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A contrast of the popularity and the interpretation of non-GAAP earning disclosures in different industries 非美国通用会计准则盈利披露在不同行业的普及程度和解释对比
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-07-20 DOI: 10.1002/jcaf.22652
Kang Cheng, Mohammad Tavakolifar, Barkat Ullah
{"title":"A contrast of the popularity and the interpretation of non-GAAP earning disclosures in different industries","authors":"Kang Cheng,&nbsp;Mohammad Tavakolifar,&nbsp;Barkat Ullah","doi":"10.1002/jcaf.22652","DOIUrl":"10.1002/jcaf.22652","url":null,"abstract":"<p>This study examines non-GAAP disclosures in two selected industries, the consumer nondurable goods industry and the business services industry, to address the question of whether non-GAAP measures are applied and interpreted uniformly across industries, and more importantly, if the market reacts to non-GAAP disclosures similarly across different industries. Industry membership potentially has an impact on the usage and interpretation of non-GAAP disclosures; some industries issue their own policy trying to standardize the use of non-GAAP measures in their industry. However, industry effects on non-GAAP disclosures have not been thoroughly studied. This study fills in the gap. Using hand-collected non-GAAP measures disclosed in the 8-K reports from 308 firms in the selected two industries, this study finds that: (1) the use of non-GAAP measures is more popular than reported in previous studies, and non-GAAP measures are not limited to performance measures; (2) there is weak evidence of industry preference as to which non-GAAP measures are more popular in that industry; and (3) the market reacts differently to non-GAAP disclosures in different industries. Combining the empirical findings, this study documents industry effects and market reactions in the interpretation of non-GAAP disclosures. Considering that these effects have not been formally academically documented in previous studies, this study carries practical implications for investors and financial analysts.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132805918","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 effect of real earnings management on earnings persistence and informativeness before and during COVID-19 实际收益管理对 COVID-19 之前和期间收益持续性和信息性的影响
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-29 DOI: 10.1002/jcaf.22650
Le Thi Bao Nhu, Tran Thi Hong Diem, Yen Thi Tran, Trang Cam Hoang
{"title":"The effect of real earnings management on earnings persistence and informativeness before and during COVID-19","authors":"Le Thi Bao Nhu,&nbsp;Tran Thi Hong Diem,&nbsp;Yen Thi Tran,&nbsp;Trang Cam Hoang","doi":"10.1002/jcaf.22650","DOIUrl":"10.1002/jcaf.22650","url":null,"abstract":"<p>This study examines the effect of real earnings management (REM) on earnings persistence and informativeness and also considered in the context of the COVID-19 pandemic. REM is quantified by two aggregate metrics. The sample consists of 2256 firm-year observations of listed companies in Vietnam from 2016 to 2021. We find evidence that REM is negatively associated with the persistence of earnings and its components, with REM affecting cash flows more strongly than accruals. We also find that REM limits the relationship between current earnings and future cash flows. Furthermore, when confronted with the COVID-19 pandemic, the effect of REM on earnings quality does not improve.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114804122","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
Causality and volatility spillovers of banks' stock price returns on BSE Bankex returns 银行股价回报对 BSE Bankex 回报的因果关系和波动溢出效应
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-23 DOI: 10.1002/jcaf.22648
Baranidharan Subburayan
{"title":"Causality and volatility spillovers of banks' stock price returns on BSE Bankex returns","authors":"Baranidharan Subburayan","doi":"10.1002/jcaf.22648","DOIUrl":"10.1002/jcaf.22648","url":null,"abstract":"<p>This paper investigates the causal relationships and volatility spillovers between the BSE Bankex index and the stock prices of five major Indian banks (Axis Bank, HDFC Bank, ICICI Bank, Kotak Bank, and SBI). Daily data from January 2, 2018 to March 8, 2023 are used, and statistical techniques such as descriptive statistics, Unit Root test, Cointegration test, Ganger Causality test, OLS regression, and GARCH model are employed. The study finds bidirectional causal relationships between the bank stocks and BSE Bankex returns, suggesting that the movement of the bank stocks significantly affects the overall market returns and vice versa. The study also finds significant volatility spillovers between the bank stocks and BSE Bankex returns, implying that the shocks in the bank stocks affect the market returns and vice versa. The study's outcomes have practical implications for investors and policymakers. Investors can use the results to make informed investment decisions in the Indian stock market, while policymakers can use the findings to monitor the financial stability of the banking sector and design appropriate policy interventions to address any potential financial crises. Overall, the study's findings suggest that policymakers should proactively monitor and manage market risks to safeguard overall financial stability.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129520484","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
Repatriation tax and dividend policy 返还税款和股利政策
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-19 DOI: 10.1002/jcaf.22645
Shaddy Douidar, Ninon Sutton
