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Critical audit matters and internal control quality: The disciplining role of CAM reporting 关键审计事项与内部控制质量：CAM报告的约束作用
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-09-25 DOI: 10.1016/j.jacceco.2025.101834
Carol Callaway Dee, Bing Luo, Elaine Wang, Jing Zhang
{"title":"Critical audit matters and internal control quality: The disciplining role of CAM reporting","authors":"Carol Callaway Dee, Bing Luo, Elaine Wang, Jing Zhang","doi":"10.1016/j.jacceco.2025.101834","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101834","url":null,"abstract":"We examine whether critical audit matter (CAM) reporting improves internal controls over financial reporting. We propose that CAM reporting improves internal control quality. This is because CAM reporting incentivizes early identification and communication of internal control issues among auditors, management, and audit committees, and increases their attention and effort in high-risk CAM areas. We find that, compared to control companies, companies that implement CAM reporting experience a significant decrease in the likelihood of internal control material weaknesses (ICMWs), and the improvement in internal control quality is primarily at account-level rather than entity-level controls. We also find that CAM reporting significantly lowers the likelihood of accounting misstatements. Cross-sectional analyses suggest that the benefit of CAM reporting on internal control quality depends on audit committee quality and auditor effort. The survey results of audit partners and CFOs provide further support for our theory.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"77 1","pages":"101834"},"PeriodicalIF":1.2,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242016","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
Do auditors understand the implications of ESG issues for their audits? Evidence from financially material negative ESG incidents 审计师是否了解ESG问题对其审计的影响？来自财务重大负面ESG事件的证据
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-09-04 DOI: 10.1016/j.jacceco.2025.101831
Daniel Aobdia, Aaron Yoon
{"title":"Do auditors understand the implications of ESG issues for their audits? Evidence from financially material negative ESG incidents","authors":"Daniel Aobdia, Aaron Yoon","doi":"10.1016/j.jacceco.2025.101831","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101831","url":null,"abstract":"We exploit a unique dataset to examine how auditors integrate financially material environmental, social, and governance (ESG) issues into their audits, particularly following the introduction of the Sustainability Accounting Standards Board (SASB) and the 2013 Committee of Sponsoring Organizations (COSO) frameworks, which highlighted the link between ESG and clients’ internal control over financial reporting (ICFR). We find that auditors exhibit excessive optimism when evaluating ICFR effectiveness in the presence of material ESG incidents. Auditors often fail to detect material weaknesses in ICFR when clients experience negative ESG incidents, which leads clients to restate their financial statements. These results are driven by the post-SASB and the 2013 COSO period and are the strongest when ESG incidents are illegal and occur well before the fiscal year-end. Overall, audit firms do not seem to fully understand the implications of material ESG issues from an ICFR standpoint and make assessments that are incorrect.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"70 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145059817","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
Mandatory Disclosure of Investors’ Fossil Fuel Holdings 强制性披露投资者持有的化石燃料股份
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-08-18 DOI: 10.1016/j.jacceco.2025.101829
Gregory S. Miller, Douglas R. Stockbridge, Christopher D. Williams
{"title":"Mandatory Disclosure of Investors’ Fossil Fuel Holdings","authors":"Gregory S. Miller, Douglas R. Stockbridge, Christopher D. Williams","doi":"10.1016/j.jacceco.2025.101829","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101829","url":null,"abstract":"Regulators around the world have begun to require investment companies to provide information regarding fossil fuel investments to external stakeholders. In this paper we examine whether such disclosures impact the investment portfolios and/or investment policies of the disclosing firms. Using a 2016 California disclosure mandate that required some U.S. insurance companies to disclose their fossil fuel investments on a public website, we find the disclosing insurers reduced their fossil fuel investments by approximately 20% relative to the non-disclosers. Despite this on-average result, we note significant variation in changes to investment portfolios. We find insurers pressured by external stakeholders, including public shareholders and environmental activists, are more likely to divest. In contrast, enhanced Californian regulatory oversight power is unrelated to divesture. Even after the disclosure mandate is reversed, we find the disclosing insurers do not revert to their pre-policy holdings of fossil fuel investments, suggesting the impact created a longer-term change in investment behavior.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"94 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144898934","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 generative AI facilitate investor Trading? Early evidence from ChatGPT outages 生成式人工智能促进了投资者的交易吗？ChatGPT中断的早期证据
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-08-13 DOI: 10.1016/j.jacceco.2025.101821
Qiang Cheng, Pengkai Lin, Yue Zhao
