Journal of International Financial Management & Accounting最新文献_第3页

The role of financial affiliates in tax avoidance by business groups: Evidence from Korea 金融关联公司在企业集团避税中的作用：韩国的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2023-11-07 DOI: 10.1111/jifm.12196

Haerin Shim

{"title":"The role of financial affiliates in tax avoidance by business groups: Evidence from Korea","authors":"Haerin Shim","doi":"10.1111/jifm.12196","DOIUrl":"10.1111/jifm.12196","url":null,"abstract":"This study examines whether financial affiliates within a nonfinancial business group perform certain roles and functions in tax avoidance by other nonfinancial affiliates or the group as a whole. Financial institutions have tax-planning expertise and knowledge and thus may assist other affiliates of the same group in avoiding taxes. In addition, regulatory loopholes leave scope for tax avoidance involving financial affiliates. Using 10,659 firm-year observations from 866 nonfinancial listed firms affiliated with business groups in Korea over the period 2001–2019, I find that firms belonging to nonfinancial groups with financial affiliates exhibit higher levels of tax avoidance than those belonging to nonfinancial groups without financial affiliates. The same result is observed at the group-level tax avoidance as well as the firm-level tax avoidance. In addition, I provide evidence that KFTC-designated business groups subject to tighter regulation engage more in tax avoidance by utilizing financial affiliates in the blind spots of regulation and oversight, and that related-party transactions (i.e., intragroup transactions) are used as avenues for financial affiliates to help other affiliates in tax avoidance. This study is one of the first empirical studies to shed light on the role of financial affiliates of nonfinancial groups in tax planning.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 1","pages":"290-326"},"PeriodicalIF":5.1,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135479891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does SDG disclosure reflect corporate underlying sustainability performance? Evidence from UN Global Compact participants 可持续发展目标的披露是否反映了企业基本的可持续发展绩效？来自联合国全球契约参与者的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2023-11-03 DOI: 10.1111/jifm.12194

Giuseppe Nicolo', Giovanni Zampone, Serena De Iorio, Giuseppe Sannino

{"title":"Does SDG disclosure reflect corporate underlying sustainability performance? Evidence from UN Global Compact participants","authors":"Giuseppe Nicolo', Giovanni Zampone, Serena De Iorio, Giuseppe Sannino","doi":"10.1111/jifm.12194","DOIUrl":"10.1111/jifm.12194","url":null,"abstract":"The 2030 United Nations (UN) Agenda for Sustainable Development has posed unprecedented challenges to businesses to integrate Sustainable Development Goals (SDGs) concerns into their core operations and strategies and improve their transparency on SDG commitment toward investors and other stakeholders. However, prior studies have questioned the significance of firms' SDG disclosure practices, evidencing their inadequacy. Nevertheless, despite the burgeoning SDG disclosure literature, the extent to which SDG disclosure effectively reflects corporate sustainability performance is still unclear. Accordingly, using data from a large panel data set comprising 635 companies from 45 world countries and 8 industry sectors over the period 2016–2020, this study investigates the relationship between corporate environmental, social and governance (ESG) performance and sustainable development goals (SDGs) disclosure. Voluntary SDG disclosure has been measured using a disclosure index based on each company's response to the uniform and well-designed communication on progress (CoP) questionnaire drafted annually by business participants in the United Nations Global Compact (UNGC). Several panel Tobit regressions have been estimated to examine whether the level of SDG disclosure retrieved from the CoPs reflects underlying corporate sustainability performance measured by total and individual ESG scores provided by the Refinitiv Eikon database. The study's findings provide robust empirical evidence that sustainability performance positively affects SDG disclosure, especially through environmental and social channels. Therefore, in line with the voluntary disclosure theory's arguments, this study highlights that superior sustainability performers provide more SDG disclosure to prove their high performance and distinguish themselves in the eyes of investors and other stakeholders.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 1","pages":"214-260"},"PeriodicalIF":5.1,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12194","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135819261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Are co-opted boards socially responsible? 增选的董事会对社会负责吗？

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2023-10-17 DOI: 10.1111/jifm.12189

Huy Viet Hoang, Cuong Nguyen, Khanh Hoang, Christopher Gan

{"title":"Are co-opted boards socially responsible?","authors":"Huy Viet Hoang, Cuong Nguyen, Khanh Hoang, Christopher Gan","doi":"10.1111/jifm.12189","DOIUrl":"10.1111/jifm.12189","url":null,"abstract":"Corporate resolution on environmental, social, and governance (ESG) communication informs firms' environmental commitment, a growing determinant of corporate risk profile perceived by the market. This study examines ESG reporting in the presence of board co-option, a phenomenon that paralyzes the dependency of the board of directors and impairs corporate transparency. Using data from 643 US-listed firms from 2007 to 2018, we investigate the relationship between board co-option and ESG disclosure practices and show that firms with a higher proportion of co-opted directors on board disclose less ESG information, though this relationship diminishes if firms are strong ESG reporters. Further analyses reveal that long-tenure board chairs, high attendance rates at board and audit committee meetings, and independent chairs of audit committees mitigate this adverse effect. In addition, we document an increasing inverse relationship among firms located in more corrupt and Democratic-leaning states and operating in heavy-emitting industries. Our results support the premise that co-opted directors insulate CEOs from ESG reporting pressure and highlight that corporate governance, environmental performance as well as state institutions play significant moderating roles in this relationship.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 1","pages":"140-213"},"PeriodicalIF":5.1,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136032600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Value relevance of IFRS 9: The influence of country factors and heterogeneous strengths in the European banking sector 国际财务报告准则》第 9 号的价值相关性：国家因素和欧洲银行业异质优势的影响

