Contemporary Accounting Research最新文献

Reciprocity over time: Do employees respond more to kind or unkind controls? 随着时间的推移，互惠关系：员工对友善还是不友善的控制更有反应？

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-04-24 DOI: 10.1111/1911-3846.13023

Jordan Samet, Karl Schuhmacher, Kristy L. Towry, Jacob Zureich

{"title":"Reciprocity over time: Do employees respond more to kind or unkind controls?","authors":"Jordan Samet, Karl Schuhmacher, Kristy L. Towry, Jacob Zureich","doi":"10.1111/1911-3846.13023","DOIUrl":"https://doi.org/10.1111/1911-3846.13023","url":null,"abstract":"Reciprocity plays a critical role in the way employees respond to managerial control decisions. The current consensus is that employees punish managers for implementing unkind controls (negative reciprocity) more than they reward managers for implementing kind controls (positive reciprocity). We challenge this consensus. Prior research focuses on settings that emphasize employees' immediate reciprocal responses. However, in the workplace, employees often respond over long periods of time to sticky control decisions (e.g., budgets, pay, decision rights). Focusing on these long-term settings, we predict and find that, while negative reciprocity is initially stronger than positive reciprocity, it also fades more over time than positive reciprocity. This differential fading is so pronounced in our setting that positive reciprocity is stronger overall in the long run. Thus, in long-term settings, positive responses to kind controls may play a more important role than negative responses to unkind controls. Our results inform managerial decisions about the use of kind versus unkind controls and suggest potential long-term benefits of pay disparity and other policies that treat employees differentially.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1490-1520"},"PeriodicalIF":3.2,"publicationDate":"2025-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206545","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

PCAOB international inspections and US companies' exports PCAOB的国际检查和美国公司的出口

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-04-22 DOI: 10.1111/1911-3846.13041

Inder K. Khurana, K. K. Raman, Byongwook (Brian) Yun

引用次数: 0

Does tax enforcement inform auditors' risk assessment? Evidence from key audit matters 税务执法是否为审计人员的风险评估提供了信息？来自关键审计事项的证据

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-04-16 DOI: 10.1111/1911-3846.13042

Jessica R. Filosa, Jingjing (Jing) Huang, Lijun (Gillian) Lei, Sarah E. Stein

{"title":"Does tax enforcement inform auditors' risk assessment? Evidence from key audit matters","authors":"Jessica R. Filosa, Jingjing (Jing) Huang, Lijun (Gillian) Lei, Sarah E. Stein","doi":"10.1111/1911-3846.13042","DOIUrl":"https://doi.org/10.1111/1911-3846.13042","url":null,"abstract":"International standards encourage auditors to consider regulatory factors and external parties during the risk assessment process. One such external party is the taxation authority, which monitors corporate conduct and uses the threat of tax audits to constrain managerial opportunism. This study examines whether tax enforcement influences auditors' perception of the risk of material misstatement on their engagements. Using a sample of companies listed on European exchanges, we assess the strength of tax enforcement at the country level based on the number of full-time equivalent (FTE) employees in the tax audit and verification function relative to the size of the economy. Since auditors of these European listed companies must publicly disclose key audit matters (KAMs), we use the number of KAMs to capture auditors' perceptions of client-level misstatement risk. Our results indicate that auditors report fewer KAMs in the presence of more FTEs in the tax audit and verification function. In cross-sectional tests, we find that this negative association is stronger in settings where auditors are more inclined to incorporate the monitoring potential of the tax authority into their risk assessment, such as in countries with high book-tax conformity and for auditors with greater exposure to complex tax issues. These findings offer new insights into the role of tax enforcement in auditors' decision-making and have timely implications for accounting regulators and academics studying the determinants of KAMs.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1423-1454"},"PeriodicalIF":3.2,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

CEO short-term incentives and the agency cost of debt CEO短期激励与债务代理成本

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-04-12 DOI: 10.1111/1911-3846.13021

Brian Akins, Jonathan Bitting, David De Angelis, Maclean Gaulin

引用次数: 0

Investor reactions to climate change disclosures: Joint effects of disclosure focus and controllability 投资者对气候变化信息披露的反应：披露焦点与可控性的联合效应

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-04-09 DOI: 10.1111/1911-3846.13037

