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

Dividend Puzzle: Global Evidence in Oil & Gas 红利之谜：油气行业的全球证据

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Journal of Corporate Accounting and Finance Pub Date : 2025-01-31 DOI: 10.1002/jcaf.22786

Antonio García-Amate, Laura Molero-González, Alicia Ramírez-Orellana, Juan Evangelista Trinidad-Segovia

{"title":"Dividend Puzzle: Global Evidence in Oil & Gas","authors":"Antonio García-Amate, Laura Molero-González, Alicia Ramírez-Orellana, Juan Evangelista Trinidad-Segovia","doi":"10.1002/jcaf.22786","DOIUrl":"https://doi.org/10.1002/jcaf.22786","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines factors influencing dividend policy in the Oil & Gas (O&G) industry, specifically exploring differences among sectors. Altogether 203 O&G independent companies were studied during the period 2000–2022. Through a data panel, the statistical methods used cover Ordinary Least Squares (OLS), random effect, logit, and probit. The analysis by sectors, as well as the consideration of market shocks, provide more information. The results show that Brent oil price significantly impacts dividend policy. Moreover, it can be seen how market shock favors the dividend payout. Variables such as leverage, liquidity, or profitability are also significant factors. Companies that are in different sectors differ in their dividend policy and its factors. With a global sample, a long period, and variables not previously tested in the literature, this paper tries to provide novel conclusions that allow us to know in greater depth the dividend policy of the O&G industry. Understanding dividend policy is essential for investors and executives to make investment decisions. The results suggest that O&G independent companies should be studied separately. This opens the door to future research venues.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"299-319"},"PeriodicalIF":0.9,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635675","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

Informative Value of Non-Financial Reports: Analyzing the Impact of Disclosure Format and Auditing 非财务报告的信息价值：披露格式与审计的影响分析

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Journal of Corporate Accounting and Finance Pub Date : 2025-01-29 DOI: 10.1002/jcaf.22784

Simon Hirsch, Veronika Heichl

{"title":"Informative Value of Non-Financial Reports: Analyzing the Impact of Disclosure Format and Auditing","authors":"Simon Hirsch, Veronika Heichl","doi":"10.1002/jcaf.22784","DOIUrl":"https://doi.org/10.1002/jcaf.22784","url":null,"abstract":"<p>Since the Non-Financial Reporting Directive (NFRD) came into force in 2017, large, listed companies in the European Union (EU) are obliged to disclose non-financial reports annually. Accordingly, Member States transposed the Directive into national law with country-specific rules. Thus far, quantifying the informational content has proven to be difficult. Therefore, we applied an innovative text-mining approach to assess the informative value of non-financial reports and its influential determinants, the so-called Sustainable Fingerprint. This method measures how precisely environmental, social, and governance (ESG) topics and time references are disclosed in non-financial reports. The aim of our paper is to analyze the informative value of non-financial reports from companies in the main stock indices of France, Germany, Italy, and Sweden after the national NFRD implementation. Our results show that incorporating the non-financial report in the annual report and the audit committee expertise (ACE) are positively related to the informative value, whereas external assurance has no significant impact.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"275-298"},"PeriodicalIF":0.9,"publicationDate":"2025-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22784","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635664","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

Contracting Incentives, XBRL Adoption, and Accounting Conservatism: Empirical Evidence in a European Context 合同激励、XBRL采用和会计稳健性：欧洲背景下的经验证据

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Journal of Corporate Accounting and Finance Pub Date : 2025-01-28 DOI: 10.1002/jcaf.22779

Ilhan Dalci, Omar Fikrat Fateh Tarzibash, Hasan Ozyapici

{"title":"Contracting Incentives, XBRL Adoption, and Accounting Conservatism: Empirical Evidence in a European Context","authors":"Ilhan Dalci, Omar Fikrat Fateh Tarzibash, Hasan Ozyapici","doi":"10.1002/jcaf.22779","DOIUrl":"https://doi.org/10.1002/jcaf.22779","url":null,"abstract":"<div>\u0000 \u0000 <p>This study aims to explore how XBRL adoption affects conditional conservatism and moderates the financial leverage and conditional conservatism relationship. Using the financial data between 2000 and 2022 for 332 listed firms in Belgium, Spain, and Denmark, the empirical results, first, demonstrate that financial leverage positively influences conditional conservatism. The results also reveal that XBRL adoption has a negative impact on conditional conservatism and negatively moderates the positive effect of financial leverage on conditional conservatism. The results overall imply that XBRL adoption reduces the impact of contracting incentives on conditional conservatism. In this regard, the results suggest that XBRL adoption substitutes for the contractual role of conditional conservatism. The results contribute to the ongoing discussion regarding the influence of technological developments on financial reporting systems, and they are expected to have important implications for managers, potential investors, creditors, and regulators.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"254-274"},"PeriodicalIF":0.9,"publicationDate":"2025-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144634984","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

