Multiple regulators and accounting restatements: Evidence from Canada

Brian M. Burnett, Daphne Hart, Bjorn N. Jorgensen, Gregory W. Martin

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6 Citeringar (Scopus)

Sammanfattning

Canada delegates securities regulation to the provincial securities regulators where each Canadian firm is headquartered. Legal origin theories predict weaker enforcement due to less emphasis on accounting in civil law jurisdictions, like Quebec. Consistent with these theories, we find fewer restatements for non-U.S. cross-listed firms headquartered in Quebec relative to the rest of Canada (ROC), which has a common law legal origin. When subject to two securities regulators—a Canadian provincial securities regulator and the Securities and Exchange Commission—Quebec firms cross-listed in the U.S. restate at a rate similar to the ROC. Finally, we document that Canadian firms restate less frequently after adopting IFRS, consistent with more principles-based standards being more difficult to enforce ex post than more rules-based standards.

OriginalspråkEngelska
Referentgranskad vetenskaplig tidskriftJournal of International Accounting Research
Volym18
Nummer2
Sidor (från-till)3-29
Antal sidor27
ISSN1542-6297
DOI
StatusPublicerad - 01.06.2019
MoE-publikationstypA1 Originalartikel i en vetenskaplig tidskrift

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