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How does the U.S. Entity List affect the narrative information disclosure strategies of Chinese firms? 美国实体清单如何影响中国企业的叙述性信息披露策略？
IF 4
China Journal of Accounting Research Pub Date : 2026-09-01 Epub Date: 2026-03-10 DOI: 10.1016/j.cjar.2026.100477
Jiaxin Lin , Yan Zhao
{"title":"How does the U.S. Entity List affect the narrative information disclosure strategies of Chinese firms?","authors":"Jiaxin Lin ,&nbsp;Yan Zhao","doi":"10.1016/j.cjar.2026.100477","DOIUrl":"10.1016/j.cjar.2026.100477","url":null,"abstract":"<div><div>Against the backdrop of volatile global trade and the expanding U.S. Entity List targeting Chinese enterprises, this study examines how firms adjust their narrative disclosures in response to external trade policy risks, specifically, the strategic choice between opacity and explicitness. Using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2024, we find that firms added to the U.S. Entity List exhibit significantly higher textual ambiguity in their narrative disclosures than non-sanctioned firms. This effect is primarily driven by firms’ strategic choice to adopt an obscure disclosure stance. Mechanism analyses reveal that inclusion on the U.S. Entity List triggers negative discussions on Guba and increases negative coverage by the financial media, thereby heightening the firms’ perceived supply chain risks. In turn, this perception drives firms to incorporate more positive forward-looking statements in their Management Discussion and Analysis. Heterogeneity tests indicate that the increase in textual ambiguity is more pronounced among firms facing higher managerial performance pressure, with inferior market positions, greater international exposure or weaker institutional investor oversight. Further analysis of the economic consequences shows that elevated textual ambiguity significantly increases both analyst forecast dispersion and stock price crash risk, thereby impairing the informativeness of the capital market and financial market stability. This study contributes to the literature on the economic consequences of the U.S. Entity List from an information disclosure perspective, elucidates how external risks can lead to corporate textual manipulation and provides valuable empirical insights for improving disclosure regulation within a complex international trade environment.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"19 3","pages":"Article 100477"},"PeriodicalIF":4.0,"publicationDate":"2026-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147388322","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 digital innovation be a new driver of corporate sustainability? 数字化创新能否成为企业可持续发展的新动力？
IF 4
China Journal of Accounting Research Pub Date : 2026-06-01 Epub Date: 2026-01-12 DOI: 10.1016/j.cjar.2025.100466
Qingmei Tan, Yiheng Cui
{"title":"Can digital innovation be a new driver of corporate sustainability?","authors":"Qingmei Tan,&nbsp;Yiheng Cui","doi":"10.1016/j.cjar.2025.100466","DOIUrl":"10.1016/j.cjar.2025.100466","url":null,"abstract":"<div><div>Digital innovation enables firms to build competitive advantages and achieve sustainability. Based on data from Chinese A-share listed firms from 2014 to 2023, we explore the impact of digital innovation on corporate sustainability and the moderating effect of economic policy uncertainty. We find that digital innovation promotes corporate sustainability, with increasing economic policy uncertainty strengthening this effect. In mechanism tests, this effect occurs by improving management efficiency and mitigating managerial myopia. Heterogeneity analyses indicate that digital innovation has a greater positive effect on sustainability for firms with stronger green transformation capabilities and those facing greater marketization. Analysis of different digital innovation patents shows that utility model and invention patents contribute to corporate sustainability, unlike design patents. These findings highlight the effect of digital innovation on corporate sustainability and offer valuable insights for firms seeking to balance innovation, competitiveness and long-term sustainability.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"19 2","pages":"Article 100466"},"PeriodicalIF":4.0,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145950277","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 culture and supply chain resilience 企业文化与供应链弹性
IF 4
China Journal of Accounting Research Pub Date : 2026-06-01 Epub Date: 2026-02-13 DOI: 10.1016/j.cjar.2026.100469
Fan Feng , Zhiyu Luo , Jiaxu Peng
