Contemporary Accounting Research最新文献_第4页

The consequences of expanded audit reports for small and risky companies 扩大审计报告对小型和高风险公司的影响

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-01-02 DOI: 10.1111/1911-3846.13011

Elizabeth Gutierrez, Miguel Minutti-Meza, Kay W. Tatum, Maria Vulcheva

{"title":"The consequences of expanded audit reports for small and risky companies","authors":"Elizabeth Gutierrez, Miguel Minutti-Meza, Kay W. Tatum, Maria Vulcheva","doi":"10.1111/1911-3846.13011","DOIUrl":"https://doi.org/10.1111/1911-3846.13011","url":null,"abstract":"The United Kingdom mandated expanded audit reports in two waves, starting in 2013 and 2017, respectively. Prior studies of the first wave, which included large and highly regulated companies, concluded that expanded reports have limited incremental value. We focus on the second wave, which included companies listed on the Alternative Investment Market (AIM). The AIM is characterized by emerging companies that are smaller, riskier, and subject to lighter regulatory requirements and to private monitoring. We examine whether investors and other stakeholders benefit from expanded reports in this setting. We document that AIM companies have shorter expanded reports and fewer key audit matters. Next, we demonstrate that these reports have negligible incremental information value for investors or consequences for the quality and cost of audits. Finally, although we find that some variations in the expanded reports' content are associated with investor reactions to the annual report and with audit fees, variations in external monitoring and company size do not play an incremental role. By focusing on a set of companies with weaker information environments, our findings help to extend the conclusions from prior studies about the limited incremental value of expanded reports.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"576-614"},"PeriodicalIF":3.2,"publicationDate":"2025-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13011","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143646155","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

Cost-benefit trade-offs in acquirers' goodwill valuations 收购方商誉估值中的成本效益权衡

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-01-02 DOI: 10.1111/1911-3846.13010

Lisa Koonce, Sara Toynbee, Brian J. White

引用次数: 0

CEO (in)activism and investor decisions CEO的行动主义和投资者的决策

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2024-12-30 DOI: 10.1111/1911-3846.13004

Michael T. Durney, Joseph A. Johnson, Roshan K. Sinha, Donald Young

{"title":"CEO (in)activism and investor decisions","authors":"Michael T. Durney, Joseph A. Johnson, Roshan K. Sinha, Donald Young","doi":"10.1111/1911-3846.13004","DOIUrl":"https://doi.org/10.1111/1911-3846.13004","url":null,"abstract":"Many CEOs engage in activism by publicly expressing their views on social, environmental, and political issues, while other CEOs refrain from doing so—a behavior we term CEO inactivism. We use two experiments to examine how CEO (in)activism impacts investor decisions. Our results are consistent with our theoretical predictions. When a CEO expresses an activist position that is consistent versus inconsistent with investors' views, investors invest more in the CEO's firm because they perceive the CEO more positively. We also find that CEO inactivism can lead to investment decisions that are as favorable as when the CEO expresses a position consistent with investors' views; our process evidence suggests that this may occur because CEO inactivism increases the likelihood that investors believe the CEO shares their position on a social issue. Finally, we do not find evidence that investor decisions are influenced by whether CEO (in)activism is in response to an external prompt. This study contributes to the emerging literature on CEO activism, a unique form of voluntary disclosure, by providing evidence about how CEO (in)activism influences investors. We also contribute to the literature examining the impact of social media disclosure on investor decisions. Finally, our findings have practical implications for CEOs, who increasingly face external pressures to engage in activism.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"525-552"},"PeriodicalIF":3.2,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143646223","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

Measuring systemic risk: A financial statement–based approach for insurance firms and banks 衡量系统风险：保险公司和银行基于财务报表的方法

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2024-12-27 DOI: 10.1111/1911-3846.13008

Venkat Peddireddy, Shiva Rajgopal

{"title":"Measuring systemic risk: A financial statement–based approach for insurance firms and banks","authors":"Venkat Peddireddy, Shiva Rajgopal","doi":"10.1111/1911-3846.13008","DOIUrl":"https://doi.org/10.1111/1911-3846.13008","url":null,"abstract":"We introduce CRISK, a financial statement–based measure, to assess the systemic risk contribution of a financial firm. CRISK measures the capital shortfall of a financial firm conditional on severe distress in the entire system. Our measure complements the market-based measure, SRISK, introduced by Acharya et al. (2012, American Economic Review, 102(3), 59–64) and Brownlees and Engle (2017, Review of Financial Studies, 30(1), 48–79), in identifying systemically risky financial firms. While SRISK provides a timelier assessment using real-time stock market data, CRISK offers a more nuanced approach using accounting information and is tailored to the distinct characteristics of insurance firms and commercial banks. Our empirical analysis shows that (1) compared to CRISK, SRISK tends to overestimate capital shortfalls for insurance firms and for banks that hold a substantial portion of Federal Deposit Insurance Corporation–insured deposits while underestimating capital shortfalls for banks heavily reliant on uninsured deposits; (2) CRISK estimates of capital shortfall closely align with the actual capital injections received by financial firms during the financial crisis of 2007–2009; and (3) CRISK exhibits a significant positive correlation with short interest. Based on our findings, we recommend using SRISK as an initial screening tool to identify potential systemically risky financial firms, followed by refining the list and validating the expected capital shortfall using CRISK.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"490-524"},"PeriodicalIF":3.2,"publicationDate":"2024-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143646288","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

