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Is corporate digital transformation counter-cyclical? 企业数字化转型是逆周期的吗？
IF 1.9
China Journal of Accounting Research Pub Date : 2025-03-01 Epub Date: 2024-10-30 DOI: 10.1016/j.cjar.2024.100401
Shuai Wang , Xi Chen , Qinggang Wang
{"title":"Is corporate digital transformation counter-cyclical?","authors":"Shuai Wang ,&nbsp;Xi Chen ,&nbsp;Qinggang Wang","doi":"10.1016/j.cjar.2024.100401","DOIUrl":"10.1016/j.cjar.2024.100401","url":null,"abstract":"<div><div>In this paper, we assess listed companies in China to empirically examine the relationship between economic cycles and corporate digital transformation. We find that enterprises undergo a higher level of digital transformation during business contraction, and digital transformation exerts a counter-cyclical effect, which is significantly stronger in non-state-owned enterprises and enterprises with a high proportion of low-skilled labor and a high growth level, but significantly weaker in enterprises in financial distress. Digital transformation during periods of contraction can enhance financing accessibility, optimize labor structures and improve corporate governance over the subsequent one to three years. This can alleviate the pressure of economic contraction. Our study contributes to the literature on economic cycles and digital transformation and provides insights enabling governments and enterprises to better understand macroeconomic trends, advance digital transformation and promote high-quality economic development.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 1","pages":"Article 100401"},"PeriodicalIF":1.9,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593322","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
How do managers use MD&A disclosures to respond to negative news? 管理者如何利用管理层收购与收购的披露来应对负面新闻？
IF 1.9
China Journal of Accounting Research Pub Date : 2025-03-01 Epub Date: 2025-02-28 DOI: 10.1016/j.cjar.2025.100405
Lingbing Liu, Huixin Geng, Yutong Wang
{"title":"How do managers use MD&A disclosures to respond to negative news?","authors":"Lingbing Liu,&nbsp;Huixin Geng,&nbsp;Yutong Wang","doi":"10.1016/j.cjar.2025.100405","DOIUrl":"10.1016/j.cjar.2025.100405","url":null,"abstract":"<div><div>This study investigates whether and how managers respond to major negative news by increasing the information content of their MD&amp;A disclosures. We predict that major negative news influences managers’ disclosure decisions by increasing legitimacy pressures and reducing opportunities to obscure information. Based on textual similarity data of financial news, we adopt a new measure to identify explosive negative news and find that managers increase the information content of their MD&amp;A disclosures after major negative news. The relationship between major negative news and MD&amp;A information content is stronger for firms held by the Social Security Fund, in industries with more penalties and for firms with higher analyst coverage. After considering endogeneity, particularly omitted variable bias and self-selection bias, and using different measures of the variables, our conclusions remain robust.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 1","pages":"Article 100405"},"PeriodicalIF":1.9,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593324","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
Labor outsourcing and corporate innovation 劳务外包与企业创新
IF 1.9
China Journal of Accounting Research Pub Date : 2025-03-01 DOI: 10.1016/j.cjar.2025.100407
Wenbin Yang , Jiaqi Mou , Li Ji
{"title":"Labor outsourcing and corporate innovation","authors":"Wenbin Yang ,&nbsp;Jiaqi Mou ,&nbsp;Li Ji","doi":"10.1016/j.cjar.2025.100407","DOIUrl":"10.1016/j.cjar.2025.100407","url":null,"abstract":"<div><div>This study investigates the impact of labor outsourcing on innovation, using manually collected data from Chinese A-share listed companies from 2012 to 2022. The results indicate that labor outsourcing significantly enhances firms’ innovation level. This relationship is primarily driven by improvements in financial flexibility and operational flexibility. Furthermore, we find that this positive relationship is more pronounced for firms facing high financial constraints and economic policy uncertainty, and firms located in regions with low population aging. The findings also suggest that labor outsourcing encourages enterprises to prioritize innovations with low rather than high originality.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 1","pages":"Article 100407"},"PeriodicalIF":1.9,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593323","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 cross-board spillover effect of innovation information: Establishment of the Star Market and Main Board analyst forecasts 创新信息的跨板溢出效应：建立明星市场和主板分析师预测
IF 1.9
China Journal of Accounting Research Pub Date : 2025-03-01 Epub Date: 2024-10-30 DOI: 10.1016/j.cjar.2024.100402
Chengxin Jiang , Bin Liu , Wenjing He
