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The joint effect of investors’ trait scepticism and the familiarity and readability of key audit matters on the communicative value of audit reports 投资者的特质怀疑与关键审计事项的熟悉性和可读性对审计报告传播价值的共同影响
China Journal of Accounting Studies Pub Date : 2022-11-18 DOI: 10.1080/21697213.2022.2143687
Xin Xu, Fengying Ye, Yasheng Chen
{"title":"The joint effect of investors’ trait scepticism and the familiarity and readability of key audit matters on the communicative value of audit reports","authors":"Xin Xu, Fengying Ye, Yasheng Chen","doi":"10.1080/21697213.2022.2143687","DOIUrl":"https://doi.org/10.1080/21697213.2022.2143687","url":null,"abstract":"ABSTRACT Accounting studies have inconsistent conclusions about whether including Key Audit Matters (KAM) improves the communicative value of audit reports. We experimentally investigate the joint effect of investors’ trait scepticism and the familiarity and readability of KAM on the communicative value of audit reports. Our results indicate that KAM readability enhances the communicative value of audit reports for less (more) sceptical investors when they are less (more) familiar with the issues discussed in the KAM. Additionally, using an eye-tracking device, we find that the communicative value of audit reports for nonprofessional investors depends on their visual attention paid to the KAM. These findings show that the positive effect of including KAM in audit reports is contingent on the user’s trait scepticism and the content and form of the KAM. Our conclusions should be of interest to regulators and auditors when considering what and how to communicate to different financial statement users.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"11 1","pages":"1 - 28"},"PeriodicalIF":0.0,"publicationDate":"2022-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46356171","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
Microblog publicity and IPO underpricing 微博宣传与IPO抑价
China Journal of Accounting Studies Pub Date : 2022-11-09 DOI: 10.1080/21697213.2023.2143691
Chao Dou, Xue Yang, Xuejin Bai, Rui Sun
{"title":"Microblog publicity and IPO underpricing","authors":"Chao Dou, Xue Yang, Xuejin Bai, Rui Sun","doi":"10.1080/21697213.2023.2143691","DOIUrl":"https://doi.org/10.1080/21697213.2023.2143691","url":null,"abstract":"ABSTRACT Based on many cases of publicity using social media in the market, this paper empirically examines the damage of microblog publicity to market efficiency by using the sample of IPO companies. The results show that the companies posting microblogs during the IPO publicity period have higher IPO underpricing, and the more the number of microblogs, the richer the content, the higher the proportion of microblogs in the operating activities, the higher the IPO underpricing. These relationships are stronger in the enterprises with higher degree of information asymmetry and management valuing social media more. Furthermore, microblogs posted during the IPO period mainly influence investor sentiment, especially small investors. In addition, the short-term stock market performance of the companies posting microblogs is significantly worse. This paper provides a theoretical basis for standardizing the information disclosure behavior of listed companies using social media.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"11 1","pages":"184 - 205"},"PeriodicalIF":0.0,"publicationDate":"2022-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49350095","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
CEO’s name uniqueness and audit fee CEO姓名唯一性和审计费用
China Journal of Accounting Studies Pub Date : 2022-10-02 DOI: 10.1080/21697213.2022.2143681
Yanheng Song, Rui Xian, Dan Yang
{"title":"CEO’s name uniqueness and audit fee","authors":"Yanheng Song, Rui Xian, Dan Yang","doi":"10.1080/21697213.2022.2143681","DOIUrl":"https://doi.org/10.1080/21697213.2022.2143681","url":null,"abstract":"ABSTRACT Borrowed from the relevant research on the impact of name uniqueness on one’s personality, our study extends the research perspective to its impact on external auditors. Using the data of Chinese listed firms in 2009–2019, we find a significantly positive relationship between CEOs’ name uniqueness and audit fees. Further study shows that this influence could be explained by its impact on CEOs' personality traits, resulting in strategic deviance or increased audit effort, rather than its impact on auditors' first impression. The impact of CEOs’ name uniqueness on audit fees is more pronounced when CEOs’ characteristics are more susceptible to their name uniqueness, when companies are more likely to attract auditors’ attention, or when auditors are more likely to be affected by their uniqueness. This paper extends the impact of CEOs’ personality traits on audit fees, and expands the understanding of CEOs and audit decision-making.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"459 - 480"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44312067","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 the standardisation of tax enforcement improve corporate financial reporting quality? 税收执法的标准化是否提高了企业财务报告的质量？
China Journal of Accounting Studies Pub Date : 2022-10-02 DOI: 10.1080/21697213.2022.2143684
Xiaojian Tang, Dongying Du, Lin Xie, B. Lin
