Value Accounting Research Articles

PENGUJIAN PERSONAL VALUES & VALUE TYPES BERDASARKAN PERBEDAAN PROGRAM STUDI (AKUNTANSI & HUKUM)

Research has shown that a p erson's values affect his or her behavior. While there has been considerable research regarding the ethical p ercepti on and behavior of students, there has been limited research regarding the personal values that affec t such perception and behavior. This study was designed to determine the differences between personal values and value types of accounting and law majors. The values survey questionnaire developed and validated by Schwartz and Sagiv (1995) was use for this study. Value types were derived by grouping response s to the 55 itemfor 5 dimension.Result of this study show there are significant differences between accounting and law ma1ors for personal values. Significant differences exist for value types between responses for 4 dimension (Benevolence, Conformity, Security, Power).

EIC: A New Tool for Intellectual Capital Performance Measurement

The purpose of this paper is to emphasize the importance of intellectual capital (IC) undisclosed on the assets side on the balance sheet of knowledge enterprises. This capital is very relevant, and mana-gers need to have information about it in order to facilitate effective IC management process. The issue of IC performance measurement has been a matter of growing importance in both academic community and managerial practices for the past two decades. Based on the previous ideas put forward in the literature of knowledge management and IC management, this paper suggests a new methodological framework for overcoming the problem of IC performance measurement in knowledge enterprises. Efficiency of Intellectual Capital (EIC) methodological framework offers practical solutions for measuring the efficiency of total enterprises' IC, as well as the efficiency in the use of all IC components. The EIC framework connects financial accounting valuation and market valuation.

EOQ Models with Optimal Replenishment Policy for Perishable Items taking Account of Time Value of Money

The main purpose of this research is to establish replenishment models and develop optimal replenishment policies for perishable items taking account of time value of money. This paper follows the Discounted Cash Flow (DCF) approach to investigate inventory replenishment problem over a fixed planning horizon. We develop model, to establish optimal solutions with and without backlogging and Show that the total variable cost is minimize and convex by the help of software. Numerical examples are to demonstrate the applicability of the proposed models and sensitivity analysis with respect to the parameters of the system is carried out.

As Foreign Registrants Abandon the U.S. Capital Markets, What Happens to the Cross-Listing Audit Fee Premium?

Foreign firms cross-listing in the U.S. benefited from increased accounting quality and valuation stemming from the historically more stringent accounting and regulatory environment in the U.S. compared to their home markets. Auditors of these foreign firms, also facing this more rigorous reporting regime, charged a cross-listing audit fee premium. However, recent events have caused an increase in these firms leaving U.S. markets. Using a sample of cross-listed firms from 2004-2013 that voluntarily delisted and deregistered from U.S. markets and reporting requirements, we find that deregistration is associated with a decrease in audit fees for firms returning to non-IFRS environments and additional tests show the level of legal liability in the home market, relative to the U.S., is not a significant mitigating factor in this negative association between deregistration and audit fees. These findings indicate that, after controlling for country and legal effects, firms returning to IFRS jurisdictions do not experience a significant change in the complexity of their accounting environments, mitigating the impact of deregistration on audit fees, implying that selected markets outside of the U.S. have established comparable reporting regimes.

Zakat and Accounting Valuation Model

The valuation and measurement of assets with regard to Zakat is necessary issue from Islamic perspective. Therefore, re-value the assets regularly is needed and Islamic accounting system probably uses both historical and market selling prices with regard to enable firms to accommodate contracts and to discharge with social responsibility. Zakat accounting includes the accounting principles that relate not only to measurement and valuation but also recording, interpreting, presentation and disclosure of accounting information. Thus, the main objective of this paper is to elaborate the importance of Islamic accounting valuation adopted in zakat regard to accounting models. The application and mechanics of zakat and valuation model discussed related to the implementation of the current practices of accounting and valuation models that adopted in Islamic firms.

NOTATION TOOLS OF BUSINESS MODELING OF THE SERVICES ON REAL ESTATE MARKET

The article is devoted to the development of the main provisions of realtor business modeling. In the paper the development of notational complex is presented, which is involved in the design of the conceptual model, the formation of a reference model of real estate business and basic rules for the implementation of the model. In the construction of the proposed model important notational aspects are highlighted. Functional orientation of real estate business for rendering services reflects a functional approach to business modeling. In order to ensure the assessment of the offered services it is proposed to implement a nested model of the object. A reasonable functional approach using object-based elements allows optimizing the processes of business modeling and assessment of the results. The article discusses functional modeling of business, focusing on the results. Synchronizing the functional model with the models of business processes and sub-models of objects, in particular, the model of business result, contributes to the improvement of the notations tools. The article presents the adaptation of the template of the business model to the conditions of the realtor activity. The proposed reference model specifies the logical scheme of decomposition activity, which detaches economic, social and other values. The decomposition of services into functional groups with account for individual values and functional modules is presented: buying and selling real estate; mortgages and loans; rent of residential and commercial property; an independent evaluation of real estate; consultations concerning the issues of real estate transactions. In the focus of the results of business processes and performance standards of realtor organizations transitional notation to the evaluation system efficiency of business performance is developed. The simplest method of feedback for assessing customer satisfaction and, consequently, system efficiency is offered. This method can become the basis for the development of metrics processes, which are implemented to meet customers’ demands and achieve business objectives of a realtor organization.

