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Firms’ financing and debt maturity choices: An empirical analysis from the perspective of asset value dynamics 企业的融资和债务期限选择：从资产价值动态角度的实证分析
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-07-17 DOI: 10.1002/jcaf.22742
Richard Fu, Lei Wedge
{"title":"Firms’ financing and debt maturity choices: An empirical analysis from the perspective of asset value dynamics","authors":"Richard Fu,&nbsp;Lei Wedge","doi":"10.1002/jcaf.22742","DOIUrl":"10.1002/jcaf.22742","url":null,"abstract":"<p>We examine empirically the relationship between the dynamics of firm value and their financing and debt maturity choices. Theoretical studies show that the <i>actual drift</i> of firm value is a key determinant of firms’ leverage and debt maturity by incorporating the conflicts between <i>undiversified</i> insiders (managers) and <i>well-diversified</i> outside investors. We empirically analyze firms’ incremental leverage and debt maturity choice important determinants of firms’ leverage and debt maturity, we find that the <i>drift</i>, or the expected return of total assets, does affect the firms’ choices of incremental leverage and debt maturity, as predicted by theoretical studies. Our results provide the evidence that the divergence of interests between <i>undiversified</i> managers and <i>well-diversified</i> shareholders has significant impact on firms’ financing policies that are generally controlled by managers, and the resulting leverage and maturity choices may deviate from maximizing shareholders’ value.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"93-104"},"PeriodicalIF":0.9,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141831488","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
ADRs and Audit Pricing: Influence of disclosure and legal environment regime ADRs 和审计定价：信息披露和法律环境制度的影响
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-07-17 DOI: 10.1002/jcaf.22745
Joseph Callaghan, Seong Cho, Junwoo Kim, Mohinder Parkash
{"title":"ADRs and Audit Pricing: Influence of disclosure and legal environment regime","authors":"Joseph Callaghan,&nbsp;Seong Cho,&nbsp;Junwoo Kim,&nbsp;Mohinder Parkash","doi":"10.1002/jcaf.22745","DOIUrl":"10.1002/jcaf.22745","url":null,"abstract":"<p>Cross-listed firms natively operate in countries where regulations are less enforced, disclosure requirements and the legal environment are laxer than in the US. Thus, cross-listed firms typically pay lower audit fees than US peer groups. Based on reported audit data of the cross-listed firms in the US, this study explores how their home country's regulatory environment affects audit fees when they cross-list on US stock exchanges. The empirical results indicate that the cross-listed firms pay lower audit fees than their US counterparts. However, other regulatory environments in the home country, like disclosure requirements or anti-director dictatorship, may require more audit efforts. Further, the cross-listed firms that prepare reconciliation to US GAAP pay lower audit fees than other ADR firms that are using IFRS or US GAAP. However, still most of ADR firms pay lower audit fees than US counterpart firms.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"139-153"},"PeriodicalIF":0.9,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141828195","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
Analyst forecast revision consistency and reversal: Evidence of stock market efficiency 分析师预测修正的一致性和逆转：股市效率的证据
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-07-09 DOI: 10.1002/jcaf.22744
Lin Chen, Dongfang Nie, Yuan Shi, Yinghong Zhang
{"title":"Analyst forecast revision consistency and reversal: Evidence of stock market efficiency","authors":"Lin Chen,&nbsp;Dongfang Nie,&nbsp;Yuan Shi,&nbsp;Yinghong Zhang","doi":"10.1002/jcaf.22744","DOIUrl":"10.1002/jcaf.22744","url":null,"abstract":"<p>This study reexamines the information content and market price discovery associated with individual analysts' earnings forecast revisions. We refine the definition of high-innovation revisions as high-innovation consistent forecast revisions and high-innovation reversal forecast revisions. Cross-sectional analysis shows that high-innovation reversal good (bad) news revisions, although having larger forecast changes, cause fewer upward (downward) post-revision price shifts than high-innovation consistent good (bad) news revisions. We also find that the market can distinguish which group of analysts provides more useful information about firms’ true value, but it takes some time for the market to digest this useful information.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"124-138"},"PeriodicalIF":0.9,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141666263","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
Persistent internal control failures: Examining multiple consecutive years of disclosing material weaknesses 持续的内部控制失效：检查连续多年披露的重大缺陷
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-07-01 DOI: 10.1002/jcaf.22743
Tian Tian, Shujia Mei (Sue), Tammy Tang
