In this article we look at the possible relation between the IAS-IFRS, which promotes a present value, and use of net income enhanced by the application of these criterions. We are spread outing, to the Gallic and Tunisian context, the job of information content of the discretional constituent of accounting income in connexion with the application of IAS-IFRS.
On the footing of a sample of 120 firms-year observations, chosen from Tunisia, which uses national criterions based on the international one, and a sample of 120 firms-year observations selected from France, that adopted the IAS-IFRS since 2004, we studied the relationship of association between accounting variables and dividend outputs on one side and the impact of the usage of IAS-IFRS on discretional accumulations in on another side. In other words, we tried to analyse the advantages and disadvantages of the acceptance of IAS-IFRS.
The survey consequences show that the application of IAS-IFRS accounting criterions increases the information content of accounting Numberss. The published accounting variables explain at 33 % the dividend output. However, the acceptance of IAS-IFRS allows directors to exert their discretion to set the fiscal statements based on fortunes and certain demands. Directors believe that their intercession in gaining direction increases the credibleness of accounting information but besides increases the degree of discretional accumulations in the company. Among the 10 accounting variables selected in the theoretical account, the consequences show that five variables are manipulated and undergo a alteration.
Keywords. IAS-IFRS – ratios – dividend output – accumulations
Introduction
The fiscal statements published by companies to investors remain a beginning of insider information. Several empirical surveies have shown the being of an association between accounting variables and stock returns such as those of Daniel, Collins & A ; Kothari ( 1989 ) , Lev & A ; Thiagarajan ( 1993 ) , Beaver et Al. ( 1997 ) , Kothari et Al. ( 2003 ) and Bao ( 2004 ) . In add-on, some surveies have shown the high quality of the explanatory power of accounting income on other accounting figures ( Beaver et al. ( 1997 ) , Kothari et Al. ( 2003 ) and Bao ( 2004 ) ) . Other surveies are based on the utility and necessity of all the variables accounting criterions issued by the houses. In fact, each variable has its ain consequence explanatory Performance ( Ali & A ; Zarowin ( 1992 ) , Lev & A ; Thiagarajan ( 1993 ) , Chan & A ; Seow ( 1996 ) , Kothari ( 2001 ) , Hung & A ; Subramanyam ( 2004 ) ) .
However, all these surveies have led to what the difference between the economic value and the book exists and is existent. Reducing this spread is merely possible if all houses use the same accounting system and that system is based on the just value revelation of fiscal statements quality.
The IASB has established international criterions ( IAS-IFRS ) to guarantee, on one side, more comparison and transparence and the other, a better quality of fiscal statements. The constitution of such criterions by the IASB purposes at accomplishing harmonisation of accounting patterns between states. Harmonizing Nobe ( 1998 ) , IAS-IFRS can print fiscal statements that reflect the true image of the house, to protect the involvements of investors by carefully ciphering distributable net incomes and predict hereafter hard currency flows.
Some surveies have shown that differences between national accounting systems affect the importance and credibleness of accounting information ( Hung ( 2001 ) , Ali & A ; Hwang ( 2000 ) , Ball et Al. ( 2000 ) , Pope & A ; Walker ( 1999 ) , Joos & A ; Lang ( 1994 ) and Alford et Al. ( 1993 ) ) . Harmonizing to Gelard ( 1989 ) , it is necessary to follow an effectual process. This should non be a via media between systems frequently contradictory among themselves, but by a rational pick for the most effectual manner to make the end. He noted besides that we must non disregard the international character of the IAS-IFRS that may negatively impact some environments.
For other research workers, the planetary application of IAS-IFRS accounting criterions as admitted it would be hard to accomplish despite the benefits it can convey about the publication of fiscal statements with all the qualities required and sought by investors ( Chamber ( 1976 ) , Nobes ( 1995 ) and Hoarau ( 1995 ) ) .
In add-on, the IAS-IFRS are known by their flexibleness. In fact, they enable directors to exert their judgements to print consequences based on discretional marks ( Watts & A ; Zimmerman ( 1986, 1990 ) ) . They seek their intercession to beef up the information content of accounting figures in order to better inform the market about the chances of the house. Harmonizing to Healy and Wahen ( 1999 ) , the application of IAS-IFRS allows directors to exert their discretion to set the fiscal statements based on fortunes and certain demands. They believe that their intercession in the direction of consequences increases the credibleness of accounting information but besides increases the degree of discretional accumulations in the house.
Contrary to most published surveies on this topic in this article we look at the possible relation between the IAS-IFRS, which promotes a present value, and use of accounting consequences enhanced by the application of these criterions. In fact, in this paper, we extend, to the Gallic and Tunisian companies, the job of information content of the discretional constituent of accounting income in connexion with the application of IAS-IFRS.
A comparing of this context for Anglo-Saxon work is peculiarly interesting given the specificities French and Tunisian context.
The purpose of this paper is to analyze the virtues of these alterations in accounting systems in Tunisia and France and to analyse the impact of these determinations on the information content of fiscal statements on the one manus and on the fluctuation use of accounting consequences under IAS-IFRS, on the other. We chose to compare the patterns of public presentation direction in different contexts, two states with different accounting criterions, a developed state such as France and developing states such as Tunisia. Both states have chosen different contexts of accounting criterions and fiscal market. France offers a model based on international criterions and Tunisia provides a model for appropriate criterions at national degree.
Sing the environmental nature of the two states, our empirical attack is to mensurate the consequence of the IAS-IFRS and local GAAP on the information content of the discretional constituent of the consequence in France and Tunisia. This is done the two followerss stairss:
The first is based on the survey of the association relationship between stock returns and book values in two different fiscal constructions.
– The 2nd is the consequence of the usage of international criterions on the handling of the result of the exercising.
We used a sample of 120 Tunisian firms-year observations ( 2004-2007 ) , which uses national criterions based on international criterions. The Tunisian accounting system, which is compulsory since 1997, is adapted to its economic, legal and revenue enhancement environment.
In France, the passage to IAS has been spread over clip. The Gallic companies have bit by bit applied these fiscal criterions, until 2004, fiscal publications have made merely under Gallic GAAP in 2005, consolidation of histories harmonizing to criterions IFRS is optional, in 2006, companies must print their fiscal statements to IFRS in 2007, the international benchmark is the depository of applicable jurisprudence.
Given the demand to show a comparative exercising in the same accounting footing, the existent day of the month of passage to IFRS is January 1st 2004, which is the first twenty-four hours of the twelvemonth provided for comparing. We selected a sample of 120 Gallic firms-year observations ( 2004-2007 ) , which adopted the IAS-IFRS with everything that they allow flexibleness and multiple-choice left to concerns and their directors.