Soon-Yeow Phang, Prabashi Dharmasiri, Dani Puspitasari

{"title":"Investor reactions to climate change disclosures: Joint effects of disclosure focus and controllability","authors":"Soon-Yeow Phang, Prabashi Dharmasiri, Dani Puspitasari","doi":"10.1111/1911-3846.13037","DOIUrl":"https://doi.org/10.1111/1911-3846.13037","url":null,"abstract":"When evaluating the potential financial effects of climate change, investors demand disclosures of the climate-related risks and opportunities that companies need to manage. We examine how and why management control over climate change performance affects investors' evaluations of such disclosures. In a series of experiments, we find that investors believe that managerial optimism is beneficial and, thus, are more willing to invest when climate-related disclosures focus on opportunities rather than risks. This effect, however, occurs only when management has high control over the company's future climate change performance. When that control is low, investors believe that managerial realism is beneficial and, thus, are more willing to invest when these disclosures focus on risks rather than opportunities. Our study has implications for companies and standard setters considering the consequences of focusing on either risks or opportunities in climate change reporting and the conditions under which one focus or the other may be beneficial.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1359-1387"},"PeriodicalIF":3.2,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13037","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Can investors learn from patent documents? Evidence from textual analysis 投资者能从专利文件中学习吗？来自文本分析的证据

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-04-03 DOI: 10.1111/1911-3846.13036

Yuxiang Zheng

{"title":"Can investors learn from patent documents? Evidence from textual analysis","authors":"Yuxiang Zheng","doi":"10.1111/1911-3846.13036","DOIUrl":"https://doi.org/10.1111/1911-3846.13036","url":null,"abstract":"This paper examines the role of patent texts in the stock market valuation of patents. Utilizing the large language model BERT (Bidirectional Encoder Representations from Transformers) to summarize contextual information within patent texts, I find that patent texts explain 31.5% of the variation in the stock market valuation of patents and provide large incremental explanatory power beyond other structured patent characteristics, firm characteristics, and technological trends. Additionally, patent texts significantly predict the level, volatility, and cumulation speed of future earnings, suggesting they contain genuine information about firms' performance. However, investors do not fully incorporate such information within patent texts into stock prices, as evidenced by the predictive power of patent texts for future stock returns. This underreaction is diminished after the pre-grant publication of patent applications is mandated. My findings underscore the value of patent texts as a source of information on internally developed intangibles and have implications for academics, practitioners, and regulators.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1331-1358"},"PeriodicalIF":3.2,"publicationDate":"2025-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13036","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Navigating global uncertainty: Do foreign national directors protect US firms from supply chain disruptions? 应对全球不确定性：外国董事是否能保护美国公司免受供应链中断的影响？

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-04-02 DOI: 10.1111/1911-3846.13040

Rohan D'Lima, Ariel Rava, Musa Subasi

{"title":"Navigating global uncertainty: Do foreign national directors protect US firms from supply chain disruptions?","authors":"Rohan D'Lima, Ariel Rava, Musa Subasi","doi":"10.1111/1911-3846.13040","DOIUrl":"https://doi.org/10.1111/1911-3846.13040","url":null,"abstract":"We examine whether foreign national directors (FNDs) on US corporate boards help their firms mitigate the adverse effects of economic policy uncertainty (EPU) shocks originating from the directors' home countries. Using a comprehensive data set of US manufacturing firms' international supply chain relationships from 2003 to 2019, we find that EPU spikes in supplier countries lead to significant declines in aggregate US imports as well as in buyer firms' inventory purchases, sales, and market valuation. However, firms with FNDs from the affected countries are better able to mitigate these negative impacts. Cross-sectional analyses reveal that the beneficial role of FNDs is more pronounced in firms with limited operational slack, greater difficulty accessing information about supplier countries, and higher financial constraints. Robust to a battery of sensitivity tests, our findings underscore the importance of FNDs on corporate boards during times of increased global uncertainty, especially for firms heavily reliant on foreign suppliers, and inform the debate on board diversity and supply chain resilience amid economic policy-driven uncertainties.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1298-1330"},"PeriodicalIF":3.2,"publicationDate":"2025-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13040","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Determinants of and future violations following deferred prosecution and non-prosecution agreements in corporate criminal cases 公司刑事案件延期起诉和不起诉协议后的决定因素和未来违法行为

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-04-01 DOI: 10.1111/1911-3846.13039