{"title":"Does the standardisation of tax enforcement improve corporate financial reporting quality?","authors":"Xiaojian Tang, Dongying Du, Lin Xie, B. Lin","doi":"10.1080/21697213.2022.2143684","DOIUrl":"https://doi.org/10.1080/21697213.2022.2143684","url":null,"abstract":"ABSTRACT Previous studies of tax enforcement neglect the effect of tax-penalty discretionary benchmarks on corporate financial reporting quality. In China, province-level variations in implementing tax-penalty discretionary benchmarks provide a quasi-natural experiment to explore how tax enforcement standardisation affects corporate financial reporting quality. We show that when tax-penalty benchmarks are implemented in every province, there is a more pronounced positive relationship between tax enforcement standardisation and corporate financial reporting quality compared with the ex-ante period. Moreover, this positive relationship is primarily driven by firms with higher degrees of tax avoidance and collusion with tax collectors. Consequently, the implementation of tax-penalty benchmarks means that the standardisation of tax enforcement can improve corporate financial reporting quality. In turn, tax enforcement standardisation can optimise the external governance environment for listed firms and improve financial information disclosure in capital markets.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"481 - 502"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47942618","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
Chairman individualism and cost structure decisions 董事长个人主义与成本结构决策
China Journal of Accounting Studies Pub Date : 2022-10-02 DOI: 10.1080/21697213.2022.2143682
Wei Jiang, Yuan Sun
{"title":"Chairman individualism and cost structure decisions","authors":"Wei Jiang, Yuan Sun","doi":"10.1080/21697213.2022.2143682","DOIUrl":"https://doi.org/10.1080/21697213.2022.2143682","url":null,"abstract":"ABSTRACT Taking a chairman’s native place of origin in Northern (Southern) China as a proxy for chairman individualism (collectivism), this paper examines how such individualism affects firms’ cost structure decisions within a sample of Chinese listed firms. The results show that individualistic chairmen tend to choose a rigid cost structure. Further analysis shows that this relationship exists only in non-state-owned enterprises, when the board has a low level of independence, and when the firm has a low level of financial leverage. This paper contributes to the literature on firms' cost structure decisions in response to risk and on the effect of managerial individualism (collectivism) on corporate strategic cost management. Moreover, this paper provides implications for Chinese firms to realise the advantages of strategic cost management through managers' leadership roles and to achieve transformation and sustainable development.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"503 - 527"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42572204","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 the random inspection reduce audit opinion shopping? 抽查是否减少了审核意见采购?
China Journal of Accounting Studies Pub Date : 2022-10-02 DOI: 10.1080/21697213.2022.2143685
Guoqing Zhang, Sicen Chen, Pengdong Zhang, Xiaowei Lin
{"title":"Does the random inspection reduce audit opinion shopping?","authors":"Guoqing Zhang, Sicen Chen, Pengdong Zhang, Xiaowei Lin","doi":"10.1080/21697213.2022.2143685","DOIUrl":"https://doi.org/10.1080/21697213.2022.2143685","url":null,"abstract":"ABSTRACT The China Securities Regulatory Commission (CSRC) has randomly selected two audit firms each year to check their problems in management and internal control since 2016. Using the random inspections from 2016 to 2018, we construct a staggered DID model and find that the possibility of audit firms engaging in audit opinion shopping decreases after they are inspected. To explore the underlying logic, we document that: (1) the random inspections strengthened audit firms’ management of branch offices, resulting in a more pronounced effect on the practice of branch audit offices; and (2) the policy improved audit firms’ internal control, leading to more pronounced effect in audit firms with a heavy workload and loose control. Further, we show that punishments following the inspections strengthen the basic effect, while the effect of random inspections would be weakened for the big 10 audit firms.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"528 - 548"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42434320","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
Confucian culture and accounting conservatism: evidence from China 儒家文化与会计保守主义:来自中国的证据
China Journal of Accounting Studies Pub Date : 2022-10-02 DOI: 10.1080/21697213.2022.2143688
Xing-qiang Du, Y. Xie, Shaojuan Lai, Quan Zeng
{"title":"Confucian culture and accounting conservatism: evidence from China","authors":"Xing-qiang Du, Y. Xie, Shaojuan Lai, Quan Zeng","doi":"10.1080/21697213.2022.2143688","DOIUrl":"https://doi.org/10.1080/21697213.2022.2143688","url":null,"abstract":"ABSTRACT This study investigates the influence of Confucian culture on accounting conservatism. Using a sample of Chinese-listed firms during the period of 2001–2017, our findings reveal that Confucian culture, measured as the number of Confucian temples (schools) within a specific radius around a firm, is significantly positively associated with accounting conservatism, suggesting that Confucian ethics and culture promote accounting conservatism. Moreover, litigation risk attenuates the positive effect of Confucian culture on accounting conservatism. The above findings are robust to a variety of sensitivity tests using alternative proxies for Confucian culture and accounting conservatism. Furthermore, our main conclusions still stand after using the instrumental variable (IV) two-stage regression method and the differential model approach to address the endogeneity issue. Lastly, the positive effect of Confucian culture on accounting conservatism is only valid for non-BIG4-audited firms, firms with lower managerial ownership and firms in highly competitive industries.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"549 - 589"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44685288","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: 2
