
Petersen, Christian; Plenborg, Thomas (København, 2007)[More information][Less information]
Abstract: 'Growth' as a concept is often not very well understood. Growth may be measured in a variety of ways (e.g., growth in turnover, earnings, earnings per share, assets, and shareholders equity). Investors and other capital providers generally find it attractive to invest in 'growth firms.' For instance, earnings per share (EPS) figures are widely published and used by investors. An increase in EPS is seen as a signal of improved profitability. Likewise, growth in earnings measures such as EBIT, EBITA, EBITDA etc. seem to indicate that firms are value creating. Our paper discusses if and under what conditions growth in accounting variables (accounting numbers and financial ratios) is value creating. We find that growth in one-periodic earnings measures does not necessarily create wealth for shareholders. Only growth in economic income is value creating. Our analysis also provide evidence that users of accounting information should be aware of the quality of growth and distinguish between growth based on transitory vs. permanent components of earnings. Our analysis finally documents that growth in earnings per share or return on equity caused by share repurchases has no economic significance. URI: http://hdl.handle.net/10398/6750
Files in this item: 1wp_2007-03.pdf (319.1Kb)
Erfaringer fra praksisPlenborg, Thomas; Ravnkilde Nielsen, Thomas Tang; Jensen, Morten; Banghøj, Jesper (Frederiksberg, 2009)[More information][Less information]
URI: http://hdl.handle.net/10398/7960
Files in this item: 1WP_2009-03[1].pdf (241.3Kb)
fordele ved at lave købesumsfordeling tidligt i processen.Madsen, Anders C.; Erhardi, Jacob; Plenborg, Thomas (Frederiksberg, 2009)[More information][Less information]
URI: http://hdl.handle.net/10398/7957
Files in this item: 1WP_2009-04[1].pdf (43.52Kb)
Kai Olsen, Jørgen (København, 2003)[More information][Less information]
URI: http://hdl.handle.net/10398/6648
Files in this item: 1prisoptimering.pdf (207.8Kb)
Olsen, Jørgen Kai (København, 2004)[More information][Less information]
URI: http://hdl.handle.net/10398/6640
Files in this item: 15_2004.pdf (177.5Kb)
en introduktionPlenborg, Thomas; Knudsen, Hans Jørgen; Bang Christensen, Tinus (Frederiksberg, 2009)[More information][Less information]
URI: http://hdl.handle.net/10398/7961
Files in this item: 1WP_2009-05[1].pdf (284.0Kb)
Poulsen, Thorbjørn; Plenborg, Thomas; Rohde, Carsten (Frederiksberg, 2009)[More information][Less information]
URI: http://hdl.handle.net/10398/7978
Files in this item: 1WP_2009-06.pdf (363.1Kb)
Rohde, Carsten; Rossing, Christian Plesner (Frederiksberg, 2011)[More information][Less information]
Abstract: When an enterprise is divided into smaller organizational units, each with its own results accountability, the question arises how to manage and measure the efficiency and profitability of such units. A task which is complicated when organizational units in the same enterprise or enterprise group trade internally as the units have to decide what prices should be paid for such inter-unit transfers. One important challenge is to uncover the consequences that different transfer prices have on the willingness in the organizational units to coordinate activities and trade internally. At the same time the determination of transfer price will affect the size of the profit or loss in the organizational units and thus have an impact on the evaluation of managers" performance. In some instances the determination of transfer prices may lead to a disagreement between coordination of the organizational units and overall profitability of the enterprise on the one hand and measurement of profitability and managers" performance in the units on the other. This chapter addresses these issues. URI: http://hdl.handle.net/10398/8374
Files in this item: 1Carsten_Rohde_Transfer_Pricing.pdf (1.661Mb)
Banghøj, Jesper; Plenborg, Thomas (København, 2006)[More information][Less information]
Abstract: This paper examines if the level of voluntary disclosure affects the association between current returns and future earnings. Economic theory suggests that firms might find it advantageous to provide additional pieces of information (i.e., voluntary disclosure) to investors and analysts (Verrecchia 1983). Our results indicate that more voluntary disclosure does not improve the association between current returns and future earnings; i.e. current returns do not reflect more future earnings news. This finding raises the question whether voluntary information in the annual report contains value relevant information about future earnings or if investors are simply not capable of incorporating voluntary information in the firm value estimates. Key words: Disclosure, future earnings, informativeness URI: http://hdl.handle.net/10398/6742
Files in this item: 1artikel_udkast_010606.pdf (534.4Kb)
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