Acquisition-type or merger-type accounting? Further insights on transactions involving businesses governed by the same party(-ies)

This paper - aiming at encouraging a fruitful debate - intends to highlight the discontinuous evolution of the accounting solutions explored by notable bodies (Efrag-Oic, Iasb, Fasb, Kasb, etc.) with reference to transactions involving businesses under common control. The work finally recompose them in two basic categories (discussing their pros/cons as well), here analyzed: acquisition-type accounting, which emphasizes fair value (emergence of exchange or current amounts) vs. merger-type accounting, linked to historical costs (continuity values approach). The first cluster includes the pure-acquisition and the fresh-start method, whereas the second the predecessor basis and the pooling of interests techniques. The concrete identification of the proper methodology, in this regard, essentially requires the profound understanding of the underlying economics, architecture and key elements of a specific transaction shedding light on the most relevant and reliable information useful to stakeholders.

Advances in Equity Valuation: Research on Accounting Valuation

This special issue of Abacus was prompted and made possible through the annual conference of our research group MEAFA 1 at the University of Sydney, and especially by the contributions of visitors to MEAFA and their collaborations with members of the group. The six papers and added commentaries in this special issue of Abacus contain surveys and original contributions on the theory and empirical testing of a class of valuation models that is unique to accounting. Beginning with works such as Edwards et al. (1987) and Feltham and Ohlson (1995), a mathematical reconciliation is now widely known between the present value of cash flows and the present value of accounting residual incomes.

Market transaction characteristics and pricing effect of accounting valuation models

Purpose– In capital market, share prices of listed companies generally respond to accounting information. In 1995, Ohlson proposed a share valuation model based on two accounting indicators: company residual income and book value of net asset. In 2000, Zhang introduced the thought of option pricing and developed a new accounting valuation model. The purpose of this paper is to investigate the valuation deviation and the influence of some market transaction characteristics on pricing models.Design/methodology/approach– The authors use listed companies from 1999 to 2013 as samples, and conduct comparative analysis with multiple regression.Findings– The main findings are: first, the accounting valuation model is applicable to the capital market as a whole, and its pricing effect increases as years go by; second, in the environment of out capital market, the maturity of investors is one of important factors that causes the information content of residual income less than that of profit per share and lower pricing effect of valuation models; third, when the price earning (PE) of listed companies reaches certain level, the overall explanation capacity of accounting valuation models will become lower as PE gets higher; fourth, as for companies with higher turnover rate and more active transaction, the pricing effect of accounting valuation model is obviously lower; fifth, the pricing effect of accounting valuation models in a bull market is lower than in a bear market.Originality/value– These findings establish connection between accounting valuation and market transaction characteristics providing an explorable orientation for the future development of accounting valuation theories and models.

Heidegger’s Critique of Technology and the Contemporary Return to Artisan Business Activity

So far aesthetics has played a limited role in our understanding of business activity, focused mainly on evaluating product quality and the character qualities (virtues) of the firm that produced them We draw on Heidegger’s fuller account of aesthetic value to show how a firm—like a work of art – can disclose the way human projects and technologies are already at work in a given context. In this way, we show that firms play an essential role in human self-understanding—a role that Heidegger assigns primarily to works of art. We then apply the Heideggerian approach to the contemporary turn to artisanal products such as personalized handcrafts, craft beer and the “third wave” coffee movement.

Mirror, mirror: towards ‘something like’ a value system for art research by way of critique and dialogic art

ABSTRACTThis speculative paper stems from an anxiety that will be familiar to many working in art research: The values of Research are thwarting the field's development because the former are ill suited to support the latter on the latter's own terms. Research with an uppercase ‘R’ is used here to designate the vague but powerful sense of what this entails as it permeates the cultures of art research. The following reflections spring from my sense that engaging Research as a theory to be interpreted through the practice of art research could more effectively correlate the theory and practice of this field. To explore this I begin by canvassing relevant literature for reference to three cherished values of Research: knowledge, originality and collaboration. Observing ways they trouble art research, I go on to speculate that Stephen Scrivener's account of art's practical value as negation may help with identifying alternative values that are more indigenous to art. I consider this possibility with reference to my practice-based Ph.D. on dialogic art before concluding this speculative paper with the conviction that both auto-critique and institutional critique hold tremendous potential for art research as this field seeks to self-realise on its own terms.