{"title":"Corporate culture and supply chain resilience","authors":"Fan Feng ,&nbsp;Zhiyu Luo ,&nbsp;Jiaxu Peng","doi":"10.1016/j.cjar.2026.100469","DOIUrl":"10.1016/j.cjar.2026.100469","url":null,"abstract":"<div><div>Traditional cultural institutions may substantially enhance resilience amid escalating economic uncertainty and geopolitical tensions that amplify vulnerabilities in corporate supply chains. We measure firm-level exposure to Confucian influence based on the number of nearby Confucian temples and find robust evidence that firms with greater exposure exhibit higher supply chain resilience. To address endogeneity concerns, we include granular fixed effects, control for additional variables and implement a propensity score matching procedure and an instrumental variable approach. Our results remain qualitatively unchanged. Exploiting two quasi-natural experiments, we further show that Confucian culture has a muted impact on firms located in regions with historical Manchu garrisons or areas exposed to the Taiping Rebellion. Through mechanism analysis, we reveal that Confucian influence is more pronounced among firms with weaker formal or external governance, slower adaptive evolution or a more opaque information environment. Lastly, heterogeneity tests show that the effect of Confucian culture is stronger on firms with a weaker environmental, social and governance orientation; lower exposure to exotic ideologies; more constrained trade credit financing; or a higher operating risk level. Overall, our study identifies corporate culture as a crucial determinant of resilience and underscores the value of harnessing traditional culture to mitigate operational risks and support long-run sustainability.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"19 2","pages":"Article 100469"},"PeriodicalIF":4.0,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146173869","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
IPO audit contingent fees and earnings reversal IPO审计或有费用与收益逆转
IF 4
China Journal of Accounting Research Pub Date : 2026-06-01 Epub Date: 2026-01-12 DOI: 10.1016/j.cjar.2025.100465
Du Yu, Ziwen Sun, Junwei Lu, Laifeng Yang
{"title":"IPO audit contingent fees and earnings reversal","authors":"Du Yu,&nbsp;Ziwen Sun,&nbsp;Junwei Lu,&nbsp;Laifeng Yang","doi":"10.1016/j.cjar.2025.100465","DOIUrl":"10.1016/j.cjar.2025.100465","url":null,"abstract":"<div><div>This study investigates how contingent fees in initial public offering (IPO) audits affect earnings reversals. Using a sample of Chinese firms with IPOs, we find that higher contingent fees are associated with a greater likelihood of post-IPO performance deterioration and worse firm outcomes. This effect is more pronounced among non-state-owned (vs. state-owned) firms and those facing weaker regulatory oversight, lower information quality and higher economic policy uncertainty. Further analysis shows that contingent fees significantly accelerate the IPO process, and that firms are likely to retain the same accounting firm that conducted their IPO audit after going public. We also observe that firms paying higher contingent fees experience worse long-term market performance following their listing. Overall, our results indicate that contingent fees in IPO audits undermine the independence of audits. This study not only contributes to the academic literature on contingent fees in the IPO context but also offers empirical support for regulatory efforts to enhance IPO audit pricing oversight.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"19 2","pages":"Article 100465"},"PeriodicalIF":4.0,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145950276","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
Putting firms in the spotlight: does the mismatch between words and actions or suspicions of greenwashing drive stock risk premiums? 将公司置于聚光灯下：是言行不一致还是对洗绿的怀疑推动了股票风险溢价？
IF 4
China Journal of Accounting Research Pub Date : 2026-06-01 Epub Date: 2026-01-13 DOI: 10.1016/j.cjar.2025.100464
Xiaoying Bai , Zhongqi Wu , Minggui Yu
{"title":"Putting firms in the spotlight: does the mismatch between words and actions or suspicions of greenwashing drive stock risk premiums?","authors":"Xiaoying Bai ,&nbsp;Zhongqi Wu ,&nbsp;Minggui Yu","doi":"10.1016/j.cjar.2025.100464","DOIUrl":"10.1016/j.cjar.2025.100464","url":null,"abstract":"<div><div>Prior studies define corporate greenwashing as inconsistent and exaggerated environmental disclosures compared with actual practices. This study explores how the stock market identifies and penalizes greenwashing risks, focusing on mismatches between companies’ words and actions and suspicions of greenwashing. Using data from non-financial Chinese A-share firms that publish CSR reports (2008–2021), we test the stock risk premium effects of greenwashing. The results show that investors demand higher premiums due to greenwashing suspicions, while textual evidence of greenwashing amplifies negative reactions, but does not directly increase premiums. The mechanism analysis reveals that exposure to reputational risk, financial