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PCAOB inspection deficiencies and audit fees PCAOB 检查缺陷与审计费用
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-28 DOI: 10.1002/jcaf.22662
Pervaiz Alam, Yang Cheng, Laura K. Rickett, Justyna Skomra
{"title":"PCAOB inspection deficiencies and audit fees","authors":"Pervaiz Alam,&nbsp;Yang Cheng,&nbsp;Laura K. Rickett,&nbsp;Justyna Skomra","doi":"10.1002/jcaf.22662","DOIUrl":"10.1002/jcaf.22662","url":null,"abstract":"<p>This study aims to extend research on the effect of PCAOB inspections on audit firm behavior by examining generally accepted auditing standards (GAAS) and generally accepted accounting principles (GAAP) type PCAOB inspection deficiencies, separately, to reveal the differential effects on audit fees in subsequent years. We empirically examine the audit fees of 98,393 client firm-year observations for auditors who received a PCAOB inspection report during 2004–2021 via multivariate regression analyses. We find that GAAS (GAAP) deficiencies are associated with higher (lower) audit fees in the years following the reported deficiency. Our results suggest that the PCAOB inspection process modifies audit firm behavior when GAAS deficiencies are reported leading to the firm charging higher audit fees to defray the costs of addressing the deficiencies, but due to the severity of GAAP deficiencies that are identified, audit firms are willing to negotiate lower fees to retain the client. Our results are primarily driven by annually inspected audit firms. These results suggest that auditors respond to GAAS and GAAP PCAOB inspection deficiencies differently. The results of our study are useful to regulators and policymakers, such as the SEC and the PCAOB, in understanding how auditors respond to PCAOB inspection deficiencies and their due diligence to correct those deficiencies. PCAOB inspections are intended to evaluate compliance with accounting and auditing standards to improve audit quality and our study helps to extend the research to date which has not yet clearly demonstrated whether or not this has been accomplished.</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":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22662","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135425633","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
Restructuring cost and its prediction analysis 重组成本及其预测分析
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-25 DOI: 10.1002/jcaf.22659
Yi Ren, Dong Xiao
{"title":"Restructuring cost and its prediction analysis","authors":"Yi Ren,&nbsp;Dong Xiao","doi":"10.1002/jcaf.22659","DOIUrl":"10.1002/jcaf.22659","url":null,"abstract":"<p>Given the ever-increasing occurrence of corporate restructuring, the relevance of accounting information related to restructuring became more important in financial reporting. We first examine how restructuring cost affects stock returns and find firms with significant restructuring costs have worse stock performance compared with firms without significant restructuring costs. We then establish prediction model to predict the incurrence of future restructuring cost. The performance of the prediction model achieves an AUC (the area under curve) of .84 on the training data and an AUC of .77 when using out-of-sample validation.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135816160","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
Financial reporting complexities: Association with accounting expertise of board and audit committee 财务报告的复杂性：与董事会和审计委员会的会计专业知识有关
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-25 DOI: 10.1002/jcaf.22658
Sylvia Veronica Siregar, Siti Nurwahyuningsih Harahap
{"title":"Financial reporting complexities: Association with accounting expertise of board and audit committee","authors":"Sylvia Veronica Siregar,&nbsp;Siti Nurwahyuningsih Harahap","doi":"10.1002/jcaf.22658","DOIUrl":"10.1002/jcaf.22658","url":null,"abstract":"<p>The purpose of our study is to examine the financial reporting complexity of listed firms in Indonesia and the association between the financial reporting complexity and the accounting expertise of boards (Board of Directors/BOD and Board of Commissioners/BOC) and audit committee members. We use samples of listed firms in Indonesia over the period from 2013 to 2019. We find that financial reporting complexity is negatively associated with the accounting expertise of the BOD, BOC, and audit committee. These results indicate that companies do not try to engage in higher accounting expertise to mitigate the unfavourable impact of financial reporting complexity and that companies tend to use the financial reporting complexity to obfuscate the financial reporting. The novelty of our study is developing an aggregate measure of the financial reporting complexity that has not been used in extant studies. We also have not found any previous studies examining this issue in emerging countries, including Indonesia. The previous study has examined similar issues in the USA, where the USA is a developed country with a high level of investor protection. The varying levels of investor protection may affect the results.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135816610","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
Earnings management around reverse stock splits 围绕反向拆股的盈利管理
