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Impacts of environmental sustainable performance reporting on the stock price crash risk and stock liquidity: The mediating role of predictability and comparability 环境可持续绩效报告对股价暴跌风险和股票流动性的影响：可预测性和可比性的中介作用
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-02-09 DOI: 10.1002/jcaf.22618
Morteza Pahlavan, Ali Asghar Anvary Rostamy, Roya Darabi
{"title":"Impacts of environmental sustainable performance reporting on the stock price crash risk and stock liquidity: The mediating role of predictability and comparability","authors":"Morteza Pahlavan,&nbsp;Ali Asghar Anvary Rostamy,&nbsp;Roya Darabi","doi":"10.1002/jcaf.22618","DOIUrl":"https://doi.org/10.1002/jcaf.22618","url":null,"abstract":"<p>Nowadays, sustainability performance reporting plays an important role in corporates’ success. Since sustainability reporting improves the quality of disclosure and financial transparency, it is expected to have positive effects on stock prices and liquidity and reduce the crash and liquidity risk. This research investigates the impacts of environmentally sustainable performance reporting on the stock price crash and liquidity risks and the mediating role of earnings predictability and comparability using structural modeling equations. Using the systematic elimination sampling method, 147 companies listed on the Tehran Stock Exchange were selected. The studied period was from 2011 to 2020 and PLS software was used for data analysis. The results show that environmental sustainability performance reporting enhances earnings comparability and mitigates the crash and liquidity risks. The findings also show that comparability has a mediating impact on the relationship between environmentally sustainable performance reporting with the crash and liquidity risk. Although the accuracy of forecasted earnings significantly reduces the crash and liquidity risks, however, we find no evidence for its mediating impact on the relationship between environmentally sustainable performance reporting with crash and liquidity risks.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50126076","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 impact of the Sarbanes–Oxley Act on the integrity of financial reporting: Was it meritorious? Sarbanes-Oxley法案对财务报告完整性的影响：它有价值吗？
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-02-09 DOI: 10.1002/jcaf.22619
Ujkan Q. Bajra, Florin Aliu, Armand Krasniqi, Ejup Fejza
{"title":"The impact of the Sarbanes–Oxley Act on the integrity of financial reporting: Was it meritorious?","authors":"Ujkan Q. Bajra,&nbsp;Florin Aliu,&nbsp;Armand Krasniqi,&nbsp;Ejup Fejza","doi":"10.1002/jcaf.22619","DOIUrl":"https://doi.org/10.1002/jcaf.22619","url":null,"abstract":"<p>This study investigates whether compliance with the Sarbanes–Oxley Act of 2002 (SOX) sections 302 (financial reporting) and 404 (internal controls) enhances both corporate governance and financial reporting integrity (FRI). It is focused on EU publicly traded companies that are cross-listed in the US markets. Using a novel approach with respect to operationalization of the SOX, the empirical research integrated into this paper advances the understanding of financial reporting integrity for both practitioners and policymakers. The study argues that financial reporting integrity increased after SOX entered into force but, notably, we find that financial statement assertions improve with compliance with SOX302 but not with SOX404. Examination of the latter relationship at the subsection level also reveals that compliance with certain SOX requirements is not satisfactory.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50126077","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: 3
Board gender diversity and the financial performance of Pakistani non-financial firms: A fuzzy-set QCA approach 董事会性别多样性与巴基斯坦非金融企业财务绩效：模糊集QCA方法
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-01-27 DOI: 10.1002/jcaf.22607
Farah Naz, Tooba Lutfullah, Sadia Arshad, Muhammad Ishfaq Ahmad, Joe Ueng
{"title":"Board gender diversity and the financial performance of Pakistani non-financial firms: A fuzzy-set QCA approach","authors":"Farah Naz,&nbsp;Tooba Lutfullah,&nbsp;Sadia Arshad,&nbsp;Muhammad Ishfaq Ahmad,&nbsp;Joe Ueng","doi":"10.1002/jcaf.22607","DOIUrl":"https://doi.org/10.1002/jcaf.22607","url":null,"abstract":"<p>According to the upper echelon's theory, the decision-making process in regard to competitive strategies by the top management has an enduring impact on firm performance (Hambrick &amp; Mason, 1984). Moreover, the attributes of the individuals in top management may also affect the decision-making process. The purpose of this research is to analyze the board gender diversity impact on the financial performance of the non-financial companies of Pakistan. Qualitative comparative analysis (QCA) is employed which is premised on Boolean algebra that sets foundation for the theoretical framework of complexity theory. The sample comprises of 74 non-financial firms listed on the KSE-100 Index. The results are modelled as a component of the intermediate solutions with board- level variables and gender diversity for the outcome variable (i.e., EVA and Tobin's Q). From board level variables, the impact of gender diversity and foreign directors is identified among most of the combinations whereas leverage is the prominent variable within the firm level variables, the boards of which tend to be small. The results showed a heterogeneous nature of response as board gender diversity exhibited stronger association in some configurations and in some cases it exhibited weaker association similar to that of (Pandey et al., 2022).</p><p>Originality: This study is an attempt to explore the of board gender diversity role in a firm's performance using board level and firm level variables. Therefore, this work adds to the prior research by adding a complementarity-based methodology for analyzing board gender diversity.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50146175","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
