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Auditor mood and audit quality: evidence from music sentiment measure 审计师情绪与审计质量:来自音乐情感测量的证据
IF 2.1
Pacific Accounting Review Pub Date : 2024-09-17 DOI: 10.1108/par-07-2024-0148
Qiao Xu, Lele Chen, Rachana Kalelkar
{"title":"Auditor mood and audit quality: evidence from music sentiment measure","authors":"Qiao Xu, Lele Chen, Rachana Kalelkar","doi":"10.1108/par-07-2024-0148","DOIUrl":"https://doi.org/10.1108/par-07-2024-0148","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Extant studies propose music sentiment as a novel measure of individuals’ sentiment. These studies argue that individuals’ choice of music reflects their emotional condition in real time and influences their cognitive ability, making it a powerful tool for assessing their mood. This study aims to use music sentiment as a proxy for auditors’ mood and explore its impact on audit quality.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A sample of the US firms from 2017 to 2020 is used in the study. The authors apply the ordinary least squares regressions and the logit regressions to the audit quality models. The authors use absolute discretionary accruals and the propensity to meet or beat earnings forecasts as proxies for audit quality and calculate a stream-weighted average sentiment measure for Spotify’s Top-200 songs of each day during the audit period of a client firm to capture the sentiment of auditors.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors find that music sentiment is positively associated with audit quality. The result is consistent with the mood maintenance hypothesis, which suggests that a positive mood can induce auditors to be more careful in risky situations. Furthermore, the result is robust to various sensitivity analyses.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The study contributes to the scarce literature that focuses on auditors’ emotional state and highlights the importance of monitoring auditor mindset during the audit period.</p><!--/ Abstract__block -->","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":"15 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142207769","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
Dissatisfaction with professional accountant training: the role of learning styles 对专业会计师培训的不满:学习方式的作用
IF 2.1
Pacific Accounting Review Pub Date : 2024-09-10 DOI: 10.1108/par-06-2024-0112
Sue Malthus, Carolyn Fowler, Carolyn J. Cordery
{"title":"Dissatisfaction with professional accountant training: the role of learning styles","authors":"Sue Malthus, Carolyn Fowler, Carolyn J. Cordery","doi":"10.1108/par-06-2024-0112","DOIUrl":"https://doi.org/10.1108/par-06-2024-0112","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Prior research finds that early-career professional accountants (early PAs) are generally dissatisfied with the learning and training opportunities offered during their early employment years, which impacts their career progression. This paper aims to examine whether different learning styles between these early PAs and their qualified accounting employers and trainers diverge.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Using Kolb’s learning styles inventory and interviews, this study explores the learning styles of early PAs and their employers, examining changes in these learning styles over time.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>This research shows the necessity for different learning styles to be integrated into early PA training and learning, as research participants’ learning styles tend to prefer active experimentation requiring practical examples and self-learning opportunities. In contrast, their senior, qualified accounting employers prefer conceptualisation-based learning styles. As early PAs’ career progression requires them to succeed in employer-supported training, some early PAs change their learning style preferences to progress, whereas others with incompatible learning styles either moved to different employers or reassessed their choice of profession.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>To reduce career dissatisfaction, develop and retain competent accountants, early PAs must be supported to learn effectively. By reducing early PAs’ dissatisfaction early PA educators and employers will potentially increase the attractiveness of accounting as a profession.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Few studies interrogate how accounting professionals utilise learning and training post-graduation nor do they examine the learning styles of workplace trainers and learners. This exploratory study uniquely analyses the learning styles of both early PAs and their employers.</p><!--/ Abstract__block -->","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":"6 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142207770","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
CSR disclosure quantity to CSR disclosure quality – in pursuit of a disclosure quality index 从企业社会责任披露数量到企业社会责任披露质量--追求披露质量指数
IF 2.1
Pacific Accounting Review Pub Date : 2024-09-03 DOI: 10.1108/par-11-2023-0161
Faisal Hameed, Trevor Wilmshurst, Claire Horner
