Journal of Corporate Accounting and Finance最新文献

Momentum and Capital Structure in the Australian Stock Market 澳大利亚股票市场的动量和资本结构

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-30 DOI: 10.1002/jcaf.22806

Quy Duong Le

{"title":"Momentum and Capital Structure in the Australian Stock Market","authors":"Quy Duong Le","doi":"10.1002/jcaf.22806","DOIUrl":"https://doi.org/10.1002/jcaf.22806","url":null,"abstract":"<div>\u0000 \u0000 <p>Although there is broad consensus on a robust momentum effect in Australia, the interaction between momentum and capital structure has been underexplored in the literature. This paper explicitly examines whether capital structure promotes momentum trading in the Australian stock market. The data sample includes over 1800 stocks listed on the Australian Stock Exchange from 2000 to 2023. We construct momentum portfolios using the monthly rolling and overlapping techniques. Two ratios are calculated to measure the firms’ capital structure: the book-value and market-value financial leverages. Irrespective of the capital structure measure, the superior returns of the Winner quintile are concentrated in highly leveraged stocks. In contrast, the high-leverage Loser performs worst among the Loser quintile. The return of momentum strategy enhanced with capital structure is more than 1.5 times the original momentum profit. The risk-adjusted analysis paints a similar return pattern. Additionally, we observe high volatility in earnings and cash flows for highly leveraged stocks, leading to significant mispricing. Thus, the interaction between momentum and capital structure may stem from increased misvaluation, consistent with a behavioral explanation.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"265-276"},"PeriodicalIF":1.2,"publicationDate":"2025-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243147","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

An Empirical Analysis of External and Internal Factors Affecting Manufacturing Firm Failure and Resilience 影响制造业企业失败与弹性的内外部因素实证分析

IF 0.9

Journal of Corporate Accounting and Finance Pub Date : 2025-05-29 DOI: 10.1002/jcaf.22797

Ting-Tsen Yeh, Yuanzhang Xiao, Shirley J. Daniel, Minh Nguyen

引用次数: 0

Does Banking Deregulation Promote Corporate Investment Efficiency? Evidences From the Entry of City Commercial Banks in China 银行业放松管制是否能提高企业投资效率？来自中国城市商业银行进入的证据

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-29 DOI: 10.1002/jcaf.22798

Yunhui Shi, Peng Wu

{"title":"Does Banking Deregulation Promote Corporate Investment Efficiency? Evidences From the Entry of City Commercial Banks in China","authors":"Yunhui Shi, Peng Wu","doi":"10.1002/jcaf.22798","DOIUrl":"https://doi.org/10.1002/jcaf.22798","url":null,"abstract":"<div>\u0000 \u0000 <p>This study empirically analyzes the effects of banking deregulation on corporate investment efficiency in China. By introducing the first deregulation on city commercial bank entry and exploiting a staggered difference-in-difference regression model, we find that the entry of city commercial banks significantly promoted the overall investment efficiency of firms located in cities that implemented this deregulation. It mainly alleviated the underinvestment problem and, however, had little impact on the overinvesting firms. The cross-sectional analysis indicates that the effects were more pronounced for financially constrained firms, including non-SOEs, SMEs, and firms with strong dependence on external finance. We explain these findings by investigating whether the entry of city commercial banks alleviated the financing constraints of firms and find that following the deregulation, the financially constrained firms experienced a substantial increase in their access to long-term bank loans, as well as a drop in the investment-cash flow sensitivity.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"247-264"},"PeriodicalIF":1.2,"publicationDate":"2025-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243191","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

Can Trade-Off Theory Explain Net Working Capital Management Decisions? 权衡理论能解释净营运资本管理决策吗？

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-28 DOI: 10.1002/jcaf.22802

Haowen Luo

引用次数: 0

Sustainable Development and Accounting Conservatism 可持续发展与会计稳健性

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-28 DOI: 10.1002/jcaf.22804

Hao Ren

{"title":"Sustainable Development and Accounting Conservatism","authors":"Hao Ren","doi":"10.1002/jcaf.22804","DOIUrl":"https://doi.org/10.1002/jcaf.22804","url":null,"abstract":"<p>At the corporate level, the role of sustainable development in financial reporting quality remains controversial. Drawing on stakeholder theory, this study examines a sample of Chinese A-share listed companies to investigate how sustainable performance, measured by firms’ environmental, social, and governance (ESG) performance, impacts accounting conservatism. Using a firm-level measure of conditional conservatism based on asymmetric earnings timeliness, empirical evidence shows that firms’ ESG performance is associated with higher levels of conditional conservatism, as reflected in all three ESG dimensions. When testing alternative approaches, such as an accrual-based proxy for accounting conservatism, the Sino-Securities Index ESG rating as a substitute, and techniques like propensity score matching and Heckman's two-stage model to tackle endogeneity, the results remain robust. Overall, this study contributes to the existing literature on the linkage between sustainable performance and financial reporting quality, and the findings provide practical implications for firms in adopting conservative accounting practices in response to ESG initiatives.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"232-246"},"PeriodicalIF":1.2,"publicationDate":"2025-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22804","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243045","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