{"title":"The cross-board spillover effect of innovation information: Establishment of the Star Market and Main Board analyst forecasts","authors":"Chengxin Jiang ,&nbsp;Bin Liu ,&nbsp;Wenjing He","doi":"10.1016/j.cjar.2024.100402","DOIUrl":"10.1016/j.cjar.2024.100402","url":null,"abstract":"<div><div>Studies show that innovation information disclosed by listed firms affects the decision of non-listed firms and their stakeholders. This paper explores whether innovation information disclosed within a specific list board (i.e., market) also spills over to other list boards. Based on the establishment of China’s Star Market, we conduct an empirical test from the perspective of analyst forecasts. We find that (1) The accuracy of analyst forecasts of Main Board firms with greater information similarity to Star Market firms is significantly higher than that of Main Board firms with lower information similarity. (2) This effect is significantly stronger in samples with a substantially lower listing threshold for innovation firms, for Main Board firms with stronger innovation characteristics and when market innovation information needs are greater. (3) This affect is enhanced by analysts’ tendency to track Star Market firms with similar information to their tracked Main Board firms. These results enrich research on the spillover effects of innovation information and factors affecting analyst forecasts.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 1","pages":"Article 100402"},"PeriodicalIF":1.9,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593321","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
Returnee CEO and audit fees 海归CEO和审计费用
IF 1.9
China Journal of Accounting Research Pub Date : 2025-03-01 Epub Date: 2024-12-29 DOI: 10.1016/j.cjar.2024.100403
Vincent Tawiah , Hela Borgi , Muhammad Usman , Francis Osei-Tutu
{"title":"Returnee CEO and audit fees","authors":"Vincent Tawiah ,&nbsp;Hela Borgi ,&nbsp;Muhammad Usman ,&nbsp;Francis Osei-Tutu","doi":"10.1016/j.cjar.2024.100403","DOIUrl":"10.1016/j.cjar.2024.100403","url":null,"abstract":"<div><div>We examine the relationship between returnee chief executive officers (CEOs) and audit fees in China using robust econometric modeling with 25,630 firm-year observations between 2008 and 2020. A returnee CEO is a Chinese CEO who has previously worked or studied outside mainland China. Consistent with the supply-side argument that returnees improve governance and reduce audit risk, having a returnee CEO is negatively associated with audit fees. This relationship is not sensitive to the source of foreign experience. Firms with (vs. without) returnee CEOs pay lower audit fees. This effect is particularly pronounced for state-owned enterprises. Poorly governed, highly complex and risky firms benefit most from returnee CEOs in terms of lower audit fees. Our findings are robust across various tests.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 1","pages":"Article 100403"},"PeriodicalIF":1.9,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593318","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
Economic policy uncertainty and firms’ investments in venture capital funds: Evidence from China 经济政策的不确定性与企业对风险投资基金的投资：来自中国的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2024-12-01 Epub Date: 2024-09-16 DOI: 10.1016/j.cjar.2024.100389
Liangyong Wan , Xin Sui , Jing Rao , Lai Deng
{"title":"Economic policy uncertainty and firms’ investments in venture capital funds: Evidence from China","authors":"Liangyong Wan ,&nbsp;Xin Sui ,&nbsp;Jing Rao ,&nbsp;Lai Deng","doi":"10.1016/j.cjar.2024.100389","DOIUrl":"10.1016/j.cjar.2024.100389","url":null,"abstract":"<div><div>The latest business practice in the Chinese venture capital (VC) market involves the active participation of non-financial firms, as limited partners, in VC funds. Exploiting a unique hand-collected dataset from China, we find that economic policy uncertainty is positively related to the propensity of firms to participate in VC funds. Cross-sectional tests show that the positive effect of policy uncertainty on the likelihood of participating in VC funds is enhanced by industrial growth opportunities. Furthermore, economic consequence tests show that participating in VC funds is conducive to improving investment efficiency, increasing innovation performance and promoting product diversification. This study advances our understanding of firms’ investment decisions and the VC industry development amid economic policy uncertainty.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100389"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532815","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
How does digital transformation affect corporate accounting employees? 数字化转型如何影响企业会计员工？
IF 1.9
China Journal of Accounting Research Pub Date : 2024-12-01 Epub Date: 2024-09-28 DOI: 10.1016/j.cjar.2024.100391
Yunsen Chen, Chen Lu, Zhe Li
{"title":"How does digital transformation affect corporate accounting employees?","authors":"Yunsen Chen,&nbsp;Chen Lu,&nbsp;Zhe Li","doi":"10.1016/j.cjar.2024.100391","DOIUrl":"10.1016/j.cjar.2024.100391","url":null,"abstract":"<div><div>The rapid pace of digitalization has given rise to concerns about its influence on job roles. Our findings reveal a substitution effect on accounting employees. This effect is more evident in private firms, firms with higher levels of digital transformation in their accounting departments, firms in the information technology industry, firms with overconfident managers and firms with a higher-level network infrastructure. Digitalization also has a positive effect on technically skilled and highly educated employees, leading to a decline in the proportion of entry-level employees. We also document that digitalization contributes to more efficient labor investment. Our study therefore offers insights into how digital transformation can change the labor market for accounting employees.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100391"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532910","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
