Contemporary Accounting Research最新文献_第3页

What a relief: How do firms respond to competitors' listing delays? 真让人松了一口气：公司如何应对竞争对手推迟上市？

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-02-08 DOI: 10.1111/1911-3846.13015

Ning Jia, Jiaqi Qian, Xuan Tian, Jinxin Yu

{"title":"What a relief: How do firms respond to competitors' listing delays?","authors":"Ning Jia, Jiaqi Qian, Xuan Tian, Jinxin Yu","doi":"10.1111/1911-3846.13015","DOIUrl":"https://doi.org/10.1111/1911-3846.13015","url":null,"abstract":"We examine the effect of product market competitors' listing delays on incumbent firms' defensive strategies, including efforts in customer retention and acquisition as well as merger and acquisition (M&A) activities. To establish causality, we use four regulation-induced IPO suspensions in China that expose firms already approved for an IPO to indeterminate listing delays. Using a difference-in-differences design, we find that incumbent firms reduce efforts in customer retention and acquisition, as manifested in an increase in accounts receivable turnover and a decrease in selling expenses. Incumbent firms also reduce M&A activities, including high-premium and horizontal ones. The effects are stronger for incumbent firms that are subject to more intensive competition from the suspended firm, face larger competitive pressure from existing public firms, and are more financially constrained. Additionally, incumbent firms' managers reduce competition-related disclosures, and the firms' financial performance improves after competitors' listing delays. Consistent with the findings based on listing delays, we find that incumbent firms increase efforts in customer retention and acquisition and M&As surrounding competitors' IPO application and approval. Our paper sheds new light on the IPO peer effect, especially on how incumbent firms respond to the product market competitor's capital market entry.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"890-921"},"PeriodicalIF":3.2,"publicationDate":"2025-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206797","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

The effect of process monitoring on beyond-the-job process improvements 过程监控对工作外过程改进的影响

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-02-06 DOI: 10.1111/1911-3846.13020

Ivo Schedlinsky, Maximilian Schmidt, Friedrich Sommer, Arnt Wöhrmann

{"title":"The effect of process monitoring on beyond-the-job process improvements","authors":"Ivo Schedlinsky, Maximilian Schmidt, Friedrich Sommer, Arnt Wöhrmann","doi":"10.1111/1911-3846.13020","DOIUrl":"https://doi.org/10.1111/1911-3846.13020","url":null,"abstract":"Although it has always been important for firms that employees innovate predefined processes, the working environment in which employees implement these processes has significantly changed. Currently, the working environment is often characterized by employee surveillance; that is, the way in which employees conduct a process is monitored. In the current study, we present the results of an experiment examining the effect of process monitoring on process improvements by employees. Although previous accounting literature has reported negative effects of monitoring techniques on several organizational outcomes, we show that process monitoring can have a positive effect on employees' implementation of process improvements in the absence, but not in the presence, of a firm's error avoidance policy. Without an error avoidance policy, employees are motivated to create a favorable impression in front of management by implementing process improvements. This finding has important implications for business practice. From a broader perspective, we show that the influence of action controls depends on the parameters of a cultural control.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"866-889"},"PeriodicalIF":3.2,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13020","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206611","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

Civil society as a quasi-regulator: Coordination in financial regulation on climate change 公民社会作为准监管者：气候变化金融监管的协调

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-02-06 DOI: 10.1111/1911-3846.13014

Robert J. Charnock

{"title":"Civil society as a quasi-regulator: Coordination in financial regulation on climate change","authors":"Robert J. Charnock","doi":"10.1111/1911-3846.13014","DOIUrl":"https://doi.org/10.1111/1911-3846.13014","url":null,"abstract":"As early as 2015, financial regulators were developing disclosure frameworks aimed at enabling capital markets to price climate risks. Yet the literature on sustainability disclosure offers little insight into how regulatory agendas change, instead focusing on how nongovernmental organizations drive voluntary disclosure. To address this deficiency, this paper charts how financial regulators came to embrace climate risk, analyzing how an array of non-state initiatives became coordinated in highlighting climate-related impairment risks. This coordination is conceptualized via scholarship on decentered regulation, allowing a first, theoretical, contribution by constructing and demonstrating one analytical approach to studying substantive change on sustainability. This paper draws on a 25-month participant observation of a United Nations standard-setting project, supported by semi-structured interviews. This allows a second, empirical, contribution by mapping how an accounting device, the so-called “carbon budget” (the maximum amount of cumulative greenhouse gas emissions that limits the probability of exceeding 2°C of warming to 20%), coordinated this array of non-state action toward resolving a core trade-off: if we burn our current fossil fuel reserves, we will exceed our warming targets. The paper then shows how these coordinated efforts pressured regulatory authorities to intervene on how finance affects and is affected by climate change.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"837-865"},"PeriodicalIF":3.2,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206610","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

Credit information sharing and firm innovation: Evidence from the establishment of public credit registries 信用信息共享与企业创新：来自公共信用登记制度的证据

