发布求助
文献互助 智能选刊 最新文献

Accounting & Finance最新文献

筛选
英文 中文
The disciplinary role of unsuccessful takeovers and changes in corporate governance 失败收购的纪律作用和公司治理的变化
Accounting & Finance Pub Date : 2023-08-21 DOI: 10.1111/acfi.13170
M. Bugeja, Yaowen Shan, Yanglan Zu
{"title":"The disciplinary role of unsuccessful takeovers and changes in corporate governance","authors":"M. Bugeja, Yaowen Shan, Yanglan Zu","doi":"10.1111/acfi.13170","DOIUrl":"https://doi.org/10.1111/acfi.13170","url":null,"abstract":"This study examines if unsuccessful takeovers trigger the replacement of directors and changes in other governance attributes and result in improvements in target firm performance. Using an Australian sample this study finds that following failed bids, target firms are more likely to remove directors and experience an increase in director ownership, board independence, and block ownership. In contrast, target firm director expertise and prestige decrease following failed bids. We also find that post‐bid accounting and stock performance of targets are largely unrelated to changes in governance attributes after the unsuccessful takeover.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127040982","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
Investigating performance implications of intra‐family ownership successions: Equity transfers with versus without debt creation 调查家族内部所有权继承对绩效的影响:有债务与没有债务的股权转让
Accounting & Finance Pub Date : 2023-08-21 DOI: 10.1111/acfi.13157
Ellen Janssen, S. Vandemaele, Wim Voordeckers, M. Vancauteren
{"title":"Investigating performance implications of intra‐family ownership successions: Equity transfers with versus without debt creation","authors":"Ellen Janssen, S. Vandemaele, Wim Voordeckers, M. Vancauteren","doi":"10.1111/acfi.13157","DOIUrl":"https://doi.org/10.1111/acfi.13157","url":null,"abstract":"We relate two routes of intra‐family ownership succession (i.e., succession financed with versus without debt) to post‐succession financial performance. Investigating a sample of 203 privately‐held family businesses, our results show that the succession‐induced performance paths of the two subgroups are significantly different. When debt is used to fund the intra‐family share transfer, financial performance significantly increases in the post‐succession period. This phenomenon is absent when no debt is used to fund succession. We attribute the performance gap to a governance device characterising the debt‐financed succession route: debt creation at succession leads to firm‐level efficiency gains.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122391528","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 post‐retirement financial market participation on retirement income sufficiency in Australia 退休后金融市场参与对澳大利亚退休收入充足性的影响
Accounting & Finance Pub Date : 2023-08-18 DOI: 10.1111/acfi.13169
Xiaobo Xu, Jiali Fang, M. Young, Liping Zou
{"title":"The impact of post‐retirement financial market participation on retirement income sufficiency in Australia","authors":"Xiaobo Xu, Jiali Fang, M. Young, Liping Zou","doi":"10.1111/acfi.13169","DOIUrl":"https://doi.org/10.1111/acfi.13169","url":null,"abstract":"Using HILDA survey data, we document a strong positive relationship between post‐retirement financial market participation and retiree income sufficiency in Australia. We find a 17% improvement in the income replacement ratio and a 3.26 times higher annuitised net wealth for financial market participants compared to non‐participants. We further investigate how age, residence area, relationship status, education, health, and employment affect the main finding in all and female retirees. The results highlight the value of financial market participation in facilitating household retirement security and provide further support for the active promotion of household financial market participation, both in Australia and globally.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121611855","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
Pressure from words: The tone of investors in Chinese earnings communication conferences and managerial myopia 来自言辞的压力:投资者在中国财报沟通会议上的语气和管理层的短视
Accounting & Finance Pub Date : 2023-08-18 DOI: 10.1111/acfi.13167
Runmei Luo, Yong Ye
{"title":"Pressure from words: The tone of investors in Chinese earnings communication conferences and managerial myopia","authors":"Runmei Luo, Yong Ye","doi":"10.1111/acfi.13167","DOIUrl":"https://doi.org/10.1111/acfi.13167","url":null,"abstract":"This study examines whether and how the negative tone of investors in earnings communication conferences (ECCs) held by Chinese listed companies influences managerial myopia. We use the bidirectional encoder representations from transformers (BERT) model to construct sentence‐level emotional tone and find that the negative tone of investors in ECCs leads to greater myopic behaviour by managers. The positive relationship between the negative tone of investors and managerial myopia is stronger when more investors participate in ECCs, investors ask more questions, and managers respond with longer statements. However, this positive relationship becomes weaker when managers have positions in other companies, managers are more competent, and managers display a more positive tone in ECCs. Additionally, this positive relationship weakens when listed companies that hold ECCs have more institutional investors and strengthens when the media reports these companies more frequently. Our results prove that individual investors can have a voice and influence the decision‐making behaviour of managers through ECCs.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128355611","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 study of cross‐border profit shifting channels: Evidence from Australia 跨国利润转移渠道研究:来自澳大利亚的证据
Accounting & Finance Pub Date : 2023-08-17 DOI: 10.1111/acfi.13166
A. Tran, Wanmeng Xu
{"title":"A study of cross‐border profit shifting channels: Evidence from Australia","authors":"A. Tran, Wanmeng Xu","doi":"10.1111/acfi.13166","DOIUrl":"https://doi.org/10.1111/acfi.13166","url":null,"abstract":"We investigate two cross‐border profit shifting channels used by foreign multinational enterprises (MNEs) in Australia and assess the effectiveness of the related measures adopted by the Australian Parliament to combat base erosion and profit shifting (BEPS). Overall, we find that Australian subsidiaries of foreign MNEs used tax‐induced intra‐group transfer pricing and, to a lesser extent, interest expense loading to shift profit out of Australia throughout the period from 2007 to 2020. However, we find no evidence indicating that profit shifting out of Australia via the two channels has reduced after the implementation of related BEPS countermeasures in Australia from 2013.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"343 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123404452","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
