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Managerial Earnings Forecast Commitment, Investment Efficiency, and the Profitable Exercise of Firm Investment Opportunities 管理盈余预测承诺、投资效率与企业投资机会的盈利行使
IF 1.3
Journal of Corporate Accounting and Finance Pub Date : 2026-10-05 Epub Date: 2026-05-05 DOI: 10.1002/jcaf.70038
R. Tucker Davis, Ting He, Michael Imhof, Scott E. Seavey, Kenneth Zheng
{"title":"Managerial Earnings Forecast Commitment, Investment Efficiency, and the Profitable Exercise of Firm Investment Opportunities","authors":"R. Tucker Davis,&nbsp;Ting He,&nbsp;Michael Imhof,&nbsp;Scott E. Seavey,&nbsp;Kenneth Zheng","doi":"10.1002/jcaf.70038","DOIUrl":"https://doi.org/10.1002/jcaf.70038","url":null,"abstract":"<div>\u0000 \u0000 <p>Theory suggests that an ex ante commitment to voluntary disclosure may increase capital allocation efficiency and discipline managers to undertake more profitable investment. Consistent with this prediction, we find that a commitment to providing managerial earnings forecasts, a popular, forward-looking and truly voluntary form of disclosure, is associated with greater capital allocation efficiency and more profitable exercise of firm investment opportunities (<i>IOS</i>). Our regression results are robust to controlling for financial reporting quality (FRQ) and other firm-level determinants of investment efficiency and profitability, firm and industry fixed effects, alternative measures of <i>IOS</i>, alternative measures of future profitability, and adjustments for endogeneity in the voluntary disclosure commitment decision. We conclude that a commitment to voluntary disclosure through managerial earnings forecasts may benefit corporate investment efficiency and profitability.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 4","pages":"7-27"},"PeriodicalIF":1.3,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099940","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
Corporate Website Disclosures and Financial Reporting Quality 企业网站披露与财务报告质量
IF 1.3
Journal of Corporate Accounting and Finance Pub Date : 2026-10-05 Epub Date: 2026-05-25 DOI: 10.1002/jcaf.70042
Nicholas Mueller
{"title":"Corporate Website Disclosures and Financial Reporting Quality","authors":"Nicholas Mueller","doi":"10.1002/jcaf.70042","DOIUrl":"https://doi.org/10.1002/jcaf.70042","url":null,"abstract":"<p>This study examines the relationship between corporate website disclosures and financial reporting quality. Using website disclosures for firms included in the S&amp;P 500 and S&amp;P Midcap 400 indices, a detailed disclosure index is constructed that distinguishes reproduced financial disclosures, incremental financial disclosures that are not included in audited financial statements, and corporate governance disclosures. The results show that firms with higher financial reporting quality provide more extensive overall website disclosures, driven primarily by incremental financial information. In contrast, firms with more highly disaggregated financial statements are less likely to reproduce audited financial information on their websites and more likely to provide incremental disclosures (including non-GAAP earnings measures, unaudited financial information, and forward-looking information). Together, these findings suggest that corporate website disclosures reflect managers’ disclosure incentives conditional on the quality of audited financial reports. Specifically, website disclosures act as complements to accrual quality but substitutes for highly disaggregated financial statements. The study contributes to the voluntary disclosure literature by clarifying how corporate websites function as a distinct disclosure channel within firms’ overall reporting environments.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 4","pages":"128-146"},"PeriodicalIF":1.3,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.70042","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100579","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
ESG in Survival Mode: Strategic Engagement During Recessions 生存模式中的ESG：衰退期间的战略参与
IF 1.3
Journal of Corporate Accounting and Finance Pub Date : 2026-10-05 Epub Date: 2026-05-15 DOI: 10.1002/jcaf.70041
Siqi Fan, David Yang
