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Managerial Incentives, Disclosure, and Disclosure Substitution: Evidence from Relative Performance Evaluation 管理层激励、信息披露与信息披露替代:来自相对绩效评估的证据
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2021-10-12 DOI: 10.2139/ssrn.3780997
Melissa A. Martin, Oscar Timmermans
{"title":"Managerial Incentives, Disclosure, and Disclosure Substitution: Evidence from Relative Performance Evaluation","authors":"Melissa A. Martin, Oscar Timmermans","doi":"10.2139/ssrn.3780997","DOIUrl":"https://doi.org/10.2139/ssrn.3780997","url":null,"abstract":"We examine the relation between managerial incentives and disclosure. Specifically, we examine how contracts that explicitly evaluate managers relative to peer performance are associated with: (1) the transparency of mandatory disclosure; (2) the provision of voluntary disclosure; and (3) the substitution between the two. We find a negative relation between relative performance plans in which competition with peers is strong and both the transparency of mandatory disclosure and the provision of voluntary disclosure. Moreover—and consistent with our theoretical prediction—we show that the substitution between the two depends critically on whether managers compete with peers for market prices or accounting numbers. We further show that boards’ contract-design choices for these incentive plans are consistent with proprietary cost considerations. Collectively, our findings suggest that managerial incentives can motivate managers to abandon the novel “disclosure substitution” strategy.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124956134","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: 3
Does Annual Report Readability Affect Labor Investment Efficiency? 年报可读性是否影响劳动投资效率?
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2021-09-17 DOI: 10.14264/f31fa08
Hasibul Chowdhury, Kelvin Jui Keng Tan, Junyi Wang
{"title":"Does Annual Report Readability Affect Labor Investment Efficiency?","authors":"Hasibul Chowdhury, Kelvin Jui Keng Tan, Junyi Wang","doi":"10.14264/f31fa08","DOIUrl":"https://doi.org/10.14264/f31fa08","url":null,"abstract":"This study examines whether the complexity of textual narratives captured by annual report readability affects a firm’s labor investment efficiency. Using a large sample of US firms from 1994 to 2017, we find that linguistic simplicity through better annual report readability has a strong positive effect on a firm’s labor investment efficiency. Furthermore, we find that this positive association is more pronounced for firms suffering from weak monitoring. Our results are robust to additional control variables, endogeneity concerns, and alternative measures of annual report readability and labor investment efficiency. Using a difference-in-differences framework with the Plain Writing Act (PWA) 2010 as an exogenous variation in readability, we also document a causal relation between readability and labor investment efficiency. Overall, our core findings are consistent with the idea that readable annual reports positively affect firms’ financial flexibility, which, in turn, enhances the efficiency of firms’ labor investments.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125720881","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
Management Going Concern Disclosure, Mitigation Plan, and Failure Prediction - Implications from ASU 2014-15 管理层持续经营披露、缓解计划和故障预测——来自ASU 2014-15的启示
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2021-08-15 DOI: 10.2139/ssrn.3905057
Jingjing Wang
{"title":"Management Going Concern Disclosure, Mitigation Plan, and Failure Prediction - Implications from ASU 2014-15","authors":"Jingjing Wang","doi":"10.2139/ssrn.3905057","DOIUrl":"https://doi.org/10.2139/ssrn.3905057","url":null,"abstract":"The going concern (GC) assumption forms the basis for preparing financial statements unless liquidation becomes imminent. ASU 2014-15 requires management to evaluate GC uncertainties quarterly and provide disclosures in the notes. I compare management GC disclosures between the pre-standard and post-standard regimes. I find that the market reacts negatively to substantial doubt in GC only after ASU 2014-15. Next, I find the effect of ASU 2014-15 for quarterly reports, but not annual reports. More importantly, by employing detailed textual analysis to extract and categorize mitigation-plan discussions, I show that certain types of management mitigation plans are interpreted more positively by investors after ASU 2014-15, thereby alleviating the negative market reaction. These plans include issuing debt, debt restructuring, increasing revenue, and selling assets. Finally, I demonstrate that management GC conclusions are more indicative of corporate failures after ASU 2014-15 and that mitigation-plan discussions are associated with firms' future viability.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133242447","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
Digitalization and Assurance of IFRS Financial Reports 国际财务报告准则财务报告的数字化与保证
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2021-05-27 DOI: 10.2139/ssrn.3855045
D. Beerbaum, Keith Duncan, Raymond McNamara, S. Ikaheimo, D. Derichs
{"title":"Digitalization and Assurance of IFRS Financial Reports","authors":"D. Beerbaum, Keith Duncan, Raymond McNamara, S. Ikaheimo, D. Derichs","doi":"10.2139/ssrn.3855045","DOIUrl":"https://doi.org/10.2139/ssrn.3855045","url":null,"abstract":"We investigate if additional customized disclosure increases transparency or opacity for firms from IFRS reporting jurisdictions that adopt digitized financial statement filing. We identify the major data items that require customized extensions (firm specific) with digitized IFRS financial data and the deviations occurring in current implementations of digitalized data (XRBL lodgment). The findings have implications for regulators in determining the form and nature of extensions to allow, practitioners in preparing and coding digitized financial statements, and changes in auditing and the assurance of digitized financial statements.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131875855","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
