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Does uncertainty in the banking sector slow down corporate performance? 银行业的不确定性是否会拖累企业业绩？
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-11-27 DOI: 10.1002/jcaf.22682
Japan Huynh
{"title":"Does uncertainty in the banking sector slow down corporate performance?","authors":"Japan Huynh","doi":"10.1002/jcaf.22682","DOIUrl":"https://doi.org/10.1002/jcaf.22682","url":null,"abstract":"<p>The paper explores the effects of banking uncertainty on corporate performance. Utilizing data from 2007 to 2022 in Vietnam and a comprehensive methodology to assess the performance of the sampled firms, our analysis reveals a detrimental impact of banking uncertainty on firm performance. Specifically, heightened uncertainty leads to diminished profitability ratios, reduced operational efficiency, constrained growth potential, and a decline in market valuation for firms. Our findings also indicate that firms may accumulate higher levels of liquidity in response to amplified uncertainty. Additionally, the subdued performance of firms attributable to banking uncertainty is more pronounced among those burdened with elevated bank debts. Interestingly, while the average impact of banking uncertainty on firm performance appears to be weak as a whole, this impact becomes notably magnified for firms maintaining greater credit relationships with banks. Our results are robust to different model specifications, variables, and subsamples. Overall, we provide evidence that banking uncertainty has important implications for corporate performance.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140537614","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
A hybrid entity structure for tax optimization of foreign direct investment in the U.S. 优化在美外国直接投资税收的混合实体结构
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-11-27 DOI: 10.1002/jcaf.22675
Thomas Kollruss
{"title":"A hybrid entity structure for tax optimization of foreign direct investment in the U.S.","authors":"Thomas Kollruss","doi":"10.1002/jcaf.22675","DOIUrl":"10.1002/jcaf.22675","url":null,"abstract":"<p>This article develops a new strategy for the (tax) optimization of foreign direct investments in the U.S. This strategy is particularly favorable for natural persons. By using a foreign upstream hybrid partnership, a substantial tax optimization of the current taxation of profits as well as the taxation of capital gains can be achieved. In addition, current and final losses may also be offset cross-border to a certain extent in the case of an exemption under treaty law. This tax structuring idea is presented by way of example and explained on the basis of the country constellation U.S./Germany.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22675","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139234144","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
SME tax avoidance in the presence of informal competition from shadow economy 影子经济非正规竞争下的中小企业避税问题
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-11-22 DOI: 10.1002/jcaf.22681
Omar Farooq, Mohamed Elbannan
{"title":"SME tax avoidance in the presence of informal competition from shadow economy","authors":"Omar Farooq,&nbsp;Mohamed Elbannan","doi":"10.1002/jcaf.22681","DOIUrl":"10.1002/jcaf.22681","url":null,"abstract":"<p>Using the data for Indian SMEs, this paper examines in an emerging market setting whether firms with exposure to informal competition are more likely to avoid taxes. We use a sample of 9281 Indian firms that responded to the World Bank Enterprise Survey and find empirical evidence that supports this conjecture. We find that firms headquartered in states/provinces with better business environment and firms with more competitive position in the market are less likely to avoid taxes in response to informal competition. This paper also shows that firms that avoid taxes are more likely to invest in innovation and have more efficient operations than the firm that does not avoid taxes.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139246791","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 theories of capital structure: Empirical insights from companies listed in Vietnam 重新评估资本结构理论：越南上市公司的经验启示
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-11-20 DOI: 10.1002/jcaf.22678
Ya Dai, Liang Guo, Chang Guo, Hongxian Zhang
{"title":"Reassessing theories of capital structure: Empirical insights from companies listed in Vietnam","authors":"Ya Dai,&nbsp;Liang Guo,&nbsp;Chang Guo,&nbsp;Hongxian Zhang","doi":"10.1002/jcaf.22678","DOIUrl":"10.1002/jcaf.22678","url":null,"abstract":"<p>Over the past decade, the Vietnamese capital market has undergone a remarkable transformation, with a significant focus on its stock market that has displayed substantial expansion since 2012. This research delves into the impact of this market progression on the choices pertaining to capital structure made by companies listed in Vietnam. By analyzing a range of trade-off and pecking order models and amalgamating them into a unified regression framework, we gauge their capacity to elucidate these decisions. Our study outcomes unveil that the trade-off theory offers a more robust rationale for the capital structure determinations of Vietnamese companies, particularly during the post-2012 period. Furthermore, we observe a notable increase in the pace of leverage adjustments made by Vietnamese companies post-2012. Subsequent analysis indicates that this acceleration is primarily driven by overleveraged firms, as opposed to underleveraged ones. This study contributes valuable insights into the relationship between capital market development and capital structure choices within the Vietnamese context. It offers important implications for policymakers, investors, and corporate decision-makers seeking to better understand and navigate the evolving dynamics of the Vietnamese capital market.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139257463","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 relationship of board diversity and stock performance in monistic and dualistic board structures: Results from Germany and UK 一元和二元董事会结构下董事会多样性与股票表现的关系：德国和英国的研究结果
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-11-16 DOI: 10.1002/jcaf.22676
Tim Alexander Herberger, Andreas Oehler
{"title":"The relationship of board diversity and stock performance in monistic and dualistic board structures: Results from Germany and UK","authors":"Tim Alexander Herberger,&nbsp;Andreas Oehler","doi":"10.1002/jcaf.22676","DOIUrl":"10.1002/jcaf.22676","url":null,"abstract":"<p>The analysis of the relationship between board diversity and corporate performance is a well-documented area of research. Our analysis of the stock market in Germany and the United Kingdom (UK) from 2005 to 2018 contributes to the literature by considering different corporate constitutions (monistic and dualistic) as well as a variety of diversity factors and diversity potential factors in a uniform analytical framework. We implement the stock price performance as a company performance proxy because this can be observed more easily by non-professional investors than Tobin's Q, commonly used in former studies, and represents a pure market-based view of the company performance. Based on generalized least squares panel regressions (GLS), our results reveal no significant difference between monistic and dualistic corporate constitutions regarding a possible relationship between diversity and company performance. They support former studies that the size of a top management board is significantly negatively related to company performance in the long run. Furthermore, no significant correlation can be found between changes in a board in a fiscal year and company performance, which was analyzed for the first time in such a framework.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22676","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139266802","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
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
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