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Sustainable Development and Accounting Conservatism 可持续发展与会计稳健性
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-05-28 DOI: 10.1002/jcaf.22804
Hao Ren
{"title":"Sustainable Development and Accounting Conservatism","authors":"Hao Ren","doi":"10.1002/jcaf.22804","DOIUrl":"https://doi.org/10.1002/jcaf.22804","url":null,"abstract":"<p>At the corporate level, the role of sustainable development in financial reporting quality remains controversial. Drawing on stakeholder theory, this study examines a sample of Chinese A-share listed companies to investigate how sustainable performance, measured by firms’ environmental, social, and governance (ESG) performance, impacts accounting conservatism. Using a firm-level measure of conditional conservatism based on asymmetric earnings timeliness, empirical evidence shows that firms’ ESG performance is associated with higher levels of conditional conservatism, as reflected in all three ESG dimensions. When testing alternative approaches, such as an accrual-based proxy for accounting conservatism, the Sino-Securities Index ESG rating as a substitute, and techniques like propensity score matching and Heckman's two-stage model to tackle endogeneity, the results remain robust. Overall, this study contributes to the existing literature on the linkage between sustainable performance and financial reporting quality, and the findings provide practical implications for firms in adopting conservative accounting practices in response to ESG initiatives.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"232-246"},"PeriodicalIF":1.2,"publicationDate":"2025-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22804","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243045","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
Financial Deception: Analyzing the Solvency Misstatement at Lehman Brothers 财务欺骗：雷曼兄弟偿付能力错报分析
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-05-27 DOI: 10.1002/jcaf.22807
Kazi Saidul Islam, Mohamed Omran
{"title":"Financial Deception: Analyzing the Solvency Misstatement at Lehman Brothers","authors":"Kazi Saidul Islam,&nbsp;Mohamed Omran","doi":"10.1002/jcaf.22807","DOIUrl":"https://doi.org/10.1002/jcaf.22807","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the misrepresentation of solvency at Lehman Brothers, focusing on a pivotal moment in financial history. The analysis reveals that a closer evaluation of the components of the accounting equation indicates significant leverage, which is critical to understanding Lehman's overall solvency. In contrast, liquidity pertains only to short-term solvency. The findings are viewed through the lens of agency theory and insights from positive accounting theory, particularly about managers’ self-interest and the role of corporate governance in mitigating managerial opportunism that led to significant misstatements in financial reports. It was noted that Lehman's CEO withdrew considerable amounts through bonus compensations and equity sales. Testing the debt-equity hypothesis showed that Lehman manipulated solvency figures to obscure excessive leverage resulting from substantial debts. This investigation highlights how deceptive financial practices can have extensive repercussions, underscoring the need for transparency and accountability within the banking sector. Understanding these misstatements is essential to prevent future crises and foster a more ethically sound financial environment. Additionally, ineffective governance and inadequate audits manipulated accounting transactions that obscured Lehman's solvency risks.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"201-217"},"PeriodicalIF":1.2,"publicationDate":"2025-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243110","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
Corporate Diversification, Managerial Overexpansion, and Accounting Measures of Firm Performance 公司多元化、管理过度扩张与企业绩效的会计衡量
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-05-26 DOI: 10.1002/jcaf.22800
Kingsley O. Olibe, Chairat Chuwonganant, Jeffrey W. Strawser, William R. Strawser
{"title":"Corporate Diversification, Managerial Overexpansion, and Accounting Measures of Firm Performance","authors":"Kingsley O. Olibe,&nbsp;Chairat Chuwonganant,&nbsp;Jeffrey W. Strawser,&nbsp;William R. Strawser","doi":"10.1002/jcaf.22800","DOIUrl":"https://doi.org/10.1002/jcaf.22800","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the effects of international diversification on the operating and market performance of US multinationals, using foreign fixed assets as a proxy for the degree of international diversification. We measure performance on multiple dimensions: stock price, stock returns, operating income, and operating cash flows. We posit a nonlinear association between diversification and our financial performance measures and test this by conducting two complementary analyses: an initial test based on a linear model and a second test based on a quadratic specification. Our results suggest a negative association in the quadratic model, consistent with prior work that suggests overexpansion of foreign investment decreases operating performance and lowers firm value. Overall, the evidence suggests that the assumed linear dynamics used in prior research appear to be an incomplete tool to describe the relation between firms’ foreign expansion and firm performance.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"167-178"},"PeriodicalIF":1.2,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243184","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
Use of Component Auditors in Multinational Group Audits and Investment Efficiency 成分审计师在跨国集团审计中的运用与投资效率
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-05-26 DOI: 10.1002/jcaf.22799
Li-Jen Chen