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-25 DOI: 10.1002/jcaf.22660
Shrikant P. Jategaonkar, Yuan Shi, Xiaoxiao Song
{"title":"Earnings management around reverse stock splits","authors":"Shrikant P. Jategaonkar,&nbsp;Yuan Shi,&nbsp;Xiaoxiao Song","doi":"10.1002/jcaf.22660","DOIUrl":"10.1002/jcaf.22660","url":null,"abstract":"<p>Utilizing a sample of 1258 reverse stock splits from 1988 to 2019, we contrast earnings management by firms that initiate reverse splits for diverse reasons. Literature suggests that the incentives for reverse splits vary based on firms' stock price ranges. As such, we use the pre-split and target-price ranges to separate the sample into three groups. We find a stark difference in discretionary accruals across these groups. While previous studies have treated earnings management and reverse splits as substitutes, we hypothesize that firms at risk of delisting may employ these two mechanisms as complements. Consistent with the hypothesis, we document a strong positive association between reverse splits and post-split discretionary accruals for firms with pre-split prices below $1. This relationship, however, is non-existent among the remaining two groups. Our findings have two important implications for investors: (i) firms with different motives behind reverse splits exhibit different earnings management behavior and (ii) firms that are likely facing exchange delisting use discretionary accruals in complement with reverse stock splits.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135815846","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 spouse effect and CEO risk-taking 配偶效应与首席执行官的冒险行为
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-21 DOI: 10.1002/jcaf.22655
Qianqian Du, Valerie Li, Lin Wang
{"title":"The spouse effect and CEO risk-taking","authors":"Qianqian Du,&nbsp;Valerie Li,&nbsp;Lin Wang","doi":"10.1002/jcaf.22655","DOIUrl":"10.1002/jcaf.22655","url":null,"abstract":"<p>We examine how a CEO's family life affects their corporate decisions. Specifically, we investigate whether a CEO's spouse's professional status affects the CEO's risk-taking behavior. Using a sample of S&amp;P 500 firms from the 2010 to 2012 period, we find evidence that CEOs with spouses who are professionals, defined as working spouses, spouses holding graduate degrees, or spouses graduated from Ivy League schools, tend to adopt riskier corporate policies. Our evidence suggests that firms led by CEOs with professional spouses exhibit higher accounting return volatility, make more aggressive financial reporting decisions, and invest more in risky assets. We do not find a significant association between professional spouses and firms’ market return volatility. Our results are consistent with the indirect channel theory, which suggests that CEOs with professional spouses might be inclined to undertake higher risks, potentially stemming from heightened conflicts between family and work commitments or improved wealth diversification attributed to their spouses' professional standing.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22655","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136235306","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
Exploring the research landscape of implied volatility index: A bibliometric analysis 探索隐含波动率指数的研究前景：文献计量分析
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-21 DOI: 10.1002/jcaf.22661
Shubham Jain, Suresh Kumar Mittal
{"title":"Exploring the research landscape of implied volatility index: A bibliometric analysis","authors":"Shubham Jain,&nbsp;Suresh Kumar Mittal","doi":"10.1002/jcaf.22661","DOIUrl":"10.1002/jcaf.22661","url":null,"abstract":"<p>The purpose of this study is to present a comprehensive literature review on Implied Volatility (IV) and its significance for investment decisions. The study employs a combination of bibliometric information, qualitative synthesis, and citation analysis to provide an overview of the current research on IV. Additionally, the study maps the research field by identifying leading journals, authors, research centers, and publications. The findings of the study highlight the importance of IV both theoretically and practically, and the fragmented nature of existing knowledge. The comprehensive literature review conducted in this study contributes to the existing body of knowledge on IV. The research limitations of the study are due to the use of a single database for data extraction, which may have resulted in missing some relevant articles. It is suggested that future studies may use multiple databases to improve the comprehensiveness of the literature review.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136235471","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
Do geographic distances proxy a high probability of foreign divestment? Evidence from Japanese multinational firms 地理距离是否代表对外撤资的高概率？来自日本跨国公司的证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-21 DOI: 10.1002/jcaf.22656
Yanwen Jiang, Mikiharu Noma
