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The Effect of Changes in Tax Laws on Stock Liquidity: Evidence From the Tax Cuts and Jobs Act 税法变化对股票流动性的影响：来自《减税与就业法案》的证据
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-11-18 DOI: 10.1002/jcaf.22765
Darius Fatemi, Jang-Chul Kim, Sharif Mazumder, Qing Su
{"title":"The Effect of Changes in Tax Laws on Stock Liquidity: Evidence From the Tax Cuts and Jobs Act","authors":"Darius Fatemi,&nbsp;Jang-Chul Kim,&nbsp;Sharif Mazumder,&nbsp;Qing Su","doi":"10.1002/jcaf.22765","DOIUrl":"https://doi.org/10.1002/jcaf.22765","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the effect of the Tax Cuts and Jobs Act of 2017 (TCJA) on stock liquidity. The TCJA brought significant changes, including a reduction in corporate tax rates and provisions incentivizing the repatriation of foreign earnings. We find a negative association between TCJA-related events and the liquidity of U.S. stocks, persisting even up to 60 days following legislative announcements. However, despite the negative impact on liquidity, there is evidence of improved price efficiency following the TCJA enactment, driven by increased informed trading. Additionally, our analysis extends to non-U.S. stocks traded in U.S. markets and indicates similar relations.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"183-194"},"PeriodicalIF":0.9,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801601","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
Data Breach Notification Laws and Corporate Tax Planning 数据泄露通知法和企业税务筹划
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-11-18 DOI: 10.1002/jcaf.22767
Yicheng Zhu
{"title":"Data Breach Notification Laws and Corporate Tax Planning","authors":"Yicheng Zhu","doi":"10.1002/jcaf.22767","DOIUrl":"https://doi.org/10.1002/jcaf.22767","url":null,"abstract":"<div>\u0000 \u0000 <p>This study explores the impact of data breaches on corporate tax planning in the United States. The results reveal that when a firm's headquarter is located in a state that has adopted a data breach notification (DBN) law, there is a significant 3.8% decrease in the long-term effective tax rate. This reduction translates to annual tax savings of approximately $8.13 million. Furthermore, tax sheltering is found to decrease by 19.17% compared to the sample average. These effects are particularly pronounced in financially constrained firms and those operating in high-tech industries. The findings suggest that after the introduction of mandatory data breach disclosure requirements, firms are less inclined to engage in aggressive tax avoidance practices, which could otherwise lead to increased litigation costs. Instead, they prioritize efficient tax planning strategies to improve after-tax cash flows.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"195-209"},"PeriodicalIF":0.9,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801599","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
Identifying Financially Material Content in Corporate Social Responsibility Reports 识别企业社会责任报告中的财务重要内容
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-27 DOI: 10.1002/jcaf.22763
Tina Lang
{"title":"Identifying Financially Material Content in Corporate Social Responsibility Reports","authors":"Tina Lang","doi":"10.1002/jcaf.22763","DOIUrl":"https://doi.org/10.1002/jcaf.22763","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the relationship between financially material content in corporate social responsibility (CSR) reports and the decision usefulness of these reports. Utilizing sustainability disclosure standards and a machine learning topic modeling algorithm, a firm-specific quantitative measure of financially material content in CSR reports is developed. It is hypothesized that firms providing greater amounts of financially material CSR content enhance their information environment, which enables analysts to make more accurate earnings predictions. The findings confirm a positive relationship between the extent of financially material CSR content disclosed and analyst forecast accuracy. This research demonstrates the effectiveness of using machine learning to identify financially material content within unstructured voluntary disclosures and contributes to the literature on the financial materiality of CSR activities and their related disclosures.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"169-182"},"PeriodicalIF":0.9,"publicationDate":"2024-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801487","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
Large Book-Tax Differences, Bankruptcy and Firm Efficiency 巨额帐面税差异、破产和公司效率
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-25 DOI: 10.1002/jcaf.22760
Sina Rahiminejad
{"title":"Large Book-Tax Differences, Bankruptcy and Firm Efficiency","authors":"Sina Rahiminejad","doi":"10.1002/jcaf.22760","DOIUrl":"https://doi.org/10.1002/jcaf.22760","url":null,"abstract":"<div>\u0000 \u0000 <p>In this study, I investigate the relationship between large book-tax differences (BTDs) and the probability of firm bankruptcy and financial distress. I argue that large BTDs provide valuable information regarding corporate bankruptcy. Using the Altman Z-score and Ohlson O-score models, I find that firms with large negative BTDs (LNBTDs) are less likely to experience financial difficulty and bankruptcy. In contrast, firms with large positive BTDs (LPBTDs) show a higher likelihood of financial distress and bankruptcy. Additionally, the LNBTD subset, contrary to the LPBTD group, demonstrates higher firm efficiency.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"138-156"},"PeriodicalIF":0.9,"publicationDate":"2024-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801362","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