{"title":"Use of Component Auditors in Multinational Group Audits and Investment Efficiency","authors":"Li-Jen Chen","doi":"10.1002/jcaf.22799","DOIUrl":"https://doi.org/10.1002/jcaf.22799","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the potential effect of using component auditors in multinational group audits (group audits) on the investment efficiency of multinational companies (MNCs). Group audits tend to negatively affect MNCs’ investment efficiency by creating an opaque information environment and impairing auditors’ monitoring efficacy. Using a sample of US MNCs, this study demonstrates a positive association between group audits and underinvestment (overinvestment) in settings prone to underinvestment (overinvestment). In other words, among MNCs that are likely to underinvest (overinvest), those with group audits underinvest (overinvest) more. Furthermore, to address the concern that using group audits may be driven by MNCs’ characteristics, propensity score matching (PSM) and entropy balancing procedures are employed to pre-treat the sample. The results hold with using the treated samples. This study extends the literature on the effect of group audits on audit outcomes and investor's response by providing evidence that group audits can also affect business outcomes.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"155-166"},"PeriodicalIF":1.2,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243182","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
Asset Tangibility and Capital Structure: Does Institutional Heterogeneity Matter? 资产有形性与资本结构：制度异质性是否重要？
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-05-26 DOI: 10.1002/jcaf.22801
Sharif Mazumder
{"title":"Asset Tangibility and Capital Structure: Does Institutional Heterogeneity Matter?","authors":"Sharif Mazumder","doi":"10.1002/jcaf.22801","DOIUrl":"https://doi.org/10.1002/jcaf.22801","url":null,"abstract":"<div>\u0000 \u0000 <p>Existing studies of capital structure show a positive association between tangible assets and leverage, but these studies have ignored the potential systematic variation in magnitude due to institutional heterogeneity across countries. Using a sample from 32 countries, we find that the association between tangible assets and leverage is weaker if firms are located in countries with stronger creditors’ rights, better financial development, good governance, and more transparency. Using the US subprime mortgage crisis as a quasi-natural experiment, we find that the role of tangibility as a determinant of leverage becomes stronger during the crisis period. However, stronger institutional environments (i.e., stronger creditors rights, better financial development, good governance, and high country-level transparency) play a pivotal moderating role and reduce this enhanced association during the crisis period.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"179-200"},"PeriodicalIF":1.2,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243183","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
Manager Sentiment and Merger Activities 经理人情绪与并购活动
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-04-23 DOI: 10.1002/jcaf.22796
Brandon Byunghwan Lee, Bo Meng, Nhat Q. Nguyen, Daniel Gyung Paik, Anand M. Vijh
{"title":"Manager Sentiment and Merger Activities","authors":"Brandon Byunghwan Lee,&nbsp;Bo Meng,&nbsp;Nhat Q. Nguyen,&nbsp;Daniel Gyung Paik,&nbsp;Anand M. Vijh","doi":"10.1002/jcaf.22796","DOIUrl":"https://doi.org/10.1002/jcaf.22796","url":null,"abstract":"<p>This study investigates the ability of manager sentiment to predict corporate merger activity. Prior research suggests that during periods of high sentiment, managers tend to overestimate the future prospects of their firms. We thus hypothesize that, during such periods, managers may also overestimate the future cash flows from the mergers they undertake. Consistent with this, we find that higher manager sentiment predicts increased merger activities for up to four quarters ahead, and this predictive ability is driven primarily by cash mergers. The result holds at both the market level and the industry level. Additionally, managers finance these cash mergers by issuing debt rather than equity. Furthermore, we find that investors react negatively to mergers initiated during periods of high manager sentiment; however, this result is driven by stock mergers, suggesting that investors may not recognize manager sentiment as a factor driving the increase in cash merger activity. Finally, we demonstrate that the predictive power of manager sentiment on merger activities is distinct from that of manager overconfidence and investor sentiment. Our study contributes to research on behavioral finance and mergers and acquisitions (M&amp;A).</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"127-154"},"PeriodicalIF":1.2,"publicationDate":"2025-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22796","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145243107","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
Does the Adoption of iXBRL Improve Data Usability? Evidence From Future Earnings Response Coefficients 采用iXBRL能提高数据可用性吗？来自未来盈余反应系数的证据
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-04-16 DOI: 10.1002/jcaf.22791
Yimei Zhang, Yuxin Shan
{"title":"Does the Adoption of iXBRL Improve Data Usability? Evidence From Future Earnings Response Coefficients","authors":"Yimei Zhang,&nbsp;Yuxin Shan","doi":"10.1002/jcaf.22791","DOIUrl":"https://doi.org/10.1002/jcaf.22791","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines how the adoption of iXBRL affects future earnings response coefficients (FERCs), which measure investors’ ability to predict future performance and impound the prediction into the current-year stock price. We find that the adoption of iXBRL is positively associated with FERCs. This finding indicates that investors can better anticipate the future performance from iXBRL filings and reflect it on the current stock price. We also find that the number of standardized and extension tags can strengthen the association between iXBRL adoption and FERCs, demonstrating the benefit of those two tags in enhancing investors’ capabilities to analyze complex financial disclosures. Our findings are informative to the SEC regarding the effectiveness of the iXBRL mandate. We also contribute to the emerging literature on iXBRL adoption and the usability of iXBRL filings.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"49-88"},"PeriodicalIF":1.2,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242915","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
