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Does Merchant Guild Culture Reduce the Cost of Debt? Evidence from China 商人公会文化会降低债务成本吗?来自中国的证据
China Journal of Accounting Studies Pub Date : 2023-04-12 DOI: 10.1080/21697213.2023.2167727
Jianying Weng, Xing-qiang Du, Qiaoyuan Lin
{"title":"Does Merchant Guild Culture Reduce the Cost of Debt? Evidence from China","authors":"Jianying Weng, Xing-qiang Du, Qiaoyuan Lin","doi":"10.1080/21697213.2023.2167727","DOIUrl":"https://doi.org/10.1080/21697213.2023.2167727","url":null,"abstract":"ABSTRACT Using hand-collected data on merchant guild culture and a sample over 2003–2019, this study examines the effect of merchant guild culture on the cost of debt. Our findings reveal that merchant guild culture is negatively associated with the cost of debt, suggesting that merchant guild culture rooted in ancient China continuously affects corporate behaviour, builds the borrower-lender trust relationship by strengthening ethical standards of borrowers, and eventually reduces the cost of debt. The above findings are robust to a variety of sensitivity tests and using the PSM approach, two-stage IV regression procedures and regression discontinuity design to address the endogeneity. Moreover, channel tests show that merchant guild culture reduces the cost of debt by depressing the default risks. Furthermore, our main findings are more pronounced for firms in regions with lower extent of Marketisation and higher risk taking, firms with lower managerial ownership and lower ratio of independent directors.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"60498953","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
Does corporate social responsibility (CSR) have spillover effect?——Based on the binary relationship of supply chains in China 企业社会责任是否具有溢出效应----基于中国供应链的二元关系
China Journal of Accounting Studies Pub Date : 2023-04-08 DOI: 10.1080/21697213.2023.2167725
Shanyun Qiu, Li-Yu Daisy Liu, Weiting Luo, Jun Bai
{"title":"Does corporate social responsibility (CSR) have spillover effect?——Based on the binary relationship of supply chains in China","authors":"Shanyun Qiu, Li-Yu Daisy Liu, Weiting Luo, Jun Bai","doi":"10.1080/21697213.2023.2167725","DOIUrl":"https://doi.org/10.1080/21697213.2023.2167725","url":null,"abstract":"","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48871413","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
Reviewers in 2022 2022年的审稿人
China Journal of Accounting Studies Pub Date : 2023-01-02 DOI: 10.1080/21697213.2023.2202879
{"title":"Reviewers in 2022","authors":"","doi":"10.1080/21697213.2023.2202879","DOIUrl":"https://doi.org/10.1080/21697213.2023.2202879","url":null,"abstract":"","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135754748","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
Notice of duplicate publication: Microblog Publicity and IPO Underpricing 重复发布公告:微博宣传与IPO抑价
China Journal of Accounting Studies Pub Date : 2023-01-02 DOI: 10.1080/21697213.2023.2175126
{"title":"Notice of duplicate publication: Microblog Publicity and IPO Underpricing","authors":"","doi":"10.1080/21697213.2023.2175126","DOIUrl":"https://doi.org/10.1080/21697213.2023.2175126","url":null,"abstract":"","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"11 1","pages":"x - x"},"PeriodicalIF":0.0,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46380757","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
Confucianism and the altruistic behaviour in the succession of family firms: evidence from asset write-downs 儒家思想与家族企业继承中的利他主义行为——来自资产减记的证据
China Journal of Accounting Studies Pub Date : 2022-12-05 DOI: 10.1080/21697213.2023.2148955
M. Cheng, Menglu Chen, Jun Liu
{"title":"Confucianism and the altruistic behaviour in the succession of family firms: evidence from asset write-downs","authors":"M. Cheng, Menglu Chen, Jun Liu","doi":"10.1080/21697213.2023.2148955","DOIUrl":"https://doi.org/10.1080/21697213.2023.2148955","url":null,"abstract":"ABSTRACT This paper explores how Confucianism influences the altruistic behaviour during family firm successions. Using a sample of Chinese listed family firms which have transferred the power to family successors during 2005-2018, we find that family firms deeply influenced by Confucianism intend to take a big bath via asset write-downs in the year before the succession. Confucianism has stronger influence on altruism when the successor have closer blood relationship with the founder, when the successor is less educated, when the family have weaker control over the firm or when the firm is in a lower market position. When the board of directors is more independent or the auditor has higher reputation, the influence of Confucianism is weaker. Family firms with more asset write-downs have better short-term performance after the succession, but lower business reform and R&D inputs. These findings enrich the research on Confucianism and corporate governance of family firms.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"11 1","pages":"29 - 54"},"PeriodicalIF":0.0,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46626115","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
