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What Deters Earnings Management? A Benford's Law Comparison Between Publicized Detection Methods and Increased Regulations 是什么阻碍了收益管理？公开检测方法与加强监管之间的本福德定律比较
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-25 DOI: 10.1002/jcaf.22762
Arthur M. Tran
{"title":"What Deters Earnings Management? A Benford's Law Comparison Between Publicized Detection Methods and Increased Regulations","authors":"Arthur M. Tran","doi":"10.1002/jcaf.22762","DOIUrl":"https://doi.org/10.1002/jcaf.22762","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the impact of public awareness and regulatory changes on earnings management over time. Despite scrutiny from regulators, auditors, and investors, the deterrents of earnings management remain unclear. I explore whether public awareness, through the dissemination of research, can influence market behaviors and reduce earnings management activities due to increased detection and penalties. Alternatively, I investigate if stricter regulation plays a role in curbing earnings manipulation. Using Benford's Law, I apply Thomas’ (1989) approach and compare data from 1950 to 1985, 1990 to 2002, and 2003 to 2020. My findings indicate that while public awareness alone does not deter earnings management, heightened regulation, particularly post-Sarbanes-Oxley Act (SOX), significantly reduces such practices. This study contributes to the literature by highlighting the comparative impact of public awareness and regulatory changes on earnings management.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"126-137"},"PeriodicalIF":0.9,"publicationDate":"2024-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801361","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
Political Favoritism and Value of Corporate Cash Holdings 政治偏袒与企业现金持有价值
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-19 DOI: 10.1002/jcaf.22756
Humnath Panta, Ramesh Adhikari, Arun Narayanasamy
{"title":"Political Favoritism and Value of Corporate Cash Holdings","authors":"Humnath Panta,&nbsp;Ramesh Adhikari,&nbsp;Arun Narayanasamy","doi":"10.1002/jcaf.22756","DOIUrl":"https://doi.org/10.1002/jcaf.22756","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the impact of political favoritism on the value of corporate cash holdings. We define stock ownership by a member of the US Congress as a measure of political favoritism to a firm. We hypothesize that political investment in a firm influences the value of cash holdings. Consistent with our hypothesis, this study finds cash holding, on average, is less valuable for politically favored firms. Economically, political favoritism is associated with a decrease of $0.44 in value for a $1.00 cash holding. We also find that political favoritism negatively affects cash value in financially unconstrained firms, which is consistent with the overinvestment hypothesis. The results are robust to controlling for many firm-level characteristics and a spectrum of robustness tests. This study extends the literature on the role of political economy in the value of corporate cash holdings by documenting political favoritism as the stock ownership of the US Congress members and evaluating its effect on the value of corporate cash holdings.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"103-125"},"PeriodicalIF":0.9,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801419","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
Lead Independent Directors and Real Earnings Management 领导独立董事和真实收益管理
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-17 DOI: 10.1002/jcaf.22759
David B. Bryan, Terry W. Mason, Ashley N. West
{"title":"Lead Independent Directors and Real Earnings Management","authors":"David B. Bryan,&nbsp;Terry W. Mason,&nbsp;Ashley N. West","doi":"10.1002/jcaf.22759","DOIUrl":"https://doi.org/10.1002/jcaf.22759","url":null,"abstract":"<div>\u0000 \u0000 <p>Existing studies suggest that lead independent directors (LIDs) improve corporate governance, audit quality, and some aspects of financial reporting quality. We extend this line of literature by investigating whether there is a relation between firms with an LID and real earnings management (REM). In addition, we investigate this relationship further by looking at the impact of an audit committee, specifically, firms with an LID that either does or does not serve on the audit committee. Using four measures of REM, we find that firms with an LID are associated with less REM. Importantly, we only find consistent evidence of this association for firms with an LID who serve on the audit committee. Our findings, considered in conjunction with the results from prior literature, suggest that LIDs play a role in broadly improving financial reporting quality, especially when they are part of the audit committee.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"85-102"},"PeriodicalIF":0.9,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801755","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
Auditors’ Trust in Audit Committees and Audit Quality 审计人员对审计委员会的信任与审计质量
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-16 DOI: 10.1002/jcaf.22758
Ismail Adelopo, Kwok Yip Cheung, Mahbub Zaman
{"title":"Auditors’ Trust in Audit Committees and Audit Quality","authors":"Ismail Adelopo,&nbsp;Kwok Yip Cheung,&nbsp;Mahbub Zaman","doi":"10.1002/jcaf.22758","DOIUrl":"https://doi.org/10.1002/jcaf.22758","url":null,"abstract":"<div>\u0000 \u0000 <p>In light of global advancements in corporate governance, it is imperative for external auditors and audit committees to engage in communication and interactions to ensure that external audits are conducted to a high standard and quality. While many studies report that audit committee expertise, diligence, and independence are associated with monitoring, often they do not provide explanation of the mechanisms through which these happen. There is limited research on how external auditors’ trust in audit committees affects their interactions and therefore audit quality. This paper examines external auditors’ trust and their interactions with audit committees. We find that external auditors’ perceptions of audit committee members’ competence, goodwill, and integrity shape their trust in audit committees. Overall, our findings suggest that auditors’ trust in audit committees enhances their perception of the quality of their interactions, affects information sharing and the conduct of the audit, and thus helps to improve the quality of auditing.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"67-84"},"PeriodicalIF":0.9,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801748","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