Greenhouse Gas Disclosure and Emissions Benchmarking 温室气体资料披露及排放基准
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2021-03-27 DOI: 10.2139/ssrn.3448904
Sorabh Tomar
{"title":"Greenhouse Gas Disclosure and Emissions Benchmarking","authors":"Sorabh Tomar","doi":"10.2139/ssrn.3448904","DOIUrl":"https://doi.org/10.2139/ssrn.3448904","url":null,"abstract":"In 2010, the United States mandated the reporting of greenhouse gas (GHG) emissions for thousands of manufacturing facilities. Studying this rule, and focusing on facilities for which emissions information was largely not available elsewhere, I find a 7.9% emissions reduction following disclosure. I highlight the role of ‘benchmarking’. Specifically, facilities are able to assess their own, relative GHG performance once they can observe their peers' disclosures. This benchmarking facilitates emissions reductions. In contrast, I highlight uncertainty around whether measurement and reporting to the regulator alone, prior to disclosure, leads to emissions reductions. Lastly, I show that concern about future legislation partly motivates the observed responses. The main takeaway is that mandatory, granular disclosure can curb GHG emissions, and that benchmarking plays an important role in this process.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122740095","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: 20
The Dark Side of Transparency in Developing Countries: The Link between Financial Reporting Practices and Corruption 发展中国家透明度的阴暗面:财务报告实务与腐败之间的联系
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2020-12-08 DOI: 10.2139/ssrn.2905078
Tingting Liu, Yu Liu, B. Ullah, Zuobao Wei, L. Xu
{"title":"The Dark Side of Transparency in Developing Countries: The Link between Financial Reporting Practices and Corruption","authors":"Tingting Liu, Yu Liu, B. Ullah, Zuobao Wei, L. Xu","doi":"10.2139/ssrn.2905078","DOIUrl":"https://doi.org/10.2139/ssrn.2905078","url":null,"abstract":"This paper examines the impact of financial reporting practices in over 70,000 firms across 121 countries. While prior studies examining financial reporting practices mainly focus on the benefits of disclosure in developed markets such as the United States, we focus on the costs associated with increased financial transparency in emerging markets where governance mechanisms are relatively weak. We document a strong positive relation between the production of audited financial statements (AFS) and corruption obstacles faced by the firm. We argue that in corrupt business environment, rent-seeking bureaucrats use the available information to optimize their bribe extractions. We further show that country-level institutional quality has an important impact on the cost of transparency: the level of corruption obstacles associated with AFS is significantly higher in countries with weak corruption control mechanism. Our study sheds light on the dark side of transparency: exposure to corrupt bureaucrats where institutions are weak.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128441698","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: 13
Green Accounting and Finance: Advancing Research on Environmental Disclosure, Value Impacts and Management Control Systems 绿色会计与金融:环境信息披露、价值影响与管理控制体系研究进展
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3741193
Chris Brooks, Lisa Schopohl
{"title":"Green Accounting and Finance: Advancing Research on Environmental Disclosure, Value Impacts and Management Control Systems","authors":"Chris Brooks, Lisa Schopohl","doi":"10.2139/ssrn.3741193","DOIUrl":"https://doi.org/10.2139/ssrn.3741193","url":null,"abstract":"In recent decades, the business world – as well as society at large – has increasingly recognised the relevance of environmental factors as essential determinants of economic development and business decisions. Due to these short- and long-term effects of environmental factors on both the corporate and financial sectors, it is clear that business leaders and investors need to measure and manage these environmental risks as well as channel capital flows towards tackling the impact of such risks on business and society. As academic disciplines, accounting and finance play a key role in these efforts and are ideally placed to develop innovative approaches to incorporate environmental factors into accounting and risk management frameworks and to evaluate solutions to mobilise capital flows and finance the transition to a low-carbon and environmentally sustainable economy. This paper provides the editorial for a special issue in the British Accounting Review that aims to contribute to these important debates by offering new insights into three key areas of green finance and accounting research: firms’ environmental disclosure choices, the value impact of climate change and carbon emissions, and the latest research into environmental management control systems.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125766713","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: 9
The Dark Side of Investor Conferences: Evidence of Managerial Opportunism 投资者会议的阴暗面:管理机会主义的证据
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2020-09-29 DOI: 10.2139/ssrn.3701977
Brian J. Bushee, Daniel J. Taylor, C. Zhu
