Footnote:
In: Australian Accounting Review, Forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 10, 2013 erstellt
Description:
This study examines the heterogeneity of fiscal year-end choice in Australia. We document substantial differences in the ‘‘popularity'' of balance sheet dates over 1989-2010, and an increasing preference of June year-ends in recent years. 81% of Australian firms choose June to align with the mandatory tax period, followed by 13% for December and 6% for other months. We find industry membership and firm-level factors play an important role in the choice of fiscal year-ends. There is a strong non-June effect for manufacturing, retail and financial service companies. Non-June year-end firms tend to be larger in size and more profitable, and have less sales growth, lower firm-specific risk and higher buy-and-hold returns over the financial year. Finally, we summarize three popular reasons for Australian firms changing their fiscal year-ends