Contemporary Accounting Research最新文献

{"title":"CAR 2025 Reviewer Recognition / Reconnaissance des réviseurs 2025 de RCC","authors":"","doi":"10.1111/1911-3846.70005","DOIUrl":"https://doi.org/10.1111/1911-3846.70005","url":null,"abstract":"<p>Beginning May 1, 2020, with the strong support of our team of Editors, <i>CAR</i> implemented a reviewer recognition program. The purpose of the program is to annually recognize reviewers, nominated by the Editors, who regularly perform exceptionally high-quality and timely reviews. <i>CAR</i> has a long-standing tradition of providing thoughtful and constructive reviews, so to receive recognition under this program is a very noteworthy accomplishment. Of the 879 individuals who submitted high-quality reviews from June 1, 2024, to June 1, 2025, the 13 listed below were selected by the Editors as being especially worthy of receiving recognition. Congratulations and thank you to each of them!</p><p>En date du 1^er mai 2020, grâce au solide soutien de son équipe de rédacteurs, <i>RCC</i> a mis en œuvre un programme de reconnaissance des réviseurs. Ce programme vise à souligner annuellement la contribution de réviseurs, nommés par les rédacteurs, qui effectuent régulièrement des révisions de qualité exceptionnelle dans les délais impartis. En regard de la longue tradition de <i>RCC</i> en matière de production de révisions judicieuses et constructives, le fait d'être reconnu dans le cadre de ce programme est un accomplissement remarquable. Parmi les 879 personnes qui ont soumis des révisions de grande qualité entre le 1^er juin 2024 et le 1^er juin 2025, les rédacteurs ont jugé que l'apport des 13 personnes énumérées ci-dessous méritait tout particulièrement d'être souligné. Félicitations et merci à chacun de vous!</p><p>• Musaib Ashraf, Michigan State University</p><p>• Matt Bamber, York University</p><p>• Michael Drake, Brigham Young University</p><p>• June Huang, University of Texas at Dallas</p><p>• Michael Jung, University of Delaware</p><p>• Kevin Li, Santa Clara University</p><p>• Xiaotao (Kelvin) Liu, Northeastern University</p><p>• Federico Siano, University of Texas Dallas</p><p>• Blake Steenhoven, Queen's University</p><p>• Sarah Stein, Virginia Tech</p><p>• Mary Vernon, University of Illinois Chicago</p><p>• Joshua White, Vanderbilt University and PCAOB</p><p>• Ryan Wilson, University of Iowa</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 3","pages":""},"PeriodicalIF":3.8,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.70005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145012219","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}

{"title":"Out of the vacuum: The effect of tax liability changes on compliance in the presence of withholding position and group affiliation","authors":"Chelsea Rae Austin,&nbsp;Donna Bobek Schmitt,&nbsp;Spenser G. Seifert","doi":"10.1111/1911-3846.13071","DOIUrl":"https://doi.org/10.1111/1911-3846.13071","url":null,"abstract":"<p>Prior research has established that tax liability increases lead to decreased compliance. However, tax liability changes do not happen in a vacuum. Notably, prior research has also identified a withholding phenomenon: individuals in a tax due position are less compliant than those in a refund position. Additionally, tax law changes are often enacted in politically polarized environments. We examine how three factors—tax liability changes, withholding position, and group affiliation—combine to influence individuals' tax compliance decisions. Our experimental results show that a tax increase is universally experienced as a loss, even when coupled with a tax refund and enacted by an ingroup, leading to decreased compliance. However, a tax decrease coupled with a tax due position is viewed neutrally and leads to less compliance than a tax decrease coupled with a tax refund. Further, group affiliation influences compliance in some situations. Individuals in a tax due position are less compliant when an outgroup, versus an ingroup, is responsible for the tax change. This study contributes to the mental accounting literature by examining how individuals react to mixed gain/loss situations when the gains and losses are of different types. We also integrate the previous separate research streams on the withholding phenomenon and tax liability changes. Practically, our results contribute to tax policy by showing how individuals react when tax law changes are enacted. Importantly, even when a tax change results in a decrease in tax liability, tax compliance may be affected by individuals' withholding position and group affiliation.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 4","pages":"2582-2613"},"PeriodicalIF":3.8,"publicationDate":"2025-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13071","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659754","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}

{"title":"When friends become foes: Disclosure decisions after failed M&A deals","authors":"Il Sun Yoo","doi":"10.1111/1911-3846.13075","DOIUrl":"https://doi.org/10.1111/1911-3846.13075","url":null,"abstract":"<p>In this paper, I examine the effects of failed mergers and acquisitions (M&amp;A) deals on firms' disclosure decisions. As a firm's detailed proprietary information is shared with the counterparty during an M&amp;A deal, the value of the information is expected to decrease if the deal fails. As a result, it may become less costly for the firm to publicly disclose the information. Consistent with this reasoning, I find increased disclosure of proprietary information in the year after firms experience failed deals. Evidence from cross-sectional tests and a quasi-natural experiment strengthens this inference. I also show that investor information demand contributes to the increased disclosure of proprietary information after failed deals. In addition, consistent with an increase in proprietary information provided to investors, I find reduced information asymmetry after failed deals. Finally, I document diminished future performance among firms that increase the disclosure of proprietary information after failed deals. Overall, my study sheds light on how failed deals impact firms' disclosure decisions, information environment, and future performance.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 4","pages":"2550-2581"},"PeriodicalIF":3.8,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659542","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}

