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China Journal of Accounting Research最新文献

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Does accountability for illegal operations and investments affect SOEs’ earnings management strategies? Evidence from China 对非法经营和投资的问责是否会影响国企的盈余管理策略？来自中国的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2025-06-10 DOI: 10.1016/j.cjar.2025.100433
Xuena Liu, Jiemei Liu, Lu Pan
{"title":"Does accountability for illegal operations and investments affect SOEs’ earnings management strategies? Evidence from China","authors":"Xuena Liu,&nbsp;Jiemei Liu,&nbsp;Lu Pan","doi":"10.1016/j.cjar.2025.100433","DOIUrl":"10.1016/j.cjar.2025.100433","url":null,"abstract":"<div><div>Exploiting the Opinions on Establishing an Accountability System for Illegal Operations and Investments in State-owned Enterprises (SOEs) as a quasi-experiment, we find that although accountability for illegal operations and investments (AIOI) effectively reduces accrual-based earnings management, it also prompts SOEs to resort to covert real earnings management tactics, suggesting a transfer effect between them. This effect is more pronounced in SOEs with weaker digital transformation and decentralized decision-making power. Our mechanism analysis reveals that AIOI primarily influences SOEs’ earnings management strategies by improving the external supervision environment and the internal organizational environment. Further analysis of the economic consequences shows that AIOI ultimately enhances the overall value of SOEs.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 3","pages":"Article 100433"},"PeriodicalIF":1.9,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144241552","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
Fruitless effort? The effects of risk management disclosure specificity on nonprofessional investors’ judgments 徒劳的努力呢?风险管理披露专用性对非专业投资者判断的影响
IF 1.9
China Journal of Accounting Research Pub Date : 2025-06-05 DOI: 10.1016/j.cjar.2025.100432
Xinyan Miao , Shaofei Wang , Yue Wang , Bo Zhou
{"title":"Fruitless effort? The effects of risk management disclosure specificity on nonprofessional investors’ judgments","authors":"Xinyan Miao ,&nbsp;Shaofei Wang ,&nbsp;Yue Wang ,&nbsp;Bo Zhou","doi":"10.1016/j.cjar.2025.100432","DOIUrl":"10.1016/j.cjar.2025.100432","url":null,"abstract":"<div><div>The widespread use of boilerplate disclosures in financial reporting has led regulators to express concerns about the decision-usefulness of annual reports. We conduct two experiments to determine the effects of risk management disclosure presence and specificity on nonprofessional investors’ judgments. In Experiment 1, we manipulate risk management disclosure at three levels (non-disclosure vs. generic or specific risk management disclosures). Relative to the non-disclosure condition, nonprofessional investors exhibit more favorable investment judgments when provided with a specific risk management disclosure. However, generic disclosure has a negligible influence on nonprofessional investors’ judgments. We find no convincing evidence supporting potential alternative explanations. Experiment 2 confirms this mechanism and provides further evidence that the observed effects are not driven by the lengths of specific disclosures.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 3","pages":"Article 100432"},"PeriodicalIF":1.9,"publicationDate":"2025-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144223580","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
Ancient notching or tokening as bookkeeping – Evidence from wood slips in China during 217–210 BCE 作为簿记的古代刻痕或标记——来自公元前217-210年中国木条的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2025-06-02 DOI: 10.1016/j.cjar.2025.100431
Min Chen , Li Huang , Oliver Zhen Li , Chunlong Zhang
{"title":"Ancient notching or tokening as bookkeeping – Evidence from wood slips in China during 217–210 BCE","authors":"Min Chen ,&nbsp;Li Huang ,&nbsp;Oliver Zhen Li ,&nbsp;Chunlong Zhang","doi":"10.1016/j.cjar.2025.100431","DOIUrl":"10.1016/j.cjar.2025.100431","url":null,"abstract":"<div><div>We examine Qin Dynasty (221 to 207 BCE) wood bookkeeping slips from 217 to 210 BCE unearthed in Hunan province, China. While purely written slips were unearthed before, these slips are unique in that they contain written records of details of transactions as well as notches on their sides that represent the quantities of money or measures of commodities involved. Scholars have speculated that ancient engraving, notching or tokening before the development of written language could be bookkeeping/accounting. We show a form of bookkeeping combining notching with written records that emerged at a point in Chinese history where a region saw a temporary dip in local literacy. Notching reappeared to compensate for the loss in literacy to prevent fraud and reduce bookkeepers’ risk of being accused of fraud. This form of dual-method bookkeeping adds credence to the conjecture that prehistorical, pre-language notching, engraving or tokening was likely bookkeeping/accounting.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 3","pages":"Article 100431"},"PeriodicalIF":1.9,"publicationDate":"2025-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144195734","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
Cross-owners and bond issue pricing: coordination or collusion? 交叉持有人与债券发行定价：协调还是共谋？
IF 1.9
China Journal of Accounting Research Pub Date : 2025-04-30 DOI: 10.1016/j.cjar.2025.100421
Shangkun Liang , Sichao Wang , Kaijuan Gao