Explanatory Factors of the Accounting Choices for Investments Under IAS 27 of Listed European Union Entities 《国际会计准则第27号》下欧盟上市主体投资会计选择的解释因素
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-16 DOI: 10.1002/jcaf.22757
Maria Ribeiro, Paula Gomes Dos Santos, Fábio Albuquerque
{"title":"Explanatory Factors of the Accounting Choices for Investments Under IAS 27 of Listed European Union Entities","authors":"Maria Ribeiro,&nbsp;Paula Gomes Dos Santos,&nbsp;Fábio Albuquerque","doi":"10.1002/jcaf.22757","DOIUrl":"https://doi.org/10.1002/jcaf.22757","url":null,"abstract":"<div>\u0000 \u0000 <p>This study aims to analyze the explanatory factors of the accounting choices for investments of entities with securities traded on regulated markets from the European Union (EU) under International Accounting Standards (IAS) 27—Separate Financial Statements (SFS). According to IAS 27, investments in their scope can be accounted for by using the cost, equity method, or fair value, which represents alternative accounting methods commonly known in the literature as accounting choices. To identify the factors that may explain the accounting choices for investments under IAS 27, a logistic regression model is used. The research covers listed entities from 19 out of the 21 EU countries where IAS 27 is required or permitted. The findings highlight that the entities’ size and investment weight likely explain the adoption of the cost method, conversely to the size of the board of directors, which negatively explains its use. Accounting choices for investments under SFS are not yet explored in the literature. Moreover, this research also proposes further explanatory factors in the scope of the literature on accounting choices. This paper can potentially benefit a diverse set of stakeholders, namely the accounting standard-setters, as they can draw attention to the comparability issues from the use of accounting choices, which may mitigate the financial information usefulness for decision-making. Furthermore, auditors, supervisors, as well as investors and other users, can have a more comprehensive perspective of the reasons behind the method chosen by entities for accounting for their financial investments.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"55-66"},"PeriodicalIF":0.9,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801747","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
Understanding the Impacts on Automobile Leasing Firm Loss in China: An Analysis of Vehicle Residual Value Risk and Lease Price Patterns 对中国汽车租赁企业亏损影响的认识——基于汽车残值风险和租赁价格模式的分析
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-09-30 DOI: 10.1002/jcaf.22755
Jiazhe Zhu, Yuefeng Zhao, Ping He
{"title":"Understanding the Impacts on Automobile Leasing Firm Loss in China: An Analysis of Vehicle Residual Value Risk and Lease Price Patterns","authors":"Jiazhe Zhu,&nbsp;Yuefeng Zhao,&nbsp;Ping He","doi":"10.1002/jcaf.22755","DOIUrl":"https://doi.org/10.1002/jcaf.22755","url":null,"abstract":"<div>\u0000 \u0000 <p>The paper addresses vehicle depreciation and pricing issues in the automobile leasing industry in China. Under the current industry climate, operating lease firms face large residual value risk, and therefore, how to price contracts that minimises such risk is an important question. By analysing market data of used vehicles, an exponential decay function was developed to model the price dynamics across different brands and model series. Specifically, we estimate the depreciation rate directly from the data. In addition, by considering all revenue and cost components and converting them into present value terms, appropriate deposit and rents combintions were sought under different profit expectations. Length of contracts, age of vehicles and purchase cost factors were also considered to detect any further patterns in rents. The research outcomes will provide guidance on lease pricing given the current development of the industry, thereby improving firms’ profitability position as well as helping maintain their competitiveness and growth.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"42-54"},"PeriodicalIF":0.9,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801734","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 Does a Firm's Information Environment Influence CEO Compensation? 企业信息环境如何影响CEO薪酬？
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-09-27 DOI: 10.1002/jcaf.22752
Shihui Fan, Yan Zhou
