Asset Write‐Offs—Managerial Incentives and Macroeconomic Factors

Alfred Lye Chye Loh and Tin Hoe Tan

Abacus, 2002, vol. 38, issue 1, 134-151

Abstract: The objective of this study is to explain what firm‐specific and macroeconomic factors are likely to influence the asset write‐off decision in Singapore, where upward revaluations, unlike in the U.S., are also permitted. The focus is on write‐offs relating to two main asset categories, namely, fixed assets and long‐term investments. Data on seventy‐eight firms listed on the Stock Exchange of Singapore Mainboard were collected from 1983 to 1997. Results of cross‐sectional and time‐series analyses identify relevant macroeconomic factors to be unemployment rate, GDP growth rate and occupancy rate of properties, and firm‐specific factors to be profitability and a change of board chairman.

Date: 2002
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