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Market manipulation by rumormongers: Evidence from insiders’ stock selling 造谣者操纵市场：来自内部人士抛售股票的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2023-09-01 DOI: 10.1016/j.cjar.2023.100318
Yan Tan, Wenting Zhang, Xiangting Kong
{"title":"Market manipulation by rumormongers: Evidence from insiders’ stock selling","authors":"Yan Tan,&nbsp;Wenting Zhang,&nbsp;Xiangting Kong","doi":"10.1016/j.cjar.2023.100318","DOIUrl":"10.1016/j.cjar.2023.100318","url":null,"abstract":"<div><p>Using a large sample of data on insiders’ stock selling and rumors about A-share listed companies in China, this study empirically tests whether and how rumors about companies are used to manipulate the market in the context of insiders’ stock selling. We find that the probability of a rumor’s occurrence, especially that of a favorable rumor, significantly increases in the 30 days before the first transaction in a round of insiders’ stock selling and remains high for 30 days afterward, showing clear signs of manipulation. These results are robust to several endogeneity tests. The probability of manipulation via rumor increases with a company’s degree of information asymmetry. In addition, large-scale stock selling, centralized bidding, and transactions involving CEOs or chairmen (or their relatives) have a significantly higher probability of manipulation via rumor, while transactions made by directors, supervisors, or senior executives (but not their relatives) have a significantly lower probability of manipulation via rumor. Further examination shows that using rumor to manipulate the market increases insiders’ transaction returns but leads to stock price reversal in the long term.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 3","pages":"Article 100318"},"PeriodicalIF":3.6,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47039921","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
Mandatory CSR disclosure and analyst forecast properties: Evidence from a quasi-natural experiment in China 强制性企业社会责任披露与分析师预测属性:来自中国准自然实验的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2023-06-01 DOI: 10.1016/j.cjar.2023.100301
Haina Shi , Byron Y. Song , Huifeng Xu , Xiaodong Xu
{"title":"Mandatory CSR disclosure and analyst forecast properties: Evidence from a quasi-natural experiment in China","authors":"Haina Shi ,&nbsp;Byron Y. Song ,&nbsp;Huifeng Xu ,&nbsp;Xiaodong Xu","doi":"10.1016/j.cjar.2023.100301","DOIUrl":"10.1016/j.cjar.2023.100301","url":null,"abstract":"<div><p>Based on a quasi-natural experiment that mandates a subset of listed firms to issue standalone corporate social responsibility (CSR) reports, we examine whether mandatory CSR disclosure improves analysts’ information environment. We focus on two properties of analysts’ earnings forecasts: forecast error and forecast dispersion. We find that the mandatory issuance of standalone CSR reports is related to less forecast error and less dispersed forecasts, and the effect varies with the firm-level information environment and province-level marketization. Additional tests show that the improvement in forecast properties is mainly driven by CSR reports that i)<!--> <!-->are of high quality and ii)<!--> <!-->contain more long-term-oriented information than other CSR reports. Our findings provide evidence that mandatory CSR disclosure plays an important informational role for financial analysts.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 2","pages":"Article 100301"},"PeriodicalIF":3.6,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48522952","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
The state capital investing and operating company pilot reform and SOE bailouts 国有资本投资运营公司改革试点与国有企业纾困
IF 3.6
China Journal of Accounting Research Pub Date : 2023-06-01 DOI: 10.1016/j.cjar.2023.100302
Chuyi Wu, Liping Xu, Yu Xin
{"title":"The state capital investing and operating company pilot reform and SOE bailouts","authors":"Chuyi Wu,&nbsp;Liping Xu,&nbsp;Yu Xin","doi":"10.1016/j.cjar.2023.100302","DOIUrl":"10.1016/j.cjar.2023.100302","url":null,"abstract":"<div><p>This paper explores the influence of the State Capital Investing and Operating Company (SCIOC) pilot reform on SOE bailout using a staggered difference-in-differences model. Based on a sample of listed SOEs during 2011–2018, we find that when the real controllers of listed SOEs enter the list of SCIOCs, soft budget constraints are alleviated and listed subsidiaries are less likely to become distressed. Mechanism tests indicate that SCIOCs help distressed firms through exiting the market, reducing bank loans, enhancing corporate governance, and improving operating efficiency. Heterogeneity tests show that the effect of SCIOC establishment is more significant in central and western regions, in public welfare and special function industries, for central SCIOCs, for state capital investing companies, when firms are organized in more layers, and for firms that engage in M&amp;As. The empirical results show that the implementation of SCIOCs benefits both micro-enterprise development and state capital layout optimization.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 2","pages":"Article 100302"},"PeriodicalIF":3.6,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42325769","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
Can blockchain technology be effectively integrated into the real economy? Evidence from corporate investment efficiency 区块链技术能否有效融入实体经济？来自企业投资效率的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2023-06-01 DOI: 10.1016/j.cjar.2023.100292
Jing Du , Yun Shi , Wanfu Li , Ying Chen
