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Journal of Corporate Accounting and Finance最新文献

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Does corporate governance affect investment efficiency of Indian firms? Panel evidence from new governance indices 公司治理是否影响印度公司的投资效率？来自新治理指数的面板证据
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-04-09 DOI: 10.1002/jcaf.22714
Akash Singh Yadav, Inder Sekhar Yadav
{"title":"Does corporate governance affect investment efficiency of Indian firms? Panel evidence from new governance indices","authors":"Akash Singh Yadav,&nbsp;Inder Sekhar Yadav","doi":"10.1002/jcaf.22714","DOIUrl":"10.1002/jcaf.22714","url":null,"abstract":"<p>This study examines the effects of corporate governance (CG) on investment inefficiency for 506 Indian listed firms. Using new stipulations of CG and globally recognized governance practices, an overall corporate governance index (CGI) and five sub-indices such as board index (BINDEX), audit index (AINDEX), ownership index (OINDEX), nomination and remuneration index (NRINDEX), and disclosure index (DINDEX) were constructed. Employing newly developed governance indices along with firm-specific control variables, several pooled regression models were estimated. Robustness checks were conducted using two-step system GMM and an alternate measure of managerial investment efficiency. The pooled estimated coefficient of CGI and sub-indices (except OINDEX) on investment inefficiency, overinvestment and underinvest is found to be negative and significant suggesting that effective/robust governance at firm level reduces investment inefficiencies (improves investment efficiency) through effective supervision and monitoring thereby reducing the opportunistic behavior of managers.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22714","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140723690","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
Retraction: International expansion and audit opinion shopping: A signaling perspective 撤回：国际扩张与审计意见购物：信号传递视角
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2024-03-31 DOI: 10.1002/jcaf.22713
{"title":"Retraction: International expansion and audit opinion shopping: A signaling perspective","authors":"","doi":"10.1002/jcaf.22713","DOIUrl":"https://doi.org/10.1002/jcaf.22713","url":null,"abstract":"<p>Retraction: Ding, H. (2024). International expansion and audit opinion shopping: A signaling perspective<i>. The Journal of Corporate Accounting &amp; Finance</i>. https://doi.org/10.1002/jcaf.22700</p><p>The above article, published online on 14 February 2024 in Wiley Online Library (wileyonlinelibrary.com), has been retracted by agreement between the author, journal Editor-in-Chief Damir Tokic and Wiley Periodicals LLC. The retraction has been agreed following a report by the authors that confirmed methodological errors which produced incorrect regression results in the published article. Because the errors affect the full empirical tables, the results are fundamentally impacted, and the author and Editor-in-Chief agree that the article must be retracted.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2024-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22713","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140537790","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
Costs and benefits of the LIFO-FIFO choice 后进先出-后进先出选择的成本和收益
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-03-21 DOI: 10.1002/jcaf.22712
Qianhua Ling, Daniel P. Tinkelman
{"title":"Costs and benefits of the LIFO-FIFO choice","authors":"Qianhua Ling,&nbsp;Daniel P. Tinkelman","doi":"10.1002/jcaf.22712","DOIUrl":"10.1002/jcaf.22712","url":null,"abstract":"<p>The choice of inventory cost flow assumption is a key financial reporting decision. The resurgence of inflation has renewed interest in this option. We derive algebraic models of the LIFO-FIFO difference in cost of goods sold and the LIFO tax savings as a function of inflation, turnover, inventory increments, and tax rates. Managers and researchers can use these models to estimate the likely financial and tax impacts of LIFO adoption. Historic trends in public company LIFO usage since 1971 are consistent with the changing impacts estimated by our model. We infer an approximate cost level of using LIFO based on historic public company behavior. In the 1971–2022 period, LIFO adoptions were only common when the tax benefit in our model exceeded about 0.35% of COGS. Even when inflation rose in 2021 and 2022, the tax savings remained below this threshold, and there were far more LIFO abandonments than adoptions.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140222703","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 Fintech merger and acquisition change a firm's financial statement? 金融科技并购是否会改变公司的财务报表？
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-03-18 DOI: 10.1002/jcaf.22710
Yongdong Wang
