China Journal of Accounting Research最新文献_第4页

Compliance management and investment efficiency in state-owned enterprises: Evidence from China 国有企业的合规管理与投资效率：来自中国的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2024-04-29 DOI: 10.1016/j.cjar.2024.100358

Dengjin Zheng, Yan Xu, Yangyang Wenren

引用次数: 0

Sustainability-oriented social responsibility and corporate innovation 以可持续发展为导向的社会责任和企业创新

IF 3.6

China Journal of Accounting Research Pub Date : 2024-04-26 DOI: 10.1016/j.cjar.2024.100359

Li Chang , Qian Yu

{"title":"Sustainability-oriented social responsibility and corporate innovation","authors":"Li Chang , Qian Yu","doi":"10.1016/j.cjar.2024.100359","DOIUrl":"https://doi.org/10.1016/j.cjar.2024.100359","url":null,"abstract":"<div><p>This paper empirically examines how sustainability-oriented social responsibility influences corporate innovation quantity and radical innovation from the perspectives of environment- and employee-oriented social responsibility. Both forms of social responsibility are found to contribute significantly to corporate innovation. Corporate environment-oriented responsibility increases innovation by increasing R&D. Employee-oriented responsibility increases innovation by helping firms retain talent; by motivating employees, employee-oriented social responsibility promotes both innovation quantity and radical innovation. Furthermore, both environment- and employee-oriented responsibility can alleviate financing constraints, and the positive effects of environment- and employee-oriented responsibility on radical innovation and innovation quantity, respectively, increase total factor productivity. Following sustainable development theory, this paper analyzes the heterogeneous mechanisms of the influences of environment- and employee-oriented social responsibility on corporate innovation and provides empirical evidence of high-quality, innovation-driven corporate development through social responsibility.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 2","pages":"Article 100359"},"PeriodicalIF":3.6,"publicationDate":"2024-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000170/pdfft?md5=9b144f7e229bc52cb283fca17920c41b&pid=1-s2.0-S1755309124000170-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141097879","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

Rumors and price efficiency in stock market: An empirical study of rumor verification on investor Interactive platforms 股市谣言与价格效率：投资者互动平台上谣言验证的实证研究

IF 3.6

China Journal of Accounting Research Pub Date : 2024-04-20 DOI: 10.1016/j.cjar.2024.100356

Wenting Zhang, Chenxi Wang

引用次数: 0

Implicit regulation in M&As: Evidence from voluntary earnouts in China 并购中的隐性监管：中国自愿赚取收益的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2024-04-16 DOI: 10.1016/j.cjar.2024.100355

Wen Zeng, Huifang Yin

{"title":"Implicit regulation in M&As: Evidence from voluntary earnouts in China","authors":"Wen Zeng, Huifang Yin","doi":"10.1016/j.cjar.2024.100355","DOIUrl":"10.1016/j.cjar.2024.100355","url":null,"abstract":"<div><p>Earnout provisions (“earnouts” hereafter) provide for contingent payments in M&A agreements and play a role in reducing information asymmetry. However, in China, earnouts are not solely driven by negotiations between acquirers and targets but are also related to regulatory preference. The CSRC amended the M&A regulation in 2014, deregulating mandatory earnouts while retaining the approval system. Leveraging on this context, we explore whether regulators implement implicit regulation by encouraging the usage of voluntary earnouts, and the economic consequences of such action. Our results show that earnouts are more likely to be included in an M&A contract when the deal requires CSRC approval. M&As that involve earnouts are also more likely to obtain regulatory approval and in a shorter time. These findings suggest that regulators may still prefer earnouts even after deregulation. In addition, we find that the association between voluntary earnouts and acquirers’ post-acquisition performance is negative when the M&A deal requires regulatory approval, suggesting that voluntary earnouts influenced by regulatory preference can potentially have a negative impact. Further analyses indicate that this impact can be alleviated by comment letters and market monitoring. Our findings provide regulators with insights into the effects of the regulatory reform in the M&A market.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 2","pages":"Article 100355"},"PeriodicalIF":3.6,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000133/pdfft?md5=1bceb5ee3fd0d8ff1d2fda75d53d123c&pid=1-s2.0-S1755309124000133-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140756242","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

Audit-firm serving experience heterogeneity and audit knowledge integration: Evidence from the disclosure of key audit matters 审计公司服务经验异质性与审计知识整合：关键审计事项披露的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2024-04-08 DOI: 10.1016/j.cjar.2024.100354

Lin Wang , Yuyan Jia , Tusheng Xiao , Yingmin Yu

引用次数: 0

Private information and investment-q sensitivity: Evidence from new products 私人信息与投资Q敏感性：来自新产品的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2024-03-01 DOI: 10.1016/j.cjar.2024.100344