{"title":"Do geographic distances proxy a high probability of foreign divestment? Evidence from Japanese multinational firms","authors":"Yanwen Jiang,&nbsp;Mikiharu Noma","doi":"10.1002/jcaf.22656","DOIUrl":"10.1002/jcaf.22656","url":null,"abstract":"<p>We aim to provide an unambiguous explanation for the positive influence of the geographic distance between a firm's home and host country on divestment decisions of Japanese multinational firms’ outbound merger and acquisition (M&amp;A). Our analysis of 868 acquisitions made by 496 firms in 45 countries and regions from 2005 to 2015 highlights the importance of drawing a clear distinction among various foreign divestment motives before inferring the impact of geographic distances rashly, especially whether it is failure-driven or global business strategy-driven. We further find that its impact hinges on parent firm- and deal-level attributes, that is, geographic distance is less salient for large firms, young firms, and foreign operations under a complete control mode; however, the opposite was the case for firms with a high debt burden.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136152312","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
Top management team incentive dispersion and audit fees 高层管理团队激励分散与审计费用
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-21 DOI: 10.1002/jcaf.22657
Rachana Kalelkar, Yuan Shi, Hongkang Xu
{"title":"Top management team incentive dispersion and audit fees","authors":"Rachana Kalelkar,&nbsp;Yuan Shi,&nbsp;Hongkang Xu","doi":"10.1002/jcaf.22657","DOIUrl":"10.1002/jcaf.22657","url":null,"abstract":"<p>We study whether heterogeneity in pay-performance sensitivities (PPS) across top management team (TMT) members influences audit fees. Evidence from current literature reveals that the heterogeneity in PPS among TMT affects TMT managers’ motivation to coordinate their activities to manipulate earnings. Since the quality of earnings lowers auditors’ financial reporting risk, we posit that audit fees will be lower when dispersion in the PPS among TMT is high. We demonstrate that audit fees are negatively linked with dispersion in PPS among TMT members. This finding is robust to numerous sensitivity testing. Overall, our findings suggest that firms benefit from the heterogeneity in PPS among TMT members in the form of lower audit fees.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22657","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136155625","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
Firms’ exposure to political risk and financial reporting quality 企业面临的政治风险与财务报告质量
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-08-07 DOI: 10.1002/jcaf.22653
Lukas Timbate, Dereje Ferede Asrat
{"title":"Firms’ exposure to political risk and financial reporting quality","authors":"Lukas Timbate,&nbsp;Dereje Ferede Asrat","doi":"10.1002/jcaf.22653","DOIUrl":"10.1002/jcaf.22653","url":null,"abstract":"<p>We examine the effects of political risk at the firm level on the integrity of financial reports between 2009 and 2019 using a data from U.S. firms. We provide evidence that, as evaluated by quarterly earnings conference call transcripts of companies with analysts that focus on political risk or uncertainty, political risk at the firm level is inversely related to the quality of accounting information. This effect is more likely to happen to firms with a higher agency problem, faster growth, and greater reliance on outside finance. The results persist after controlling macroeconomic variables. Our findings are also robust to alternative financial reporting quality criteria and endogeneity tests, and are economically significant.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123024856","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
Examining auditors’ ability to evaluate the reasonableness of fair value estimates 审查审计人员评估公允价值估算合理性的能力
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-08-01 DOI: 10.1002/jcaf.22654
Sabrina Gong, Yamin Hao, Nam Ho
{"title":"Examining auditors’ ability to evaluate the reasonableness of fair value estimates","authors":"Sabrina Gong,&nbsp;Yamin Hao,&nbsp;Nam Ho","doi":"10.1002/jcaf.22654","DOIUrl":"10.1002/jcaf.22654","url":null,"abstract":"<p>One of the most difficult challenges facing contemporary auditors is evaluating the reasonableness of fair value estimates (FVEs) made by management. Both practitioners and academic studies have shown auditors to be deficient when tasked with assessing FVEs. However, it is not well understood whether the root cause of this deficiency lies in auditors’ lack of knowledge to appropriately evaluate estimates or auditors’ lack of willingness to challenge management. Using the setting of common auditors in M&amp;A transactions, this study empirically examines whether the audit deficiency can be resolved by providing auditors with additional knowledge or willingness. Our results show that common auditors significantly outperform their peers when tasked with assessing the reasonableness of FVEs in purchase price allocations and reducing overallocation to goodwill when managers have incentives to do so. Further, the evidence is consistent with common auditors demonstrating improved performance in challenging information environments, but not in scenarios where risks to auditors may be perceived to be higher. The results suggest that it is their greater asset-specific knowledge that drives mitigation of the audit deficiency and that targeting improvements to knowledge rather than willingness is likely to be more effective in improving auditors’ ability to evaluate FVEs.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129233424","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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