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CAPM and a new investment decision method CAPM 和一种新的投资决策方法
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-11-08 DOI: 10.1002/jcaf.22672
Roi D. Taussig
{"title":"CAPM and a new investment decision method","authors":"Roi D. Taussig","doi":"10.1002/jcaf.22672","DOIUrl":"10.1002/jcaf.22672","url":null,"abstract":"<p>The traditional CAPM explains the return on each security, while the current study suggests a new methodology for “picking” a broad index, based on regression trees. Analysts’ recommendations on market prices are analyzed, and a one to three-stage method is employed. The analysis suggests a few rules of thumb (only one to three stages) for buying or selling the CRSP US market index. The findings are robust, and the rules are reliable. Researchers and practitioners may benefit greatly from the new rules.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135341749","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 the Ind AS moderate the relationship between capital structure and firm performance? Ind AS 是否缓和了资本结构与公司业绩之间的关系？
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-11-08 DOI: 10.1002/jcaf.22673
Nikhil M N, Sandeep S. Shenoy, Suman Chakraborty, Lithin B M
{"title":"Does the Ind AS moderate the relationship between capital structure and firm performance?","authors":"Nikhil M N,&nbsp;Sandeep S. Shenoy,&nbsp;Suman Chakraborty,&nbsp;Lithin B M","doi":"10.1002/jcaf.22673","DOIUrl":"10.1002/jcaf.22673","url":null,"abstract":"<p>In line with the wide implementation of IFRS around the globe, the significant shift in the Indian accounting system appertained to the Ind AS is expected to have a substantial impact on the firm-level information environment. Nevertheless, the question of whether the adoption of such standards moderates the relationship between leverage and firm performance remains unanswered. In this backdrop, we aim to close this research gap employing 3120 firm-year observations from 401 Indian non-financial firms for a period from 2013 to 2022. Notably, we found that the leverage among Indian firms discourages profitability. Further, the adoption of Ind AS negatively moderates the leverage and firm performance association. The findings suggest that the enhanced transparency and the firm's reporting quality dissuade risk-averse investors from investing in highly levered companies. As a result, investors avoid risky investments, and firms must strive to foster their trust and motivation. The conclusion of the present research draws significant implications for management and policymakers while also contributing to the ongoing debate on capital structure and firm performance.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22673","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135342018","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
Stakeholder influences on management control systems for ESG governance and reporting in the global automotive industry 利益相关者对全球汽车行业 ESG 治理和报告管理控制系统的影响
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-11-03 DOI: 10.1002/jcaf.22671
Ting-Tsen Yeh, Yuanzhang Xiao, Shirley J. Daniel
{"title":"Stakeholder influences on management control systems for ESG governance and reporting in the global automotive industry","authors":"Ting-Tsen Yeh,&nbsp;Yuanzhang Xiao,&nbsp;Shirley J. Daniel","doi":"10.1002/jcaf.22671","DOIUrl":"10.1002/jcaf.22671","url":null,"abstract":"<p>Drawing on Simons’ levers of control, we develop a theoretical model to explore the influences of stakeholders (customers, suppliers, employees, regulators, communities, industry associations, and investors) on Management Control Systems for achieving strategic environmental, social, and governance (ESG) objectives. We then test the model using data from over 600 firms in the global automotive industry by linking the eleven largest automotive manufacturers with over 500 of their tier-1 and tier-2 suppliers and examining whether stakeholder-relevant metrics impact supplier retention and whether management compensation is tied to ESG governance. We also examine whether stakeholder influences lead to higher ESG scores. We find that stakeholder-related metrics for emissions, human rights, customer health, employee empowerment and industry associations are related to management compensation systems tied to ESG. We also find significant linkages between stakeholder influences and ESG scores.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135820190","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
Market frictions and momentum premium: does stock mispricing matter? Evidence from China 市场摩擦与动量溢价：股票错误定价是否重要？来自中国的证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-10-29 DOI: 10.1002/jcaf.22670
Amira Tarek, Heba Ali, Ehab K. A. Mohamed
