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What Determines the Amount of Reported Goodwill Impairment? - an Investigation of Nasdaq Stockholm OMX (OMXS)

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What Determines the Amount of Reported Goodwill Impairment? - an Investigation of Nasdaq Stockholm OMX (OMXS) What determines the amount of reported goodwill impairment? - An investigation of Nasdaq Stockholm OMX (OMXS) MASTER’S THESIS WITHIN BUSINESS ADMINISTRATION THESIS WITHIN: Accounting NUMBER OF CREDITS: 30 ECTS PROGRAMME OF STUDY: Civilekonomprogrammet AUTHORS: Gusten Friberg & Carl Åström Johansson JÖNKÖPING May 2018 Acknowledgements First, we would considerably like to thank our tutor Argyris Argyrou for providing us with pragmatic and functional insights during the writing process. His knowledge has helped us to use our academic abilities for the best possible outcome of our thesis. Secondly, we would like to thank Toni Duras for advising us with statistical insights and lastly, thank Oskar Eng and Annika Yström for brainstorming ideas and giving us mental motivation during periods of uncertainty. ________________________________ ________________________________ Carl Åström Johansson Gusten Friberg JÖNKÖPING, SWEDEN, 21st of May 2018 I MASTER’S THESIS WITHIN BUSINESS ADMINISTRATION, ACCOUNTING TITLE: What determines the amount of reported goodwill impairment? - An investigation of Nasdaq Stockholm OMX (OMXS) AUTHORS: Gusten Friberg & Carl Åström Johansson TUTOR: Argyris Argyrou DATE AND PLACE: 21st of May, Jönköping KEY TERMS: Goodwill Impairment, IFRS 3, IAS 36, Economic Impairment, Earnings Management, Corporate Governance, Big Bath, Income Smoothing, Gender Diversity Abstract Background: The question on how to account for goodwill has long been a subject that causes big debates among actors within financial accounting. In 2004, the IASB released a new standard, IFRS 3 – Business Combinations, that changed the accounting for goodwill. The interpretation for goodwill impairments according to IAS 36 has led to findings in studies that show patterns of earnings management and that a possible gap exists between the standard setter’s basic aim of IAS 36 and what actually is done by the practitioners. Purpose: Examine what determines the amount of reported goodwill impairment for firms listed on the Nasdaq OMX Stockholm (OMXS). Method: To fulfil the purpose of the thesis, the authors takes a quantitative research approach by a using a multiple linear regression model. The regression model is based on proxies for economic impairment, earnings management and corporate governance mechanisms from previous literature (Stenheim & Madsen, 2016; AbuGhazaleh, Al-Hares, & Roberts, 2011; Riedl, 2004). The data used for the regression model has been collected from published annual reports of 69 firms listed on the Nasdaq Stockholm OMX (OMXS), between the years 2007- 2016. Conclusion: The findings of the thesis show that the accounting behaviour of “Big Bath” is exercised for firms listed on the Nasdaq Stockholm OMX (OMXS). The proxies for economic impairment have, to some extent, an impact on the amount of reported goodwill impairment, but the majority of the proxies for corporate governance mechanisms does not affect the amount of reported goodwill impairment. These findings might suggest that the standard IAS 36, which regulates the accounting for goodwill, may not entirely fulfil its purpose of creating a more transparent financial reporting. II Acronyms EBITDA Earnings before interest, tax, depreciation and amortization EU European Union FAR Föreningen Auktoriserade Revisorer (Association of Authorized Auditors) FASB US Financial Accounting Standard Board IASB International Accounting Standard Board IFRS International Financial Reporting Standards NED Non-executive director OCF Operating cash-flow OMXS Nasdaq Stockholm OMX ROA Return on assets TA Total assets Clarification Large Cap OMX Stockholm Large Capitalization Mid Cap OMX Stockholm Medium Capitalization Small Cap OMX Stockholm Small Capitalization SPSS IBM SPSS Software (Statistical Analysis Software) III Table of contents Acronyms ................................................................................................................................... 4 Clarification ................................................................................................................................ 4 1. Introduction ............................................................................................................................ 1 1.1 Identified research gap ...................................................................................................... 2 1.2 Purpose ............................................................................................................................. 3 1.3 Delimitations ............................................................................................................... 3 2. Literature review .................................................................................................................... 5 2.1 Goodwill ........................................................................................................................... 5 2.2 Goodwill impairment ........................................................................................................ 6 2.3 Financial Accounting Regulations .................................................................................... 7 2.4 Economic Impairment ...................................................................................................... 8 2.5 Earnings Management ...................................................................................................... 9 2.5.1 “Big Bath” and “Income Smoothing” ..................................................................... 10 2.5.2 Agency Theory ........................................................................................................ 11 2.5.3 Stewardship Theory ................................................................................................. 11 2.6 Corporate Governance Mechanisms ............................................................................... 12 2.6.1 Gender Diversity ..................................................................................................... 13 3. Hypotheses ........................................................................................................................... 16 4. Methodology ........................................................................................................................ 18 4.1 Research approach .......................................................................................................... 18 4.2 Research process ............................................................................................................. 18 4.3 Data collection ................................................................................................................ 19 4.3.1 Sample ..................................................................................................................... 20 4.4 Variables ......................................................................................................................... 22 4.4.1 Dependent ................................................................................................................ 24 4.4.2 Independent ............................................................................................................. 24 4.5 Regression model ........................................................................................................... 27 4.6 Research quality - Reliability & Validity ....................................................................... 27 5. Empirical results ................................................................................................................... 29 5.1 Descriptive statistics ....................................................................................................... 29 5.2 Multiple regression analysis ........................................................................................... 31 6. Analysis ................................................................................................................................ 34 6.1 Discussion ....................................................................................................................... 34 6.1.1 Control variable ....................................................................................................... 38 7. Conclusion ............................................................................................................................ 40 8. Discussion ............................................................................................................................ 42 8.1 Contribution .................................................................................................................... 42 8.2 Limitations ...................................................................................................................... 42 8.3 Ethical and social issues ................................................................................................. 43 8.4 Suggestions for further research ..................................................................................... 44 Bibliography ............................................................................................................................. 45 Appendix .................................................................................................................................. 55 Appendix 1 Regression analysis – year-dummies ................................................................ 55 Table 1 Exclusion
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