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Fragility or habitualized corporate behavior? Corporate and macroeconomic determinants of debt dollarization: Evidence from Turkey 脆弱性还是习惯化的公司行为？债务美元化的企业和宏观经济决定因素：土耳其的证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2024-01-24 DOI: 10.1002/jcaf.22691
Ömer Tuğsal Doruk
{"title":"Fragility or habitualized corporate behavior? Corporate and macroeconomic determinants of debt dollarization: Evidence from Turkey","authors":"Ömer Tuğsal Doruk","doi":"10.1002/jcaf.22691","DOIUrl":"10.1002/jcaf.22691","url":null,"abstract":"<p>This study examines the firm-level and macroeconomic-level determinants of debt dollarization, which is a critical vulnerability for a key emerging market: Turkey. The study examines the firm-level and macroeconomic determinants of debt dollarization between 2005 and 2017 using the generalized method of moments and the panel vector autoregressive method, both of which are highly innovative. The results show that manufacturing firms tend to dollarize debt, while macroeconomic variables such as the real exchange rate, inflation, and credit expansion significantly affect debt dollarization. Moreover, debt dollarization was found to be a habit of manufacturing firms in the Turkish economy.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2024-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139601435","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
Cyberattacks, cash conversion cycle, and corporate performance 网络攻击、现金转换周期和企业绩效
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-12-29 DOI: 10.1002/jcaf.22688
Oneil Harris, Trung Nguyen
{"title":"Cyberattacks, cash conversion cycle, and corporate performance","authors":"Oneil Harris,&nbsp;Trung Nguyen","doi":"10.1002/jcaf.22688","DOIUrl":"10.1002/jcaf.22688","url":null,"abstract":"<p>This study examines the effect of working capital efficiency on the performance of firms that experience cyberattacks. We find robust evidence that an aggressive working capital policy improves the immediate and after-market stock returns as well as the operating performance of firms that suffer an outside party or a malware hacker attack. Specifically, we document a negative relationship between announcement period abnormal returns and the industry-adjusted cash conversion cycle, implying that investors react less favorably when breached firms have more conservative working capital policies. We also find a negative association between the cash cycle and long-horizon buy-and-hold abnormal returns indicating that working capital efficacy has a protracted positive effect on stock performance after an attack. The cash conversion cycle is also negatively related to operating performance, as measured by industry-adjusted market power, industry-adjusted return on assets, and industry-adjusted market-to-book ratio. In addition, we find that access to trade credit and the ability to delay payments made to suppliers (depicted via days’ payables outstanding) are the most important factors in helping breached firms mitigate the financial and operating costs of cyberattacks. Overall, our results are robust to endogeneity concerns and expand the literature on the firm-level aspects of data breaches.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139142875","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
A note on free cashflow analysis: Theory versus practice 关于自由现金流分析的说明：理论与实践
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-12-05 DOI: 10.1002/jcaf.22685
Axel Grossmann, Ken Johnston, John J. Hatem
{"title":"A note on free cashflow analysis: Theory versus practice","authors":"Axel Grossmann,&nbsp;Ken Johnston,&nbsp;John J. Hatem","doi":"10.1002/jcaf.22685","DOIUrl":"10.1002/jcaf.22685","url":null,"abstract":"<p>In this note, we compare the methodologies in academic textbooks and the CFA practitioner's guide while demonstrating which academic approach provides the most consistent valuation metric with practitioners. There are many differences when it comes to the items or approaches considered for free cash flow calculations. Some differences, however, are related to the purpose of the calculated free cash flow, for example, the actual free cash flow a company generates during a certain year versus the free cash flow for firm valuation purposes. This note attempts to address this gap and may serve as a guide to faculty as well as practitioners. In what follows, different expositions of the free cash flow model are explored and compared.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138598527","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
Board gender diversity and cost of debt financing: Evidence from Latin American and the Caribbean firms 董事会性别多样性与债务融资成本：来自拉丁美洲和加勒比地区企业的证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-11-30 DOI: 10.1002/jcaf.22683
Juan David Gonzalez-Ruiz, Nini Johana Marín-Rodríguez, Alejandro Peña
{"title":"Board gender diversity and cost of debt financing: Evidence from Latin American and the Caribbean firms","authors":"Juan David Gonzalez-Ruiz,&nbsp;Nini Johana Marín-Rodríguez,&nbsp;Alejandro Peña","doi":"10.1002/jcaf.22683","DOIUrl":"10.1002/jcaf.22683","url":null,"abstract":"<p>This research examines the relationship between board gender diversity and the cost of debt financing in Latin American and Caribbean firms. We implement the Fuzzy Logistic Autoencoder model, using data for 470 firms spanning 2016–2021 from the Eikon Refinitiv Thomson Reuters database. Our findings suggest that the variables independent board, policy board diversity, sustainable development goal 5, executive gender diversity, and governance consistently demonstrated effects on reducing the short-term and long-term debt cost over the period analyzed. Consequently, the potential benefits of including women on the board of directors are conducive to improving the firm's reputation, which materializes in reducing the cost of debt. The results offer valuable insights to researchers and investors seeking to understand the role of BGD composition within firms and its financial impact.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139206773","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