Our survey has three subdivisions: The first development literature and research hypotheses. The 2nd presents the methodological facets. The 3rd discusses the empirical consequences. In decision, we summarize the chief parts of this work.
1. Literature reappraisal and hypotheses:
1.1. Accounting informations and stock returns:
The issue of the utility of accounting information in decision-making in fiscal markets as a subject that has been widely debated in the larger Anglo-Saxon academic diaries since the late 1960ss. The first survey in this way was that of Ball & A ; Brown ( 1968 ) , it was chiefly intended to verify the information contained in the one-year net net incomes of a concern is utile to the stock market. Net income was selected as the research information of Ball & A ; Brown, accounting information most relevant to investors and fiscal analysts on that twenty-four hours and it provided a comparatively dependable information about the house ‘s future chances.
This research is based on accounting information contained in the studies certified by qualified hearers ( Daniel, Collins & A ; Kothari ( 1989 ) , Beaver et Al. ( 1997 ) , Kothari et Al. ( 2003 ) , Bao ( 2004 ) , Lev & A ; Thiagarajan ( 1993 ) ) . These research workers based in their analysis on two of import premises:
The accounting system in consequence provides accounting and fiscal informations to run into the multiple demands of investors and the full scope of users ( Ball 2006 ) .
To measure the value of the company if it allows a recovery closely related to that which appears in the reading classs in the stock market. This quality information helps bridge the fiscal world of the concern, as reflected in the histories of the world perceived by investors ( Herrman & A ; Wayne ( 1995 ) ) .
The bulk of these surveies were based on accounting informations published by companies that use the international theoretical account in maintaining their histories. Indeed, the IAS-IFRS are considered by some research workers as the most dependable accounting theoretical account ( Bernhen ( 1997 ) , Gelardi ( 1997 ) ) . The IASB is considered a beginning of inspiration and a benchmark for national criterion compositors, and besides holds a really of import function, which entirely justifies its being because it is the lone planetary organisation of accounting where many civilizations rub. He added that the IASB is a organic structure of rules for big transnational publically traded and that its criterions should non be applied straight in the states holding no national criterions organic structure.
Guerreiro & A ; Rodrigues ( 2008 ) studied the consequence of the application of IAS-IFRS in the Portuguese context, it is clear from their analysis that states be aftering to follow the IAS-IFRS must fix and take all legal safeguards, revenue enhancement, commercial, scrutinizing and accounting. Indeed, the acceptance of these international criterions will alter non merely the system of standardisation but besides all the related subjects.
Harmonizing to Yalkin et Al. ( 2005 ) , the acceptance of IAS-IFRS by Bankss and listed companies in Turkey, since January 2005, provides information comparable with international houses. The writers add that application of IAS-IFRS can be spread in the hereafter, to other establishments.
Unlike Bernhen ( 1997 ) and Yalkin et Al. ( 2005 ) , Bhimani ( 2008 ) shows, in a survey that the solution to the crisis lies non merely in the acceptance of IAS-IFRS. The acceptance of these criterions is non the logical solution to run into the demands of operators and to confront the challenges posed by the crisis. Bhimani ( 2008 ) explains that international dealingss, globalisation, trade and national economic growing should organize substructure for legitimate international accounting criterions.
In the same current of thoughts, Nobe ( 2009 ) shows that there is a important difference between national accounting criterions and international 1s. The bases and measurement rules of accounting variables in the two systems differ, which makes their pertinence hard in the rough.
For Glaum ( 2000 ) , Leuz & A ; Verrecchia ( 2000 ) and Dumontier & A ; Raffournier ( 1998 ) , the acceptance of IAS-IFRS significantly improves the information content of accounting and fiscal information published by companies.
Harmonizing to Aboody et Al. ( 1999 ) , the consequence of using the “ just value ” is well higher than historical cost because the capital and other fiscal instruments are measured at market value, which increases the correlativity between accounting income and stock returns.
For Cormier & A ; Magnan ( 2005 ) , the comptroller must get cognition and superior accomplishments and this, to understand the concern context and hold on the hereafter after the passage from national criterions to the international 1s. Similarly, Carmona & A ; Trombetta ( 2008 ) see the IAS-IFRS as the footing for the success of the procedure of accounting harmonisation, but it still seems far from accomplishing the degree of comparison of steps of fiscal and accounting information between states ( Tort 2005 ) . Ball ( 2006 ) considers, for its portion, the economic value or market value is boundlessly more enlightening than the book value.
For Boukari & A ; Richard ( 2007 ) , the passage to new accounting criterions lead to lower equity and higher fiscal liability. This is due to the reappraisal of the redemption of portions of the minority who are considered by Gallic criterions as liabilities. Boukari & A ; Richard ( 2007 ) add that the net consequence has been more strongly influenced by the passage to IAS-IFRS and other accounting systems reviewed by the survey. The same survey shows that despite positive alterations in consequences of companies listed after the debut of IAS-IFRS, a weak reaction of Gallic fiscal markets is felt following the publication of the accounting figures of the passage.
Heverals ( 2007 ) presented a survey on the impact of the acceptance of IAS-IFRS on the revenue enhancement base of Belgian companies. Indeed, among the aims of the acceptance of these criterions by the EEC, it is necessary to hold a common revenue enhancement base for each sector between the member states. His survey shows that the impact of the usage of these criterions in ciphering the revenue enhancement base is really broad and varies from one sector to another. Some sectors, like building and cars, pay much higher revenue enhancements than others. In general, the debut of IAS-IFRS in the readying of fiscal statements increases significantly the revenue enhancement base for all sectors.
Milot ( 2005 ) has suggested the usage of IAS-IFRS in the populace sector. Although, commercial and for-profit companies used these criterions, they can be adapted to the populace sector as they can give a clearer image on costs and grosss of these entities. They besides control their societal duties and their traffics with other public and private entities ( Toms 2002 ) ) .
Harmonizing to Blanco et Al. ( 2004 ) , the acceptance of IAS-IFRS by the US companies will non except GAAP ( General Accepted Principal Accountant ) . In fact, his comparative survey between the two poles of accounting regulations shows that the IAS-IFRS and GAAP converge and are even complementary ( Colasse ( 1997 ) ) . Harmonizing to the above-named surveies, we can explicate the undermentioned premises:
H1a: The acceptance and / or version of IAS-IFRS will increase the information content of dividends.