{"title":"Can blockchain technology be effectively integrated into the real economy? Evidence from corporate investment efficiency","authors":"Jing Du ,&nbsp;Yun Shi ,&nbsp;Wanfu Li ,&nbsp;Ying Chen","doi":"10.1016/j.cjar.2023.100292","DOIUrl":"10.1016/j.cjar.2023.100292","url":null,"abstract":"<div><p>As a highly disruptive digital technology, blockchain provides new solutions for reshaping corporate governance mechanisms and improving resource allocation. We empirically examine the relationship between blockchain and corporate investment inefficiency. We find that blockchain can help improve corporate investment efficiency, and this result is valid after a series of robustness tests. Blockchain can not only significantly restrain overinvestment but also alleviate underinvestment. Reducing financing costs and alleviating agency conflicts are the two channels through which blockchain is associated with corporate investment efficiency, and financial reporting quality is the condition on which the channels depend. When the CEO holds few shares or the trade credit environment in the region where the company is located is poor, the effect of blockchain is more prominent than it is otherwise. Investment efficiency cannot be improved by blockchain for companies providing blockchain products or services to customers, only for those promoting their own operations and management with blockchain. Ultimately, blockchain can enhance companies’ value by alleviating inefficient investment. We reveal the role of blockchain in corporate investment efficiency, furnish microeconomic evidence for the integration of digital technology and the real economy and provide implications for China to promote digital technology to drive high-quality company development.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 2","pages":"Article 100292"},"PeriodicalIF":3.6,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46319292","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: 8
Earnings seasonality, management earnings forecasts and stock returns 盈利季节性、管理层盈利预测和股票回报
IF 3.6
China Journal of Accounting Research Pub Date : 2023-06-01 DOI: 10.1016/j.cjar.2023.100303
Danling Jiang , Pan Song , Hongquan Zhu
{"title":"Earnings seasonality, management earnings forecasts and stock returns","authors":"Danling Jiang ,&nbsp;Pan Song ,&nbsp;Hongquan Zhu","doi":"10.1016/j.cjar.2023.100303","DOIUrl":"https://doi.org/10.1016/j.cjar.2023.100303","url":null,"abstract":"<div><p>We examine whether management earnings forecasts (MEFs) help reduce the stock return seasonality associated with earnings seasonality around earnings announcements (EAs) in Chinese A-share markets. We find that firms in historically low earnings seasons outperform firms in high earnings seasons by 2.1% around MEFs. Firms in low earnings seasons also have higher trading volume and return volatility than their counterparts around EAs and MEFs. MEFs significantly reduce the ability of historical seasonal earnings rankings to negatively predict announcement returns, volume and volatility around EAs. The reduction effects are stronger when MEFs are voluntary or made closer to EAs. The evidence suggests that MEFs facilitate the correction of investors’ tendency to extrapolate earnings seasonality and its resulted stock mispricing.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 2","pages":"Article 100303"},"PeriodicalIF":3.6,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50183659","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
Government social media and corporate tax avoidance 政府社交媒体与企业避税
IF 3.6
China Journal of Accounting Research Pub Date : 2023-06-01 DOI: 10.1016/j.cjar.2023.100304
Qi Jiang, Yanli Chen, Tianjun Sun
{"title":"Government social media and corporate tax avoidance","authors":"Qi Jiang,&nbsp;Yanli Chen,&nbsp;Tianjun Sun","doi":"10.1016/j.cjar.2023.100304","DOIUrl":"10.1016/j.cjar.2023.100304","url":null,"abstract":"<div><p>With the advent of the new media era, government social media have become an important paradigm for social governance. We perform a large-sample regression and reveal that the higher the quality of taxation bureaus’ operation of government social media, the lower the degree of local enterprises’ tax avoidance, which works through reducing tax avoidance incentives and increasing the difficulty of committing tax avoidance. Moreover, government social media play a substitution effect on tax enforcement and administration. We also find that government social media should focus on strengthening its official, formal and professional characteristics. Given the significant recent changes in how enterprises handle taxation, the proportion of information that taxation bureaus post on system operation should be appropriately increased.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 2","pages":"Article 100304"},"PeriodicalIF":3.6,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49466431","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
Mandatory information disclosure and innovation: Evidence from the disclosure of operational information 强制性信息披露与创新:来自经营信息披露的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2023-06-01 DOI: 10.1016/j.cjar.2023.100294
Jinyang Liu , Kangtao Ye , Yurou Liu
{"title":"Mandatory information disclosure and innovation: Evidence from the disclosure of operational information","authors":"Jinyang Liu ,&nbsp;Kangtao Ye ,&nbsp;Yurou Liu","doi":"10.1016/j.cjar.2023.100294","DOIUrl":"10.1016/j.cjar.2023.100294","url":null,"abstract":"<div><p>We use a quasi-natural experiment wherein the Shanghai Stock Exchange requires listed companies in certain industries to disclose operational information and a staggered difference-in-differences model to examine the impact of mandatory information disclosure on corporate innovation. We find that companies subject to mandatory operational information disclosure show significantly increased innovation. This effect is pronounced for companies classified as non-state-owned enterprises, facing severe financing constraints and a high degree of shareholder tunneling behavior and in competitive and high-tech industries. Although mandatory operational information disclosure reduces their competitive advantage, companies appear to compensate by increasing innovation. Our study highlights the positive impact of mandatory operational information disclosure, indicating that it contributes to the high-quality development of both capital markets and companies.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 2","pages":"Article 100294"},"PeriodicalIF":3.6,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45791252","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
