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Non-bank financing of small and medium size firms in developing economies: Effect of management control systems including large firm affiliation 发展中经济体中小型企业的非银行融资：包括大型企业附属在内的管理控制系统的影响
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-04-29 DOI: 10.1002/jcaf.22636
Joseph Nketia, Enoch Kusi Asare, Akwasi A. Ampofo
{"title":"Non-bank financing of small and medium size firms in developing economies: Effect of management control systems including large firm affiliation","authors":"Joseph Nketia,&nbsp;Enoch Kusi Asare,&nbsp;Akwasi A. Ampofo","doi":"10.1002/jcaf.22636","DOIUrl":"https://doi.org/10.1002/jcaf.22636","url":null,"abstract":"<p>This study investigates the relationship between Management Control Systems (MCS) of Small to Medium Size Enterprise (SME) and how that can sway financing of working capital (short-term) and long-term assets by non-bank sponsors/investors. Based on the World Bank enterprise survey, we examined elements within the data that we classified as key components of management control mechanisms that can affect the effective running of SMEs to attract non-bank financing. We developed six hypotheses to test the vigor of the association of financial report systems and/or subsidiaries status of SMEs and the financing of working capital and/or long-term assets by non-banks. The results of our tests illustrate that generally firms with sound financial systems and/or that are subsidiaries of a parent company entice non-banks sponsors to finance the working capital and long- term assets of SMEs. This study contributes to the financing literature by examining MCS employed by non-banks to extend financing to SMEs.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"34 4","pages":"143-156"},"PeriodicalIF":1.4,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50147086","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
Regional capital flow and capital allocation efficiency of high-tech enterprises in China 区域资本流动与中国高新技术企业资本配置效率
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-04-28 DOI: 10.1002/jcaf.22637
Ke Xu, Jian Li, Chengxuan Geng
{"title":"Regional capital flow and capital allocation efficiency of high-tech enterprises in China","authors":"Ke Xu,&nbsp;Jian Li,&nbsp;Chengxuan Geng","doi":"10.1002/jcaf.22637","DOIUrl":"https://doi.org/10.1002/jcaf.22637","url":null,"abstract":"<p>From the perspective of capital flow, the study analyses the preference and spatial difference of capital flow of high-tech enterprises, and uses the Super-SBM-DEA model to analyze the capital allocation efficiency. On this basis, the influence of capital flow of financial institutions, capital market, government, and foreign capital flow on capital allocation efficiency is further analyzed. We found the influence of different channels of capital flow on the capital allocation efficiency is heterogeneous. Finally, suggestions are made to optimize capital flow and improve the capital allocation efficiency of high-tech enterprises in different regions.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"34 4","pages":"73-88"},"PeriodicalIF":1.4,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50155130","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
Revisiting the impact of ASC 280: Liquidity, operating performance, and market value 重新审视ASC 280的影响：流动性、经营业绩和市场价值
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-04-14 DOI: 10.1002/jcaf.22627
Chairat Chuwonganant, Kingsley O. Olibe, Jeffrey W. Strawser, William R. Strawser
{"title":"Revisiting the impact of ASC 280: Liquidity, operating performance, and market value","authors":"Chairat Chuwonganant,&nbsp;Kingsley O. Olibe,&nbsp;Jeffrey W. Strawser,&nbsp;William R. Strawser","doi":"10.1002/jcaf.22627","DOIUrl":"https://doi.org/10.1002/jcaf.22627","url":null,"abstract":"<p>The Financial Accounting Standards Board (FASB) enacted Statement of Financial Accounting Standards No. 131 (now Accounting Standards Codification 280) to improve the valuation of firms’ future growth opportunities through changes to segment disclosures. Prior research on foreign investment relies primarily on levels analyses. Using both changes and levels analyses, we provide evidence that investments in foreign fixed assets by US firms is significantly and positively related to operating income and net cash flows from operations. Foreign fixed assets are also significantly and positively related to stock prices, returns, and stock liquidity. Generally, our results suggest that increases in international diversification are related to increased operating performance and liquidity, while our price and returns results suggest that investors incorporate geographic asset data in their valuation models.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"34 3","pages":"318-336"},"PeriodicalIF":1.4,"publicationDate":"2023-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50132287","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 diversity in supervisory boards affect profitability and corporate social responsibility? 监事会的多样性是否会影响盈利能力和企业社会责任？
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-04-12 DOI: 10.1002/jcaf.22633
Muhammad Taufik, Jessie Fircayanthi Oh