H1b: The acceptance and / or version of IAS-IFRS will increase the information content of fixed assets, turnover and liabilities.
H1c: The acceptance and / or version of IAS-IFRS will increase the information content of the net incomes.
H2: The accounting variables set harmonizing to local GAAP have an enlightening consequence below those established by international criterions.
1.2. Accounting information and net incomes use:
Harmonizing to the surveies of association, earning is considered as the most used accounting variable in analyzing the relationship between book value and economic value. This consequence is composed of two parts:
Some dependable portion matching to incoming and surpassing fiscal flows documented.
And another portion called “ accumulations ” , which characterizes the accrual accounting.
These accumulations allow the rule of fiting costs with grosss in ciphering the earning of the current twelvemonth. However, these accumulations may go capable to use and accommodation of net income by the direction. Part of manipulated accumulations is called the discretional accumulations.
These accommodations can be made utilizing different sorts of procedures, referred to as natural ( Blanco et al. ( 2004 ) , Heverals ( 2007 ) ) and institutional ( Ashbaugh & A ; Pincus ( 2001 ) , Santella & A ; Turrini ( 2008 ) ) .
Taking into history the discretional constituent in the relationship between stock returns and accounting informations in an environment utilizing the IAS-IFRS is a comparatively new job and has become the topic of some new research, particularly after the last economic crisis.
The grounds for gaining direction are many and surveies have addressed this topic are of import. However, we focus on surveies associating the impact of these uses on the relationship public presentation – accounting variables.
Ball et Al. ( 2003 ) and Tendeloo & A ; Vanstraelen ( 2005 ) showed in their surveies that the informational quality of accounting information depends on the grade of version of accounting criterions to the state ‘s economic environment.
Ashbaugh & A ; Pincus ( 2001 ) went even further and concluded that the usage of IFRS may increase or worsen to print the net incomes, changing the information content of accounting and fiscal informations.
In the same current of thoughts, Tort ( 2006.a, 2006.b, 2006.c and 2007 ) confirmed the being of a eventuality of the accounting policy of listed companies studied in the context of passage to IFRS amalgamate histories. He added that these companies adopt different trading schemes to IFRS while incorporating structural and external restraints in these schemes in order to set their accounting policy revelation. He besides confirmed the consequences of Tendeloo & A ; Vanstraelen ( 2005 ) , Stolowy & A ; Breton ( 2003 ) who considered that the passage to IFRS helps pull offing accounting informations by corporations and more specifically gives entree to the information of amalgamate balance sheet.
For Santella & A ; Turrini ( 2008 ) , the distribution of dividends computed on the footing of IAS-IFRS may take to unrealistic net incomes and unfair enrichment. Using these criterions as the footing for accounting generates alterations in the traditional accounting methods and mechanisms.
Aussenegg et Al. ( 2009 ) chose to analyze the degree of net incomes direction by replacing the local GAAP with IAS-IFRS, for 15 European states utilizing a sample of over 18,000 firms-years observations. The consequences of their survey show that states belonging to the German legal system and some states belonging to the Gallic legal system see a important diminution in public presentation direction of their concerns compared to their opposite numbers that use local GAAP. These consequences are non confirmed in the state following a statutory English and other Northern European states. In these two parts, the writers found that companies managing more than their consequences after the acceptance of IAS-IFRS. Aussenegg et Al. ( 2009 ) add that the “ clip factor ” and “ size of the house ” had no important consequence on the degree of net incomes direction. However, turning companies promote a high degree of use of consequences.
In their survey, Aussenegg et Al. ( 2009 ) tested four hypotheses:
Companies that adopted IAS-IFRS are non engaged in gaining direction more than those utilizing local GAAP.
Turning companies tend to prosecute more earning direction.
Companies with important hard currency flows have fewer gaining direction.
Companies with important fiscal power tend to hold more earning direction.
Based on the usage of discretional accumulations to stabilise the value of the result of the exercising, LaPointe et Al. ( 2006 ) studied in the context of Switzerland, the consequence of the usage of accumulations on the consequence set on the footing of IAS-IFRS, US GAAP and Swiss criterions. Their survey shows that Swiss houses use discretional accumulations to stabilise consequences. They add that the value of these consequences lessenings when calculated on the footing of IAS-IFRS or U.S. GAAP. This shows that the acceptance of IAS-IFRS accounting intervention negatively affects the handling of the consequences of exercisings.
Harmonizing to Lapointe et Al. ( 2006 ) , the construction of the accounting system of Switzerland is favourable to prosecute companies in gaining direction. This system gives the Swiss companies the pick of measuring method and does non enforce many regulations and criterions of substance ( Achleitner ( 1995 ) and Raffournier ( 1995 ) ) . International criterions let companies to present users with more elaborate information. To take advantage of the transparence and quality of this information, the Swiss fiscal market demand, hence, to listed companies to print fiscal statements prepared on the footing of IAS-IFRS. The intent of this recommendation is to keep the assurance of investors and stockholders who find it hard to hold information that assist them in doing their determinations, when fiscal statements prepared on the footing of Swiss GAAP.
Using the attack of the information content, Wang & A ; Williams ( 1994 ) , Michelson et Al. ( 1995 ) and Subramanyam ( 1996 ) showed that there is a relationship of positive association between income stableness measured and stock returns. Using the attack of the relevancy of accounting consequences, Habib ( 2004 ) found that the stableness of income contributes to the diminution in relevancy. From this literature we can explicate the undermentioned premises:
H3a: The usage of discretional accumulations is positively associated with the value of stockholders ‘ equity and fixed assets in companies that adopt IAS-IFRS.
H3b: The usage of discretional accumulations is negatively associated with the value of liabilities in houses that adopt IAS-IFRS.
H4: Both houses that adopt GAAP and IAS-IFRS manage their net incomes.
2. Methodological facets:
2.1. Sample:
This survey is based on a sample of 120 Tunisian firms-year observations, which uses national criterions and a sample of 120 Gallic firms-year observations, which adopted the IAS-IFRS since 2004. We eliminated from the two by fiscal houses and other companies with sector based accounting regulations. Our pick of the period from 2004 to 2007 is justified by the entry into application of IAS-IFRS by Gallic companies.
