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Modern pandemic crises and default risk: Worldwide evidence 现代疫情危机与违约风险：全球证据
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-03-01 DOI: 10.1111/jifm.12172
Kung-Cheng Ho, Hung-Yi Huang, Zikui Pan, Yan Gu
{"title":"Modern pandemic crises and default risk: Worldwide evidence","authors":"Kung-Cheng Ho,&nbsp;Hung-Yi Huang,&nbsp;Zikui Pan,&nbsp;Yan Gu","doi":"10.1111/jifm.12172","DOIUrl":"https://doi.org/10.1111/jifm.12172","url":null,"abstract":"<p>This article examines the relationship between modern health pandemic crises and financial stability. Specifically, it collects data on 250,223 firms in 43 countries (or regions) during five modern pandemic crises, SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), and Zika (2016), and finds that pandemic crises significantly increase the default risk of enterprises. Further analysis shows that formal and informal institutions acted as a “cushion” against the pandemic crisis. The earlier a country adopts IFRS, the more unimpeded access to information, and the more stable religious and ethnic relations within the country can reduce the negative impact of a pandemic on financial stability. This article addresses the hitherto inadequacy of COVID-related data. In addition, this article argues that governments should build sound state institutions to withstand macroeconomic shocks and highlights the heterogeneity of default risk for enterprises operating in countries with different institutions.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 2","pages":"211-242"},"PeriodicalIF":5.1,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50116548","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
An interview with IASB Chair Dr. Andreas Barckow 国际会计准则理事会主席Andreas Barckow博士访谈录
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-02-24 DOI: 10.1111/jifm.12171
Donna L. Street, Elizabeth A. Gordon
{"title":"An interview with IASB Chair Dr. Andreas Barckow","authors":"Donna L. Street,&nbsp;Elizabeth A. Gordon","doi":"10.1111/jifm.12171","DOIUrl":"https://doi.org/10.1111/jifm.12171","url":null,"abstract":"<p>This paper provides an overview of two interviews conducted with Andreas Barckow where he reflected on his outlook for the International Accounting Standards Board (IASB) and his role as Chair. The interviews included (1) a discussion of the IASB′s Third Agenda Consultation Feedback Statement, (2) key areas for future collaborations of the IASB and the International Association for Accounting Education and Research (IAAER) directed primarily at building the IASB's Research Capacity, (3) strategic challenges facing the IASB, (4) the formation of the International Sustainability Standards Board (ISSB) including the emerging model for the coexistence of the IASB and the ISSB and (5) the unique position the International Financial Reporting Standards Foundation holds as the only global organization to house both financial accounting reporting and sustainability disclosure standard-setting boards. The interviews also addressed areas where the IAAER can encourage academic research to inform both the IASB and the IAASB and perhaps also the ISSB.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 2","pages":"358-377"},"PeriodicalIF":5.1,"publicationDate":"2023-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50142899","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
Investor visits to corporate sites and cost stickiness 投资者访问公司网站和成本粘性
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-02-16 DOI: 10.1111/jifm.12170
Wenyun Yao, Hanwen Xu, Yuling Fan, Zefeng Xu
{"title":"Investor visits to corporate sites and cost stickiness","authors":"Wenyun Yao,&nbsp;Hanwen Xu,&nbsp;Yuling Fan,&nbsp;Zefeng Xu","doi":"10.1111/jifm.12170","DOIUrl":"https://doi.org/10.1111/jifm.12170","url":null,"abstract":"<p>A corporate site visit is an effective way to obtain information on a firm. Most studies focus on the information advantages of corporate site visits, but evidence of their impact on firm operations is limited. In this paper, we investigate whether investors’ corporate site visits affect cost stickiness. Using data on investor corporate site visits to Chinese listed firms from 2013 to 2018, we find that these visits can inhibit cost stickiness. This finding holds in robustness tests and when controlling for endogeneity, including firm fixed effects, and using the Heckman selection model and the instrumental variables method. Further analyses reveal this inhibition is more pronounced for nonstate-owned enterprises and the results are more significant regarding cost stickiness in firms consuming nonlabor materials and firms visited by institutional investors. Moreover, we explore plausible mechanisms through which corporate site visits inhibit cost stickiness, such as through a monitoring channel and a learning channel. Our study contributes to academic evidence on the benefit and value of corporate site visits to firm operations, showing these visits can be a useful way to build connections between investors and firms.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"496-558"},"PeriodicalIF":5.1,"publicationDate":"2023-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134308","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 the famine experience of board chair hamper innovation? 董事会主席的饥荒经历是否阻碍了创新？
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-02-02 DOI: 10.1111/jifm.12168
Khalil Jebran, Zhen Yang, Shihua Chen, Syed Tauseef Ali
