Other Accounting Research eJournal最新文献

{"title":"Principal Component Analysis and Factor Analysis in Accounting Research","authors":"Kristian D. Allee, Chuong Do, F. Raymundo","doi":"10.2139/ssrn.3948708","DOIUrl":"https://doi.org/10.2139/ssrn.3948708","url":null,"abstract":"Principal component analysis (PCA) and factor analysis (FA) are variable reduction techniques used to represent a set of observed variables in terms of a smaller number of variables. While PCA and FA are similar along several dimensions (e.g., extraction of common components/factors), researchers often fail to recognize that these techniques achieve different goals and can produce significantly different results. We conduct a comprehensive review of the use of PCA and FA in accounting research. We offer guidelines on programming PCA and FA in SAS/Stata and emphasize the importance of implementation techniques as well as the disclosure choices made when utilizing these methodologies. Furthermore, we present intuitive, practical examples highlighting the differences between the techniques and provide suggestions for researchers considering the use of these procedures. Finally, based on our review, we provide recommendations, observations, notes, and citations to the literature, regarding the implementation of PCA and FA in accounting.","PeriodicalId":225727,"journal":{"name":"Other Accounting Research eJournal","volume":"173 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124220712","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}

{"title":"SPACs and Forward-Looking Disclosure: Hype or Information?","authors":"Kimball L. Chapman, Richard Frankel, Xiumin Martin","doi":"10.2139/ssrn.3920714","DOIUrl":"https://doi.org/10.2139/ssrn.3920714","url":null,"abstract":"Regulators and legal scholars express concern that SPAC growth results from a disclosure-regulation loophole and that forward-looking disclosure by SPACs can mislead investors. We examine SPAC voluntary disclosure and associated outcomes. SPACs offer a means for firms to become public, but, unlike IPOs, we find SPAC firms frequently provide forward-looking information (e.g., earnings forecasts). Measuring disclosure by tone, the existence of a forecast, forecasting intensity, and forecast growth rates, our results suggest that forward-looking disclosure in SPAC merger announcements does not mislead small investors. Disclosures containing more forecasts are associated with positive returns at the announcement. However, our disclosure measures are not associated with subsequent return reversals. More forecasts are related to positive subsequent return drift, lower redemption rates and bid-ask spreads, and more retail investor buying. We do not find evidence that forecasted sales or EBITDA growth rates are associated with return reversals. In fact, we find a positive relation between forecasted sales growth and returns around the first post-closing earnings announcement. Moreover, correlations between outcomes and disclosure tone are not significant, suggesting that hype, if present, does not sway investors. Our findings do not support the concern that SPACs take advantage of apparent exemption from prosecution under the 1933 Act to hype forward-looking disclosure to deceive shareholders.","PeriodicalId":225727,"journal":{"name":"Other Accounting Research eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130177806","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}

{"title":"Advice for Senior Faculty: Supporting and Building Your School","authors":"Gary M. Fleischman, Derek K. Oler, Christopher J. Skousen","doi":"10.2139/ssrn.3944001","DOIUrl":"https://doi.org/10.2139/ssrn.3944001","url":null,"abstract":"We offer advice to accounting faculty who have achieved a level of seniority at their school. Seniority is accompanied by increasing autonomy, and we encourage senior faculty to use that autonomy to focus their efforts on building up others. We discuss three facets where this can be done: research, service, and teaching. We also offer recommendations on avoiding the pitfalls of power that often accompany seniority. The downsides of power can be avoided if senior faculty members are introspective and ethical in their role as a leader at their school.","PeriodicalId":225727,"journal":{"name":"Other Accounting Research eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122416022","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}

{"title":"Does mandatory short selling disclosure lead to investor herding behavior?","authors":"John C. Heater, Ye Liu, Qin Tan, F. Zhang","doi":"10.2139/ssrn.3923046","DOIUrl":"https://doi.org/10.2139/ssrn.3923046","url":null,"abstract":"In this paper, we test two competing hypotheses for the clustering of short sale disclosure in the UK: herding- and information-based trading. We find evidence mainly consistent with investor herding behavior rather than with independent information-based trading. Short sale disclosure occurs with similar frequency across the pre-earnings announcement, post-earnings announcement, and no-information windows, suggesting that information shocks related to firm fundamentals are not a major factor of short sale disclosure clustering. More importantly, the clustering of short sale disclosure does not vary significantly between good and bad earnings news. Finally, we find that firm-level short interest exhibits a much smaller reversal for disclosure stocks than for matched non-disclosure stocks with similar prevailing short interest, a result consistent with the idea that the disclosure of short positions induces investor herding behavior and therefore makes short interest more persistent.","PeriodicalId":225727,"journal":{"name":"Other Accounting Research eJournal","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115643006","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}