2.2. Accounting and Fiscal Variables:
Following the interviews conducted and the accounting and fiscal information collected yearly from Tunisian listed houses, we can split the operations in the past four fiscal old ages ( 2004-2007 ) , object of survey in two sets. The first set, related to the cyclical or current operation, can insulate individual constructs related to concern activity: Employee turnover, value added, runing excess, runing resources. The 2nd, which considers aggregative behaviour, takes into history non merely the operating maps, but other maps related to external growing, portfolio direction, debts and hard currency direction, etc. This allows the survey of different ratios related to the fiscal construction, borders and overall income and funding.
Among these ratios, 10 were selected in our survey. They are the cardinal points of the analysis made by fiscal analysts ( Baccouche & A ; Nafti ( 2007 ) ) , when the debut of the company stock, or, after its debut.
Table 1: Selected accounting variables
Variables
Nature of Each Variable
V1
Dividend per Share
V2
Customers Turnover: Employee turnover / Customers
V3
Assetss Turnover: Employee turnover / Fixed Assetss
V4
Equity Employee turnover: Employee turnover / Equity
V5
Non-Current Liabilities / Equity
V6
Non-Current Liabilities / Net incomes
V7
Equity / Net Fixed Assetss
V8
Performance: Net incomes / Employee turnover
V9
Net incomes / Equity
V10
Gross net income / Employee turnover
The output per portion for a period of clip T can be expressed as follows:
Pit is the value of investing at get downing of the period
P it+1 is the value of this investing at terminal of the period
Dit is dividends paid during the period
datt represents the rights of ascription
dsous represents the rights of subscription.
2.3. Models of the survey:
2.3.1. Model of the relationship of yield-accounting variables association:
Empirical proof of the relationship dividend yield-accounting variables requires to mensurate at a given day of the month the relationship between the Yit value or dividend output Rit for the house I and one or more accounting variables intended to reflect the ability of the house to make wealth and pay dividends:
Yit = i??0 + i??1 VC1it + i??2 VC2it + i??3 VC3it + i??4 VC4it + i??5 VC5it + i??6 VC6it + i??7
VC7it + i??8 VC8it + i??9 VC9it + i??10 VC10it + i?µi + i??t
With:
Yit represents the dividend output
VCkit represents the accounting variable K published by the company ( I ) at the day of the month ( T )
i?µi represents the companies specific effects
i??t is the error term
The R2 of the arrested developments provide grounds of the strength of the relationship between the degree or alterations in portion monetary value and accounting Numberss. Most surveies have chosen the lone book income as a forecaster of profitableness or market value of the company, though it shows instead hapless public presentation and that its coefficient of finding is low. The theoretical account developed and tested in the survey of Beaver et Al. ( 1997 ) aims to mensurate the relationship between alterations in portion monetary value and those of book net incomes. The advantages of such a survey can be summarized as follows: all the alternate appraisal processs, which are aimed at cardinal issues of placing variables, are developed and tested. In add-on, the remarks about the weak relationship ( R2 ) found by old surveies are placed in a different position. Harmonizing to this survey, the benefits may alter for grounds that have no relation to the monetary value alteration, and the portion monetary value may besides alter due to the being of events, which have no relation with accounting net incomes. Finally, monetary values and net incomes are two endogenous variables.
Kothari et Al. ( 2003 ) used, as the instance of several other researches, net incomes as a benchmark in relation to dividend output – net incomes. The specificity of their survey lies in the fact that it is based on the aggregative net incomes ( aggregative net incomes intelligence ) . Harmonizing to this survey, the relationship dividend output – net incomes is significantly different in the instance of sum informations.
2.3.2. Models of accumulations and accounting variables:
2.3.2.1. Measuring discretional accumulations:
The step of the grade of public presentation direction used in our survey is the absolute value of discretional accumulations ( AbDA ) . The appraisal of discretional accumulations will be realized based on the theoretical account of Jones ( 1991 ) and on the theoretical account of Subramanyam ( 1996 ) . However, to gauge discretional accumulations, it must foremost find the entire sum of accumulations for each house and each twelvemonth. Due to deficiency of fiscal informations for the application of the attack based on the balance sheet, we will utilize the hard currency flow attack to cipher entire accumulations in conformity with JeanJean ( 2001 ) research.
The entire accumulations ( TAit ) are calculated as the difference between the net consequence of a twelvemonth ( NRit ) and hard currency flows generated by the activity of the company during the same period ( CFEit ) .
TAit = RNit – CFEit
With
TAit: The entire accumulations of the house I in twelvemonth T
NRit: The net incomes of the house I in twelvemonth T
CFEit: The operations hard currency flow of the house I in twelvemonth T
TAit = DAit + NDAit
With
TAit: The entire accumulations for the house I in twelvemonth T
DAit: The discretional accumulations of the house I in twelvemonth T
NDAit: The non-discretionary accumulations of the house I in twelvemonth T
The theoretical account is as follows:
TAit / Ait-1 = I±1 ( 1 / Ait-1 ) + I± 2 ( ( I”CAit – I”CREit ) / Ait-1 ) + I± 3 ( IMMOit / Ait-1 ) + Iµit
With
TAit: entire accumulations in period T for house I
I”CAit: Change in turnover between T and t-1 for house I
I”CREit: Change in receivables between T and t-1 for house I
IMMOit: gross non-financial fixed assets in twelvemonth T for house I
Ait-1: Entire Assetss at terminal of period t-1 for house I
2.3.2.2. Model of the association relationship accruals-accounting variables:
The multivariate analysis is used to gauge the coefficients of the arrested development theoretical account. First, this theoretical account allows us to show the association relationship between accounting variables ( based on the international theoretical account ) and discretional accumulations. Second, it can analyse the same relationship between the accounting variables ( based on local GAAP ) and discretional accumulations.
DAit = I?0 + I?1V1it + I?2V2it + I?3V3it + I?4V4it + I?5V5it + I?6V6it
+ I?7V7it + I?8V8it + I?9V9it + I?10V10it + eit
With
DAit: discretional accumulations ( in absolute value ) .
VC k it represents the variable sum K ( figure or ratio ) published by the company ( J ) the day of the month ( T ) .
i??it represents the error term.
3. Consequences of panel informations:
3.1. The information content of accounting informations:
The independent variables were introduced to the theoretical account one by one. We eliminated non-significant variables and holding no information content on public presentation. In fact, for the consequences of the arrested development between stock returns and accounting variables to be valid and explainable, it must non present any variables into the theoretical account at the same time, and this, to guarantee that the debut of a variable has no consequence on the relationship of another variable with public presentation. The debut of all variables at the same clip to the theoretical account may hide a relationship of some variables with the public presentation because of the greater consequence of the first variable.
