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Who Uses Financial Reports and for What Purpose? Evidence from Capital ProvidersStefano CascinoLondon School of Economics Mark ClatworthyUniversity of Bristol, Department of Accounting and Finance Beatriz Garcia OsmaUniversidad Carlos III de Madrid Joachim GassenHumboldt University of Berlin - School of Business and Economics; Humboldt University of Berlin - Center for Applied Statistics and Economics (CASE) Shahed ImamUniversity of Warwick - Warwick Business School Thomas JeanjeanESSEC Business School - Department of Accounting and Management Control July 8, 2014 Accounting in Europe 11 (2): 185-209, December 2014 Abstract: We review the academic literature on the use of financial reporting information by capital providers. We classify our findings by investor type and by information objective. While most capital providers use accounting information, our survey indicates that they do so in a variety of ways with financial reporting information competing with other sources of information. We also find that information intermediaries are influential in both credit and equity markets, making the identification of a typical target ‘user’ inherently difficult. Our main findings question the underlying objective of the Conceptual Framework to guide the development of standards for general-purpose financial statements to provide a typical knowledgeable investor with a true and fair view about the reporting entity. Finally, we identify gaps in the literature and suggest areas where future research can help inform important academic and policy debates.
Number of Pages in PDF File: 42 Keywords: Capital providers; Conceptual framework; Financial reporting information JEL Classification: G18, G38, M41 Date posted: February 3, 2014 ; Last revised: January 9, 2015Suggested CitationContact Information
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