{"title":"Big 4 offshore: Transparency arbitrage across legal and geographical boundaries","authors":"Saila Stausholm,&nbsp;Richard Murphy,&nbsp;Leonard Seabrooke","doi":"10.1111/1911-3846.70001","DOIUrl":"https://doi.org/10.1111/1911-3846.70001","url":null,"abstract":"<p>How do global firms manage conflicting constituencies in complex markets? The Big 4 accounting firms have expanded their size and scope to the extent that they need to relate to different constituencies simultaneously, sometimes on controversial issues. This is particularly relevant given their engagement in aggressive tax planning services alongside their traditional professional obligations, as this generates a conflict between discretion offered to “offshore” clients and accountability offered to other stakeholders. This requires strategic duplicity—sending differentiated signals to different stakeholders. We suggest that firms use organizational partitioning across legal structures and geographies to enable strategic duplicity. We test this by collecting a unique data set on the Big 4's ownership structures and staff numbers across all locations, showing that their organizations are heavily segmented. We show that the Big 4 use this geographical and legal differentiation to send contrasting signals to constituents about their organizations, engaging in a type of strategic duplicity that we term transparency arbitrage, in which “onshore” stakeholders receive a signal of transparency and “offshore” stakeholders receive a signal of discretion. This duality enables them to engage in controversial issues with conflicting stakeholders.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 4","pages":"2523-2549"},"PeriodicalIF":3.8,"publicationDate":"2025-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.70001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659722","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}

{"title":"Motivating low performers with input-based relative performance feedback","authors":"Rainer Michael Rilke,&nbsp;Victor van Pelt,&nbsp;Sebastian Lehnen,&nbsp;Christina Guenther","doi":"10.1111/1911-3846.13076","DOIUrl":"https://doi.org/10.1111/1911-3846.13076","url":null,"abstract":"<p>A significant challenge firms face is providing performance feedback that effectively motivates low-performing employees. In our field experiment, we examine the impact of an often-overlooked form of relative performance feedback (RPF) that emphasizes comparing employees based on their inputs. Our results indicate that input-based RPF enhances the input performance of low performers without adversely affecting high performers. Furthermore, our field experiment demonstrates that selecting the right input—specifically, actions that employees can control and that are linked to outputs—can significantly boost low performers' contributions to a firm's overall output. Together, our findings support our prediction that input-based RPF provides a viable strategy for low performers to narrow the performance gap with high performers by guiding them toward the crucial inputs that high performers use to generate output. Our study adds an important refinement to our understanding of how RPF promotes upward social comparison and facilitates social learning, offering insights for firms aiming to motivate low performers in their workforce.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 4","pages":"2494-2522"},"PeriodicalIF":3.8,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13076","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659628","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}

{"title":"Environmental disclosures and ESG fund ownership","authors":"Scott A. Robinson,&nbsp;Jonathan L. Rogers,&nbsp;A. Nicole Skinner,&nbsp;Laura A. Wellman","doi":"10.1111/1911-3846.13074","DOIUrl":"https://doi.org/10.1111/1911-3846.13074","url":null,"abstract":"<p>In this study, we examine whether environmental, social, and governance (ESG) funds' investment decisions are sensitive to the existence and extent of firms' voluntary environmental disclosures. We create our measures of voluntary environmental disclosure using bigrams extracted from the Global Reporting Initiative standards. We provide robust evidence that voluntary environmental disclosure in conference calls is associated with greater ESG fund ownership in the subsequent period, incremental to firms' ESG ratings. We also provide evidence that fund managers' reliance on environmental disclosure is concentrated in water, waste, emissions, and compliance disclosures. ESG fund ownership increases with environmental disclosure that is more positive and specific. Our primary finding persists both when we rely on the sustainability report as an alternative proxy for environmental disclosure and when we use fund-level tests. Overall, our evidence is consistent with ESG funds relying on firms' disclosures when making investing decisions and inconsistent with recent regulatory concerns that ESG fund managers are not following through on their stated investing strategies.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 4","pages":"2458-2493"},"PeriodicalIF":3.8,"publicationDate":"2025-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13074","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659570","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}