{"title":"Persistent internal control failures: Examining multiple consecutive years of disclosing material weaknesses","authors":"Tian Tian,&nbsp;Shujia Mei (Sue),&nbsp;Tammy Tang","doi":"10.1002/jcaf.22743","DOIUrl":"10.1002/jcaf.22743","url":null,"abstract":"<p>In this study, we analyze a sample of accelerated filers that have reported material weaknesses (MWs) in their internal controls for multiple consecutive years. The recent emphasis by the Securities and Exchange Commission on improving accounting and controls within public companies has led to heightened scrutiny of firms with ongoing MW disclosures. Analyzing data from 2004 to 2021, we find that approximately one-third of MW observations are for 2 or more consecutive years, with the longest duration being 12 years. Our research shows that these firms face progressively higher audit fees and longer audit report lags for each additional year of MW disclosure. Firm–years with long-standing MW disclosures (5 or more consecutive years) have the highest audit fees and the longest audit report lags. Our findings also reveal a significant increase in the likelihood of misstatements during the first and second consecutive years of MW disclosures, and a consistent and notable rise in discretionary accruals over the initial 4 consecutive years of MW reporting for these firms. Overall, our results highlight the financial repercussions for firms that do not promptly address MWs in their internal controls. These consequences include higher audit fees, extended audit report lags, and declining financial reporting quality.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"105-123"},"PeriodicalIF":0.9,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141698892","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 yield curve control under different regimes on Japanese Government bonds and swap markets in the super long term 不同制度下收益率曲线控制对超长期日本国债和掉期市场的影响
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-06-30 DOI: 10.1002/jcaf.22739
Takayasu Ito
{"title":"The impact of yield curve control under different regimes on Japanese Government bonds and swap markets in the super long term","authors":"Takayasu Ito","doi":"10.1002/jcaf.22739","DOIUrl":"https://doi.org/10.1002/jcaf.22739","url":null,"abstract":"<p>Japanese Government Bonds (JGBs) and swap markets in the maturities of 10, 15, 20, and 30 years increased in volatility volatilities after the Bank of Japan (BOJ) expanded the upper limit of yield curve control (YCC) from .2% to .25% on March 19, 2021. The entire sample period is divided in half. Market segmentation is observed between JGB and swap markets in the first half of the YCC. They are integrated except for the maturity of 10 years in the second half of the YCC. In other words, arbitrage works between two markets. After the BOJ expanded the upper limit of the YCC to .25%, structural change occurred in the super long term in relation to JGB and swap markets. The decision by the BOJ has contributed to the normalization of the market function because there has been more room for the benchmark JGB yield of 10 years to move more actively.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"55-60"},"PeriodicalIF":0.9,"publicationDate":"2024-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22739","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143121105","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
The relationship between financial constraints and investment efficiency 金融约束与投资效率的关系
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-06-26 DOI: 10.1002/jcaf.22740
Taewoo Kim, Brandon Byungwhan Lee, Daniel Gyung Paik
{"title":"The relationship between financial constraints and investment efficiency","authors":"Taewoo Kim,&nbsp;Brandon Byungwhan Lee,&nbsp;Daniel Gyung Paik","doi":"10.1002/jcaf.22740","DOIUrl":"https://doi.org/10.1002/jcaf.22740","url":null,"abstract":"<p>This study examines how financial constraints relate to firm-level investment efficiency. Prior research theorizes that corporate borrowing by issue of risky debt induces suboptimal capital investment spending. We extend this research to examine whether firm-level financial constraints and internal investment efficiency are significantly related. We measure firms’ degree of overall financial constraint following the procedure developed by Whited and Wu. Our results indicate that among highly financially constrained firms, overall financial constraints are positively associated with investment, and higher financial constraints are more likely to result in greater investment inefficiency. Furthermore, we find that this relationship is more prominent for companies with high free cash flow, high bankruptcy likelihood, and high growth potential. Our findings that financial constraints have significant influence on corporate investment efficiency should be of interest to company managers, investors, and regulators alike.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"61-80"},"PeriodicalIF":0.9,"publicationDate":"2024-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143119345","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
Trade credit and corporate profitability: Evidence from EU-based SMEs 贸易信贷与企业盈利能力：来自欧盟中小企业的证据
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-06-26 DOI: 10.1002/jcaf.22741
Sónia Silva
{"title":"Trade credit and corporate profitability: Evidence from EU-based SMEs","authors":"Sónia Silva","doi":"10.1002/jcaf.22741","DOIUrl":"https://doi.org/10.1002/jcaf.22741","url":null,"abstract":"<p>This study provides empirical evidence about the impact of granting trade credit to customers on the profitability of EU-based SMEs over 2012–2019. Results show an inverted U-shaped relationship between corporate performance and trade credit – proxied by receivables, meaning a positive relationship between creditors and customers for low levels and a negative relationship for high levels of trade credit. This evidence is concentrated on firms with less financial flexibility, for which any deviation from the maximum point of investment in trade credit represents a negative impact on its performance due to payment delay or even a default event. Results are robust to potential endogeneity issues.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"81-92"},"PeriodicalIF":0.9,"publicationDate":"2024-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143119344","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 cross-language analysis of disclosure properties: Evidence from Hong Kong 披露性质的跨语言分析：来自香港的证据