Rethinking worrying about the stock market, but instead, anxious about employment 重新思考对股市的担忧，但却对就业感到焦虑
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-01-23 DOI: 10.1002/jcaf.22616
Mingda Li, William V. Rapp, Yi Chen
{"title":"Rethinking worrying about the stock market, but instead, anxious about employment","authors":"Mingda Li,&nbsp;William V. Rapp,&nbsp;Yi Chen","doi":"10.1002/jcaf.22616","DOIUrl":"https://doi.org/10.1002/jcaf.22616","url":null,"abstract":"<p>Using Engleberg's and Parsons's (2016) study (E&amp;P) relating stock prices and hospital admissions for NJ, mental disease admits appear affected. One deviation decrease in returns of NJ/NYC-based companies increases average daily mental disorder admits by month by 1.7% above the expected level. However, the study raises issues concerning E&amp;P's state-based stock price verses hospital admit conclusions by examining NJ counties’ unemployment rates compared to stock market effects on hospital admissions. Stock market effects are weak in rural and low-income counties unless near NYC. Further, employment is a stronger explanation than stock prices and even their combination for all counties. A one percent decrease in monthly employment rate increases admits above the expected level by 3.6% across all counties. Stock prices thus seem an employment or economic proxy for NJ, rather than an independent variable.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50141893","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
Adjusted versus unadjusted earnings: An empirical analysis of pro forma adjustments in large German public companies 调整后收益与未调整收益：德国大型上市公司形式调整的实证分析
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-01-17 DOI: 10.1002/jcaf.22611
Marcel Wiek, Korbinian Eichner
{"title":"Adjusted versus unadjusted earnings: An empirical analysis of pro forma adjustments in large German public companies","authors":"Marcel Wiek,&nbsp;Korbinian Eichner","doi":"10.1002/jcaf.22611","DOIUrl":"https://doi.org/10.1002/jcaf.22611","url":null,"abstract":"<p>This article analyzes non-GAAP, pro forma earnings metrics of large German publicly traded companies to better understand their usage and relevance in practice. We base our analysis on a hand collected data set compiled from annual reports. Almost all companies in our data set use pro forma earnings. Typically, legal, restructuring, acquisition and accounting related costs get adjusted. EBIT, EBITDA, EPS and Net income are the most frequently adjusted earnings metrics. In almost all observed cases, pro forma earnings are higher than their underlying GAAP earnings. Our study addresses the challenge of investors to understand a company's “true” operating performance. Only when one understands the historically observable financial performance, one can make better predictions of its recurring, future financial performance. The article adds to the existing literature by analyzing in which part of the annual report pro forma earnings are typically disclosed, how transparent they are presented and reconciled, and what impact adjustments have compared to the unadjusted GAAP earnings.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22611","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50151663","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: 1
Auditor tax expertise and corporate tax avoidance: Evidence from Taiwan 审计师税务专业知识与企业避税——来自台湾的证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-01-16 DOI: 10.1002/jcaf.22614
Wu-Po Liu, Mengyu Ma, Zhenfeng Liu, Chun Yin So
{"title":"Auditor tax expertise and corporate tax avoidance: Evidence from Taiwan","authors":"Wu-Po Liu,&nbsp;Mengyu Ma,&nbsp;Zhenfeng Liu,&nbsp;Chun Yin So","doi":"10.1002/jcaf.22614","DOIUrl":"https://doi.org/10.1002/jcaf.22614","url":null,"abstract":"<p>The link between auditor tax expertise and corporate tax avoidance is investigated in this study. Using a sample of Taiwanese listed firms from between 2005 and 2019, it is found that companies that hire auditor tax experts engage in a higher level of tax avoidance. The results also show that this association is more pronounced among firms that have subsidiaries registered in tax havens. The findings of this study show that this positive association between auditor tax expertise and corporate tax avoidance can be mitigated through the adoption of IFRS. This study makes a contribution to existing literature by using a unique Taiwanese setting to study the tax avoidance effect of auditor tax experts and the effect of a common tax avoidance technique have on tax savings.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134735","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 social responsibility and tax avoidance: Channeling effect of family firms 企业社会责任与避税：家族企业的渠道效应
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-01-12 DOI: 10.1002/jcaf.22610
Deniz Özbay, Hümeyra Adıgüzel, Mehpare Karahan Gökmen
