Journal of Corporate Accounting and Finance最新文献_第7页

Firm risk associated with environmental and corporate social disclosure: The moderating role of board gender diversity 与环境和企业社会信息披露相关的企业风险：董事会性别多样性的调节作用

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Journal of Corporate Accounting and Finance Pub Date : 2024-05-11 DOI: 10.1002/jcaf.22725

Furman Ali, Syed Sumair Shah

{"title":"Firm risk associated with environmental and corporate social disclosure: The moderating role of board gender diversity","authors":"Furman Ali, Syed Sumair Shah","doi":"10.1002/jcaf.22725","DOIUrl":"10.1002/jcaf.22725","url":null,"abstract":"This study examines the relationship among corporate social and environmental disclosures, firm risk, and board gender diversity. This paper offers fresh insights into the relationship between corporate social and environmental disclosures and gender diversity and firm risk., Using panel data of Chinese nonfinancial A-share-listed companies from 2008 to 2020, we discover that the correlation between gender diversity on the board and corporate social and environmental disclosures has a significant negative influence on firm risk. The findings also revealed that the impact of gender diversity and corporate social and environmental disclosures is more pronounced to mitigate firm risk in nonstate-owned enterprises than in state-owned enterprises. For robustness, we used the generalized method of moments to control for reverse causality and endogenous variables' existence; the findings are similar to the main results. The study contributes to the literature by offering a contingency approach to examine the relationship between corporate social and environmental disclosures and firm risk and sheds light on the relationship in the context of a developing economy.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"35 4","pages":"202-220"},"PeriodicalIF":0.9,"publicationDate":"2024-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140988991","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

Principles versus rules based standards: Differential impact on accounting quality and relevance 以原则为基础的准则与以规则为基础的准则：对会计质量和相关性的不同影响

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Journal of Corporate Accounting and Finance Pub Date : 2024-05-10 DOI: 10.1002/jcaf.22724

David Cabán

{"title":"Principles versus rules based standards: Differential impact on accounting quality and relevance","authors":"David Cabán","doi":"10.1002/jcaf.22724","DOIUrl":"10.1002/jcaf.22724","url":null,"abstract":"This research explores the transition from rules-based to principles-based accounting standards, particularly focusing on the implementation of ASC 606, and its impact on the quality and value relevance of financial reporting. The study draws on the debate between the detailed, prescriptive nature of rules-based standards versus the flexible, judgment-reliant principles-based standards. Through a comprehensive empirical analysis, it finds that the adoption of ASC 606 has led to a significant improvement in accounting quality, supporting the theory that principles-based standards, which emphasize reflecting the economic substance of transactions, result in more accurate and informative financial statements. Additionally, the paper reveals that this transition has varied effects across different industries, with the most pronounced improvements in sectors characterized by complex customer contracts and multiple performance obligations. The research further indicates an increase in the value relevance of financial reporting post-ASC 606 adoption, suggesting that financial statements now provide more relevant information for investors, thereby enhancing market efficiency. These findings contribute to the ongoing discourse on the optimal approach to financial reporting standards, highlighting the benefits of principles-based standards while also acknowledging the need for strong regulatory frameworks and professional judgment to mitigate the risks of earnings management and ensure high-quality financial reporting.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"35 4","pages":"174-191"},"PeriodicalIF":0.9,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140990133","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

Cryptocurrency portfolio optimization: Utilizing a GARCH-copula model within the Markowitz framework 加密货币投资组合优化：在马科维茨框架内利用 GARCH-copula模型

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Journal of Corporate Accounting and Finance Pub Date : 2024-05-08 DOI: 10.1002/jcaf.22721

Vahidin Jeleskovic, Claudio Latini, Zahid I. Younas, Mamdouh A. S. Al-Faryan

{"title":"Cryptocurrency portfolio optimization: Utilizing a GARCH-copula model within the Markowitz framework","authors":"Vahidin Jeleskovic, Claudio Latini, Zahid I. Younas, Mamdouh A. S. Al-Faryan","doi":"10.1002/jcaf.22721","DOIUrl":"10.1002/jcaf.22721","url":null,"abstract":"The growing interest in cryptocurrencies has brought this new means of exchange to the attention of the financial world. This study aims to investigate the effects that a cryptocurrency can have when it is considered as a financial asset. The analysis is carried out from an ex-post perspective, evaluating the performance achieved in a certain period by three different portfolios. These are the one composed only of equities, bonds and commodities, the second one only of cryptocurrencies, and the third one is a combination of these both ones and thus made up of all considered “traditional” assets and the most performing cryptocurrency of the second portfolio. For these purposes, the classic variance-covariance approach is applied where the calculation of the risk structure is done via the GARCH-Copula and GARCH-Vine Copula approaches. The optimal weights of the assets in the optimized portfolios are determined through Markowitz optimization problem. The analysis mainly showed that the portfolio composed of cryptocurrency and traditional assets has a higher Sharpe index, from an ex-post perspective, and more stable performances, from an ex-ante perspective. We justify our selection of the Markowitz approach over conditional VaR and expected shortfall due to their heightened sensitivity to unsystematic extreme events in crypto markets.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"35 4","pages":"139-155"},"PeriodicalIF":0.9,"publicationDate":"2024-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22721","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141001610","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