3.1.1. The relationship between dividends, public presentation and output:
3.1.1.1. Case of Tunisia:
The acceptance by Tunisia, since 1997, of an accounting system based on the International 1 is a first measure towards effectual acceptance of international criterions. The conceptual model of the Tunisian accounting system includes constructs that are really near to that of the IASB.
The production quality of accounting information is regarded as one of the of import issues in accounting and is appreciated for its ability to run into the demands of users.
The consequences of the panel informations are obtained on the footing of estimations based on the fixed theoretical account ( fixed consequence ) and based on the Hausman trial which has a chi2 value of 4,25 with prob & gt ; chi2 equal to 0.043. This means that the hypothesis is accepted and corr ( ui, V ) = 0. This is a requirement for the GLS ( Generalized Least Squares ) is BLUE ( Best Linear Unbiased Estimator ) and more convergent ( if N tends to a?z , a tends to a ) .
Table 2: Arrested development Consequences: informational content of the dividend per portion and public presentation
Model A: Yieldit = a0 + a1 divit + i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.58
2.54
0.013*
V1
-0.36
-2.06
0.043**
Adjusted RA? : 6 %
Model B: Yieldit = a0 + a1 divit + a2 earnings/turnoverit + i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.516
2.22
0.03**
V1
-0.36
-2.11
0.039**
V8
0.74
1.64
0.1***
Adjusted RA? : 10 %
Significant at: *1 % , **5 % and ***10 % ( *** ) .i?µi represents the specific effects.
These consequences show that the variable chosen, V1 ( dividend per portion ) explains the market return at 6 % . It is a reasonably low rate, but considered as interesting in a arrested development performed on a figure of observations of 120 ( 30 companies observed over 4 old ages ) .
Most empirical surveies in this way have proved the world of the being of a correlativity between these two types of variables ( accounting and economic ) with per centums that differ from one survey to another ( Ball & A ; Brown ( 1968 ) , Toms ( 2002 ) , Cheng ( 2005 ) and Bao ( 2004 ) ) . The dividend is for the Tunisian investor an of import end. It is the consequence of its investing in companies and a valuable portion of the net incomes.
Some surveies have shown that net incomes, dividends and equity are the most utile accounting information to the terminal users ( Cheng ( 2005 ) , Toms ( 1998 ) , ( 2002 ) , William et Al. ( 1997 ) ) .
The debut of the variable V8 ( earnings/turnover ) the theoretical account increases the adjusted R2 from 6 % to 10 % . The rate remains rather low but the growing shows the importance of the V8 variable in explicating the fluctuation in public presentation ( Lev & A ; Thiagarajan ( 1993 ) ) .
The importance of public presentation ratio ( Haller & A ; Schlobgang ( 2005 ) ) , in doing investing determinations, is the importance of its constituents viz. , net incomes and turnover, which are indispensable in the apprehension of the internal direction of corporate resources.
The empirical analysis of Ou & A ; Penman ( 1989a and B ) , Lev & A ; Thiagarajan ( 1993 ) and Abarbanell & A ; Bushee ( 1997 and 1998 ) show that the fluctuation of turnover, alterations in equity and alteration in gross border are strongly associated and correlated to the public presentation of market returns and aid in the rating of future net incomes.
3.1.1.2. Case of France:
The European ordinance of July 19, 2002, by necessitating houses making initial public offering to show their amalgamate histories under IFRS, chiefly aims at guaranting greater transparence in accounting. Indeed, the presentation of the histories of these companies harmonizing to harmonized criterions facilitates the apprehension and particularly the comparing to the European degree.
The acceptance of IFRS will necessitate profound calculating accommodations, both in big groups and in SMEs. The alteration in accounting criterions that all companies, will see will transform the operating of fiscal markets of companies and economic systems on the one manus, and the readying of histories, on the other manus. Less publicized to the general populace than the passage to the euro, the alteration to IAS/IFRS criterions will hold much impact. The chief aim is to reconstruct the lucidity of the companies histories, investors assurance in capital markets, undermined in the past five old ages by repeated dirts and the detonation of corporate debt.
Two new accounting rules are added:
Primacy of the economic sciences over the legal: the histories must give a true and just position of the company and its assets
Relative importance: information should be included in the notes ( frequently called notes to the fiscal statements or foot-notes ) where it can act upon the hereafter picks of users.
The reappraisal of fiscal statements of listed Gallic companies has allowed us to cipher a figure of ratios and prove the explanatory power of these variables. Since the debut of IAS-IFRS purposes to retrieve the assurance of investors and supply a steadfast footing for their determinations, the explanatory power of accounting information should increase and should make the appropriate degree ( over 30 % of dividend output ) .
Table 3: Arrested development Consequences: informational content of dividends per portion and public presentation
Model C: Yieldit = a0 + a1 divit + i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.04
8.94
0.000*
V1
0.01
2.41
0.016*
Adjusted RA? : 4.1 % ;
Model D: Yieldit = a0 + a1 divit + a2 earnings/turnoverit + i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.04
-0.87
0.382
V1
0.01
2.43
0.015*
V8
-0.036
7.66
0.000*
Adjusted R A? = 5.6 % ;
Significant at: *1 % , **5 % and ***10 % ( *** ) .i?µi represents the specific effects.
The consequences in Table 3 show that the dividend per portion variable explains at 4 % THE dividend output in the Gallic context. This shows that investors do non trust in their determinations on THE distributed dividends. They focus more on the future chances of the house and its development undertakings.
The selected variables ( V1 ( dividends per portion ) and V8 ( earnings/turnover ) ) explain the dividend output at 5.6 % . The adjusted R2 calculated is different from nothing, which proves the being of a relationship between these variables and the public presentation ( Kam, Chan and Seow ( 1996 ) , William et Al. ( 1997 ) , Toms ( 1998 ) and ( 2002 ) , Bao ( 2004 ) and Cheng ( 2005 ) ) . Dividend per portion ( V1 ) is a decisive accounting variable in explicating the fluctuation in public presentation. The variable V8 has a market return of explanatory content, although its coefficient is negative ( Nafti & A ; Baccouche ( 2007 ) ) . These consequences show that the premise H1a is non verified.
3.1.1. Relationship between the turnover, assets, debts and public presentation:
3.1.1.1. Case of Tunisia:
The add-on of the variable V10 ( Gross profit/turnover ) had no consequence on the information content of accounting informations in the context of Tunisia ( The adjusted R2 is 10 % , Table 4 ) . Tunisians Investors are more interested in cognizing their dividends ; they are non acquiring adequate information about the internal operation of the company.
