ABSTRACT

Alternative performance measures (APMs) might be used to improve the information environment or strategically to mislead the market. The recently introduced European Securities and Markets Authority APM guidelines are intended to enhance corporate financial disclosures. We analyse the disclosure quality and determinants of all types of APMs in management reports of German listed firms for two financial periods. Although the quantity of APM disclosures is extensive, it differs across firms’ characteristics, and there is considerable room for improvement regarding disclosure quality. APM disclosure quality is positively associated with firm size and negatively associated with profitability. However, not all firms’ characteristics can be applied per se as universal determinants of APM disclosure quality, and a distinction must be made between different types of APMs. For example, high ownership concentration is negatively associated particularly with the quality of profitability APMs. Firms’ leverage is positively associated with the disclosure quality of non-profitability APMs.

摘要

替代绩效评估（APM）可能用于改善信息环境或在战略上误导市场。最近引入的欧洲证券和市场管理局APM指南旨在增强公司的财务披露。我们在两个财政期间的德国上市公司管理报告中分析了所有类型APM的披露质量和决定因素。尽管APM披露的数量很多，但因公司的特点而异，并且在披露质量方面还有很大的改进空间。APM披露质量与公司规模呈正相关，与盈利能力呈负相关。但是，并非所有公司的特征本身都可以适用作为APM披露质量的普遍决定因素，必须在不同类型的APM之间进行区分。例如，高度集中的所有权尤其与获利能力APM的质量负相关。公司的杠杆作用与非盈利性APM的披露质量成正比。