{"title":"Market frictions and momentum premium: does stock mispricing matter? Evidence from China","authors":"Amira Tarek,&nbsp;Heba Ali,&nbsp;Ehab K. A. Mohamed","doi":"10.1002/jcaf.22670","DOIUrl":"10.1002/jcaf.22670","url":null,"abstract":"<p>This study examines if both market frictions and stock mispricing provide better explanation of the momentum premium, compared to the conventional asset pricing models. Using a large sample of 3727 companies listed on the Chinese stock market, we show that winner stocks are associated with larger market frictions and stock mispricing. Our findings reveal new empirical evidence that momentum premium can be attributed to market friction risk-factor but additionally explained by a mispricing component.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136134856","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 impact of IFRS 9 on the cyclicality of loan loss provisions 国际财务报告准则第 9 号》对贷款损失准备金周期性的影响
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-10-28 DOI: 10.1002/jcaf.22669
Smilla Hansen, Michel Charifzadeh, Tim A. Herberger
{"title":"The impact of IFRS 9 on the cyclicality of loan loss provisions","authors":"Smilla Hansen,&nbsp;Michel Charifzadeh,&nbsp;Tim A. Herberger","doi":"10.1002/jcaf.22669","DOIUrl":"10.1002/jcaf.22669","url":null,"abstract":"<p>Through their procyclical behavior, loan loss provisions have been determined as one of the factors that contribute to financial instability during a crisis. IFRS 9 was introduced in 2018 with an expected credit loss model replacing the incurred loss model of IAS 39 to mitigate the effect in the future. Our study aims to analyze loan loss provisions of major banks in the Eurozone to determine for the first time if the implementation of IFRS 9, as intended by regulators, has a dampening effect on procyclicality, especially during the stressed situation under COVID-19. We analyze 51 banks from 12 countries of the European Monetary Union using 2856 firm-year observations. While no robust evidence of less procyclicality can be found after the implementation of IFRS 9 until the pandemic, we find evidence that loan loss provisions moved countercyclical during 2020, indicating an alleviating effect at the beginning of the exogenous shock.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22669","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136160864","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
Can unexpected pension contributions improve employee productivity? Evidence from the Tax Cuts and Jobs Act of 2017 意外养老金缴费能否提高员工生产力？来自《2017 年减税与就业法案》的证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-10-21 DOI: 10.1002/jcaf.22668
Narisa Tianjing Dai, Leo Jiahe Liu, Rebeca Pérez
{"title":"Can unexpected pension contributions improve employee productivity? Evidence from the Tax Cuts and Jobs Act of 2017","authors":"Narisa Tianjing Dai,&nbsp;Leo Jiahe Liu,&nbsp;Rebeca Pérez","doi":"10.1002/jcaf.22668","DOIUrl":"10.1002/jcaf.22668","url":null,"abstract":"<p>We examine the effect of unexpected defined benefit (DB) pension contributions on employee productivity. The Tax Cuts &amp; Jobs Act (TCJA), implemented in the U.S. in 2017, decreased the corporate tax rate from 35 percent in 2017 to 21 percent in 2018. This change incentivized firms to increase DB pension contributions in 2017 . The TCJA provides an opportunity to study the motivation effect of unexpected employee benefits. We empirically find that resulting increases in DB pension contributions motivate employees to produce, and that labor intensity and length of operating cycle can enhance this association. We also find that general unexpected pension contributions have no pronounced effect on employee productivity. We further show that such a change in pension contributions does not significantly increase overproduction costs.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135510774","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
Market share, investor horizon, and stock crash risk 市场份额、投资者视野和股灾风险
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-10-14 DOI: 10.1002/jcaf.22667
Thanh Ngo, Jurica Susnjara, Ha-Chin Yi
{"title":"Market share, investor horizon, and stock crash risk","authors":"Thanh Ngo,&nbsp;Jurica Susnjara,&nbsp;Ha-Chin Yi","doi":"10.1002/jcaf.22667","DOIUrl":"10.1002/jcaf.22667","url":null,"abstract":"<p>On a 1990–2016 sample of 78,594 firm-year observations, we document strong evidence of lower stock crash risk for more prominent firms (those with greater market share). This evidence is consistent across various proxies for stock crash risk, raw versus instrumented market share, and ordinary least squares versus logistic regressions. We also find that the market share's suppressing effect on stock crash risk is weakened by the relative prevalence of long-term investors. This moderating effect of investor horizon suggests the quasi-monopolistic insulation from market pressures as the explanation for the reduction in stock crash risk among more dominant firms.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135800304","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 timeliness of 10-K filings, financial performance, and stock returns 10-K 申报的及时性、财务业绩和股票回报率
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-10-11 DOI: 10.1002/jcaf.22665
Li (Lily) Z. Brooks, Yun Cheng, Linxiao Liu, Michael D. Yu
