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

Impact of Cybersecurity Disclosure Frequency on Stock Price Crash Risk 网络安全信息披露频率对股价崩盘风险的影响

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-18 DOI: 10.1002/jcaf.22775

Huaping Wu, Ming Ma, Jidong Zhang

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The Scale Dilemma: Investigating the Non-Monotonic Relationship Between Bank Size and Market Value in Emerging Middle East and North Africa (MENA) Economies 规模困境：调查新兴中东和北非经济体银行规模与市场价值之间的非单调关系

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-16 DOI: 10.1002/jcaf.22772

Yarob Kullab, Ahmad Sahyouni, Mohammed Shehada

{"title":"The Scale Dilemma: Investigating the Non-Monotonic Relationship Between Bank Size and Market Value in Emerging Middle East and North Africa (MENA) Economies","authors":"Yarob Kullab, Ahmad Sahyouni, Mohammed Shehada","doi":"10.1002/jcaf.22772","DOIUrl":"https://doi.org/10.1002/jcaf.22772","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the non-monotonic relationship between bank size and market value in the emerging economies of the Middle East and North Africa (MENA) region, with a focus on comparing Islamic and conventional banks. The analysis uses fixed-effects panel techniques, supported by random-effects, pooled OLS, and Hausman–Taylor methods for robustness, based on a sample of 161 publicly listed banks across 17 MENA countries from 2009 to 2022. The findings show that bank size positively influences market value initially, indicating economies of scale, but larger sizes lead to diminishing returns, reflecting a non-monotonic relationship. This pattern is more evident for conventional banks, while the results for Islamic banks are less conclusive, suggesting the need for further investigation. Islamic banks seem to benefit less from economies of scale, possibly due to unique operational and governance challenges. This study fills a gap in the literature on the size-market value relationship in emerging markets, offering insights into how local conditions and regulations shape bank performance. It also provides a novel comparison between Islamic and conventional banks, enhancing understanding of sector-specific dynamics. By challenging the linear assumptions of prior research, the study highlights the complex non-linear effects of bank size, emphasizing the role of agency conflicts and regulatory oversight in managing systemic risks. The research contributes to both empirical and theoretical discussions on banking scale management and agency theory in emerging market contexts.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"70-86"},"PeriodicalIF":0.9,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635504","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 Investors Perceive Improvements in Fair Value Accounting for Investment Assets After PCAOB Inspections? PCAOB检查后，投资者是否察觉到投资资产公允价值会计的改善？

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-09 DOI: 10.1002/jcaf.22771

Carol Callaway Dee, Katherine Gunny, William R. Strawser

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ESG Ratings and CEO Charitable Stock Donations: Is Firm ESG Aligned With CEO Personal Philanthropy? ESG评级与CEO慈善股票捐赠：企业ESG与CEO个人慈善是否一致？

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-09 DOI: 10.1002/jcaf.22773

Han Dai, Daeun Lee, Ying Liang, Barri Litt

{"title":"ESG Ratings and CEO Charitable Stock Donations: Is Firm ESG Aligned With CEO Personal Philanthropy?","authors":"Han Dai, Daeun Lee, Ying Liang, Barri Litt","doi":"10.1002/jcaf.22773","DOIUrl":"https://doi.org/10.1002/jcaf.22773","url":null,"abstract":"<div>\u0000 \u0000 <p>In the evolving landscape of sustainable investing, with unprecedented market attention on environmental, social, and governance (ESG) information, our study delves into the relationship between a firm's ESG ratings and the philanthropic behavior of its chief executive officer (CEO), particularly in terms of charitable stock donations. Examining US firms and utilizing comprehensive ESG data from Refinitiv, we find that ESG-rated firm CEOs engage in greater personal stock donation activity as compared to their non-ESG counterparts. They also appear to time donations in a less self-serving manner. When we isolate ESG firms, we find CEOs of the strongest ESG performers exhibit no self-interested timing behavior. Our study contributes to the sparse literature on CEO charitable behavior, shedding light on the potential alignment between ESG performance at the firm level and genuine, altruistic giving at the CEO level. Such alignment provides valuable insight for investors, policymakers, nonprofit organizations, and researchers interested in the intersection of sustainable investing and executive action.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"29-48"},"PeriodicalIF":0.9,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635380","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

Exchange Rate Volatility and ESG Performance: An International Empirical Analysis 汇率波动与ESG绩效：国际实证分析