{"title":"ESG in Survival Mode: Strategic Engagement During Recessions","authors":"Siqi Fan,&nbsp;David Yang","doi":"10.1002/jcaf.70041","DOIUrl":"https://doi.org/10.1002/jcaf.70041","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines whether, and in what ways, the state of the economy, particularly during recessions, affects firms’ environmental, social, and governance (ESG) engagement. Using global firm-year ESG data from 2002 to 2023, with emphasis on the 2007 to 2009 Global Financial Crisis and the 2020 COVID-19 recession, we document a robust increase in ESG scores during downturns. Mechanism tests reveal the most substantial evidence for a survival channel: firms emphasize pragmatic, cost-effective ESG actions such as lowering direct emissions, limiting layoffs, and adopting crisis/ESG governance practices, including assurance. Robustness checks using PPP loan dependence and local unemployment rates confirm that economically harder-hit firms raise ESG scores during recessions. For the legitimacy channel, higher litigation risk is positively associated with ESG in levels but does not amplify further during recessions. Results for the stakeholder channel are mixed: although firms with stronger stakeholder support generally get higher ESG scores, their advantage narrows during recessions as other firms engage in ESG related behavior as well. Finally, difference-in-differences analysis show that recession-era ESG was not linked to improved post-crisis outcomes after 2008 but was positively related to operational outcomes after COVID-19, suggesting an evolution in the strategic integration of ESG.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 4","pages":"48-74"},"PeriodicalIF":1.3,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100064","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
Risk Spillovers: When Politics Meets Sustainability 风险溢出：当政治遇到可持续性
IF 1.3
Journal of Corporate Accounting and Finance Pub Date : 2026-10-05 Epub Date: 2026-05-22 DOI: 10.1002/jcaf.70044
Feng Dong, Son Wilson
{"title":"Risk Spillovers: When Politics Meets Sustainability","authors":"Feng Dong,&nbsp;Son Wilson","doi":"10.1002/jcaf.70044","DOIUrl":"https://doi.org/10.1002/jcaf.70044","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the relationship between firms’ political risk and their susceptibility to the environmental, social, and governance (ESG) issues. Using quarterly data of U.S. public firms from 2019 to 2022, we find that firms exposed to higher uncertainty in political matters have higher exposure to financial risk caused by material ESG issues. While previous studies report that, as political volatility rises, firms invest more in sustainability-related activities to maintain legitimacy, we show empirical evidence that corporate ESG risk scores still increase in the face of heightened political risk, suggesting that their ESG initiatives in reaction to political instability are ineffective in mitigating firms’ exposure to ESG challenges. Political uncertainty creates negative sentiment toward political matters, which can signal an unfavorable environment for long-term sustainability developments, or higher ESG risks for firms. Our results also show that some strategic attributes, such as international presence and CEOs’ generalist skills, can protect firms’ ESG risk profiles from political turbulence.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 4","pages":"109-127"},"PeriodicalIF":1.3,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100554","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
Actuarial Objectivity: Why Pension Information Should be Carefully Scrutinized 精算客观性：为什么养老金信息应该仔细审查
IF 1.3
Journal of Corporate Accounting and Finance Pub Date : 2026-10-05 Epub Date: 2026-05-07 DOI: 10.1002/jcaf.70040
Trevor K. England, Katie L. Harris
{"title":"Actuarial Objectivity: Why Pension Information Should be Carefully Scrutinized","authors":"Trevor K. England,&nbsp;Katie L. Harris","doi":"10.1002/jcaf.70040","DOIUrl":"https://doi.org/10.1002/jcaf.70040","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates whether economic bonding between actuaries and their clients is associated with compromised professional objectivity, echoing concerns that led to auditing reforms under the Sarbanes-Oxley Act (SOX). Using hand-collected data from 1195 observations (2011–2015), we examine the association between actuarial fees and pension assumptions used for financial reporting. We find a significant positive association between expected rates of return (ERR) and fees, particularly among companies with higher pension contributions and capital expenditures. In contrast, discount rates show no such relationship, likely due to regulatory constraints. Further analysis reveals that higher fees are associated with inflated ERRs unsupported by actual investment performance, suggesting that economic ties may influence assumption selection. These findings are consistent with economic bonding concerns that may compromise actuarial objectivity, increasing the risk of earnings management. These results should aid auditors, analysts, and investors when scrutinizing pension accounting information.