Meta-Analisis Dari Dampak Adopsi Ifrs Pada Analyst Forecast Accuracy
Abstract
IFRS adoption in various countries has prompted research related to the regulatory changes impact. Different regulations can affect financial information quality. Accounting information function to analysts’ financial statements. The accounting information quality affected by the accounting standards adoption affects the analysts' forecasts. Researchers carried out research related to the IFRS adoption impact. However, we need to see the results of studies consistently to draw general conclusions. The purpose is to answer the IFRS adoption impact in general. The consistency of the results of this study can be proven by conducting a meta-analysis. The results of the heterogeneity test with CMA are 0.107 (p-value), meaning sampling error didn't occur and in the calculation of correlation analysis p-value was 0.353, which means IFRS adoption studies on analyst forecast accuracy were homogeneous. The meta-analysis results show that adopting IFRS has no impact on the accuracy of the analyst's forecasting results. Therefore, the implementation of IFRS which mostly changes the stanard is a policy change.
Keywords: Analysts Forecast Accuracy, IFRS, Meta-Analysis
References
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Akerlof, G. A. (1970). The Market for “Lemonsâ€: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, 84(3), 488–500.
Armstrong, C. S., Barth, M. E., Jagolinzer, A. D., & Riedl, E. J. (2010). Market reaction to the adoption of IFRS in europe. Accounting Review, 85(1), 31–61. https://doi.org/10.2308/accr.2010.85.1.31
Ball, R. (2006). International Financial Reporting Standards (IFRS): Pros and Cons for Investors. http://www.icaew.co.uk/cbp/index.cfm.
Barker, R., & Imam, S. (2008). Analysts ’ perceptions of ‘ earnings quality .’ Accounting and Business Research, 38(4), 37–41.
Barron, O. E., Byard, D., Kile, C., & Riedl, E. J. (2002). High-Technology Intangibles and Analysts ’ Forecasts. 40(2).
Barth, M. E., Kasznik, R., & McNichols, M. F. (2001). Analyst Coverage and Intangible Assets. Journal of Accounting Research, 39(1), 1–34.
Beaver, W. (1981). Financial reporting: An accounting revolution. Prentice-Hall.
Borenstein, M., Hedges, L. v., Higgins, J. P. T., & Rothstein, H. (2009). Introduction to meta-analysis. John Wiley & Sons.
Brown, P. (2011). International Financial Reporting Standards : what are the benefits? Accounting and Business Research, 41(3), 2011. https://doi.org/10.1080/00014788.2011.569054
Brüggemann, U., Hitz, J. M., & Sellhorn, T. (2013). Intended and Unintended Consequences of Mandatory IFRS Adoption: A Review of Extant Evidence and Suggestions for Future Research. European Accounting Review, 22(1), 1–37. https://doi.org/10.1080/09638180.2012.718487
Chalmers, K., Clinch, G., Godfrey, J. M., & Wei, Z. (2012). Intangible assets, IFRS and analysts’ earnings forecasts. Accounting and Finance, 52(3), 691–721. https://doi.org/10.1111/j.1467-629X.2011.00424.x
Cheong, C. S., & Al Masum, M. (2010). Financial analysts’ forecast accuracy: Before and after the introduction of Australian International Financial Reporting Standards. Australasian Accounting Business & Finance Journal, 4(3), 65–81.
Cotter, J., Tarca, A., & Wee, M. (2012). IFRS adoption and analysts’ earnings forecasts: Australian evidence. Accounting and Finance, 52(2), 395–419. https://doi.org/10.1111/j.1467-629X.2010.00392.x
Daske, H. (2004). Economic Benefits of Adopting IFRS or US-GAAP : Have the Expected Costs of Equity Capital really decreased? Working Paper Series: Finance & Accounting, 131.
