Journal of Corporate Accounting and Finance最新文献_第8页

Relative Importance of Accounting Standards and National Regulatory Frameworks on Opportunistic Asset Sales Decisions 会计准则和国家监管框架对机会性资产出售决策的相对重要性

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Journal of Corporate Accounting and Finance Pub Date : 2025-01-26 DOI: 10.1002/jcaf.22783

Domenico Campa, Ray Donnelly

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Regulatory Fragmentation and Operational Efficiency 监管碎片化和运营效率

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Journal of Corporate Accounting and Finance Pub Date : 2025-01-25 DOI: 10.1002/jcaf.22780

Hongkang Xu

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Disaggregated Financial Statement Comparability 分类财务报表可比性

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Journal of Corporate Accounting and Finance Pub Date : 2025-01-21 DOI: 10.1002/jcaf.22781

Matt Bjornsen, Sarah Borchers, Matthew A. Stallings

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Corporate Life Cycles and Analyst Recommendations 公司生命周期和分析师建议

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-25 DOI: 10.1002/jcaf.22778

Ahmed Al Hadi, Abdulsamad Alazzani

{"title":"Corporate Life Cycles and Analyst Recommendations","authors":"Ahmed Al Hadi, Abdulsamad Alazzani","doi":"10.1002/jcaf.22778","DOIUrl":"https://doi.org/10.1002/jcaf.22778","url":null,"abstract":"<p>This study examines the relationship between firm life cycle stages and analyst recommendations. Using a dataset covering 1995 to 2022, we refine the sample to 62,731 firm-year observations and employ established models to create proxies for the corporate life cycle stages. The regression results reveal positive and significant associations between three life cycle stages—introduction, growth, and maturity (compared to shake-out)—and analyst recommendations, while the decline stage (compared to shake-out) is negatively associated with analyst recommendations. In an additional analysis, we find that financial distress impacts analyst recommendations, particularly in the introduction and decline stages, an association that reflects agency considerations and information asymmetry. An analysis of the interaction between analyst recommendations and corporate risk-taking reveals varying effects across the life cycle stages. Risk-taking and analyst recommendations positively interact in the introduction, growth, and decline stages, with a positive relationship in the maturity stage. These findings underscore the complex interplay between CLC dynamics, financial distress, risk-taking behavior, and analyst recommendations and provide insights into market factors and information dynamics. Our results are robust using different measures of CLC, Tobit regression, and Firm-Fixed Effect regression.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"137-151"},"PeriodicalIF":0.9,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22778","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635629","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}

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Corporate Value Creation and the Award of Procurement Contracts 企业价值创造与采购合同授予

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-24 DOI: 10.1002/jcaf.22776

Stephen P. Ferris, Reza Houston, Blake Rayfield

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CEO Overconfidence and Corporate Tax Strategy CEO过度自信与企业税收策略

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-20 DOI: 10.1002/jcaf.22777

Wei Hsu, Yvonne Lee

{"title":"CEO Overconfidence and Corporate Tax Strategy","authors":"Wei Hsu, Yvonne Lee","doi":"10.1002/jcaf.22777","DOIUrl":"https://doi.org/10.1002/jcaf.22777","url":null,"abstract":"<div>\u0000 \u0000 <p>Literature in accounting, economics, and corporate finance explores how top corporate executives’ personal traits and psychological biases affect firm decisions. This study focuses on one specific dimension of CEO personality: overconfidence and examines how CEO overconfidence influences corporate tax strategies. Overconfident executives tend to expect good outcomes due to optimistic bias or overestimation of their ability to bring about success. Therefore, they tend to overestimate the returns on investment projects and overinvest. We postulate that overconfident CEOs are inclined to seek risky tax planning activities to generate additional cash streams to make up for those projects not producing as much cash flow as originally expected. We find our three measures of overconfidence to be positively correlated with the book-tax difference (BTD). Our main overconfidence measure, proxied by CEOs delaying exercising their stock options, is negatively correlated with the cash effective tax rate (CETR), consistent with our prediction that overconfident CEOs exhibit more tax aggressiveness to preserve cash. Additionally, we test whether corporate governance affects corporate tax strategies and show that overconfident CEOs continue to have a negative effect on cash-effective tax rates regardless of the strength of board governance.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"103-118"},"PeriodicalIF":0.9,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635611","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}

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Impact of Cybersecurity Disclosure Frequency on Stock Price Crash Risk 网络安全信息披露频率对股价崩盘风险的影响

