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RECH4: Financial Accounting
Donnerstag, 19.03.2020:
17:45 - 19:45

Chair der Sitzung: Ulrich Schäfer, Universität Zürich
Ort: Virtueller Raum 5

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Value-Based Management Control Systems and Strategic Change

Marc Steffen Rapp1, Jana Oehmichen2, Olena Mavropulo1

1Philipps-Universutät Marburg, Deutschland; 2University of Groningen

We investigate the relationship between shareholder-value-oriented management control systems and strategic change, and the moderating effect of institutional control. Based on hand-collected data on 136 German listed firms between 2002 and 2015, we find that the pursuit of shareholder value maximization is negatively associated with the level of strategic change in the pattern of resource allocation. Further, we recognize institutional ownership as an important moderator of this relationship. Our findings suggest that access to information and the monitoring expertise of institutional investors are able to mitigate the negative effect of the shareholder-value concept. Our results extend strategic change research by not only integrating the management control perspective, but also considering the complementarities among the different forms of formal control.

Can You Trust the Blockchain? The (limited) Power of Peer-to-Peer Networks for Information Provision

Benedikt Franke1, Andre Stenzel2, Qi Gao2

1Skema Business School, Frankreich; 2Universität Mannheim

We investigate the potentials and limits of privacy-preserving blockchain technology to inform the capital market. In our model, heterogeneous firms rely on traditional institutions or adopt a blockchain to generate information. The blockchain leverages its peer-to-peer architecture to analyze firms and disseminates an aggregate signal about each firm's valuation while ensuring data privacy. Within this system, firm-specific information provision depends on two critical factors: (i) the blockchain's fit for analyzing a given firm's data, and (ii) its reach into the economy as provided by the proportion of firms adopting the blockchain in equilibrium. The technology can improve information provision in two ways. The adoption decision itself may serve as a credible signal of a firm's valuation, and the blockchain may generate more information than traditional institutions when its reach is sufficiently high. However, we characterize an equilibrium in which high-value and low-value firms are present both inside and outside the blockchain, which limits both channels' ability to generate information. We show that the overall information provision can even fall below the benchmark case in which blockchain technology is not available, and investigate when such an undesirable situation is more likely to materialize.

Deceiving Two Masters: The Effects of Financial Incentives and Reputational Concerns on Reporting Bias

Miró Feller, Ulrich Schäfer

Universität Zürich, Schweiz

We study managers’ decisions to bias financial reports if these reports are used by capital and labor markets to learn about firm value and managerial talent. If managers have private information on their financial and reputational incentives, we identify interactions in the capital and labor markets’ use of reports: The reception of reports in one market motivates reporting bias, which reduces value relevance and price efficiency in the other market. This interaction changes established results and has implications for financial reporting standard setters: We characterize environments where capital market efficiency can be improved by eliminating information on managerial talent from financial reports – even if this information is relevant for investors. This is particularly the case if there is high uncertainty about managers’ reputational concerns and if talent uncertainty represents a small part of the overall fundamental uncertainty.

The use of data analytics tools in audit practice: extent & explanations

Blerina Islami, Christiane Pott

TU Dortmund, Deutschland

While conventional auditing is increasingly supplemented by the use of information technology, several data analytics tools have not yet arrived or are used only infrequently in practice. We conduct expert interviews with well-experienced practitioners in the auditing field (both Big 4 and second-tier) to find reasons for the present extent of the use of a subset of available data analytics tools. To this end, we use a qualitative content analysis approach. Surprisingly, many data analytics tools declared as suitable for audit practice from the literature’s point of view are only known by name, especially in smaller audit firms. The lack of knowhow, the challenges relying on different generations, and, in contrast to the expectations of the literature, insufficient digitization of clients are cited as the main reasons for rejecting the use of technology. To conclude, we give recommendations on the best way to incorporate data analytics tools in practice.

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