Can the county to district reform in China restrain corporate earnings management? From the perspective of regional local protection 中国的区县改革能否抑制公司盈余管理?从区域地方保护的角度
China Journal of Accounting Studies Pub Date : 2022-11-30 DOI: 10.1080/21697213.2023.2148952
Shasha Liu, Huixian Zhao, Gaowen Kong, Dongmin Kong
{"title":"Can the county to district reform in China restrain corporate earnings management? From the perspective of regional local protection","authors":"Shasha Liu, Huixian Zhao, Gaowen Kong, Dongmin Kong","doi":"10.1080/21697213.2023.2148952","DOIUrl":"https://doi.org/10.1080/21697213.2023.2148952","url":null,"abstract":"ABSTRACT Under the strategic background of regional coordinated development, the County to District can remove administrative barriers and reduce local protection. Based on the matching data of Chinese A-share listed companies from 2000 to 2018 and the County to District Reforms, this paper empirically explores the influence of County to District Reforms on earnings management. We find the County to District Reform can effectively reduce earnings management, especially in areas with high local protection. Further mechanism analysis shows the County to District Reforms reduce local protection by increasing credit availability for enterprises, and ultimately restrain earnings management. Additional analysis shows the County to District Reforms increase the bank loans of enterprises in areas with higher local protection. This paper deepens the understanding of the County to District Reforms and enriches the literature on how government actions can affect corporate governance.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"11 1","pages":"134 - 158"},"PeriodicalIF":0.0,"publicationDate":"2022-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47256728","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
Governance effects of digital transformation: from the perspective of accounting quality 数字化转型的治理效应:基于会计质量的视角
China Journal of Accounting Studies Pub Date : 2022-11-30 DOI: 10.1080/21697213.2023.2148944
Qiaoling Fang, Nutao Yu, H. Xu
{"title":"Governance effects of digital transformation: from the perspective of accounting quality","authors":"Qiaoling Fang, Nutao Yu, H. Xu","doi":"10.1080/21697213.2023.2148944","DOIUrl":"https://doi.org/10.1080/21697213.2023.2148944","url":null,"abstract":"ABSTRACT With the rapid development of digital economy and technology in China, we research on whether corporate digital transformation in traditional industries can improve accounting quality as well as corporate governance. Our findings suggest that, firms proceeding more digital transformation have lower degree of earnings management and higher degree of accounting qualities. Digital transformation can improve accounting quality by reducing three types of agency costs. Specifically, digital transformation can improve corporate internal control, as well as attract more analyst tracking, to improve accounting qualities. Additional analysis suggests that, the governance effects of corporate digital transformation are more prevails in non-state firms, or weak information quality firms, as well as in long-term oriented firms. Corporate digital transformation can decrease real earnings management and stock price synchrony, increase accounting quality, reveals a positive governance effect.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"11 1","pages":"77 - 107"},"PeriodicalIF":0.0,"publicationDate":"2022-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43171328","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
Information technology infrastructure and earnings management strategy: evidence from a quasi-natural experiment 信息技术基础设施与盈余管理策略：来自准自然实验的证据
China Journal of Accounting Studies Pub Date : 2022-11-30 DOI: 10.1080/21697213.2023.2148949
Dongdong Li, Haijie Huang, Kemin Wang
