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Bank financial technology and the governance of zombie firms 银行金融技术与僵尸企业治理
IF 4
China Journal of Accounting Research Pub Date : 2025-12-01 Epub Date: 2025-10-21 DOI: 10.1016/j.cjar.2025.100449
Weimin Xie , Junhe Zhang , Hengxin Zhang , Jialu Guo , Kun Jiang
{"title":"Bank financial technology and the governance of zombie firms","authors":"Weimin Xie ,&nbsp;Junhe Zhang ,&nbsp;Hengxin Zhang ,&nbsp;Jialu Guo ,&nbsp;Kun Jiang","doi":"10.1016/j.cjar.2025.100449","DOIUrl":"10.1016/j.cjar.2025.100449","url":null,"abstract":"<div><div>This study empirically examines how bank financial technology (FinTech) affects the governance of zombie firms, using data from China’s A-share listed companies from 2007 to 2023. Bank FinTech adoption is shown to significantly curb firm zombification. This effect is pronounced in technology-oriented and operational risk management-oriented FinTech, whereas no significant effect on customer service-oriented FinTech is observed. Mechanism analysis indicates that bank FinTech inhibits zombie firms through reduced information costs, enhanced banking competition and alleviation of government intervention. Heterogeneity analysis further shows that bank FinTech has a more substantial governance effect on state-owned enterprises, regions with well-developed digital infrastructure and regions with stringent financial regulation. Additionally, bank FinTech alleviates financing constraints on non-zombie firms through credit spillover effects. These findings unveil a financial development-level technological pathway for zombie firm governance, offering theoretical underpinnings and policy implications for leveraging FinTech to enhance economic efficiency.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 4","pages":"Article 100449"},"PeriodicalIF":4.0,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145362712","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
Communication media and linguistic concreteness: evidence from firm site visits in China 传播媒介与语言具体性：来自中国企业实地考察的证据
IF 4
China Journal of Accounting Research Pub Date : 2025-09-01 Epub Date: 2025-05-22 DOI: 10.1016/j.cjar.2025.100422
Songlian Tang, Jiangnan Geng
{"title":"Communication media and linguistic concreteness: evidence from firm site visits in China","authors":"Songlian Tang,&nbsp;Jiangnan Geng","doi":"10.1016/j.cjar.2025.100422","DOIUrl":"10.1016/j.cjar.2025.100422","url":null,"abstract":"<div><div>The digital transformation of communication media has been widely adopted and has reshaped institutional investor interactions. We examine how the linguistic concreteness of investors’ questions adapts to online media and face-to-face communication, using textual analysis of investor–company Q&amp;A transcripts from Chinese listed firms. We find that online media environments induce investors to enhance linguistic precision, to compensate for reduced nonverbal cues and social presence. This mechanism is moderated by sender characteristics, message attributes and response concreteness patterns. Such adjustments counteract media-induced information loss, evidenced by improved analyst forecast accuracy. Our study represents a practical application of Lasswell’s “5W” communication model in the context of corporate information disclosure and expands research on the impact of digital technology on communication media, offering insights into the balance between sender intent and media characteristics.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 3","pages":"Article 100422"},"PeriodicalIF":4.0,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144781490","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
Acquaintance means booster? Why stable customers matter for firm productivity 熟人意味着助推器？为什么稳定的客户对公司生产力很重要
IF 1.9
China Journal of Accounting Research Pub Date : 2025-09-01 Epub Date: 2025-07-16 DOI: 10.1016/j.cjar.2025.100435
Yunjiang Geng, Yuelong Wang, Shuaijun Wu
{"title":"Acquaintance means booster? Why stable customers matter for firm productivity","authors":"Yunjiang Geng,&nbsp;Yuelong Wang,&nbsp;Shuaijun Wu","doi":"10.1016/j.cjar.2025.100435","DOIUrl":"10.1016/j.cjar.2025.100435","url":null,"abstract":"<div><div>Amid sluggish global growth and rising uncertainties, supply chain stability is vital for sustaining economic production. Although studies examine the impacts of supply chain relationships on firm performance, their effect on total factor productivity (TFP) remains unexplored. Using data from 1559 A-share listed companies in China (2008–2022), this study examines customer stability’s impact on TFP and finds that customer stability enhances TFP by reducing Type I agency costs and improving firm reputation. It also generates significant spillover effects, increasing customer TFP through supply chain finance. This effect is more pronounced for firms in high-tech industries and regions with higher marketization and social trust. These findings offer new insights into enhancing firms’ efficiency through effective supply chain relationship management.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 3","pages":"Article 100435"},"PeriodicalIF":1.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633416","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
