European Accounting Review最新文献

{"title":"Credibility Signals from Soft Information: Evidence from Investor Reactions to Tone in Earnings Conference Calls","authors":"Jane Hennig, Sebastian Firk, Michael Wolff","doi":"10.1080/09638180.2023.2244009","DOIUrl":"https://doi.org/10.1080/09638180.2023.2244009","url":null,"abstract":"","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79961721","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":"Family Ownership Influence on Cost Elasticity","authors":"Gianfranco Siciliano, Dan Weiss","doi":"10.1080/09638180.2023.2244016","DOIUrl":"https://doi.org/10.1080/09638180.2023.2244016","url":null,"abstract":"AbstractThis study explores the relation between family ownership and cost elasticity. Using a sample of 1746 European firms, we first find that family ownership, a prevalent ownership type with unique characteristics, is associated with greater cost elasticity. Further, we use four empirical settings to increase our confidence that a higher cost elasticity is attributable to family ownership. We also document that family firms achieve greater operating cost elasticity primarily through modifying SG&A costs in response to changing sales, but not by hiring or firing employees. These findings extend prior studies on ownership effects on cost structures, suggesting that family ownership matters in understanding firms’ cost elasticity choices.Keywords: Cost behaviourCost elasticityOwnershipFamily firmsJEL Codes: M41D24L23D10 AcknowledgementsWe gratefully acknowledge constructive comments from Ashiq Ali, Eli Amir, Dan Amiram, Yakov Amihud, Eli Bartov, Jan Bouwens, Verdan Capkun, Mark DeFond, Shane Dikolli, Shai Levi, Luc Paugam, Suresh Radhakrishnan, Herve Stolowy, and participants of the 2019 Financial and Managerial Accounting Research Conference, 2020 MAS Midyear Meetings, JMAR Online Brownbag, and seminar participants at Bocconi University, HEC Paris, University of Florence. We acknowledge financial support from our respective institutions and from the Raya Strauss Center of Family Business Research. Any errors are entirely our own.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 Cost elasticity is the percentage change in costs in response to percentage change in activity level (or volume).2 See Kreps (Citation1990) and Varian (Citation2014).3 Family businesses generate an estimated 70–90% of global GDP annually (Family Firm Institute, Citation2017), while 85% of startups worldwide are established with family money (Family Firm Institute, Citation2017 – Global Data Points).4 The Bvd Electronic Publishing (BvDEP) Ownership Database is a source of owner and subsidiary links worldwide.5 Information on proprietary linkages from BvD is collected directly from official bodies, if any, or from national and international providers. In case of conflicting information among providers covering the same country, the Ownership Database is updated according to the latest available report.6 In these cases, the GUO type is “Industrial Company” (type C), “Foundation/Research Institute” (type J), and “Mutual & Pension Fund/Nominee/Trust/Trustee” (type E). Following Faccio et al. (Citation2011), we exclude 69 firms for which the government is the GUO (type S, i.e., public authority, state, government), because governments’ risk-taking preferences are typically different from those of private investors (Faccio et al., Citation2011).7 According to DeFond et al. (Citation2017, p. 3630), “CEM is essentially a variation of exact matching, but instead of matching on the exact values of covariates, it matches on a coarsened range ","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135876003","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":"Clarification or Confusion: A Textual Analysis of ASC 842 Lease Transition Disclosures","authors":"L. Enache, P. Griffin, Rucsandra Moldovan","doi":"10.1080/09638180.2023.2244990","DOIUrl":"https://doi.org/10.1080/09638180.2023.2244990","url":null,"abstract":"","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76882043","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":"Do Birds of a Feather Flock Together? The Joint Effects of Manager and Subordinate Narcissism on Performance Evaluation","authors":"Miriam K. Maske, Matthias Sohn","doi":"10.1080/09638180.2023.2235379","DOIUrl":"https://doi.org/10.1080/09638180.2023.2235379","url":null,"abstract":"This study investigates the interaction of superior and subordinate manager narcissism on subjective performance evaluation. We build on extant research in the psychology literature and propose that superiors evaluate narcissistic subordinates less favorably than non-narcissistic subordinates. However, based on the homophily effect (i.e., the tendency of like to associate with like), we also hypothesize that narcissistic superiors show greater tolerance toward narcissistic subordinates than non-narcissistic superiors do. We conduct two online experiments and find that superiors, both high and low in narcissism, evaluate narcissistic subordinates less favorably than non-narcissistic subordinates. Our results further show that this effect is mediated by the superiors’ weaker feelings of closeness to narcissistic subordinates. Finally, we find that superiors high in narcissism show greater feelings of closeness to narcissistic subordinates and, hence, evaluate them more favorably than non-narcissistic superiors do. Our results provide novel insight into the pivotal role of individual traits in subjective performance evaluation.