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Journal of Corporate Accounting and Finance最新文献

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Mediating Role of Financialization and Intellectual Capital in the Relationship Between Ownership Structure and Firms’ Financial Performance
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-12-03 DOI: 10.1002/jcaf.22770
Ramin Zamani Amoughin, Ali Asghar Anvary Rostamy, Maryam Khalili Araghi, Ali Saeidi
{"title":"Mediating Role of Financialization and Intellectual Capital in the Relationship Between Ownership Structure and Firms’ Financial Performance","authors":"Ramin Zamani Amoughin,&nbsp;Ali Asghar Anvary Rostamy,&nbsp;Maryam Khalili Araghi,&nbsp;Ali Saeidi","doi":"10.1002/jcaf.22770","DOIUrl":"https://doi.org/10.1002/jcaf.22770","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates how intellectual capital (IC) and financialization mediate the relationship between ownership structure (OS) and the financial performance (FP) of manufacturing companies listed on the Iranian stock exchange from 2016 to 2022. OS is analyzed through three variables: institutional ownership (IO), ownership concentration (OC), and managerial ownership (MO). IC and financialization are considered as mediating variables, with firms’ FP as the dependent variable. This research was conducted due to a sample of 112 listed companies and employs artial least squares structural equation modeling (PLS-SEM) for data evaluation. The results reveal that both IO and OC positively impact FP, whereas MO negatively affects FP. Furthermore, IC and financialization mediate the relationships between OC and MO with FP. However, these mediating factors do not affect the relationship between IO and FP.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"280-292"},"PeriodicalIF":0.9,"publicationDate":"2024-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801376","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
Earnings Quality, Emissions, and Executive Compensation in European Firms With Say-on-Pay Voting Adoption
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-11-25 DOI: 10.1002/jcaf.22768
Ayman Issa, Ayman Wael Al-Khatib, Mohammad A. A. Zaid
{"title":"Earnings Quality, Emissions, and Executive Compensation in European Firms With Say-on-Pay Voting Adoption","authors":"Ayman Issa,&nbsp;Ayman Wael Al-Khatib,&nbsp;Mohammad A. A. Zaid","doi":"10.1002/jcaf.22768","DOIUrl":"https://doi.org/10.1002/jcaf.22768","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the interplay between carbon emissions (COEM), earnings quality (EQ), and CEOs’ pay within non-financial European firms. The study's results indicate a strong adverse correlation between COEM and EQ. Importantly, the influence of executive compensation on this correlation is adverse, particularly within firms that have adopted Say-on-Pay (SOP) system. The Paris Agreement (PA) serves as a driver for sustainability, influencing the dynamics of EQ. This research offers original perspectives on the link between COEM and EQ, along with the moderating impact of executive compensation. Additionally, it sheds light on the potential effects of SOP regulations and global sustainability initiatives on a company's environmentally responsible practices and the quality of accounting numbers.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"249-261"},"PeriodicalIF":0.9,"publicationDate":"2024-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801358","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
CEO Inside Debt and Insider Trading 首席执行官内债与内幕交易
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-11-25 DOI: 10.1002/jcaf.22769
Eric R. Brisker, Dominique Outlaw, Aimee Hoffmann Smith
{"title":"CEO Inside Debt and Insider Trading","authors":"Eric R. Brisker,&nbsp;Dominique Outlaw,&nbsp;Aimee Hoffmann Smith","doi":"10.1002/jcaf.22769","DOIUrl":"https://doi.org/10.1002/jcaf.22769","url":null,"abstract":"<p>We examine insider trading to test existing theory about how insiders perceive CEO pensions and deferred compensation (inside debt). Managerial compensation theory posits that debt-type compensation is an important component of optimal contracting because it reduces shareholder–debtholder agency costs, suggesting that shareholders may react positively to increases in CEO inside debt. Consistent with this conjecture, we document a positive association between CEO inside debt and net purchasing by well-informed insiders. We alleviate endogeneity concerns using 2SLS instrumental variables estimation. Further supporting theoretical predictions, we obtain stronger results when focusing on opportunistic trades, directors’ and officers’ trades, and financially distressed firms.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"262-279"},"PeriodicalIF":0.9,"publicationDate":"2024-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22769","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801359","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
The Information Content of Earnings: The Effects of a Change in Accounting Approach
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-11-19 DOI: 10.1002/jcaf.22766
David Cabán