{"title":"CSR disclosure quantity to CSR disclosure quality – in pursuit of a disclosure quality index","authors":"Faisal Hameed, Trevor Wilmshurst, Claire Horner","doi":"10.1108/par-11-2023-0161","DOIUrl":"https://doi.org/10.1108/par-11-2023-0161","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;Studies in corporate social responsibility (CSR) disclosure were initially focused more on disclosure “Quantity” than “Quality” and while they have started to explore “Disclosure Quality”, their assessment mechanisms are found to be immature. Thus, while a number of papers have sought to assess the quality of CSR disclosure, this paper aims to suggest an approach tied closely to both expectations in assessing “quality” derived from the Conceptual Framework for Financial Reporting (revised 2018) and the global reporting initiative. The outcome is to offer a best practice approach to assessing CSR disclosure quality.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;In this paper, prior literature is reviewed, qualitative characteristics from the Conceptual Framework for Financial Reporting (revised 2018) and globally recognised guidelines such as the GRI are reviewed. The framework for a “CSR disclosure quality index” as an assessment tool to assess CSR disclosure quality is developed from qualitative characteristics and criteria identified.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;The proposed CSR disclosure quality index is developed in stages from the qualitative characteristics identified in the Conceptual Framework for Financial Reporting (revised 2018) and criteria identified from the guidelines discussed. A table was then developed linking the qualitative characteristics to criteria providing a Likert scale approach to assessing the disclosures made by companies to make an assessment of the quality of the companies’ reports. It is argued this provides a robust assessment, being a direct and comprehensive measure of disclosure quality.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Research limitations/implications&lt;/h3&gt;\u0000&lt;p&gt;As with most qualitative work, there are alternative approaches to establishing an index, but the authors believe this is an approach offering links (and, therefore, credibility) to globally recognised guidelines in the assessment of CSR disclosure quality. Future work could enhance the alignment of this index with the sustainable development goals (SDGs), building on the preliminary connections established in this study.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Practical implications&lt;/h3&gt;\u0000&lt;p&gt;At a practical level this index offers an approach to reviewing the quality of CSR disclosures which could prove useful to policymakers and in the future development and expansion of this framework offering greater objectivity to assessments and justification for proposed improvement in reporting practice. Also, this index serves as a benchmarking tool for companies to meet the disclosure expectations of stakeholders.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Social implications&lt;/h3&gt;\u0000&lt;p&gt;This approach has the potential to substantially fulfil stakeholder expectations by addressing the growing demand for transparency in this area, while avoiding practices that could be perceived as superficial or misleading (greenwashin","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":"21 3 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142207771","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
Social capital and business strategy 社会资本与企业战略
IF 2.1
Pacific Accounting Review Pub Date : 2024-08-30 DOI: 10.1108/par-05-2024-0090
Brian Lam, Lina Z. Li, Byron Y. Song, Li Yao
{"title":"Social capital and business strategy","authors":"Brian Lam, Lina Z. Li, Byron Y. Song, Li Yao","doi":"10.1108/par-05-2024-0090","DOIUrl":"https://doi.org/10.1108/par-05-2024-0090","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to investigate the influence of social capital on firms’ business strategies, focusing on Miles and Snow (1978) dichotomy between “prospector” and “defender” strategies.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors perform multivariate regression analyses using a sample of US firms spanning the period from 1995 to 2021. The authors use a two-stage least squares model to alleviate endogeneity concerns and perform several cross-sectional tests and path analyses.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors find a significant and positive association between social capital and defender-type business strategies. Results from cross-sectional analyses reveal that this relationship is more pronounced in highly competitive product markets and among firms led by highly qualified CEOs. In addition, the authors find that CEO compensation mediates the effect of social capital on business strategy. Overall, the results suggest that low social capital regions foster prospector strategies due to managers’ self-maximizing incentives. Finally, the authors find that business strategy acts as a mediating factor, connecting social capital to firms’ financial reporting outcomes.