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Loan loss provisions and return predictability: A dynamic perspective 贷款损失准备金和回报可预测性:动态视角
IF 3.6
China Journal of Accounting Research Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100224
Phoebe Gao , Chu Yeong Lim , Xiumei Liu , Cheng Colin Zeng
{"title":"Loan loss provisions and return predictability: A dynamic perspective","authors":"Phoebe Gao ,&nbsp;Chu Yeong Lim ,&nbsp;Xiumei Liu ,&nbsp;Cheng Colin Zeng","doi":"10.1016/j.cjar.2022.100224","DOIUrl":"10.1016/j.cjar.2022.100224","url":null,"abstract":"<div><p>This paper examines the impact of loan loss provisions (LLPs) on return predictability during 1994–2017. We find that on average, LLPs are negatively associated with one year ahead stock returns. This effect is particularly significant during the global financial crisis but much weaker during the Basel II and III periods. Consistent with these findings, a long–short trading strategy based on LLPs generates positive abnormal returns during the Basel II and III periods but negative abnormal returns during the financial crisis. Cross-sectional tests show that this effect is more pronounced among banks with greater information asymmetry. Decomposition of LLPs suggests that these findings are driven mainly by nondiscretionary LLPs. Overall, our results suggest that the relationship between LLPs and future stock returns is not linear but contingent on bank regulations and macroeconomic conditions.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 2","pages":"Article 100224"},"PeriodicalIF":3.6,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000041/pdfft?md5=7f080f0bcb868f67e53524763777761e&pid=1-s2.0-S1755309122000041-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48106285","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: 2
Firm internationalization and cost of equity: Evidence from China 企业国际化与股权成本：来自中国的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100237
Jianfa Yang , Guilong Cai , Guojian Zheng , Qiankun Gu
{"title":"Firm internationalization and cost of equity: Evidence from China","authors":"Jianfa Yang ,&nbsp;Guilong Cai ,&nbsp;Guojian Zheng ,&nbsp;Qiankun Gu","doi":"10.1016/j.cjar.2022.100237","DOIUrl":"https://doi.org/10.1016/j.cjar.2022.100237","url":null,"abstract":"<div><p>This paper examines the relationship between firm internationalization and cost of equity. We find that firms with a higher degree of international operations have a significantly lower cost of equity, which is more pronounced for firms in provinces with a weak institutional environment or firms experiencing intense domestic competition. Our results are robust after adopting a firm fixed effect model, propensity score matching, difference-in-difference regressions and alternative measurements of key variables. Further, international operations help firms to break through their institutional constraints in the domestic market, which reduces the cost of equity and improves resource allocation efficiency in the capital market. Our paper enriches the literature on firm internationalization and the cost of equity from the perspective of emerging markets.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 2","pages":"Article 100237"},"PeriodicalIF":3.6,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S175530912200017X/pdfft?md5=8927d63babe5e7c5b615b12f229c43a7&pid=1-s2.0-S175530912200017X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72244824","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
The price of carbon risk: Evidence from China’s bond market 碳风险的价格：来自中国债券市场的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100245
Yuhui Wu, Yanan Tian
{"title":"The price of carbon risk: Evidence from China’s bond market","authors":"Yuhui Wu,&nbsp;Yanan Tian","doi":"10.1016/j.cjar.2022.100245","DOIUrl":"10.1016/j.cjar.2022.100245","url":null,"abstract":"<div><p>Using a 2009–2019 sample of Chinese bond issuers, we examine the effect of carbon risk on bond financing costs. Relative to low carbon risk issuers, high carbon risk issuers have substantially larger bond credit spreads, mainly because their credit risk is greater and they invest the funds in non-green projects. This positive relationship is more pronounced for issuers with financing constraints, those not making a green transition and those in cities with stringent environmental regulations. We find a reversed effect during the COVID-19 pandemic. However, China’s carbon peak and carbon neutral goals have renewed the focus on carbon risk. Carbon risk also causes bond issuers to scale back production and negatively affects their likelihood of receiving long-term financial support. Our findings suggest that investors consider carbon risk and charge a corresponding risk premium.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 2","pages":"Article 100245"},"PeriodicalIF":3.6,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000259/pdfft?md5=d9685e1fa69b0ea096d84aceae936532&pid=1-s2.0-S1755309122000259-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46294341","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: 5
Political governance in China’s state-owned enterprises 中国国有企业的政治治理
IF 3.6
China Journal of Accounting Research Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100236
Xiankun Jin , Liping Xu , Yu Xin , Ajay Adhikari