Influence of Growth, Capital Structure, Profitability, and Size on FTSE 100 Enterprise Value 成长性、资本结构、盈利能力和规模对富时100企业价值的影响
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-25 DOI: 10.1002/jcaf.22761
Isik Akin, Meryem Akin, Hakan Satiroglu, Mahak Jhamb
{"title":"Influence of Growth, Capital Structure, Profitability, and Size on FTSE 100 Enterprise Value","authors":"Isik Akin,&nbsp;Meryem Akin,&nbsp;Hakan Satiroglu,&nbsp;Mahak Jhamb","doi":"10.1002/jcaf.22761","DOIUrl":"https://doi.org/10.1002/jcaf.22761","url":null,"abstract":"<p>This study aims to examine the influence of growth, capital structure, and profitability on enterprise value (EV) using data from the FTSE 100 companies. It seeks to identify the pivotal elements related to the EV and understand how they interact with each other. The study collects data from the annual reports of FTSE 100 companies for the period of 2019–2023. Regression analyses are conducted to examine the relationships between the variables after robust checks. The analysis reveals that capital structure and business size have a major impact on EV, with larger firms and higher levels of debt financing associated with higher EVs. However, there is no significant relationship between growth rate and EV. The impact of profitability on EV is mixed, with return on assets (ROA) showing a weak negative correlation and return on equity (ROE) showing a weak positive correlation. By offering particular insights into the factors that determine EV within the FTSE 100, this study fills in the gaps in the body of previous research. It offers valuable contributions to both academic research and practical applications by exploring the nuanced dynamics of the connections between EV and growth, capital structure, and profitability.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"157-168"},"PeriodicalIF":0.9,"publicationDate":"2024-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22761","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801363","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
What Deters Earnings Management? A Benford's Law Comparison Between Publicized Detection Methods and Increased Regulations 是什么阻碍了收益管理？公开检测方法与加强监管之间的本福德定律比较
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-25 DOI: 10.1002/jcaf.22762
Arthur M. Tran
{"title":"What Deters Earnings Management? A Benford's Law Comparison Between Publicized Detection Methods and Increased Regulations","authors":"Arthur M. Tran","doi":"10.1002/jcaf.22762","DOIUrl":"https://doi.org/10.1002/jcaf.22762","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the impact of public awareness and regulatory changes on earnings management over time. Despite scrutiny from regulators, auditors, and investors, the deterrents of earnings management remain unclear. I explore whether public awareness, through the dissemination of research, can influence market behaviors and reduce earnings management activities due to increased detection and penalties. Alternatively, I investigate if stricter regulation plays a role in curbing earnings manipulation. Using Benford's Law, I apply Thomas’ (1989) approach and compare data from 1950 to 1985, 1990 to 2002, and 2003 to 2020. My findings indicate that while public awareness alone does not deter earnings management, heightened regulation, particularly post-Sarbanes-Oxley Act (SOX), significantly reduces such practices. This study contributes to the literature by highlighting the comparative impact of public awareness and regulatory changes on earnings management.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"126-137"},"PeriodicalIF":0.9,"publicationDate":"2024-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801361","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
Political Favoritism and Value of Corporate Cash Holdings 政治偏袒与企业现金持有价值
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-19 DOI: 10.1002/jcaf.22756
Humnath Panta, Ramesh Adhikari, Arun Narayanasamy
{"title":"Political Favoritism and Value of Corporate Cash Holdings","authors":"Humnath Panta,&nbsp;Ramesh Adhikari,&nbsp;Arun Narayanasamy","doi":"10.1002/jcaf.22756","DOIUrl":"https://doi.org/10.1002/jcaf.22756","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the impact of political favoritism on the value of corporate cash holdings. We define stock ownership by a member of the US Congress as a measure of political favoritism to a firm. We hypothesize that political investment in a firm influences the value of cash holdings. Consistent with our hypothesis, this study finds cash holding, on average, is less valuable for politically favored firms. Economically, political favoritism is associated with a decrease of $0.44 in value for a $1.00 cash holding. We also find that political favoritism negatively affects cash value in financially unconstrained firms, which is consistent with the overinvestment hypothesis. The results are robust to controlling for many firm-level characteristics and a spectrum of robustness tests. This study extends the literature on the role of political economy in the value of corporate cash holdings by documenting political favoritism as the stock ownership of the US Congress members and evaluating its effect on the value of corporate cash holdings.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"103-125"},"PeriodicalIF":0.9,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801419","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
Lead Independent Directors and Real Earnings Management 领导独立董事和真实收益管理
