披露及股息收入持续增长之时信号下降【外文翻译】

《披露及股息收入持续增长之时信号下降【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、原文：DisclosureanddividendsignalingwhensustainedearningsgrowthdeclinesKhaledHussainey.JinanAal-EisaPurpose–Thepurposeofthispaperistoexaminewhethervoluntarydisclosureanddividendssignalfutureearningsfordeclineearningsgrowthfirms.Itseekstoinformregulators(andmanagers)aboutthepotentialbenefit

2、sofincreaseddisclosureandincreaseddividendstoinvestorsforfirmsthatsufferanearningsdeclineafterasustainedperiodofannualearningsgrowth.Design/methodology/approach–Theeventstudymethodologyisusedtoexaminethebehaviorof33non-financialUKfirmsafteradeclineoftheirsustainedearningsgrowth.Italsous

3、esthecomputerizedcontentanalysistocountthenumberofforward-lookingsentencesintheannualreportnarratives.Itcalculateschangesindisclosureanddividendsintheyearofearningsgrowthdeclinesandexaminestheirassociationwiththeabnormalfutureearnings.Findings–Consistentwithpriorresearch,itisfoundthatin

4、creasingdividendsdoesnotconveyvaluerelevantinformationaboutfutureearningsfordeclineearningsgrowthfirms.However,basedondisclosuresignalingtheory,itisfoundthatincreasinglevelsofforward-lookinginformationinannualreportnarrativesisanimportantmechanismforsignalingfutureearningsforthesefirms.

5、Practicalimplications–Foraneffectivecommunicationwiththestockmarketintheyearsofearningsdeclineaftersustainedperiodofgrowth,managersshouldgivehighprioritytodevelopinganappropriateandcompletesetofforward-lookinginformationintheirannualreports.Thiswillenableinvestorstobetteranticipatefirms

6、'futureprospects.Theresultssuggestthatifforward-lookingstatementsinannualreportnarrativescontainvaluerelevantinformationforinvestors,thenregulatorsshouldconsideracompulsorynarrativesection(i.e.operatingandfinancialreview)intheannualreport.Originality/value–Thispaperisthefirsttostudythev

7、aluerelevanceofvoluntarydisclosurefordeclineearningsgrowthfirms.Dividendsignalingtheoryisoneofthechallengingtopicsinbehavioralaccountingandfinanceliterature.Itsuggeststhatdividendchangescontainvaluerelevantinformationabouttheprofitabilityanditisusedasasignalforfirms'futureperfo