{"title":"Does Algorithmic Trading Affect Corporate Innovation: Evidence From the Tick Size Pilot","authors":"Pawel Bilinski, Irene Karamanou, Anastasia Kopita, Marios A. Panayides","doi":"10.2139/ssrn.3823081","DOIUrl":"https://doi.org/10.2139/ssrn.3823081","url":null,"abstract":"Does the stock price efficiency, i.e. the speed and the extent with which prices reflect public information, affect corporate innovation? Using the intensity of algorithmic trading (AT) to capture price efficiency and the Tick Size Pilot experiment setting, we establish a causal positive relation between AT and innovation measured by patents. The relation is stronger for firms where managerial compensation is more closely linked to the share price performance and for more opaque firms where managerial effort is more difficult to observe from financial information. Our results generalize to other measures of innovation such as R&D spending and the number of citations.","PeriodicalId":225727,"journal":{"name":"Other Accounting Research eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131063623","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}

{"title":"Concurrent Earnings Announcements and the Allocation of Investor Attention","authors":"Elia Ferracuti, Gary Lind","doi":"10.2139/ssrn.3825094","DOIUrl":"https://doi.org/10.2139/ssrn.3825094","url":null,"abstract":"We study how investors allocate attention between firm-specific and aggregate information in earnings announcements. We hypothesize that as the number of firms announcing earnings on a given day increases, so too does the net benefit of processing aggregate rather than idiosyncratic information in earnings announcements. Consistent with this prediction, we show that aggregate uncertainty declines on days with more earnings announcements, while simultaneously the idiosyncratic uncertainty of announcing firms increases. We further show that investor behavior reflects such an attention allocation: on days with many firms announcing earnings, investors adjust their portfolio by trading securities with higher exposure to aggregate uncertainty, and they perform more Internet searches for macro-related terms. Overall, the evidence is consistent with predictions from recent information choice models and indicates that investors rationally allocate their limited attention between different types of information.","PeriodicalId":225727,"journal":{"name":"Other Accounting Research eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127981822","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}

{"title":"The Disciplinary Effect of Social Media: Evidence from Firms' Responses to Glassdoor Reviews","authors":"Svenja Dube, Chenqi Zhu","doi":"10.2139/ssrn.3877022","DOIUrl":"https://doi.org/10.2139/ssrn.3877022","url":null,"abstract":"We examine how firms respond to the increased workplace transparency due to the coverage on Glassdoor.com, which collects and disseminates reviews on employee satisfaction. Leveraging the staggered timing of first-time reviews on Glassdoor, we use a difference-in-differences design and find that after being reviewed on Glassdoor, firms improve their workplace practices, measured by corporate social responsibility scores on employee relations and diversity. Consistent with firms improving their workplace practices to remain competitive in the labor market, we find that such improvement concentrates in firms with negative initial reviews and with high labor intensity. We also find firms increase disclosures about workplace practices after being reviewed and the increase concentrates in firms with high institutional ownership, consistent with firms providing more disclosures to appease investors. Overall, our findings suggest that the increased workplace transparency through social media has a disciplinary effect on corporate policies.","PeriodicalId":225727,"journal":{"name":"Other Accounting Research eJournal","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130326202","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}