{"title":"Cross-owners and bond issue pricing: coordination or collusion?","authors":"Shangkun Liang ,&nbsp;Sichao Wang ,&nbsp;Kaijuan Gao","doi":"10.1016/j.cjar.2025.100421","DOIUrl":"10.1016/j.cjar.2025.100421","url":null,"abstract":"<div><div>Using a sample of listed Chinese firms from 2007 to 2020, we investigate the governance implications of cross-ownership in corporate bond markets. We find that cross-ownership significantly reduces bond issuance spreads, suggesting that synergistic governance effects outweigh potential collusion risks. This effect operates through two channels: reducing information asymmetry between shareholders and creditors and lowering firm risk. The effect is stronger when cross-owners hold shares in more peer firms and retain shares longer but weaker for state-owned enterprises, long-term bonds and firms with robust information intermediaries. Our findings contribute to the corporate governance literature by demonstrating how cross-ownership enhances creditor protection, providing insights into optimizing ownership structures for debt financing, particularly in emerging markets with inadequate institutional monitoring.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 2","pages":"Article 100421"},"PeriodicalIF":1.9,"publicationDate":"2025-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937782","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
Green underwriters and carbon information disclosure 绿色承销商与碳信息披露
IF 1.9
China Journal of Accounting Research Pub Date : 2025-04-29 DOI: 10.1016/j.cjar.2025.100420
Yanan Tian , Yuhui Wu , Yun Zhang , Zhilun Zhang
{"title":"Green underwriters and carbon information disclosure","authors":"Yanan Tian ,&nbsp;Yuhui Wu ,&nbsp;Yun Zhang ,&nbsp;Zhilun Zhang","doi":"10.1016/j.cjar.2025.100420","DOIUrl":"10.1016/j.cjar.2025.100420","url":null,"abstract":"<div><div>Carbon information disclosure is crucial for combating climate change, but firms often face cost and market constraints that limit their willingness to disclose. We focus on green underwriters as financial intermediaries to examine their influence on corporate carbon information disclosure. We find that green underwriters significantly improve disclosure levels through information and monitoring effects. Cross-sectional analyses reveal that this positive association is more pronounced among firms with close underwriting relationships, high-carbon firms and environmentally friendly firms. Furthermore, we rule out collusion between underwriters and issuers, showing that green underwriters reduce proprietary costs while increasing market share and recognition from green funds. Our research highlights the monitor role of green financial intermediaries in promoting carbon disclosure and introduces new applications for textual analysis in this area.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 2","pages":"Article 100420"},"PeriodicalIF":1.9,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937785","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
Confucianism and corporate awareness of climate change 儒家思想与企业气候变化意识
IF 1.9
China Journal of Accounting Research Pub Date : 2025-04-23 DOI: 10.1016/j.cjar.2025.100417
Bin Li, Yunzhi Lin, Wendai Lv
{"title":"Confucianism and corporate awareness of climate change","authors":"Bin Li,&nbsp;Yunzhi Lin,&nbsp;Wendai Lv","doi":"10.1016/j.cjar.2025.100417","DOIUrl":"10.1016/j.cjar.2025.100417","url":null,"abstract":"<div><div>Drawing on practice theory and Confucian ecological philosophy, this paper explores the relationship between Confucianism and corporate climate change awareness. Using a sample of Chinese A-share listed companies, we find that companies more influenced by Confucianism exhibit stronger climate change awareness. This positive relationship is further strengthened by government environmental governance. Impact channel tests show that Confucianism enhances corporate climate change awareness by promoting humanism, deontology and collectivism. Heterogeneity analysis shows that the positive correlation between Confucianism and climate change awareness persists in both non-carbon-intensive industries and struggling companies. Lastly, economic consequence tests indicate that Confucianism helps reduce corporate carbon emissions by enhancing climate change awareness.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 2","pages":"Article 100417"},"PeriodicalIF":1.9,"publicationDate":"2025-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937807","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
Refining employee treatment: Effects of government arrears repayment in China 细化员工待遇：中国政府拖欠还款的效果
IF 1.9
China Journal of Accounting Research Pub Date : 2025-04-10 DOI: 10.1016/j.cjar.2025.100419
Yanan Wang , Shuai Wang , Dongmin Kong , Cheng Xue
{"title":"Refining employee treatment: Effects of government arrears repayment in China","authors":"Yanan Wang ,&nbsp;Shuai Wang ,&nbsp;Dongmin Kong ,&nbsp;Cheng Xue","doi":"10.1016/j.cjar.2025.100419","DOIUrl":"10.1016/j.cjar.2025.100419","url":null,"abstract":"<div><div>Research on government procurement emphasizes its positive impacts, while paying insufficient attention to the risks posed by government arrears. We show that the implementation of China’s Special Supervision Action for Repaying Government Arrears significantly enhances employee treatment, particularly safety management and employee incentives, through monetary compensation, welfare, social security expenditure and investment in skilled human capital. The Special Supervision Action improves employee treatment by alleviating liquidity constraints and enhancing CEO confidence, which in turn boost firm productivity and performance. Cross-sectional tests indicate that the number of nearby bank branches, political connections, financial health, demand for human capital and external job opportunities affect these relationships. Our findings highlight the influence of government arrears repayment on corporate human capital investment.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 2","pages":"Article 100419"},"PeriodicalIF":1.9,"publicationDate":"2025-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937805","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