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-02-04 DOI: 10.1111/1911-3846.13016

Fangfang Hou, Jeffrey Ng, Xinpeng Xu, Janus Jian Zhang

{"title":"Credit information sharing and firm innovation: Evidence from the establishment of public credit registries","authors":"Fangfang Hou, Jeffrey Ng, Xinpeng Xu, Janus Jian Zhang","doi":"10.1111/1911-3846.13016","DOIUrl":"https://doi.org/10.1111/1911-3846.13016","url":null,"abstract":"Lenders are reluctant to finance firms' innovation activities because such activities tend to be opaque, with a high likelihood of negative outcomes that could hamper loan repayment. We posit that public credit registries (PCRs), which play an important role in credit information sharing in many countries, can facilitate financing by reducing adverse selection and moral hazard and increasing bank competition. Using the staggered establishment of PCRs in different countries and an international firm–patent data set, we find that credit information sharing positively affects firm innovation, especially in firms that experience a larger increase in bank debt financing after the establishment of a PCR. This finding is consistent with the notion that credit information sharing promotes firm innovation by easing bank debt financing frictions. We also find a stronger effect in countries that experience a large increase in bank competition after the establishment of a PCR—consistent with increased bank competition serving as a channel through which credit information sharing facilitates bank debt financing, thereby generating a positive effect on firm innovation. The positive effect is more pronounced when the established PCR has features that promote credit information sharing. It is also more pronounced for opaque firms and firms in innovation-intensive industries, indicating that credit information sharing helps to reduce financing frictions. Finally, we posit and find evidence that firm efficiency in transforming innovation inputs into outputs improves after the establishment of a PCR. Overall, our paper offers novel insights into how credit information sharing facilitates firm innovation.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"774-806"},"PeriodicalIF":3.2,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13016","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206326","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 the PCAOB enforcement approach aligned with its mandate? Perspectives of sanctioned auditors and former PCAOB enforcement staff PCAOB的执法方法是否符合其授权？受制裁的审计师和前PCAOB执法人员的观点

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-02-04 DOI: 10.1111/1911-3846.13019

Nathan Cannon, Phillip Lamoreaux, Eldar Maksymov, Noah Myers

{"title":"Is the PCAOB enforcement approach aligned with its mandate? Perspectives of sanctioned auditors and former PCAOB enforcement staff","authors":"Nathan Cannon, Phillip Lamoreaux, Eldar Maksymov, Noah Myers","doi":"10.1111/1911-3846.13019","DOIUrl":"https://doi.org/10.1111/1911-3846.13019","url":null,"abstract":"The Sarbanes-Oxley Act of 2002 mandates the PCAOB to enforce compliance with its audit standards fairly. However, the enforcement process is not sufficiently transparent for public evaluation of its fairness, prompting a call by a former Board member for transparency of the process and for improvement suggestions from the public. Further, academic evidence on the PCAOB enforcement is limited. We address this call and the gap in the literature by interviewing 33 difficult-to-access participants about the enforcement process: 20 sanctioned auditors and 13 former PCAOB enforcement staff members. Using procedural justice theory as a lens in evaluating our data, we conclude the enforcement process lacks fairness in key components. Both auditors and former enforcement staff express concerns that staff use overly damning one-sided language in public orders, do not assess investor harm, and face incentives to sanction auditors, particularly small firms that cannot afford costly defense. We contribute to the literature on PCAOB enforcement by offering new insights into the enforcement process from firsthand perspectives of sanctioned auditors and former enforcement staff, deepening understanding of how enforcement practices align with the PCAOB's mandate for fair procedures. We also discuss process improvement suggestions from our participants and important future research opportunities.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"807-836"},"PeriodicalIF":3.2,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206443","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

Individual or team analyst reports? The organization of analyst research activities 个人或团队分析报告？分析员研究活动的组织

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-02-02 DOI: 10.1111/1911-3846.13013

Xia Chen, Ning Jia, Dan Wang

引用次数: 0

Endogeneity and the economic consequences of tax avoidance 内生性与避税的经济后果

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-01-27 DOI: 10.1111/1911-3846.13017

