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XBRL reporting in firms with data breach incidents 发生数据泄露事件的公司的 XBRL 报告
Journal of Corporate Accounting & Finance Pub Date : 2024-02-14 DOI: 10.1002/jcaf.22701
Wanying Jiang, Chunhao Xu, R. W. Counts
{"title":"XBRL reporting in firms with data breach incidents","authors":"Wanying Jiang, Chunhao Xu, R. W. Counts","doi":"10.1002/jcaf.22701","DOIUrl":"https://doi.org/10.1002/jcaf.22701","url":null,"abstract":"The Securities and Exchange Commission (SEC) adopted new rules mandating that firms disclose cybersecurity incidents and risk management procedures for inline XBRL reporting, highlighting the regulator's concern about firms’ response to data breaches. In this study, we examine whether firms use XBRL strategically to hinder external stakeholders from understanding the impact of announced data breaches. We find that firm XBRL filing complexity increases following data breaches. Further investigation suggests that the increased XBRL complexity is concentrated on financial statement note tags instead of financial statement tags. The findings imply that firms with data breach incidents are likely to increase XBRL reporting complexity to mitigate stock market reactions. We also find that analysts following moderate the relationship between the data breach and XBRL reporting timeliness. These findings provide empirical evidence about XBRL reporting changes after data breach incidents and contribute to cybersecurity literature and XBRL filing regulation.","PeriodicalId":306507,"journal":{"name":"Journal of Corporate Accounting & Finance","volume":"199 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139838820","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
International expansion and audit opinion shopping: A signaling perspective 国际扩张与审计意见选购：信号传递视角
Journal of Corporate Accounting & Finance Pub Date : 2024-02-14 DOI: 10.1002/jcaf.22700
Hao Ding
{"title":"International expansion and audit opinion shopping: A signaling perspective","authors":"Hao Ding","doi":"10.1002/jcaf.22700","DOIUrl":"https://doi.org/10.1002/jcaf.22700","url":null,"abstract":"Opinion shopping is an essential indication of audit collusion. Hence, it is crucial to explore the driving factors of audit uopinion shopping to better control and address this issue. Drawing upon signaling theory, this paper explores the relationship between international expansion and audit opinion shopping and the moderating roles of internal control quality and auditors’ quality. We find that the higher the level of international expansion of an enterprise, the greater the likelihood of audit opinion shopping. Furthermore, we also find that high internal control quality and high auditor quality can weaken the positive relationship between international expansion and audit opinion shopping. Besides, heterogeneity analysis shows that the impact of international expansion on audit opinion shopping is more pronounced in non‐SOEs and firms which stay in the growth and maturity stage. This paper contributes to the antecedent research of audit opinion shopping and exposes the possible “dark side” of international expansion. Finally, this study may provide practical implications to help the authorities better regulate internationalized enterprises as well as contribute to the healthy development of the auditing market.","PeriodicalId":306507,"journal":{"name":"Journal of Corporate Accounting & Finance","volume":"23 11","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139777379","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 Dodd Frank's Act on audit firm tenure 多德-弗兰克法案对审计公司任期的影响
Journal of Corporate Accounting & Finance Pub Date : 2024-02-12 DOI: 10.1002/jcaf.22697
Henri Akono
{"title":"The impact Dodd Frank's Act on audit firm tenure","authors":"Henri Akono","doi":"10.1002/jcaf.22697","DOIUrl":"https://doi.org/10.1002/jcaf.22697","url":null,"abstract":"This study examines the effect of Dodd Frank's Act of 2010 (Dodd's Act) on the duration of the auditor‐client relationship. One of the provisions of Dodd's Act was to permanently exempt nonaccelerated filers from mandatory internal control audits and to maintain the internal control requirement for accelerated filers. The results indicate that average audit firm tenure has increased significantly in the post‐Dodd period, and there is a post‐Dodd increase (decrease) in long and medium (short) tenure. Furthermore, the increase is more pronounced for nonaccelerated filers on average, and varies across big4 and non‐big4 auditors. The inferences are robust to the inclusion of various controls, and to the exclusion of the financial crisis period (2008–2010). Collectively, the findings suggest that Dodd's Act permanent exemption has resulted in lower margins for auditors, and thus motivated audit firms, particularly non‐big4 auditors, to extend their tenure with clients.","PeriodicalId":306507,"journal":{"name":"Journal of Corporate Accounting & Finance","volume":"21 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139782197","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
How activist investors value target firms: Evidence from hedge fund presentations 激进投资者如何评估目标公司：对冲基金报告的证据
Journal of Corporate Accounting & Finance Pub Date : 2024-02-09 DOI: 10.1002/jcaf.22689
Maximilian Pfirrmann, Korbinian Eichner