Lead independent director reputation incentives and audit fees 首席独立董事声誉奖励和审计费用

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Journal of Corporate Accounting and Finance Pub Date : 2024-05-08 DOI: 10.1002/jcaf.22723

David B. Bryan, Terry W. Mason

引用次数: 0

Nexus among disclosure quality, discretionary accruals and real earnings management practices: An empirical analysis of Malaysian public firms 信息披露质量、酌处权责发生制和实际收益管理实践之间的关联：对马来西亚上市公司的实证分析

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Journal of Corporate Accounting and Finance Pub Date : 2024-04-19 DOI: 10.1002/jcaf.22720

Muhammad Shaheer Nuhu, Zauwiyah Ahmad, Lim Ying Zhee

{"title":"Nexus among disclosure quality, discretionary accruals and real earnings management practices: An empirical analysis of Malaysian public firms","authors":"Muhammad Shaheer Nuhu, Zauwiyah Ahmad, Lim Ying Zhee","doi":"10.1002/jcaf.22720","DOIUrl":"10.1002/jcaf.22720","url":null,"abstract":"Following the financial crisis, business practice and regulatory have become much more interested in corporate disclosure on risk and risk management. The crises necessitate enhancing corporate governance (CG) processes, risk disclosure, reporting, and accounting. This paper aims to empirically analyze specific components of disclosure quality that could be associated with the likelihood of mitigating earnings management (EM) practices. The Bursa Malaysia website, Bloomberg, and the annual reports of the listed firms were utilized as the sources for the data. Descriptive statistics and GLS methods of panel regression were the analytical techniques used in the current investigation. Corporate data of the listed firms on Bursa Malaysia covering financial periods of 2011–2022 were used to examine the research hypotheses. The findings from the panel regression suggested that internal control system disclosure (ICSD) and intellectual capital disclosure (ICD) both have negative and significant associations to the likelihood of EM practices. However, the findings also established negative but insignificant relationships between corporate risk disclosure (CRD), corporate voluntary disclosure (CVD), and the likelihood of EM practices across the sample. This study has implications to companies striving to satisfy shareholders and attract potential investors. The authors add to the growing body of literature on quality disclosure to the larger body of CG literature. Additionally, the study is original as it is the first to consider four qualities (internal control system disclosure, corporate risk disclosure and corporate voluntary disclosure, and voluntary ICD in the Malaysian context of EM practices.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"35 4","pages":"121-138"},"PeriodicalIF":0.9,"publicationDate":"2024-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140683745","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 market reaction of S&P 500 firms to the SEC's mandatory climate disclosure proposal 标准普尔 500 强企业对美国证券交易委员会强制披露气候信息提案的市场反应

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Journal of Corporate Accounting and Finance Pub Date : 2024-04-18 DOI: 10.1002/jcaf.22719

Martin M. Kim

引用次数: 0

Do ECB's rate hikes have spillover effects on the Hungarian BUBOR and the EUR/HUF exchange rate? A five-variable VAR model approach using the Diebold-Yilmaz spillover table 欧洲央行加息对匈牙利银行间同业拆借利率和欧元/匈牙利福林汇率有溢出效应吗？使用 Diebold-Yilmaz 溢出表的五变量 VAR 模型方法

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Journal of Corporate Accounting and Finance Pub Date : 2024-04-18 DOI: 10.1002/jcaf.22716

