Journal of Corporate Accounting and Finance最新文献_第4页

The formation of interbank interest rates and treasury bill yields in Japan under different regimes of non-traditional monetary policy 不同非传统货币政策制度下日本银行间利率和国库券收益率的形成

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-30 DOI: 10.1002/jcaf.22686

Takayasu Ito

引用次数: 0

Accounting reporting complexity, audit engagement partner mandatory rotation, and audit quality 会计报告的复杂性、审计参与伙伴的强制轮换和审计质量

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-28 DOI: 10.1002/jcaf.22679

Clement Chen, Zhenfeng Liu, Wenye Tang, Ling Tuo

引用次数: 0

The impact of COVID-19 on investor response to earnings and monthly sales news COVID-19 对投资者对盈利和月度销售新闻反应的影响

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-27 DOI: 10.1002/jcaf.22684

Hsueh-Tien Lu

{"title":"The impact of COVID-19 on investor response to earnings and monthly sales news","authors":"Hsueh-Tien Lu","doi":"10.1002/jcaf.22684","DOIUrl":"10.1002/jcaf.22684","url":null,"abstract":"The novel coronavirus (COVID-19) situation provides new insights into how macroeconomic shocks affect investors’ processing of firm disclosures. This study focuses on the market reactions to mandatory firm disclosures, that is, earnings announcements and the unique practice of monthly sales disclosure in the Taiwanese stock market, and seeks to provide evidence that timely sales information attracts more incremental investor attention than earnings news after a sudden shock. This study finds decreased (increased) market reaction to earnings news (monthly sales news) during the turmoil period of the stock market than during the pre- and post-turmoil periods. I further explore the effects of stock market conditions on the market reaction to the firm disclosures. I observe that a shrinking market leads to lesser (greater) investors’ attention on earnings news (monthly sales news) than a soaring market does. These results imply that the market demand on the earnings or monthly sales news depends on investors’ relative risk aversion. In addition, this study provides evidence that the trade-off between the market reaction to earnings and monthly sales news seems to be temporary, however, the market reaction to the news had not returned to pre-crisis levels during the sample period of this study. This paper shows that the increased decision usefulness of timely monthly sales information may supplement the decreased decision usefulness of earnings news during a negative macroeconomic event.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139227916","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

Unexpected consequence of enterprise digital transformation on financial investments 企业数字化转型对金融投资的意外影响

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-27 DOI: 10.1002/jcaf.22674

Shiguang Li, Zheng Yang, Yixiang Tian

引用次数: 0

Returns behavior of ESG ETFs in the COVID-19 market crash: Are green funds more resilient? ESG ETF 在 COVID-19 市场暴跌中的回报行为：绿色基金是否更具弹性？

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-27 DOI: 10.1002/jcaf.22680

Mona A. ElBannan

{"title":"Returns behavior of ESG ETFs in the COVID-19 market crash: Are green funds more resilient?","authors":"Mona A. ElBannan","doi":"10.1002/jcaf.22680","DOIUrl":"10.1002/jcaf.22680","url":null,"abstract":"This study explores the importance of environmental, social, and governance (ESG) performance in explaining the returns and volatility of returns of exchange-traded funds (ETFs) during the market crash induced by the COVID-19 pandemic. The study uses an unbalanced panel of monthly data during the period 2005–2021 for a diversified sample of 160 iShares Morgan Stanley Capital International conventional and ESG/socially responsible investment (SRI) equity funds. To obtain robust results, a variety of analyses are conducted, including multiple panel regressions based on one-way clustering, standard error estimates obtained from different covariance matrix estimators that are heteroskedasticity and autocorrelation consistent, simultaneous quantile and inter-quantile regressions, weighted least square regressions with alternative weights for the regression coefficients, and tests of coefficient equality with bootstrapped standard error of difference in subsample regressions. All the sensitivity analyses give similar results, confirming their validity. The results provide strong evidence for the resilience of sustainable funds during the crash, with ETF returns showing persistence during the market downturn. This study suggests that ESG/SRI investments may help ETFs to outperform their counterparts, indicates that sustainability investments matter in times of crisis, and implies the adoption of strategies that promote sustainable investment development.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139230513","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