Annual report audit, ESG report assurance and audit quality: Evidence from the same accounting firm 年报审计、ESG报告鉴证与审计质量：来自同一家会计师事务所的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2025-09-01 Epub Date: 2025-07-05 DOI: 10.1016/j.cjar.2025.100434
Wenwen Li , Ting Li , Hongjun Zhu
{"title":"Annual report audit, ESG report assurance and audit quality: Evidence from the same accounting firm","authors":"Wenwen Li ,&nbsp;Ting Li ,&nbsp;Hongjun Zhu","doi":"10.1016/j.cjar.2025.100434","DOIUrl":"10.1016/j.cjar.2025.100434","url":null,"abstract":"<div><div>This study investigates the impact of an accounting firm’s providing both an annual report audit and environmental, social and governance (ESG) report assurance on its audit quality. We find that when the same accounting firm is responsible for both the annual report audit and ESG report assurance, this does not compromise the accounting firm’s independence. On the contrary, it enhances audit quality through knowledge spillover effects and increased investment in reputational capital. Additional evidence suggests that providing ESG report assurance also prompts the accounting firm to allocate more audit resources, thereby influencing audit quality. In cross-sectional results, consistent with expectations, we find that the knowledge spillover and reputational effects of ESG report assurance are more pronounced for companies with weaker internal controls, non-A + H share companies and companies receiving lower levels of analyst attention. Finally, we document that having the same accounting firm responsible for ESG report assurance and annual report audit increases audit fees and also contributes to enhanced firm value. This study comprehensively highlights the influence of ESG report assurance on audit quality, and its findings offer valuable insights into the economic consequences of ESG report assurance practices.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 3","pages":"Article 100434"},"PeriodicalIF":1.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144563664","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
Using machine learning to identify audit opinion shopping 利用机器学习识别审计意见购物
IF 1.9
China Journal of Accounting Research Pub Date : 2025-09-01 Epub Date: 2025-07-28 DOI: 10.1016/j.cjar.2025.100436
Jiamei Wang, Chao Yan
{"title":"Using machine learning to identify audit opinion shopping","authors":"Jiamei Wang,&nbsp;Chao Yan","doi":"10.1016/j.cjar.2025.100436","DOIUrl":"10.1016/j.cjar.2025.100436","url":null,"abstract":"<div><div>We select a machine learning model to identify audit opinion shopping and analyze the factors driving the model. To this end, we use six models, namely random forest, gradient boosting decision tree, random undersampling boosting, logistic regression (LR), support vector machine and multilayer perceptron. Among them, LR outperforms the other models. Using game theory, we classify 58 features potentially affecting opinion shopping into audit object, audit subject and audit environment categories. LR is used to obtain each category’s importance score. We find that audit object features play a crucial role in audit opinion shopping. We also validate and interpret important features. Finally, we use a model to predict audit collusion. Our paper extends the scope of machine learning to scientifically identify audit collusion risk and reveals important features of audit opinion shopping, which has implications for global audit practice.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 3","pages":"Article 100436"},"PeriodicalIF":1.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144713640","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 : 2025-09-01 Epub 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":"2025-09-01","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
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 : 2025-09-01 Epub 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":"2025-09-01","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
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 : 2025-09-01 Epub 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":"2025-09-01","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
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 : 2025-06-01 Epub 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":"2025-06-01","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
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 : 2025-06-01 Epub 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":"2025-06-01","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
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