The crowding‐out effects of innovation information disclosure on peers' innovation: Evidence from innovation‐driven M&As in China 创新信息披露对同行创新的挤出效应:来自中国创新驱动型并购的证据
Accounting & Finance Pub Date : 2023-08-16 DOI: 10.1111/acfi.13165
Zhangfan Cao, C. Hua, Yan Tong, Xi Wang
{"title":"The crowding‐out effects of innovation information disclosure on peers' innovation: Evidence from innovation‐driven M&As in China","authors":"Zhangfan Cao, C. Hua, Yan Tong, Xi Wang","doi":"10.1111/acfi.13165","DOIUrl":"https://doi.org/10.1111/acfi.13165","url":null,"abstract":"This study investigates the impact of rivals' announcements of innovation‐driven mergers and acquisitions (M&As) on focal firms' ex‐post corporate innovation performance. Exploiting a hand‐collected dataset of Chinese listed firms from 2011 to 2018, we find that focal firms file fewer patents after rivals' announcements of innovation‐driven M&As. Further analyses show that focal firms become more conservative and hold more cash when rivals intend to obtain innovation resources through M&As. We find that such crowding‐out effects are more pronounced for focal firms that are more financially constrained, those facing higher competition, those whose rivals are industry leaders, and those operating in traditional industries.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129920455","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 turnovers and capital structure persistence CEO更替与资本结构持久性
Accounting & Finance Pub Date : 2023-08-14 DOI: 10.1111/acfi.13163
Viktoriya Staneva
{"title":"CEO turnovers and capital structure persistence","authors":"Viktoriya Staneva","doi":"10.1111/acfi.13163","DOIUrl":"https://doi.org/10.1111/acfi.13163","url":null,"abstract":"Firm fixed effects in panel leverage regressions act as a noisy proxy for managerial effects that drive persistence in leverage. Firms that do not change their chief executive officer (CEO) for prolonged periods of time are more likely to keep debt ratios within a narrow bandwidth and to display persistent differences in their time‐series averages for up to 20 years. A CEO turnover is associated with considerable modifications to the financing policy of the firm. Significant capital structure changes take place immediately after a new executive takes office and leverage ratios remain relatively stable for the remaining tenure of the CEO.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117102526","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 narcissism and firm's cash conversion cycle: The moderating role of CEO's gender CEO自恋与企业现金转换周期:CEO性别的调节作用
Accounting & Finance Pub Date : 2023-08-14 DOI: 10.1111/acfi.13161
Heba F. Zaher, Gilberto Marquez‐Illescas
{"title":"CEO narcissism and firm's cash conversion cycle: The moderating role of CEO's gender","authors":"Heba F. Zaher, Gilberto Marquez‐Illescas","doi":"10.1111/acfi.13161","DOIUrl":"https://doi.org/10.1111/acfi.13161","url":null,"abstract":"This study investigates the effect of CEO narcissism on firm's cash conversion cycle (CCC), and how this influence is moderated by CEO gender. Based on a sample of 354 CEOs in 229 S&P 500 firms, our results indicate that firms led by more narcissistic CEOs tend to have a shorter CCC and this effect is weaker in companies led by a female CEO. Our additional analyses show that the effect of CEO narcissism on the CCC may improve or damage firm performance depending on the firm's CCC level.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130812493","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
Institutional investor horizons, ownership structure and investment efficiency in China 中国机构投资者视野、股权结构与投资效率
Accounting & Finance Pub Date : 2023-08-12 DOI: 10.1111/acfi.13164
Zhihao Wang, Kezhi Liao, Sisi Wang
{"title":"Institutional investor horizons, ownership structure and investment efficiency in China","authors":"Zhihao Wang, Kezhi Liao, Sisi Wang","doi":"10.1111/acfi.13164","DOIUrl":"https://doi.org/10.1111/acfi.13164","url":null,"abstract":"This paper investigates the effects of institutional investor horizons on investment efficiency in China. By analysing 26,831 firm‐year observations from Chinese listed companies, we find that long‐term (short‐term) institutional ownership is negatively (positively) associated with the level of inefficient investments. A battery of robustness tests indicates causality. Further analyses reveal that the rise in environmental uncertainty and information asymmetry are transmission channels for increased inefficient investments. Moreover, we find that the single controlling shareholder and state owner can curb the management myopia induced by short‐term institutional investors while they do not impede the monitoring effort of long‐term institutional investors.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128252159","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
Do buy‐side analysts inform sell‐side analyst research? 买方分析师是否为卖方分析师的研究提供信息?
Accounting & Finance Pub Date : 2023-08-12 DOI: 10.1111/acfi.13158
G. Cici, Philip B. Shane, Yanhua Sunny Sunny Yang
{"title":"Do buy‐side analysts inform sell‐side analyst research?","authors":"G. Cici, Philip B. Shane, Yanhua Sunny Sunny Yang","doi":"10.1111/acfi.13158","DOIUrl":"https://doi.org/10.1111/acfi.13158","url":null,"abstract":"This paper examines whether sell‐side analysts' interactions with buy‐side analysts influence the quality of sell‐side research output. We hypothesise that these interactions offer the sell side a view of the buy side's private information, which enhances the quality of sell‐side research. Our findings show that analyst earnings forecast accuracy improves with these interactions with diminishing returns. Results are robust to alternative proxies for research quality and information flow from buy‐side to sell‐side analysts. Additional tests rule out endogeneity concerns, strengthening the inference that feedback from interactions with buy‐side analysts improves the quality of sell‐side research output.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134272055","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信