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Has Regulation G Improved the Information Quality of Non-GAAP Earnings Disclosures?
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- Authors
- Issue Date
- 2012-12
- Citation
- Seoul Journal of Business, Vol.18 No.2, pp. 95-145
- Keywords
- Non-GAAP (Pro-forma) Earnings ; Regulation G ; Sarbanes-Oxley Act of 2002 ; Strategic Disclosures ; Earnings Informativeness
- Abstract
- Based on hand-collected non-GAAP earnings disclosures from 2001 to mid 2004, this paper finds that firms with communication motives, proxied by historically low returns-GAAP earnings relation, are more likely to disclose non-GAAP earnings in the post-Reg G period than in the pre-Reg G period. In contrast, firms with opportunistic motives, proxied by GAAP loss and negative GAAP EPS changes, are less likely to disclose non-GAAP earnings in the post-Reg G period than in the pre-Reg G period. With additional test results, the findings of this paper appear consistent with Congress and the SECs intervention in pro-forma reporting practices resulting in improvements in the quality of information provided in non-
GAAP earnings disclosures.
- ISSN
- 1226-9816
- Language
- English
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