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>In light of recent public concerns over declining social capital in major economies and the growing globalization and multiculturism in societies, the findings are of interest to policymakers and the wider society by highlighting the far-reaching implications of social capital on businesses and the capital market.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of the authors’ knowledge, this study documents the first empirical evidence on the association between a society’s social capital and firms’ business strategies. The study contributes to the research on the determinants of a firm’s business strategy and extends the literature on the relationship between social capital and firm behavior.</p><!--/ Abstract__block -->","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":"7 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142207772","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
Corporate tax performance and the COVID-19 pandemic: empirical evidence from Indonesia 企业纳税情况与 COVID-19 大流行病:印度尼西亚的经验证据
IF 2.1
Pacific Accounting Review Pub Date : 2024-08-14 DOI: 10.1108/par-01-2024-0001
Arfah Habib Saragih
{"title":"Corporate tax performance and the COVID-19 pandemic: empirical evidence from Indonesia","authors":"Arfah Habib Saragih","doi":"10.1108/par-01-2024-0001","DOIUrl":"https://doi.org/10.1108/par-01-2024-0001","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to enhance the understanding of the impact of the COVID-19 pandemic on corporate tax performance in the context of a large emerging country like Indonesia.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study uses a quantitative approach with multiple regression methods on a data set of 2,366 firm-year observations registered on the Indonesia Stock Exchange (IDX) from 2017 to 2022.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The primary empirical findings from the multivariate regressions suggest a positive and significant association between the COVID-19 pandemic and corporate tax performance in Indonesia. In other words, these listed firms have increased their tax avoidance activities during the pandemic. As firms face financial hardships due to the pandemic's effects, they tend to engage in tax avoidance practices to reduce current income tax payments, thereby enhancing their liquidity. In addition, over time, firms have adapted to use various tax policies introduced by the government in response to the pandemic to mitigate the adverse impacts of the crisis.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This study draws on a sample solely from one emerging country.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The results of this study can aid governments, policymakers, tax authorities and companies in evaluating their strategies concerning preparedness and emergency responses during crises, particularly those caused by pandemics.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of the author’s knowledge, this study is considered one of the initial efforts to examine the impact of the COVID-19 pandemic on corporate tax avoidance in an emerging country like Indonesia.</p><!--/ Abstract__block -->","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":"58 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141931927","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
Military connections, corporate governance and corporate tax avoidance 军方关系、公司治理和公司避税
IF 2.1
Pacific Accounting Review Pub Date : 2024-08-01 DOI: 10.1108/par-03-2023-0033
Effiezal Aswadi Abdul Wahab, Damara Ardelia Kusuma Wardani, Iman Harymawan, Mohammad Nasih
{"title":"Military connections, corporate governance and corporate tax avoidance","authors":"Effiezal Aswadi Abdul Wahab, Damara Ardelia Kusuma Wardani, Iman Harymawan, Mohammad Nasih","doi":"10.1108/par-03-2023-0033","DOIUrl":"https://doi.org/10.1108/par-03-2023-0033","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to investigate the relationship between military connections and tax avoidance in Indonesia. Further, the paper examines whether the relationship between military connections and tax avoidance is impacted by three corporate governance variables: auditor size or Big 4, board size and audit committee independence. Indonesia's settings allow for a unique investigation, as military involvement has been documented.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This paper uses Indonesia as the research setting because its military forces have a long history of business involvement. The sample includes 1,986 firm-year observations on the Indonesia Stock Exchange from 2010 to 2018. The period signifies the time of significant change post-Suharto to illustrate changes in military reform.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Military-connected firms recorded a negative relationship with effective tax rates, indicating higher tax avoidance. The authors extend this test by considering three corporate governance variables: Big 4, board size and audit committee independence. They find the corporate governance variables are ineffective in mitigating the positive impact of military-connected firms and corporate tax avoidance. The results remain consistent when performing endogeneity tests.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This paper adds to the extant literature by examining the impact of military connections on tax avoidance. The findings reflect Indonesia's institutional settings depicting military and political connections.</p><!--/ Abstract__block -->","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":"45 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141864586","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 International Sustainability Standards Board’s (ISSB) past, present, and future: critical reflections and a research agenda 国际可持续发展标准委员会(ISSB)的过去、现在和未来:批判性思考和研究议程