Voluntary resignation of independent directors and auditor responses: Empirical evidence from Chinese A-share listed firms 独立董事的自愿辞职与审计师的回应：来自中国 A 股上市公司的经验证据
IF 1.9
China Journal of Accounting Research Pub Date : 2024-12-01 Epub Date: 2024-08-14 DOI: 10.1016/j.cjar.2024.100386
Dongling Li , Yuhong Li , Fei Guo
{"title":"Voluntary resignation of independent directors and auditor responses: Empirical evidence from Chinese A-share listed firms","authors":"Dongling Li ,&nbsp;Yuhong Li ,&nbsp;Fei Guo","doi":"10.1016/j.cjar.2024.100386","DOIUrl":"10.1016/j.cjar.2024.100386","url":null,"abstract":"<div><div>We examine auditor responses to the voluntary resignation of independent directors. We show that auditors respond by increasing audit fees or rescinding engagement with their clients, but not by increasing their audit effort. Mechanism tests reveal that independent directors’ voluntary resignation leads to increased regulatory sanctions and negative media coverage, these relationships are more pronounced after the New Securities Law. Auditor response strategies follow an order of priority: at an acceptable level of perceived risk, auditors increase audit fees; when perceived risk exceeds this level, auditors will discontinue the client relationship. Auditors associate greater risk with firms that have (vs. have not) experienced consecutive voluntary resignations by independent directors. Mandatory resignation has no such effect.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100386"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532907","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
Industrial internet technology, resource reallocation and corporate risk-taking capacity: Evidence from the strategic management perspective 工业互联网技术、资源重新分配和企业风险承担能力：来自战略管理视角的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2024-12-01 Epub Date: 2024-08-17 DOI: 10.1016/j.cjar.2024.100387
Lili Hui , Huobao Xie
{"title":"Industrial internet technology, resource reallocation and corporate risk-taking capacity: Evidence from the strategic management perspective","authors":"Lili Hui ,&nbsp;Huobao Xie","doi":"10.1016/j.cjar.2024.100387","DOIUrl":"10.1016/j.cjar.2024.100387","url":null,"abstract":"<div><div>By employing machine learning techniques and the Word2Vec model, we quantify the micro-level implementation of Industrial Internet technology in Chinese manufacturing firms from 2010 to 2022. This provides empirical evidence for understanding how the Industrial Internet technology enhances corporate risk-taking capability. Our study shows that adopting this technology increases risk-taking capacity, mainly through resource reallocation. The information layer empowers improvements in organizational structure, the platform layer optimizes labor resources, and the edge/software layers facilitate the integration of supply chain resources. The effect is more pronounced in firms that are technology- and labor-intensive, particularly in environments of high economic policy uncertainty. In conclusion, the Industrial Internet boosts total factor productivity by fostering increased risk-taking.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100387"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532908","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
Personal data security and stock crash risk: Evidence from China’s Cybersecurity Law 个人数据安全与股灾风险：来自中国《网络安全法》的证据
IF 1.9
China Journal of Accounting Research Pub Date : 2024-12-01 Epub Date: 2024-09-18 DOI: 10.1016/j.cjar.2024.100393
Ziwei Song
{"title":"Personal data security and stock crash risk: Evidence from China’s Cybersecurity Law","authors":"Ziwei Song","doi":"10.1016/j.cjar.2024.100393","DOIUrl":"10.1016/j.cjar.2024.100393","url":null,"abstract":"<div><div>Using China’s Cybersecurity Law (CSL) as an exogenous shock, I examine how personal data security affects stock crash risk. I find that the stock crash risk of treatment firms (which collect personal data) significantly decreases after the CSL, and such decrease is larger when firms face greater personal data breach risk and have less transparent information environments before the CSL. Furthermore, treatment firms increase their investment in personal data protection after the CSL. Finally, enhanced personal data security increases firm value and promotes firms’ social responsibility to stakeholders. Overall, I provide evidence of the importance of data security for the digital economy from the perspective of capital market stability, which may present implications for data security policy worldwide.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 4","pages":"Article 100393"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532905","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
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