{"title":"Does generative AI facilitate investor Trading? Early evidence from ChatGPT outages","authors":"Qiang Cheng, Pengkai Lin, Yue Zhao","doi":"10.1016/j.jacceco.2025.101821","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101821","url":null,"abstract":"In this paper, we use ChatGPT outages to provide early evidence on whether investors rely on generative artificial intelligence (GenAI) to perform professional tasks and the associated impact on stock price informativeness. We document a significant decline in stock trading volume during ChatGPT outages. The effect is stronger for firms with corporate news released immediately before or during the outages and for firms with higher ownership held by transient institutional investors. We then document declines in short-run price impact and return variance during the outage periods, consistent with reduced informed trading. Lastly, we document a positive effect of GenAI-assisted trading on long-run stock price informativeness. Overall, our findings indicate that a significant number of investors use ChatGPT in ways that influence their trading decisions and market outcomes. Future research can investigate the mechanisms underlying these GenAI effects and the potential risks of using GenAI for trading.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"257 1","pages":"101821"},"PeriodicalIF":1.2,"publicationDate":"2025-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144924020","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
Mandatory Investor Disclosure, Sustainability Commitments, and Portfolio Decarbonization 强制性投资者披露、可持续性承诺和投资组合脱碳
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-07-19 DOI: 10.1016/j.jacceco.2025.101817
Jiyuan Dai, Gaizka Ormazabal, Fernando Penalva, Robert Raney
{"title":"Mandatory Investor Disclosure, Sustainability Commitments, and Portfolio Decarbonization","authors":"Jiyuan Dai, Gaizka Ormazabal, Fernando Penalva, Robert Raney","doi":"10.1016/j.jacceco.2025.101817","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101817","url":null,"abstract":"<ce:italic>We study the decarbonization effects of imposing sustainability regulation on investors. Our focus is the</ce:italic><ce:italic>EU Sustainable Finance Disclosure Regulation (SFDR), which requires</ce:italic><ce:italic>funds domiciled or marketed in the</ce:italic><ce:italic>EU to classify themselves based on different degrees of sustainability commitment and imposes disclosure requirements based on such classification.</ce:italic> Using a broad sample of international investment funds, we document <ce:italic>that the SFDR was followed by a significant decarbonization (around 10 percent) of investment portfolios of</ce:italic><ce:italic>funds domiciled or marketed in the</ce:italic><ce:italic>EU claiming to invest based on sustainability criteria.</ce:italic> Additional tests suggest that the lower level of emissions is primarily driven by changes in funds’ investment decisions, although there is some indication that firm-level emissions may also contribute to the observed decarbonization. <ce:italic>Overall, our evidence suggests that the regulation resulted not only in</ce:italic> shifting capital flows away from high-emission firms, but also in increased pressure on portfolio firms to achieve emissions reductions at the firm level.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"1 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144664690","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
What Director Experience Matters: A Discussion of Donelson, Hutzler and Rhodes (2025) 导演经验的重要性：Donelson， Hutzler和Rhodes的讨论（2025）
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-07-18 DOI: 10.1016/j.jacceco.2025.101816
Mary Ellen Carter
{"title":"What Director Experience Matters: A Discussion of Donelson, Hutzler and Rhodes (2025)","authors":"Mary Ellen Carter","doi":"10.1016/j.jacceco.2025.101816","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101816","url":null,"abstract":"Donelson, Hutzler, and Rhodes (this issue) examine the impact on firms’ corporate governance of increased government antitrust enforcement against competitor interlocking directors. While these directors could facilitate collusion among firms, raising antitrust concerns, they also bring crucial industry expertise that enhances corporate governance. The authors find enhanced enforcement led to voluntary reductions in these directors. Given that these directors are associated with improved firm performance, investment efficiency, and CEO monitoring, the authors suggest that this enforcement will impair corporate governance. I discuss concerns around the narrow definition of director experience that limits the interpretation of the findings. I also discuss several open questions raised by the study and the opportunity this study provides to contribute to research on common ownership. Throughout I propose questions that future research might explore which would enhance our understanding of competitor interlocking directorates.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"52 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144664956","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 Do Consumers Use ESG Disclosure? Evidence from a Randomized Field Experiment with Everyday Product Purchases 消费者如何使用ESG信息披露？来自日常产品购买随机现场实验的证据
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-07-18 DOI: 10.1016/j.jacceco.2025.101811
Sinja Leonelli, Maximilian Muhn, Thomas Rauter, Gurpal Sran
