آیا استانداردهای اطلاعات مالی بین المللی بر خطر اقدامات تاثیر می گذارد؟
|کد مقاله||سال انتشار||تعداد صفحات مقاله انگلیسی||ترجمه فارسی|
|44457||2015||22 صفحه PDF||سفارش دهید|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Contaduría y Administración, Volume 60, Issue 3, July–September 2015, Pages 556–577
The present research has two objectives. First, we study the determinants of stock risk. Second, we analyze whether International Financial Reporting Standard (IFRS) implemented in the Spanish market in 2005 has affected these determinants. It is quite important for both entrepreneurs and management professionals to understand the accounting information and macroeconomic factors that explain stock risk, since it suggests which factors can be used to estimate this risk, and hence, to analyze the evolution of cost of capital or discount rate. The discount rate plays an important role in wide range of financial decisions; whose value depends on the risk among other factors. Therefore, it is significant to obtain an objective estimation of discount rate, which is difficult to handle specifically in the context of small and medium sized enterprises (SMEs). Effective management involves the ability to forecast future changes, capture positive effects, and minimize negative ones. Once we find out the variables that can be utilized to explain the risk, we can observe and analyze their evolution to anticipate future changes in the discount rate.