misallocation, and information frictions drive premium increases. Heterogeneity analysis indicates that external pollution shocks, internal financial regulations, and corporate strategies affect the amount of premiums. Moreover, firms mimic their peers’ disclosure formats to reduce their environmental information risks, which triggers a transmission of greenwashing and exacerbates systemic risks. Contrary to the view that heavily polluting firms are major greenwashers, low-polluting firms bear higher greenwashing risk premiums because investors already consider the environmental risks of heavily polluting firms. This study measures the likelihood of greenwashing by integrating its motives, expressions, and behaviors, thus offering policy insights for green finance and corporate environmental disclosure frameworks.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"19 2","pages":"Article 100464"},"PeriodicalIF":4.0,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145981559","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
Merger and acquisition prediction based on deep learning with attention mechanism 基于注意机制的深度学习并购预测
IF 4
China Journal of Accounting Research Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.cjar.2025.100459
Liangyong Wan, Yongjia Zheng, Xiaoying Xu, Rui Wang
{"title":"Merger and acquisition prediction based on deep learning with attention mechanism","authors":"Liangyong Wan,&nbsp;Yongjia Zheng,&nbsp;Xiaoying Xu,&nbsp;Rui Wang","doi":"10.1016/j.cjar.2025.100459","DOIUrl":"10.1016/j.cjar.2025.100459","url":null,"abstract":"<div><div>This study proposes a novel attention-based deep neural network (AttDNN) model specifically designed for predicting mergers and acquisitions (M&amp;A). The model extends existing deep learning frameworks by incorporating M&amp;A-specific features, regularization layers, and an attention mechanism that emulates human cognitive processes to structure M&amp;A drivers and improve predictive performance. Empirical results demonstrate that the AttDNN model significantly outperforms traditional algorithms in forecasting M&amp;A outcomes, achieving a 29.2 % improvement in predictive accuracy over conventional deep learning methods. This study provides valuable insights at the intersection of artificial intelligence and financial economics, offering practical implications for financial strategy and corporate M&amp;A decision-making.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"19 1","pages":"Article 100459"},"PeriodicalIF":4.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145939546","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
Fund cliques and firms’ information environment: information efficiency or noise trading? 基金集团与公司信息环境：信息效率还是噪音交易？
IF 4
China Journal of Accounting Research Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.cjar.2025.100460
Danglun Luo , Zihe Jiang , Xinxuan Zhuang , Jianmei He
{"title":"Fund cliques and firms’ information environment: information efficiency or noise trading?","authors":"Danglun Luo ,&nbsp;Zihe Jiang ,&nbsp;Xinxuan Zhuang ,&nbsp;Jianmei He","doi":"10.1016/j.cjar.2025.100460","DOIUrl":"10.1016/j.cjar.2025.100460","url":null,"abstract":"<div><div>Fund cliques (i.e., mutual funds holding the same stocks) are a common feature of global financial markets, raising the question: How do fund cliques shape firms’ information environment? Do they improve information efficiency or amplify noise trading? Using a sample of Chinese A-share listed companies from 2004 to 2020, we explore the impact of fund cliques on firms’ information environment (measured by stock price synchronicity). Research has found that the increase in the degree of fund clique significantly reduces stock price synchronicity. Our evidence supports the noise trading channel, showing that fund cliques amplify noise trading by reducing the marginal returns of private information acquisition or distorting price signals. Using the unique characteristics of the Chinese market, our paper enriches research on stock price synchronicity and institutional investor behavior, and provides references for emerging capital markets to optimize institutional investor supervision and improve firms’ information environment.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"19 1","pages":"Article 100460"},"PeriodicalIF":4.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145939549","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
Institutional shareholders’ geographical concentration, coordinated governance effects, and ESG rating disagreement 机构股东地域集中、协调治理效应与ESG评级分歧
IF 4
China Journal of Accounting Research Pub Date : 2026-03-01 Epub Date: 2026-01-12 DOI: 10.1016/j.cjar.2025.100462
Libin Qin , Dailing Li , Wen Bo
