haku: @all futures / yhteensä: 1003
viite: 12 / 1003
| Tekijä: | Lopez-Espinosa, G. Maddocks, J. Polo-Garrido, F. |
| Otsikko: | Equity-liabilities distinction: The case for co-operatives |
| Lehti: | Journal of international financial management & accounting
2009 : AUTUMN, VOL. 20:3, p. 274-306 |
| Asiasana: | Europe accounting co-operative societies stocks equities liabilities financial futures |
| Vapaa asiasana: | financial instruments |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the relation between firm leverage and systematic risk to provide empirical evidence on the economic substance (henceforth: e-s.) of the member shares of members of cooperatives (here as: coops). Dealt with are the characteristics of members' shares in six European countries: France, Germany, Italy, Portugal, Spain and the United Kingdom (UK). Tests on coops. of these countries are conducted from 1993 to 2005. It is reported that in global terms and across countries, the e-s. of the redeemable part (as: r-p.) of equity in coops. is not the same. Hence, if accounting standards setters aim to develop a global standard for coops., a derived recommendation would be to follow a probabilistic model to classify the r-p. of coops. financial instruments etc. |
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