Although the variable V3 ( assets turnover ) has a negative coefficient and insignificant, it has helped to increase the information content of accounting figures from 10 % to 12 % . Fixed assets are an of import subject in the fiscal statements of Tunisian companies. These are required to maintain gait with engineering that creates a partnership relation between assets turnover and market return. This relationship is hidden by other qualitative or quantitative factors related to economic conditions that characterized the Tunisian fiscal market. The debut of the variable V6 ( non current liabilities / net incomes ) has no important consequence on the relationship of association between accounting informations and stock returns.
3.1.1.1. Case of France:
First, the coefficient of the variable V10 ( Gross profit/turnover ) is negative and important ; it contributes to increase the information content of accounting figures from 5.6 % ( Table 3 ) to 15 % ( Table 5 ) . The debut of IAS-IFRS allows investors to acquire information closer to economic world. Investors are interested in information related to the internal operations of the house and its development.
Second, the debut of the variable V3 ( assets turnover ) in the theoretical account increases the adjusted correlativity RA? from 15 % to 25 % . This growing demonstrates the importance of the V3 variable in explicating the fluctuation in output. It is a derived variable based on values really near to those of the market, since the assets are presented in fiscal statements to their true values. This consequence proves the high quality of historical grounds about those in decision-making. ( Maghraoui & A ; Dumontier ( 2006 ) , Glaum ( 2000 ) , Leuz & A ; Verrecchia ( 2000 ) , Dumontier & A ; Raffournier ( 1998 ) and Aboody et Al. ( 1999 ) ) .
Finally, the debut of the variable V6 ( non current liabilities / net incomes ) to the theoretical account increases the coefficient of correlativity of 25 % to 33 % . This consequence shows that the existent degree of debt may hold information content and can therefore assist decision-making and apprehension of the debt policy followed by the company ( Boukari & A ; Richard ( 2007 ) ) .
These consequences show that the premise H1b is verified in the Gallic context but non in the Tunisian 1.
Table 4: Arrested development Consequences: informational content of operating income/sales, belongings and debts
Model E: Yieldit = a0 + a1 divit + a2 earnings/turnoverit + a3 Gross profit/turnoverit + i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.49
2.06
0.043
V1
-0.36
-2.07
0.042**
V8
0.66
1.4
0.167
V10
0.14
0.59
0.55
Adjusted RA? : 10 % ;
Model F: Yieldit = a0 + a1 divit + a2 earnings/turnoverit + a3 Gross profit/turnoverit + a4 assets turnoverit + i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.52
2.22
0.03
V1
-0.33
-1.93
0.058**
V8
0.7
1.47
0.14
V10
0.15
0.61
0.54
V3
-0.004
-1.3
0.2
Adjusted RA? : 12 % ;
Model G: Yieldit = a0 + a1 divit + a2 earnings/turnoverit + a3 Gross profit/turnoverit + a4 assets turnoverit + a5 non current liabilities / earningsit + i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.53
2.22
0.03
V1
-0.33
-1.93
0.05**
V8
0.6
1.17
0.24
V10
0.14
0.55
0.58
V3
-0.004
-1.28
0.2
V6
0.004
0.44
0.66
Adjusted R A? : 12 % ;
Significant at: *1 % , **5 % and ***10 % ( *** ) .i?µi represents the specific effects.
3.1.3. The relationship between net income and output:
3.1.3.1. Case of Tunisia:
The consequences of the theoretical account K show that the debut of other variables in the theoretical account increased their information content although some variables have no important coefficients. However, they may hold a hidden behind the other variables whose coefficients are more important. From the consequences in Table 6, it can be concluded that the accounting informations of Tunisian companies explain at 16 % the output. The variables whose coefficients are the most important are dividends per portion ( V1 ) , the assets turnover ( V3 ) and equity/net fixed assets ( V7 ) .
The survey of ratios, which include fixed assets ( V3 and V7 ) , allows the investor to see whether the company has new or old fixed assets and if it is possible to maintain up with the high evolving engineering and happen the necessary financess to finance them.
O ‘Connor ( 1973 ) regressed the dividend output on several accounting variables. He found five ratios that can explicate more than 32 % of the market value of the houses in his sample.
The accounting informations in fiscal statements of listed Tunisian companies, prepared in conformity with the accounting system of 1997, inspired by international criterions, have low information content and their association relationship with the output is rather low. However, we can non disregard the being of this relationship.
Harmonizing, Ball et Al. ( 2003 ) and Tendeloo & A ; Vanstraelen ( 2005 ) , the informational quality of accounting information depends on the grade of version of accounting criterions to the economic environment of the state. For Ashbaugh & A ; Pincus ( 2001 ) , IFRS may heighten direction to print the consequences, changing the information content of accounting and fiscal informations.
Table 5: Arrested development Consequences: informational content of operating income/sales, belongings and debts
Model H: Yieldit = a0 + a1 divit + a2 earnings/turnoverit + a3 Gross profit/turnoverit + i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.06
8.4
0.000*
V1
0.006
1. 71
0.094**
V8
0.06
1
0.323
V10
-0.2
-2.49
0.016*
Adjusted RA? : 15 % ;
Model I: Yieldit = a0 + a1 divit + a2 earnings/turnoverit + a3 Gross profit/turnoverit + a4 assets turnoverit + i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.078
8.32
0.000*
V1
0.006
1.9
0.062**
V8
0.07
1.13
0.262
V10
-0.27
-2.8
0.007*
V3
-0.005
-2.66
0.01***
Adjusted RA? : 12 % ;
Model J: Yieldit = a0 + a1 divit + a2 earnings/turnoverit + a3 Gross profit/turnoverit + a4 assets turnoverit + a5 non current liabilities / earningsit + i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.07
8.07
0.000*
V1
0.006
1.95
0.056**
V8
0.06
1
0.3
V10
-0.17
-2.25
0.029**
V3
-0.004
-2.41
0.019**
V6
-0.004
-2.58
0.013**
Adjusted R A? : 12 % ;
Significant at: *1 % , **5 % and ***10 % ( *** ) .i?µi represents the specific effects.