{"title":"Information technology infrastructure and earnings management strategy: evidence from a quasi-natural experiment","authors":"Dongdong Li, Haijie Huang, Kemin Wang","doi":"10.1080/21697213.2023.2148949","DOIUrl":"https://doi.org/10.1080/21697213.2023.2148949","url":null,"abstract":"ABSTRACT Taking the ‘Broadband China’ programme as a quasi-natural experiment, we intend to explore the effect of information technology infrastructure (Hereinafter, ITI) on earnings management strategy. Our results show that with the office location city selected as the pilot city, the firm will strategically reduce the accrual-based earnings management and increase real earnings management. In addition, we find that ITI can reduce audit delay, decrease financial restatement, increase analyst coverage, improve analyst forecast accuracy, promote the media to release original news, and increase investor postings, which is consistent with the view that ITI can improve stakeholders’ monitoring efficiency. Cross-sectional analyses show that the impact of ITI on earnings management strategy is more pronounced for firms with low corporate governance efficiency. This study is helpful to further understand the externalities of ITI to firms’ behaviour.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"11 1","pages":"108 - 133"},"PeriodicalIF":0.0,"publicationDate":"2022-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46890723","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
Does cash dividend smoothing affect the wealth management products purchased by listed companies? 现金分红平滑化是否会影响上市公司购买的理财产品？
China Journal of Accounting Studies Pub Date : 2022-11-24 DOI: 10.1080/21697213.2023.2143689
Xing Liu, Xiaoyi Ren
{"title":"Does cash dividend smoothing affect the wealth management products purchased by listed companies?","authors":"Xing Liu, Xiaoyi Ren","doi":"10.1080/21697213.2023.2143689","DOIUrl":"https://doi.org/10.1080/21697213.2023.2143689","url":null,"abstract":"ABSTRACT Using the regulatory policy on cash dividends implemented in 2013 as the research context, this study develops a difference-in-difference (DID) model using the data of Chinese A-share non-financial listed companies from 2011–2019, and found that cash dividend smoothing reduces the wealth management products (WMPs) purchased by companies. Channel tests demonstrated that cash dividend smoothing reduces the company’s WMPs by increasing the financial leverage and attracting independent-type institutional investors to exert debt governance effect and institutional investor governance effect. Additional analysis found that cash dividend smoothing has a greater effect on WMPs when there are serious managerial agency problems within the firm, the nature of ownership is private, and in regions with dense branches of financial institutions. More importantly, cash dividend smoothing was found to alleviate the crowding-out effect of WMPs on industrial investment and help return the firms’ capital to industrial operations.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"11 1","pages":"159 - 183"},"PeriodicalIF":0.0,"publicationDate":"2022-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41743847","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
Which do second-generation heirs prefer in family firms: real investment or financial investment? 在家族企业中，第二代继承人更喜欢哪一种投资:实物投资还是金融投资?
China Journal of Accounting Studies Pub Date : 2022-11-24 DOI: 10.1080/21697213.2023.2148954
Jin‐hui Luo, Yue Liu, C. Peng
{"title":"Which do second-generation heirs prefer in family firms: real investment or financial investment?","authors":"Jin‐hui Luo, Yue Liu, C. Peng","doi":"10.1080/21697213.2023.2148954","DOIUrl":"https://doi.org/10.1080/21697213.2023.2148954","url":null,"abstract":"ABSTRACT In recent years, the financial investment level of enterprises particularly family firms has increased rapidly. This phenomenon has drawn intense attention from both government regulators and academia. In this study, we argue that the second-generation succession is an important reason for family firms’ preference for financial investment. Using 9,701 firm-year observations of Chinese family listed firms from 2007 to 2018, we find that the second-generation succession has a positive effect on financial investment in family firms, while successors with professional background have less preference for financial investment. Further, the positive effect exists mainly in both preparation and epistasis stages of second-generation succession. The number of family founders’ children will enhance successors' preference for financial investment. Finally, financial investment especially long-term one reduces real investment, and damages future performance.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"11 1","pages":"55 - 76"},"PeriodicalIF":0.0,"publicationDate":"2022-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46875865","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
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