{"title":"Does Fintech merger and acquisition change a firm's financial statement?","authors":"Yongdong Wang","doi":"10.1002/jcaf.22710","DOIUrl":"10.1002/jcaf.22710","url":null,"abstract":"<p>Through a comprehensive analysis of United States public firms, we explore the implications of mergers and acquisitions within the Financial Technology (Fintech) sector on a company's value and capital structure. The financial statements of financial institutions engaged in Fintech mergers and acquisitions differ significantly from those of other nonfinancial institutions involved in various high-technology acquisitions. Our results indicate that when a financial company acquires a Fintech firm, it enhances the acquirer's overall firm value and cash holdings. Furthermore, these mergers and acquisitions within the high-technology sector exert distinct influences on a company's leverage and cash flow.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140234863","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
Mechanisms of revenue manipulation under ASC 606 ASC 606 规定的收入操纵机制
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-03-13 DOI: 10.1002/jcaf.22711
Benjamin Hubbard
{"title":"Mechanisms of revenue manipulation under ASC 606","authors":"Benjamin Hubbard","doi":"10.1002/jcaf.22711","DOIUrl":"10.1002/jcaf.22711","url":null,"abstract":"<p>The implementation of ASC 606 significantly changed revenue recognition practices for many firms in the capital market by increasing the level of discretion required to record revenue amounts. I examine the impact of this increase in discretion on revenue manipulation around external targets. I find that firms near analyst revenue targets have increased levels of discretionary revenues under ASC 606 relative to their peers, indicating increased revenue manipulation. Further analysis reveals that these increased levels of discretionary revenues are concentrated in firms characterized as having increased opportunity or incentive to use ASC 606 opportunistically to manipulate revenues upwards. Specifically, firms with more complex revenue operations and firms in earlier life cycles are associated with increased discretionary revenues under ASC 606. I also provide preliminary evidence of revenue manipulation varying systematically with industry characteristics. This paper is one of the first to provide evidence of capital market consequences stemming from ASC 606, while also highlighting the impact of firm characteristics on the choice to manage revenues.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140245661","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
Uncertain tone and SEO underpricing: Do financial constraints matter? 不确定的基调和 SEO 定价过低：资金限制重要吗？
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-03-11 DOI: 10.1002/jcaf.22709
Anh Ngo, Thomas Lewis, Carl McGowan
{"title":"Uncertain tone and SEO underpricing: Do financial constraints matter?","authors":"Anh Ngo,&nbsp;Thomas Lewis,&nbsp;Carl McGowan","doi":"10.1002/jcaf.22709","DOIUrl":"10.1002/jcaf.22709","url":null,"abstract":"<p>In this study, we conduct several empirical tests to explore the role of financial constraints in predicting the underpricing of seasoned equity offerings (SEO underpricing) through the uncertain tone in issuing firms' filings. We show that investors can infer the firm quality or fundamental value when facing information uncertainty or value ambiguity for only firms in financially distressed groups. Our findings are consistent with prior studies using textual analysis that postulate the varying predictive power of different textual tones for the value of new seasoned equity offerings and, thus, SEO underpricing.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140251723","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
Are performance explanations credible or strategic? Evidence from a large sample of MD&As1 业绩解释是可信的还是战略性的？来自大量 MD&As 样本的证据1
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-03-07 DOI: 10.1002/jcaf.22707
Sabrina Gong, Yamin Hao, Xiaojia Wang
{"title":"Are performance explanations credible or strategic? Evidence from a large sample of MD&As1","authors":"Sabrina Gong,&nbsp;Yamin Hao,&nbsp;Xiaojia Wang","doi":"10.1002/jcaf.22707","DOIUrl":"10.1002/jcaf.22707","url":null,"abstract":"<p>This paper examines managers’ explanations of firm performance (i.e., management attributions) in a large sample of the Management's Discussion and Analysis (MD&amp;A) section of annual reports. We find that managers of poorly performing firms tend to attribute firm performance to external factors. We further propose a prediction model to decompose management external attributions into a credible part and a strategic part and find that both components are negatively related to firm performance. This evidence suggests that management external attributions partially reflect the actual impact of external conditions on firm performance and are not entirely subject to managerial opportunism. Additionally, we find that investors react more strongly to firm performance when managers provide credible external attributions, especially for firms without a bad reputation for strategic external attributions. We also show that executive compensation is less sensitive to firm performance when managers make more strategic external attributions.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22707","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140077681","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
Legal origin and bank lending behavior in developing countries: The mediating role of revenue diversification 发展中国家的法律渊源与银行贷款行为：收入多样化的中介作用
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-03-04 DOI: 10.1002/jcaf.22705
Simon Kamau, Beatrice D. Simo-Kengne