Scott D. Dyreng, Robert W. Hills, Christina M. Lewellen, Bradley P. Lindsey

{"title":"Endogeneity and the economic consequences of tax avoidance","authors":"Scott D. Dyreng, Robert W. Hills, Christina M. Lewellen, Bradley P. Lindsey","doi":"10.1111/1911-3846.13017","DOIUrl":"https://doi.org/10.1111/1911-3846.13017","url":null,"abstract":"Academic research investigating the economic consequences of tax avoidance is almost always interested in the consequences of intentional, deliberate actions undertaken to reduce taxes relative to income. Therefore, it is crucial that such research distinguishes between intentional and incidental tax avoidance, since failure to do so can create endogeneity concerns and lead to incomplete and incorrect economic inferences. In this paper, we first develop a framework that conceptually defines and distinguishes between intentional and incidental tax avoidance. We highlight that the endogeneity problem arises because intentional tax avoidance is not directly observable. We consider two approaches to mitigating endogeneity concerns and apply these approaches by reexamining two influential studies that investigate the economic consequences of tax avoidance. We show how controlling for past accounting losses eliminates the effect of tax avoidance on credit spreads (Hasan et al. 2014, Journal of Financial Economics, 113(1), 109–130) and how using an instrumental variables approach changes the sign of the relation between tax sheltering and stock price crash risk (Kim et al., 2011, Journal of Financial Economics, 100(3), 639–662). Overall, our paper punctuates the importance of both (1) conceptually distinguishing between incidental and intentional tax avoidance and (2) econometrically addressing the challenges that arise when empirical differentiation between incidental and intentional tax avoidance is important to the research question.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"702-730"},"PeriodicalIF":3.2,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13017","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143646268","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

Talking down the competitors: How do investment banking relationships influence analysts' forecasts? 贬低竞争对手：投行关系如何影响分析师的预测？

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-01-23 DOI: 10.1111/1911-3846.13018

Fangbo Si, Xiaoxu Yu, Huai Zhang

引用次数: 0

Preventing fraudulent financial reporting with reputational signals of strategic auditors 利用战略审计师的声誉信号防止虚假财务报告

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-01-17 DOI: 10.1111/1911-3846.13012

Chezham (Chez) L. Sealy, Chad A. Simon

{"title":"Preventing fraudulent financial reporting with reputational signals of strategic auditors","authors":"Chezham (Chez) L. Sealy, Chad A. Simon","doi":"10.1111/1911-3846.13012","DOIUrl":"https://doi.org/10.1111/1911-3846.13012","url":null,"abstract":"Financial reporting fraud continues to cost companies millions of dollars annually and is a major source of concern for regulators, stakeholders, and auditors. While academic research has largely focused on external auditors' fraud detection efforts, we analyze whether auditors can help prevent occurrences of fraud through low-cost reputational signals of higher “strategic reasoning”; strategic reasoning refers to strategies that individuals take in light of the anticipated actions of others (see van der Hoek et al., 2005, A logic for strategic reasoning, AAMAS '05, 157−164). Specifically, we consider the potential impact on manager behavior of signaling whether audit professionals use zero-, first-, and second-order audit approaches. Zero-order audit approaches involve making decisions based mostly on the auditor's incentives, first-order approaches involve decisions based mostly on the client's incentives, and second- or higher-order audit approaches involve decisions based on the client's incentives while recognizing that the client will respond to the auditor's decisions (see Wilks & Zimbelman, 2004, Accounting Horizons, 18(3), 173–184). Using a context-rich experiment in which manager participants have no history of interacting with the auditor, we find that the likelihood of fraud occurring is lower when it is signaled that audit partners and their teams use a first- or second-order strategic audit approach compared to a zero-order approach, due to an increase in the perceived likelihood of the auditor detecting fraud. We also consider whether signaling an auditor's level of strategic reasoning influences the level of effort used to conceal fraud and find an increase in the expected level of fraud effort for managers in the first- and second-order audit conditions.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"649-672"},"PeriodicalIF":3.2,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143645676","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

Improvements in investment efficiency prior to a mandated accounting change: Evidence from ASC 842 强制性会计变更前投资效率的改进：来自ASC 842的证据

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-01-09 DOI: 10.1111/1911-3846.13007

Derek Christensen, Daniel P. Lynch, Clay Partridge

{"title":"Improvements in investment efficiency prior to a mandated accounting change: Evidence from ASC 842","authors":"Derek Christensen, Daniel P. Lynch, Clay Partridge","doi":"10.1111/1911-3846.13007","DOIUrl":"https://doi.org/10.1111/1911-3846.13007","url":null,"abstract":"Prior literature on the relationship between financial reporting and investment efficiency generally overlooks the connection between firms' financial and managerial reporting systems. As a result, it is difficult to determine whether increases in the quality of firms' internal information environments (IIQ) and/or the quality of their external information environments (EIQ) explain improvements in investment efficiency following financial reporting changes. Leveraging the transition window to the new lease standard (Accounting Standards Codification [ASC] 842), we use a difference-in-differences design and find that firms that materially change their internal controls due to ASC 842 (treatment firms) significantly improve their investment efficiency in the final year of the transition window. Multiple falsification tests rule out that contemporaneous improvements in treatment firms' EIQ explain our finding. Additional channel analyses suggest the increases in IIQ for treatment firms predominantly alleviate moral hazard risk between central and divisional managers within the firm, leading to a reduction in empire building. Our findings extend the literature on the relationship between financial reporting and investment efficiency. They also contribute to the literature on the consequences of ASC 842 by answering the FASB's call for research on how ASC 842 affects firms' asset utilizations.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"615-648"},"PeriodicalIF":3.2,"publicationDate":"2025-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143645881","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