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Does the Adoption of iXBRL Improve Data Usability? Evidence From Future Earnings Response Coefficients 采用iXBRL能提高数据可用性吗？来自未来盈余反应系数的证据
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-04-16 DOI: 10.1002/jcaf.22791
Yimei Zhang, Yuxin Shan
{"title":"Does the Adoption of iXBRL Improve Data Usability? Evidence From Future Earnings Response Coefficients","authors":"Yimei Zhang,&nbsp;Yuxin Shan","doi":"10.1002/jcaf.22791","DOIUrl":"https://doi.org/10.1002/jcaf.22791","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines how the adoption of iXBRL affects future earnings response coefficients (FERCs), which measure investors’ ability to predict future performance and impound the prediction into the current-year stock price. We find that the adoption of iXBRL is positively associated with FERCs. This finding indicates that investors can better anticipate the future performance from iXBRL filings and reflect it on the current stock price. We also find that the number of standardized and extension tags can strengthen the association between iXBRL adoption and FERCs, demonstrating the benefit of those two tags in enhancing investors’ capabilities to analyze complex financial disclosures. Our findings are informative to the SEC regarding the effectiveness of the iXBRL mandate. We also contribute to the emerging literature on iXBRL adoption and the usability of iXBRL filings.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"49-88"},"PeriodicalIF":1.2,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242915","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
Decoding Due Diligence Delays: The Role of Earnings Management in European Mergers and Acquisitions Outcomes 解读尽职调查延迟：盈余管理在欧洲并购结果中的作用
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-04-16 DOI: 10.1002/jcaf.22793
Vasileios Baralis, Ioannis Dokas, Christos Leontidis, Eleftherios Spyromitros
{"title":"Decoding Due Diligence Delays: The Role of Earnings Management in European Mergers and Acquisitions Outcomes","authors":"Vasileios Baralis,&nbsp;Ioannis Dokas,&nbsp;Christos Leontidis,&nbsp;Eleftherios Spyromitros","doi":"10.1002/jcaf.22793","DOIUrl":"https://doi.org/10.1002/jcaf.22793","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the relationship between the earnings management practices of target firms prior to mergers and acquisitions (M&amp;A) announcements and the duration of post-announcement due diligence. Utilizing a dataset of 1070 publicly listed European target firms that participated in M&amp;A transactions from 2005 to 2023, we provide robust evidence that earnings management, specifically through accruals and production cost manipulation, is significantly associated with extended due diligence periods. Our analysis reveals that income-increasing accrual-based earnings management and income-decreasing manipulation of production costs contribute to a notable prolongation of due diligence. Furthermore, this research examines the moderating role of information asymmetry, focusing on cross-border and inter-sector transactions. The findings indicate that the positive association between earnings management and due diligence duration remains significant, even in heightened information asymmetry. These results suggest that acquirers possess the required means and mechanisms to accurately assess the financial status of target firms, even when such firms engage in alleged, less detectable real earnings management practices or when the transactions occur within unfamiliar national and industry contexts.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"89-107"},"PeriodicalIF":1.2,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242916","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
Reassessing the Mispricing of Intangible Information: Do Investors Recognize the Diminishing Effect on Future Earnings? 重新评估无形信息的错误定价：投资者是否认识到对未来收益的递减影响？
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-04-16 DOI: 10.1002/jcaf.22790
Xingyuan Fei, Yong-Chul Shin
{"title":"Reassessing the Mispricing of Intangible Information: Do Investors Recognize the Diminishing Effect on Future Earnings?","authors":"Xingyuan Fei,&nbsp;Yong-Chul Shin","doi":"10.1002/jcaf.22790","DOIUrl":"https://doi.org/10.1002/jcaf.22790","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper revisits and provides an explanation for the negative relationship between intangible information and future stock returns, as identified in an influential study by Daniel and Titman. Our empirical analysis reveals that while intangible information has a positive relationship with future earnings, this association weakens in a <i>diminishing</i> fashion overtime. As a result, due to this diminishing effect, intangible information has negative implications for firms’ future profitability growth. Our findings suggest that investors’ mispricing of intangible information stems from their misunderstanding of this diminishing impact of intangible information on future earnings. Once we control for the diminishing effect, the negative relationship between intangible information and future abnormal returns no longer holds.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"37-48"},"PeriodicalIF":1.2,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242914","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
Lease Accounting Standard (ASC 842), Temporary Book-Tax Differences, and Capital Market Uncertainty 租赁会计准则（ASC 842），临时账面税收差异，和资本市场的不确定性