{"title":"Legal origin and bank lending behavior in developing countries: The mediating role of revenue diversification","authors":"Simon Kamau,&nbsp;Beatrice D. Simo-Kengne","doi":"10.1002/jcaf.22705","DOIUrl":"https://doi.org/10.1002/jcaf.22705","url":null,"abstract":"<p>This paper explores the relationship between legal origin, revenue diversification, and bank lending behavior. The analysis is based on a sample of 2590 commercial banks operating in 139 developing countries from 2004 to 2022. Using various panel data estimation techniques and alternative measures of bank lending behavior, the results indicate that banks in common law countries experience lower levels of loan growth compared to their counterparts in civil law countries. The study results also show that revenue diversification indirectly alleviates the negative effect of loan growth in banks originating from a common law legal origin. Notably, this effect is not observed in banks within low-income and African countries, highlighting the importance of policies aimed at enhancing institutional capacity within their legal and judicial systems. Overall, the results of this study underscore the significance of legal origins in shaping the lending dynamics of banks in developing countries.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141583868","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
Effects of presidential elections on accounting conservatism: Evidence from South Korea 总统选举对会计保守主义的影响：韩国的证据
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-02-28 DOI: 10.1002/jcaf.22708
Sang Ho Kim, Yohan An
{"title":"Effects of presidential elections on accounting conservatism: Evidence from South Korea","authors":"Sang Ho Kim,&nbsp;Yohan An","doi":"10.1002/jcaf.22708","DOIUrl":"10.1002/jcaf.22708","url":null,"abstract":"<p>This study examines the effects of presidential elections (PEs) on firms’ accounting conservatism in Korea. The Korean president exerts great influence on the government's financial, monetary, subsidiary, and regulatory policies. At the same time, however, the Korean constitution prohibits the re-election of the incumbent president. This simultaneously strong and fragile presidential system creates unique political uncertainty, which deteriorates the information gap between firms’ insiders and outsiders. According to the efficient contracting channel, accounting conservatism is expected to relieve information asymmetry by recognizing the economic losses faster than economic gains. But we posit that the effectiveness of accounting conservatism depends on the information environment within which they operate. If the information environment facilitates a compensation system for an increase in accounting conservatism under high uncertainty, managers may prefer to expand conservative accounting practices. However, if there is no such incentive mechanism, managers may opt to suspend accounting conservatism because the cost of revealing bad news increases during periods of uncertainty. Test results show that PEs encourage managers to delay rather than expedite the timely recognition of economic losses. This negative effect becomes more pronounced in firms with higher reliance on government contracts than firms with lower such reliance. We also find that Korean chaebol-affiliated firms are likely to increase accounting conservatism during PEs. In general, US-based studies support the positive relationship between information asymmetry and accounting conservatism, while this study demonstrates that this relationship can be reverse depending on the institutional environment.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140422320","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
Impact of lease versus buy decisions on government tax revenues: An in-depth analysis 租赁与购买决策对政府税收的影响：深入分析
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-02-28 DOI: 10.1002/jcaf.22706
Guan Jun Wang
{"title":"Impact of lease versus buy decisions on government tax revenues: An in-depth analysis","authors":"Guan Jun Wang","doi":"10.1002/jcaf.22706","DOIUrl":"10.1002/jcaf.22706","url":null,"abstract":"<p>Numerous managerial and corporate finance perspectives suggest mutual tax advantages when depreciation is transferred from an asset's user to a lessor, creating a perceived loss of tax revenue for the government. This study delves deeper into the lease versus buy decision and its ramifications on government tax revenue. It goes beyond tax rate discrepancies, exploring how factors like lessor-lessee borrowing rate differences, asset lifespan, depreciation, and lease payment schedules impact tax revenues, both analytically and numerically. The paper establishes a strong theoretical foundation, emphasizing positive-sum games involving lessees, lessors, and governments in individual deals. Government benefits from leasing vary across asset classes, market structures, depreciation timelines, credit quality, tax credits, and business cycles. The proposal is that the aggregate impact at the federal level could be positive, negative, or neutral across all leasing deals. These insights surpass conventional knowledge, offering valuable perspectives for finance and accounting educators, students, practitioners, and policymakers.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140420638","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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