Journal of International Financial Management & Accounting最新文献_第8页

The effect of female presence on corporate boards of directors on the value relevance of accounting amounts: empirical evidence from the European Union 女性在公司董事会任职对会计金额价值相关性的影响：来自欧盟的经验证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-08-08 DOI: 10.1111/jifm.12138

Riccardo Cimini

{"title":"The effect of female presence on corporate boards of directors on the value relevance of accounting amounts: empirical evidence from the European Union","authors":"Riccardo Cimini","doi":"10.1111/jifm.12138","DOIUrl":"10.1111/jifm.12138","url":null,"abstract":"This paper investigates the ability of female presence to affect value relevance. Focusing on a sample of 487 entities listed in 18 European countries over the period 2009–2017, it uses a price model to assess the ability of female presence to affect the value relevance of earnings and book value disclosed in the consolidated annual reports of the firms analyzed. Findings offer evidence that female presence on corporate boards increases the value relevance of accounting amounts, providing insights that board composition affects investors’ judgments. Taking into account that in the literature scholars have shown that female presence is associated with market prices, this paper provides a contribution, showing its ability to affect the value relevance of earnings and book value of equity. The research findings suggest that not only the quality of accounting standards but also other factors such as female presence on the corporate board of directors affect accounting practices and, in turn, the quality of financial reporting and value relevance. Its findings offer an additional support to the European Union Gender Equality Strategy 2020–2025 according to which an increase in women's participation in the labor market has a strong, positive impact on the whole economy.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"33 1","pages":"134-153"},"PeriodicalIF":5.1,"publicationDate":"2021-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12138","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44532019","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: 15

Large bank shareholders and terms of bank loans during the global financial crisis 在全球金融危机期间，大银行股东和银行贷款条款

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-06-25 DOI: 10.1111/jifm.12137

Celia Álvarez-Botas, Carlos Fernández-Méndez, Víctor M. González

引用次数: 6

Accruals mispricing versus risk: Analyzing the influence of external monitoring in Brazil 应计项目错定价与风险:分析巴西外部监测的影响

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-06-23 DOI: 10.1111/jifm.12136

Vinícius Gomes Martins, Márcio André Veras Machado, Paulo Aguiar do Monte

{"title":"Accruals mispricing versus risk: Analyzing the influence of external monitoring in Brazil","authors":"Vinícius Gomes Martins, Márcio André Veras Machado, Paulo Aguiar do Monte","doi":"10.1111/jifm.12136","DOIUrl":"10.1111/jifm.12136","url":null,"abstract":"In this paper, we examine the role of external monitoring as an alternative mechanism of corporate governance pertaining to the risk and mispricing of accruals in the Brazilian market. The results provide evidence of the accruals anomaly for companies with low external monitoring and evidence that is stronger when evaluating the discretionary component of accruals. Our analysis does not support the conclusion that total and discretionary accruals represent price risk factors, which suggests that the evidence of anomaly results from mispricing. Our evidence contributes to the growing literature on accruals pricing in emerging markets, by adding elements such as the influence of external monitoring and the level of investor sophistication, hereby represented by market analysts and institutional investors. Our study provides additional evidence that the presence of these intermediary agents creates an external layer of control capable of contributing positively to the process of disclosure and pricing of financial information. Thus, the role of such intermediaries as external monitors in emerging markets can be potentially significant for correctly pricing accruals. While Brazil has its own unique institutional characteristics, our findings confirm the evidence obtained for other countries.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"32 3","pages":"259-282"},"PeriodicalIF":5.1,"publicationDate":"2021-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12136","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41326410","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

The combined effects of innovation and corporate social responsibility on firm financial risk 创新与企业社会责任对企业财务风险的共同影响

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-06-21 DOI: 10.1111/jifm.12135

Bai Liu, Tao Ju, Simon S.S. Gao

{"title":"The combined effects of innovation and corporate social responsibility on firm financial risk","authors":"Bai Liu, Tao Ju, Simon S.S. Gao","doi":"10.1111/jifm.12135","DOIUrl":"10.1111/jifm.12135","url":null,"abstract":"Prior literature has largely dealt with the effect of either corporate social responsibility (CSR) or innovation on firm financial risk. No earlier research has examined the combined effect of a firm's simultaneous pursuit of CSR and innovation on firm financial risk. This study investigates the combined effects with a view to fostering our understanding of relationships of CSR and innovation with financial risk. Using the patent application and CSR data of 2,174 Chinese listed firms over the period 2010–2016, this study finds that firms with higher levels of imitative innovation and good CSR performance exhibit higher financial risk. The results remain after a series of robustness tests including the use of an alternative measure of firm financial risk and CSR. The results indicate that firms with a higher level of imitative innovation exhibit greater financial risk; however, the risk cannot be mitigated by firms' good CSR performance. CSR performance helps firms boost the positive image of a “good citizen” and reduce firm financial risk; however, the combined effects of CSR and imitative innovation trigger higher financial risk. The results of this study support the umbrella theory of CSR that exacerbates the moral hazard for those firms that rely on imitative innovation.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"32 3","pages":"283-310"},"PeriodicalIF":5.1,"publicationDate":"2021-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12135","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48133975","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: 35