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-04-16 DOI: 10.1002/jcaf.22794
Yan Zhou, Shihui Fan
{"title":"Lease Accounting Standard (ASC 842), Temporary Book-Tax Differences, and Capital Market Uncertainty","authors":"Yan Zhou,&nbsp;Shihui Fan","doi":"10.1002/jcaf.22794","DOIUrl":"https://doi.org/10.1002/jcaf.22794","url":null,"abstract":"<p>Currently, the Financial Accounting Standards Board (FASB) is conducting a post-implementation review of the Accounting Standards Codification (ASC) 842 lease accounting standard, which underscores the need for academic research regarding the performance and impact of the lease standard in the capital market. This study provides evidence through the lens of tax and capital market consequences. Specifically, we examine the impact of ASC 842 on market uncertainty via the mediator of temporary book-tax differences (BTDs) for the sample period of 2016–2021. Using difference-in-difference analyses, we find that relative to control firms, treatment firms report higher temporary BTDs and experience greater market uncertainty. Further analysis shows that the increase in market uncertainty among treatment firms is driven mainly by the increase in temporary BTDs. Our study contributes to the leasing accounting literature and considers the implications of the ASC 842 lease accounting standard from the tax perspective and market reaction.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"108-126"},"PeriodicalIF":1.2,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22794","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242913","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
Exploring Herding in Capital Structure Choices: Insights From Developed European Economies 探索资本结构选择中的羊群效应：来自欧洲发达经济体的见解
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2025-04-11 DOI: 10.1002/jcaf.22789
Zrinka Lovretin Golubić, Ena Pecina, Zrinka Orlović
{"title":"Exploring Herding in Capital Structure Choices: Insights From Developed European Economies","authors":"Zrinka Lovretin Golubić,&nbsp;Ena Pecina,&nbsp;Zrinka Orlović","doi":"10.1002/jcaf.22789","DOIUrl":"https://doi.org/10.1002/jcaf.22789","url":null,"abstract":"<p>This paper investigates the potential influence of herd behavior on companies' capital structure choices. While existing capital structure theories often overlook psychological and social factors, this study explores the role of herding, an area under-examined in the literature. The analysis is conducted on publicly listed companies across multiple developed European markets, including the United Kingdom, France, Germany, and Switzerland, over the period from 2000 to 2023. Using the cross-sectional absolute deviation (CSAD) methodology, the results reveal that herd behavior is more pronounced in specific countries and sectors. The United Kingdom exhibits the most prominent herding, particularly in materials, industrials, consumer discretionary, communication services, and information technology sectors, often centered around industry mean capital structures. Switzerland shows herding in health care and industrials, possibly driven by demographic and technological shifts, while France sees herding in the health care sector. Sectors like energy and consumer staples demonstrate resistance to herding, likely due to their need for stable, individualized capital structures. Additionally, the degree of financial leverage influences herding, with firms in sectors like consumer discretionary and communication services aligning with industry benchmarks to avoid negative market perceptions. These findings enhance understanding of behavioral factors impacting capital structure decisions and offer implications for both academic research and practical policy.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"378-393"},"PeriodicalIF":0.9,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22789","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635462","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
Challenges and Opportunities: Integrating AI Into Accounting Systems 挑战与机遇：将人工智能融入会计系统
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-04-11 DOI: 10.1002/jcaf.22788
Nida Türegün
{"title":"Challenges and Opportunities: Integrating AI Into Accounting Systems","authors":"Nida Türegün","doi":"10.1002/jcaf.22788","DOIUrl":"https://doi.org/10.1002/jcaf.22788","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the integration of Artificial Intelligence (AI) into accounting systems, identifying key challenges, and potential opportunities. The objective is to provide a critical assessment of the impact that AI has on modern accounting practices and systems. Methodologically, the research involves a review and analysis of secondary data, including official company portals, comprehensive industry analyses, product documentation, and insightful whitepapers of 10 major companies pioneering AI adoption. The study reveals challenges such as the compatibility of AI with existing accounting infrastructures and the need for workforce reskilling to adapt to AI-driven processes. Conversely, the study highlights opportunities such as enhanced operational efficiency, improved accuracy, and the facilitation of strategic decision-making through predictive analytics. The research underscores the necessity for strategic planning and the development of adaptable systems to leverage AI technologies effectively in accounting.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"25-36"},"PeriodicalIF":1.2,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242976","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