Financial Deception: Analyzing the Solvency Misstatement at Lehman Brothers 财务欺骗：雷曼兄弟偿付能力错报分析

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-27 DOI: 10.1002/jcaf.22807

Kazi Saidul Islam, Mohamed Omran

{"title":"Financial Deception: Analyzing the Solvency Misstatement at Lehman Brothers","authors":"Kazi Saidul Islam, Mohamed Omran","doi":"10.1002/jcaf.22807","DOIUrl":"https://doi.org/10.1002/jcaf.22807","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the misrepresentation of solvency at Lehman Brothers, focusing on a pivotal moment in financial history. The analysis reveals that a closer evaluation of the components of the accounting equation indicates significant leverage, which is critical to understanding Lehman's overall solvency. In contrast, liquidity pertains only to short-term solvency. The findings are viewed through the lens of agency theory and insights from positive accounting theory, particularly about managers’ self-interest and the role of corporate governance in mitigating managerial opportunism that led to significant misstatements in financial reports. It was noted that Lehman's CEO withdrew considerable amounts through bonus compensations and equity sales. Testing the debt-equity hypothesis showed that Lehman manipulated solvency figures to obscure excessive leverage resulting from substantial debts. This investigation highlights how deceptive financial practices can have extensive repercussions, underscoring the need for transparency and accountability within the banking sector. Understanding these misstatements is essential to prevent future crises and foster a more ethically sound financial environment. Additionally, ineffective governance and inadequate audits manipulated accounting transactions that obscured Lehman's solvency risks.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"201-217"},"PeriodicalIF":1.2,"publicationDate":"2025-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243110","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 Diversification, Managerial Overexpansion, and Accounting Measures of Firm Performance 公司多元化、管理过度扩张与企业绩效的会计衡量

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-26 DOI: 10.1002/jcaf.22800

Kingsley O. Olibe, Chairat Chuwonganant, Jeffrey W. Strawser, William R. Strawser

引用次数: 0

Use of Component Auditors in Multinational Group Audits and Investment Efficiency 成分审计师在跨国集团审计中的运用与投资效率

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-26 DOI: 10.1002/jcaf.22799

Li-Jen Chen

引用次数: 0

Asset Tangibility and Capital Structure: Does Institutional Heterogeneity Matter? 资产有形性与资本结构：制度异质性是否重要？

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-26 DOI: 10.1002/jcaf.22801

Sharif Mazumder

引用次数: 0

Manager Sentiment and Merger Activities 经理人情绪与并购活动

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-04-23 DOI: 10.1002/jcaf.22796

Brandon Byunghwan Lee, Bo Meng, Nhat Q. Nguyen, Daniel Gyung Paik, Anand M. Vijh

{"title":"Manager Sentiment and Merger Activities","authors":"Brandon Byunghwan Lee, Bo Meng, Nhat Q. Nguyen, Daniel Gyung Paik, Anand M. Vijh","doi":"10.1002/jcaf.22796","DOIUrl":"https://doi.org/10.1002/jcaf.22796","url":null,"abstract":"<p>This study investigates the ability of manager sentiment to predict corporate merger activity. Prior research suggests that during periods of high sentiment, managers tend to overestimate the future prospects of their firms. We thus hypothesize that, during such periods, managers may also overestimate the future cash flows from the mergers they undertake. Consistent with this, we find that higher manager sentiment predicts increased merger activities for up to four quarters ahead, and this predictive ability is driven primarily by cash mergers. The result holds at both the market level and the industry level. Additionally, managers finance these cash mergers by issuing debt rather than equity. Furthermore, we find that investors react negatively to mergers initiated during periods of high manager sentiment; however, this result is driven by stock mergers, suggesting that investors may not recognize manager sentiment as a factor driving the increase in cash merger activity. Finally, we demonstrate that the predictive power of manager sentiment on merger activities is distinct from that of manager overconfidence and investor sentiment. Our study contributes to research on behavioral finance and mergers and acquisitions (M&A).</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"127-154"},"PeriodicalIF":1.2,"publicationDate":"2025-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22796","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243107","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