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-17 DOI: 10.1002/jcaf.22759
David B. Bryan, Terry W. Mason, Ashley N. West
{"title":"Lead Independent Directors and Real Earnings Management","authors":"David B. Bryan,&nbsp;Terry W. Mason,&nbsp;Ashley N. West","doi":"10.1002/jcaf.22759","DOIUrl":"https://doi.org/10.1002/jcaf.22759","url":null,"abstract":"<div>\u0000 \u0000 <p>Existing studies suggest that lead independent directors (LIDs) improve corporate governance, audit quality, and some aspects of financial reporting quality. We extend this line of literature by investigating whether there is a relation between firms with an LID and real earnings management (REM). In addition, we investigate this relationship further by looking at the impact of an audit committee, specifically, firms with an LID that either does or does not serve on the audit committee. Using four measures of REM, we find that firms with an LID are associated with less REM. Importantly, we only find consistent evidence of this association for firms with an LID who serve on the audit committee. Our findings, considered in conjunction with the results from prior literature, suggest that LIDs play a role in broadly improving financial reporting quality, especially when they are part of the audit committee.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"85-102"},"PeriodicalIF":0.9,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801755","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
Auditors’ Trust in Audit Committees and Audit Quality 审计人员对审计委员会的信任与审计质量
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-16 DOI: 10.1002/jcaf.22758
Ismail Adelopo, Kwok Yip Cheung, Mahbub Zaman
{"title":"Auditors’ Trust in Audit Committees and Audit Quality","authors":"Ismail Adelopo,&nbsp;Kwok Yip Cheung,&nbsp;Mahbub Zaman","doi":"10.1002/jcaf.22758","DOIUrl":"https://doi.org/10.1002/jcaf.22758","url":null,"abstract":"<div>\u0000 \u0000 <p>In light of global advancements in corporate governance, it is imperative for external auditors and audit committees to engage in communication and interactions to ensure that external audits are conducted to a high standard and quality. While many studies report that audit committee expertise, diligence, and independence are associated with monitoring, often they do not provide explanation of the mechanisms through which these happen. There is limited research on how external auditors’ trust in audit committees affects their interactions and therefore audit quality. This paper examines external auditors’ trust and their interactions with audit committees. We find that external auditors’ perceptions of audit committee members’ competence, goodwill, and integrity shape their trust in audit committees. Overall, our findings suggest that auditors’ trust in audit committees enhances their perception of the quality of their interactions, affects information sharing and the conduct of the audit, and thus helps to improve the quality of auditing.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"67-84"},"PeriodicalIF":0.9,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801748","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
Explanatory Factors of the Accounting Choices for Investments Under IAS 27 of Listed European Union Entities 《国际会计准则第27号》下欧盟上市主体投资会计选择的解释因素
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-10-16 DOI: 10.1002/jcaf.22757
Maria Ribeiro, Paula Gomes Dos Santos, Fábio Albuquerque
{"title":"Explanatory Factors of the Accounting Choices for Investments Under IAS 27 of Listed European Union Entities","authors":"Maria Ribeiro,&nbsp;Paula Gomes Dos Santos,&nbsp;Fábio Albuquerque","doi":"10.1002/jcaf.22757","DOIUrl":"https://doi.org/10.1002/jcaf.22757","url":null,"abstract":"<div>\u0000 \u0000 <p>This study aims to analyze the explanatory factors of the accounting choices for investments of entities with securities traded on regulated markets from the European Union (EU) under International Accounting Standards (IAS) 27—Separate Financial Statements (SFS). According to IAS 27, investments in their scope can be accounted for by using the cost, equity method, or fair value, which represents alternative accounting methods commonly known in the literature as accounting choices. To identify the factors that may explain the accounting choices for investments under IAS 27, a logistic regression model is used. The research covers listed entities from 19 out of the 21 EU countries where IAS 27 is required or permitted. The findings highlight that the entities’ size and investment weight likely explain the adoption of the cost method, conversely to the size of the board of directors, which negatively explains its use. Accounting choices for investments under SFS are not yet explored in the literature. Moreover, this research also proposes further explanatory factors in the scope of the literature on accounting choices. This paper can potentially benefit a diverse set of stakeholders, namely the accounting standard-setters, as they can draw attention to the comparability issues from the use of accounting choices, which may mitigate the financial information usefulness for decision-making. Furthermore, auditors, supervisors, as well as investors and other users, can have a more comprehensive perspective of the reasons behind the method chosen by entities for accounting for their financial investments.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"55-66"},"PeriodicalIF":0.9,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801747","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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