“No comment”: Language frictions and the IASB's due process “无可奉告”：语言摩擦与IASB的正当程序

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2024-12-16 DOI: 10.1111/1911-3846.13001

Eduardo Flores, Brian R. Monsen, Emily Shafron, Christopher G. Yust

引用次数: 0

The impact of the classified voting system on corporate investment and equity value 分类投票制度对公司投资和股权价值的影响

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2024-12-11 DOI: 10.1111/1911-3846.13002

Qinglu Jin, Sirui Wu

{"title":"The impact of the classified voting system on corporate investment and equity value","authors":"Qinglu Jin, Sirui Wu","doi":"10.1111/1911-3846.13002","DOIUrl":"https://doi.org/10.1111/1911-3846.13002","url":null,"abstract":"Granting decision rights to minority shareholders protects them from expropriation by controlling shareholders, but it simultaneously fosters a mismatch between decision rights and decision-relevant information. Using the setting of China's classified voting system (CVS), which requires minority shareholder approval for managerial proposals, this study investigates the effect of such a regulation on investment responsiveness to profitability and equity value attributable to growth options. Following the real-options-based valuation model, we document that the adoption of CVS diminishes both investment responsiveness and equity value. This reduction is attributed to heightened financial constraints following the CVS implementation. Further analyses show the negative impacts are more pronounced for firms experiencing greater information asymmetry, lower mutual fund holdings, and severe agency conflicts. Our evidence indicates that the efficacy of the regulation is contingent on the alignment between decision rights of minority shareholders and decision-relevant information available to them. Our findings thus provide insights to the regulators regarding the advantages and disadvantages of allowing minority shareholders direct influence over corporate decision-making.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"391-417"},"PeriodicalIF":3.2,"publicationDate":"2024-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143645749","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

Is more always better? An experimental examination of the effects of feedback frequency, narcissistic oversensitivity, and growth mindset on performance accuracy 越多越好吗？反馈频率、自恋过度敏感和成长心态对绩效准确性影响的实验研究

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2024-12-11 DOI: 10.1111/1911-3846.13005

Joseph A. Johnson, Khim Kelly, Wioleta Olczak

{"title":"Is more always better? An experimental examination of the effects of feedback frequency, narcissistic oversensitivity, and growth mindset on performance accuracy","authors":"Joseph A. Johnson, Khim Kelly, Wioleta Olczak","doi":"10.1111/1911-3846.13005","DOIUrl":"https://doi.org/10.1111/1911-3846.13005","url":null,"abstract":"The provision of more frequent feedback to employees is increasing, although prior research has found mixed results as to the effect of increased feedback frequency on employee performance. Narcissism research identifies narcissistic oversensitivity as a key narcissistic subdimension that may result in particularly strong responses to performance feedback. We predict and find in an experiment that increased performance feedback frequency has a more negative impact on the performance accuracy of individuals with higher levels of narcissistic oversensitivity and that this negative interactive effect of feedback frequency and narcissistic oversensitivity is mitigated by the priming of a growth mindset. These results should be of practical interest to firms as they design their management control systems to improve employee performance, considering the variation in narcissistic oversensitivity among their employees. These results also contribute to recent accounting research on the effects of feedback frequency and employee mindsets.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"418-445"},"PeriodicalIF":3.2,"publicationDate":"2024-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143645791","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

LGBTQI+ professional accountants and the consequences of stigmatization: An identity work perspective LGBTQI+专业会计师和污名化的后果：身份工作视角

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2024-12-09 DOI: 10.1111/1911-3846.13006