{"title":"Does diversity in supervisory boards affect profitability and corporate social responsibility?","authors":"Muhammad Taufik,&nbsp;Jessie Fircayanthi Oh","doi":"10.1002/jcaf.22633","DOIUrl":"https://doi.org/10.1002/jcaf.22633","url":null,"abstract":"<p>This study analyses how individuals who bring diversity to the membership of supervisory boards (IDSBs) affect profitability and corporate social responsibility (CSR) by looking at their human capital, tokenistic leadership potential, and tendencies. IDSBs are females, younger people, those with PhDs, accounting experts, and foreign members. Their effect will be interpreted by utilizing resource dependence theory and tokenism theory. Additionally, their counterparts, namely board members who are male, older, who do not have PhDs, are not accounting experts, and are local nationals, were also examined. Indonesian corporations from 2017 to 2020 were analyzed using panel data. The proportion and number of IDSBs were classified as token leaders. Despite their rarity, female supervisory board members increased profitability. CSR was, however, negatively affected by women, accounting experts, and foreigners serving on supervisory boards due to their role as tokenistic leaders. Additionally, supervisory board members who are younger, have PhDs, and are accounting experts contributed to a drop in profitability. Surprisingly, supervisory board members who are younger (older) and have PhDs (non-PhDs) did not yield empirical evidence regarding CSR, so it is beyond the scope of the perspective on tokenism. Finally, foreign board members increased profitability but this is limited to firm value.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"34 4","pages":"46-72"},"PeriodicalIF":1.4,"publicationDate":"2023-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50129385","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
CFO accounting education on the choice of earnings management CFO会计教育与盈余管理的选择
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-04-03 DOI: 10.1002/jcaf.22629
Ling Tuo, Ruixue Du, Zhenfeng Liu
{"title":"CFO accounting education on the choice of earnings management","authors":"Ling Tuo,&nbsp;Ruixue Du,&nbsp;Zhenfeng Liu","doi":"10.1002/jcaf.22629","DOIUrl":"https://doi.org/10.1002/jcaf.22629","url":null,"abstract":"<p>This paper investigates whether CFO's educational background could influence his/her firm's level of earnings management because CFO plays a direct role in overseeing financial reporting. Based on agency theory and upper echelons theory, we discuss whether a CFO with/without an accounting degree could incentivize him/her to choose one over another among the three types of earnings management. Using a US sample between 1999 and 2016, we empirically find that CFOs with an accounting degree are associated with a higher degree of accrual earnings management and a higher degree of real earnings management through overproduction while CFOs without any accounting degree are associated with a higher degree of classification shifting. Our results hold robust when we implement a difference-in-difference test on the executive turnover from a CFO without any accounting degree to a CFO with an accounting degree. Finally, we find that CFOs with CPA certification behave more ethically in all three types of earnings management. Our study enriches the management demographic factor influence literature, unveils the role of CFO in choices of earnings management, supports ethics requirements in business education, and provides implications to executive hiring as well to audit practices.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"34 4","pages":"9-27"},"PeriodicalIF":1.4,"publicationDate":"2023-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50123278","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 Basel III liquidity and capital regulations on bank lending and financial stability: Evidence from emerging countries 巴塞尔协议III流动性和资本监管对银行贷款和金融稳定的影响：来自新兴国家的证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-03-30 DOI: 10.1002/jcaf.22630
Anil K. Sharma, Rosy Chauhan
{"title":"Impact of Basel III liquidity and capital regulations on bank lending and financial stability: Evidence from emerging countries","authors":"Anil K. Sharma,&nbsp;Rosy Chauhan","doi":"10.1002/jcaf.22630","DOIUrl":"https://doi.org/10.1002/jcaf.22630","url":null,"abstract":"<p>We examine the impact of Basel III's liquidity requirements, such as the liquidity coverage ratio (LCR), net stable funding ratio (NSFR), and capital adequacy, on bank lending and financial stability using data from 688 commercial banks of 10 developing economies from 2014 to 2021 using fixed effects panel estimation. The findings of the study support that bank lending is positively impacted by the regulatory capital and the short-term liquidity requirement (LCR), but negatively impacted by the NSFR. We find that the bank's Z-score benefits from achieving the required capital and liquidity requirements. Lending growth and bank stability are nonlinearly impacted by regulations governing bank capital and liquidity. Furthermore, we use the Generalized Methods of Moments-Quantile Regression (GMM-QR). Finally, our results indicate that regulators in these developing countries should support adequate capital and liquidity management to lessen adverse economic shocks' impact on banks' intermediation capabilities and stability.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"34 4","pages":"28-45"},"PeriodicalIF":1.4,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50155851","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
Yield curve of Treasury Bills in Japan under different regimes of non-traditional monetary policy 非传统货币政策下日本国债收益率曲线
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-03-22 DOI: 10.1002/jcaf.22628
Takayasu Ito
{"title":"Yield curve of Treasury Bills in Japan under different regimes of non-traditional monetary policy","authors":"Takayasu Ito","doi":"10.1002/jcaf.22628","DOIUrl":"https://doi.org/10.1002/jcaf.22628","url":null,"abstract":"<p>When the BOJ (Bank of Japan) adopted a “quantitative and qualitative easing policy,” zero bound restriction existed. The notion of market practitioners that the BOJ would not adopt a “negative interest rate policy” caused less volatility in the TB (Treasury Bill) market in comparison with a regime of a “negative interest rate policy.” After the BOJ decided to adopt a “negative interest rate policy,” zero bound restriction was lifted, and market practitioners expected that the policy rate decided by the BOJ might be lowered. This expectation gave room for TB yields to fluctuate more than before, and caused more volatility in the TB market under the regime of a “negative interest rate policy” than under one of a “quantitative and qualitative easing policy.” This is why the TB yield curve under a “negative interest rate policy” is driven by a single common trend with mutual causalities in all maturities. In other words, the normal transmission function of the TB yield curve is recovered by the introduction of a “negative interest rate policy.”</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"34 3","pages":"337-342"},"PeriodicalIF":1.4,"publicationDate":"2023-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50141028","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: 1