Gus De Franco, R. Christopher Small, Aida Sijamic Wahid

{"title":"Determinants of and future violations following deferred prosecution and non-prosecution agreements in corporate criminal cases","authors":"Gus De Franco, R. Christopher Small, Aida Sijamic Wahid","doi":"10.1111/1911-3846.13039","DOIUrl":"https://doi.org/10.1111/1911-3846.13039","url":null,"abstract":"The US Department of Justice's increasing use of deferred prosecution and non-prosecution agreements (D/NPAs) over the past two decades has sparked debate about their merits compared with traditional plea deals, which often result in criminal convictions. This study examines the factors influencing prosecutors' decisions to use D/NPAs in disciplining firms for corporate misconduct. We analyze whether the likelihood of a firm's future misconduct varies by the type of discipline imposed, comparing the effectiveness of D/NPAs to traditional prosecution. Our findings reveal that prosecutors are more likely to employ D/NPAs with firms when a criminal conviction could cause significant economic harm to stakeholders. However, firms subject to D/NPAs are more likely to commit subsequent violations compared with those entering plea deals. As D/NPAs gain traction in the United States and internationally, our research highlights a trade-off: while D/NPAs mitigate harm to innocent stakeholders, they are less effective at deterring future misconduct than traditional prosecutions.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1271-1297"},"PeriodicalIF":3.2,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13039","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Is professional exam performance associated with career success for Big 4 auditors? Evidence on gender differences 专业考试成绩与四大审计师的职业成功有关吗？性别差异的证据

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-31 DOI: 10.1111/1911-3846.13035

Antti Fredriksson, David Hay, Jukka Karjalainen, Arpine Maghakyan, Lasse Niemi

{"title":"Is professional exam performance associated with career success for Big 4 auditors? Evidence on gender differences","authors":"Antti Fredriksson, David Hay, Jukka Karjalainen, Arpine Maghakyan, Lasse Niemi","doi":"10.1111/1911-3846.13035","DOIUrl":"https://doi.org/10.1111/1911-3846.13035","url":null,"abstract":"This study examines whether better performance on the Certified Public Accountant (CPA) exam is associated with an auditor's career success and whether any relation differs based on gender. Our study adds to prior studies on the career development of auditors by showing that the auditor's performance on the exam predicts success during the auditor's career. Although there is little difference in the average CPA exam scores of male versus female auditors, we document gender differences in the relation between performance on the CPA exam and career success. Male auditors who pass the exam with superior results receive higher annual compensation than those with weaker results. They are also more likely to become partners in Big 4 accounting firms and have larger client portfolios. For female auditors, we find weaker or no association between CPA exam scores and compensation or other indicators of career success. Our path analysis shows that the mechanisms underlying career success work differently for men and women. CPA exam scores of male auditors have a direct effect on compensation and an indirect (mediating) effect through promotion to partner and client portfolio size. However, for female auditors, exam scores have no effect on promotion to partner or client portfolio size, and exam scores have a much smaller effect on compensation. Our findings suggest that CPA exam scores translate into career success for male auditors but not for female auditors.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1243-1270"},"PeriodicalIF":3.2,"publicationDate":"2025-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13035","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Winning is not enough: Changing landscapes of earnings surprises and the market reaction 赢还不够：不断变化的盈利意外和市场反应

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-25 DOI: 10.1111/1911-3846.13034

John C. Heater, Ye Liu, Qin Tan, Frank Zhang

{"title":"Winning is not enough: Changing landscapes of earnings surprises and the market reaction","authors":"John C. Heater, Ye Liu, Qin Tan, Frank Zhang","doi":"10.1111/1911-3846.13034","DOIUrl":"https://doi.org/10.1111/1911-3846.13034","url":null,"abstract":"We document strikingly opposite time-series patterns of analyst forecast errors (FEs) and associated market reactions, illustrating that analyst forecasts have become a less useful benchmark of the market's earnings expectations in recent years. The mean FE has increased from negative one to two cents in the 1990s to positive one to two cents in the 2010s, whereas average earnings announcement returns have declined from 0.30% in the 1990s to −0.30% in the 2010s, turning negative in the past 17 years. Underlying the time-series pattern of increasing FEs is a secular trend where firms move away from just meeting or beating, to which the market reaction has become increasingly negative, toward a large beat, while the frequency of meeting or beating the consensus analyst forecast remains stable during the same period. We develop a parsimonious predictive model of earnings surprises based on peer and past analysts' FEs and find that our predicted FE closely mirrors reported FE, with the average value hovering around one to two cents in most years of the past two decades. The market reaction to “around zero” unexpected FE (FE minus predicted FE) is indistinguishable from zero over time, suggesting that our model serves as a good benchmark of the market's expectation. Our evidence has broad implications for appropriate earnings benchmarking, for the disappearing discontinuity of the earnings surprise distribution around zero, for earnings management to beat analysts' forecasts, for empirical designs when examining the earnings-return relation, and for the disappearing earnings announcement premium.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1212-1242"},"PeriodicalIF":3.2,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0