Workplace Safety and Real Earnings Management 工作场所安全和真实收益管理
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-03-21 DOI: 10.1002/jcaf.22795
Hamid Sakaki, Lisa Frank
{"title":"Workplace Safety and Real Earnings Management","authors":"Hamid Sakaki,&nbsp;Lisa Frank","doi":"10.1002/jcaf.22795","DOIUrl":"https://doi.org/10.1002/jcaf.22795","url":null,"abstract":"<div>\u0000 \u0000 <p>Using work-related injury data from the Occupational Safety and Health Administration (OSHA), we document that firms with higher workers’ injuries and illnesses tend to manage earnings through real activities manipulation. Rather than the relative cost from switching one method to another, short-term performance pressure by transient institutional investors, who trade based on current earning news, explains our results. Further analyses show that if firms have a higher CEO risk incentive, managers of those firms are more likely to smooth their earnings by reporting inflated production and contracted discretionary expenses. Overall, our findings suggest that poor workplace safety leads to incentives for managers’ opportunistic financial reporting behavior.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"9-24"},"PeriodicalIF":1.2,"publicationDate":"2025-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243105","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 Fundamental Justification of the Bubble-Like Gen AI Stock Valuations 泡沫型人工智能股票估值的基本理由
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2025-03-04 DOI: 10.1002/jcaf.22792
Karlo Tokic, Luka Tokic
{"title":"The Fundamental Justification of the Bubble-Like Gen AI Stock Valuations","authors":"Karlo Tokic,&nbsp;Luka Tokic","doi":"10.1002/jcaf.22792","DOIUrl":"https://doi.org/10.1002/jcaf.22792","url":null,"abstract":"","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"11-13"},"PeriodicalIF":0.9,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635452","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 Top Management Characteristics on Firm's Labor Investment Efficiency 高层管理者特征对企业劳动投资效率的影响
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2025-02-05 DOI: 10.1002/jcaf.22785
Amirali Moeini Chaghervand, Indrarini Laksmana
{"title":"Impact of Top Management Characteristics on Firm's Labor Investment Efficiency","authors":"Amirali Moeini Chaghervand,&nbsp;Indrarini Laksmana","doi":"10.1002/jcaf.22785","DOIUrl":"https://doi.org/10.1002/jcaf.22785","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the effect of top management team (TMT) characteristics on labor investment efficiency. Specifically, we focus on TMT within-firm experience, tenure diversity, and the pay for performance sensitivity (PPS) dispersion as three potential factors affecting the team's group dynamics leading to labor investment decisions. Using a sample of US firms from 2000 to 2019, we show that TMTs with a greater percentage of within-firm experience, a high level of tenure diversity, and higher PPS dispersion make more efficient labor investments. Splitting the sample into over- and under-investment subsamples, we find that TMT within-firm experience reduces underinvestment in labor while tenure diversity and PPS dispersion reduce overinvestment in labor. Our study provides practical implications for corporate boards in assessing TMT's hiring and promotion, making investment decisions, and determining top executive compensations.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"328-348"},"PeriodicalIF":0.9,"publicationDate":"2025-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635456","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
Tax Avoidance by Non-Zombie Firms: Evidence From Japan Following the Lehman Shock 非僵尸企业的避税：来自雷曼冲击后日本的证据
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2025-02-03 DOI: 10.1002/jcaf.22787
Takehide Ishiguro
{"title":"Tax Avoidance by Non-Zombie Firms: Evidence From Japan Following the Lehman Shock","authors":"Takehide Ishiguro","doi":"10.1002/jcaf.22787","DOIUrl":"https://doi.org/10.1002/jcaf.22787","url":null,"abstract":"<div>\u0000 \u0000 <p>Non-zombie firms have an incentive to raise funds because zombie firms are prioritized for management resource allocation to prevent them from going bankrupt. Moreover, preferential loans to zombie firms are likely to hinder non-zombie firms from raising external funds through debt. Therefore, non-zombie firms attempt to increase internal financing through tax avoidance. This study examines whether non-zombie firms avoid taxes, focusing on firms listed in the First Section of the Tokyo Stock Exchange (now TSE Prime) from 2008 to 2019. The results confirm that non-zombie firms engage in tax avoidance. Given that zombie firms deter non-zombie firms from seeking external financing, it is imperative that such firms be regulated and at the same time, the issues of zombie firms be addressed to mitigate tax avoidance behavior by non-zombie firms. These findings indicate the need to consider the influence of other firms, such as zombie firms, in controlling tax avoidance.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"320-327"},"PeriodicalIF":0.9,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635548","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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