Intangible Values in Financial Accounting and Reporting An Analysis from the Perspective of Financial Analysts

Intangible Values in Financial Accounting and Reporting An Analysis from the Perspective of Financial Analysts DISSERTATION of the University of St Gallen, School of Management, Economics, Law, Social Sciences and International Affairs to obtain the title of Doctor of Philosophy in Management submitted by Stephan Grüber from Germany Approved on the application of Prof Dr Peter Leibfried and Prof Dr Dirk Schäfer Dissertation no 4274 Springer Gabler, Wiesbaden 2014 The University of St Gallen, School of Management, Economics, Law, Social Sciences and International Affairs hereby consents to the printing of the present dissertation, without hereby expressing any opinion on the views herein expressed St Gallen, May 19, 2014 The President: Prof Dr Thomas Bieger Intangible Values in Financial Accounting and Reporting Stephan Grüber Intangible Values in Financial Accounting and Reporting An Analysis from the Perspective of Financial Analysts With a Foreword by Prof Dr Peter Leibfried Stephan Grüber St Gallen, Switzerland Dissertation, University of St Gallen, Switzerland ISBN 978-3-658-06549-2 DOI 10.1007/978-3-658-06550-8 ISBN 978-3-658-06550-8 (eBook) The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de Library of Congress Control Number: 2014944657 Springer Gabler © Springer Fachmedien Wiesbaden 2015 This work is subject to copyright All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer Permissions for use may be obtained through RightsLink at the Copyright Clearance Center Violations are liable to prosecution under the respective Copyright Law The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made The publisher makes no warranty, express or implied, with respect to the material contained herein Printed on acid-free paper Springer Gabler is a brand of Springer DE Springer DE is part of Springer Science+Business Media www.springer-gabler.de Foreword V FOREWORD Even though intangible values have continuously become significant value drivers of companies in today’s economy, financial accounting and reporting still lacks to properly incorporate and to report such values Despite the ongoing debate throughout the past decades, a universal solution inside or outside of the traditional information means has not yet been developed As a consequence, financial accounting and reporting still provides an incomplete picture of an entity’s true resources and claims While it is necessary to acknowledge that financial accounting and reporting has inherent limitations and is not supposed to present absolute data, further analysis is required to better understand and to potentially close the information gap In this thesis, Stephan Grüber focuses on the information use of financial analysts, one of the primary users of IFRSs He investigates how financial analysts utilize and incorporate information on intangible values in their decision-making processes and whether such information influences decisions In addition, the study examines the preferences of financial analysts in regard to accounting for and reporting intangibles in the future Upon outlining the fundamentals of financial accounting and reporting, Stephan examines the foundations and challenges of intangible values and provides an overview of concepts introduced to improve the accounting and reporting of intangibles As a next step, he distinguishes various groups of financial analysts and their decision-making objectives, such as buy- and sell-side analysts and equity and fixed income analysts Chapter represents the main body of this thesis, presenting and discussing two empirical studies The first part describes the results of a content analysis of sell-side research reports, offering insights into the information use of sellside analysts The second part analyzes the results of a web-based experimental survey with over 1,100 financial analysts, focusing on the importance of information of intangibles for their decision-making The present analysis offers detailed and comprehensive evidence on the actual information use and preferences of financial analysts, contributing to an improved understanding of the user perspective in financial accounting and reporting, i.e what users effectively require with respect to information on intangible values Hence, this thesis may not only be valuable to individuals in academia, but is also useful for VI Foreword practitioners and executives focusing on corporate communication In addition, the results may further provide financial analysts with stimulating self-insight regarding their decision-making I therefore wish this thesis to be widely read and accepted by a broad audience St Gallen, June 2014 Prof Dr Peter Leibfried, CPA, MBA Managing Director of the Institute of Accounting, Control and Auditing (ACA-HSG) at the University of St.Gallen and doctoral advisor of Stephan Grüber Acknowledgements VII ACKNOWLEDGEMENTS The present thesis is the result of my Ph.D studies at the University of St Gallen (HSG) in Switzerland It was submitted and approved to obtain the title Doctor of Philosophy in Management Throughout the course of my studies, there has been much support from many different people and I would like to take this opportunity to thank all of them First and foremost, I am particularly indebted to my doctoral advisor, Prof Dr Peter Leibfried, who made this research possible, continuously providing me with guidance and encouragement over many years His insights and advice significantly helped me to complete this work I would further like to express my sincere gratitude to Prof Dr Dirk Schäfer, who served as co-advisor and supported this project with valuable thoughts and ideas I have written this thesis while being a full-time employee at KPMG LLP in New York In order to participate in the Ph.D program in St Gallen and to draft my thesis I was granted several study leaves I would therefore like to express my genuine thanks to Dr Norbert Fischer and Jan Storbeck for their trust and flexibility Moreover, I also thank Ingo Zielhoff, who supported me during the final phase of this project I would also like to specifically thank Dr Torsten Jaskolski for discussing and exchanging our ideas throughout the years Special thanks go to Nicholas Jungovic for supporting me and reading the draft of this thesis In addition, I further extend my thanks to my family and friends, who have always been there for me despite my limited time My deepest gratitude goes to my love Sophie for her unbounded patience, understanding and sacrifices along the way, as well as for her motivating and encouraging words during difficult times Last but not least, I would also like to extend my appreciation and thanks to my parents for their love and unconditional support This thesis is dedicated to them – it would not have been possible without them Zurich, June 2014 Stephan Grüber 518 References MARKOWITZ, H (1952): Portfolio Selection, in: The Journal of Finance 1952, vol 7, no 1, pp 77-91 MARTIN, R D./RICH, J S./WILKS, T J (2006): Auditing Fair Value Measurements: A Synthesis of Relevant Research, in: Accounting Horizons 2006, vol 20, no 3, pp 287-303 MAUL, K.-H./MENNINGER, J (2000): Das "Intellectual Property Statement" - eine notwendige Ergänzung des Jahresabschlusses?, in: Der Betrieb 2000, vol 53, no 11, pp 529-533 MAUL, K.-H./MUSSLER, S./HUPP, O (2004): Advanced Brand Valuation, in: HANSER, P./HÖGL, S./MAUL, K.-H (EDITORS) (2004): Markenbewertung, die Tank AG, Wie neun Bewertungsexperten eine fiktive Marke bewerten, Düsseldorf 2004, pp 171-203 MAYER, 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