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2023-10-13 DOI: 10.1111/jifm.12193

Annamaria Zampella, Luca Ferri

{"title":"Value relevance of IFRS 9: The influence of country factors and heterogeneous strengths in the European banking sector","authors":"Annamaria Zampella, Luca Ferri","doi":"10.1111/jifm.12193","DOIUrl":"10.1111/jifm.12193","url":null,"abstract":"This study focuses on investor reactions to financial instrument recognition and measurement in the banking sector under the new International Financial Reporting Standard (IFRS) 9, Financial Instruments. The research tests the combined value relevance of accounting numbers before and after the mandatory transition to IFRS 9 in Europe. Furthermore, we verify the influence of country factors and heterogeneous strengths on the value relevance of the aforementioned standard. To this end, we adopt a sample consisting of 215 banks listed in Europe, for the years 2015–2020. We find a significant change in the explanatory power of value-relevance regressions in 2015–2017 compared to 2018–2020. In addition, we find that accounting numbers have incremental value relevance in countries characterized by “good” governance indicators and high heterogeneous strength, namely investors pay attention to the strength of the bank authority. This study makes three main contributions to the literature. First, it complements the IFRS 9 literature by providing new evidence. Second, its insights can be used to support investment decisions. Last, the findings help regulators and standard-setters to verify the impact of the new measures delineated by the standard.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"35 1","pages":"115-139"},"PeriodicalIF":5.1,"publicationDate":"2023-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135858322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Disclosure of strategic collaborative agreements and the cost of equity capital 披露战略合作协议和股本成本

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2023-10-11 DOI: 10.1111/jifm.12191

Ya-Guang Du, Ying He, Meng-Nan Guo

引用次数: 0

Audit evidence, technology, and judgement: A review of the literature in response to ED-500 审计证据、技术和判断：针对 ED-500 的文献综述

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2023-10-05 DOI: 10.1111/jifm.12192

Dereck Barr-Pulliam, Christopher G. Calvin, Marc Eulerich, Arpine Maghakyan

引用次数: 0

The asset-pricing implications of carbon risk in Korea 韩国碳风险对资产定价的影响

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2023-10-03 DOI: 10.1111/jifm.12190

Dojoon Park, Jiyoon Lee, Hyejin Park

引用次数: 0

National culture and the revenue-expense matching 民族文化与收支匹配

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2023-09-15 DOI: 10.1111/jifm.12187

Hee-Yeon Sunwoo, Jeong-Hoon Hyun, Seungbin Oh, Seung-Youb Han

{"title":"National culture and the revenue-expense matching","authors":"Hee-Yeon Sunwoo, Jeong-Hoon Hyun, Seungbin Oh, Seung-Youb Han","doi":"10.1111/jifm.12187","DOIUrl":"https://doi.org/10.1111/jifm.12187","url":null,"abstract":"Prior studies on the link between country-level cultural aspects and firms' arbitrary accounting practices are scant, and they show mixed results. To gain more insight about the impact of national culture on earnings characteristics, we exploit the matching concept between revenues and expenses, which well reflects managerial estimation and discretion in earnings quality. Using a large sample of 57 countries over the period 1989–2012, we find that (1) the economic association between revenues and expenses becomes stronger in firms from collectivistic and high uncertainty-avoidant countries, (2) the impact of these dimensions of national culture on the matching is more salient for firms from countries characterized by a higher level of accrual accounting, a greater proportion of special-items, and limited openness, and (3) the cultural impact on matching is mainly driven by the correlation between revenue and discretionary expense (i.e., selling, general, and administrative expense). These findings are consistent with the view that national culture plays an informal governance role to influence firms' discretionary accounting choices.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"414-444"},"PeriodicalIF":5.1,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

What drives firms' commitment to fighting corruption? Evidence from the UK 是什么促使企业致力于打击腐败？来自英国的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2023-09-13 DOI: 10.1111/jifm.12188

Ahmed A. Sarhan, Basil Al-Najjar

{"title":"What drives firms' commitment to fighting corruption? Evidence from the UK","authors":"Ahmed A. Sarhan, Basil Al-Najjar","doi":"10.1111/jifm.12188","DOIUrl":"https://doi.org/10.1111/jifm.12188","url":null,"abstract":"The recent leak of the FinCEN files has highlighted the widespread presence of corruption in developing and developed economies, including the UK. Accordingly, this study aims to investigate the factors that drive companies to implement measures for preventing corruption in developed countries using FTSE 350 nonfinancial firms. Specifically, the research examines the influence of corporate social responsibility (CSR) commitments, board structure, and shareholding structure on adopting strategies, policies, and procedures aimed at countering corruption. Drawing upon agency, stakeholder, and legitimacy theories, our empirical evidence supports that CSR commitments and board independence positively influence firms' engagement in anticorruption measures. Conversely, institutional and managerial shareholdings are found to have a negative association with firms' efforts to combat corruption. In addition, the study shows that the effect of board characteristics became more pronounced following the enactment of the UK Bribery Act 2010, indicating risk-averse behavior. Various models, including cross-sectional and two-stage least squares (2SLS), are employed to analyze the data. Our findings have significant implications for understanding the complex relationship between CSR, corporate governance, and the ethical infrastructure of organizations. Ultimately, our results provide valuable insights for policymakers, companies, and other stakeholders in developing effective strategies, policies, and procedures to combat corruption activities.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"791-825"},"PeriodicalIF":5.1,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12188","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50132077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Spillover effects within supply chains: Evidence from Chinese-listed firms 供应链中的溢出效应：来自中国上市公司的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2023-08-29 DOI: 10.1111/jifm.12186

Xunxiao Wang, Shibo Bian, Chongfeng Wu

引用次数: 0