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Financial reporting and macroeconomics
The European Journal of Finance ( IF 1.903 ) Pub Date : 2021-02-02
Marco Trombetta

Financial Reporting (FR) is a fundamental source of information for the correct functioning of markets. Traditionally, FR is associated with the communication activity done by firms to inform stakeholders and the general public about their financial performance. In the first and second part of this essay, I revisit some of the channels through which firm-level FR affects the macroeconomic environment. However, companies are not the only economic actors that engage in an FR activity. Local and national governments produce financial reports as well. In the third part of this essay, I review how we can use the theoretical framework developed for firm-level FR to study government-level FR. I conclude by highlighting the importance of incentives as the fundamental mediator of the relationship between FR and Macroeconomics. I remark how they shape different FR environments during crisis and non-crisis periods and the importance of taking these differences into account while regulating and supervising markets.



中文翻译:

财务报告与宏观经济学

财务报告(FR)是市场正常运行的基本信息来源。传统上,FR与公司进行的交流活动相关,以告知利益相关者和公众其财务绩效。在本文的第一部分和第二部分中,我将重新探讨企业一级的财务报告通过哪些渠道影响宏观经济环境。但是,公司并不是从事FR活动的唯一经济参与者。地方和国家政府也要制作财务报告。在本文的第三部分中,我回顾了如何使用为企业级FR开发的理论框架来研究政府级FR。最后,我着重强调了激励作为FR与宏观经济学之间关系的基本调解者的重要性。

更新日期:2021-02-02
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