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Institutional environment quality and the longevity of billionaire entrepreneurs 制度环境质量与亿万企业家的长寿
IF 3.6
China Journal of Accounting Research Pub Date : 2023-03-01 DOI: 10.1016/j.cjar.2022.100288
Bin Ke , Zengquan Li , Qing Ye
{"title":"Institutional environment quality and the longevity of billionaire entrepreneurs","authors":"Bin Ke ,&nbsp;Zengquan Li ,&nbsp;Qing Ye","doi":"10.1016/j.cjar.2022.100288","DOIUrl":"https://doi.org/10.1016/j.cjar.2022.100288","url":null,"abstract":"<div><p>Using self-made billionaire entrepreneurs in China as a proxy for large entrepreneurs, we examine the impact of institutional environment quality on the longevity of such entrepreneurs. While property rights institutions and contracting institutions are important in explaining macroeconomic growth and small firm growth, we find no evidence that they matter to the longevity of billionaire entrepreneurs. However, we find access to finance to be important to the longevity of billionaire entrepreneurs. Our results help better understand the relative importance of various institutional environment forces to the continuous success of billionaire entrepreneurs.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 1","pages":"Article 100288"},"PeriodicalIF":3.6,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50195182","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
Confucian culture and corporate bond pricing 儒家文化与公司债券定价
IF 3.6
China Journal of Accounting Research Pub Date : 2023-03-01 DOI: 10.1016/j.cjar.2022.100285
Lingling Zhai , Xudong Tang
{"title":"Confucian culture and corporate bond pricing","authors":"Lingling Zhai ,&nbsp;Xudong Tang","doi":"10.1016/j.cjar.2022.100285","DOIUrl":"10.1016/j.cjar.2022.100285","url":null,"abstract":"<div><p>We investigate the effect of Confucian culture on corporate bond pricing. Using the birthplace data of 56,759 <em>Jinshi</em> in the Ming and Qing dynasties to construct a proxy of Confucian culture, we find a significantly negative relation between Confucian culture and bond pricing: the stronger the Confucian atmosphere of the corporate headquarters’ location, the higher the bond rating and the lower the credit spread. This conclusion still holds after using the distance to the nearest ancient printing office as an instrumental variable and a series of robustness tests. The mechanism test shows that Confucian culture can improve the pricing efficiency of corporate bonds by fostering investors’ trust, alleviating principal–agent problems and restraining bad corporate behaviors. Moreover, the impact of Confucian culture on corporate bond pricing is greater for firms located in regions with weak legal and other formal institutional constraints and for unlisted companies. Our study complements the literature on culture and bond pricing, and provides policy insights from traditional Chinese wisdom for improving the efficiency of financial markets.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 1","pages":"Article 100285"},"PeriodicalIF":3.6,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46012081","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: 2
Risk-preparedness mechanism and audit quality: Evidence from mandatory increase of professional indemnity insurance and professional risk fund 风险防范机制与审计质量:来自职业赔偿保险和职业风险基金强制性增加的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2023-03-01 DOI: 10.1016/j.cjar.2022.100284
Yue Qi , Qingbo Yuan
{"title":"Risk-preparedness mechanism and audit quality: Evidence from mandatory increase of professional indemnity insurance and professional risk fund","authors":"Yue Qi ,&nbsp;Qingbo Yuan","doi":"10.1016/j.cjar.2022.100284","DOIUrl":"10.1016/j.cjar.2022.100284","url":null,"abstract":"<div><p>We examine the risk-preparing benefits of Chinese audit firms’ professional indemnity insurance (PII) and professional risk fund (PRF) by using the <em>Notice on Adjusting the Application Requirement of Audit Firms for Securities Qualifications</em> as an exogenous shock. This policy requires audit firms to raise the sum of the cumulative compensation limit of their PII and PRF from 6 million to 80 million yuan. It is found, first, that the capital market regards this policy revision as a signal to strengthen investor protection and responds positively; client firms with high audit risks have a stronger response. Second, auditors’ governance of financial information has strengthened, resulting in the significant improvement of their clients’ financial reporting quality, with a stronger effect on firms with higher earnings management risk. There is no evidence that audit firms pass the costs on to their clients. Finally, the mismatch between auditors and new client firms is alleviated. We show that in an emerging market with weak investor protection, establishing a sound risk-preparedness mechanism for audit firms and strengthening the capacity for civil compensation ex post greatly improve the adaptive degree between international auditing standards and the legal environment of China, thereby enhancing the overall service quality of the audit market.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 1","pages":"Article 100284"},"PeriodicalIF":3.6,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46210399","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
Spillover effects of VAT Self-enforcement properties: Evidence based on the replacement of business tax with VAT reform 增值税自我执行属性的溢出效应:基于营改增的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2023-03-01 DOI: 10.1016/j.cjar.2022.100282
Hang Liu, Yitong Zhao