{"title":"The timeliness of 10-K filings, financial performance, and stock returns","authors":"Li (Lily) Z. Brooks,&nbsp;Yun Cheng,&nbsp;Linxiao Liu,&nbsp;Michael D. Yu","doi":"10.1002/jcaf.22665","DOIUrl":"10.1002/jcaf.22665","url":null,"abstract":"<p>Using a dataset constructed from the EDGAR database, this study investigates whether the timing of filing 10-Ks contains useful information to investors. We argue and find that firms with better earnings news are more likely to file their 10-Ks early. We further show that firms experience earnings increase would accelerate the filing of their 10-Ks. We explore whether the timeliness measure is useful for predicting future financial performance and stock returns. We find that firms filing 10-Ks early in the current year are more likely to have better earnings and higher stock returns in future years. Our results are robust to different measures of timeliness, before and after the statutory filing deadline changes, and subsamples of firms with large or small market capitalization.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136212667","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
Unleashing efficiency and insights: Exploring the potential applications and challenges of ChatGPT in accounting 释放效率和洞察力：探索 ChatGPT 在会计领域的潜在应用和挑战
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-29 DOI: 10.1002/jcaf.22663
Joanna (Jingwen) Zhao, Xinruo Wang
{"title":"Unleashing efficiency and insights: Exploring the potential applications and challenges of ChatGPT in accounting","authors":"Joanna (Jingwen) Zhao,&nbsp;Xinruo Wang","doi":"10.1002/jcaf.22663","DOIUrl":"10.1002/jcaf.22663","url":null,"abstract":"<p>ChatGPT, an advanced natural language processing (NLP) model based on GPT-4 architecture, demonstrates exceptional ability in comprehending, interpreting, and generating human-like writings. Our study explores ChatGPT's potential applications and challenges in the accounting field. With cutting-edge NLP capabilities, ChatGPT has the prospect of reshaping various accounting processes by automating repetitive tasks, enhancing financial and managerial reporting and analysis, improving auditing and tax practices, and simplifying client interactions. Meanwhile, recognizing and mitigating possible limitations are vital to ensure the ethical and reliable utilization of AI and NLP techniques in the accounting and business sectors. Our study provides practical insights for accounting professionals, policymakers, investors, and other stakeholders to leverage this cutting-edge technology to revolutionize the accounting profession, echoing society's ideal blueprint for a promising AI-empowered economy.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135193233","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 bridge to quality financial reporting: Audit committees’ mediating role in IFRS implementation for emerging markets 通向高质量财务报告的桥梁：审计委员会在新兴市场实施《国际财务报告准则》过程中的调解作用
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-28 DOI: 10.1002/jcaf.22664
Ines Kateb
{"title":"The bridge to quality financial reporting: Audit committees’ mediating role in IFRS implementation for emerging markets","authors":"Ines Kateb","doi":"10.1002/jcaf.22664","DOIUrl":"10.1002/jcaf.22664","url":null,"abstract":"<p>This study aims to examine the impact of International Financial Reporting Standards (IFRS) adoption on financial reporting quality in Saudi Arabia, with a specific focus on the mediating role of effective audit committees (ACs) and the specific characteristics of ACs that have a negative correlation with earnings management (EM) practices. The research collected financial data from 92 listed firms spanning the period from 2012 to 2020 encompassing both the years  before and after the IFRS adoption in 2017. The study used regression and rigorous mediation analysis based on the Baron and Kenny (1986) approach to investigate the relationship between IFRS adoption, ACs, and EM. The findings indicate that IFRS adoption has a negative and significant impact on EM practices. Additionally, the study found that AC expertise is positively influenced by the IFRS adoption, while the AC size has a positive correlation with EM levels. The study further revealed that AC expertise has a negative correlation with EM levels and fully mediates the relationship between IFRS adoption and EM. The research's findings carry significant practical implications for a range of stakeholders. Regulators and policymakers in Saudi Arabia should consider the positive impact of IFRS adoption on financial reporting transparency and accountability when evaluating their regulatory framework. Firms can strengthen their corporate governance practices by focusing on the recruitment and training of AC members with robust financial and accounting backgrounds. This emphasis on AC quality, rather than size, is crucial to mitigating EM practices and enhancing the effectiveness of IFRS implementation. Lastly, investors and analysts can utilize these findings to assess the reliability of financial statements and identify firms with robust governance structures. Furthermore, the study contributes to the discourse on financial reporting and governance dynamics in emerging markets, offering insights for future research and policy discussions.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135425759","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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