Ernstberger, J., Krotter, S., & Stadler, C. (2008). Analysts’ Forecast Accuracy in Germany: The Effect of Different Accounting Principles and Changes of Accounting Principles. Business Research, 1(1), 26–53. https://doi.org/10.1007/BF03342701
Horton, J., Serafeim, G., & Serafeim, I. (2013). Does Mandatory Ifrs Adoption Improve. Contemporary Accounting Research, 30(1), 388–423.
Hunter, J. E., & Schmidt, F. L. (1990). Methods of Meta-Analysis: Correcting Error and Bias in Research Findings (2nd ed.). Sage.
Hunter, J. E., Schmidt, F. L., & Jackson, G. B. (1986). Meta-Analysis: Cumulating Research Findings Across Studies. Educational Researcher, 15(8), 20–21. https://doi.org/10.3102/0013189X015008020
Jiao, T., Koning, M., Mertens, G., & Roosenboom, P. (2012a). Mandatory IFRS adoption and its impact on analysts’ forecasts. International Review of Financial Analysis, 21, 56–63. https://doi.org/10.1016/j.irfa.2011.05.006
Jiao, T., Koning, M., Mertens, G., & Roosenboom, P. (2012b). Mandatory IFRS adoption and its impact on analysts’ forecasts. International Review of Financial Analysis, 21, 56–63. https://doi.org/10.1016/j.irfa.2011.05.006
Kim, S., Kim, N., & Kwon, K. (2016). Mandatory IFRS Adoption And Financial. The Journal of Applied Business Research, 32(5), 1387–1404.
Lang, M. H., & Lundholm, R. J. (1996). Corporate Disclosure Policy and Analyst Behavior. The Accounting Review, 71(4), 467–492.
Martinez, A. L., & Dumer, M. (2014). Adoption of IFRS and the Properties of Analysts’ Forecasts: The Brazilian Case. Revista de Contabilidade e Organizações, 8(20), 3. https://doi.org/10.11606/rco.v8i20.55459
Masoud, N. (2014). Libya’s IAS / IFRS Adoption and Accounting Quality : What Lessons from the European Union Experience. International Journal of Accounting and Financial Reporting, 4(1), 118–141. https://doi.org/10.5296/ijafr.v4i1.5477
Masoud, N. (2017). The effects of mandatory IFRS adoption on financial analysts’ forecast: Evidence from Jordan. Cogent Business and Management, 4(1), 0–18. https://doi.org/10.1080/23311975.2017.1290331
Pomeroy, B., & Thornton, D. B. (2007). Meta-Analysis and the Accounting Literature: The Case of Audit Committee Independence and Financial Reporting Quality.
Prieato, J., Brown, P., & Tarca, A. (2013). Mandatory IFRS and properties of analysts’ forecasts: How much does enforcement matter? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1499625
Ray, B. (2006). International Financial Reporting Standards (IFRS): Pros and Cons for Investors. Accounting and Business Research, September.
Rosenthal, R. (1993). Meta-Analytic Procedures for Social Research. In Meta-Analytic Procedures for Social Research. SAGE Publications, Inc. https://doi.org/10.4135/9781412984997
Rouhou, N. C., Douagi, W. B. M., & Hussainey, K. (2015). The effect of IFRS enforcement factors on analysts’ earnings forecasts accuracy. Corporate Ownership and Control, 13(1CONT2), 266–282. https://doi.org/10.22495/cocv13i1c2p5
Seng Cheong, C., Kim, S., & Zurbruegg, R. (2010). The impact of IFRS on financial analysts’ forecast accuracy in the Asia-Pacific region: The case of Australia, Hong Kong and New Zealand. Pacific Accounting Review, 22(2), 124–146. https://doi.org/10.1108/01140581011074511
Spence, A., & Kaun, D. E. (1974). Marketing Signaling: Informational Transfer in Hiring and Related Screen-ing Processes. Industrial and Labor Relations Review.
Velte, P. (2019). What do we know about meta-analyses in accounting, auditing, and corporate governance? Meditari Accountancy Research, 27(1), 17–43. https://doi.org/10.1108/MEDAR-03-2018-0317.
Published
2023-01-13
Section
Articles