Private Information in Mergers and Acquisitions: Non-Deal Roadshows, Value Creation, and Financing Choices 并购中的私有信息：非交易路演、价值创造和融资选择

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Journal of Corporate Accounting and Finance Pub Date : 2025-01-28 DOI: 10.1002/jcaf.22782

Dylan A. Howell

引用次数: 0

Relative Importance of Accounting Standards and National Regulatory Frameworks on Opportunistic Asset Sales Decisions 会计准则和国家监管框架对机会性资产出售决策的相对重要性

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Journal of Corporate Accounting and Finance Pub Date : 2025-01-26 DOI: 10.1002/jcaf.22783

Domenico Campa, Ray Donnelly

引用次数: 0

Regulatory Fragmentation and Operational Efficiency 监管碎片化和运营效率

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Journal of Corporate Accounting and Finance Pub Date : 2025-01-25 DOI: 10.1002/jcaf.22780

Hongkang Xu

引用次数: 0

Disaggregated Financial Statement Comparability 分类财务报表可比性

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Journal of Corporate Accounting and Finance Pub Date : 2025-01-21 DOI: 10.1002/jcaf.22781

Matt Bjornsen, Sarah Borchers, Matthew A. Stallings

引用次数: 0

Corporate Life Cycles and Analyst Recommendations 公司生命周期和分析师建议

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-25 DOI: 10.1002/jcaf.22778

Ahmed Al Hadi, Abdulsamad Alazzani

{"title":"Corporate Life Cycles and Analyst Recommendations","authors":"Ahmed Al Hadi, Abdulsamad Alazzani","doi":"10.1002/jcaf.22778","DOIUrl":"https://doi.org/10.1002/jcaf.22778","url":null,"abstract":"<p>This study examines the relationship between firm life cycle stages and analyst recommendations. Using a dataset covering 1995 to 2022, we refine the sample to 62,731 firm-year observations and employ established models to create proxies for the corporate life cycle stages. The regression results reveal positive and significant associations between three life cycle stages—introduction, growth, and maturity (compared to shake-out)—and analyst recommendations, while the decline stage (compared to shake-out) is negatively associated with analyst recommendations. In an additional analysis, we find that financial distress impacts analyst recommendations, particularly in the introduction and decline stages, an association that reflects agency considerations and information asymmetry. An analysis of the interaction between analyst recommendations and corporate risk-taking reveals varying effects across the life cycle stages. Risk-taking and analyst recommendations positively interact in the introduction, growth, and decline stages, with a positive relationship in the maturity stage. These findings underscore the complex interplay between CLC dynamics, financial distress, risk-taking behavior, and analyst recommendations and provide insights into market factors and information dynamics. Our results are robust using different measures of CLC, Tobit regression, and Firm-Fixed Effect regression.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"137-151"},"PeriodicalIF":0.9,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22778","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635629","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

Corporate Value Creation and the Award of Procurement Contracts 企业价值创造与采购合同授予

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-24 DOI: 10.1002/jcaf.22776

Stephen P. Ferris, Reza Houston, Blake Rayfield

引用次数: 0

CEO Overconfidence and Corporate Tax Strategy CEO过度自信与企业税收策略

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-20 DOI: 10.1002/jcaf.22777

Wei Hsu, Yvonne Lee

{"title":"CEO Overconfidence and Corporate Tax Strategy","authors":"Wei Hsu, Yvonne Lee","doi":"10.1002/jcaf.22777","DOIUrl":"https://doi.org/10.1002/jcaf.22777","url":null,"abstract":"<div>\u0000 \u0000 <p>Literature in accounting, economics, and corporate finance explores how top corporate executives’ personal traits and psychological biases affect firm decisions. This study focuses on one specific dimension of CEO personality: overconfidence and examines how CEO overconfidence influences corporate tax strategies. Overconfident executives tend to expect good outcomes due to optimistic bias or overestimation of their ability to bring about success. Therefore, they tend to overestimate the returns on investment projects and overinvest. We postulate that overconfident CEOs are inclined to seek risky tax planning activities to generate additional cash streams to make up for those projects not producing as much cash flow as originally expected. We find our three measures of overconfidence to be positively correlated with the book-tax difference (BTD). Our main overconfidence measure, proxied by CEOs delaying exercising their stock options, is negatively correlated with the cash effective tax rate (CETR), consistent with our prediction that overconfident CEOs exhibit more tax aggressiveness to preserve cash. Additionally, we test whether corporate governance affects corporate tax strategies and show that overconfident CEOs continue to have a negative effect on cash-effective tax rates regardless of the strength of board governance.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"103-118"},"PeriodicalIF":0.9,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635611","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