Journal of International Financial Management & Accounting最新文献_第6页

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, Hans B. Duits, Elizabeth A. Gordon, Donna L. Street","doi":"10.1111/jifm.12165","DOIUrl":"https://doi.org/10.1111/jifm.12165","url":null,"abstract":"In this commentary, we summarize stakeholder views articulated during roundtables addressing the 2021 International Auditing and Assurance Standards Board's (IAASB) Exposure Draft: Proposed International Standard on Auditing of Financial Statements of Less Complex Entities (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 Journal of International Financial Management and Accounting.","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

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

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

引用次数: 4

Carbon disclosure: A legitimizing tool or a governance tool? Evidence from listed US companies 碳披露：合法化工具还是治理工具？来自美国上市公司的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-06-17 DOI: 10.1111/jifm.12161

Yan Jiang, Hanlu Fan, Yan Zhu, Jian F. Xu

引用次数: 14

How can SMEs signal their quality and growth orientation to the market? An analysis of the cost of Italian corporate mini-bonds 中小企业如何向市场表明其质量和增长方向？意大利小型企业债券成本分析

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-03-28 DOI: 10.1111/jifm.12157

Simone Boccaletti, Emanuele Rossi, Monica Rossolini

{"title":"How can SMEs signal their quality and growth orientation to the market? An analysis of the cost of Italian corporate mini-bonds","authors":"Simone Boccaletti, Emanuele Rossi, Monica Rossolini","doi":"10.1111/jifm.12157","DOIUrl":"https://doi.org/10.1111/jifm.12157","url":null,"abstract":"We examine how small and medium-sized enterprises (SMEs) may signal their quality and growth orientation to the market and the effect on the cost of bond funding, which is often high for unlisted firms and SMEs mainly because of their information opacity and higher riskiness. The paper contributes to the growing European debate on market innovations aimed at facilitating funding for smaller and nonlisted firms, breaking from the prior main focus on the cost for large and listed companies of accessing liquid bond markets. We analyze 220 mini-bonds listed in Italy between 2013 and 2017 to examine determinants of yield spreads. Our explanatory variables are size, age, and tangible assets—all indicators of the firm's information opacity—together with the issuer's growth opportunities, rating availability, and the presence of a guarantee. The findings suggest that tangible assets can ease the asymmetric information and associated monitoring costs for investors, thus reducing the bond yield spread. More significantly, the yield spread depends on the type of investment project financed: risky growth projects are associated with a higher cost of funding than other types of projects. Under such circumstances, the rating represents an informative instrument for the market in assessing issuers' growth orientation.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 2","pages":"219-251"},"PeriodicalIF":5.1,"publicationDate":"2022-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12157","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72167916","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: 4

Credit spreads in the European green bond market: A daily analysis of the COVID-19 pandemic impact 欧洲绿色债券市场的信贷息差:COVID - 19大流行影响的每日分析

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-28 DOI: 10.1111/jifm.12150

Antonella Francesca Cicchiello, Matteo Cotugno, Stefano Monferrà, Salvatore Perdichizzi

{"title":"Credit spreads in the European green bond market: A daily analysis of the COVID-19 pandemic impact","authors":"Antonella Francesca Cicchiello, Matteo Cotugno, Stefano Monferrà, Salvatore Perdichizzi","doi":"10.1111/jifm.12150","DOIUrl":"10.1111/jifm.12150","url":null,"abstract":"Financial crises and economic downturns provide a unique opportunity to investigate the behavior of investors and financial instruments and shed light in the market's anticipation of future economic growth. In view of the current crisis, we examine how the COVID-19 pandemic affected the European green bond market. Using daily data from Thomson Reuter's Refinitiv, we conducted event studies on corporate credit spread changes over the period from January 1 to December 31, 2020. Our results reveal that green bonds' credit spreads increased significantly after the start of the coronavirus outbreak. However, as the fear of the pandemic eased in response to positive news about the vaccines, green bonds' credit spreads fell below conventional bonds. Overall, green bonds showed a higher risk exposure and lower resilience to distress while profiting during an upside. Our paper provides the first evidence about the impact of the COVID-19 pandemic and the announcement of vaccines' effectiveness on the European corporate green bond market. Our results suggest several key points that are relevant to both investors and issuers under the unprecedented conditions created by the pandemic.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 3","pages":"383-411"},"PeriodicalIF":5.1,"publicationDate":"2022-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jifm.12150","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45623951","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: 29

