China Journal of Accounting Research最新文献_第5页

Real effects of greenhouse gas disclosures 温室气体披露的实际效果

IF 3.6

China Journal of Accounting Research Pub Date : 2024-05-17 DOI: 10.1016/j.cjar.2024.100360

Tong Lu , Lijun Ruan , Yanyan Wang , Lisheng Yu

{"title":"Real effects of greenhouse gas disclosures","authors":"Tong Lu , Lijun Ruan , Yanyan Wang , Lisheng Yu","doi":"10.1016/j.cjar.2024.100360","DOIUrl":"10.1016/j.cjar.2024.100360","url":null,"abstract":"<div><p>This study investigates the valuation and real effects of the mandatory disclosure of greenhouse gas (GHG) emission costs from the perspective of “double materiality.” We consider a firm with a Cobb-Douglas production function that combines GHG-related and non-GHG-related investments to produce short-term and long-term returns. In particular, the GHG-related investment entails short-term and long-term social costs of GHG emissions, including corporate costs and negative externalities. We demonstrate how the mandatory disclosure of the long-term costs of GHG emissions affects capital market valuations and corporate investment decisions relative to a non-disclosure regime. The social welfare in an accounting regime hinges on three parameters: the persistence of the short-term investment return, the ratio of the productivity of GHG-related investment to that of non-GHG-related investment, and the social cost parameter for GHG emissions. Our findings suggest that disclosing the long-term costs of GHG emissions may be detrimental to social welfare. Specifically, the non-disclosure regime results in higher social welfare than the disclosure regime for high values of these parameters.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 2","pages":"Article 100360"},"PeriodicalIF":3.6,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000182/pdfft?md5=e61b9fb620d5cdc8b5cf20a771d90077&pid=1-s2.0-S1755309124000182-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141044740","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

Intangibles and management earnings forecasts 无形资产和管理层盈利预测

IF 3.6

China Journal of Accounting Research Pub Date : 2024-05-14 DOI: 10.1016/j.cjar.2024.100361

Ashraf Khallaf , Yezen Kannan

引用次数: 0

Stakeholder responses to mandating environmental, social and governance reporting in Hong Kong 利益相关者对香港强制执行环境、社会和治理报告制度的回应

IF 3.6

China Journal of Accounting Research Pub Date : 2024-05-06 DOI: 10.1016/j.cjar.2024.100353

Ricky Chung , Lyndie Bayne , Jacqueline Birt

{"title":"Stakeholder responses to mandating environmental, social and governance reporting in Hong Kong","authors":"Ricky Chung , Lyndie Bayne , Jacqueline Birt","doi":"10.1016/j.cjar.2024.100353","DOIUrl":"10.1016/j.cjar.2024.100353","url":null,"abstract":"<div><p>We examine stakeholders’ comment letters regarding the Hong Kong Exchange’s (HKEX) 2015 Consultation Paper, which proposed mandating ESG reporting in Hong Kong. We test for significant differences in responses between stakeholder groups and whether the HKEX’s decision was consistent with stakeholders’ preferences in the consultation process. Examining comment letters submitted by six lobbying groups—preparers, investors, the accounting profession, NGOs, other institutions and individuals—we analyze survey responses using textual analysis software and statistical tests. We find that users and the accounting profession participated more than preparers. We also find that preparers and users took different positions on mandating ESG reporting when lobbying the HKEX, whereas preparers and the accounting profession advocated similar positions. Moreover, we find a significant association between stakeholder groups’ preferences and the HKEX’s decision on most proposed changes.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 2","pages":"Article 100353"},"PeriodicalIF":3.6,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S175530912400011X/pdfft?md5=e42f0da1a8d76326636117d14c026c42&pid=1-s2.0-S175530912400011X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141049626","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

Does the integration between litigation and supervision discipline financial misstatement? 诉讼与监督的结合是否能约束财务错报？

IF 3.6

China Journal of Accounting Research Pub Date : 2024-05-03 DOI: 10.1016/j.cjar.2024.100357

Huihua He , Junxiong Fang

{"title":"Does the integration between litigation and supervision discipline financial misstatement?","authors":"Huihua He , Junxiong Fang","doi":"10.1016/j.cjar.2024.100357","DOIUrl":"10.1016/j.cjar.2024.100357","url":null,"abstract":"<div><p>This paper explores the positive governance effects of the Procuratorate’s Public Interest Litigation System in China, which combines the powers of litigation and administrative supervision, on the quality of information disclosure by listed state-owned enterprises. We report several findings. (1) The likelihood that listed state-owned enterprises would issue financial restatements and participate in financial fraud decreased significantly in areas selected for pilot implementation. (2) The governance effect is stronger in regulated industries than in unregulated industries. After the pilot implementation, the agency costs decreased, and the increase in legal litigation risks related to false statements faced by enterprises played a deterrent effect. (3) The significance of the above results is stronger when a company’s external and internal governance are weaker. This study provides both new evidence of the effectiveness of the integrated governance mechanism and inspiration for future efforts to widely implement this mechanism in the capital market.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 2","pages":"Article 100357"},"PeriodicalIF":3.6,"publicationDate":"2024-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000157/pdfft?md5=e54a42661a5e089d714786ad5a96c69e&pid=1-s2.0-S1755309124000157-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141024135","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

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