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Do Performance-Contingent Incentives Help or Hinder Divergent Thinking? 绩效激励是帮助还是阻碍发散思维?
The Accounting Review Pub Date : 2023-09-01 DOI: 10.2308/tar-2020-0751
Steven J. Kachelmeier, R. Alan Webb, Michael G. Williamson
{"title":"Do Performance-Contingent Incentives Help or Hinder Divergent Thinking?","authors":"Steven J. Kachelmeier, R. Alan Webb, Michael G. Williamson","doi":"10.2308/tar-2020-0751","DOIUrl":"https://doi.org/10.2308/tar-2020-0751","url":null,"abstract":"ABSTRACT Toward the goal of reconciling conflicting arguments on whether performance-based incentives facilitate or impede divergent thinking, we identify a feature common to prior demonstrations of negative incentive effects: they generally involve tasks with only one correct solution. Our first experiment replicates a negative incentive effect when insight problems require “bottom-up” divergent thinking from an unexpected resource to the problem it is uniquely equipped to solve, whereas our second experiment finds a positive incentive effect in the more general case of problems that enable “top-down” divergent thinking from a problem to multiple potential solutions. We also observe a positive incentive effect in a third experiment that measures the time needed to generate a solution to problems that have multiple potential solutions and in a fourth experiment in which participants design insight problems. Overall, our findings suggest that any harmful effects of performance-based incentives are likely restricted to highly constrained settings. Data Availability: Data are available from the authors upon request. JEL Classifications: J33; M14; M41; M52.","PeriodicalId":22240,"journal":{"name":"The Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135348382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Impact of M&A Delistings on the Information Environment of Industry Peer Firms 并购退市对同业企业信息环境的影响
The Accounting Review Pub Date : 2023-09-01 DOI: 10.2308/tar-2021-0442
Anna Bergman Brown, Donal Byard, Masako Darrough, Jangwon Suh
{"title":"The Impact of M&A Delistings on the Information Environment of Industry Peer Firms","authors":"Anna Bergman Brown, Donal Byard, Masako Darrough, Jangwon Suh","doi":"10.2308/tar-2021-0442","DOIUrl":"https://doi.org/10.2308/tar-2021-0442","url":null,"abstract":"ABSTRACT This study documents that M&A delistings are associated with a deterioration in the quality of analysts’ information environment for industry peer firms, measured by an increase in analysts’ absolute forecast errors and dispersion. This effect persists for six quarters and is larger when the delisting target firm contributes relatively more to the industry information environment. Further, we find that, among analysts forecasting earnings for an industry peer firm, those who also followed the delisted target firm in the pre-M&A period experience a larger increase in their absolute forecast errors. A comparison based on public versus private target firms also suggests that the loss of target firms’ public disclosures plays a role in the deterioration in the quality of analysts’ information environment. In additional analyses, we find evidence consistent with this effect resulting from a deterioration in analysts’ ability to exploit across-firm information complementarities. JEL Classifications: G14; G18; G34; M40.","PeriodicalId":22240,"journal":{"name":"The Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135248882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimal Reporting Systems in Bank Runs 银行挤兑中的最优报告系统
The Accounting Review Pub Date : 2023-09-01 DOI: 10.2308/tar-2021-0626
Gaoqing Zhang, Ronghuo Zheng
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引用次数: 1
Two Sides of the Same Coin: The Good and Bad of Alumni Affiliation during Auditor Evidence Collection 同一枚硬币的两面:审计证据收集过程中校友关系的好坏
The Accounting Review Pub Date : 2023-09-01 DOI: 10.2308/tar-2020-0796
Christine E. Earley, Stephen G. Kuselias, Nikki L. MacKenzie
