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Erscheinungsjahr: 
2025
Quellenangabe: 
[Journal:] Schmalenbach Journal of Business Research (SBUR) [ISSN:] 2366-6153 [Volume:] 77 [Issue:] 4 [Year:] 2025 [Pages:] 885-914
Verlag: 
Springer, Heidelberg
Zusammenfassung: 
We provide descriptive evidence of the development of the disclosure of Alternative Performance Measures (APMs) in Germany over time, as well as insights into their attributes after introduction of the ESMA Guidelines. Using a hand-collected dataset of APMs, we generally find an increase in the fraction of firms that disclose at least one APM, and larger firms are more likely to engage in APM disclosure. Additionally, we find that adjusted earnings are substantially higher than the corresponding GAAP earnings, so the sum of exclusions is, on average, profit-increasing rather than profit-decreasing. Furthermore, the introduction of the ESMA Guidelines is not associated with a decrease in the likelihood of APM reporting; rather, it reduces the speed of the increase in the likelihood of APM reporting and the magnitude of exclusions. This study offers timely insights into the development of APM reporting in Germany.
Schlagwörter: 
Alternative Performance Measures
Corporate disclosure
ESMA Guidelines on Alternative Performance Measures
GAAP earnings
Regulation
Voluntary disclosure
JEL: 
G01
G38
K20
K22
M41
M48
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