Exploring nonlinear linkage between profitability and leverage: US multinational versus domestic corporations 探讨盈利能力与杠杆之间的非线性联系:美国跨国公司与国内公司

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-06-11 DOI: 10.1111/jifm.12134

Faisal Alnori

引用次数: 3

Joint venture investments: An analysis of the level of compliance with the disclosure requirements of IFRS 12 合资企业投资：符合《国际财务报告准则》第12号披露要求的程度分析

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-05-01 DOI: 10.1111/jifm.12130

Raquel Wille Sarquis, Ariovaldo dos Santos, Isabel Lourenço, Guillermo Oscar Braunbeck

{"title":"Joint venture investments: An analysis of the level of compliance with the disclosure requirements of IFRS 12","authors":"Raquel Wille Sarquis, Ariovaldo dos Santos, Isabel Lourenço, Guillermo Oscar Braunbeck","doi":"10.1111/jifm.12130","DOIUrl":"https://doi.org/10.1111/jifm.12130","url":null,"abstract":"This study provides empirical evidence on changes in entities’ reporting of interests in joint ventures from proportionate consolidation to the equity method following adoption of IFRS 11 and their application of the corresponding IFRS 12 disclosure requirements. The sample includes 551 firms from 26 countries affected by the adoption of IFRS 11 (1,858 financial statements). The findings indicate that many firms are not fully complying with IFRS 12 disclosure requirements and that firm-level characteristics (e.g., size, leverage, and ownership concentration) contribute more to explaining the level of (non)compliance, when compared to country-level variables (e.g., legal system and emerging versus developed countries). We also find that the level of materiality of joint ventures is positively associated with the level of compliance with IFRS 12 disclosure requirements. Our results contribute to the literature on the determinants of compliance with IFRS Standards disclosure requirements and bring important insights for the post-implementation review of IFRS 11 and IFRS 12 occurring between 2020 and 2022.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"32 2","pages":"207-232"},"PeriodicalIF":5.1,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12130","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72297894","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: 8

Extended external reporting assurance: Current practices and challenges 扩大外部报告保证：当前做法和挑战

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-01-05 DOI: 10.1111/jifm.12127

Joanna Krasodomska, Roger Simnett, Donna L. Street

{"title":"Extended external reporting assurance: Current practices and challenges","authors":"Joanna Krasodomska, Roger Simnett, Donna L. Street","doi":"10.1111/jifm.12127","DOIUrl":"10.1111/jifm.12127","url":null,"abstract":"This paper summarizes the UNCTAD ISAR WBCSD Webinar—Assurance on Sustainability Reports: Current Practices and Challenges, which explored views and practices on assurance of extended external reporting (EER) and identified challenges and potential ways forward. Stakeholders are demanding more accountability, as reflected in increased publication of EER and regulatory developments. EER can play an important role in rebuilding trust by catalyzing corporate focus and disclosure of business-centric matters material to stakeholders including strategy, business model, governance, and greater transparency on other material non-financial matters. Relatedly, EER cannot rebuild trust unless disclosures are credible and viewed as credible. Therefore, it is important that assurance, and other credibility enhancing techniques, is developed alongside EER frameworks and takes account of regulatory initiatives. We expand on lessons outlined during the Webinar by highlighting questions posed by participants, providing a historical overview of European regulatory developments (e.g., Directive 2014/95/EU and a forthcoming revision), providing a historical overview of the IAASB’s development of ISAE 3000 and forthcoming guidance on addressing major challenges aimed at supporting EER assurance, and providing an overview of practice-focused publications addressing EER assurance. We conclude with an assessment of the way forward in regard to possible changes in the EER institutional setting, potential harmonization of EER standards, and the ability to provide reasonable versus limited assurance. Along with our companion paper (Venter and van Eck, 2021, 32), we contribute to the current discussion on EER assurance by providing a comprehensive assessment of the EER assurance landscape.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"32 1","pages":"104-142"},"PeriodicalIF":5.1,"publicationDate":"2021-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12127","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47481452","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: 33

Do investors and analysts value strategic corporate social responsibility disclosures? Evidence from China 投资者和分析师是否重视战略性企业社会责任披露?来自中国的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2021-01-02 DOI: 10.1111/jifm.12126