{"title":"Two Sides of the Same Coin: The Good and Bad of Alumni Affiliation during Auditor Evidence Collection","authors":"Christine E. Earley, Stephen G. Kuselias, Nikki L. MacKenzie","doi":"10.2308/tar-2020-0796","DOIUrl":"https://doi.org/10.2308/tar-2020-0796","url":null,"abstract":"ABSTRACT Regulators and researchers express concern about auditors who leave their firms for employment at their clients, due to lingering relationships which might represent a threat to audit quality. These relationships could negatively impact audit quality through undue influences of the client personnel on auditor judgment. We examine how these relationships influence novice auditors during evidence collection. Understanding the effects of alumni affiliation on evidence collection is important because undiscovered issues at this phase may go unaddressed, potentially hurting audit quality. Contrary to most research findings, we find that alumni affiliation can benefit the audit by increasing auditors’ evidence collection. However, we also find, when auditors become depleted, the benefits of alumni affiliation actually reverse, as auditors overrely on the relationship, leading them to prematurely cease evidence collection. These findings have implications for both practitioners and researchers. Data Availability: Data are available from the authors upon request.","PeriodicalId":22240,"journal":{"name":"The Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135200355","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do Enterprise Risk Assessments Affect Tax Aggressiveness? Evidence from U.S. ORSA Regulation 企业风险评估会影响税收侵略性吗?来自美国ORSA法规的证据
The Accounting Review Pub Date : 2023-09-01 DOI: 10.2308/tar-2022-0639
Trent J. Krupa
{"title":"Do Enterprise Risk Assessments Affect Tax Aggressiveness? Evidence from U.S. ORSA Regulation","authors":"Trent J. Krupa","doi":"10.2308/tar-2022-0639","DOIUrl":"https://doi.org/10.2308/tar-2022-0639","url":null,"abstract":"ABSTRACT Tax aggressiveness presents nontax risks to firms’ cash flow. Evaluating these risks requires information beyond the accounting function’s expertise, resulting in high processing costs to acquire and integrate risk information relevant to tax strategies. Managers can rationally adapt by making assumptions about risk information, potentially resulting in decision biases when evaluating the risk-reward tradeoff of tax aggressiveness. Using a novel regulatory setting in the U.S. insurance industry, I examine whether the adoption of mandated enterprise risk assessments updates managers’ prior beliefs about the nontax risks of tax aggressiveness. I find that as regulation requires managers to accept processing costs to acquire and integrate risk information, managers learn about previously underestimated nontax risks and significantly reduce tax aggressiveness. Results suggest that absent firm-wide internal risk information, managers can use aggressive tax positions without fully considering nontax risks. Data Availability: Data used in this study are available from public sources identified in the paper. JEL Classifications: G22; G32; H25; M41.","PeriodicalId":22240,"journal":{"name":"The Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134915278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Economics of Audit Production: What Matters for Audit Quality? An Empirical Analysis of the Role of Midlevel Managers within the Audit Firm 审计生产经济学:什么对审计质量有影响?审计事务所中层管理人员角色的实证分析
The Accounting Review Pub Date : 2023-09-01 DOI: 10.2308/tar-2019-0453
Daniel Aobdia, Preeti Choudhary, Noah Newberger
{"title":"The Economics of Audit Production: What Matters for Audit Quality? An Empirical Analysis of the Role of Midlevel Managers within the Audit Firm","authors":"Daniel Aobdia, Preeti Choudhary, Noah Newberger","doi":"10.2308/tar-2019-0453","DOIUrl":"https://doi.org/10.2308/tar-2019-0453","url":null,"abstract":"ABSTRACT As audits of public companies are labor intensive, require a variety of team members, and involve year-round work, practitioners and academics have increasingly focused on identifying audit production factors that drive audit quality. Using proprietary data, we analyze the cost-benefit tradeoffs of two audit production characteristics, client expertise and the relative amount of auditing done during the early phases of the audit, and find that both are associated with more effective audits and higher fees. We analyze whether the influence of these characteristics varies across audit team members. We find that middle manager production characteristics explain audit effectiveness and higher fees and relatively more so than those of lead/review partners. These results extend the literature and practitioner discussions about drivers of audit quality by highlighting the importance of middle management, which, to our knowledge, has largely been overlooked by the archival audit literature and regulatory guidance on audit quality indicators. Data Availability: This paper exploits proprietary PCAOB data. Data descriptions are available in the text. JEL Classifications: D20; D22; J24; L23; M11; M4; M42; M48.","PeriodicalId":22240,"journal":{"name":"The Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134915456","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Editorial Policy 编辑政策