{"title":"Political governance in China’s state-owned enterprises","authors":"Xiankun Jin ,&nbsp;Liping Xu ,&nbsp;Yu Xin ,&nbsp;Ajay Adhikari","doi":"10.1016/j.cjar.2022.100236","DOIUrl":"10.1016/j.cjar.2022.100236","url":null,"abstract":"<div><p>State-owned enterprises (SOEs) are both the economic and political bases of the Chinese Communist Party (the Party) and the Chinese state. The overarching principle of SOE reform is to firmly implement the Party’s leadership and the modern enterprise system. This principle creates a political governance system in China’s SOEs—a Party-dominated governance system characterized by Party leadership, state ownership, Party cadre management, Party participation in corporate decision-making, and intra-Party supervision. This survey explains the logic of political governance in China’s SOEs, presents the evolution and current practices of each element of the system, and discusses findings from both academic research and the field.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 2","pages":"Article 100236"},"PeriodicalIF":3.6,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000168/pdfft?md5=6a497c142d90909b84f6511e1dd6ed83&pid=1-s2.0-S1755309122000168-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42501943","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: 20
Administrative division adjustments and stock price comovement: Evidence from the city–county mergers in China 行政区划调整与股价变动:来自中国市县合并的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100235
Chun Yuan, Chunxiao Geng, Zhe Li, Yu Sheng, Jie Lv
{"title":"Administrative division adjustments and stock price comovement: Evidence from the city–county mergers in China","authors":"Chun Yuan,&nbsp;Chunxiao Geng,&nbsp;Zhe Li,&nbsp;Yu Sheng,&nbsp;Jie Lv","doi":"10.1016/j.cjar.2022.100235","DOIUrl":"10.1016/j.cjar.2022.100235","url":null,"abstract":"<div><p>Under the background of Chinese market segmentation, whether government-led administrative division adjustments can promote regional economic integration is a practical issue. Taking interregional firms’ stock price comovement as a micro measurement of regional integration, this paper investigates the regional integration effect of administrative division adjustments, i.e., city–county mergers. We find that stock price comovement between county-level and municipal district-level firms in the merged counties and municipal districts significantly improve after city–county mergers, particularly in regions with a higher degree of market segmentation and lower degree of marketization. We further find that the increase in stock price comovement caused by city–county mergers emerges from the increase in comovement of real activities between firms in the merged counties and municipal districts. Taken together, our results suggest that government-led administrative division adjustments effectively promote regional integration.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 2","pages":"Article 100235"},"PeriodicalIF":3.6,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000156/pdfft?md5=e259ad12f58236db9966509c8017cdaf&pid=1-s2.0-S1755309122000156-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43487700","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: 3
Does the social security fund help non-financial enterprises to transform from the virtual to the real? 社会保障基金是否有助于非金融企业由虚向实的转型?
IF 3.6
China Journal of Accounting Research Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100238
Dapeng Tang , Jiamei Wu , Zhibin Chen
{"title":"Does the social security fund help non-financial enterprises to transform from the virtual to the real?","authors":"Dapeng Tang ,&nbsp;Jiamei Wu ,&nbsp;Zhibin Chen","doi":"10.1016/j.cjar.2022.100238","DOIUrl":"10.1016/j.cjar.2022.100238","url":null,"abstract":"<div><p>At its 19th National Congress, the Communist Party of China vowed to “strengthen the financial sector’s ability to serve the real economy.” However, many studies provide evidence of the opposite trend, a problematic “transition from the real to the virtual,” among Chinese enterprises. Meanwhile, the investment efficiency of China’s Social Security Fund (SSF), a public fund, attracts much attention. In this context, we use A-share listed companies in China from 2009 to 2018 to study the relationship between holding by the SSF and enterprise financialization. We find that SSF holding significantly inhibits financialization and that this effect is non-linear. Mechanism analysis indicates that SSF holding suppresses enterprises’ financialization mainly by improving their governance. Moreover, SSF holding more strongly inhibits small-scale (vs. large-scale), state-owned (vs. non-state-owned), and non-eastern (vs. eastern) enterprises in China. Furthermore, SSF holding can alleviate corporate value impairment caused by financialization. The conclusions enrich theoretical research and provide empirical evidence that may help regulatory authorities to guide investment by enterprises and prevent financial risks.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 2","pages":"Article 100238"},"PeriodicalIF":3.6,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000181/pdfft?md5=49e05064a1332a1d7b22e160a8b0f1e8&pid=1-s2.0-S1755309122000181-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43607096","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: 2
Directors’ and Officers’ liability insurance and bond credit spreads: Evidence from China 董事和管理人员责任保险与债券信用利差:来自中国的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2022-06-01 DOI: 10.1016/j.cjar.2022.100226
Xin Li , Yan Tong , Guoquan Xu
{"title":"Directors’ and Officers’ liability insurance and bond credit spreads: Evidence from China","authors":"Xin Li ,&nbsp;Yan Tong ,&nbsp;Guoquan Xu","doi":"10.1016/j.cjar.2022.100226","DOIUrl":"10.1016/j.cjar.2022.100226","url":null,"abstract":"<div><p>Using hand-collected data on purchases of D&amp;O insurance by Chinese listed firms for the period from 2008 to 2019, we empirically find that D&amp;O insurance negatively associates with credit spreads. The negative relationship still holds after conducting a series of robustness tests and is not driven by the eyeball effect. We also show that D&amp;O insurance can reduce credit spreads via the channels of internal controls, external monitoring, information asymmetry and default risk. Moreover, the negative effect of D&amp;O insurance on credit spreads is more pronounced for non-state-owned firms, those located in regions with a low level of marketization or that employ rating agencies with a bad reputation. Our study complements the literature on the credit spreads and corporate governance.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 2","pages":"Article 100226"},"PeriodicalIF":3.6,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000065/pdfft?md5=3f422fc646e2b049e15dd0b0e0c68f1b&pid=1-s2.0-S1755309122000065-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46004934","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: 3