{"title":"The Information Content of Earnings: The Effects of a Change in Accounting Approach","authors":"David Cabán","doi":"10.1002/jcaf.22766","DOIUrl":"https://doi.org/10.1002/jcaf.22766","url":null,"abstract":"<div>\u0000 \u0000 <p>This study leverages the adoption of ASC 606, “Revenue from Contracts with Customers,” to examine the effects of transitioning from a rules-based to a principles-based approach on the information content of earnings along with two of its most important attributes: predictive value and asymmetry. By introducing a common principles-based framework, ASC 606 resolves inconsistencies found in earlier rules-based standards and fosters uniformity in financial reporting. However, this change might also diminish the uniqueness of financial information, a critical factor in the decision-making process. The findings reveal a significant increase in the overall market's information content of earnings post-ASC 606 implementation. Industries with complex revenue recognition processes and long-term contracts, such as information technology, real estate, and communications, experienced the most significant improvements. These industries benefited from the increased flexibility and professional judgment allowed under ASC 606, resulting in more accurate future earnings forecasts. However, the study also finds that ASC 606 has increased information asymmetry, particularly in industries with complex transactions. This suggests that while the principles-based approach enhances the informativeness and predictive value of earnings, it also introduces challenges in interpreting and applying the new standards, leading to increased information asymmetry. These findings have important implications for standard setters, regulators, and practitioners in financial reporting.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"210-229"},"PeriodicalIF":0.9,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801604","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
Government Subsidies and Operational Efficiency: Evidence From the United States
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-11-19 DOI: 10.1002/jcaf.22764
Hua Sun, Hongkang Xu
{"title":"Government Subsidies and Operational Efficiency: Evidence From the United States","authors":"Hua Sun,&nbsp;Hongkang Xu","doi":"10.1002/jcaf.22764","DOIUrl":"https://doi.org/10.1002/jcaf.22764","url":null,"abstract":"<div>\u0000 \u0000 <p>In the United States, prior research links government subsidies to corporate misconduct and income smoothing, fueling debates over the elimination of these subsidies. Contrasting these findings, our study investigates the association between government subsidies and operational efficiency in US firms from 2004 to 2022, using data from the Subsidy Tracker database. We find a significant positive association between government subsidies and operational efficiency, suggesting that these subsidies enhance firms’ resource management and competitive positioning. Further analysis indicates that subsidies exert a more pronounced positive effect on firms with substantial R&amp;D investments. Additionally, we find that government subsidies are positively related to corporate innovation activities and new hiring, highlighting the diverse benefits of subsidies in stimulating innovation and economic growth. This study provides essential insights into the potential of government subsidies as a strategic tool for enhancing operational efficiency, innovation, and employment within the corporate landscape.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"230-248"},"PeriodicalIF":0.9,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801605","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 Effect of Changes in Tax Laws on Stock Liquidity: Evidence From the Tax Cuts and Jobs Act 税法变化对股票流动性的影响：来自《减税与就业法案》的证据
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-11-18 DOI: 10.1002/jcaf.22765
Darius Fatemi, Jang-Chul Kim, Sharif Mazumder, Qing Su
{"title":"The Effect of Changes in Tax Laws on Stock Liquidity: Evidence From the Tax Cuts and Jobs Act","authors":"Darius Fatemi,&nbsp;Jang-Chul Kim,&nbsp;Sharif Mazumder,&nbsp;Qing Su","doi":"10.1002/jcaf.22765","DOIUrl":"https://doi.org/10.1002/jcaf.22765","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the effect of the Tax Cuts and Jobs Act of 2017 (TCJA) on stock liquidity. The TCJA brought significant changes, including a reduction in corporate tax rates and provisions incentivizing the repatriation of foreign earnings. We find a negative association between TCJA-related events and the liquidity of U.S. stocks, persisting even up to 60 days following legislative announcements. However, despite the negative impact on liquidity, there is evidence of improved price efficiency following the TCJA enactment, driven by increased informed trading. Additionally, our analysis extends to non-U.S. stocks traded in U.S. markets and indicates similar relations.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"183-194"},"PeriodicalIF":0.9,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801601","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
Data Breach Notification Laws and Corporate Tax Planning
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-11-18 DOI: 10.1002/jcaf.22767
Yicheng Zhu