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 4","pages":"28-47"},"PeriodicalIF":1.3,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099992","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 a More Functionally Diverse Top Management Team Make the Financial Statements More Comparable? 职能更多样化的高层管理团队是否使财务报表更具可比性？
IF 1.3
Journal of Corporate Accounting and Finance Pub Date : 2026-10-05 Epub Date: 2026-05-21 DOI: 10.1002/jcaf.70043
Md Mahmudul Hasan, Audrey Wen-Hsin Hsu, Sayan Sarkar, Tsung-Hsuan Joey Yang
{"title":"Does a More Functionally Diverse Top Management Team Make the Financial Statements More Comparable?","authors":"Md Mahmudul Hasan,&nbsp;Audrey Wen-Hsin Hsu,&nbsp;Sayan Sarkar,&nbsp;Tsung-Hsuan Joey Yang","doi":"10.1002/jcaf.70043","DOIUrl":"https://doi.org/10.1002/jcaf.70043","url":null,"abstract":"<p>We examine whether top management team (TMT) functional diversity affects financial statement comparability. Drawing upon upper echelons theory and the information sharing perspective in diversity research, we argue that TMT functional diversity produces more comparable financial statements due to better information sharing and integration. Using a sample of US firms, we find that financial statement comparability is positively associated with TMT functional diversity. We also find that the positive relationship between TMT functional diversity and comparability is more pronounced in firms with a poor information environment. Our findings remain robust after addressing endogeneity concerns. This study contributes to the existing literature by identifying TMT functional diversity as an important determinant of financial statement comparability.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 4","pages":"75-90"},"PeriodicalIF":1.3,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.70043","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100573","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Buybacks and Bytes: Share Repurchases and Firm Value in the Software Industry 回购与字节：软件行业的股票回购与公司价值
IF 1.3
Journal of Corporate Accounting and Finance Pub Date : 2026-10-05 Epub Date: 2026-06-10 DOI: 10.1002/jcaf.70046
Xiaobing Huang, Elena Precourt
{"title":"Buybacks and Bytes: Share Repurchases and Firm Value in the Software Industry","authors":"Xiaobing Huang,&nbsp;Elena Precourt","doi":"10.1002/jcaf.70046","DOIUrl":"https://doi.org/10.1002/jcaf.70046","url":null,"abstract":"<div>\u0000 \u0000 <p>We analyze the share-repurchase intensity of U.S. software firms during 2015–2024, an industry distinguished by its extensive use of buybacks. Our study focuses on high-growth software firms and evaluates how their repurchase practices affect both market valuation and operating performance. The results reveal systematic differences in market and operating responses to share repurchases across growth stages. Repurchases by high-growth software firms are associated with less favorable market reactions, consistent with investors placing greater weight on retained capital and investment flexibility when firms face substantial growth opportunities. Among high-growth firms, larger repurchase programs are associated with weaker operating performance, whereas higher R&amp;D intensity is associated with better outcomes.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 4","pages":"147-162"},"PeriodicalIF":1.3,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100292","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
Tax Authority Monitoring, Tax Planning, and Earnings Mispricing 税务机关监督，税收筹划和收益错误定价
IF 1.3
Journal of Corporate Accounting and Finance Pub Date : 2026-10-05 Epub Date: 2026-06-10 DOI: 10.1002/jcaf.70047
Mohamed Elbannan