Too dark to see: Does board governance moderate the relationship between carbon emissions and analyst forecast errors? 太黑看不清：董事会治理能否调节碳排放与分析师预测误差之间的关系？
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-11-30 DOI: 10.1002/jcaf.22687
Daniel Hsiao, Qunfeng Liao, Weichieh Su
{"title":"Too dark to see: Does board governance moderate the relationship between carbon emissions and analyst forecast errors?","authors":"Daniel Hsiao,&nbsp;Qunfeng Liao,&nbsp;Weichieh Su","doi":"10.1002/jcaf.22687","DOIUrl":"10.1002/jcaf.22687","url":null,"abstract":"<p>This study aims to demonstrate that carbon emissions may increase analyst forecast errors because poor environmental performance obscures prospects for business operations. We further examine whether strong board governance moderates such a relationship. Using a sample of S&amp;P 500 firms from the Carbon Disclosure Project (CDP), we employ Heckman's two-stage model to examine our research questions. We find a positive association between carbon intensity and forecast errors, but strong board governance, captured by board independence, board diligence, and committee size, may mitigate this positive relationship. However, the effect is amplified for firms engaged in controversial governance practices such as CEO duality and long CEO tenure. Our study provides insight for managers by raising concerns due to high levels of carbon emissions and demonstrating that different governance characteristics may alleviate the adverse effect of carbon emissions on forecast errors.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139197219","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 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
{"title":"The formation of interbank interest rates and treasury bill yields in Japan under different regimes of non-traditional monetary policy","authors":"Takayasu Ito","doi":"10.1002/jcaf.22686","DOIUrl":"10.1002/jcaf.22686","url":null,"abstract":"<p>Interbank interest rates and Treasury Bill (TB) yields of maturities of three and six months move together, but not 12 months, under a “quantitative and qualitative easing policy.” On the other hand, interbank interest rates and TB yields of maturities of 3, 6, and 12 months move together under a “negative interest rate policy.” Interbank and TB markets are partially integrated up to the 6-month maturity as a short-term money market under a “quantitative and qualitative easing policy,” while interbank and TB markets are integrated up to the 12-month maturity as a short-term money market under a “negative interest rate policy.” This indicates that the arbitrage of interbank and TB markets works. Practitioners of the interbank market are limited to financial institutions, but those of TB markets also include non-financial institutions.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139202314","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
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
{"title":"Accounting reporting complexity, audit engagement partner mandatory rotation, and audit quality","authors":"Clement Chen,&nbsp;Zhenfeng Liu,&nbsp;Wenye Tang,&nbsp;Ling Tuo","doi":"10.1002/jcaf.22679","DOIUrl":"10.1002/jcaf.22679","url":null,"abstract":"<p>This paper investigates the influence of a firm's accounting reporting complexity (ARC) on financial statement audit quality. We predict and find that there is a non-linear relationship between a firm's ARC and audit quality. Specifically, a more complex accounting environment—measured by ARC—leads to higher quality audits, but this effect diminishes when ARC continues to increase. Further analyses reveal that the effect is more salient among client firms that do not purchase non-audit services (NAS). We also examine whether ARC affects audit quality in the circumstance of mandatory audit partner rotation. Empirical results show a moderating effect of ARC on the negative influence of audit partner rotation on audit quality. Our study extends the literature by illustrating how a firm's ARC influences audit quality in a special manner.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22679","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139220284","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
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":"<p>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.</p>","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
{"title":"Unexpected consequence of enterprise digital transformation on financial investments","authors":"Shiguang Li,&nbsp;Zheng Yang,&nbsp;Yixiang Tian","doi":"10.1002/jcaf.22674","DOIUrl":"10.1002/jcaf.22674","url":null,"abstract":"<p>Digital transformation provides new opportunities for companies, but also unexpected consequences. We quantify the firms’ level of digitalization using text analysis to examine whether digital transformation affects financial investment. The results conclude that digital transformation increases financial investment and our findings remain valid after robustness checks, indicating that digital transformation unexpectedly exacerbates the financialization problem of Chinese companies. We further discuss the motive and channels of corporate financialization under digital transformation. Our results show that digital transformation increases financial investment through financial surrogate intermediaries and higher return on financial assets. Therefore, managers should not ignore the potential negative effects during the process of digital transformation.</p>","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":"139229293","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
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":"<p>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.</p>","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
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