Journal of Corporate Accounting and Finance最新文献_第3页

Present Is for Pioneers: The Restructuring Performance Under Economic Policy Uncertainty 现在是给先行者的：经济政策不确定性下的结构调整绩效

IF 1.3

Journal of Corporate Accounting and Finance Pub Date : 2026-07-07 Epub Date: 2026-03-01 DOI: 10.1002/jcaf.70030

Ling-Yang He, Yuting Wang

引用次数: 0

Gubernatorial Re-Election Incentives, Local Investment Bias, and Pension Fund Performance 州长连任激励、地方投资偏好与养老基金绩效

IF 1.3

Journal of Corporate Accounting and Finance Pub Date : 2026-07-07 Epub Date: 2026-05-06 DOI: 10.1002/jcaf.70039

Hongxian Zhang, Liang Guo, Jun (Maggie) Hao, Yu (Steve) Liu

{"title":"Gubernatorial Re-Election Incentives, Local Investment Bias, and Pension Fund Performance","authors":"Hongxian Zhang, Liang Guo, Jun (Maggie) Hao, Yu (Steve) Liu","doi":"10.1002/jcaf.70039","DOIUrl":"https://doi.org/10.1002/jcaf.70039","url":null,"abstract":"<p>We investigate the impact of gubernatorial re-election incentive and political factors on US public pension funds from 1990 to 2022. Our empirical analysis finds no significant overall relationship between gubernatorial re-election incentives and local bias in the full sample. However, the effect of gubernatorial re-election incentives on local bias is influenced by a state's level of corruption. Specifically, in states within the lowest corruption quantile, governors eligible for re-election tend to prioritize local investments to gain consistent support. In contrast, in states within the highest corruption quantile, heightened scrutiny may encourage re-election-eligible governors to adopt conservative investment policies that do not significantly influence local bias. Although re-election incentives may encourage politically motivated local investments in low-corruption states, they do not necessarily lead to negative outcomes. Instead, in these states, governors seeking re-election appear to positively influence pension fund performance and investment expenses, suggesting that electoral accountability may help align political incentives with prudent investment management. Additionally, we find that a change in the state governor's party affiliation is negatively associated with local bias, and Democratic governors appear to mitigate the impact of re-election incentives on local investment across both high- and low-corruption states. Other political variables do not exhibit statistically significant relationships with local bias.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 3","pages":"213-234"},"PeriodicalIF":1.3,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.70039","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395028","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

Employee Satisfaction and Real Activities Earnings Management 员工满意度与真实活动盈余管理

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2026-04-05 Epub Date: 2025-11-29 DOI: 10.1002/jcaf.70022

Jaeseong Lim

引用次数: 0

From Black Box to Clarity: Machine Learning and Agnostic Techniques in Credit Risk Management 从黑箱到清晰：信用风险管理中的机器学习和不可知论技术

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2026-04-05 Epub Date: 2025-11-19 DOI: 10.1002/jcaf.70020

Monia Antar, Rohail Hassan, Dora Barka

{"title":"From Black Box to Clarity: Machine Learning and Agnostic Techniques in Credit Risk Management","authors":"Monia Antar, Rohail Hassan, Dora Barka","doi":"10.1002/jcaf.70020","DOIUrl":"10.1002/jcaf.70020","url":null,"abstract":"<div>\u0000 \u0000 <p>Credit risk, a pivotal bank concern, was initially addressed in the Basel framework through the capital adequacy ratio. The need for superior risk models remains pressing as the banking landscape evolves. This research examines the effectiveness of machine learning in credit risk assessment using a dataset comprising over 280 corporate loan applications from a public Tunisian bank for approved loans in 2023's challenging economic conditions. This study compares logistic regression, neural networks, and random forests, implementing preprocessing steps, including missing value treatment and variable selection through Lasso and Ridge regularization. Our findings reveal that random forests achieve 94% accuracy in predicting default probabilities, outperforming neural networks (92%) and logistic regression (88%). Return on assets emerges as the most significant predictor for random forests, while the debt-to-equity ratio dominates neural networks and logistic regression predictions. We implement a novel three-tier interpretability framework combining SHAP, LIME, and Partial Dependence Plots (PDP) to address the “black box” challenge of machine learning algorithms. This comprehensive approach enhances model transparency and reveals critical financial thresholds specific to emerging markets, which is particularly valuable given Tunisia's economic context. The results demonstrate that sophisticated analytics combined with robust interpretability methods can significantly improve credit risk assessment in challenging economic environments. The implications extend beyond traditional banks to microfinance institutions, offering a framework that balances advanced prediction capabilities with transparent decision-making processes. This approach proves particularly valuable in emerging markets, where default patterns differ significantly from those in developed economies.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 2","pages":"84-98"},"PeriodicalIF":1.2,"publicationDate":"2026-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686258","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