Are firms motivated to greenwash by financial constraints? Evidence from global firms' data 企业是否出于财政约束而进行“洗绿”?来自全球公司数据的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-25 DOI: 10.1111/jifm.12153

Dongyang Zhang

{"title":"Are firms motivated to greenwash by financial constraints? Evidence from global firms' data","authors":"Dongyang Zhang","doi":"10.1111/jifm.12153","DOIUrl":"10.1111/jifm.12153","url":null,"abstract":"Corporate social responsibility is the balance between a firm's economic outcomes and environmental protection. However, investors face increasing difficulties in selecting assets with suitable environmental, social, and governance (ESG) policies because companies may “greenwash” their activities by, for example, make misleading ESG disclosures. Here, we investigate the determinants that lead to companies engaging in ESG greenwashing. By analyzing international large-cap companies across 47 countries and territories, we create a peer-relative greenwashing score to measure the magnitude of ESG greenwashing by companies. First, we measure and evaluate the greenwashing by analyzing ESG disclosures and creating peer-relative performance scores that consider the level of disclosure and the real ESG performance. Second, we show that companies' greenwashing decisions are motivated by financial constraints and thus the financial environment is a determinant of greenwashing behavior. Third, we describe how intermediation can alleviate financial constraints and decrease greenwashing behavior. Moreover, highly leveraged companies may have increased financial pressure and thus may enhance their greenwashing behavior. Our findings are robust according to several different measurements of financial constraint indicators.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 3","pages":"459-479"},"PeriodicalIF":5.1,"publicationDate":"2022-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46607179","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: 46

Environmental violations, refinancing risk, and the corporate bond cost in China 环境违法、再融资风险与中国企业债券成本

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-18 DOI: 10.1111/jifm.12154

Rufei Ma, Qiang Ji, Pengxiang Zhai, Ruibo Yang

{"title":"Environmental violations, refinancing risk, and the corporate bond cost in China","authors":"Rufei Ma, Qiang Ji, Pengxiang Zhai, Ruibo Yang","doi":"10.1111/jifm.12154","DOIUrl":"https://doi.org/10.1111/jifm.12154","url":null,"abstract":"This paper examines the relationship between environmental violations and the cost of corporate bonds, and further analyzes whether refinancing constraints, the lending restrictions on penalized firms, are an important channel through which environmental violations affect the cost of corporate debt financing in China. Using the manually collected environmental violation events from 2008 to 2020, we find that the bond cost of firms violating environmental regulations increases significantly after being penalized. The finding is robust to potential sample selection bias and endogeneity problems. Furthermore, we find that the effect of environmental violations on the cost of corporate bonds is more profound in short-term debt-dependent firms and can be alleviated by the internal financing dependence. These results confirm that the refinancing risk arising from China's green loan policy on pollution-intensive firms plays a key role in the relation between environmental violations and the cost of capital in the firms. In the context of the growing concerns of global society about climate change, our findings have great implications for pollution-intensive firms, bond investors, and regulatory authorities in emerging economies to manage the increasing environmental risk.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 3","pages":"480-504"},"PeriodicalIF":5.1,"publicationDate":"2022-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72156549","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

Syndicated green lending and lead bank performance 银团绿色贷款和牵头银行业绩

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2022-01-18 DOI: 10.1111/jifm.12151

Belinda L. Del Gaudio, Daniele Previtali, Gabriele Sampagnaro, Vincenzo Verdoliva, Samuel Vigne

引用次数: 0