Alessandro Ghio, Bertrand Malsch, Nicholas McGuigan

{"title":"LGBTQI+ professional accountants and the consequences of stigmatization: An identity work perspective","authors":"Alessandro Ghio, Bertrand Malsch, Nicholas McGuigan","doi":"10.1111/1911-3846.13006","DOIUrl":"https://doi.org/10.1111/1911-3846.13006","url":null,"abstract":"Using a qualitative research design and drawing on an identity work perspective, we explore how LGBTQI+ professional accountants relate their self-identity to their professional occupation and manage their stigmatized identity at work. Sharing original empirical data from focus groups and semi-structured interviews with LGBTQI+ professional accountants, we show how they engage in inward-facing identity work by resisting stigmatizing pressures by conceiving of a self that is both outside the norm (“deviant”) and adapted to it (i.e., a deviant-adapted self). However, we also find that stigmatized identities can be embraced by participants as legitimate sources of distinct professional dispositions and a more powerful work ethic. This finding offers a less confrontational view of how marginalized identities and sexuality intersect with the accounting profession. In outward-facing processes of identity work, we show considerable variations in how and when participants communicate about their stigmatized identity. Finally, we highlight the collective dynamic of stigma management as a fundamental condition of possibility for targets to overcome the limits of atomized individual action. However, this collective dynamic entails the risk of all targets being absorbed into a collective representation and social-identity that either makes them invisible, or directly opposes certain aspects of their self-identity. In this respect, we show how some of our participants actively contribute to the creation of a collective social-identity to combat stigmatization within firms, which in turn generates symbolic power differentials and symbolic violence within LGBTQI+ professional accountants.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"360-390"},"PeriodicalIF":3.2,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143646026","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

Do donors value volunteer commitment in assessing nonprofit effectiveness? 捐助者在评估非营利组织的有效性时是否重视志愿者的承诺？

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2024-12-07 DOI: 10.1111/1911-3846.12997

Amanda W. Beck, Sarah A. Garven, Michelle Higgins Yetman

{"title":"Do donors value volunteer commitment in assessing nonprofit effectiveness?","authors":"Amanda W. Beck, Sarah A. Garven, Michelle Higgins Yetman","doi":"10.1111/1911-3846.12997","DOIUrl":"https://doi.org/10.1111/1911-3846.12997","url":null,"abstract":"Evaluating organizational effectiveness is a significant challenge for nonprofit donors making donation allocation decisions. Donations may be misallocated if organizational effectiveness is inadequately assessed, and donors, who are often organizational outsiders, rely on nonprofit disclosures on IRS Form 990 to make such assessments. We examine whether donors value volunteer commitment, as measured by the number of volunteers that nonprofits disclose on Form 990, alongside financial and governance disclosures in assessing organizational effectiveness. Donors and volunteers prefer to make respective gifts of money and time to nonprofits that are effective in furthering their missions. Based on the premise that volunteers, as organizational insiders, are better positioned than donors to judge the impact of their contributions, we hypothesize that volunteer commitment provides value-relevant information to donors for use in assessing imprecise effectiveness signals—namely, the program ratio and corporate governance disclosures. Consistent with this, we find that the value relevance of the program ratio and corporate governance disclosures to donors is increasing with the level of volunteer commitment. These results suggest that donors view volunteer commitment as a signal of effectiveness, useful in interpreting other signals of effectiveness. The evidence is more pronounced among nonprofits that report more credible volunteer disclosures, have a larger proportion of sophisticated donors, and are more complex. These findings have implications for regulators considering nonprofit disclosure policies, as well as nonprofit managers and directors engaging volunteers.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"325-359"},"PeriodicalIF":3.2,"publicationDate":"2024-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143645678","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

Income smoothing in banks: Obfuscation or information? 银行收入平滑：混淆还是信息？

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2024-12-04 DOI: 10.1111/1911-3846.12990

Ganapathi S. Narayanamoorthy, P. Barrett Wheeler

{"title":"Income smoothing in banks: Obfuscation or information?","authors":"Ganapathi S. Narayanamoorthy, P. Barrett Wheeler","doi":"10.1111/1911-3846.12990","DOIUrl":"https://doi.org/10.1111/1911-3846.12990","url":null,"abstract":"Discretionary income smoothing has been argued to increase bank opacity and degrade financial system stability by making banks more difficult to monitor. However, no direct empirical association between discretionary smoothing and opacity has been established to date. We argue that smoothing could reflect either the opportunistic exercise of discretion that disconnects loan loss provisions (LLPs) from changes in underlying credit quality, consistent with smoothing increasing opacity, or an informative exercise of discretion to communicate forward-looking information about loan losses. We examine the association between discretionary smoothing and the informativeness of LLPs for a sample of banks from 1994 to 2019 and find that discretionary smoothing is, on average, associated with more informative LLPs. However, this association is nuanced, with cross-sectional differences and changes over time. We find evidence that an intervention by the SEC into bank LLP practices in the late 1990s curbed opportunistic smoothing via provisioning for homogeneous loans. Subsequently, smoothing is associated with more informative provisions, including for banks with both more homogeneous and more heterogeneous loan portfolios. Our findings are inconsistent with the notion that smoothing may be associated with greater opacity.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 1","pages":"285-324"},"PeriodicalIF":3.2,"publicationDate":"2024-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.12990","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143645967","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