IF 2.1
Pacific Accounting Review Pub Date : 2024-05-13 DOI: 10.1108/par-02-2024-0038
Charl de Villiers, Ruth Dimes, Matteo La Torre, Matteo Molinari
{"title":"The International Sustainability Standards Board’s (ISSB) past, present, and future: critical reflections and a research agenda","authors":"Charl de Villiers, Ruth Dimes, Matteo La Torre, Matteo Molinari","doi":"10.1108/par-02-2024-0038","DOIUrl":"https://doi.org/10.1108/par-02-2024-0038","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to critically reflect on the formation of the International Sustainability Standards Board (ISSB), its current agenda and likely future direction. The authors consider the relationships between the ISSB and other standard setters, regulators, practitioners and stakeholders, and develop a comprehensive research agenda.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors review and critically analyse academic and practitioner publications alongside the ISSB’s workplans to identify the themes impacting the future of the ISSB and to develop a research agenda.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Three key themes emerge from the authors’ analysis that are likely to influence the future of the ISSB: the jurisdiction and scope of the ISSB – how far its influence is likely to extend, both geographically and conceptually; the ongoing legitimacy challenge the ISSB is facing in terms of setting an agenda for sustainability reporting; and the “capture” of sustainability reporting by influential stakeholders including capital providers.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The formation of the ISSB is critical to the future of sustainability reporting. The authors provide a comprehensive and topical overview of the past, present and potential future of the ISSB, highlighting the need for further research and providing a research agenda that addresses outstanding questions in the field.</p><!--/ Abstract__block -->","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":"65 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140930295","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
National culture, religiosity, and audited financial statements of small-scale MNCs 民族文化、宗教信仰与小型跨国公司经审计的财务报表
IF 2.1
Pacific Accounting Review Pub Date : 2024-04-17 DOI: 10.1108/par-10-2022-0162
Maria Kontesa, Rayenda Khresna Brahmana, Hui Wei You
{"title":"National culture, religiosity, and audited financial statements of small-scale MNCs","authors":"Maria Kontesa, Rayenda Khresna Brahmana, Hui Wei You","doi":"10.1108/par-10-2022-0162","DOIUrl":"https://doi.org/10.1108/par-10-2022-0162","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The research objective starts from the argument that small-scale multinational corporations’ (SMNCs’) managerial behavior toward auditing decisions is influenced by their personal value, especially when the auditing process is not mandatory. This study aims to examine how national culture-religiosity affects that decision. The authors further examine how foreign-owned MNCs might behave differently from local MNCs, although the host country’s cultural-religiosity value might influence that decision.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study obtains the data from three sources: Hofstede Framework, Pew Research Center and World Bank Enterprise Survey in cross-sectional mode. The final sample consists of 8,590 SMNCs from 45 countries as the observations. This study uses robust regression analysis to test the effects of culture, religiosity and controlling shareholders on the audited financial statements decision.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The regression results support the hypothesis, whereas cultural-religiosity values are associated with the audited financial report. The findings confirm stakeholder theory and institutional theory.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study fills a gap in the literature by providing empirical evidence on the cultural and religiosity effects on the accounting decision of SMNCs. The results can be used as the foundation for future research related to MNCs’ managerial behavior toward accounting policies, especially with the psychosocial factors.</p><!--/ Abstract__block -->","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":"95 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140583866","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
Climate change and corporate culture of innovation: evidence from earnings conference calls 气候变化与企业创新文化:来自财报电话会议的证据
IF 2.1
Pacific Accounting Review Pub Date : 2024-04-05 DOI: 10.1108/par-03-2023-0041
Viput Ongsakul, Pandej Chintrakarn, Pornsit Jiraporn, Pattanaporn Chatjuthamard
