Corporate Management Lobbying on FAS No. 8: Some Further Evidence
研究企业管理者是否因债务合同和持股比例而就FAS第8号准则草案向FASB提交评论信进行游说，帮助预测会计准则变更的后果。
On December 31, 1974, the Financial Accounting Standards Board (FASB) issued an exposure draft for Statement of Financial Accounting Standards (FAS) No. 8, Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statements. The intent of the standard was to bring uniformity to accounting for the translation of foreign currency transactions and foreign subsidiaries. Firms were required to use the temporal method of translation and to include unrealized foreign exchange gains and losses in income. Most managements expected this latter provision to increase the volatility of their reported earnings. The study reported in this paper examined the extent to which firms' debt contracts and managements' degrees of ownership in their firms were associated with managements' decisions to lobby the FASB in the form of comment letters regarding the proposed standard. Managements' lobbying activities provide a basis for predicting the consequences of a proposed accounting policy change on firms. That is, lobbying positions can assist the FASB in assessing potential opposition to a standard, as well as subsequent attempts to circumvent reporting requirements, subvert the standard, and/or discredit the policymaker. The issue studied