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-07 DOI: 10.1002/jcaf.22774

Hamzeh Al Amosh

{"title":"Exchange Rate Volatility and ESG Performance: An International Empirical Analysis","authors":"Hamzeh Al Amosh","doi":"10.1002/jcaf.22774","DOIUrl":"https://doi.org/10.1002/jcaf.22774","url":null,"abstract":"<p>This study examines the impact of exchange rate volatility (ERV) on environmental, social, and governance (ESG) performance using a large dataset of 15,196 firms from various countries, covering the period from 2012 to 2019. By employing a comprehensive set of statistical tests, including the system generalized method of moments (GMM) estimation technique, the research provides robust empirical evidence on how ERV influences different dimensions of ESG performance. The results reveal a significant negative effect of ERV on ESG performance, indicating that greater exchange rate instability adversely impacts firms' sustainability practices across ESG aspects. Companies may have difficulty complying with evolving regulations and stakeholder expectations when faced with volatile exchange rates, negatively impacting their ESG performance. Regulatory responses to exchange rate fluctuations may also create compliance burdens, and the difficulty in securing resources limits their ability to invest in sustainable technologies and practices. From an efficient market hypothesis (EMH) perspective, these findings suggest that ERV introduces additional risks and uncertainties that the market reflects in corporate valuations and performance metrics, thereby affecting ESG outcomes. The study highlights implications for policymakers, investors, and corporate managers, emphasizing the need for strategies to mitigate the adverse effects of ERV on ESG performance. Limitations of the study and directions for future research are discussed, calling for further exploration of the interplay between macroeconomic factors and corporate sustainability initiatives.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"14-28"},"PeriodicalIF":0.9,"publicationDate":"2024-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22774","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635126","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

Mediating Role of Financialization and Intellectual Capital in the Relationship Between Ownership Structure and Firms’ Financial Performance 金融化和智力资本在股权结构与企业财务绩效关系中的中介作用

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-03 DOI: 10.1002/jcaf.22770

Ramin Zamani Amoughin, Ali Asghar Anvary Rostamy, Maryam Khalili Araghi, Ali Saeidi

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Earnings Quality, Emissions, and Executive Compensation in European Firms With Say-on-Pay Voting Adoption 采用薪酬决定权表决权的欧洲公司的盈余质量、排放和高管薪酬

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Journal of Corporate Accounting and Finance Pub Date : 2024-11-25 DOI: 10.1002/jcaf.22768

Ayman Issa, Ayman Wael Al-Khatib, Mohammad A. A. Zaid

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CEO Inside Debt and Insider Trading 首席执行官内债与内幕交易

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Journal of Corporate Accounting and Finance Pub Date : 2024-11-25 DOI: 10.1002/jcaf.22769

Eric R. Brisker, Dominique Outlaw, Aimee Hoffmann Smith

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The Information Content of Earnings: The Effects of a Change in Accounting Approach 盈余的信息含量：会计方法变化的影响

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Journal of Corporate Accounting and Finance Pub Date : 2024-11-19 DOI: 10.1002/jcaf.22766

David Cabán

{"title":"The Information Content of Earnings: The Effects of a Change in Accounting Approach","authors":"David Cabán","doi":"10.1002/jcaf.22766","DOIUrl":"https://doi.org/10.1002/jcaf.22766","url":null,"abstract":"<div>\u0000 \u0000 <p>This study leverages the adoption of ASC 606, “Revenue from Contracts with Customers,” to examine the effects of transitioning from a rules-based to a principles-based approach on the information content of earnings along with two of its most important attributes: predictive value and asymmetry. By introducing a common principles-based framework, ASC 606 resolves inconsistencies found in earlier rules-based standards and fosters uniformity in financial reporting. However, this change might also diminish the uniqueness of financial information, a critical factor in the decision-making process. The findings reveal a significant increase in the overall market's information content of earnings post-ASC 606 implementation. Industries with complex revenue recognition processes and long-term contracts, such as information technology, real estate, and communications, experienced the most significant improvements. These industries benefited from the increased flexibility and professional judgment allowed under ASC 606, resulting in more accurate future earnings forecasts. However, the study also finds that ASC 606 has increased information asymmetry, particularly in industries with complex transactions. This suggests that while the principles-based approach enhances the informativeness and predictive value of earnings, it also introduces challenges in interpreting and applying the new standards, leading to increased information asymmetry. These findings have important implications for standard setters, regulators, and practitioners in financial reporting.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"210-229"},"PeriodicalIF":0.9,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801604","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}

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Government Subsidies and Operational Efficiency: Evidence From the United States 政府补贴与运行效率：来自美国的证据

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Journal of Corporate Accounting and Finance Pub Date : 2024-11-19 DOI: 10.1002/jcaf.22764

Hua Sun, Hongkang Xu

{"title":"Government Subsidies and Operational Efficiency: Evidence From the United States","authors":"Hua Sun, Hongkang Xu","doi":"10.1002/jcaf.22764","DOIUrl":"https://doi.org/10.1002/jcaf.22764","url":null,"abstract":"<div>\u0000 \u0000 <p>In the United States, prior research links government subsidies to corporate misconduct and income smoothing, fueling debates over the elimination of these subsidies. Contrasting these findings, our study investigates the association between government subsidies and operational efficiency in US firms from 2004 to 2022, using data from the Subsidy Tracker database. We find a significant positive association between government subsidies and operational efficiency, suggesting that these subsidies enhance firms’ resource management and competitive positioning. Further analysis indicates that subsidies exert a more pronounced positive effect on firms with substantial R&D investments. Additionally, we find that government subsidies are positively related to corporate innovation activities and new hiring, highlighting the diverse benefits of subsidies in stimulating innovation and economic growth. This study provides essential insights into the potential of government subsidies as a strategic tool for enhancing operational efficiency, innovation, and employment within the corporate landscape.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"230-248"},"PeriodicalIF":0.9,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801605","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