{"title":"Data Breach Notification Laws and Corporate Tax Planning","authors":"Yicheng Zhu","doi":"10.1002/jcaf.22767","DOIUrl":"https://doi.org/10.1002/jcaf.22767","url":null,"abstract":"<div>\u0000 \u0000 <p>This study explores the impact of data breaches on corporate tax planning in the United States. The results reveal that when a firm's headquarter is located in a state that has adopted a data breach notification (DBN) law, there is a significant 3.8% decrease in the long-term effective tax rate. This reduction translates to annual tax savings of approximately $8.13 million. Furthermore, tax sheltering is found to decrease by 19.17% compared to the sample average. These effects are particularly pronounced in financially constrained firms and those operating in high-tech industries. The findings suggest that after the introduction of mandatory data breach disclosure requirements, firms are less inclined to engage in aggressive tax avoidance practices, which could otherwise lead to increased litigation costs. Instead, they prioritize efficient tax planning strategies to improve after-tax cash flows.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"195-209"},"PeriodicalIF":0.9,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801599","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
Identifying Financially Material Content in Corporate Social Responsibility Reports
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-27 DOI: 10.1002/jcaf.22763
Tina Lang
{"title":"Identifying Financially Material Content in Corporate Social Responsibility Reports","authors":"Tina Lang","doi":"10.1002/jcaf.22763","DOIUrl":"https://doi.org/10.1002/jcaf.22763","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the relationship between financially material content in corporate social responsibility (CSR) reports and the decision usefulness of these reports. Utilizing sustainability disclosure standards and a machine learning topic modeling algorithm, a firm-specific quantitative measure of financially material content in CSR reports is developed. It is hypothesized that firms providing greater amounts of financially material CSR content enhance their information environment, which enables analysts to make more accurate earnings predictions. The findings confirm a positive relationship between the extent of financially material CSR content disclosed and analyst forecast accuracy. This research demonstrates the effectiveness of using machine learning to identify financially material content within unstructured voluntary disclosures and contributes to the literature on the financial materiality of CSR activities and their related disclosures.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"169-182"},"PeriodicalIF":0.9,"publicationDate":"2024-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801487","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
Large Book-Tax Differences, Bankruptcy and Firm Efficiency
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-25 DOI: 10.1002/jcaf.22760
Sina Rahiminejad
{"title":"Large Book-Tax Differences, Bankruptcy and Firm Efficiency","authors":"Sina Rahiminejad","doi":"10.1002/jcaf.22760","DOIUrl":"https://doi.org/10.1002/jcaf.22760","url":null,"abstract":"<div>\u0000 \u0000 <p>In this study, I investigate the relationship between large book-tax differences (BTDs) and the probability of firm bankruptcy and financial distress. I argue that large BTDs provide valuable information regarding corporate bankruptcy. Using the Altman Z-score and Ohlson O-score models, I find that firms with large negative BTDs (LNBTDs) are less likely to experience financial difficulty and bankruptcy. In contrast, firms with large positive BTDs (LPBTDs) show a higher likelihood of financial distress and bankruptcy. Additionally, the LNBTD subset, contrary to the LPBTD group, demonstrates higher firm efficiency.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"138-156"},"PeriodicalIF":0.9,"publicationDate":"2024-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801362","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
Influence of Growth, Capital Structure, Profitability, and Size on FTSE 100 Enterprise Value
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-25 DOI: 10.1002/jcaf.22761
Isik Akin, Meryem Akin, Hakan Satiroglu, Mahak Jhamb
{"title":"Influence of Growth, Capital Structure, Profitability, and Size on FTSE 100 Enterprise Value","authors":"Isik Akin,&nbsp;Meryem Akin,&nbsp;Hakan Satiroglu,&nbsp;Mahak Jhamb","doi":"10.1002/jcaf.22761","DOIUrl":"https://doi.org/10.1002/jcaf.22761","url":null,"abstract":"<p>This study aims to examine the influence of growth, capital structure, and profitability on enterprise value (EV) using data from the FTSE 100 companies. It seeks to identify the pivotal elements related to the EV and understand how they interact with each other. The study collects data from the annual reports of FTSE 100 companies for the period of 2019–2023. Regression analyses are conducted to examine the relationships between the variables after robust checks. The analysis reveals that capital structure and business size have a major impact on EV, with larger firms and higher levels of debt financing associated with higher EVs. However, there is no significant relationship between growth rate and EV. The impact of profitability on EV is mixed, with return on assets (ROA) showing a weak negative correlation and return on equity (ROE) showing a weak positive correlation. By offering particular insights into the factors that determine EV within the FTSE 100, this study fills in the gaps in the body of previous research. It offers valuable contributions to both academic research and practical applications by exploring the nuanced dynamics of the connections between EV and growth, capital structure, and profitability.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"157-168"},"PeriodicalIF":0.9,"publicationDate":"2024-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22761","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801363","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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