{"title":"Spillover effects of VAT Self-enforcement properties: Evidence based on the replacement of business tax with VAT reform","authors":"Hang Liu,&nbsp;Yitong Zhao","doi":"10.1016/j.cjar.2022.100282","DOIUrl":"10.1016/j.cjar.2022.100282","url":null,"abstract":"<div><p>In accordance with the purchasing tax-deduction method and the receipt-based value added tax (VAT) system, the same transaction can be recorded by two firms, which creates self-enforcement properties, thereby restraining tax avoidance. Using the Replacement of Business Tax with VAT reform in China, this paper adopts a difference-in-differences design to investigate the spillover effects of VAT self-enforcement properties on corporate income tax avoidance by manually collating information about suppliers/clients of listed firms. As the listed firms' suppliers/clients switch from paying business tax to paying VAT, there is a striking decline in their corporate income tax avoidance behavior. This effect is pronounced in firms with closer upstream and downstream correlations, higher information complexity and stronger incentives for tax avoidance.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 1","pages":"Article 100282"},"PeriodicalIF":3.6,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44642562","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
How to improve IFRS for intangible assets? A milestone approach 如何改进无形资产国际财务报告准则？里程碑式的方法
IF 3.6
China Journal of Accounting Research Pub Date : 2023-03-01 DOI: 10.1016/j.cjar.2022.100289
Shefei Ma , Weiguo Zhang
{"title":"How to improve IFRS for intangible assets? A milestone approach","authors":"Shefei Ma ,&nbsp;Weiguo Zhang","doi":"10.1016/j.cjar.2022.100289","DOIUrl":"10.1016/j.cjar.2022.100289","url":null,"abstract":"<div><p>This study focuses on the decreasing relevance of financial information associated with current financial reporting standards for intangible assets. We summarize and compare three approaches to improving financial reporting standards for internally generated intangibles—the recognition approach, the fair value approach and the disclosure approach, among which we focus on the recognition approach. We investigate the impact of current International Accounting Standard 38 on the R&amp;D capitalization policies of the high-tech industry, particularly among medical device firms in China. We conclude that the current recognition criteria are so stringent that they disincentivize firms from capitalizing their R&amp;D investments. A large variation exists in capitalization timing within the medical device industry. Accordingly, we propose the milestone approach to revising financial reporting standards for intangible assets. We suggest that determining the capitalization criteria for intangibles based on the R&amp;D cycle and capitalization timing should be moved forward.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 1","pages":"Article 100289"},"PeriodicalIF":3.6,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44820206","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
Do anti-corruption campaigns affect IPO underpricing? Evidence from a central discipline inspection of the CSRC in China 反腐运动会影响IPO抑价吗？来自中国证监会中央纪律检查的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2023-03-01 DOI: 10.1016/j.cjar.2022.100281
Chao Yan , Zai Li , Jiaxin Wang
{"title":"Do anti-corruption campaigns affect IPO underpricing? Evidence from a central discipline inspection of the CSRC in China","authors":"Chao Yan ,&nbsp;Zai Li ,&nbsp;Jiaxin Wang","doi":"10.1016/j.cjar.2022.100281","DOIUrl":"10.1016/j.cjar.2022.100281","url":null,"abstract":"<div><p>The system of central discipline inspections has become a key anti-corruption governance tool in China since 2013. This paper investigates the impact of a central discipline inspection of the China Securities Regulatory Commission (CSRC) on initial public offering (IPO) underpricing. We find that IPO firms listed during the inspection period exhibit greater IPO underpricing than those listed outside the inspection period. The reason is the increased focus of the CSRC on maintaining capital market stability, which makes it more inclined to approve IPO firms with lower issue prices during the inspection period compared with other periods. We also find that IPO firms listed during the inspection period have better short-term market performance but poorer long-term returns than those listed outside the inspection period. Moreover, the effect of the anti-corruption inspection on IPO underpricing is more pronounced for non-state-owned enterprises, firms with low-quality auditors and firms located in regions with high corruption. Overall, our paper enriches the literature on IPO underpricing and the economic consequences of the central discipline inspection system.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 1","pages":"Article 100281"},"PeriodicalIF":3.6,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45436483","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: 4
Does the reputation mechanism apply to independent directors in emerging markets? Evidence from China 声誉机制是否适用于新兴市场的独立董事？来自中国的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2023-03-01 DOI: 10.1016/j.cjar.2022.100283
Jin-hui Luo , Yue Liu
{"title":"Does the reputation mechanism apply to independent directors in emerging markets? Evidence from China","authors":"Jin-hui Luo ,&nbsp;Yue Liu","doi":"10.1016/j.cjar.2022.100283","DOIUrl":"10.1016/j.cjar.2022.100283","url":null,"abstract":"<div><p>We examine whether reputable independent directors improve firm performance and governance quality in emerging markets, using data from China. Firms with such directors, measured as the number of directorships in other listed firms, have higher profitability, operating efficiency and productivity. They suffer from fewer agency problems, pay more cash dividends and have lower likelihoods of receiving modified audit opinions and participating in financial disclosure-related irregularities than their counterparts. In China’s unique institutional context, the reputation mechanism for independent directors applies to firms in regions with weak marketization environments, non-state-owned enterprises and firms without political connections; it also applies when external governance is weak. Overall, reputable independent directors appear to occupy valuable advising and monitoring roles and compensate for weak institutions and governance in China.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"16 1","pages":"Article 100283"},"PeriodicalIF":3.6,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47042864","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: 3