{"title":"Does the famine experience of board chair hamper innovation?","authors":"Khalil Jebran,&nbsp;Zhen Yang,&nbsp;Shihua Chen,&nbsp;Syed Tauseef Ali","doi":"10.1111/jifm.12168","DOIUrl":"https://doi.org/10.1111/jifm.12168","url":null,"abstract":"<p>This study examines whether and how the famine experiences of board chairs influence the innovation of their firms. Results using a sample comprising 8882 firm-year observations from Chinese firms during the period 2003 to 2017 reveal that the board chair's famine experience has a negative effect on innovation. This negative effect is strengthened by famine intensity and high uncertainty. The obtained results are robust to alternative measures, endogeneity issues, omitted variables, and sample selection bias. Additional analyses showed that the relationship between board chair's famine experience and innovation is mediated by cash holdings and R&amp;D investment. The overall results contribute to imprinting theory by explaining that early-life famine experiences of board chairs create survival threat imprints among them, eventually affecting their later-life behaviors. The findings also provide implications by highlighting how the early-life traumatic experiences of executives adversely influence their firms outcomes.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"445-495"},"PeriodicalIF":5.1,"publicationDate":"2023-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50117826","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 the presentation reform of R&D expenses in China ease financial constraints in corporate innovation? 中国的研发费用列报改革是否缓解了企业创新的财务约束？
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2023-02-02 DOI: 10.1111/jifm.12169
Zhou li, Bin liu, Yuanyuan Liu
{"title":"Does the presentation reform of R&D expenses in China ease financial constraints in corporate innovation?","authors":"Zhou li,&nbsp;Bin liu,&nbsp;Yuanyuan Liu","doi":"10.1111/jifm.12169","DOIUrl":"https://doi.org/10.1111/jifm.12169","url":null,"abstract":"<p>Focusing on a sample of 9387 observations in China over the period 2016−2019, this paper empirically examines whether the presentation reform of R&amp;D expenses that is changed from notes to income statements, mitigates corporate financial constraints of Chinese listed companies. Findings offer evidence that the financial constraints of firms decrease after the policy change, which is owing to the alleviation of information asymmetry. Further analysis reveals that the effect of the presentation reform on financial constraints is less prominent among companies that are state-owned, audited by the “Big four” and of higher institutional ownership. Overall, our study provides evidence supporting the influences of the format reform of financial reports and has implications for information users, regulators, and standard setters.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 3","pages":"826-851"},"PeriodicalIF":5.1,"publicationDate":"2023-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50117827","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: 2
Shareholder litigation and toxic releases 股东诉讼和有毒释放
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2022-11-22 DOI: 10.1111/jifm.12164
Trung K. Do, Xuan Vinh Vo, Tuan-Vinh Le
{"title":"Shareholder litigation and toxic releases","authors":"Trung K. Do,&nbsp;Xuan Vinh Vo,&nbsp;Tuan-Vinh Le","doi":"10.1111/jifm.12164","DOIUrl":"https://doi.org/10.1111/jifm.12164","url":null,"abstract":"<p>We examine the environmental impact of the staggered adoption of universal demand laws by 23 U.S. states between 1989 and 2005. Universal demand laws impede derivative lawsuits and thus undermine shareholder oversight of corporate environmental performance. We find that weakened litigation rights for shareholders are positively associated with the release of toxic chemicals by firms. The effect is stronger for firms with weak governance, and environmental mismanagement by firms after the passage of the laws lead to poorer financial performance. Overall, our findings imply that derivative lawsuits by shareholders are not frivolous, as is often asserted. Rather, they act as an effective mechanism of corporate governance.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 1","pages":"97-126"},"PeriodicalIF":5.1,"publicationDate":"2022-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50153427","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: 2
Proposed international standard on auditing financial statements of less complex entities: IAASB IAAER roundtables—Breakout 2 Design, Structure, and Content 关于审计不太复杂实体财务报表的拟议国际标准：IAASB-IAAER圆桌会议——突破2设计、结构和内容
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2022-11-02 DOI: 10.1111/jifm.12165
C. (Niels) M. van Nieuw Amerongen, Hans B. Duits, Elizabeth A. Gordon, Donna L. Street
{"title":"Proposed international standard on auditing financial statements of less complex entities: IAASB IAAER roundtables—Breakout 2 Design, Structure, and Content","authors":"C. (Niels) M. van Nieuw Amerongen,&nbsp;Hans B. Duits,&nbsp;Elizabeth A. Gordon,&nbsp;Donna L. Street","doi":"10.1111/jifm.12165","DOIUrl":"https://doi.org/10.1111/jifm.12165","url":null,"abstract":"<p>In this commentary, we summarize stakeholder views articulated during roundtables addressing the 2021 International Auditing and Assurance Standards Board's (IAASB) Exposure Draft: <i>Proposed International Standard on Auditing of Financial Statements of Less Complex Entities</i> (ED LCE). In support of its mission, the International Association for Accounting Education and Research (IAAER)—together with the IAASB—organized by-invitation roundtables bringing together audit practitioners, academics, and financial statements users. A structured agenda was followed and addressed some of the topics on which the IAASB sought views. This commentary provides a summary of views heard during the second roundtable breakout session focused on Design, Structure, and Content and provides recommendations to the IAASB regarding the way forward. A paper addressing the first breakout session on Authority and Group is available in a previous issue of the <i>Journal of International Financial Management and Accounting</i>.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 2","pages":"318-357"},"PeriodicalIF":5.1,"publicationDate":"2022-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50129350","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: 2
Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets COVID - 19爆发期间各行业的异质反应:来自中国股市的证据
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2022-11-02 DOI: 10.1111/jifm.12166
Zhifeng Liu, Peng-Fei Dai, Toan L. D. Huynh, Tingting Zhang, Guoqing Zhang
{"title":"Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets","authors":"Zhifeng Liu,&nbsp;Peng-Fei Dai,&nbsp;Toan L. D. Huynh,&nbsp;Tingting Zhang,&nbsp;Guoqing Zhang","doi":"10.1111/jifm.12166","DOIUrl":"10.1111/jifm.12166","url":null,"abstract":"<p>This study examines the heterogeneous effects of the COVID-19 outbreak on stock prices in China. We confirm what is already known, that the pandemic has had a significant negative impact on stock market returns. Additionally, we find, this effect is heterogeneous across industries. Second, fear sentiment can directly cause stock prices to fall and panic exacerbates the negative impact of the pandemic on stock returns. Third, and most importantly, we demonstrate the underlying mechanisms of four firm characteristics and find that those with high asset intensity, low labor intensity, high inventory-to-revenue ratio, and small market value are more negatively affected than others. For labor-intensive state-owned firms, in particular, stock performance worsened because of higher idle labor costs. Finally, we created an index to measure the relative position of an industry in the supply chain, which shows that downstream companies were more vulnerable to the effects of the pandemic.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 2","pages":"243-278"},"PeriodicalIF":5.1,"publicationDate":"2022-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43578399","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: 36
Analyst following, financial constraint, and audit opinion shopping: From the perspective of earning management 分析师追随、财务约束与审计意见购买——基于盈余管理的视角
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2022-07-05 DOI: 10.1111/jifm.12163
Zhijun Lin, Longmei Wang
{"title":"Analyst following, financial constraint, and audit opinion shopping: From the perspective of earning management","authors":"Zhijun Lin,&nbsp;Longmei Wang","doi":"10.1111/jifm.12163","DOIUrl":"https://doi.org/10.1111/jifm.12163","url":null,"abstract":"<p>This study examines the relationships among analyst following, financial constraint, and audit opinion shopping from the perspective of earnings management, taking a sample of Chinese A-share firms from 2008 to 2018. We find that analyst following alleviates firm's accrued earnings management activities which restrain opinion shopping behaviors; on the other hand, it prompts real earnings management activities that encourage firm's effort to audit opinion shopping. Earnings management has a mediation effect on the positive association between analyst following and audit opinion shopping. Corporate financial constraint amplifies the positive effect of analyst following on opinion shopping.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 1","pages":"71-96"},"PeriodicalIF":5.1,"publicationDate":"2022-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50121531","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: 4
Proposed international standard on auditing financial statements of less complex entities: IAASB IAAER roundtables—Breakout 1 authority and groups 拟议的不太复杂实体财务报表审计国际标准：IAASB-IAAER圆桌会议——分组1个机构和团体
IF 5.1 3区 管理学
Journal of International Financial Management & Accounting Pub Date : 2022-07-05 DOI: 10.1111/jifm.12162
C (Niels) M. van Nieuw Amerongen, Hans B. Duits, Elizabeth A. Gordon, Donna L. Street
{"title":"Proposed international standard on auditing financial statements of less complex entities: IAASB IAAER roundtables—Breakout 1 authority and groups","authors":"C (Niels) M. van Nieuw Amerongen,&nbsp;Hans B. Duits,&nbsp;Elizabeth A. Gordon,&nbsp;Donna L. Street","doi":"10.1111/jifm.12162","DOIUrl":"https://doi.org/10.1111/jifm.12162","url":null,"abstract":"<p>This commentary summarizes stakeholder views voiced during roundtables on the 2021 International Auditing and Assurance Standards Board's (IAASB) Exposure Draft: <i>Proposed International Standard on Auditing of Financial Statements of Less Complex Entities</i> (ED LCE). For EDs, IAASB's due process includes seeking stakeholder views in a formal consultation format on a specified number of issues deemed relevant to further improve the proposed standard. Following its mission, the International Association for Accounting Education and Research—together with the IAASB—facilitated roundtables linking audit practitioners, academics, and financial statements users. The three roundtables followed a structured agenda including the same (but not all) topics on which the IAASB seeks views. In this commentary, we summarize views heard during the first roundtable breakout session focused on authority and groups and provide recommendations to the IAASB regarding the way forward.</p>","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"34 1","pages":"5-35"},"PeriodicalIF":5.1,"publicationDate":"2022-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50121530","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: 4
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