{"title":"Repatriation tax and dividend policy","authors":"Shaddy Douidar,&nbsp;Ninon Sutton","doi":"10.1002/jcaf.22645","DOIUrl":"10.1002/jcaf.22645","url":null,"abstract":"<p>This paper examines the impact of the repatriation tax provision of the Tax Cuts and Jobs Act (TCJA) on firms’ dividend policy. Our findings show that the firms most affected by the repatriation tax provision, that is, those with high foreign sales, reward shareholders by substantially increasing dividends per share, but maintain aggregate dollar dividends. Dividend per share (DPS) increasing firms repurchase at significantly higher magnitudes than non-dividend per share increasing firms, suggesting that DPS increasing firms partially utilize repurchases to avoid substantial increases in their long-term aggregate dividend commitments. We also investigate whether managers reap the rewards of dividend increases, finding that firms with high levels of executive ownership and foreign sales are more likely to increase their dividends per share after the TCJA was enforced. Overall, our results highlight the importance of the interconnection between dividends and repurchases in examining the response of firm payout policy to external shocks.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135336103","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 selection of control variables in capital structure research with machine learning 基于机器学习的资本结构研究中控制变量的选择
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-19 DOI: 10.1002/jcaf.22647
Rumeysa Bilgin
{"title":"The selection of control variables in capital structure research with machine learning","authors":"Rumeysa Bilgin","doi":"10.1002/jcaf.22647","DOIUrl":"https://doi.org/10.1002/jcaf.22647","url":null,"abstract":"<p>The previous literature on capital structure has produced plenty of potential determinants of leverage over the last decades. However, their research models usually cover only a restricted number of explanatory variables, and many suffer from omitted variable bias. This study contributes to the literature by advocating a sound approach to selecting the control variables for empirical capital structure studies. We applied linear LASSO inference approaches to evaluate the marginal contributions of three proposed determinants; cash holdings, non-debt tax shield, and current ratio. While some studies did not use these variables in their models, others obtained contradictory results. Our findings have revealed that cash holdings, current ratio, and non-debt tax shield are crucial factors that substantially affect the leverage decisions of firms and should be controlled in empirical capital structure studies.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50137987","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 teamwork culture and management earnings forecast quality 企业团队合作文化与管理层盈利预测质量
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-15 DOI: 10.1002/jcaf.22646
Wenye Tang, Chunhao Xu, Lili Gai
{"title":"Corporate teamwork culture and management earnings forecast quality","authors":"Wenye Tang,&nbsp;Chunhao Xu,&nbsp;Lili Gai","doi":"10.1002/jcaf.22646","DOIUrl":"https://doi.org/10.1002/jcaf.22646","url":null,"abstract":"<p>We examine the relationship between corporate teamwork culture and firms’ voluntary disclosure, specifically management earnings forecast quality. A new measure of corporate teamwork culture is used, which was calculated using a machine learning approach to analyze earnings call transcripts through a novel word embedding model. We find that firms with stronger corporate teamwork culture are more likely to issue earnings forecasts and file 8-K forms. Further analysis reveals that the corporate teamwork culture score is positively associated with the quality of management earnings forecast. It implies that firms with a stronger teamwork culture issue more accurate earnings forecasts as human harmony cooperation and strong employee responsibility help reduce errors in earnings forecasts. Our new empirical results contribute to the voluntary disclosure and corporate culture literature.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50133875","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
Geographic distance and tax fundamentals: An empirical analysis of location choice of Japanese firms’ outbound mergers and acquisitions 地理距离与税收基本要素：日本企业境外并购地点选择的实证分析
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-15 DOI: 10.1002/jcaf.22649
Yanwen Jiang
{"title":"Geographic distance and tax fundamentals: An empirical analysis of location choice of Japanese firms’ outbound mergers and acquisitions","authors":"Yanwen Jiang","doi":"10.1002/jcaf.22649","DOIUrl":"10.1002/jcaf.22649","url":null,"abstract":"<p>The deterrent effect of geographic distance on international expansion has been extensively examined in extant literature; however, little is known about whether tax-related firm-level characteristics could moderate the deterrent effect although both merger and acquisition (M&amp;A) location decisions and tax-related decisions involve considerable managerial judgments. Results using data on Japanese firms’ outbound M&amp;A from 2010 to 2020 after Japan shifted from a worldwide tax system to a territorial tax system show that the deterrent effect of geographic distance is moderated by high tax avoidance, use of a tax consolidation regime, and a high level of deferred tax asset (DTA) balance. Additionally, we find that the 2017 Tax Reform on Japanese controlled foreign company (CFC) rules reduced the moderating effect of use of a consolidation regime, whereas it enhanced the moderating effect of a high level of DTA balance. These results call for a radical change in further research on various distances to incorporate insight from a tax perspective.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133767610","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 impacts of business ethics and diversity on ESG disclosure: Evidence from Hong Kong 商业道德和多元化对ESG披露的影响——来自香港的证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-07 DOI: 10.1002/jcaf.22644