{"title":"How Do Consumers Use ESG Disclosure? Evidence from a Randomized Field Experiment with Everyday Product Purchases","authors":"Sinja Leonelli, Maximilian Muhn, Thomas Rauter, Gurpal Sran","doi":"10.1016/j.jacceco.2025.101811","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101811","url":null,"abstract":"We combine a large-scale field experiment with a customized survey to study how consumers use and respond to ESG disclosure. In a sample of over 24,000 U.S. households, we first establish that while consumers moderately prefer to purchase from ESG-responsible firms, they rarely consult corporate reporting directly and face various frictions in learning about firm-level activities. In our field experiment, we then inform households about real firm-disclosed activities through several randomized information treatments. Consumers increase their purchase intent when exogenously presented with positive signals about environmental, social, and—to a lesser extent—governance activities. Full ESG reports increase purchase intentions only for consumers who choose to view them. After the experiment, consumers increase their actual purchases, but these effects are small, short-lived, and only materialize for social signals and viewed ESG reports. Through a follow-up survey, we provide explanations for why consumers (do not) change their behavior after our experiment.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"12 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144664692","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
Complexities in utilizing the patent pilot program as shock to judicial efficiency felt by firms 利用专利试点计划的复杂性对企业的司法效率造成冲击
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-07-14 DOI: 10.1016/j.jacceco.2025.101812
Melissa F. Wasserman
{"title":"Complexities in utilizing the patent pilot program as shock to judicial efficiency felt by firms","authors":"Melissa F. Wasserman","doi":"10.1016/j.jacceco.2025.101812","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101812","url":null,"abstract":"The paper by Kim, Shi, and Verdi (2025) examines how judicial efficiency—as defined by the court’s ability to resolve patent cases quickly and in a manner that is mutually agreeable to both parties in the lawsuit—affects the incentives of corporations to innovate. The authors utilize the Patent Pilot Program (PPP), which routed patent cases to PPP-designated judges in select districts to facilitate efficient rulings, as a shock to judicial efficiency. The authors find that firms headquartered in counties subject to the PPP increase patent-based innovation by 6.1 %–6.9 %, relative to firms in counties not under the program. However, there are aspects of patent litigation that complicate the ability to neatly divide firms into treated (those who feel the effects of increased judicial efficiency associated with PPP districts) and non-treated (those that do not). The difficulty in identifying treated and untreated firms confounds the ability to interpret the increase in patent-based innovation incentives for firms headquartered in PPP judicial districts.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"1 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144664741","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 Promises and Pitfalls of Mandated Ownership Transparency: A Discussion of 强制性所有权透明度的承诺与陷阱：关于
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-07-12 DOI: 10.1016/j.jacceco.2025.101814
Thomas Rauter
{"title":"The Promises and Pitfalls of Mandated Ownership Transparency: A Discussion of","authors":"Thomas Rauter","doi":"10.1016/j.jacceco.2025.101814","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101814","url":null,"abstract":"<ce:cross-ref ref>Amberger, Wilde, and Wu (2025, AWW)</ce:cross-ref> examine the impact of EU beneficial ownership transparency (BOT) regulation on cross-border investment. They find that BOT is associated with reductions in investments from non-EU financial havens into the EU and that BOT unintentionally discourages legitimate investments without deterring illicit actors. My discussion evaluates AWW’s evidence, positions the paper within the existing literature, and discusses its contributions. I particularly focus on challenges in measuring illicit activities and the impact of voluntary FDI data reporting by EU countries. I also assess how privacy concerns and recent legal decisions have shaped the evolving landscape of beneficial ownership mandates and how they may affect the public scrutiny mechanism going forward. To contextualize the paper’s findings, I provide new survey evidence on private firms’ disclosure practices and interview-based insights into the practical use of BOT registries. I conclude with suggestions for future research.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"12 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144621771","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
Real effects of lagged guidance from prudential regulators on CECL 审慎监管机构滞后指导对CECL的实际影响
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-07-04 DOI: 10.1016/j.jacceco.2025.101808
Riddha Basu, Sugata Roychowdhury, Kirti Sinha
{"title":"Real effects of lagged guidance from prudential regulators on CECL","authors":"Riddha Basu, Sugata Roychowdhury, Kirti Sinha","doi":"10.1016/j.jacceco.2025.101808","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101808","url":null,"abstract":"We examine the impact of lagged guidance from prudential regulators on new accounting standards in the context of the Current Expected Credit Loss (CECL) standard. We refer to the period following CECL's 2016 pronouncement but prior to the 2018 guidance from prudential banking regulators on the standard as the lagged guidance (<ce:italic>LG)</ce:italic> period. We find that during the <ce:italic>LG</ce:italic> period, banks reduce loan amounts and increase loan spreads for affected loans (Term Loan As, or TLAs) relative to unaffected loans (Term Loan Bs, or TLBs). Following the 2018 regulatory guidelines, however, banks increase loan amounts and reduce loan spreads on TLAs relative to TLBs. The stricter TLA terms during the <ce:italic>LG</ce:italic> period coincide with decreased investments by corporate borrowers dependent exclusively on TLAs, especially those that borrow frequently and are financially constrained. The results indicate that delayed guidance from industry regulators on CECL had spillover effects in the economy.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"14 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144621831","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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