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-06-20 DOI: 10.1002/jcaf.22738
Chuong Do, Kent Haochuan Hu, Sandeep Nabar
{"title":"A cross-language analysis of disclosure properties: Evidence from Hong Kong","authors":"Chuong Do,&nbsp;Kent Haochuan Hu,&nbsp;Sandeep Nabar","doi":"10.1002/jcaf.22738","DOIUrl":"https://doi.org/10.1002/jcaf.22738","url":null,"abstract":"<p>Using the setting of Hong Kong, we examine how the linguistic properties of financial disclosure differ across languages. We exploit the requirement that firms listed on the Hong Kong Stock Exchange publish annual reports in two languages, English and Chinese. We find that for the same firm, English reports are more positive, convey more uncertainty, and focus more on the past and present and less on the future, than Chinese reports. We also find that English (Chinese) reports are more likely to manage their tone by varying the frequency of positive (negative) words. Finally, the stock market only reacts positively to tone management in Chinese reports. Overall, the results suggest that there are significant and fundamental differences in the linguistic properties of English and Chinese reports and that such differences have material implications for how investors perceive the reports.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"39-54"},"PeriodicalIF":0.9,"publicationDate":"2024-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143117549","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
Matrix-variate risk measures under Wishart and gamma distributions Wishart 和伽马分布下的矩阵变量风险度量
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-06-05 DOI: 10.1002/jcaf.22734
María Andrea Arias-Serna, Francisco José Caro-Lopera, Jean Michel Loubes
{"title":"Matrix-variate risk measures under Wishart and gamma distributions","authors":"María Andrea Arias-Serna,&nbsp;Francisco José Caro-Lopera,&nbsp;Jean Michel Loubes","doi":"10.1002/jcaf.22734","DOIUrl":"10.1002/jcaf.22734","url":null,"abstract":"<p>Matrix-variate distribution theory has been instrumental across various disciplines for the past seven decades. However, a comprehensive examination of financial literature reveals a notable gap concerning the application of matrix-variate extensions to Value-at-Risk (VaR). However, from a mathematical perspective, the core requirement for VaR lies in determining meaningful percentiles within the context of finance, necessitating the consideration of matrix c.d.f. This paper introduces the concept of “matrix-variate VaR” for both Wishart and Gamma distributions. To achieve this, we leverage the theory of hypergeometric functions of matrix argument and integrate over positive definite matrices. Our proposed approach adeptly characterizes a company's exposure by into a comprehensive risk measure. This facilitates a readily computable estimation of the total incurred risk. Notably, this approach enables efficient computation of risk measures under Wishart, exponential, Erlang, gamma, and chi-square distributions. The resulting risk measures are expressed in closed analytic forms, enhancing their practical utility for day-to-day risk management.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"9-23"},"PeriodicalIF":0.9,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141386236","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
Organization capital and financial statement comparability 组织资本和财务报表的可比性
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-05-31 DOI: 10.1002/jcaf.22736
Pallab Biswas, Dinithi Ranasinghe
{"title":"Organization capital and financial statement comparability","authors":"Pallab Biswas,&nbsp;Dinithi Ranasinghe","doi":"10.1002/jcaf.22736","DOIUrl":"https://doi.org/10.1002/jcaf.22736","url":null,"abstract":"<p>We examine whether firms with high organizational capital produce more (less) financial statement comparability. We use firm-level data from the U.S. and apply regression analyses to a sample of 56,459 firm-year observations from 1987 to 2019. Organizational capital encompasses the processes, systems, knowledge, culture, and technology of a firm, playing a crucial role in securing competitive advantages, which leads to enhanced profitability and growth prospects. It has been observed that companies rich in organizational capital experience better financial outcomes. However, these companies also face significant agency issues, as both shareholders and crucial employees have stakes in the cash flows generated by organizational capital. We propose that managers of companies with substantial organizational capital tend to produce financial statements that are less comparable. This strategy allows them to obscure the firm's economic performance from shareholders, aiming to retain a larger portion of the cash flows. The discovery that companies modify comparability in reaction to organization processes, culture and business models captures the attention of regulators and policymakers, who highlight the significance of comparability in enhancing the utility of information for users. The findings extend the literature on the effect of organizational capital on accounting choices.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"24-38"},"PeriodicalIF":0.9,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22736","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143121298","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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