Nonfinancial Performance Metrics in Executive Pay and Corporate Risk-Taking—Evidence From S&P 500 Firms 高管薪酬与企业风险承担的非财务绩效指标——来自标准普尔500指数公司的证据

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2026-04-05 Epub Date: 2025-11-22 DOI: 10.1002/jcaf.70015

Wan-Ting (Alexandra) Wu

{"title":"Nonfinancial Performance Metrics in Executive Pay and Corporate Risk-Taking—Evidence From S&P 500 Firms","authors":"Wan-Ting (Alexandra) Wu","doi":"10.1002/jcaf.70015","DOIUrl":"10.1002/jcaf.70015","url":null,"abstract":"<p>This study examines the implications of the use of nonfinancial performance metrics in executive compensation (hereafter, NFPM-linked pay) on corporate risk-taking and firm performance in subsequent periods. Using hand-collected data on the performance metric choices of S&P 500 firms and a comprehensive set of proxies for corporate risk-taking, the analysis reveals that linking executive compensation to nonfinancial metrics, particularly those related to environmental, social, and governance (ESG) factors, is associated with lower financial leverage, but higher volatility in operating and stock returns and increased strategic risk-taking proxied by capital expenditures. The effect is more pronounced in firms with greater analyst coverage and in industries where NFPM-linked pay is more prevalent. Notably, ESG metrics, especially those tied to environmental outcomes, demonstrate a distinct impact on corporate risk-taking compared to other nonfinancial measures. Additional analysis indicates that firms adopting NFPM-linked pay exhibit stronger performance in the 1- to 2-year period following the compensation grant. Overall, the findings suggest that NFPM-linked pay, particularly when tied to ESG metrics, can be an effective mechanism for encouraging strategic risk-taking that promotes sustainable value creation.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 2","pages":"111-136"},"PeriodicalIF":1.2,"publicationDate":"2026-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.70015","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686331","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

Market Reactions to Climate Change Assurance Opinions 市场对气候变化保证意见的反应

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2026-04-05 Epub Date: 2025-11-08 DOI: 10.1002/jcaf.70014

Louis P. Le Guyader, Matthew D. Crook, Subash Adhikari

{"title":"Market Reactions to Climate Change Assurance Opinions","authors":"Louis P. Le Guyader, Matthew D. Crook, Subash Adhikari","doi":"10.1002/jcaf.70014","DOIUrl":"10.1002/jcaf.70014","url":null,"abstract":"<div>\u0000 \u0000 <p>Climate change reporting by public US companies achieved record milestones in 2024. These climate change reports generally disclosed Green-house-gas (GHG) emissions information. Often, but not always, these disclosures were supported by third-party assurance opinions. GHG emissions disclosures are the only ESG information generally associated with assurance opinions. This paper is the first major market-based research on the decision-usefulness, or value-relevance, of assurance opinions associated with any disclosure provided in ESG reports. Capital market experts expect equity price responses to audited financial “performance” information, and associated components including annual audit opinions. Such market responses demonstrate the information's value-relevance. The same could not be claimed for ESG “impact” information overall, ESG report components such as GHG emissions disclosures, or, in particular, the associated assurance opinion provided in annual ESG reports. We examined the equity price reactions to assurance opinions on GHG emission disclosures using the 2024 ESG reports for the S&P 500. We found no statistically significant market response overall or in any industry classification. We found statistically significant market responses to associated assurance opinions if they were issued by PCAOB-registered auditors. We concluded that assurance opinions on GHG emissions disclosures can be value-relevant when they are issued by PCAOB-registered auditors.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 2","pages":"71-77"},"PeriodicalIF":1.2,"publicationDate":"2026-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686962","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

Earnings Management by Credit Unions: In Managers’ or Members’ Interest? 信用合作社的盈余管理：管理者的利益还是会员的利益？