Does uncertainty in the banking sector slow down corporate performance? 银行业的不确定性是否会拖累企业业绩？

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-27 DOI: 10.1002/jcaf.22682

Japan Huynh

引用次数: 0

A hybrid entity structure for tax optimization of foreign direct investment in the U.S. 优化在美外国直接投资税收的混合实体结构

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-27 DOI: 10.1002/jcaf.22675

Thomas Kollruss

引用次数: 0

SME tax avoidance in the presence of informal competition from shadow economy 影子经济非正规竞争下的中小企业避税问题

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-22 DOI: 10.1002/jcaf.22681

Omar Farooq, Mohamed Elbannan

引用次数: 0

Reassessing theories of capital structure: Empirical insights from companies listed in Vietnam 重新评估资本结构理论：越南上市公司的经验启示

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-20 DOI: 10.1002/jcaf.22678

Ya Dai, Liang Guo, Chang Guo, Hongxian Zhang

{"title":"Reassessing theories of capital structure: Empirical insights from companies listed in Vietnam","authors":"Ya Dai, Liang Guo, Chang Guo, Hongxian Zhang","doi":"10.1002/jcaf.22678","DOIUrl":"10.1002/jcaf.22678","url":null,"abstract":"Over the past decade, the Vietnamese capital market has undergone a remarkable transformation, with a significant focus on its stock market that has displayed substantial expansion since 2012. This research delves into the impact of this market progression on the choices pertaining to capital structure made by companies listed in Vietnam. By analyzing a range of trade-off and pecking order models and amalgamating them into a unified regression framework, we gauge their capacity to elucidate these decisions. Our study outcomes unveil that the trade-off theory offers a more robust rationale for the capital structure determinations of Vietnamese companies, particularly during the post-2012 period. Furthermore, we observe a notable increase in the pace of leverage adjustments made by Vietnamese companies post-2012. Subsequent analysis indicates that this acceleration is primarily driven by overleveraged firms, as opposed to underleveraged ones. This study contributes valuable insights into the relationship between capital market development and capital structure choices within the Vietnamese context. It offers important implications for policymakers, investors, and corporate decision-makers seeking to better understand and navigate the evolving dynamics of the Vietnamese capital market.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139257463","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 relationship of board diversity and stock performance in monistic and dualistic board structures: Results from Germany and UK 一元和二元董事会结构下董事会多样性与股票表现的关系：德国和英国的研究结果

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-16 DOI: 10.1002/jcaf.22676

Tim Alexander Herberger, Andreas Oehler

{"title":"The relationship of board diversity and stock performance in monistic and dualistic board structures: Results from Germany and UK","authors":"Tim Alexander Herberger, Andreas Oehler","doi":"10.1002/jcaf.22676","DOIUrl":"10.1002/jcaf.22676","url":null,"abstract":"The analysis of the relationship between board diversity and corporate performance is a well-documented area of research. Our analysis of the stock market in Germany and the United Kingdom (UK) from 2005 to 2018 contributes to the literature by considering different corporate constitutions (monistic and dualistic) as well as a variety of diversity factors and diversity potential factors in a uniform analytical framework. We implement the stock price performance as a company performance proxy because this can be observed more easily by non-professional investors than Tobin's Q, commonly used in former studies, and represents a pure market-based view of the company performance. Based on generalized least squares panel regressions (GLS), our results reveal no significant difference between monistic and dualistic corporate constitutions regarding a possible relationship between diversity and company performance. They support former studies that the size of a top management board is significantly negatively related to company performance in the long run. Furthermore, no significant correlation can be found between changes in a board in a fiscal year and company performance, which was analyzed for the first time in such a framework.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22676","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139266802","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