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135491933","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":"Grabbing Investor Attention with Limited Resources: A Study of Small Cap Firms’ Communication Channels","authors":"Romain Boulland, Andrei Filip, A. Ghio, Luc Paugam","doi":"10.1080/09638180.2023.2242424","DOIUrl":"https://doi.org/10.1080/09638180.2023.2242424","url":null,"abstract":"","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78078865","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":"Political Corruption and Accounting Conservatism","authors":"Lingmin Xie, Jeong‐Bon Kim, Tao Yuan","doi":"10.1080/09638180.2023.2242399","DOIUrl":"https://doi.org/10.1080/09638180.2023.2242399","url":null,"abstract":"","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80985508","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":"The Role of Accounting Quality During Mutual Fund Fire Sales","authors":"Facundo Mercado, Silvina Rubio, Mariano Scapin","doi":"10.1080/09638180.2023.2241884","DOIUrl":"https://doi.org/10.1080/09638180.2023.2241884","url":null,"abstract":"We study the ex ante role of accounting quality in mitigating the undervaluation generated by mutual fund fire sales. Asymmetric information between distressed mutual funds and potential buyers of the securities being fire sold leads to an adverse selection problem resulting in an equilibrium in which buyers only trade at prices below intrinsic value. Sellers accept these lower prices only because they have severe liquidity needs. To the extent that accounting quality helps market participants better estimate the intrinsic value of securities being fire sold, we expect the adverse selection problem to be less severe for firms with better accounting quality. Consistently, we find that high accounting quality is associated with smaller fire sale discounts. This result is explained by two complementary mechanisms. Analysts are more likely to provide price-correcting recommendations and arbitrageurs trade more heavily on high accounting quality firms during mutual fund fire sales. Overall, our results show that accounting quality mitigate stock underpricing caused by non-fundamental reasons.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72723508","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":"The Consequences of Abandoning the Quarterly Reporting Mandate in the Prime Market Segment","authors":"T. Bornemann, Anna-Lena Moosmann, Zoltán Novotny-Farkas","doi":"10.1080/09638180.2023.2239298","DOIUrl":"https://doi.org/10.1080/09638180.2023.2239298","url":null,"abstract":"","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82808921","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":"Clawback Adoptions and Management Earnings Forecasts","authors":"S. Fung, K. Raman, Lili Sun, Li Xu","doi":"10.1080/09638180.2023.2237071","DOIUrl":"https://doi.org/10.1080/09638180.2023.2237071","url":null,"abstract":"","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85487195","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":"Business Group Analysts","authors":"Yi Dong, Chenkai Ni, Fei Qiao, Chunqiu Zhang","doi":"10.1080/09638180.2023.2238787","DOIUrl":"https://doi.org/10.1080/09638180.2023.2238787","url":null,"abstract":"AbstractWe exploit the rich data of business groups in China and identify sell-side analysts following multiple listed firms within a business group (BG analysts). For a group firm, we find that BG analysts issue more accurate forecasts than non-BG analysts. Such an effect is more pronounced when the focal firm shares stronger economic links with, and when its covering analysts have greater information demand for, its group peers. Further analyses suggest evidence of intragroup information flows. Around group peers’ annual earnings announcements, BG analysts are more likely than non-BG analysts to revise their forecasts for the focal firm along the same direction as group peers’ earnings surprises. Confined to analysts’ coverage initiations for a group firm, those who have covered the focal firm’s group peers prior to the coverage initiation show superior forecasting performance during the initiation year. By adopting the unique perspective of business groups, i.e., a prevalent organizational structure, our study shows that information commonalities within a business group shape analyst behaviour.Keywords: Business groupsSell-side analystsForecast accuracyInformation commonality AcknowledgementsWe thank Jeffrey Ng (Editor) and two anonymous reviewers for their valuable comments and suggestions in improving the paper. Additional materials are available in an online Supplement at the journal’s Taylor and Francis website. All errors are our own.Disclosure statementNo potential conflict of interest was reported by the author(s).Supplemental Research MaterialsSupplemental data for this article can be accessed on the Taylor & Francis website, doi:10.1080/09638180.2023.2238787.Online Appendix 1: Correlations among Empirical VariablesOnline Appendix 2: Non-linear EffectsOnline Appendix 3: Intragroup Economic Links and BG Analysts’ Forecast AccuracyOnline Appendix 4. BG Analysts’ Prior Experience in Covering The Business GroupOnline Appendix 5. Determinants of BG Analyst Choice and Main Effect RobustnessOnline Appendix 6. Spinoffs of Group Affiliations and BG Analysts’ Forecasting PerformanceOnline Appendix 7. Addressing Other Economic LinksOnline Appendix 8. The Importance of Group-affiliated Firms to BG Analysts’ PortfoliosOnline Appendix 9. BG Analysts’ Forecasts for Non-group FirmsNotes1 Our definition of business group is consistent with that of Larrain et al. (Citation2019) and Fang et al. (Citation2017). Larrain et al. (Citation2019) describe business groups as ‘sets of firms with a common controlling shareholder’ (p.3,036), and Fang et al. (Citation2017) view a business group as ‘a structure in which at least two legally independent firms are controlled by the same ultimate owner’ (p. 40).2 Business groups can also be formed by informal ties, which relate to linkages by relations of interpersonal trust, on the basis of similar personal, ethnic or commercial background (Granovetter, Citation2005). Considering informal ties will broaden the definiti","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135064944","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}