This study examines whether the implementation of industry-specific accounting standards helps capital market participants in making decisions about providing capital to firms. We predict and find an, on average, increase in firms’ capital growth in years following implementation of the relevant industry standard. The increase in capital growth arises primarily from equity issuances and is attributable to the implementation of the standards rather than industry-specific trends or economic shocks. We explore heterogeneity in industry standards and find more pronounced effects for (i) industry standards that reveal new information, provide explicit guidance, or increase accounting uniformity, and (ii) small firms, firms with greater information asymmetry, and firms with greater capital constraints before implementation of the standards. We also find evidence consistent with two channels explaining the documented increase in capital flows: reduction of information asymmetry and increase in financial statement comparability.

中文翻译：

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特定行业的会计准则对资本配置决策重要吗？

本研究探讨了特定行业会计准则的实施是否有助于资本市场参与者做出向企业提供资本的决策。我们预测并发现，在实施相关行业标准后的几年里，公司的资本增长平均会有所增加。资本增长的增加主要来自股票发行，归因于标准的实施，而不是特定行业的趋势或经济冲击。我们探讨了行业标准的异质性，发现对（i）揭示新信息、提供明确指导或提高会计一致性的行业标准，以及（ii）小公司、信息不对称程度较高的公司以及资本约束程度较大的公司有更显着的影响标准实施前。我们还发现了与解释资本流动增加的两个渠道一致的证据：信息不对称的减少和财务报表可比性的增加。