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The Development Of Voluntary Cash Flow Statements In Germany And The Influence Of International Reporting Standards

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Author Info
Christian Leuz

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Abstract

This paper studies the incentives of German firms to voluntarily disclose cash flow statements. Although cash flow statements have not been mandatory in Germany until recently, an increasing number of firms have voluntarily provided cash flow statements. These firms are likely to be influenced by recommendations of the German accounting profession, IAS 7, and the respective standards of other countries. This paper studies this influence by looking at the adoption pattern of the cash flow statement over time, and its format. It uses milestones in the evolution of German professional recommendations and respective international standards to chart the development of voluntary cash flow statements. The paper analyzes the cross-sectional determinants of voluntary (international) cash flow statements using probit regressions and factor analysis. The results support the idea that capital-market forces drive the disclosure of cash flow statements that conform with international reporting practice.

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Publisher Info
Article provided by LMU Munich School of Management in its journal Schmalenbach Business Review.

Volume (Year): 52 (2000)
Issue (Month): 2 (April)
Pages: 182-207
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Handle: RePEc:sbr:abstra:v:52:y:2000:i:2:p:182-207

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October. [Downloadable!] (restricted)
  2. Diamond, Douglas W, 1985. " Optimal Release of Information by Firms," Journal of Finance, American Finance Association, vol. 40(4), pages 1071-94, September. [Downloadable!] (restricted)
  3. Wagenhofer, Alfred, 1990. "Voluntary disclosure with a strategic opponent," Journal of Accounting and Economics, Elsevier, vol. 12(4), pages 341-363, March. [Downloadable!] (restricted)
  4. Wallace, R. S. Olusegun & Choudhury, Mohammed S. I. & Pendlebury, Maurice, 1997. "Cash flow statements: An international comparison of regulatory positions," The International Journal of Accounting, Elsevier, vol. 32(1), pages 1-22. [Downloadable!] (restricted)
  5. Verrecchia, Robert E., 1990. "Information quality and discretionary disclosure," Journal of Accounting and Economics, Elsevier, vol. 12(4), pages 365-380, March. [Downloadable!] (restricted)
  6. G K Meek & S J Gray, 1989. "Globalization of Stock Markets and Foreign Listing Requirements: Voluntary Disclosures by Continental European Companies Listed on the London Stock Exchange," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 20(2), pages 315-336, June. [Downloadable!] (restricted)
  7. White, Halbert, 1982. "Maximum Likelihood Estimation of Misspecified Models," Econometrica, Econometric Society, vol. 50(1), pages 1-25, January. [Downloadable!] (restricted)
  8. Verrecchia, Robert E., 1983. "Discretionary disclosure," Journal of Accounting and Economics, Elsevier, vol. 5(1), pages 179-194, April. [Downloadable!] (restricted)
  9. Christian Leuz, 1998. "Voluntary Disclosure of Cash Flow Statements and Segment Data in Germany," Working Paper Series: Finance and Accounting 21, Department of Finance, Goethe University Frankfurt am Main. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Christian Leuz & Jens Wüstemann, 2003. "The Role of Accounting in the German Financial System," CFS Working Paper Series 2003/16, Center for Financial Studies. [Downloadable!]
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