The Accounting Review Pub Date : 2023-08-31 DOI: 10.2308/0001-4826-98.5.e
{"title":"Editorial Policy","authors":"","doi":"10.2308/0001-4826-98.5.e","DOIUrl":"https://doi.org/10.2308/0001-4826-98.5.e","url":null,"abstract":"","PeriodicalId":22240,"journal":{"name":"The Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78800793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Tale of Two Forecasts: An Analysis of Mandatory and Voluntary Effective Tax Rate Forecasts 两个预测的故事:强制性和自愿性有效税率预测的分析
The Accounting Review Pub Date : 2023-08-31 DOI: 10.2308/tar-2019-0250
Novia X. Chen, Sabrina Chi, Terry Shevlin
{"title":"A Tale of Two Forecasts: An Analysis of Mandatory and Voluntary Effective Tax Rate Forecasts","authors":"Novia X. Chen, Sabrina Chi, Terry Shevlin","doi":"10.2308/tar-2019-0250","DOIUrl":"https://doi.org/10.2308/tar-2019-0250","url":null,"abstract":"ABSTRACT Disclosure theory predicts that the likelihood of voluntary disclosures increases with the noise level in mandatory disclosures. We test this prediction by exploiting a unique setting where firms simultaneously provide two forecasts of the same metric—annual effective tax rates (ETRs). We find that managers are more likely to issue voluntary ETR forecasts when mandatory ETR forecasts contain more noise due to tax complexity, suggesting that managers resort to voluntary disclosure when mandatory disclosure constrains their ability to convey private information. Using analysts’ ETR forecast revisions to assess the informativeness of the two ETR forecasts, we find that both forecasts are incrementally informative. In addition, analysts weight voluntary ETR forecasts more heavily, especially when voluntary ETR forecasts are non-GAAP based and when discrete items are present. Overall, we provide evidence on the relation between and the informativeness of voluntary and mandatory disclosures by examining two competing forecasts issued simultaneously.","PeriodicalId":22240,"journal":{"name":"The Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135782568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Covers and Front Matter 封面及封面
The Accounting Review Pub Date : 2023-08-31 DOI: 10.2308/0001-4826-98.5.i
{"title":"Covers and Front Matter","authors":"","doi":"10.2308/0001-4826-98.5.i","DOIUrl":"https://doi.org/10.2308/0001-4826-98.5.i","url":null,"abstract":"","PeriodicalId":22240,"journal":{"name":"The Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135946408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tax Competition and Employment 税收、竞争与就业
The Accounting Review Pub Date : 2023-08-31 DOI: 10.2308/tar-2020-0575
Stephen A. Glaeser, Marcel Olbert, Ann-Catherin Werner
{"title":"Tax Competition and Employment","authors":"Stephen A. Glaeser, Marcel Olbert, Ann-Catherin Werner","doi":"10.2308/tar-2020-0575","DOIUrl":"https://doi.org/10.2308/tar-2020-0575","url":null,"abstract":"ABSTRACT We examine how exposure to international tax competition affects domestic firms’ employment. Consistent with prior work, we find evidence that reductions in foreign tax rates affect the domestic competitive environment via increases in import competition and investment in foreign-owned subsidiaries. We posit that these changes in the domestic competitive environment can cause managers to reduce their firms’ employment levels. Consistent with our expectation, we find that relative decreases in foreign tax rates negatively affect total labor compensation at domestic firms ex ante exposed to import competition and competition from foreign-owned peers. The effect of exposure to tax competition is greater for firms more exposed to product-market competition and those that are less able to expand investment without also increasing employment levels. Taken together, our results suggest that foreign tax rate changes can affect managers’ domestic employment decisions by changing the domestic competitive environment. JEL Classifications: E24; F14; F16; H23; H35.","PeriodicalId":22240,"journal":{"name":"The Accounting Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135782997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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