{"title":"Tax Authority Monitoring, Tax Planning, and Earnings Mispricing","authors":"Mohamed Elbannan","doi":"10.1002/jcaf.70047","DOIUrl":"https://doi.org/10.1002/jcaf.70047","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates whether tax authority monitoring is associated with earnings mispricing, measured by post-earnings announcement drift (PEAD), in U.S. public firms from 2010 to 2021. We use two distinct proxies for monitoring: the resolution pattern of uncertain tax benefits and IRS download activity of firms’ 10-K filings from EDGAR. We find that greater tax authority monitoring is associated with significantly stronger PEAD, suggesting that regulatory scrutiny may increase investor uncertainty and delay the incorporation of earnings news into stock prices. This effect is most pronounced in firms with higher levels of tax planning, where reporting opacity is greater. Additional analyses confirm the robustness of our results using alternative earnings surprise metrics, event windows, and tax planning proxies. These findings highlight tax authority oversight as a previously unrecognized institutional factor contributing to earnings mispricing, and they offer new insights into how enforcement interacts with firm disclosure environments to affect capital market efficiency.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 4","pages":"163-181"},"PeriodicalIF":1.3,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100293","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
Industry Specialist Auditors & CSR Activities 行业专家审核员和企业社会责任活动
IF 1.3
Journal of Corporate Accounting and Finance Pub Date : 2026-10-05 Epub Date: 2026-05-21 DOI: 10.1002/jcaf.70037
Wael Aguir, Li-Zheng Brooks, Michael Yu, Linxiao Liu
{"title":"Industry Specialist Auditors & CSR Activities","authors":"Wael Aguir,&nbsp;Li-Zheng Brooks,&nbsp;Michael Yu,&nbsp;Linxiao Liu","doi":"10.1002/jcaf.70037","DOIUrl":"https://doi.org/10.1002/jcaf.70037","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines whether and how industry-specialist auditors take into account client firms' corporate social responsibility (CSR) involvement and activities when pricing their assurance services. Studies examining the auditor pricing of CSR activities have provided mixed empirical evidence. Since industry-specialist auditors have the knowledge and expertise to better examine firms’ CSR activities and see through any opportunistic behavior in a given industry, and to shed further light on the relationship between CSR activities and audit fees, we propose to investigate the audit pricing of CSR activities by industry-specialist auditors. In particular, we investigate whether industry-specialist auditors consider clients' CSR activities when determining their audit fees.The results of the present study indicate that, overall, client companies that engage more (less) in CSR activities pay lower (higher) audit fees when audited by industry-specialist auditors than when audited by non-industry-specialist auditors. This result corroborates the view that industry-specialist auditors incorporate CSR activities in their audit fees and that these fees are negatively associated with audit fees, suggesting that CSR activities are associated with lower audit and litigation risks.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 4","pages":"91-108"},"PeriodicalIF":1.3,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100596","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
Redacted Disclosures and Bank Loan Contract Terms 修订的披露和银行贷款合同条款
IF 1.3
Journal of Corporate Accounting and Finance Pub Date : 2026-07-07 Epub Date: 2026-04-06 DOI: 10.1002/jcaf.70036
Karel Hrazdil, Jiyuan Li, Yuzeng Li
{"title":"Redacted Disclosures and Bank Loan Contract Terms","authors":"Karel Hrazdil,&nbsp;Jiyuan Li,&nbsp;Yuzeng Li","doi":"10.1002/jcaf.70036","DOIUrl":"https://doi.org/10.1002/jcaf.70036","url":null,"abstract":"<p>We investigate the impact of redacting disclosures on bank loan contracts. Our findings indicate that firms that redact information have loans with significantly higher spreads, shorter maturities, and more restrictive covenants and face a greater likelihood they will be required to post collateral compared to firms that do not redact. Additionally, we find the relationship between redactions and loan fees is significantly shaped by characteristics of both the borrowing firm and the lender. These results align with the notion that redaction heightens information asymmetry, particularly for lenders, underscoring the financial costs firms incur when protecting proprietary information.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 3","pages":"202-212"},"PeriodicalIF":1.3,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.70036","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148394986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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