Do supply shocks in the audit partner labor market affect auditor choice? Evidence from a quasi-natural experiment 审计合伙人劳动力市场的供给冲击会影响审计师的选择吗?来自准自然实验的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2022-03-01 DOI: 10.1016/j.cjar.2022.100221
Yanming Cao , Zhuoan Feng
{"title":"Do supply shocks in the audit partner labor market affect auditor choice? Evidence from a quasi-natural experiment","authors":"Yanming Cao ,&nbsp;Zhuoan Feng","doi":"10.1016/j.cjar.2022.100221","DOIUrl":"10.1016/j.cjar.2022.100221","url":null,"abstract":"<div><p>We examine whether supply shocks in the audit partner labor market induce clients to switch audit partners. We argue that audit partners in their early careers (i.e., junior partners) charge low audit fees to attract clients, which induces client firms to switch from senior partners to junior partners when there are more junior partners available. Utilizing the Big4 localization policy, we find that Big4 clients are more likely to replace senior auditors with junior auditors to cut costs after the policy. Furthermore, the results are mainly driven by clients who are charged high fees. Our empirical evidence enriches the understanding of auditor choice determinants and informs the ongoing debates surrounding new regulations for Big4 firms in China.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 1","pages":"Article 100221"},"PeriodicalIF":3.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000016/pdfft?md5=7b0f704503eb0ca482e305d2030178e9&pid=1-s2.0-S1755309122000016-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47758703","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
Linguistic specificity and stock price synchronicity 语言特异性与股价同步性
IF 3.6
China Journal of Accounting Research Pub Date : 2022-03-01 DOI: 10.1016/j.cjar.2021.100219
Wei Zhao , Hanfang Yang , Hua Zhou
{"title":"Linguistic specificity and stock price synchronicity","authors":"Wei Zhao ,&nbsp;Hanfang Yang ,&nbsp;Hua Zhou","doi":"10.1016/j.cjar.2021.100219","DOIUrl":"10.1016/j.cjar.2021.100219","url":null,"abstract":"<div><p>Linguistic specificity effectively reduces barriers to information cognition, increasing the efficiency of information acquisition, integration and processing. Combining the psycholinguistics theory of the concreteness effect with asset-pricing theory, we determine that linguistic specificity in the management discussion and analysis section of a firm’s annual reports is negatively associated with stock price synchronicity, particularly in firms with strong external information demand or insufficient information supply. Furthermore, only specificity of the review section leads to a reduction in stock price synchronicity. Mechanism tests show that specificity reduces information processing costs and enhances information credibility. Additionally, proprietary costs are an essential determinant of linguistic specificity adoption. Our findings suggest that linguistic specificity plays an essential role in improving market pricing efficiency.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 1","pages":"Article 100219"},"PeriodicalIF":3.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309121000617/pdfft?md5=283436d377d37c3f358f8f946544fcfc&pid=1-s2.0-S1755309121000617-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41788736","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
Tax credit rating and corporate innovation decisions 税收信用评级与企业创新决策
IF 3.6
China Journal of Accounting Research Pub Date : 2022-03-01 DOI: 10.1016/j.cjar.2022.100222
Xuehang Yu, Junxiong Fang
{"title":"Tax credit rating and corporate innovation decisions","authors":"Xuehang Yu,&nbsp;Junxiong Fang","doi":"10.1016/j.cjar.2022.100222","DOIUrl":"10.1016/j.cjar.2022.100222","url":null,"abstract":"<div><p>The tax credit rating mechanism was formally implemented in 2014. As an important tax collection and management innovation, it has attracted the attention of regulatory authorities and scholars. Different from the literature that directly examines corporate tax compliance, we focus on the impact of tax credit rating implementation on corporate research and development (R&amp;D) investment decisions. Using listed companies’ data from 2014 to 2019, we find that companies with higher tax credit ratings invest more in innovation, because the system helps managers identify R&amp;D opportunities, alleviates corporate financing constraints and reduces agency costs. We confirm that tax credit ratings have manifold impacts on corporate information environments and business decisions, with better ratings positively affecting firms’ business decisions. This discovery can inform tax policy reform, encourage corporate innovation and construct social credit systems.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 1","pages":"Article 100222"},"PeriodicalIF":3.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000028/pdfft?md5=0881817e73dc3e4b2c7f4b3b48257dfd&pid=1-s2.0-S1755309122000028-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48371057","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: 6
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