{"title":"How activist investors value target firms: Evidence from hedge fund presentations","authors":"Maximilian Pfirrmann, Korbinian Eichner","doi":"10.1002/jcaf.22689","DOIUrl":"https://doi.org/10.1002/jcaf.22689","url":null,"abstract":"This research study provides insights on how activist hedge funds perform valuation analyses of target firms. Relevant data was hand‐collected from a sample of activist hedge fund presentations. Based on the hedge funds’ valuation analyses, the undervaluation of the target firms amounts to approximately 30%, compared to the targets’ current share price. Besides, activist investors derive a value enhancement potential from their proposed strategies of approximately 70% to the targets’ current share price. These valuation results rely predominately on trading multiples. The dominant multiples are Enterprise value/EBITDA (EV/EBITDA) and Price/Earnings (P/E). Further, applied multiples are mainly forward‐looking, and the predicted performance measures are primarily consensus estimates. Besides, hedge funds sometimes adjust multiples arbitrarily to increase the comparability. Our results confirm that short‐term investors rely predominately on pricing analyses in their valuations.","PeriodicalId":306507,"journal":{"name":"Journal of Corporate Accounting & Finance","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139847645","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
Has R&D investment become riskier for CEOs after the Sarbanes Oxley Act? 萨班斯-奥克斯利法案》颁布后，首席执行官的研发投资风险是否增加了？
Journal of Corporate Accounting & Finance Pub Date : 2024-02-06 DOI: 10.1002/jcaf.22698
SeungWon Lee
{"title":"Has R&D investment become riskier for CEOs after the Sarbanes Oxley Act?","authors":"SeungWon Lee","doi":"10.1002/jcaf.22698","DOIUrl":"https://doi.org/10.1002/jcaf.22698","url":null,"abstract":"This study explores the link between R&D investment variability and CEO turnover across the eras surrounding the Sarbanes‐Oxley Act (SOX). It posits that, after SOX, R&D expenditure hikes not matched by sales growth may trigger more frequent CEO turnover, driven by a perceived increase in risk. Data from 1996 to 2010 reveal that, before SOX, R&D increases positively correlate with CEO job stability. In contrast, after SOX, a rise in R&D spending is linked to a higher rate of CEO turnover, particularly involuntary dismissals. The study further identifies that post‐SOX, the negative impact of R&D spikes on CEO turnover is significantly mitigated when such investment aligns with sales growth. The findings suggest a significant influence of R&D investments on CEO turnover, underscoring the need for boards to deliberate the consequences of R&D spending and CEO turnover to better align shareholders and CEO interests.","PeriodicalId":306507,"journal":{"name":"Journal of Corporate Accounting & Finance","volume":"4 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139799192","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
Incremental value relevancies in the development of reporting of sustainability performance 制定可持续发展绩效报告的增量价值相关性
Journal of Corporate Accounting & Finance Pub Date : 2024-02-03 DOI: 10.1002/jcaf.22694
Augustine Donkor, Terri Trireksani, H. Djajadikerta
{"title":"Incremental value relevancies in the development of reporting of sustainability performance","authors":"Augustine Donkor, Terri Trireksani, H. Djajadikerta","doi":"10.1002/jcaf.22694","DOIUrl":"https://doi.org/10.1002/jcaf.22694","url":null,"abstract":"Sustainability reporting was introduced after financial reporting to meet the social and environmental informational needs of stakeholders, while integrated reporting was initiated to integrate financial reporting and sustainability reporting to advance the decision usefulness of corporate disclosure practices. Despite claims and evidence of the value relevance of each reporting framework exclusively, studies on the incremental value relevancies of these subsequent disclosure practices have been sparse. Using a sample of firms from the Johannesburg Stock Exchange from 2011 to 2020 and firms’ capital market liquidity performance, this study finds that sustainability reporting and integrated reporting are not only value‐relevant disclosure practices but also offer incremental value relevancies. Sustainability reporting provides incremental value relevance over financial reporting, and integrated reporting offers incremental value relevance over financial reporting and sustainability reporting. However, the findings do not find support for integrated reporting to replace the practices of financial reporting and sustainability reporting and affirm the contribution of each of the three reports in the corporate reporting space.","PeriodicalId":306507,"journal":{"name":"Journal of Corporate Accounting & Finance","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139808439","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 importance of cybersecurity disclosures in customer relationships 在客户关系中披露网络安全信息的重要性
Journal of Corporate Accounting & Finance Pub Date : 2024-02-01 DOI: 10.1002/jcaf.22695
Aaron Nelson, Shensi Wang
{"title":"The importance of cybersecurity disclosures in customer relationships","authors":"Aaron Nelson, Shensi Wang","doi":"10.1002/jcaf.22695","DOIUrl":"https://doi.org/10.1002/jcaf.22695","url":null,"abstract":"The escalating use of digital technologies has spotlighted the crucial role of cybersecurity in safeguarding sensitive information within companies. This study explores the relationship between a firm's major customers and its cybersecurity awareness. Drawing on SEC‐mandated disclosures, we employ four proxies to measure changes in customer‐supplier relationships. Our findings reveal that customers increase their purchases from suppliers whose cybersecurity awareness scores improve. Additionally, we examine the interplay between customers and suppliers more susceptible to nonpublic adverse news, particularly during cyber events. The study emphasizes the importance of cybersecurity disclosure for regulators, supply chain partners, and corporate management. It also contributes to the literature on factors influencing the duration of customer‐supplier relationships and underscores the significance of supplier characteristics. “Understanding and disclosing cybersecurity risks are” paramount in an increasingly digital business landscape.","PeriodicalId":306507,"journal":{"name":"Journal of Corporate Accounting & Finance","volume":"47 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139885330","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
