Change search
Refine search result
1 - 3 of 3
CiteExportLink to result list
Permanent link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Rows per page
  • 5
  • 10
  • 20
  • 50
  • 100
  • 250
Sort
  • Standard (Relevance)
  • Author A-Ö
  • Author Ö-A
  • Title A-Ö
  • Title Ö-A
  • Publication type A-Ö
  • Publication type Ö-A
  • Issued (Oldest first)
  • Issued (Newest first)
  • Created (Oldest first)
  • Created (Newest first)
  • Last updated (Oldest first)
  • Last updated (Newest first)
  • Disputation date (earliest first)
  • Disputation date (latest first)
  • Standard (Relevance)
  • Author A-Ö
  • Author Ö-A
  • Title A-Ö
  • Title Ö-A
  • Publication type A-Ö
  • Publication type Ö-A
  • Issued (Oldest first)
  • Issued (Newest first)
  • Created (Oldest first)
  • Created (Newest first)
  • Last updated (Oldest first)
  • Last updated (Newest first)
  • Disputation date (earliest first)
  • Disputation date (latest first)
Select
The maximal number of hits you can export is 250. When you want to export more records please use the Create feeds function.
  • 1.
    Eklöv-Alander, Gunilla
    et al.
    Stockholm University, Faculty of Social Sciences, Stockholm Business School.
    Weinberg, Susanne
    Stockholm University, Faculty of Social Sciences, Stockholm Business School.
    RI:s förslag stärker inte branschen2017In: Balans : tidskrift för redovisning och revision, ISSN 0346-8208Article in journal (Other (popular science, discussion, etc.))
  • 2.
    Weinberg-Krakowski, Susanne
    Stockholm University, Faculty of Social Sciences, Stockholm Business School.
    Short-termism and the Financial Consequences: A Look at the Outcome vs Forecast Turnover and the ROA Development2018Conference paper (Other academic)
    Abstract [en]

    In this study the financial outcome of short-termism is estimated. More exactly, in the study it is estimated whether short-termism affects the difference between forecasted turnover growth for five years and the actual growth, and also the effect on the average ROA for five years. In several studies it is revealed that different corporate actions are taken by managers (to fulfil the short-terms expectations) that do not serve the long-term interest of the firm or its shareholders. These actions include, among others, earnings manipulation, unnecessary cost cutting, and underinvestment. The main explanation offered for corporate short-termism is the short-term focus of the management, i.e. the compensation systems with a short-term focus, or the short employment horizons, combined with weak corporate governance. This study is performed with questionnaires to the Chairpersons, the CEOs, and the CFOs of all listed Nordic companies listed on the NASDAQ OMX Nordic list or Oslo Stock Exchange. First, the overall result was that short-term pressure has a significant negative effect on both for forecast accuracy (the prognostic turnover and the actual outcome) and ROA development. Secondly, when we study the different categories of short-term pressure, we found that the forecast accuracy is larger when there is a large short-term pressure from media and the union, the media’s effect has a negative effect while the union has a positive effect, i.e. the union yields less discrepancy between the prognostic turnover and the actual outcome. Also, the current ROA and the respondent’s position within the firm (significant for the CEO) positively affect the forecast accuracy. When it comes to the short-term pressure and the highest average ROA over five years, the results indicate that media has a negative effect while the union has a positive effect.

  • 3.
    Weinberg-Krakowski, Susanne
    et al.
    Stockholm University, Faculty of Social Sciences, Stockholm Business School.
    Brunzell, Tor
    Stockholm University, Faculty of Social Sciences, Stockholm Business School.
    The Effect of Quarterly Reporting on Companies Financial Performance: A Survey Study on Five Nordic Stock Markets2018Conference paper (Other academic)
    Abstract [en]

    Early version. May not be quoted.

    Extended Abstract: In this paper, we study what effect the quarterly reporting has on the reporting company’s financial performance. This question is of current interest in the light of the European Commission 2013 amending its Transparency Directive, where the Commission abolishes the requirement for quarterly reports by publicly traded companies. The survey was performed on the five Nordic stock markets where 157 Chief Financial Officers (CFOs) of listed companies out of 711 responded (response rate of 22 percent). This study is based on the results of the questionnaire sent out to the CFOs of all companies listed on the OMX Nordic Stock Exchange in December 2007. In May 2008, a questionnaire was also sent out to the CFOs of companies listed on the Oslo Stock Exchange. The OMX Nasdaq questionnaire was sent as a letter addressed to a named CFO, where the CFO received a cover letter from the CEO Jukka Ruuska of OMX.

    The questionnaire included six pages of questions for the CFOs. In terms of quarterly reporting, the respondents were asked to respond to six questions. Three were yes or no questions and three were specific questions concerning quarterly reporting where the CFOs were asked to give her/his perception of the use of the quarterly reporting on a scale from 1 (strongly disagree) to 5 (strongly agree).

    Respondents were asked to indicate (yes or no) whether the company’s performance was affected by the quarterly reporting. The results show that 83 percent of the Icelandic CFOs answered that the quarterly reports affect company performance, while the corresponding figure was 79 percent for Norway, 67 percent for Finland, 44 percent for Sweden, and 41 percent for Danish companies. The main perceived effect the quarterly reporting has on company’s performance is that it creates short-term pressure (3.77 out of 5). The main positive opinion of the quarterly reports is that they give the company a tool to communication with the capital market (4.2 out of 5), but also that the reports make the company focus on cash flow (3.0 out of 5). The CFOs indicate that the quarterly reports require too much effort compared to benefits realized (2.95 out of 5). Furthermore, the responding CFOs indicate that quarterly reporting makes the company consider timeliness of acquisitions, divestments, and investments (2.91 out of 5), obscures the company’s operational goals (2.73), and makes the company emphasize incoming orders (2.64).

    The results indicate that more than half of the companies have their quarterly and semi-annual reports audited by their external auditors. Almost 60 percent of these companies also say that the reports affect the way the company performs.

    We performed a t-test to reveal if there is a difference between the companies where the CFO believes that quarterly reporting affects the company’s performance and the CFOs that do not believe that quarterly reporting affects the company’s performance. Here we find a significant difference between CFOs that believe that quarterly reporting affects company performance in that these companies have higher volatility, lower current ratio and that the CFOs perceive higher general short-term pressure.

    Further, we performed multiple regressions to test whether perceiving an effect from quarterly reporting also has an effect on a CFO’s ability to accurately forecast future sales. The companies’ performance is measured as forecast accuracy (i.e. the difference between forecasted turnover growth for five years and the actual growth). Here we found that quarterly reporting has a significant negative effect on forecast accuracy.

    Our study contributes to the current literature in several ways. First, we have a wide set of explanatory variables to explain cross sectional differences, including data from all Nordic countries, which enables us to determine if differences are driven by company heterogeneity. Second, the responses were matched with background information regarding firm- and CFO specific data, financials, ownership type etc. This allows us to examine whether the assumptions behind the theories are valid.

1 - 3 of 3
CiteExportLink to result list
Permanent link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf