1、1本科毕业论文（设计）外文翻译外文题目QUALITATIVEFINANCIALSTATEMENTDISCLOSURESLEGALANDETHICALCONSIDERATIONS外文出处BUSINESSETHICSQUARTERLY,20043433451外文作者SHAFER,WILLIAME原文QUALITATIVEFINANCIALSTATEMENTDISCLOSURESLEGALANDETHICALCONSIDERATIONSABSTRACTTHEREISALONGRUNNINGDEBATEAMONGLEGALSCHOLARSREGARDINGTHEPROPRIETYANDENFORCEA
2、BILITYOFSECATTEMPTSTOMANDATEDISCLOSURESOFANTISOCIALORILLEGALCORPORATEACTIVITIESTHATDONOTMATERIALLYIMPACTACOMPANYSFINANCIALSTATEMENTSTHISDEBATEWASRECENTLYREVIVEDBYTHEISSUANCEOFSECSTAFFACCOUNTINGBULLETIN99,MATERIALITYINFINANCIALSTATEMENTSEC1999,WHICHSUGGESTSTHATQUANTITATIVELYIMMATERIALINFORMATIONRELAT
3、INGTOUNLAWFULTRANSACTIONSORREGULATORYNONCOMPLIANCESHOULDBECONSIDEREDFORDISCLOSURETHISISSUEHASIMPORTANTIMPLICATIONSFORTHEACCOUNTINGPROFESSION,ALTHOUGHITHASGENERALLYBEENIGNOREDINTHEACCOUNTINGLITERATURETHISPAPERREVIEWSLEGALANDETHICALCONSIDERATIONSRAISEDBYTHEISSUEOFQUALITATIVEDISCLOSURES,ANDALSOPRESENTS
4、THERESULTSOFAPRELIMINARYEMPIRICALTESTOFTHEIMPACTOFSUCHDISCLOSURESONFINANCIALSTATEMENTUSERSJUDGMENTSTHERESULTSOFTHISSTUDYINDICATETHATINVESTORSCONSIDERTHENONDISCLOSUREOFIMMATERIALILLEGALACTSTOBEUNETHICAL,ANDREJECTSUGGESTIONSTHATSUCHINFORMATIONLACKSMORALINTENSITYTHERESULTSALSOSUGGESTTHATIMMATERIALILLEG
5、ALACTSHAVEASIGNIFICANTEFFECTONINVESTORSPERCEPTIONSOFTHEQUALITYOFCORPORATEMANAGEMENTANDTHELIKELIHOODOFINVESTMENTINACOMPANYTHISEFFECTWASMOREPRONOUNCEDWHENTHEILLEGALACTWASCOMBINEDWITHSELFDEALINGONTHEPARTOFCORPORATEEXECUTIVES2DISCLOSUREREQUIREMENTSRELATINGTOANTISOCIALORILLEGALACTIVITIESTHATDONOTMATERIAL
6、LYIMPACTACOMPANYSFINANCIALSTATEMENTSHAVELONGBEENASOURCEOFLEGALCONTENTIONSECURITIESANDEXCHANGECOMMISSIONSECREQUIREMENTSFORDISCLOSUREOFSELFDEALINGBYCORPORATEEXECUTIVESHAVEGENERALLYBEENUPHELDINLEGALPROCEEDINGS,BECAUSESUCHDISCLOSURESREVEALBREACHESOFTRUSTBETWEENCORPORATEMANAGEMENTANDSTOCKHOLDERSFEDDERS19
7、98LONGSTRETH1983HOWEVER,ATTEMPTSBYTHECOMMISSIONDURINGTHE1970STOESTABLISHABROADERQUALITATIVEMATERIALITYSTANDARDBYENCOURAGINGDISCLOSURESOFUNADJUDICATEDILLEGALACTSANDQUESTIONABLECORPORATEBEHAVIORNOTINVOLVINGSELFDEALINGMETWITHGREATRESISTANCEANDULTIMATELYFAILEDCOURTSHELDTHATTHESECDOESNOTHAVETHEAUTHORITYT
8、OPRESCRIBEMORALSTANDARDSFORREGISTRANTS,ANDTHATITISSIMPLYNOTREASONABLETOEXPECTCORPORATIONSTOPUBLICLYACCUSETHEMSELVESOFUNCHARGEDILLEGALITIESORANTISOCIALBEHAVIORMILLER2000FEDDERS1998THEISSUEOFQUANTITATIVEVSQUALITATIVEMATERIALITYLIESATTHEHEARTOFTHISCONTROVERSYOPPONENTSOFEXPANDEDDISCLOSUREREQUIREMENTSASS
9、ERTTHATILLEGALACTSOROTHERQUESTIONABLEBEHAVIORSHAVENOECONOMICSIGNIFICANCEUNLESSTHEYMATERIALLYAFFECTTHENUMBERSREPORTEDINFINANCIALSTATEMENTSMILLER2000THISPOSITIONHASBEENADOPTEDINUSAUDITINGSTANDARDS,WHICHONLYREQUIREMODIFICATIONOFTHEAUDITORSREPORTFORNONDISCLOSUREOFILLEGALACTSTHATHAVEAMATERIALIMPACTONACOM
10、PANYSFINANCIALSTATEMENTSAICPA2001INCONTRAST,ADVOCATESOFQUALITATIVEDISCLOSUREREQUIREMENTSARGUETHATSTAKEHOLDERSHAVEARIGHTTOBEINFORMEDOFINFORMATIONTHATBEARSONMANAGEMENTINTEGRITY,EVENINTHEABSENCEOFANYFINANCIALSTATEMENTEFFECTLONGSTRETH1983THEISSUANCEOFSECSTAFFACCOUNTINGBULLETINSAB99,MATERIALITYINFINANCIA
11、LSTATEMENTSSEC1999,REVIVEDTHELEGALDEBATEOVERQUALITATIVEDISCLOSURESTHESUGGESTIONINSAB99THATUNLAWFULTRANSACTIONSSHOULDBECONSIDEREDFORDISCLOSUREEVENIFTHEIRIMPACTFALLSBELOWCONVENTIONALMATERIALITYTHRESHOLDSLEADSSOMEOBSERVERSTOBELIEVETHATTHEBULLETINISANOTHERATTEMPTTOESTABLISHAQUALITATIVEMATERIALITYSTANDAR
12、DSIMILARTOTHATADVOCATEDDURINGTHE1970SFANGANDJACOBS2000OPPONENTSOFAQUALITATIVEMATERIALITYSTANDARDARGUETHATTHESECHAS3PROVIDEDNOEMPIRICALEVIDENCETOSUPPORTTHECLAIMTHATINVESTORSCAREABOUTINFORMATIONTHATDOESNOTMATERIALLYIMPACTTHEFINANCIALSTATEMENTSMILLER2000,ANDALSOASSERTTHATINVESTORSRESPONDEDWITHINDIFFERE
13、NCETOPREVIOUSLYMANDATEDDISCLOSURESRELATINGTOMANAGEMENTINTEGRITYFEDDERS1998HOWEVER,SUCHCLAIMSAPPEARTOCONFLICTWITHOBSERVEDMARKETREACTIONSTOREVELATIONSOFQUESTIONABLEBEHAVIORBYOFFICERSOFPUBLICCOMPANIESAVIVIDEXAMPLEISTHERECENTMARKETREACTIONTOTHELEGALCONTROVERSYSURROUNDINGMARTHASTEWARTTOADDRESSTHISISSUE,T
14、HECURRENTSTUDYINVESTIGATESINVESTORSRESPONSESTODISCLOSURESOFIMMATERIALILLEGALACTSANDMANAGEMENTSELFDEALINGINANEXPERIMENTALSETTINGTHEFINDINGSINDICATETHATINVESTORSCONSIDERNONDISCLOSUREOFKNOWNILLEGALACTIVITIESTOBECLEARLYUNETHICAL,ANDRATETHEMORALINTENSITYOFNONDISCLOSUREHIGHLYINADDITION,REVELATIONSOFILLEGA
15、LACTIVITYHADASIGNIFICANTIMPACTONINVESTORSASSESSMENTSOFMANAGEMENTQUALITYANDTHELIKELIHOODOFINVESTMENTINACOMPANYTHESEEFFECTSWEREMOREPRONOUNCEDWHENTHEILLEGALACTIVITYWASCOMBINEDWITHSELFDEALINGONTHEPARTOFCOMPANYMANAGEMENTTHENEXTSECTIONREVIEWSTHEHISTORYOFTHEDEBATESURROUNDINGQUALITATIVEMATERIALITYANDDISCUSS
16、ESTHEROLEOFSAB99INTHEREVIVALOFTHISDEBATEAREVIEWOFRELEVANTRESEARCHANDSTATEMENTOFRESEARCHQUESTIONSFOLLOWSTHISDISCUSSIONTHEPAPERTHENDESCRIBESTHERESEARCHMETHODANDFINDINGSTHEFINALSECTIONPROVIDESADISCUSSIONOFTHEFINDINGSANDSUGGESTIONSFORFURTHERRESEARCHONQUALITATIVEMATERIALITYALTHOUGHTHERELATEDISSUESOFFINAN
17、CIALSTATEMENTMANIPULATIONANDEARNINGSMANAGEMENTAREOFTENDISCUSSEDINTHEACCOUNTINGLITERATUREDECHOWANDSKINNER2000HEALYANDWAHLEN1999,RELATIVELYFEWSTUDIESHAVEADDRESSEDTHE“ABUSESOFMATERIALITY“DISCUSSEDINSAB99INASTUDYTHATINVESTIGATESTHEEFFECTSOFSANCTIONTHREATSONAUDITORSDECISIONS,SHAFERETAL1999MANIPULATEDTHED
18、OLLARAMOUNTOFAPOTENTIALMISSTATEMENTONABETWEENSUBJECTSBASISTHEFINDINGSINDICATETHATTHESIZEOFAMISSTATEMENTABOVEVSBELOWCONVENTIONALMATERIALITYTHRESHOLDSHASASIGNIFICANTIMPACTONAUDITORSWILLINGNESSTOSUBORDINATETHEIRJUDGMENT,WHICHISCONSISTENTWITHSECALLEGATIONSTHEPERCEIVEDLIKELIHOODOFSANCTIONS,SUCHASADVERSEL
19、ITIGATIONOUTCOMESANDPROFESSIONALDISCIPLINARYACTIONS,WASSIGNIFICANTLY4LOWERFORMISSTATEMENTSTHATFELLBELOWMATERIALITYTHRESHOLDS,WHICHSUGGESTSTHATAUDITORSALSOQUESTIONTHEENFORCEABILITYOFPROHIBITIONSOFIMMATERIALMISSTATEMENTSLIBBYANDKINNEY2000EXAMINETHEEFFECTSOFANALYSTSCONSENSUSEARNINGSFORECASTSANDCHANGEST
20、OPROFESSIONALAUDITINGSTANDARDSONAUDITMANAGERSWILLINGNESSTOALLOWANIMMATERIALMISSTATEMENTTOGOUNCORRECTEDTHERESULTSINDICATETHATAUDITORSARELESSLIKELYTOREQUIRECORRECTIONOFIMMATERIALERRORSIFTHOSEERRORSCAUSETHECOMPANYSEARNINGSTOFALLBELOWTHEANALYSTFORECASTEDTARGETS,WHICHWASONEOFTHESITUATIONSTARGETEDBYSAB99T
21、HERESULTSALSOINDICATETHATRECENTCHANGESINPROFESSIONALAUDITINGSTANDARDSTHATMANDATECOMMUNICATIONSREGARDINGUNCORRECTEDERRORSTOACOMPANYSAUDITCOMMITTEEAICPA2001,AU38010DONOTINCREASETHELIKELIHOODOFERRORCORRECTIONIFSUCHCORRECTIONCAUSESTHECOMPANYTOMISSITSEARNINGSTARGETSTHELIBBYANDKINNEY2000ANDSHAFERETAL1999F
22、INDINGSRAISEDOUBTSREGARDINGTHEABILITYOFTHESECTOEFFECTIVELYMANDATEDISCLOSURESOFIMMATERIALITEMSHOWEVER,THESESTUDIESDONOTADDRESSINVESTORATTITUDESTOWARDSUCHDISCLOSURESTOPROVIDEINPUTTOTHEPOLICYDEBATEREGARDINGQUALITATIVEDISCLOSURES,THECURRENTPAPERSOUGHTTOASSESSINVESTORPERCEPTIONSOFTHEETHICALITYOFNONDISCLO
23、SUREOFIMMATERIALILLEGALACTS,ASWELLASTHEEFFECTSOFSUCHDISCLOSURESONASSESSMENTSOFMANAGEMENTQUALITYANDWILLINGNESSTOINVESTINACOMPANYSSTOCKFROMASTRICTLYDEONTOLOGICALPOINTOFVIEW,ITCANBEARGUEDTHATPARTICIPATIONINILLEGALACTSBYCOMPANYMANAGEMENT,ASWELLASTHEFAILURETODISCLOSESUCHACTIONS,ARECLEARLYUNETHICALREGARDL
24、ESSOFTHEFINANCIALSTATEMENTIMPACTOFTHETRANSACTIONSINQUESTIONARGUMENTSFORTHENONDISCLOSUREOFSUCHQUALITATIVEINFORMATION,INCONTRAST,RESTPRIMARILYONTELEOLOGICALORUTILITARIANCONSIDERATIONSLEGALSCHOLARSOFTENSUGGESTTHATSUCHINFORMATIONISECONOMICALLYINSIGNIFICANTCONSEQUENTLY,ITISNOTVALUEDBYTHETYPICALINVESTOR,W
25、HOONLYCARESABOUTMAXIMIZINGFINANCIALRETURNSMILLER2000FEDDERS1998ITISALSOSUGGESTEDTHATTHECOSTSOFENFORCINGAQUALITATIVEDISCLOSUREREQUIREMENTWOULDOUTWEIGHANYPOSSIBLEBENEFITSMILLER2000FANGANDJACOBS2000JONESS1991THEORYOFETHICALDECISIONMAKINGSEEMSPARTICULARLYRELEVANTTO5THEUTILITARIANARGUMENTTHATQUALITATIVED
26、ISCLOSURESOFILLEGALACTIVITYWILLNOTBEVALUEDBYINVESTORSACCORDINGTOJONES1991,ALLPHASESOFTHEETHICALDECISIONMAKINGPROCESSWILLBEINFLUENCEDBYTHEDEGREEOFISSUERELATEDMORALIMPERATIVE,ORMORALINTENSITY,INAGIVENSITUATIONJONESRECOGNIZEDSIXCOMPONENTSOFTHEMORALINTENSITYCONSTRUCT1MAGNITUDEOFCONSEQUENCES,2PROBABILITY
27、OFEFFECT,3TEMPORALIMMEDIACY,4SOCIALCONSENSUS,5PROXIMITY,AND6CONCENTRATIONOFEFFECTMAGNITUDEOFCONSEQUENCESREFERSTOTHESUMOFTHEHARMSORBENEFITSRESULTINGFROMAGIVENACTIONAHIGHERMAGNITUDEOFCONSEQUENCESRESULTSINGREATERMORALINTENSITYPROBABILITYOFEFFECTREFERSTOTHELIKELIHOODOFTHECONSEQUENCESACTUALLYOCCURRINGWHE
28、NTHEPROBABILITYOFACTUALHARMISRELATIVELYLOW,THEMORALINTENSITYOFTHESCENARIOWILLALSOBELOWTHETEMPORALIMMEDIACYOFAMORALACTIONREFERSTOTHELENGTHOFTIMEBETWEENTHEACTIONANDTHEONSETOFITSCONSEQUENCESJONES1991SUGGESTSTHATPEOPLEDISCOUNTTHEEFFECTSOFFUTURECONSEQUENCESTHUS,FORAGIVENMAGNITUDEOFCONSEQUENCES,EVENTSTHAT
29、WILLOCCURINTHEFUTUREWILLBELESSMORALLYINTENSETHANEVENTSTHATAREIMMINENTSOCIALCONSENSUSREFERSTOTHEEXTENTOFAGREEMENTTHATANACTIONISETHICALORUNETHICALGREATERCONSENSUSLEADSTOGREATERMORALINTENSITYPROXIMITYREFERSTOTHEDEGREEOFAFFINITYBETWEENTHEDECISIONMAKERANDTHEVICTIMSORBENEFICIARIESOFTHEACTINQUESTIONGREATER
30、AFFINITYWITHEITHERTHEVICTIMSORBENEFICIARIESOFTHEACTSHOULDINCREASETHELIKELIHOODTHATTHEMORALAGENTWILLACTONTHESEPARTIESBEHALFTHEFINALCOMPONENTOFTHEMORALINTENSITYCONSTRUCT,CONCENTRATIONOFEFFECT,ISANINVERSEFUNCTIONOFTHENUMBEROFPEOPLEAFFECTEDBYANACTIONOFAGIVENMAGNITUDEHIGHERCONCENTRATIONOFEFFECTLEADSTOGRE
31、ATERMORALINTENSITYJONES1991RECOGNIZEDTHATNOTALLTHECOMPONENTSOFMORALINTENSITYWILLBERELEVANTTOALLETHICALDECISIONMAKINGSCENARIOSCONSEQUENTLY,APPLICATIONOFTHEMORALINTENSITYCONCEPTTOPARTICULARDECISIONCONTEXTSSHOULDBEBASEDONCAREFULCONSIDERATIONOFITSRELEVANCEFORTHATCONTEXTUTILITARIANARGUMENTSFORTHENONDISCL
32、OSUREOFIMMATERIALILLEGALACTSAPPEARTORESTPRIMARILYONTWOCOMPONENTSOFMORALINTENSITYTHEMAGNITUDEOFCONSEQUENCESANDPROBABILITYOFEFFECTSINCEMATERIALITYISDEFINEDASTHEMINIMUMAMOUNTTHATWOULDMAKEADIFFERENCEINFINANCIALSTATEMENTUSERSDECISIONPROCESSES,6NONDISCLOSUREOFEVENTSWHOSEIMMEDIATEFINANCIALSTATEMENTIMPACTFA
33、LLSBELOWCONVENTIONALMATERIALITYTHRESHOLDSCANEASILYBERATIONALIZEDONTHEGROUNDSTHATTHEYHAVENOSIGNIFICANTECONOMICCONSEQUENCESITCANALSOBEARGUEDTHAT,ASTHEDOLLARAMOUNTOFSUCHEVENTSORTRANSACTIONSDECREASES,THEPROBABILITYTHATUSERSWILLMAKEHARMFULDECISIONSEG,TOBUYORSELLSHARESASARESULTOFNONDISCLOSURESHOULDALSODEC
34、REASETHISWOULDRESULTINARELATIVELYLOWESTIMATEDPROBABILITYOFHARMFORQUANTITATIVELYIMMATERIALTRANSACTIONSOREVENTSTHEREAPPEARTOBETWOPROBLEMSWITHTHESEARGUMENTSTHATRAISEDOUBTSREGARDINGINVESTORATTITUDESTOWARDQUALITATIVEDISCLOSURESFIRST,ITISQUITEPOSSIBLETHATFINANCIALSTATEMENTUSERSWILLVALUESUCHINFORMATIONONDE
35、ONTOLOGICALGROUNDS,IE,THEYWILLFEELTHATITISSIMPLYUNACCEPTABLEFORAPUBLICLYHELDCORPORATIONTOFLAUNTTHELAW,REGARDLESSOFTHEECONOMICIMPACTSECOND,THECOMMONUTILITARIANARGUMENTSFAILTOACKNOWLEDGETHATREVELATIONSOFQUESTIONABLEMANAGEMENTINTEGRITYMAYHAVEASIGNIFICANCETHATTRANSCENDSTHEIRSHORTTERMFINANCIALSTATEMENTIM
36、PACTFORINSTANCE,SUCHDISCLOSURESMAYAFFECTINVESTORSASSESSMENTSOFTHELONGTERMVIABILITYOFACCOMPANYTHERESULTSOFTHISSTUDYRAISEDOUBTSREGARDINGCLAIMSTHATINVESTORSAREAPATHETICTOQUALITATIVEDISCLOSURESOFCORPORATEWRONGDOINGPARTICIPANTSINTHECURRENTSTUDYFELTTHATNONDISCLOSUREOFQUALITATIVEINFORMATIONREGARDINGILLEGAL
37、ACTSISUNETHICAL,ANDASSESSEDTHEMORALINTENSITYOFNONDISCLOSURETOBERELATIVELYHIGHTHEHIGHLEVELSOFTHEPERCEIVEDMAGNITUDEOFCONSEQUENCESANDPROBABILITYOFHARMTOFINANCIALSTATEMENTUSERSINDICATETHATPARTICIPANTSINTHECURRENTSTUDYCLEARLYREJECTTHECOMMONASSERTIONBYLEGALSCHOLARSTHATIMMATERIALILLEGALACTSHAVENOECONOMICIM
38、PLICATIONSTHERESULTSOFTHISSTUDYALSOINDICATETHAT,INANEXPERIMENTALSETTING,INVESTMENTDECISIONSAREAFFECTEDBYQUALITATIVEINFORMATIONRELATINGTOILLEGALACTSCOMMITTEDBYCOMPANYMANAGEMENT,EVENIFSUCHINFORMATIONHASNOIMMEDIATEFINANCIALSTATEMENTIMPACTASSESSMENTSOFMANAGEMENTQUALITYANDTHELIKELIHOODOFINVESTINGINACOMPA
39、NYWERESIGNIFICANTLYINFLUENCEDBYQUALITATIVEDISCLOSURESOFANIMMATERIALILLEGALACT,ANDTHESEEFFECTSWEREMOREPRONOUNCEDWHENTHEILLEGALACTALSOINVOLVEDANELEMENTOFSELFDEALINGBYCOMPANYMANAGEMENT7THESEFINDINGSSUGGESTTHATIMMATERIALILLEGALACTSHAVEASIGNIFICANCETHATEXTENDSWELLBEYONDTHEIRSHORTTERMFINANCIALSTATEMENTIMP
40、ACTFORINSTANCE,SUCHTRANSACTIONSMAYLEADINVESTORSTOQUESTIONTHELONGTERMPROSPECTSOFACOMPANYWHOSEMANAGEMENTISPREDISPOSEDTOENGAGEINILLEGALACTIVITYTHERESULTSALSOLENDSUPPORTTOTHESECPOSITIONINSAB99THATQUALITATIVEINFORMATIONRELATINGTOILLEGALACTSSHOULDBECONSIDEREDFORDISCLOSURE,EVENINTHEABSENCEOFANYIMMEDIATEFIN
41、ANCIALSTATEMENTIMPACTHOWEVER,ADDITIONALRESEARCHISNECESSARYBEFORETHISCOULDBERECOMMENDEDASAPOLICYPRESCRIPTIONASIGNIFICANTLIMITATIONOFEXPERIMENTALRESEARCHSUCHASTHATPRESENTEDINTHECURRENTPAPERISTHATITNECESSARILYPRESENTSASIMPLIFIEDVERSIONOFACTUALDECISIONENVIRONMENTSITISQUITEPOSSIBLETHATINMORECOMPLEX,REALW
42、ORLDENVIRONMENTSQUALITATIVEDISCLOSURESRELATINGTOIMMATERIALILLEGALACTSANDMANAGEMENTSELFDEALINGWOULDBELESSSALIENT,IE,SUCHINFORMATIONMIGHTBEOVERWHELMEDBYAMULTITUDEOFOTHERFACTORSFORINSTANCE,DUETOTHERELATIVELYSHORTLENGTHOFTHECASESUSEDINTHECURRENTSTUDY,THEEXPERIMENTALMANIPULATIONSRELATINGTOTHEILLEGALACTAN
43、DSELFDEALINGBYMANAGEMENTWEREVERYPROMINENTINANACTUALDECISIONENVIRONMENTTHISINFORMATIONWOULDBEINCLUDEDINTHEFOOTNOTESTOANANNUALREPORT,WHEREITWOULDUNDOUBTEDLYBELESSSTRIKINGAMIDOTHERDISCLOSURESINLIGHTOFFREQUENTASSERTIONSBYLEGALSCHOLARSTHATINVESTORSCONSCIOUSLYREJECTINFORMATIONONMANAGEMENTINTEGRITYASIRRELE
44、VANTTOFINANCIALDECISIONS,THECURRENTPAPERFOCUSEDONWHETHER,GIVENINFORMATIONTHATPORTENDSQUESTIONABLEMANAGEMENTINTEGRITY,INVESTORSWILLBEINFLUENCEDBYSUCHINFORMATIONTHEMOREPRACTICALQUESTIONOFWHETHERSUCHINFORMATIONWILLBESALIENTENOUGHTOINFLUENCEINVESTMENTDECISIONSWHENPRESENTEDINTHECONTEXTOFAFULLSETOFFINANCI
45、ALSTATEMENTSANDRELATEDDISCLOSURESSHOULDBETHESUBJECTOFFUTURESTUDIESFUTURESTUDIESSHOULDALSOASSESSSTOCKMARKETREACTIONSTOQUALITATIVEDISCLOSURES,ASANOTHERMEANSOFASSESSINGTHEPRACTICALIMPACTOFSUCHINFORMATIONANOTHERLIMITATIONOFTHECURRENTSTUDYISTHATITUSEDACONVENIENCESAMPLEOFMBASTUDENTSASSURROGATESFORTHEGENER
46、ALPOPULATIONOFINVESTORSALTHOUGHMOSTPARTICIPANTSOWNEDSTOCKINPUBLICCOMPANIES,THEMEREFACTTHATTHEYWEREENROLLED8INANMBAPROGRAMDISTINGUISHESTHEMFROMTHEBROADERCLASSOFSTOCKMARKETINVESTORSFUTURESTUDIESSHOULDEMPLOYSAMPLESRANDOMLYCHOSENFROMTHISBROADERCLASSOFINVESTORSFUTURESTUDIESSHOULDALSOASSESSTHEATTITUDESOFI
47、NSTITUTIONALINVESTORSTOWARDQUALITATIVEDISCLOSURES,BECAUSEASIGNIFICANTPERCENTAGEOFPUBLICLYTRADEDSHARESARENOWOWNEDBYSUCHINVESTORSTHERESULTSOFTHISSTUDYMAYALSOHAVEBEENINFLUENCEDBYTHEFACTTHATTHEEXPERIMENTWASADMINISTEREDDURINGATIMEOFNUMEROUSHIGHLYPUBLICIZEDFINANCIALREPORTINGSCANDALSTHENEGATIVEPUBLICITYSUR
48、ROUNDINGTHESESCANDALSMAYHAVESENSITIZEDPARTICIPANTSTOACCOUNTINGANDDISCLOSUREISSUES,RESULTINGINANOVERREACTIONTOREVELATIONSOFQUESTIONABLEMANAGEMENTBEHAVIORFUTURESTUDIESWILLBENECESSARYTOASSESSTHEEFFECTSOFSUCHHISTORICALINFLUENCESONINVESTORREACTIONSTOQUALITATIVEDISCLOSURESSOURCESHAFER,WILLIAMEQUALITATIVEF
49、INANCIALSTATEMENTDISCLOSURESLEGALANDETHICALCONSIDERATIONSJBUSINESSETHICSQUARTERLY,200434334519译文定性财务报表的披露法律和道德方面的考虑摘要美国证券交易委员会尝试强制企业披露实质上并不影响公司的财务报表的反社会或非法的活动的适当性和可行性是法律学者长期进行的一项辩论。这次辩论是最近美国证券交易委员会员工会计公告发布的，通过财务报表的重要性（美国证券交易委员会1999）来恢复的，这表明非物质定量、非法交易或不遵守法规，均应考虑披露。虽然这个问题在会计相关文献中被普遍忽略，但其对会计专业有重要的意义。本文回顾了定性信息披露问题引起的法律和伦理方面的考虑，并给出了这种披露对财务报表使用者的判断影响的实证测试的初步结果。这项研究结果显示，投资者认为非实质性的非法行为的保密是不道德的，并且反对意见认为，这些信息缺乏道德强度。研究结果还表明，一个非实质性的非法行为对企业管理的质量和投资公司的投资可能性的看法有着显著的影响。当非法行为与高管交易结合起来时，这种效应更为明显。法律界争论的根源是反社会或非法活动的披露实质上并不影响公司的财务报表。证券交易委员会一般都坚持合法的诉讼程序，因为这种公开披露可以揭露公司管理人员和股东的违反信托行为（飞达仕1998朗斯特里斯19