Religiosity and bank earnings management: Revisiting international evidence 宗教信仰与银行盈余管理:重新审视国际证据
IF 3.6
China Journal of Accounting Research Pub Date : 2023-06-01 DOI: 10.1016/j.cjar.2022.100290
Tanzina Akhter , Abul Kalam Azad
{"title":"Religiosity and bank earnings management: Revisiting international evidence","authors":"Tanzina Akhter ,&nbsp;Abul Kalam Azad","doi":"10.1016/j.cjar.2022.100290","DOIUrl":"10.1016/j.cjar.2022.100290","url":null,"abstract":"<div><p>The modernization theory forecasts a sharp declining effect of institutionalized religion on human behavior owing to the extensive economic development. However, this prediction is rejected and proved that religious values and beliefs have a pervasive influence on individual conduct. Based on this salient evidence, we examine the influence of religious social norms on bank earnings management behavior with regard to ongoing economic development. We use 20,715 bank-year observations from 1318 listed banks of eight geographical regions. We, further, employ an updated dataset of 2007–2021 to resemble the economic prosperity time period. Our study discards the prediction of the modernization theory and reveals that banks located in countries with high religiosity are less likely to manage their reported earnings. While comparing conventional banks with Islamic ones, conventional banks are found to be less prone to the earnings management practice than that of their Islamic counterparts. We also find religiosity to have a greater magnitude of effect on the accounting manipulation in the crisis period than in the post-crisis one. The cross-regional differences in religious values bring differential effects on this unethical practice. Our results are robust with the alternative measures of earnings management and alternative model specifications.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 2","pages":"Article 100290"},"PeriodicalIF":3.6,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48129051","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: 1
Confucian culture and the external pay gap 儒家文化与外部薪酬差距
IF 3.6
China Journal of Accounting Research Pub Date : 2023-06-01 DOI: 10.1016/j.cjar.2023.100291
Weimin Xie , Jialu Guo , Hengxin Zhang
{"title":"Confucian culture and the external pay gap","authors":"Weimin Xie ,&nbsp;Jialu Guo ,&nbsp;Hengxin Zhang","doi":"10.1016/j.cjar.2023.100291","DOIUrl":"10.1016/j.cjar.2023.100291","url":null,"abstract":"<div><p>We examine the impact of Confucian philosophy on external pay gaps, and find that a Confucianist atmosphere is negatively associated with firms’ external pay gaps for both executives and employees. Mechanistically, the Confucian concept of “righteousness” reduces the self-interested motivation of management, in turn reducing executives’ external pay gap; “humaneness” causes management to focus on protecting employees’ rights and interests, benefiting employees’ compensation; and “honesty” improves information disclosure, reducing the external compensation gap for both executives and general employees. The inhibitory effect of Confucian culture on the external pay gap is greater in regions with weak formal institutions and non-state-owned firms, while foreign cultural shocks attenuate the Confucian influence. Finally, the Confucian culture-driven reduction of the external pay gap improves enterprises’ economic efficiency.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 2","pages":"Article 100291"},"PeriodicalIF":3.6,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47726555","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
Can differences in the background characteristics of the chairperson–CEO vertical dyad reduce management agency costs?—A perspective Based on the internal configuration of the top management team 董事长- ceo纵向二元结构背景特征的差异能否降低管理代理成本?-视角基于高层管理团队的内部配置
IF 3.6
China Journal of Accounting Research Pub Date : 2023-03-01 DOI: 10.1016/j.cjar.2023.100293
Qianhua Lei, Jingchang Li, Yaheng Zhong, Yujia Huang
{"title":"Can differences in the background characteristics of the chairperson–CEO vertical dyad reduce management agency costs?—A perspective Based on the internal configuration of the top management team","authors":"Qianhua Lei,&nbsp;Jingchang Li,&nbsp;Yaheng Zhong,&nbsp;Yujia Huang","doi":"10.1016/j.cjar.2023.100293","DOIUrl":"10.1016/j.cjar.2023.100293","url":null,"abstract":"<div><p>We test whether differences in the background characteristics of firms’ chairperson and CEO can reduce management agency costs. We find that when the chairperson is older, has a higher level of education, and has more overseas experience than the CEO, the management agency costs will be lower. A series of robustness tests do not change our conclusions. In further analysis, we find that the negative relationship between the two is more significant for SOEs or firms experiencing fierce market competition. Finally, we also find that the chairman-CEO’s vertical dyad background characteristics differences can help to improve firm performance. Our study provides theoretical and practical implications for companies on how to best configure their top management team.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 1","pages":"Article 100293"},"PeriodicalIF":3.6,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41895876","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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