CEO turnover after product‐harm crises 产品危害危机后的首席执行官更替
Journal of Corporate Accounting & Finance Pub Date : 2024-02-01 DOI: 10.1002/jcaf.22693
D. G. Paik, Bo Meng, B. Lee, Q. Nguyen
{"title":"CEO turnover after product‐harm crises","authors":"D. G. Paik, Bo Meng, B. Lee, Q. Nguyen","doi":"10.1002/jcaf.22693","DOIUrl":"https://doi.org/10.1002/jcaf.22693","url":null,"abstract":"Product‐harm crises are discrete events in which product failures expose consumers to safety hazards. Firms facing such crises must legally recall their products to protect consumers from further harm. In this study, we examine the effects of product‐harm crises and their recall strategies on CEO turnover. We find that firms are more likely to replace their CEOs after issuing product recalls, especially for recalls that are proactive and that offer extensive corrective actions. We further find that firms with poor performance and with limited financial flexibility are more likely to dismiss their CEOs after product recalls. Our study contributes to the disciplines of accounting, finance, and management by documenting product‐harm crises are a strong predictor of CEO dismissal, that is, incremental to other measures of firm performance for U.S. companies.","PeriodicalId":306507,"journal":{"name":"Journal of Corporate Accounting & Finance","volume":"16 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139892648","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
Unmasking market turmoil by decoding stock market dynamics post‐fraud allegations: Evidence from Adani‐Hindenburg case 通过解码欺诈指控后的股市动态揭开市场动荡的面纱：阿达尼-欣登堡案的证据
Journal of Corporate Accounting & Finance Pub Date : 2024-02-01 DOI: 10.1002/jcaf.22696
Nishant Sapra, Shubham Kakran, Arpit Sidhu, Ashish Kumar
{"title":"Unmasking market turmoil by decoding stock market dynamics post‐fraud allegations: Evidence from Adani‐Hindenburg case","authors":"Nishant Sapra, Shubham Kakran, Arpit Sidhu, Ashish Kumar","doi":"10.1002/jcaf.22696","DOIUrl":"https://doi.org/10.1002/jcaf.22696","url":null,"abstract":"The article investigates how the devastating repercussions of fraud allegations, as outlined in the Hindenburg report, are actively and critically affecting the stock prices of the Adani Group. This investigation, which explores the foundation of the accused companies' financial health and market trust, is crucial. These ramifications go far beyond Adani Group and are highly relevant to potential investors globally, highlighting the urgent need for a thorough comprehension of these dynamics in the context of the global market environment. The journey from stock market crash to market correction is analyzed using the theoretical lens of Risk Aversion theory. At the same time, the Efficient Market Hypothesis (EMH) assumptions are being tested. The study employs a long‐term event study approach to analyze the stock price impact of the Hindenburg report using the Cumulative Abnormal Returns (CAR) methodology. For analysis, a sample of six Adani group companies and relevant stakeholders like creditors, LIC, immediate counterparts of each company, and NIFTY bank indices are considered. The study finds that the stock prices of four out of six Adani Group companies declined significantly after the Hindenburg report, defying the assumptions of the EMH. Risk‐seeking investors' regulatory assurance and investment may have helped in a market correction. The associated banks (lenders to Adani) and Banking indices depicted a price decline on the second and third days, which reversed on the fourth day, indicating a diminished spillover effect. Moreover, no competitor besides Tata Power saw abnormally large gains. This study analyses the event from the lens of Risk aversion and tests the assumption of EMH. The study concludes that these findings have practical implications for investors (risk‐averse and risk‐seeking), policymakers, and researchers.","PeriodicalId":306507,"journal":{"name":"Journal of Corporate Accounting & Finance","volume":"9 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139882270","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 qualitative analysis of bank risk credit risk disclosure: Evidence from the Canadian and Italian banking sectors 银行风险信用风险披露的定性分析:来自加拿大和意大利银行业的证据
Journal of Corporate Accounting & Finance Pub Date : 2022-07-04 DOI: 10.1002/jcaf.22577
Kaouthar Lajili, Sana Mohsni, Salvatore Polizzi, Enzo Scannella
{"title":"A qualitative analysis of bank risk credit risk disclosure: Evidence from the Canadian and Italian banking sectors","authors":"Kaouthar Lajili, Sana Mohsni, Salvatore Polizzi, Enzo Scannella","doi":"10.1002/jcaf.22577","DOIUrl":"https://doi.org/10.1002/jcaf.22577","url":null,"abstract":"","PeriodicalId":306507,"journal":{"name":"Journal of Corporate Accounting & Finance","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116355976","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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