Table 6: Arrested development Consequences: information content of all theoretical account variables
Model K: Yieldit = a0 + a1 V1 + a2 V2 + a3 V3 + a4 V4 + a5 V5 + a6
V6 + V7+ a8 V8+ a9 V9 + a10 V10+ i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.74
2.53
0.014*
V1
-0.34
-1.91
0.061**
V2
0.004
1.07
0.288
V3
-0.02
-1.6
0.11***
V4
-0.024
-0.27
0.788
V5
0.067
0.3
0.76
V6
0.0035
0.38
0.7
V7
0.0014
1.33
0.18***
V8
0.64
1.17
0.246
V9
0.06
0.36
0.7
V10
0.14
0.56
0.59
Adjusted R A? : 16,2 % ;
Significant at: *1 % , **5 % and ***10 % ( *** ) .i?µi represents the specific effects.
3.1.3.2. Case of France:
Harmonizing to the consequences obtained by the arrested development theoretical account of accounting variables to dividend output of Gallic companies, which have adopted the IAS-IFRS, the information content of accounting variables is important ( Boukari & A ; Richard ( 2007 ) ) .
The consequences of theoretical account L show that the coefficients of variable V8 ( public presentation ) , which measures the public presentation of the company, and variable V9 ( earnings/equity ) , which measures the return of the company ‘s ain resources are important. Based on these findings the hypothesis H1c is verified in the Gallic context and non in the Tunisian.
Table 7: Arrested development Consequences: information content of all theoretical account variables
Model L: Yieldit = a0 + a1 V1 + a2 V2 + a3 V3 + a4 V4 + a5 V5 + a6
V6 + V7+ a8 V8+ a9 V9 + a10 V10+ i?µi + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.08
6.2
0.000*
V1
0.004
1.54
0.1***
V2
-0.002
-0.99
0. 327
V3
-0.005
-1.66
0. 1***
V4
-0.005
-0.12
0.9
V5
-0.004
-1.24
0.22
V6
-0.001
-2.75
0.008*
V7
-0.004
-0.79
0.433
V8
-0.11
-1.85
0.07**
V9
0.04
1.78
0.07**
V10
-0.02
-0.48
0.6
Adjusted R A? : 16,2 % ;
Significant at: *1 % , **5 % and ***10 % ( *** ) .i?µi represents the specific effects.
Table 8: sum-up of the relationship between accounting and economic variables
Gallic Model
Tunisian Model
V1 Dividend per portion
Ten
Ten
V2 Rotate clients: turnover / clients
–
–
V3 Rotation assets: turnover / fixed assets
Ten
Ten
V4 rotary motion equity: turnover / equity
–
–
V5 Non-current liabilities / Equity
–
–
V6 Non-current liabilities / net incomes
Ten
–
V7 Equity / Net fixed Assetss
–
Ten
V8 earnings/ turnovers: Performance
Ten
–
V9 net incomes / Equity
Ten
–
V10 Gross net income / turnover
–
–
Adjusted RA?
30 %
16 %
In decision, the accounting variables, in the Gallic context, established in conformity with IAS-IFRS, explain at 33 % of the fluctuation in dividend output ( Emstberger & A ; Vogler ( 2008 ) ) . These consequences clearly show that the association relationship between dividend output and accounting informations is more clear in the fiscal statements of Gallic companies ( Cormier & A ; Magnan ( 2005 ) ) . The accounting variables in the Tunisian context, explain the fluctuation in public presentation with 16 % . We can reason that the hypothesis H2 is verified. Therefore, the accounting information prepared under local GAAP have less information content than those prepared under IFRS.
3.2. Impact of IAS-IFRS on the use of accounting information:
The theoretical account coefficients of entire accumulations ( TA ) are estimated utilizing the modified Jones theoretical account. The appraisal of these coefficients enabled us to cipher the non-discretionary accumulations ( NDA ) . By cut downing the NDAs of TA we obtain discretional accumulations ( DA ) .
DAit = TAit – NDAit
With:
TAit: The entire accumulations for house I in twelvemonth T
DAit: The discretional accumulations of house I in twelvemonth T
NDAit: The non-discretionary accumulations of house I in twelvemonth T
3.2.2. The instance of France: Arrested development consequences of discretional accumulations to accounting variables:
The scrutiny of the correlativity matrix ( Appendix 1 ) allows us to observe a important correlativity relationship between variables V10 ( Gross profit/turnover ) and V8 ( public presentation ) . This consequence leads us to extinguish these two variables from the theoretical account to avoid holding a colored theoretical account.
Recall that the aim of our survey is to analyze the adequateness of accounting system alteration in Tunisia and France and to analyse the impact of these determinations on the fiscal statements information content foremost, and secondly the alteration of net incomes use under IAS-IFRS. To analyse this impact, we have tried to happen an association relationship between discretional accumulations and accounting variables in the context of Tunisia and France. This reflects this discretional constituent in the relationship between stock returns and accounting informations in an environment utilizing the IAS-IFRS.
Table 10: Arrested development consequences of DA to accounting variables
Model M: i??DAiti?? = a0 + a1 divit + a2 turnover/customersit + a3 rotary motion assetsit + a4 rotary motion equityit + a5 non current liabilities/equityit + a6 non current liabilities / earningsit + a7 equity/net fixet assetsit + a8 earnings/equityit + i?µ I + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.131
3.89
0.000
V1
0.004
-0.44
0.66
V2
-0.003
-0.55
0.58
V3
0.012
1.83
0.067 **
V4
-0.014
-1.57
0.1 ***
V5
0.029
3,05 3.05
0.002 *
V6
-0.001
-1.69
0.09 *
V7
-0.044
-2.61
0.009 *
V9
-0.04
-0.46
0.64
Adjusted RA? : 38 %
Significant at: *1 % , **5 % and ***10 % ( *** ) .i?µi represents the specific effects.
The consequences presented in Table 10 were obtained on the footing of estimations utilizing the random consequence theoretical account and the Hausman trial which has a I‡2 of 31,88 with prob & gt ; I‡2 equal to 0.00.
The V3 variable coefficients ( assets turnover ) , V4 ( equity turnover ) , V5 ( non-current liabilities / equity ) , V6 ( non-current liabilities / net incomes ) and V7 ( equity / fixed assets ) are important and explain alterations in discretional accumulations in absolute value at 38 % . These variables are of balance and profitableness ratios. They allow investors to hold a clear thought about assets and equity turnover, the per centum of debt that the company can honour and the per centum of assets investing compared to equity. This consequence shows that houses that adopt IAS-IFRS manipulate upward the value of fixed assets and equity ( V3, V4 and V7 ) and lower the value of long term debt ( V5 and V6 ) . The adjusted R2 is 38 % in this instance. The flexibleness of the IAS-IFRS allows directors to exert their determination to print net incomes based on discretional marks ( Watts & A ; Zimmerman ( 1986, 1990 ) ) .