Managerial sentiment and predicted and opportunistic special items 管理情感与预测和机会主义特殊项目
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-03-13 DOI: 10.1002/jcaf.22626
Alireza Askarzadeh, Kenneth Yung, Mohammad Najand
{"title":"Managerial sentiment and predicted and opportunistic special items","authors":"Alireza Askarzadeh,&nbsp;Kenneth Yung,&nbsp;Mohammad Najand","doi":"10.1002/jcaf.22626","DOIUrl":"https://doi.org/10.1002/jcaf.22626","url":null,"abstract":"<p>Prior studies suggest that firm managers misclassify core expenses as special items to influence investors’ perception of firm performance. In this investigation, we find that managerial decisions regarding misclassification of expenses are affected by managerial sentiment. Managerial sentiment has a negative relation with special-item reporting because optimistic (pessimistic) managers pursue a misclassification that is lower (higher) than what is justified by the information available to the manager. By decomposing special items into predicted (PREDSI) and opportunistic (OPSI) components, we find that the effect of managerial sentiment is pronounced among opportunistic special items. Our results show that PREDSI (OPSI) has a non-negative (negative) relation with future firm performance, and special items associated with managerial sentiment adversely affect future firm performance. We also find results that suggest that financial constraints serve as a channel that reinforces the negative association between managerial sentiment and special items. Specifically, financial constraints impose a limit on how frequently sentiment-driven managers can misclassify core expenses because misclassifications obscure firm transparency and harm the credit supply. Our results remain consistent after a battery of robustness tests.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"34 3","pages":"302-317"},"PeriodicalIF":1.4,"publicationDate":"2023-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50140675","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 corporate social responsibility play a moderating role in trading silence prior to bad news earnings announcements? 企业社会责任是否在坏消息公布前的交易沉默中起到了调节作用？
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-03-10 DOI: 10.1002/jcaf.22625
Atreya Chakraborty, Lucia Silva Gao, Sangwan Kim, Rongbing Liu
{"title":"Does corporate social responsibility play a moderating role in trading silence prior to bad news earnings announcements?","authors":"Atreya Chakraborty,&nbsp;Lucia Silva Gao,&nbsp;Sangwan Kim,&nbsp;Rongbing Liu","doi":"10.1002/jcaf.22625","DOIUrl":"https://doi.org/10.1002/jcaf.22625","url":null,"abstract":"<p>We examine whether corporate social responsibility (CSR) plays a role in moderating trading silence prior to bad news earnings announcements. Unusually low trading volume before the public release of negative earnings information constrains price discovery. We find that unusually low trading volume prior to earnings announcements is less pronounced for firms with a high level of CSR activities. We also find that this effect is stronger before bad news earnings announcements than good news earnings announcements. These findings are robust to various alternative research design choices and to the endogeneity concern between CSR and trading activity. Taken together, our study demonstrates that CSR plays a moderating role in trading silence by improving firms’ pre-disclosure business and information environments.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"34 3","pages":"282-301"},"PeriodicalIF":1.4,"publicationDate":"2023-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50137619","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
Inventory overproduction and managerial ability 库存过剩与管理能力
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-03-09 DOI: 10.1002/jcaf.22624
Haihong He
{"title":"Inventory overproduction and managerial ability","authors":"Haihong He","doi":"10.1002/jcaf.22624","DOIUrl":"https://doi.org/10.1002/jcaf.22624","url":null,"abstract":"<p>This study examines a sample of manufacturing firms in order to assess the relationship between overproduction levels with different levels of managerial ability. Using the managerial ability measure developed by Demerjian et al. (2012), this paper shows that firms with high levels of managerial ability have smaller size of overproduction. Furthermore, when overproduction occurs in firms with high levels of managerial ability, it is less likely to reverse in the following year and is more likely to be associated with future sales increases. Overall, the results suggest that high managerial ability firms generally avoid overproduction. High-ability managers having fewer overproduction reversals suggest that they are less likely to use overproduction to manage earnings; instead, they are more likely to overproduce to build up inventory to expect higher future sales.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"34 3","pages":"265-281"},"PeriodicalIF":1.4,"publicationDate":"2023-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22624","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50126433","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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