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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
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
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