Reconciling the Phenomenology and Metaphysics of Value

This paper aims to reconcile the phenomenology and metaphysics of value by proposing a cognitivist and metaphysically committed account of evaluation and value inspired, in part, by the phenomenological arguments of J. N. Findlay in relation to value. By the phenomenology of value I mean the affective—commendatory—character of evaluations such as when I describe something as good or bad, worthwhile or not worthwhile. Whilst this—subjective—aspect of evaluation is largely uncontested, there is much disagreement about the cognitive and metaphysical status of our evaluations. The disagreement centers round two problems, which I call the intentionality problem and the metaphysical problem, respectively. These problems address whether evaluative feelings refer beyond themselves to objects and, if they do, about the character of the object to which they are directed. By drawing on and reconstructing an argument by Findlay, I argue that the affective character of evaluative experience has an intentional structure that takes the form of a judgement that is merited, or not, by its object. However, unlike Findlay, I offer a metaphysically-laden account of the distinction between evaluation and value by arguing that value properties are mind-independent dispositions that are realized in human cognitively-structured affectivity.

Environmental Price of Game Animal Stocks

ABSTRACTResearch has addressed the valuation of hunting and game species according to their extractive value, using both market and non-market methodologies. This study provides a new perspective to estimate environmental prices of game animals based on game hunting leases, population dynamics, the assumption of a steady state, and the use of the residual valuation method. This, in turn, allows the calculation of the contribution of game animal stock to total income from hunting and the value of game animal stock by species, sex, and age. These values are estimated in a manner that is consistent with the exchange value of national accounts, allowing improvement of game species valuation in ecosystem accounting.

Oceňování při přeměnách obchodních korporací v českém účetnictví - příklady z praxe

Obecna obchodně pravni a take ucetni pravni uprava v Ceske republice v regulaci operaci s podniky mlcky předpoklada vlastnickou nezavislost zucastněných jednotek. Výsledkem je, že pro transakce s nezavislými i propojenými osobami jsou aplikovana stejna pravidla, a to i v oblasti oceňovani ve financnim ucetnictvi. Možným řesenim rozporu v pohledech na oceňovani je zachovani konzervativniho přistupu na urovni ucetni zavěrky i zahajovaci rozvahy, ale soucasně zveřejňovani odhadovaných oceňovacich rozdilů v přiloze ucetni zavěrky i zahajovaci rozvahy.

Dworkino alternatyva Berlino vertybių pliuralizmui

Straipsnio tikslas – įrodyti, kad Ronaldo Dworkino vertybių monizmas laikytinas pagrįsta alternatyva Berlino pliuralizmui. Berlinas kritikavo monizmą dėl vertybių įvairovės redukcijos, polinkio į dogmatizmą ir sąsajų su totalitariniais režimais politikoje. Dworkinas atmeta Berlino monizmo sampratą ir pateikia daug nuosaikesnės vertybių monizmo koncepcijos variantą. Rekonstruojant Dworkino išdėstytą pliuralizmo kritiką ir oponuojant Berlino pliuralizmo šalininkams – A. Plaw, J. Allenui, J. Gray’ui, M. Minow ir J. W. Singeriui – įrodinėjama, kad nuosaikus Dworkino vertybių monizmas leidžia geriau suprasti vertybes nei pliuralizmas. Straipsniu siekiama ginti šiuolaikiniame moralės ir politikos diskurse nepopuliarią ir dažniausiai aštriai kritikuojamą monizmo poziciją.

Advances in prediction of neonatal hyperbilirubinemia

Neonatal jaundice is one of the most commonly diseases in newborns.Severe indirect hyperbilirubinemia may lead to neurotoxicity, or death.Hence, predicting the neonates especially high risk neonates for subsequent bilirubin level is required.This paper gives an account of the predictive value of umbilical cord blood bilirubin level, umbilical cord alpha-fetoprotein level, cord blood hydrogen peroxide and end-tidal CO for neonatal hyperbilirubinemia. Key words: Hyperbilirubinemia; Neonate; Prediction

