Journal of Corporate Accounting and Finance最新文献_第5页

Effects of Critical Audit Matter (CAM) Industry Norm and Auditor—CEO Social Tie on Nonprofessional Investors’ Financial Reporting Risk Assessments 关键审计事项行业规范和审计师- ceo社会关系对非专业投资者财务报告风险评估的影响

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-07-05 DOI: 10.1002/jcaf.70004

Li Huang, Fangjun Xiao

引用次数: 0

Extending Risk Horizons: Impact of Carbon Emissions on Firm Default Risk Based on Global Panel Data 扩展风险视野：基于全球面板数据的碳排放对企业违约风险的影响

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-06-22 DOI: 10.1002/jcaf.22808

Masayasu Kanno

{"title":"Extending Risk Horizons: Impact of Carbon Emissions on Firm Default Risk Based on Global Panel Data","authors":"Masayasu Kanno","doi":"10.1002/jcaf.22808","DOIUrl":"https://doi.org/10.1002/jcaf.22808","url":null,"abstract":"<div>\u0000 \u0000 <p>This study assesses the impact of carbon emissions on firms' default risk in 44 major countries for overcoming the “tragedy of the horizon.” Carbon emissions affect firms' risk profiles at risk horizons through physical and transitional climate risks. A critical management issue is the likelihood and magnitude of climate change's impacts affecting firms' credit risk. We propose a random-effects logistic generalized least squares regression model for panel data to examine the impacts and the firm heterogeneity by country and sector. The global and country-wise panel data analyses show that carbon emissions increase firms' PDs in the global and four-country markets for all risk horizons, whereas the sector-wise analyses show that high carbon emissions reduce firms' PDs only in the industrials sector out of four sectors. In addition, for three countries (the United States, the United Kingdom, and Japan) and four sectors, the longer the risk horizon, the more the heterogeneity represented by the between-firm residual variance decreases, whereas for China, the heterogeneity with Scope 3 fluctuates. Overall, this study provides an effective credit risk analysis methodology that considers carbon emissions for related entities, such as firms, lenders, investors, regulators, and policymakers.</p></div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 1","pages":"81-100"},"PeriodicalIF":1.2,"publicationDate":"2025-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145969946","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

Informativeness of Critical Audit Matter (CAM) Disclosures: Investor Perceptions and Market Reactions 关键审计事项披露的信息量：投资者认知和市场反应

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-06-18 DOI: 10.1002/jcaf.22810

Joo Ha

引用次数: 0

Are Most Admired Companies More Responsible? 最受尊敬的公司是否更负责任？

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-06-10 DOI: 10.1002/jcaf.22809

Kelly Huang, Yanglin Li

引用次数: 0

Effects of Accounting Standard Choice on Analyst Forecast Behavior Evidence From Cross-Listed Firms in the United States 会计准则选择对美国交叉上市公司分析师预测行为的影响

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-06-04 DOI: 10.1002/jcaf.22803

Li-Chin Jennifer Ho, Xiaoxiao Song

{"title":"Effects of Accounting Standard Choice on Analyst Forecast Behavior Evidence From Cross-Listed Firms in the United States","authors":"Li-Chin Jennifer Ho, Xiaoxiao Song","doi":"10.1002/jcaf.22803","DOIUrl":"https://doi.org/10.1002/jcaf.22803","url":null,"abstract":"<div>\u0000 \u0000 <p>In this study, we examine whether the choice between International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP) affects financial analysts’ forecast behavior as reflected in the coverage, accuracy, and dispersion of earnings forecasts. Based on a hand-collected dataset from SEC filings (Form 20-F or 40-F) and a sample of 408 unique cross-listed firms (1,699 firm-year observations) from 2005 to 2015, our findings indicate that both analyst location and home-country institutional characteristics are important factors in affecting the association between the choice of IFRS versus US GAAP and analyst behavior in the US market. Specifically, for the US-based analysts, we have no evidence of significant differences in analyst coverage, forecast accuracy, or forecast dispersion between IFRS and US GAAP users. Within the group of non-US analysts, however, IFRS users tend to attract fewer analysts and have more accurate earnings forecasts. Additionally, for firms from countries with strong enforcement regimes, IFRS users are associated with lower analyst coverage and greater forecast accuracy. These effects, however, do not exist for firms from weak enforcement countries. This study contributes to the literature on IFRS and cross-listing by offering insights into the role of accounting standards in shaping analyst forecast behavior. Our findings are relevant to policymakers, standard setters, and financial analysts, highlighting the broader implications of accounting standard choices on market participants.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 1","pages":"9-30"},"PeriodicalIF":1.2,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145993885","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

Foreign Ownership, Economic Policy Uncertainty, and Accounting Conservatism: New Evidence From Korea 外资所有权、经济政策不确定性与会计稳健性：来自韩国的新证据

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-06-04 DOI: 10.1002/jcaf.22805