{"title":"Institutional shareholders’ geographical concentration, coordinated governance effects, and ESG rating disagreement","authors":"Libin Qin ,&nbsp;Dailing Li ,&nbsp;Wen Bo","doi":"10.1016/j.cjar.2025.100462","DOIUrl":"10.1016/j.cjar.2025.100462","url":null,"abstract":"<div><div>Drawing on agency theory, this study explores how the geographical distribution of institutional shareholders affects corporate ESG rating disagreements. A higher geographical concentration of institutional shareholders is found to correlate with reduced ESG rating disagreements, as concentration supports coordinated governance and enhances ESG disclosure quality. Heterogeneity analyses show that this effect of geographical concentration is more pronounced in environments with higher competition among institutional shareholders and less media attention toward ESG issues. Analysis of economic consequences indicates that reducing ESG rating disagreements enhances stock liquidity. This study offers important insights regarding how coordinated governance among institutional shareholders can improve corporate ESG performance and optimize governance structures. The findings have practical implications for promoting shareholder collaboration to enhance capital market efficiency and support sustainable development.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"19 1","pages":"Article 100462"},"PeriodicalIF":4.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145978189","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 government procurement increase the labor share? Evidence from China 政府采购能提高劳动收入占比吗？来自中国的证据
IF 4
China Journal of Accounting Research Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.cjar.2025.100461
Xiaofeng Liu , Nuo Shi , Gaoliang Tian , Ziyang Zhang
{"title":"Can government procurement increase the labor share? Evidence from China","authors":"Xiaofeng Liu ,&nbsp;Nuo Shi ,&nbsp;Gaoliang Tian ,&nbsp;Ziyang Zhang","doi":"10.1016/j.cjar.2025.100461","DOIUrl":"10.1016/j.cjar.2025.100461","url":null,"abstract":"<div><div>This paper examines the effect of government procurement on the firm-level labor share in China. Using manually collected local government contract data matched with A-share non-financial listed firms from 2015 to 2023, we find that firms receiving government procurement contracts experience increased labor shares. Government procurement enhances business stability and encourages regulatory and non-regulatory compliance, facilitating the allocation of economic gains to labor. This positive effect is primarily driven by non-SOEs and is pronounced among labor-intensive manufacturing firms. We also show that government procurement effectively promotes income equality and improves overall employee welfare. Our findings highlight the redistributive role of government procurement and the importance of contract design that aligns firm incentives with social objectives in emerging markets.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"19 1","pages":"Article 100461"},"PeriodicalIF":4.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145939547","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
Executives’ poverty experience and internal and external pay disparities: Evidence from China 高管的贫困经历与内部和外部薪酬差距：来自中国的证据
IF 4
China Journal of Accounting Research Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.cjar.2025.100458
Jin Huang , Dongling Li , Fei Guo
{"title":"Executives’ poverty experience and internal and external pay disparities: Evidence from China","authors":"Jin Huang ,&nbsp;Dongling Li ,&nbsp;Fei Guo","doi":"10.1016/j.cjar.2025.100458","DOIUrl":"10.1016/j.cjar.2025.100458","url":null,"abstract":"<div><div>We show that executives’ early-life poverty experiences reduce both internal (executive–employee) and external (executive–peer) corporate pay disparities. Three mechanisms drive this effect: increased risk aversion in poverty-exposed executives, strategic avoidance of negative media coverage to protect reputation and curtailment of excessive executive perks. The results hold under multiple robustness tests. The poverty–equity link intensifies in state-owned enterprises, eastern-region firms, labor-intensive industries, firms with elevated donations, and firms led by executives with advanced degrees. This pay gap reduction primarily stems from restrained executive compensation, particularly when it exceeds industry benchmarks, rather than increased employee wages. These findings advance behavioral agency theory by revealing how leaders’ socioeconomic origins interact with institutional contexts to reshape compensation systems, offering new insights into inequality management.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"19 1","pages":"Article 100458"},"PeriodicalIF":4.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145939548","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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