{"title":"The Dark Side of Investor Conferences: Evidence of Managerial Opportunism","authors":"Brian J. Bushee, Daniel J. Taylor, C. Zhu","doi":"10.2139/ssrn.3701977","DOIUrl":"https://doi.org/10.2139/ssrn.3701977","url":null,"abstract":"While the shareholder benefits of investor conferences are well-documented, evidence on whether these conferences facilitate managerial opportunism is scarce. In this paper, we examine whether managers opportunistically exploit heightened attention around the conference to “hype” the stock. We find that (1) managers increase the quantity of voluntary disclosure leading up to the conference; (2) these disclosures are more positive in tone and increase prices to a greater extent than post-conference disclosures; and (3) these disclosures are more pronounced when insiders sell their shares immediately prior to the conference. In circumstances where pre-conference disclosures coincide with pre-conference insider net selling, we find evidence of a significant return reversal––large positive returns before the conference and large negative returns after the conference––and that the firm is more likely to be named in a securities class action lawsuit. Collectively, our findings are consistent with some managers hyping the stock prior to the conference.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127097937","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: 10
Fintech in Financial Reporting and Audit for Fraud Prevention and Safeguarding Equity Investments 金融科技在财务报告和审计中的应用，以防止欺诈和保护股权投资
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2020-07-07 DOI: 10.2139/ssrn.3679816
Paulina Roszkowska
{"title":"Fintech in Financial Reporting and Audit for Fraud Prevention and Safeguarding Equity Investments","authors":"Paulina Roszkowska","doi":"10.2139/ssrn.3679816","DOIUrl":"https://doi.org/10.2139/ssrn.3679816","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to explore the audit-related causes of financial scandals and advice on how emerging technologies can provide solutions thereto. Specifically, this study seeks to look at the facilitators of financial statement fraud and explain specific fintech advancements that contribute to financial information reliability for equity investments.\u0000\u0000\u0000Design/methodology/approach\u0000The study uses the case studies of Enron and Arthur Andersen to document the evidence of audit-related issues in historical financial scandals. Then, a comprehensive and interdisciplinary literature review at the intersection of business, accounting and engineering, provides a foundation to propose technology advancements that can solve identified problems in accounting and auditing.\u0000\u0000\u0000Findings\u0000The findings show that blockchain, internet of things, smart contracts and artificial intelligence solutions have different functionality and can effectively solve various financial reporting and audit-related problems. Jointly, they have a strong potential to enhance the reliability of the information in financial statements and generally change how companies operate.\u0000\u0000\u0000Practical implications\u0000The proposed and explained technology advancements should be of interest to all publicly listed companies and investors, as they can help safeguard equity investments, thus build investors’ trust towards the company.\u0000\u0000\u0000Social implications\u0000Aside from implications for capital markets participants, the study findings can materially benefit various stakeholder groups, the broader company environment and the economy.\u0000\u0000\u0000Originality/value\u0000This is the first paper that seeks solutions to financial fraud and audit-related financial scandals in technology and not in implementing yet another regulation. Given the recent technology advancements, the study findings provide insights into how the role of an external auditor might evolve in the future.\u0000","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127948103","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: 22
Signaling via Earnings Downgrades: How Reputational Concerns Shape Analyst Responses to Corporate Fraud? 通过盈利下调发出信号:声誉问题如何影响分析师对公司欺诈的反应?
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2020-06-02 DOI: 10.2139/ssrn.3616990
Lerong He, M. Conyon, J. Chen
{"title":"Signaling via Earnings Downgrades: How Reputational Concerns Shape Analyst Responses to Corporate Fraud?","authors":"Lerong He, M. Conyon, J. Chen","doi":"10.2139/ssrn.3616990","DOIUrl":"https://doi.org/10.2139/ssrn.3616990","url":null,"abstract":"This study examines reactions of financial analysts to the disclosure of corporate fraud. We posit that analysts downgrade earnings forecasts of fraud firms after fraud disclosure to signal their quality and integrity. We explore how internal and external contingencies shape analysts’ reputational concerns, influence their motivation to signal via earnings downgrades, and consequently affect their responses to corporate fraud. Using longitudinal data on Chinese publicly traded firms between 2002 and 2013 and employing a difference-in-differences design, this study documents that financial analysts significantly lower their earnings estimates of fraudulent firms after fraud disclosure compared to the control group of non-fraud firms. In addition, post-disclosure earnings downgrades are larger for more experienced analysts, for analysts following firms with stronger analyst coverage, and after the revision of the professional ethics code for analysts. This study provides empirical support to signaling theory. We show that earnings downgrades of fraudulent firms may serve as a signal for financial analysts to indicate their quality and integrity. We document that analysts’ motivation to signal via earnings downgrades is influenced by their reputational concerns, which are moderated by their career experience, peer pressure, professional norm and social expectations. <br>","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114225371","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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