{"title":"Call of the Wild: Generational Accountability of the Global Commons","authors":"P. Klumpes","doi":"10.2139/ssrn.3870673","DOIUrl":"https://doi.org/10.2139/ssrn.3870673","url":null,"abstract":"This paper analyses the generational accountability of the global commons, grounded in an environmental ethical responsibility framework heuristic of analysis of the responses by key institutional actors affecting, and affected by, the BP Gulf of Mexico Oil spill (“GOMOS”). This is the first study to fill a major gap in the literature by extending the scope of established Anthropocene-based corporate governance-oriented accountability that frames duties and liabilities to existing and legally empowered stakeholders to the entitlements of and obligations owed to future generations in the global governance the global commons. environmental ethical responsibility heuristic framework analyses various ethical dimensions of the GOMOS in terms of (i) who matters (deontological), what matters (consequential), (ii) who matters (deontological) and (iii) why does it matter (ecological) ethical perspectives on generational accountability. The framework is then applied using a problem-based research approach to (i) identify conflicting ethical responsibility stances of major institutional actors; (ii) analyse the subsequent evolution of their positions in the subsequent decade to GOMOS; and (iii) evaluate how key actors sought to “frame” environmental accountability to address the short-term rights and duties of empowered US actors, to the detriment of longer term obligations to non-empowered Mexican coastal communities and entitlements of future generations. The public agenda immediately following the Gulf of Mexico oil spill was initially dominated by the interplay of BP management and US Government and framed exclusively within a US legal and moral community. Subsequently, NGOs exploited the incident to influence broader global commons governance issues, while BP management sought to limit the damage by recognising provisions, and evolved its business model to more explicitly addressed the concerns of its key empowered stakeholders. However, the interests of other local Mexican coastal communities outside this frame whose lives and habitats were permanently damaged by the event and to future generations were ignored. The study’s findings have social implications about motives facing key institutional actors to influence the rights of future generations’ entitlements to the global commons. the “framing” of environmental ethics within context limited accountability concerning to empowered, anthropocentric stakeholders concerning their short-term rights and duties, resulted in a lack of ecological accountability concerning longer-term obligations and entitlements of other communities, beings and future generations arising from the broader biodiversity loss caused by corporate exploitation and degradation of the global commons.<br><br>","PeriodicalId":225727,"journal":{"name":"Other Accounting Research eJournal","volume":"120 1-2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116702206","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}

{"title":"How to Communicate and Use Accounting To Ensure Buy-In from Stakeholders - Lessons for Organizations from Governments’ Covid-19 Strategies","authors":"C. de Villiers, M. Molinari","doi":"10.1108/AAAJ-08-2020-4791","DOIUrl":"https://doi.org/10.1108/AAAJ-08-2020-4791","url":null,"abstract":"PurposeThe purpose of this paper is to understand how communication strategies and the use of numbers can ensure the buy-in and cooperation of stakeholders.Design/methodology/approachDrawing on legitimacy theory, this study analysis documents regarding the communication strategies of New Zealand (NZ)'s Prime Minster, Jacinda Ardern, during the COVID-19 pandemic, in order to extract lessons for organizations. The authors contrast Ardern's communications with those of Donald Trump, the President of the United States (US), as evidence that leaders do not necessarily follow these strategies.FindingsThe findings show that clear, consistent and credible communications, backed up by open access to the numerical data that underlie the decisions, ensure that these decisions are seen as legitimate, ensure that citizens/stakeholders feel leaders are accountable and believe in the necessity of measures taken and that they conform to the guidelines and rules. By contrast, the strategy of attempting to withhold information, blaming others, refusing to acknowledge that there are problems and refusing to address problems lead to non-conformance by citizens/stakeholders. Business leaders could apply these lessons to the management of crises in their organizations to ensure buy-in from employees and other stakeholders. Leaders and organizations that follow these communication strategies can emerge in a stronger position than before the crisis.Research limitations/implicationsThis paper develops a theoretical framework of strategies aimed at maintaining and disrupting legitimacy among key audiences, which can be used in future research.Practical implicationsThis paper highlighting how organizations and organizational leaders can best communicate with stakeholders using accounting, thus coming across as being accountable during crisis times.Social implicationsThe legitimacy maintenance strategies outlined in this paper ensures that stakeholders feel leaders and the organizations they represent hold themselves accountable.Originality/valueThis paper outlines the lessons that an organization can learn from communication strategies adopted by governments during the COVID-19 crisis. The paper extends legitimacy theory by explicitly acknowledging the ability to disrupt the legitimacy of others and including this in the authors’ theoretical framework.","PeriodicalId":225727,"journal":{"name":"Other Accounting Research eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122495372","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}

{"title":"Beyond the Ivory Tower: Sharing Accounting Research with Non-Academics","authors":"Judith M. Hermis","doi":"10.2139/ssrn.3823360","DOIUrl":"https://doi.org/10.2139/ssrn.3823360","url":null,"abstract":"This paper explores the need for accounting researchers to share our work outside the academy, the means for us to do so, and obstacles currently preventing such widespread knowledge sharing.","PeriodicalId":225727,"journal":{"name":"Other Accounting Research eJournal","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125011705","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}