{"title":"Climate change and corporate culture of innovation: evidence from earnings conference calls","authors":"Viput Ongsakul, Pandej Chintrakarn, Pornsit Jiraporn, Pattanaporn Chatjuthamard","doi":"10.1108/par-03-2023-0041","DOIUrl":"https://doi.org/10.1108/par-03-2023-0041","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Exploiting novel measures of climate change exposure and corporate culture generated by a powerful textual analysis of earnings conference calls, this study aims to explore the effect of firm-specific climate change exposure on corporate innovation through the lens of corporate culture.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors apply the standard regression analysis as well as a variety of sophisticated techniques, namely, propensity score matching, entropy balancing and an instrumental-variable analysis with multiple alternative instruments.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors find that more exposure to climate change risk results in more innovation, as indicated by a significantly stronger culture of innovation. The findings are consistent with the notion that firms more exposed to climate change risk are pressed to be more innovative to adapt to the numerous changes caused by climate change. Finally, the authors also find that the effect of firm-level exposure on innovation is considerably less pronounced during uncertain times.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The authors are among the first studies to take advantage of a novel measure of firm-specific exposure to climate change and investigate how climate change exposure influences an innovative culture. Since climate change is a timely issue, the findings offer important implication to several stakeholders, such as shareholders, executives and investors in general.</p><!--/ Abstract__block -->","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":"58 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140584101","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
COVID-19-related announcements in a continuous disclosure environment: drivers and stock market implications 持续披露环境中的 COVID-19 相关公告:驱动因素和对股市的影响
IF 2.1
Pacific Accounting Review Pub Date : 2024-03-13 DOI: 10.1108/par-06-2023-0074
Larelle Chapple, Lien Duong, Thu Phuong Truong
{"title":"COVID-19-related announcements in a continuous disclosure environment: drivers and stock market implications","authors":"Larelle Chapple, Lien Duong, Thu Phuong Truong","doi":"10.1108/par-06-2023-0074","DOIUrl":"https://doi.org/10.1108/par-06-2023-0074","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this research note is to investigate the drivers and market reaction to firms’ decision to release general COVID-19-related announcements and to withdraw earnings forecasts and dividends during the COVID-19 pandemic in the continuous disclosure environment of Australia.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors first tracked the market reaction of all firms in the Australian Securities Exchange All Ordinaries, Top 300, Top 200 and Top 100 indices during the early period of the COVID-19 pandemic between 1 January and 21 September 2020. The authors then focus the investigation on the incidence of firms deciding to withdraw earnings forecasts and dividends and how the market responded to these incidences during that period.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The market reacted negatively during the March/April 2020 period but then bounced back to the pre-March 2020 level. The market reaction is mainly driven by three industries, including consumer discretionary, health care and utilities. Firms in industry sectors such as consumer discretionary, materials, health care and information technology contribute to the highest percentage of COVID-19 announcements. It is interesting to document that firms issuing COVID-19 announcements and withdrawing earnings forecasts and dividends tend to be larger firms with stronger financial performance and higher financial leverage. Regarding the stock market reaction, while the market generally reacted positively to COVID-19-related announcements, the decision to withdraw earnings forecasts and dividends is significantly regarded as bad news.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The COVID-19 pandemic has provided a unique natural event to examine firms’ disclosure behaviour in the continuous disclosure environment of Australia during this period of extreme uncertainty. The incidences of earnings forecasts and dividend withdrawals are mainly driven by larger, better performing and higher leverage firms in the consumer discretionary, health care, materials and information technology industry sectors. The market generally reacted favourably to COVID-19-related announcements, despite a significant stock price drop during the March/April 2020 period. The findings provide important regulatory and practical implications.</p><!--/ Abstract__block -->","PeriodicalId":46088,"journal":{"name":"Pacific Accounting Review","volume":"50 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140097825","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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