Does green governance affect financing constraints? Evidence from China’s heavily polluting enterprises 绿色治理是否影响融资约束?来自中国重污染企业的证据
IF 3.6
China Journal of Accounting Research Pub Date : 2022-12-01 DOI: 10.1016/j.cjar.2022.100267
Pei Jose Liu, Congjing Song, Jiayuan Xin
{"title":"Does green governance affect financing constraints? Evidence from China’s heavily polluting enterprises","authors":"Pei Jose Liu,&nbsp;Congjing Song,&nbsp;Jiayuan Xin","doi":"10.1016/j.cjar.2022.100267","DOIUrl":"10.1016/j.cjar.2022.100267","url":null,"abstract":"<div><p>Given the increasing focus on global sustainable development, many enterprises in developing countries such as China participate in green governance and scale up their green investment; however, many enterprises still experience financing difficulties. Our study investigates whether green governance can mitigate corporate financing constraints. Using a sample of Chinese, A-share listed, high-pollution enterprises from 2013 to 2018, we find that corporate green governance practices, including environmental performance and information disclosure, ease corporate financing constraints. This effect is pronounced in areas with high levels of financial development and for state-owned enterprises. This paper not only proposes a channel for alleviating enterprises’ financing constraints but also reveals the importance of industrial transformation and emissions reduction for energy-intensive industries in emerging markets.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 4","pages":"Article 100267"},"PeriodicalIF":3.6,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000478/pdfft?md5=a13cdb7dc3489eaa37e5239265b91297&pid=1-s2.0-S1755309122000478-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48817947","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: 3
Concurrent independent directors in the same industry and accounting information comparability 同行业兼任独立董事与会计信息可比性
IF 3.6
China Journal of Accounting Research Pub Date : 2022-12-01 DOI: 10.1016/j.cjar.2022.100268
Shangkun Liang , Rong Fu , Xue Yang
{"title":"Concurrent independent directors in the same industry and accounting information comparability","authors":"Shangkun Liang ,&nbsp;Rong Fu ,&nbsp;Xue Yang","doi":"10.1016/j.cjar.2022.100268","DOIUrl":"10.1016/j.cjar.2022.100268","url":null,"abstract":"<div><p>Using a sample of Chinese A-share listed companies during the 2008–2019 period, we explore the impact of concurrent independent directors in the same industry (hereafter CIDSI) on accounting information comparability. We find that CIDSI can effectively promote accounting information comparability and that this effect is realized mainly through inhibiting earnings management. We also find that CIDSI can provide broader industry perception of the company’s board reports. Variations in concurrent companies and internal and external environments have significant moderating effects on the relationship between CIDSI and accounting information comparability. This relationship contributes to reducing audit fees and the possibility of receiving non-standard unqualified audit opinions. Our findings have implications for companies by demonstrating the importance of recruiting independent directors.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 4","pages":"Article 100268"},"PeriodicalIF":3.6,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S175530912200048X/pdfft?md5=f85440c84ef2790f8a9019a0429d2b0e&pid=1-s2.0-S175530912200048X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44199499","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 a national industrial policy promote financial market stability? A study based on stock price crash risk 国家产业政策能促进金融市场稳定吗?一项基于股价崩盘风险的研究
IF 3.6
China Journal of Accounting Research Pub Date : 2022-12-01 DOI: 10.1016/j.cjar.2022.100269
Weimin Xie , Hengxin Zhang , Jialu Guo , Miao He
{"title":"Does a national industrial policy promote financial market stability? A study based on stock price crash risk","authors":"Weimin Xie ,&nbsp;Hengxin Zhang ,&nbsp;Jialu Guo ,&nbsp;Miao He","doi":"10.1016/j.cjar.2022.100269","DOIUrl":"10.1016/j.cjar.2022.100269","url":null,"abstract":"<div><p>Whether the implementation of a national industrial policy can maintain stability in the financial market is a question of theoretical and practical significance. Using data from China’s non-financial listed firms from 2007 to 2020, we find that a national industrial policy lowers stock price crash risk. We find that the effect of an industrial policy on lowering stock price crash risk is more pronounced in regions with low levels of regional marketization and if firms have high external uncertainty, low total asset turnover, greater earnings management and receive small increments of long-term loans and fewer government subsidies, suggesting that industrial policies lower stock price crash risk by improving firm fundamentals and reducing external uncertainty, agency costs and information asymmetry.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"15 4","pages":"Article 100269"},"PeriodicalIF":3.6,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000491/pdfft?md5=0c60bf7a674ff5dff7e02f7af19bf2dc&pid=1-s2.0-S1755309122000491-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42631770","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: 1
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