The product market power of major customer firms and their suppliers’ performance 主要客户公司的产品市场力量及其供应商的绩效
China Journal of Accounting Studies Pub Date : 2022-10-02 DOI: 10.1080/21697213.2022.2148907
Guilong Cai, Jing Deng, Rui Ge, Guojian Zheng
{"title":"The product market power of major customer firms and their suppliers’ performance","authors":"Guilong Cai, Jing Deng, Rui Ge, Guojian Zheng","doi":"10.1080/21697213.2022.2148907","DOIUrl":"https://doi.org/10.1080/21697213.2022.2148907","url":null,"abstract":"ABSTRACT We find that when a major customer has greater market power in its industry, its supplier firm exhibits better performance. The effect of the major customer’s market power on its supplier’s performance is more pronounced when the economic bonding between the customer firm and the supplier is stronger, when the customer firm is geographically closer to its supplier, and when the relationship between the two firms matures. Furthermore, we document that a customer firm’s product market power increases demand stability for its supplier, reduces the supplier’s cost of debt, and improves the supplier’s investment efficiency.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"435 - 458"},"PeriodicalIF":0.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41437740","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
State-owned asset management reform and corporate cash holdings: study on central enterprise income distribution policy 国有资产管理改革与企业现金持有:中央企业收入分配政策研究
China Journal of Accounting Studies Pub Date : 2022-07-03 DOI: 10.1080/21697213.2022.2105680
Shangkun Liang, Qingkai Dong, Shuwei Sun
{"title":"State-owned asset management reform and corporate cash holdings: study on central enterprise income distribution policy","authors":"Shangkun Liang, Qingkai Dong, Shuwei Sun","doi":"10.1080/21697213.2022.2105680","DOIUrl":"https://doi.org/10.1080/21697213.2022.2105680","url":null,"abstract":"ABSTRACT Based on the data of A-share listed central state-owned enterprises (CSOEs) and non-state-owned listed companies in China from 2003 to 2019, we use propensity score matching and the difference-in-difference method to examine the impact of CSOEs’ income distribution policy on corporate cash holding decisions. The results show that the policy implementation improves corporate cash holding levels. Further analysis found that: (1) corporate financial flexibility can alleviate the policy effect; (2) when the control distance is shorter, and environmental uncertainty is higher, the policy effect is stronger; and (3) the policy has a lagged effect. This study theoretically expands the research on the economic consequences of income distribution policy and the influencing factors of cash holdings. It further aids policymakers in improving the state-owned capital gains distribution system, deepening the reform of state-owned enterprises, and providing empirical evidence at firm level for investors to understand the real impact of the policy.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"323 - 344"},"PeriodicalIF":0.0,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45009327","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
Could regulatory information disclosure impact the behaviour of corporate over-financialization? Evidence from Chinese comment letters 监管信息披露是否会影响企业的过度金融化行为?来自中国评论信的证据
China Journal of Accounting Studies Pub Date : 2022-07-03 DOI: 10.1080/21697213.2022.2143675
Youfu Yao, Lan Zhou
{"title":"Could regulatory information disclosure impact the behaviour of corporate over-financialization? Evidence from Chinese comment letters","authors":"Youfu Yao, Lan Zhou","doi":"10.1080/21697213.2022.2143675","DOIUrl":"https://doi.org/10.1080/21697213.2022.2143675","url":null,"abstract":"ABSTRACT Taking Chinese A-share listed firms from 2014 to 2018 as our samples, this paper investigates the impact of regulatory information disclosure on corporate over-financialisation behaviour from comment letters. The empirical results show that financialisation-related comment letters can effectively reduce the behaviour of corporate over-financialisation, and this positive governance effect is more pronounced in companies with strong market arbitrage motivation. Further tests show that the more intensity of the financialisation-related comment letters, the higher the governance effect of comment letters on over-financialisation. Specifically, the governance effect of inquiries mechanism is more significant when the financialisation-related comment letters have the questions of “over-financialisation’. From the specific influence mechanism, the governance effect of financialisation-related comment letters is achieved by potential violation cost and the pressure of market attention. Finally, the governance effect of financialisation-related comment letters on over-financialisation can spill over to non-comment-letter-receivers in the same industry or in the same corporation groups.","PeriodicalId":37215,"journal":{"name":"China Journal of Accounting Studies","volume":"10 1","pages":"411 - 433"},"PeriodicalIF":0.0,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46028096","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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