Decoding Due Diligence Delays: The Role of Earnings Management in European Mergers and Acquisitions Outcomes 解读尽职调查延迟：盈余管理在欧洲并购结果中的作用
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-04-16 DOI: 10.1002/jcaf.22793
Vasileios Baralis, Ioannis Dokas, Christos Leontidis, Eleftherios Spyromitros
{"title":"Decoding Due Diligence Delays: The Role of Earnings Management in European Mergers and Acquisitions Outcomes","authors":"Vasileios Baralis,&nbsp;Ioannis Dokas,&nbsp;Christos Leontidis,&nbsp;Eleftherios Spyromitros","doi":"10.1002/jcaf.22793","DOIUrl":"https://doi.org/10.1002/jcaf.22793","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the relationship between the earnings management practices of target firms prior to mergers and acquisitions (M&amp;A) announcements and the duration of post-announcement due diligence. Utilizing a dataset of 1070 publicly listed European target firms that participated in M&amp;A transactions from 2005 to 2023, we provide robust evidence that earnings management, specifically through accruals and production cost manipulation, is significantly associated with extended due diligence periods. Our analysis reveals that income-increasing accrual-based earnings management and income-decreasing manipulation of production costs contribute to a notable prolongation of due diligence. Furthermore, this research examines the moderating role of information asymmetry, focusing on cross-border and inter-sector transactions. The findings indicate that the positive association between earnings management and due diligence duration remains significant, even in heightened information asymmetry. These results suggest that acquirers possess the required means and mechanisms to accurately assess the financial status of target firms, even when such firms engage in alleged, less detectable real earnings management practices or when the transactions occur within unfamiliar national and industry contexts.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"89-107"},"PeriodicalIF":1.2,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242916","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
Reassessing the Mispricing of Intangible Information: Do Investors Recognize the Diminishing Effect on Future Earnings? 重新评估无形信息的错误定价：投资者是否认识到对未来收益的递减影响？
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-04-16 DOI: 10.1002/jcaf.22790
Xingyuan Fei, Yong-Chul Shin
{"title":"Reassessing the Mispricing of Intangible Information: Do Investors Recognize the Diminishing Effect on Future Earnings?","authors":"Xingyuan Fei,&nbsp;Yong-Chul Shin","doi":"10.1002/jcaf.22790","DOIUrl":"https://doi.org/10.1002/jcaf.22790","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper revisits and provides an explanation for the negative relationship between intangible information and future stock returns, as identified in an influential study by Daniel and Titman. Our empirical analysis reveals that while intangible information has a positive relationship with future earnings, this association weakens in a <i>diminishing</i> fashion overtime. As a result, due to this diminishing effect, intangible information has negative implications for firms’ future profitability growth. Our findings suggest that investors’ mispricing of intangible information stems from their misunderstanding of this diminishing impact of intangible information on future earnings. Once we control for the diminishing effect, the negative relationship between intangible information and future abnormal returns no longer holds.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"37-48"},"PeriodicalIF":1.2,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242914","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
Lease Accounting Standard (ASC 842), Temporary Book-Tax Differences, and Capital Market Uncertainty 租赁会计准则（ASC 842），临时账面税收差异，和资本市场的不确定性
IF 1.2
Journal of Corporate Accounting and Finance Pub Date : 2025-04-16 DOI: 10.1002/jcaf.22794
Yan Zhou, Shihui Fan
{"title":"Lease Accounting Standard (ASC 842), Temporary Book-Tax Differences, and Capital Market Uncertainty","authors":"Yan Zhou,&nbsp;Shihui Fan","doi":"10.1002/jcaf.22794","DOIUrl":"https://doi.org/10.1002/jcaf.22794","url":null,"abstract":"<p>Currently, the Financial Accounting Standards Board (FASB) is conducting a post-implementation review of the Accounting Standards Codification (ASC) 842 lease accounting standard, which underscores the need for academic research regarding the performance and impact of the lease standard in the capital market. This study provides evidence through the lens of tax and capital market consequences. Specifically, we examine the impact of ASC 842 on market uncertainty via the mediator of temporary book-tax differences (BTDs) for the sample period of 2016–2021. Using difference-in-difference analyses, we find that relative to control firms, treatment firms report higher temporary BTDs and experience greater market uncertainty. Further analysis shows that the increase in market uncertainty among treatment firms is driven mainly by the increase in temporary BTDs. Our study contributes to the leasing accounting literature and considers the implications of the ASC 842 lease accounting standard from the tax perspective and market reaction.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"108-126"},"PeriodicalIF":1.2,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22794","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242913","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
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