Researcher:
Iatridis, Georgios Emmanouil

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Georgios Emmanouil

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Iatridis

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Iatridis, Georgios Emmanouil

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2019 - 201912020 - 20222

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Researcher Of Publications: search.filters.isAuthorOfPublication.2cd6aa83-c3b1-4d2a-b49d-1f0fe0fd1be1

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    An investigation of how volatile financial analyst recommendations may affect managerial behaviour and financial reporting quality
    (Inderscience Publishers, 2022) Georgoula, Elizabeth; Department of Business Administration; Department of Business Administration; Iatridis, Georgios Emmanouil; Toksöz, Tuba; Other; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; College of Administrative Sciences and Economics; N/A; 219582
    This study investigates how the volatility in analyst buy recommendations in the UK may affect managerial behaviour. It examines whether the adoption of earnings manipulation and other opportunistic behaviours, such as managing the reporting tone of press releases, financial statement complexity and CEO overconfidence, may lead to volatile buy recommendations. This study shows that the use of earnings manipulation, especially when companies' current performance differs from the forecast, is likely to result in volatile buy recommendations. Volatile buy recommendations are linked to greater financial statement complexity and higher tonal disagreement between press releases and media articles. Analysts issue less buy recommendations when financial statements are complex or when overconfident CEO behaviour is reported. Companies with volatile buy recommendations are more likely to experience greater stock price crash risk, especially when accompanied by CEO overconfidence and tonal disagreement.
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    Integrated reporting: an accounting disclosure tool for high quality financial reporting
    (Elsevier, 2019) Pavlopoulos, Athanasios; Magnis, Chris; Department of Business Administration; Iatridis, Georgios Emmanouil; Other; Department of Business Administration; College of Administrative Sciences and Economics; N/A
    This study examines the association between the level of the quality of integrated reporting (IR) disclosure and a firm’s market valuation. Employing data from IR firms during the years 2011 to 2015, we identify the association between firm performance and IR disclosure quality. Further, we examine the way in which the quality of IR disclosure improves the value relevance of summary accounting information (i.e., the market value of equity) and can create value. Specifically, we show the positive relation between firm performance and the quality of IR disclosure. Further, an examination shows that the level of the quality of IR disclosure is more significant when firms tend to exhibit a higher value relevance of summary accounting information (i.e., the book value of equity and earnings). Finally, more effective use of IR has resulted in abnormal stock returns being positively associated with earnings quality.
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    The effect of annual reports tone complexity on firms' dividend policy: evidence from the united states
    Satt, Harit; Department of Business Administration; Iatridis, Georgios Emmanouil; Other; Department of Business Administration; College of Administrative Sciences and Economics; N/A
    Purpose This paper investigates the impact of annual reports complexity (associated with tone complexity) on dividend policy and value of dividend policy. Design/methodology/approach This paper uses the variable complexity provided by the textual analytics software (Diction 7.0) as the proxy for annual reports' tone complexity. The data covered non-financial American firms from years 2011-2019. The pooled ordinary least squares (OLS) regression and the instrumental variable regression are used to test the study's arguments. Findings The findings suggest that the signaling theory of dividends holds in the United States. Firms with more complex annual reports tend to distribute more dividends, mainly in environment of high information. When information asymmetry is high, managers would use dividends as a tool to mitigate information asymmetry. Furthermore, the findings suggest that dividend policy has a stronger impact on firm value, especially when the tones of annual reports are highly complex. These findings support the previous results, namely, that managers would opt for dividend policy as a signaling tool for its positive impact on firm value. The results are robust to potential endogeneity issues and alternative proxies for both dividend policy and information asymmetry. Practical implications The results demonstrate that the dividends' signaling theory holds in the United States, where the findings cannot be generalized to all markets; However, the findings of this research can be of use to potential and current investors, users of annual reports and decision makers as well. Originality/value The paper highlights the effect of the tone complexity of annual reports (using 10K text analytics) on the value of dividend policy and dividend policy itself in a developed economy. Understanding this relation will enable stakeholders to forecast future dividends, choose more appropriate valuation methods and hence restore investors' faith.
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    Narrative disclosure quality and the timeliness of goodwill impairments
    (Elsevier, 2022) Pappas, Kostas; Walker, Martin; Department of Business Administration; Iatridis, Georgios Emmanouil; Other; Department of Business Administration; College of Administrative Sciences and Economics; N/A
    This paper studies the relation between the quality of corporate narrative disclosure and the timeliness of goodwill impairments. We combine five measures of the linguistic content of annual report narratives to generate a proxy for narrative disclosure quality. To measure the timeliness of impairments, we deploy a model that relates observed goodwill impairments to the main determinants of impairments identified by prior literature, focusing especially on current period negative stock returns. We hypothesise and find that the impairments of firms with low-quality narrative disclosures are less timely than the impairments of firms with high-quality disclosures. In addition, using a signalling argument, we hypothesise, and find that the market response to goodwill impairments is more negative for firms with low disclosure quality.