Vertical interlock and corporate tax avoidance 纵向联锁与企业避税
IF 1.9
China Journal of Accounting Research Pub Date : 2025-03-28 DOI: 10.1016/j.cjar.2025.100418
Wen Wen , Fei Qiao , Jingli Feng
{"title":"Vertical interlock and corporate tax avoidance","authors":"Wen Wen ,&nbsp;Fei Qiao ,&nbsp;Jingli Feng","doi":"10.1016/j.cjar.2025.100418","DOIUrl":"10.1016/j.cjar.2025.100418","url":null,"abstract":"<div><div>This study examines the impact of vertical interlock on corporate tax avoidance in business groups using data on Chinese listed companies from 2003 to 2019. We find that vertical interlock has a negative impact on corporate tax avoidance. Our result is robust to alternative measures, difference-in-differences analysis, the Heckman two-stage sample selection method, an instrumental variable approach, change analysis and controlling for potential omitted variables. The impact of vertical interlock on corporate tax avoidance is more pronounced in firms with more related-party transactions and greater divergence between ownership and control rights. Overall, the findings suggest that vertical interlock exerts a significant influence on corporate tax behavior, providing insights into the ownership structure of business groups.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 2","pages":"Article 100418"},"PeriodicalIF":1.9,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937806","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
Fiscal expenditure responsibilities of public–private partnerships and corporate innovation investment—evidence from prefecture-level cities in China 公私合作与企业创新投资的财政支出责任——来自中国地级市的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2025-03-24 DOI: 10.1016/j.cjar.2025.100416
Fang Wang , Xinci Chen , Guochao Yang
{"title":"Fiscal expenditure responsibilities of public–private partnerships and corporate innovation investment—evidence from prefecture-level cities in China","authors":"Fang Wang ,&nbsp;Xinci Chen ,&nbsp;Guochao Yang","doi":"10.1016/j.cjar.2025.100416","DOIUrl":"10.1016/j.cjar.2025.100416","url":null,"abstract":"<div><div>Many public–private partnership (PPP) projects in China are facing increased fiscal expenditure responsibilities and weakened fiscal capacity, which may hinder investment in corporate innovation. Using data from Chinese prefecture-level cities and listed firms from 2014 to 2020, we find that PPP fiscal expenditure responsibilities negatively affect firms’ current and future innovation investment by reducing government subsidies and increasing corporate taxes. This negative effect is more pronounced when PPP fiscal expenditure responsibilities exceed a certain threshold. It is also stronger when local governments have higher levels of debt and lower central transfer payments. The effect is also stronger if the PPP project’s return mechanism increases the government’s future fiscal expenditure responsibilities, but weaker if the project’s operating model revitalizes government assets. The effect on private firms, small firms, high-debt firms, and firms facing strong financing constraints is more pronounced. From the perspective of fiscal capacity, this paper explains the underlying reasons why the effectiveness of government support policies for corporate innovation varies. Additionally, it examines the negative impacts of the financing-oriented PPP model on corporate innovation investment, providing empirical evidence to support options for optimal PPP strategies.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 2","pages":"Article 100416"},"PeriodicalIF":1.9,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937783","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
Can independent directors effectively monitor controlling shareholders after reappointment? 独立董事连任后能否有效监督控股股东？
IF 1.9
China Journal of Accounting Research Pub Date : 2025-03-19 DOI: 10.1016/j.cjar.2025.100415
Rongjiang Bao , Yi Quan , Yuan Sun , Jingwen Zhang
{"title":"Can independent directors effectively monitor controlling shareholders after reappointment?","authors":"Rongjiang Bao ,&nbsp;Yi Quan ,&nbsp;Yuan Sun ,&nbsp;Jingwen Zhang","doi":"10.1016/j.cjar.2025.100415","DOIUrl":"10.1016/j.cjar.2025.100415","url":null,"abstract":"<div><div>The mandatory rotation of independent directors upon the expiration of their term is a key institutional design in China, aimed at safeguarding their independence and enhancing the effectiveness of their supervision. However, whether reappointing these directors after a “cooling-off period” following mandatory rotation undermines the effectiveness of supervision remains an open question. We investigate whether independent directors can effectively monitor tunneling activities after their reappointment. We find that their monitoring is less effective during their reappointment term than in their first term, reflected in a significant increase in related-party transactions with controlling shareholders. A mechanism test reveals that independent directors’ monitoring behavior is more passive during the reappointment term, as evidenced by less dissent and a lower likelihood of challenging proposals related to controlling shareholders. These effects are more pronounced when reappointed independent directors are less willing or able to supervise, or when the company’s internal and external governance environment is poor. Supervision also appears to be more effective if they are reappointed after a cooling-off period of more than three years. This paper extends research on the governance impact of reappointed independent directors and provides empirical evidence that can help to improve their post-term management practices.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 2","pages":"Article 100415"},"PeriodicalIF":1.9,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937787","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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