Sang Ho Kim, Yohan An

{"title":"Foreign Ownership, Economic Policy Uncertainty, and Accounting Conservatism: New Evidence From Korea","authors":"Sang Ho Kim, Yohan An","doi":"10.1002/jcaf.22805","DOIUrl":"https://doi.org/10.1002/jcaf.22805","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate the moderating effect of foreign ownership on the relationship between economic policy uncertainty (EPU) and accounting conservatism. It is known that an increase in EPU is likely to deteriorate Korean firms’ conservatism largely due to the weak corporate governance and inefficient information environment. In contrast, the presence of foreign ownership would improve the financial reporting quality of Korean firms because foreign shareholders are expected to actively monitor and restrict managers’ opportunistic behaviors. Therefore, we posit that foreign investors are likely to demand more conservatism when EPU increases in Korean capital market. This study adopts <i>C-score</i> as suggested by Khan, Watt, and Basu (1997) based on Basu (1997)’s asymmetric timeliness test model to measure Korean firms’ accounting conservatism. This study uses panel dataset with a total of 22,882 firm-year observations during the sample period from 2000 to 2018. Consistent with our reasoning, we find that foreign ownership positively moderate on the relationship between EPU and conservatism in Korean firms. But this positive moderating effect is not found in business group-affiliated firms, in which a small number of controlling shareholders exert huge influence, exceeding their voting power. Also, this positive moderating effect becomes more pronounced when the foreign shareholders are the largest shareholders. The results are robust with alternative conservatism measures, alternative economic uncertainty measures, and more control variables.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"37 1","pages":"31-47"},"PeriodicalIF":1.2,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145969653","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

Momentum and Capital Structure in the Australian Stock Market 澳大利亚股票市场的动量和资本结构

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-30 DOI: 10.1002/jcaf.22806

Quy Duong Le

{"title":"Momentum and Capital Structure in the Australian Stock Market","authors":"Quy Duong Le","doi":"10.1002/jcaf.22806","DOIUrl":"https://doi.org/10.1002/jcaf.22806","url":null,"abstract":"<div>\u0000 \u0000 <p>Although there is broad consensus on a robust momentum effect in Australia, the interaction between momentum and capital structure has been underexplored in the literature. This paper explicitly examines whether capital structure promotes momentum trading in the Australian stock market. The data sample includes over 1800 stocks listed on the Australian Stock Exchange from 2000 to 2023. We construct momentum portfolios using the monthly rolling and overlapping techniques. Two ratios are calculated to measure the firms’ capital structure: the book-value and market-value financial leverages. Irrespective of the capital structure measure, the superior returns of the Winner quintile are concentrated in highly leveraged stocks. In contrast, the high-leverage Loser performs worst among the Loser quintile. The return of momentum strategy enhanced with capital structure is more than 1.5 times the original momentum profit. The risk-adjusted analysis paints a similar return pattern. Additionally, we observe high volatility in earnings and cash flows for highly leveraged stocks, leading to significant mispricing. Thus, the interaction between momentum and capital structure may stem from increased misvaluation, consistent with a behavioral explanation.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"265-276"},"PeriodicalIF":1.2,"publicationDate":"2025-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243147","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

An Empirical Analysis of External and Internal Factors Affecting Manufacturing Firm Failure and Resilience 影响制造业企业失败与弹性的内外部因素实证分析

IF 0.9

Journal of Corporate Accounting and Finance Pub Date : 2025-05-29 DOI: 10.1002/jcaf.22797

Ting-Tsen Yeh, Yuanzhang Xiao, Shirley J. Daniel, Minh Nguyen

引用次数: 0

Does Banking Deregulation Promote Corporate Investment Efficiency? Evidences From the Entry of City Commercial Banks in China 银行业放松管制是否能提高企业投资效率？来自中国城市商业银行进入的证据

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-29 DOI: 10.1002/jcaf.22798

Yunhui Shi, Peng Wu

{"title":"Does Banking Deregulation Promote Corporate Investment Efficiency? Evidences From the Entry of City Commercial Banks in China","authors":"Yunhui Shi, Peng Wu","doi":"10.1002/jcaf.22798","DOIUrl":"https://doi.org/10.1002/jcaf.22798","url":null,"abstract":"<div>\u0000 \u0000 <p>This study empirically analyzes the effects of banking deregulation on corporate investment efficiency in China. By introducing the first deregulation on city commercial bank entry and exploiting a staggered difference-in-difference regression model, we find that the entry of city commercial banks significantly promoted the overall investment efficiency of firms located in cities that implemented this deregulation. It mainly alleviated the underinvestment problem and, however, had little impact on the overinvesting firms. The cross-sectional analysis indicates that the effects were more pronounced for financially constrained firms, including non-SOEs, SMEs, and firms with strong dependence on external finance. We explain these findings by investigating whether the entry of city commercial banks alleviated the financing constraints of firms and find that following the deregulation, the financially constrained firms experienced a substantial increase in their access to long-term bank loans, as well as a drop in the investment-cash flow sensitivity.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"247-264"},"PeriodicalIF":1.2,"publicationDate":"2025-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243191","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

Can Trade-Off Theory Explain Net Working Capital Management Decisions? 权衡理论能解释净营运资本管理决策吗？

IF 1.2

Journal of Corporate Accounting and Finance Pub Date : 2025-05-28 DOI: 10.1002/jcaf.22802

Haowen Luo

引用次数: 0