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Three essays on determinants of accounting choice

This paper empirically investigates regulatory consequences after the adoption of a new accounting regime. Specifically, we analyze the impact on revenues in the price-regulated European utility industry by investigating the regulatory effects of the adoption of a revised accounting regime in Germany. Firm-specific revenue caps are determined during a financial statement-based cost audit. We find that regulated firms are more likely than non-regulated firms to voluntarily adopt new German GAAP early, thereby achieving higher regulated revenues. Manually analyzing financial statements, we are able to estimate the increase in firm-specific allowed revenues for the regulation period 2013 to 2017. Our paper shows cashflow consequences as the result of an accounting regime change and thus contributes to the understanding of possible regulatory consequences of new accounting regimes.