Molnar Albert, Csiszárik-Kocsír Ágnes

{"title":"Do ECB's rate hikes have spillover effects on the Hungarian BUBOR and the EUR/HUF exchange rate? A five-variable VAR model approach using the Diebold-Yilmaz spillover table","authors":"Molnar Albert, Csiszárik-Kocsír Ágnes","doi":"10.1002/jcaf.22716","DOIUrl":"10.1002/jcaf.22716","url":null,"abstract":"We intend to show the directional volatility spillovers between the European short term interbank lending rates (3-month Euro Interbank Offered Rate [EURIBOR] and Euro Short-Term Rate [ESTR]) and the Hungarian Budapest Interbank Offered Rate (BUBOR) and Euro-Hungarian Forint exchange rate. To determine the extent to which the variables affect each other's volatilities we build a five-variable vector autoregression (VAR) and determine the spillover table like in Diebold-Yilmaz's 2012 work. This methodology is preferred to a simple impulse response function (IRF) because we manage to avoid the problem of non-orthogonal innovations via the generalized forecast error variance decomposition framework. The issue of variable ordering, therefore, does not arise. We focus on three episodes of increased volatility in Hungarian and European short-term interest rates: Q3–Q4 of 2019, Q1 of 2020 and Q3 of 2022. These episodes correspond to volatility spikes in EU markets that to some extent had a measurable spillover effect on Hungarian interbank rates. We find that on average, across the entire sample of 957 observations, about 6.3% of the volatility forecast error variance in all five European and Hungarian variables comes from spillovers. The total and directional spillovers over the sample are extremely low. We conclude that the European Central Bank's surprise policy decisions have a marginal impact on Hungarian interbank rates. We also find that BUBOR is primarily a net receiver of spillovers from the MAX short-term government bond benchmark rather than the EURIBOR—this disproved our initial considerations.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"35 4","pages":"39-57"},"PeriodicalIF":0.9,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22716","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140689666","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

Quality of financial reporting in the Indian insurance industry: Does corporate governance matter? 印度保险业的财务报告质量：公司治理重要吗？

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Journal of Corporate Accounting and Finance Pub Date : 2024-04-18 DOI: 10.1002/jcaf.22717

Barkha Goyal, Rachita Gulati

{"title":"Quality of financial reporting in the Indian insurance industry: Does corporate governance matter?","authors":"Barkha Goyal, Rachita Gulati","doi":"10.1002/jcaf.22717","DOIUrl":"10.1002/jcaf.22717","url":null,"abstract":"This study explores the relationship between financial reporting quality and insurer governance, with the hypothesis that robust governance procedures exert better control over managers’ opportunistic behavior. The analysis is based on a dataset of insurer firms from 2014 to 2021. The econometric results obtained using the two-step system GMM technique reveal that the overarching influence of corporate governance on enhancing financial reporting quality is evident, with board and risk governance matters the most. Among individual governance attributes, the optimal board size, a higher proportion of independent directors, audit and risk committees’ size, and risk committee independence play a significant role in governing discretionary accruals. The efficacy of governance mechanisms considerably differs across life and non-life insurers, shedding light on the nuanced dynamics within the Indian insurance market. The results lend empirical support to resource dependency and agency theories within the Indian insurance sector. The implications suggest potential avenues for amending or redesigning governance norms with specificities of insurers and the ultimate goal of fostering an environment conducive to enhancing the reporting quality of Indian insurance firms.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"35 4","pages":"84-109"},"PeriodicalIF":0.9,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140689754","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 social capital matter to stock price crash risk? Evidence from the US listed firms 社会资本对股价暴跌风险有影响吗？来自美国上市公司的证据

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Journal of Corporate Accounting and Finance Pub Date : 2024-04-18 DOI: 10.1002/jcaf.22718

Liang Sun, Huaibing Yu

引用次数: 0

Does corporate governance affect investment efficiency of Indian firms? Panel evidence from new governance indices 公司治理是否影响印度公司的投资效率？来自新治理指数的面板证据

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Journal of Corporate Accounting and Finance Pub Date : 2024-04-09 DOI: 10.1002/jcaf.22714

Akash Singh Yadav, Inder Sekhar Yadav

{"title":"Does corporate governance affect investment efficiency of Indian firms? Panel evidence from new governance indices","authors":"Akash Singh Yadav, Inder Sekhar Yadav","doi":"10.1002/jcaf.22714","DOIUrl":"10.1002/jcaf.22714","url":null,"abstract":"This study examines the effects of corporate governance (CG) on investment inefficiency for 506 Indian listed firms. Using new stipulations of CG and globally recognized governance practices, an overall corporate governance index (CGI) and five sub-indices such as board index (BINDEX), audit index (AINDEX), ownership index (OINDEX), nomination and remuneration index (NRINDEX), and disclosure index (DINDEX) were constructed. Employing newly developed governance indices along with firm-specific control variables, several pooled regression models were estimated. Robustness checks were conducted using two-step system GMM and an alternate measure of managerial investment efficiency. The pooled estimated coefficient of CGI and sub-indices (except OINDEX) on investment inefficiency, overinvestment and underinvest is found to be negative and significant suggesting that effective/robust governance at firm level reduces investment inefficiencies (improves investment efficiency) through effective supervision and monitoring thereby reducing the opportunistic behavior of managers.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"35 3","pages":"327-349"},"PeriodicalIF":0.9,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22714","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140723690","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