{"title":"The informational content of key audit matters: Evidence from using artificial intelligence in textual analysis","authors":"Stephan Küster,&nbsp;Tobias Steindl,&nbsp;Max Göttsche","doi":"10.1111/1911-3846.13070","DOIUrl":"https://doi.org/10.1111/1911-3846.13070","url":null,"abstract":"<p>This study provides empirical evidence that key audit matters (KAMs) are informative for future negative accounting outcomes. We employ FinBERT—a deep learning model designed for natural language processing that allows human-like text comprehension—to demonstrate that goodwill-related KAMs are predictive of firms' future impairments. Our findings reveal that utilizing KAMs as a stand-alone predictor for future impairments provides meaningful predictive power. By exploring the semantic content of reported KAMs, we find that their predictive power is primarily driven by text passages covering how both the firm and the auditor exercise judgment in the accounting and auditing of goodwill. Furthermore, we show that KAMs are incrementally predictive beyond several firm-level determinants and disclosures in annual reports. Finally, our additional analyses indicate that (1) KAM-predicted impairment probabilities are relevant to capital markets, (2) KAMs are useful for predicting the magnitude of goodwill impairments, and (3) the predictive power extends to other KAM topics. Collectively, our findings enhance the understanding of the informational content of KAMs, which is a key rationale for their introduction.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 4","pages":"2392-2423"},"PeriodicalIF":3.8,"publicationDate":"2025-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13070","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659610","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}

{"title":"Interest in the short interest: The rise of private-sector data","authors":"Yong Chen,&nbsp;Minjae Kim,&nbsp;John McInnis,&nbsp;Wuyang Zhao","doi":"10.1111/1911-3846.13073","DOIUrl":"https://doi.org/10.1111/1911-3846.13073","url":null,"abstract":"<p>Short interest is currently required to be disclosed twice per month, but regulators have sought to increase this frequency. Meanwhile, short interest information from private third-party vendors has emerged to meet investor demand on a daily basis. We find that daily private-sector data strongly predict bimonthly regulatory disclosure. Furthermore, private-sector data help price discovery, albeit with modest economic magnitude. Investors tend to underreact to the information content of private-sector data mainly due to limits to arbitrage rather than market inattention. Despite the costly access to private-sector data, we find no evidence that retail investors are harmed in their trades. Overall, our findings highlight the interplay between private-sector and regulatory solutions in enhancing financial market transparency.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 4","pages":"2424-2457"},"PeriodicalIF":3.8,"publicationDate":"2025-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13073","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659611","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}

{"title":"Does mandatory recognition of off–balance sheet liabilities affect capital structure choice? Evidence from SFAS 158","authors":"Michael Axenrod,&nbsp;Michael Kisser","doi":"10.1111/1911-3846.13060","DOIUrl":"https://doi.org/10.1111/1911-3846.13060","url":null,"abstract":"<p>The Statement of Financial Accounting Standards (SFAS) No. 158 mandates the recognition of previously disclosed off–balance sheet liabilities (OBLs) for sponsors of defined benefit (DB) retirement plans. This recognition significantly increases reported liabilities, with notable variation across DB plan sponsors. We find that unrated DB plan sponsors reduce financial leverage following OBLs recognition, driven by net debt retirements and net equity issuances. These adjustments appear optimal because they bring firms closer to their estimated leverage targets. In contrast, DB plan sponsors with tight, floating-GAAP covenants also reduce financial leverage, primarily through net debt retirements. The evidence suggests that on–balance sheet reporting requirements impact capital structure decisions through a rating or a covenant channel.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 4","pages":"2357-2391"},"PeriodicalIF":3.8,"publicationDate":"2025-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659609","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}

{"title":"Strategic disclosure and informed trading with short-selling constraints","authors":"Praveen Kumar,&nbsp;Nisan Langberg,&nbsp;Konduru Sivaramakrishnan","doi":"10.1111/1911-3846.13066","DOIUrl":"https://doi.org/10.1111/1911-3846.13066","url":null,"abstract":"<p>Security prices are affected by information strategically disclosed by managers as well as by informed trading of outsiders and vice versa. However, market frictions, such as short-selling costs and constraints, significantly affect trading in financial markets. In this article, we examine the joint determination of voluntary disclosure, security prices, and short-selling, and address the following issues: How do major market frictions affect managerial disclosures? How do disclosures influence strategic informed trading in the presence of frictions? What does the interaction of strategic disclosure and informed trading imply for price efficiency? We find that short-selling (trading) costs have a substantial impact on the equilibrium disclosure policy and its interaction with informed trading and price efficiency. Because of endogenously binding short-sale constraints, better-informed traders can either deter or encourage disclosure, thus reconciling mixed available evidence on the relation between short-sale constraints and managerial disclosure. Furthermore, price efficiency need not improve with managers' information endowment because greater disclosure can endogenously inhibit informed short-selling in equilibrium. Our analysis also generates novel empirical predictions relevant to the literature on managerial disclosure, shorting, and price efficiency.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 4","pages":"2322-2356"},"PeriodicalIF":3.8,"publicationDate":"2025-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659642","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}