Kwok Yip Cheung, Chung Yee Lai
{"title":"The impacts of business ethics and diversity on ESG disclosure: Evidence from Hong Kong","authors":"Kwok Yip Cheung,&nbsp;Chung Yee Lai","doi":"10.1002/jcaf.22644","DOIUrl":"https://doi.org/10.1002/jcaf.22644","url":null,"abstract":"<p>This paper investigates the effects of board cultural diversity, audit committee experience diversity as well as business ethics on the effectiveness of oversight quality on ESG performance. Using Generalized Moments of Methods (GMM), we examine the ESG performance of the firms listed in the Hong Kong Hang Seng Composite Index between 2010 and 2015. We find that board cultural diversity and business ethics have positive correlations with ESG performance while audit committee experience diversity has a negative correlation with ESG performance. In our additional analysis, we observe that board cultural diversity is critical for improving social performance and business ethics is essential for improving environmental and social performance. However, audit committee experience diversity limits firm performance in three areas (environmental, social, and governance) of ESG performance. This is the first study that provides insights to both policymakers and practitioners by highlighting the importance of optimizing the levels of diversity and mandating the improvement of business ethics.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50124358","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
Investigating earnings management practices and the role of the board and committees in emerging markets: Evidence from Malaysian public companies 调查盈余管理实践以及董事会和委员会在新兴市场中的作用：来自马来西亚上市公司的证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-05 DOI: 10.1002/jcaf.22642
Muhammad Shaheer Nuhu, Zauwiyah Ahmad, Lim Ying Zhee
{"title":"Investigating earnings management practices and the role of the board and committees in emerging markets: Evidence from Malaysian public companies","authors":"Muhammad Shaheer Nuhu,&nbsp;Zauwiyah Ahmad,&nbsp;Lim Ying Zhee","doi":"10.1002/jcaf.22642","DOIUrl":"https://doi.org/10.1002/jcaf.22642","url":null,"abstract":"<p>This study was aims to examine the significant elements of the audit and board committee in predicting earnings management (EM) for the period of 2010–2021. The study population comprised total number of 775 listed firms on Bursa Malaysia's main market. The annual audited financial statements and reports of the listed firms, firm's websites, Bloomberg and the Bursa Malaysia website were used as method of data collection. The analytical method used in the current study was descriptive statistic and GLS methods of panel regression. The findings of this study suggested that firms with effective CG mechanisms such as, audit committee size (AUDSIZ), audit committee financial expertise (AUDFEXPT), remuneration and nomination committee (R&amp;NC), supervisory board size (SBS), mitigates accrual, and REM. However, the findings also indicated that gender composition (CGEND) were found to be ineffective in predicting EM.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50121780","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
IFRS diffusion and earnings quality: Moderating role of firm size and IFRS specialists 《国际财务报告准则》的扩散和收益质量：公司规模和《国际财务报表准则》专家的调节作用
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-02 DOI: 10.1002/jcaf.22643
Manish Bansal
{"title":"IFRS diffusion and earnings quality: Moderating role of firm size and IFRS specialists","authors":"Manish Bansal","doi":"10.1002/jcaf.22643","DOIUrl":"https://doi.org/10.1002/jcaf.22643","url":null,"abstract":"<p>The study investigates the learning curve impact of International Financial Reporting Standards (IFRS) adoption on earnings quality. In other words, the study investigates how IFRS affects the quality of earnings over time. The study also examines the moderating role of firm size and IFRS specialists/experts on the issue. We use firm-level data of Bombay Stock Exchange listed firms and analyze it through the “Difference in Difference” technique. We find that the association between IFRS and earnings quality changes favorably as the introduction grows longer. In particular, we find that earnings quality is lower during the initial years of IFRS adoption, however, it improves in the later years of adoption, consistent with the notion of diffusion and learning curve theory. Our subsequent tests suggest that small firms are taking more time to percolate through the IFRS system, however, it does not hold when small firms hire IFRS specialists/experts to migrate their older accounts to IFRS, consistent with the notion of resource dependency theory of innovation. Overall, IFRS is found to be a continuous improvement process in emerging nations whose benefit can be derived in the initial years by providing sufficient infrastructural and institutional support, particularly to small firms. Our findings are robust to the problem of endogeneity and offer real-world ramifications for regulatory authorities, accounting-standard setters, and investors.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50121398","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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