财务报表附注披露的分析【外文翻译】(共15页).doc
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1、精选优质文档-倾情为你奉上外文文献翻译译文原文:Manufacturing Corporate Identities: An Analysis of Financial Statement Footnote DisclosuresFinancial reporting of organizational performance is facilitated primarily through financial statements and the related supplemental disclosures found in the annual report or Form 10-K.
2、 Standardized financial statements, such as the income statement, balance sheet and statement of cash flows, are mostly uniform in format and thus provide for inter-firm comparisons of various financial metrics. This “boilerplate” format provides for simple “net income” or “current assets” compariso
3、ns between firms given the uniformity of the content contained within each financial statement; however, there are supplemental disclosures contained within these reports that should provide additional information to illuminate and thereby enhance the financial statement content.We previously studie
4、d a McDonald-ized or scripted boilerplate discourse in place for corporate financial reporting that extended beyond the financial statement format (Hillon & Smith, 2004). Due to the lack of specific requirements on management discussion and analysis and financial disclosure footnote formatting, the
5、prevailing theory on organizational identity suggests that firms should use financial narratives to differentiate themselves from their competitors thereby manufacturing their corporate identity. Given this, we expected to find a wide array of supplemental reporting content that was also as unique a
6、nd differentiable as the firms themselves. To test this we obtained a random sample from the S&P 500 Index of firms and examined the frequency distributions of the number of footnotes and related page number totals contained in each of the supplemental financial footnote disclosures from each firm w
7、ithin our sample. We found a clustering tendency, which issuggestive of a homogeneous rather than heterogeneous firm identity. We next performed a content analysis of the supplemental footnote disclosures. When we categorized the footnotes by actual title using the firm with the fewest number of foo
8、tnotes as the minimum, over 70% of the sample firms had identical or similar footnote titles. We then analyzed the related footnote content and found an even stronger relationship with over 90% of the firms reporting the same or similar content. The implications of our preliminary findings are impor
9、tant in light of corporate identity as they are more supportive of a homogeneous reporting regiment rather than a heterogeneous firm identity. We conclude with these implications and the need for further research in this area.The origins of research into organizational identity can be traced back mu
10、ch further than the field of organization studies itself. For instance, the looking-glass self was a phrase coined by one of the luminaries in the field of sociology (Cooley, 1909) to describe the construction of identity as a reflexive socialization process. We look into the mirror of society to se
11、e how others view and judge our behavior, and over time, a distinctive identity is shaped and constructed (Tischler, 2002). Corporate identities can also be viewed as the products of reflexive social interaction, as annual reports, financial disclosures, and feedback from both shareholders and regul
12、ating entities constitute a process that is analogous to looking into a mirror to both assess and influence the perceptions of society. Glynn, Barr, & Dacin (2000, p. 730-731) have observed that “because an identity is self- reflexive, it influences how the organizations strategic issues are defined
13、 and resolved.” However, the major difficulty in assessing the social influences on identity construction is the necessity of identifying the salient contextual factors that enable separation of an organization from its environment, as well as categorization of components within the organization. Th
14、is continual search for novel dimensions of comparison implies that social identities never completely coalesce around static values and terminal meaning. Also, the concepts of status and legitimacy are presumed to be transient. Hence, motivated by an imbalance in social status, an organization that
15、 compares unfavorably in strategic competencies to its competitors may attempt to showcase other more favorable attributes to enhance its identity (Chattopadhyay, Tluchowska, & George, 2004). Hogg&Terry (2002, p. 125) suggested that benchmarking with a set of differentially prestigious organizations
16、 is “one way in which organizations may deliberately manipulate the inter-group social comparative context.” Financial data in both quantitative and qualitative form is the lingua franca of benchmarking studies, thus, within a social identity theory frame; one would expect to find salient difference
17、s in form and content of all such identity defining prototypes. For our study, this implies that creative responses to ameliorate the perceived inequalities among corporations should appear, at least from time to time, in the identity construction tools available to each organization. Thus, we shoul
18、d expect to occasionally see distinctive form and content in the financial metrics and narratives of corporate disclosures. At the very least, we should expect to see some form of stratification based on prestige or attempts at social mobility.Previous research has suggested a need for further explo
19、ration of this phenomenon, as Hillon and Smiths (2004) financial socialization pilot study found more of a McDonaldized or scripted “boilerplate” discourse in place for corporate financial reporting. Due to the lack of specific requirements on management discussion and analysis and financial footnot
20、e disclosure formatting, the prevailing theory on organizational identity suggests that firms should use these financial narratives and metrics to differentiate themselves from their competitors. The capital markets need financial information to differentiate firms and thereby avoid the problem of a
21、dverse selection. According to Scott (2003, p. 11- 12): to understand how financial accounting can help to control the adverse selection problem, it is desirable to have an appreciation of how investors make decisions. This is because knowledge of investor decision processes is essential if the acco
22、untant is to know what information they need. The accounting reaction to securities market efficiency has been full disclosure, that is, the supplying of large amounts of information to help investors make their own predictions of future firm performance. The form of the disclosure does not matter i
23、t can be in notes, or in supplementary disclosures such as reserve recognition accounting and management discussion and analysis, in addition to the financial statements proper.From another perspective, the FASB issued a pronouncement addressing the usefulness of financial disclosures in Statement o
24、f Financial Accounting Concept (SFAC) Number 2. This authoritative pronouncement essentially defined the relevance of financial information in assisting the financial statement users to form their own understanding of financial events relative to their expectations. In addition to present events, th
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