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-18 DOI: 10.1002/jcaf.22775

Huaping Wu, Ming Ma, Jidong Zhang

{"title":"Impact of Cybersecurity Disclosure Frequency on Stock Price Crash Risk","authors":"Huaping Wu, Ming Ma, Jidong Zhang","doi":"10.1002/jcaf.22775","DOIUrl":"https://doi.org/10.1002/jcaf.22775","url":null,"abstract":"<div>\u0000 \u0000 <p>By exploring the relationship between stock price crash risk and the frequency of cybersecurity disclosures in financial reports, we present evidence that cybersecurity disclosure does matter because its frequency increases stock price crash risk. We analyze the association between cybersecurity disclosure and stock price crash risk from the perspective of two different theoretical lenses: information asymmetry and investor sentiment. We perform textual analysis on the Chinese A-shares public companies’ cybersecurity disclosure in financial reports during 2017–2022. We find that the more cybersecurity disclosures in financial reports, the higher the stock price crash risk. Further findings reveal that the effect of the frequency of cybersecurity disclosure on stock price crash risk is more significant in non-Big-4 audit companies and companies with lower analyst coverage. These findings imply that the market presents the clear idea that cybersecurity disclosure's negative impact to stock price crashes would be greater than the positive impact under the current settings of the volunteer disclosure policies.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"87-102"},"PeriodicalIF":0.9,"publicationDate":"2024-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635355","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 Scale Dilemma: Investigating the Non-Monotonic Relationship Between Bank Size and Market Value in Emerging Middle East and North Africa (MENA) Economies 规模困境：调查新兴中东和北非经济体银行规模与市场价值之间的非单调关系

IF 0.9

Journal of Corporate Accounting and Finance Pub Date : 2024-12-16 DOI: 10.1002/jcaf.22772

Yarob Kullab, Ahmad Sahyouni, Mohammed Shehada

{"title":"The Scale Dilemma: Investigating the Non-Monotonic Relationship Between Bank Size and Market Value in Emerging Middle East and North Africa (MENA) Economies","authors":"Yarob Kullab, Ahmad Sahyouni, Mohammed Shehada","doi":"10.1002/jcaf.22772","DOIUrl":"https://doi.org/10.1002/jcaf.22772","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the non-monotonic relationship between bank size and market value in the emerging economies of the Middle East and North Africa (MENA) region, with a focus on comparing Islamic and conventional banks. The analysis uses fixed-effects panel techniques, supported by random-effects, pooled OLS, and Hausman–Taylor methods for robustness, based on a sample of 161 publicly listed banks across 17 MENA countries from 2009 to 2022. The findings show that bank size positively influences market value initially, indicating economies of scale, but larger sizes lead to diminishing returns, reflecting a non-monotonic relationship. This pattern is more evident for conventional banks, while the results for Islamic banks are less conclusive, suggesting the need for further investigation. Islamic banks seem to benefit less from economies of scale, possibly due to unique operational and governance challenges. This study fills a gap in the literature on the size-market value relationship in emerging markets, offering insights into how local conditions and regulations shape bank performance. It also provides a novel comparison between Islamic and conventional banks, enhancing understanding of sector-specific dynamics. By challenging the linear assumptions of prior research, the study highlights the complex non-linear effects of bank size, emphasizing the role of agency conflicts and regulatory oversight in managing systemic risks. The research contributes to both empirical and theoretical discussions on banking scale management and agency theory in emerging market contexts.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"70-86"},"PeriodicalIF":0.9,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635504","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 Investors Perceive Improvements in Fair Value Accounting for Investment Assets After PCAOB Inspections? PCAOB检查后，投资者是否察觉到投资资产公允价值会计的改善？

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-09 DOI: 10.1002/jcaf.22771

Carol Callaway Dee, Katherine Gunny, William R. Strawser

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ESG Ratings and CEO Charitable Stock Donations: Is Firm ESG Aligned With CEO Personal Philanthropy? ESG评级与CEO慈善股票捐赠：企业ESG与CEO个人慈善是否一致？

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Journal of Corporate Accounting and Finance Pub Date : 2024-12-09 DOI: 10.1002/jcaf.22773

Han Dai, Daeun Lee, Ying Liang, Barri Litt

{"title":"ESG Ratings and CEO Charitable Stock Donations: Is Firm ESG Aligned With CEO Personal Philanthropy?","authors":"Han Dai, Daeun Lee, Ying Liang, Barri Litt","doi":"10.1002/jcaf.22773","DOIUrl":"https://doi.org/10.1002/jcaf.22773","url":null,"abstract":"<div>\u0000 \u0000 <p>In the evolving landscape of sustainable investing, with unprecedented market attention on environmental, social, and governance (ESG) information, our study delves into the relationship between a firm's ESG ratings and the philanthropic behavior of its chief executive officer (CEO), particularly in terms of charitable stock donations. Examining US firms and utilizing comprehensive ESG data from Refinitiv, we find that ESG-rated firm CEOs engage in greater personal stock donation activity as compared to their non-ESG counterparts. They also appear to time donations in a less self-serving manner. When we isolate ESG firms, we find CEOs of the strongest ESG performers exhibit no self-interested timing behavior. Our study contributes to the sparse literature on CEO charitable behavior, shedding light on the potential alignment between ESG performance at the firm level and genuine, altruistic giving at the CEO level. Such alignment provides valuable insight for investors, policymakers, nonprofit organizations, and researchers interested in the intersection of sustainable investing and executive action.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 3","pages":"29-48"},"PeriodicalIF":0.9,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635380","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