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2026-04-05 Epub Date: 2025-10-26 DOI: 10.1002/jcaf.70016

Christine Naaman

{"title":"Earnings Management by Credit Unions: In Managers’ or Members’ Interest?","authors":"Christine Naaman","doi":"10.1002/jcaf.70016","DOIUrl":"10.1002/jcaf.70016","url":null,"abstract":"<div>\u0000 \u0000 <p>Relying on an agency theory perspective, this study examines the extent of earnings management in US credit unions through loan loss provisions (LLP). The context of member-owned credit unions provides a different set of financial reporting incentives than the one typically found in shareholder-owned banks, thus providing an opportunity to extend earnings management research. Using 83,634 quarterly observations from 2003 to 2017, we examine the use of discretionary loan loss provisions (DLLPs) to smooth earnings and avoid earnings declines. We also assess whether earnings management is associated with merger intentions. Results reveal that US credit union managers do engage in income smoothing through DLLPs, especially in larger, better-capitalized, federally chartered, and less profitable institutions. Moreover, earnings management is more pronounced among credit unions pursuing mergers, particularly in the post-2009 period, and credit unions whose managers want to increase their compensation. This study contributes to the earnings management literature by focusing on credit unions, a distinct and underexplored organizational form. Our findings highlight how governance structures—characterized by weak member oversight and limited board expertise—may facilitate managerial discretion in financial reporting. The study offers important implications for regulators and stakeholders regarding financial transparency and governance in not-for-profit financial institutions.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 2","pages":"59-70"},"PeriodicalIF":1.2,"publicationDate":"2026-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686233","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

Optimizing Executive Cash Bonuses: The Nonlinear Impact of Executive Cash Bonuses and Strategic Fit 高管现金奖励优化：高管现金奖励与战略契合的非线性影响

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2026-04-05 Epub Date: 2025-09-29 DOI: 10.1002/jcaf.70012

Yao-Tien Lee, Chun-Chia Chang, Amy, Fang Yang, Beu Lee, Eve

{"title":"Optimizing Executive Cash Bonuses: The Nonlinear Impact of Executive Cash Bonuses and Strategic Fit","authors":"Yao-Tien Lee, Chun-Chia Chang, Amy, Fang Yang, Beu Lee, Eve","doi":"10.1002/jcaf.70012","DOIUrl":"10.1002/jcaf.70012","url":null,"abstract":"<p>This study examines how aligning executive cash bonuses with firm strategic orientation influences firm performance. While prior research mainly focuses on stock-based incentives and linear effects, we address critical gaps by analyzing cash bonuses and exploring nonlinear relationships using polynomial regression and response surface analysis. We adopt Miles and Snow's typology and focus on prospector and defender firms, representing the two ends of the strategic continuum. Our findings indicate that aligning executive cash bonuses and firm strategy significantly enhances future performance. Neither cash nor stock incentives alone, without strategic alignment, substantially improve performance. Polynomial regression results reveal an inverted U-shaped relationship between executive cash bonuses and firm performance. Performance improves with cash bonuses up to roughly 50% of total compensation, beyond which further increases become counterproductive, potentially demotivating executives or encouraging inefficient strategies, especially in efficiency-oriented defender firms. Moreover, the surface analysis shows that the effect of the optimal bonus threshold differs by strategic type, with innovation-oriented prospector firms reacting more sensitively to cash bonus levels than defenders. These findings advance compensation and management control literature by highlighting the importance of strategic alignment and emphasizing a nonlinear relationship between executive cash bonuses and firm performance. Practically, our research offers important insights into designing effective compensation structures tailored to a firm's strategic orientation.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 2","pages":"9-23"},"PeriodicalIF":1.2,"publicationDate":"2026-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.70012","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686241","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

Doubtful Receivables' Risk and Its Impact on Stock Returns 应收款可疑风险及其对股票收益的影响

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2026-04-05 Epub Date: 2025-11-13 DOI: 10.1002/jcaf.70018

Roi D. Taussig

引用次数: 0

Trading Behavior and Price Adjustment Following Earnings Restatement Disclosures by US Multinational Corporations 美国跨国公司收益重述披露后的交易行为与价格调整

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2026-04-05 Epub Date: 2025-12-02 DOI: 10.1002/jcaf.70021

Kingsley O. Olibe, Zabihollah Rezaee, Jeffrey W. Strawser, William R. Strawser

引用次数: 0