Payout Policy Relevance and Accounting Based Valuation

DeAngelo and DeAngelo (2006) (D&D hereafter) argue that ‘payout policy is not irrelevant and investment is not the sole determinant of value, even in frictionless markets.’ We first re-examine their critique using M&M’s (1961) multiperiod valuation framework and identify non-essential operating cash expenses as an important mechanism for managerial free cash flow (FCF) retention, thus confirming D&D’s argument that payout policy is relevant and demonstrating the role of both earnings measurement and investment policy in an effective payout policy. Second, we develop a general analysis of the valuation and informational roles of FCF payout in a perfect capital market and apply this framework to the well-known accounting valuation models of Ohlson (1995) and Feltham and Ohlson (1996), showing how these models permit payout valuation relevance due to managerial FCF retention but not payout informational relevance. Finally, we consider how the Feltham and Ohlson (1996) model can be extended to incorporate time variation in expected profitability of capital investment caused by time variation in managerial FCF retention activities and show that this model embeds both payout value relevance and payout informational relevance. We conclude that, while research on accounting valuation models based on the assumption of payout valuation irrelevance is of theoretical and practical interest, the development of models where FCF payout plays an explicit valuation and informational role due to issues of moral hazard is an interesting and important direction for future research.

Is the January effect rational? Insights from the accounting valuation model

Abstract Employing a permanent earnings valuation model and a novel sample partition, we find evidence that the January effect “anomaly” is consistent with rational economic market behavior. Investors in firms which experience January effect return premiums appear to discount first quarter earnings performance but reward permanent earnings and expectations of future improvements. Our evidence also supports a tax-loss selling explanation for the January effect. We find that the January effect is experienced by relatively few firms in the sample overall, but a substantial percentage of January effect firms are identified as potential tax-loss sellers. Our results complement prior research suggesting that the January effect is neither a result of irrational noise traders nor consistent with systemic risk factor explanations. Our study reconciles the assumption of arbitrage inherent in trading studies with a fundamental accounting valuation approach and offers some further insights into the nature of this market phenomenon.

The Implied Cost of Capital: An Empirical Assessment in the Tunisian Context

This research is a feedback to Wang (2015) suggesting that realized returns should be used in conjunction with ICCs to make more robust inferences about expected returns. We examine the validity of six firm-specific ICCs along with a synthetic one, in the Tunisian context, according to their feasibility and their correlation with realized return. The examined estimators are calculated according to three types of earnings forecasts: smoothing, random walk and cross-section. These estimators represent three main valuation approaches: Present Value of Expected Dividend (PVED), Residual Income Valuation Model (RIV) and Abnormal Earnings Growth (AEG). Our results confirm the assertions of Gerakos and Gramacy (2013) on random walk forecasts’ good performance as well as those of Li and Mohanram (2014) on the poor quality of Hou et al. (2012)’s cross-section forecasts. Furthermore, dividend seems best reflecting Tunisian stock market expectations concerning future revenues which would be generated by the valuated asset. These findings bring into question the relevance of new accounting valuation approaches which are anchored rather on equity book value (RIV) and on earnings forecasts (AEG).

Abstract P349: A Randomized Trial of a High Potassium Dietary Intervention to Lower Blood Pressure in Urban African Americans With Hypertension in the Primary Care Setting: The “Five Plus Nuts and Beans” Trial

Background: African Americans and persons with low income have greater exposure to poor food environments and are more likely to have deficiencies in micronutrients that lower blood pressure (BP). Objective: We conducted a 2-arm randomized trial to test the hypothesis that delivery of nutritional advice to adopt a diet rich in potassium, tailored to availability of foods from a local supermarket, relevant to patients’ preferences, and combined with provision of targeted foods by a food delivery system, will reduce BP in urban African Americans with hypertension. Methods: We recruited adults with controlled hypertension from an urban primary care clinic in Baltimore City, Maryland, and implemented the trial in partnership with a community supermarket and the Baltimore City Health Department. Participants in the DASH-Plus intervention group received 8 weeks of dietary advice and coach assistance with weekly online ordering of high potassium foods ($30/week) delivered by the supermarket to a neighborhood public library. Participants in the control group received a printed DASH diet brochure along with a debit account of equivalent value at the same supermarket. The primary outcome was BP. Results: We randomized 123 participants and had 100% follow-up. At baseline, mean (SD) age was 58.6 (9.5) years, 71% were women, median household income was $20K-$30K/yr, BMI was 34.5 (8.2) kg/m 2 , and 28% had diabetes. At follow-up, compared to the control group, there was no effect on SBP and DBP, but the intervention group had significant increases in self-reported fruit and vegetable consumption, dietary intake of potassium, and in measured urine potassium excretion, along with a significant decrease in urine sodium excretion (see table). Conclusion: Our intervention program in urban African Americans with controlled hypertension did not reduce BP, but improved dietary patterns. Limitations of this pragmatic trial approach included medication changes during the trial that affected BP and reliance on a single BP measurement at follow-up.