Ganbing Li, Kai Zhu

{"title":"Private information and investment-q sensitivity: Evidence from new products","authors":"Ganbing Li, Kai Zhu","doi":"10.1016/j.cjar.2024.100344","DOIUrl":"https://doi.org/10.1016/j.cjar.2024.100344","url":null,"abstract":"<div><p>This study shows that a decline in investment efficiency due to information asymmetry may not necessarily devalue a firm but may enhance its value instead. Firms base their investment decisions on both public and private information. However, effectively transmitting private information to investors in a competitive market is quite challenging, as it leads to stock prices inadequately reflecting a firm’s true value. Simultaneously, firms must invest to achieve their business objectives, which results in a deviation between a firm’s actual investment level and the market’s expected investment level, thereby reducing investment-q sensitivity. However, this deviation does not imply a waste of societal resources; instead, it improves a firm’s core competitiveness in the product market. We consider the future launch of new products as a proxy for firm private information. We find that (1) private information is negatively associated with investment-q sensitivity, and that the greater the sales of the new product, the lower the investment-q sensitivity; (2) the negative effect is more pronounced for firms with higher revenue volatility and ownership concentration than for those with lower revenue volatility and ownership concentration. This study helps us to further understand how to evaluate firm investment efficiency from the perspective of private information and provides empirical evidence of the costs of the new product launch process.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 1","pages":"Article 100344"},"PeriodicalIF":3.6,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000029/pdfft?md5=50ff7be4b771fe33480c62e4a758ce19&pid=1-s2.0-S1755309124000029-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140103375","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

Do investors care about auditor assignments? Evidence from last-minute changes to signing auditors 投资者关心审计师的任命吗？从最后一刻更换签约审计师中获得的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2024-03-01 DOI: 10.1016/j.cjar.2023.100342

Yangyang Wang , Yiqun Xie , Huanmin Yan , Rui Zhang

{"title":"Do investors care about auditor assignments? Evidence from last-minute changes to signing auditors","authors":"Yangyang Wang , Yiqun Xie , Huanmin Yan , Rui Zhang","doi":"10.1016/j.cjar.2023.100342","DOIUrl":"https://doi.org/10.1016/j.cjar.2023.100342","url":null,"abstract":"<div><p>Against the background of China’s strengthening of finance and accounting supervision, this study examines the practice among listed companies of changing signing auditors at the last minute and explores whether Chinese investors can capture this information in a timely manner. We find that China’s capital market responds significantly negatively to these last-minute changes, implying that investors perceive a potential negative impact of this behavior. Cross-sectional analyses suggest that the characteristics of the change event, recent corporate events, and accounting firm capability significantly affect the stock price response. Furthermore, in terms of the individual characteristics of signing auditors, external investors appear to comprehensively consider busyness level, industry experience, and the timing of the change to determine the causes and effects of the auditor change and make different market reactions accordingly. In addition, consistent with investor perceptions, we find that last-minute changes significantly impair the quality of financial statements, indicating that external investors’ judgments based on information about changes in signing auditors are rational and effective.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 1","pages":"Article 100342"},"PeriodicalIF":3.6,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309123000527/pdfft?md5=0fd5a9ccc386abcc6dbab291f884b98f&pid=1-s2.0-S1755309123000527-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140103376","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

Registration system reform and initial public offering ownership preference: Evidence from China 注册制改革与首次公开募股所有权偏好：来自中国的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2024-03-01 DOI: 10.1016/j.cjar.2024.100343

Xihao Wu, Di Zhang, Zhongxin Wu

{"title":"Registration system reform and initial public offering ownership preference: Evidence from China","authors":"Xihao Wu, Di Zhang, Zhongxin Wu","doi":"10.1016/j.cjar.2024.100343","DOIUrl":"10.1016/j.cjar.2024.100343","url":null,"abstract":"<div><p>Whether registration system reform (RSR) can curb administrative intervention and create a fair market environment has long been a concern in China. We explore this issue from the perspective of the initial public offering (IPO) preference based on the entropy balancing method, and findings are as follows. First, an IPO ownership preference exists under approval system. That is, state-owned enterprises (SOEs) are more likely than private enterprises to obtain IPO approval. However, RSR significantly changes this preference, especially for non-politically connected private enterprises. Second, the post-IPO market performance of SOEs is inferior to that of private enterprises under approval system, thus excluding the view that approval is prioritized for SOEs because of superior performance. Third, compared with SOEs, private enterprises are more likely to switch the issuance system from approval system to registration system; this change makes it easier for them to obtain IPO approval, indicating that private enterprise owners perceive the registration channel to be fairer. Fourth, the effect of RSR on IPO ownership preference mainly occurs in companies in three major urban agglomerations in China—the Pearl River Delta, the Yangtze River Delta, and the Beijing–Tianjin–Hebei region—and in technology-intensive industries. Collectively, our findings reveal that RSR cultivates a fairer IPO approval process.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 1","pages":"Article 100343"},"PeriodicalIF":3.6,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000017/pdfft?md5=206ee3a0142a6dcb11181209ef4c1871&pid=1-s2.0-S1755309124000017-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139825276","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

Can the improvement of competitive adequacy and fairness reduce discriminatory M&A behavior? Evidence from the market access negative list pilot in China 提高竞争充分性和公平性能否减少歧视性并购行为？来自中国市场准入负面清单试点的证据

IF 3.6

China Journal of Accounting Research Pub Date : 2024-03-01 DOI: 10.1016/j.cjar.2023.100340

Xiongyuan Wang , Jing Xu , Shuai Wang

引用次数: 0

Digital technology, the industrial internet, and cost stickiness 数字技术、工业互联网和成本粘性

IF 3.6

China Journal of Accounting Research Pub Date : 2024-03-01 DOI: 10.1016/j.cjar.2023.100339

Lili Hui , Huobao Xie , Xiaofang Chen

引用次数: 0