{"title":"Corporate social responsibility and tax avoidance: Channeling effect of family firms","authors":"Deniz Özbay,&nbsp;Hümeyra Adıgüzel,&nbsp;Mehpare Karahan Gökmen","doi":"10.1002/jcaf.22610","DOIUrl":"https://doi.org/10.1002/jcaf.22610","url":null,"abstract":"<p>Although the relationship between tax avoidance and corporate social responsibility has been the subject of many studies, results have been inconclusive. In this study, we investigate this relationship from the agency perspective of family firms. Using 1156 firm-year observations from 94 firms listed on the Istanbul Stock exchange, we found that socially responsible non-family firms engage in tax avoidance activities through discretionary book-tax differences rather than tax avoidance through aggressive tax planning and tax sheltering, and this behavior is opposite in family firms. According to findings, family firms engage in more aggressive tax planning than non-family firms. This study also provides evidence about the external effects on the relationship between CSR and tax avoidance when family firms are monitored effectively by institutional investors or debtors. More specifically, external monitoring by institutional investors or debtors only affects the tax avoidance behaviors of non-family firms.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50129835","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
Why do firms heap dividends? New evidence on the key role of firm characteristics 为什么公司会堆积股息？关于企业特征关键作用的新证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-01-05 DOI: 10.1002/jcaf.22612
German Rubio, Keith Jakob, Augusto Castillo, Jorge Niño
{"title":"Why do firms heap dividends? New evidence on the key role of firm characteristics","authors":"German Rubio,&nbsp;Keith Jakob,&nbsp;Augusto Castillo,&nbsp;Jorge Niño","doi":"10.1002/jcaf.22612","DOIUrl":"https://doi.org/10.1002/jcaf.22612","url":null,"abstract":"<p>In this paper we explore how a cognitive bias known as heaping (or rounding to a higher level) influences the dividend policy of companies. Recent articles have shown that dividend size and the level of several information uncertainty variables help to explain changes in the likelihood of rounding dividends. Using data from the US that covers the 1990–2020 period, we verify that the previous literature overlooked the key role played by a group of variables denominated as firm characteristics. These variables have already proven to have a role in the decision of paying dividends or not. We also show that other attributes, such as being regular payers of dividends, impact the likelihood of rounding dividends. Finally, we verify that the propensity to heap dividends has been changing over time, even after controlling for changes in the dividend size, in the level of the information uncertainty variables and in the status of the firm characteristic variables, opening space to further research.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50130401","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
How do CEOs make investment decisions in their early years of tenure? Evidence from investment efficiency 首席执行官在任职初期是如何做出投资决策的？投资效率证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-01-03 DOI: 10.1002/jcaf.22613
Huiqi Gan
{"title":"How do CEOs make investment decisions in their early years of tenure? Evidence from investment efficiency","authors":"Huiqi Gan","doi":"10.1002/jcaf.22613","DOIUrl":"https://doi.org/10.1002/jcaf.22613","url":null,"abstract":"<p>Career concerns are escalated during the early years of a CEO's tenure as the market is uncertain about the new CEO's ability. This study examines whether such increased career concerns induce investment inefficiency during the early years of a CEO's tenure in US firms. I find that underinvestment happens in the early years and that the underinvestment problem is most evident when the new CEO is externally appointed and has the low managerial ability. Additional analyses show that the underinvestment problems are more pronounced when firms have a high level of information asymmetry and low financial reporting quality.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50124296","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 compensation and firm performance: The moderating role of managerial ownership and other governance factors 管理层薪酬与企业绩效：管理层所有权和其他治理因素的调节作用
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-01-03 DOI: 10.1002/jcaf.22609
Ismail Adelopo, Emmanuel Adu-Ameyaw, Kwok Yip Cheung, Hajara Santali Bako
{"title":"Managerial compensation and firm performance: The moderating role of managerial ownership and other governance factors","authors":"Ismail Adelopo,&nbsp;Emmanuel Adu-Ameyaw,&nbsp;Kwok Yip Cheung,&nbsp;Hajara Santali Bako","doi":"10.1002/jcaf.22609","DOIUrl":"https://doi.org/10.1002/jcaf.22609","url":null,"abstract":"<p>This study looks at how executive compensation affects firm value and the extent to which this relationship is sensitive to managerial ownership and corporate governance factors. We use data from UK FTSE 100 firms for the period 2007–2012, generating a total of 578 firm-year observations. Consistent with optimal compensation theory, we find that the managerial compensation –firm value is more sensitive to executives’ ownership levels and other corporate governance indicators. Our results remain robust to alternative econometric models. We contribute to the literature on corporate governance and firm value . While the paper builds on the executive bonus compensation literature, it also furthers our understanding on the extent to which managerial ownership, institutional ownership, board size and non-executive ownership matter in the executive bonus compensation—corporate value relationship with specific emphasis on UK FTSE 100 firms. Our second contribution is related to the moderating role of managerial (executive) ownership. We show that as executives residual interests go up, managers become more conscious of the firm's idiosyncratic risk, and hence lessen their aggressive investment and financing strategies culminating in lower firm value.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50124295","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
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