Hypothesis H3 is so verified. Consequently, the usage of discretional accumulations is positively associated with the value of equity and capital in companies that adopt IAS-IFRS ( H3a ) . In add-on, the usage of discretional accumulations is negatively associated with the value of liabilities in houses that adopt IAS-IFRS ( H3b ) .
3.2.1. Case of Tunisia: Arrested development consequences of discretional accumulations to accounting
The scrutiny of the correlativity matrix ( Appendix 2 ) allows us to observe a important correlativity relationship between variables V3 ( assets turnover ) and V7 ( equity / fixed assets ) . This consequence brings us to extinguish both variables from the theoretical account to avoid holding a colored theoretical account.
Table 9: Arrested development consequences of DA to accounting variables
Model M: i??DAiti?? = a0 + a1 divit + a2 turnover/customersit + a3 rotary motion assetsit + a4 rotary motion equityit + a5 non current liabilities/equityit + a6 non current liabilities / earningsit + a7 equity/net fixet assetsit + a8 earnings/equityit + i?µ I + Iµi
Parameter estimation
T
Probability & gt ; | T |
Changeless
0.055
3.93
0.000
V1
0.004
0.75
0.453
V2
-0.0005
-0.88
0.378
V4
0.007
2.14
0.033**
V5
-0.02
-1.72
0.085*
V6
0.005
0.51
0.28
V8
-0.043
-1.08
0.28
V9
-0.022
-1.55
0.12
V10
0.022
0.77
0.44
Adjusted R2: 27 %
Significant at: *1 % , **5 % and ***10 % ( *** ) .i?µi represents the specific effects.
Table 9 shows that the coefficients of V4 ( equity turnover ) and V5 ( non current liabilities / Equity ) are important. This consequence supports the decision that companies that adopt the local GAAP manipulate toward the addition of their turnover and toward take downing their long-run debt. D’apres les entretiens informels effectues aupres diethylstilbestrols entreprises objet de l’etude, nous Avons constate qu’elles n’ont pas de regles rigoureuses et precises concernant la mesure diethylstilbestrols commissariats pour risques et charges comptabilisees, selon lupus erythematosus systeme comptable tunisien, dans la rubriqueA : passif non courant. Based on informal interviews conducted with the concerns intent of the survey, we found that they do non hold strict and specific regulations sing finding the commissariats for hazards and charges, classified by the Tunisian accounting system as non-current liabilities. Leaderships have a flexible border in finding the value of these militias each twelvemonth. We conclude that H4 is verified and accordingly, houses that adopt GAAP and houses that adopt IAS-IFRS handle their bottom line.
Decision
The IASB has established international criterions ( IAS-IFRS ) to guarantee, on one side, more comparison and transparence and on the other side to guarantee better quality of fiscal statements. The constitution of such criterions by the IASB purposes at accomplishing harmonisation of accounting patterns between states.
Some surveies have shown that differences between national accounting systems affect the importance and credibleness of accounting information: Hung ( 2001 ) , Ali & A ; Hwang ( 2000 ) , Ball et Al. ( 2000 ) , Pope & A ; Walker ( 1999 ) , Joos & A ; Lang ( 1994 ) and Alford et Al. ( 1993 ) .
This flexibleness allows directors to exert their determination to print net incomes based on discretional marks ( Watts & A ; Zimmerman ( 1986, 1990 ) ) . They seek their intercession to beef up the information content of accounting figures in order to better inform the market about the chances of the house.
In this article we are interested in the relationship that may be between the IAS-IFRS, which promotes a present value, and the use of net incomes enhanced by the application of these criterions. We are spread outing, to the Gallic and Tunisian context, the job of information content of the discretional constituent of accounting income in connexion with the application of IAS-IFRS.
On the footing of a sample of 120 firms-year observations from Tunisia, which uses national criterions based on those international, and a sample of 120 firms-year observations from France, which adopts the IAS-IFRS since 2004, we studied the relationship of association between accounting variables and dividend output on one side and the impact of the usage of IAS-IFRS on discretional accumulations in this relationship on the other side. In other words, we tried to analyse the advantages and disadvantages of the acceptance of IAS-IFRS. The survey consequences show that the application of IAS-IFRS accounting criterions in France increases the information content of accounting Numberss. The accounting variables explain at 33 % the dividend output. However, the acceptance of IAS-IFRS allows directors to exert their discretion to set the fiscal statements based on fortunes and with certain demands. They believe that their intercession in the direction of net incomes increases the credibleness of accounting information. This action increases as the degree of discretional accumulations in the house. Among the 10 accounting variables selected in the theoretical account, five variables are manipulated and undergo a alteration.
This paper has certain bounds, which trade with the samples size ( 120 house ‘s observation in each context ) . We can analyze the impact of the acceptance of the IAS-IFRS by the Tunisian houses since 2014 is the get downing day of the month for accommodating IAS-IFRS by Tunisian companies ( We already studied the impact of the acceptance of the IAS-IFRS by the Gallic houses ) .
Appendix 1: Correlation matrix of variables: Pearson correlativity
V1
V2
V3
V4
V5
V6
V7
V8
V9
V10
V1
1
V2
-0015
1
V3
-0020
0.5282
1
V4
0082
0.6068
0.55
1
V5
0058
-0.05
-0.22
0.22
1
V6
0.092
-0.027
-0.05
.12
-0.08
1
V7
-0095
0.0006
0.5
-0.23
-0.5
-0.19
1
V8
-0.195
-0.041
-0.1
-0.33
-0.29
0.08
0.09
1
V9
-0.065
0.533
0.49
0.37
-0.15
0.1
0.04
0.54
1
V10
-0.16
-0.08
-0.2
-0.3
0.14
0.15
-0.1
0.7
0.31
1
Appendix 2: Correlation matrix of variables: Pearson correlativity
V1
V2
V3
V4
V5
V6
V7
V8
V9
V10
V1
1
V2
-0.015
1
V3
0.031
-0.028
1
V4
-0.065
-0.029
-0.1
1
V5
-0.045
-0.039
-0.076
0.74
1
V6
-0.003
-0.02
-0.053
-0.076
-0.035
1
V7
0.0347
-0.022
0.94
-0.11
-0.061
-0.047
1
V8
0.26
0.01
0.63
-0.26
-0.3
0.17
0.56
1
V9
0.12
0.013
0.066
-0.59
-0.09
0.075
0.028
0.32
1
V10
0.04
-0.026
0.45
-0.31
-0.21
0.1
0.41
0.58
0.22
1