{"title":"How Does a Firm's Information Environment Influence CEO Compensation?","authors":"Shihui Fan,&nbsp;Yan Zhou","doi":"10.1002/jcaf.22752","DOIUrl":"https://doi.org/10.1002/jcaf.22752","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the relationship between firms’ information environment and chief executive officer (CEO) compensation. This study measures firms’ information environment by their internal and external information quality. The internal information quality is proxied by four variables: discretionary accrual, income smoothing ratio, internal control weakness, and restatements. The external information quality is measured by four other variables: analysts following, analysts forecast accuracy, stock liquidity, and bid-ask spread. We provide three primary results. First, a firm's overall internal and external information quality significantly increases the CEO's total compensation. Second, a higher quality of internal financial information leads to an increase in the CEO bonus. Finally, a greater quality of the external information environment results in a rise in the CEO's equity compensation. Our additional test provides novel evidence that the dual role of compensation and audit committees increases CEO equity compensation. Our study contributes significantly to the literature on the determinants of CEO compensation and the impact of the board of directors on a firm's information quality and management compensation. Our study's findings highlight that overlapping audit and compensation committees can effectively oversee executive compensation practices and monitor the external market environment.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"28-41"},"PeriodicalIF":0.9,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801488","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
Book Value Forecast Quality: Financial Versus Nonfinancial Firms 账面价值预测质量：金融企业与非金融企业
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-09-25 DOI: 10.1002/jcaf.22753
Marcus Caylor, Chris McCoy, Daniel Street
{"title":"Book Value Forecast Quality: Financial Versus Nonfinancial Firms","authors":"Marcus Caylor,&nbsp;Chris McCoy,&nbsp;Daniel Street","doi":"10.1002/jcaf.22753","DOIUrl":"https://doi.org/10.1002/jcaf.22753","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the quality and usefulness of analysts’ book value forecasts for financial firms relative to nonfinancial firms. We examine whether forecast properties (accuracy, bias, and dispersion) of book value forecasts and the market reaction to unexpected book value surprises differ between financial and nonfinancial firms. We find that book value forecasts are more accurate, less biased, and less dispersed for financial firms compared to nonfinancial firms. In addition, we show that these results are not simply a result of differences in earnings per share (EPS) forecast quality. We also provide evidence that book value forecasts are incrementally helpful to analysts in forecasting earnings for financial firms. In addition, we find evidence that the stock price drift following an earnings announcement is more pronounced when book value per share (BPS) surprises are considered in addition to EPS surprises. However, this finding only holds for financial firms. We find that this delayed reaction can form the basis for a profitable trading strategy.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"18-27"},"PeriodicalIF":0.9,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801364","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
Stock Splits Puzzle: An Additional Answer From Pre-Split Earnings Announcements 股票拆分之谜：从拆分前的收益公告中获得的另一个答案
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-09-23 DOI: 10.1002/jcaf.22754
Hoang Huy Nguyen, Duong Nguyen, Hao Manh Quach, The Anh Pham
{"title":"Stock Splits Puzzle: An Additional Answer From Pre-Split Earnings Announcements","authors":"Hoang Huy Nguyen,&nbsp;Duong Nguyen,&nbsp;Hao Manh Quach,&nbsp;The Anh Pham","doi":"10.1002/jcaf.22754","DOIUrl":"https://doi.org/10.1002/jcaf.22754","url":null,"abstract":"<div>\u0000 \u0000 <p>If stock splits are used by managers to convey private information to the public, we hypothesize that the information content of splits should be related to the information managers reveal during quarterly earnings announcements. Supporting this hypothesis, we find that post-split stock returns and operating earnings growth are positively correlated with the 5-day returns around the last earnings announcement prior to the splits. This relationship holds even after controlling for different characteristics, including size, book-to-market, and momentum. These findings add new evidence to the rich literature on the signaling hypothesis regarding the motivation behind this corporate event.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"9-17"},"PeriodicalIF":0.9,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801662","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
Do equity method investments moderate the financial performance benefits of CSR? 权益法投资是否会调节企业社会责任的财务绩效效益？
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-09-04 DOI: 10.1002/jcaf.22751
Curtis Farnsel
{"title":"Do equity method investments moderate the financial performance benefits of CSR?","authors":"Curtis Farnsel","doi":"10.1002/jcaf.22751","DOIUrl":"https://doi.org/10.1002/jcaf.22751","url":null,"abstract":"<p>Corporate social responsibility is increasingly considered a business imperative, with research routinely finding a positive relation between CSR and future financial performance. This study furthers this line of research by considering the role equity method investments play as a moderating factor in the firm's ability to derive financial performance benefits from CSR. I find that the extent of equity method investments as a percentage of a firm's asset mix moderates the overall positive relation between CSR and future financial performance. Further, while CSR strengthens the link between consolidated earnings and future earnings, CSR does not significantly impact the link between equity method earnings and future earnings. These results are consistent with CSR being associated only with the operations of the parent company that directly engages in the CSR activities and the reputational benefits not extending to the parent company's equity method investments. Firms and investors deciding whether there is a business case for CSR activities should consider that the extent of their equity method investments moderates the positive financial performance benefits the firm may receive from CSR and adjust expectations accordingly.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"216-230"},"PeriodicalIF":0.9,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143112180","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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