Yingjun Lu, Indra Abeysekera

{"title":"Do investors and analysts value strategic corporate social responsibility disclosures? Evidence from China","authors":"Yingjun Lu, Indra Abeysekera","doi":"10.1111/jifm.12126","DOIUrl":"https://doi.org/10.1111/jifm.12126","url":null,"abstract":"This paper examines whether strategic corporate social responsibility (CSR) disclosures are value relevant for investors and analysts in the context of China. Using a sample of Chinese listed firms from One Belt One Road (OBOR) theme indices, we construct a rating system of strategic CSR disclosures including five dimensions and 20 indicators and perform a principal component analysis and a non-hierarchical cluster analysis to group sample firms. We find that the market has a positive reaction to strategic CSR disclosures, but the market fails to perceive whether such disclosures are credible. We also find that the number of analysts following a firm is positively associated with its strategic CSR disclosures, and the positive association between strategic CSR disclosures and analysts following is less pronounced for firms with lower credibility. Additional analyses demonstrate that the higher the strategic CSR disclosure quality the more the positive market reaction and that the higher the strategic CSR disclosure quality the more the numbers of analysts following, but this positive association between disclosure quality and analysts following is discounted by a firm's lower credibility. Additional analyses further confirm that the CSR disclosure mandate has a negative moderating effect on investors’ and analysts’ positive reactions to strategic CSR disclosures. We do not find convincing evidence that the ownership of foreign institutional investors (QFII) has a moderating effect on investors’ and analysts’ reactions to strategic CSR disclosures. Finally, our extended analyses reveal that strategic CSR disclosures have a positive effect on firm performance with a complementary mediation of innovation.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"32 2","pages":"147-181"},"PeriodicalIF":5.1,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12126","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134800552","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

Research on extended external reporting assurance: Trends, themes, and opportunities 扩展外部报告保证的研究:趋势、主题和机会

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2020-12-28 DOI: 10.1111/jifm.12125

Elmar R. Venter, Lanise van Eck

{"title":"Research on extended external reporting assurance: Trends, themes, and opportunities","authors":"Elmar R. Venter, Lanise van Eck","doi":"10.1111/jifm.12125","DOIUrl":"10.1111/jifm.12125","url":null,"abstract":"The assurance of non-financial information (NFI) included in extended external reports (EERs) is a global activity that has far-reaching consequences for business, investors, other stakeholders, and society. EERs remain largely unregulated with few standards. Along with our companion paper (Krasodomska, Simnett, & Street, 2021, Journal of International Financial Management and Accounting, 25, 209), we contribute to the current discussion on EER assurance by providing an overview of the academic literature to inform the standard setting initiatives of the International Auditing and Assurance Standard Setting Board (IAASB), as well as the practice of assurance of EERs. We identify 121 articles on extended external reporting (EER) assurance published between 2009 and 2020 across 35 journals ranked A*, A, and B on the Australian Business Deans Council (ABDC) 2019 Journal Quality List. These articles cover archival, experimental, interviews, case studies, surveys, and content analysis research methods and serve as a possible input for standard setting activities. We document a rapid increase in this literature with almost half of the articles published in the last 3 years, 2018 to 2020. Finally, we offer ideas for future research directly linked to the proposed Guidance of the IAASB on EER assurance. We encourage researchers to engage in these and other issues of the IAASB’s Guidance to assist them with valuable input for their standard setting activities.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"32 1","pages":"63-103"},"PeriodicalIF":5.1,"publicationDate":"2020-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12125","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47326865","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: 20

Influence of acquirer boards on M&A value creation: Evidence from Continental Europe 收购方董事会对并购价值创造的影响:来自欧洲大陆的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2020-11-18 DOI: 10.1111/jifm.12124

Corneel Defrancq, Nancy Huyghebaert, Mathieu Luypaert

{"title":"Influence of acquirer boards on M&A value creation: Evidence from Continental Europe","authors":"Corneel Defrancq, Nancy Huyghebaert, Mathieu Luypaert","doi":"10.1111/jifm.12124","DOIUrl":"10.1111/jifm.12124","url":null,"abstract":"We examine how the size and the composition of acquirer boards are associated with shareholder abnormal returns for 2,230 M&As made by listed firms in Continental Europe. Although board size proves insignificant, our findings do offer some evidence as to a beneficial effect of board diversity on M&A value creation. Gender diversity appears marginally positively associated with acquirer shareholder abnormal returns. The fraction of foreign directors is in general not significantly positive, unless the rule of law in the acquirer country is weak. Nonetheless, nationality diversity in the board turns out harmful in purely domestic takeovers. The influence of age diversity is marginally positive, yet only in domestic and horizontal takeovers. Next, the fraction of independent directors has a robust positive effect on the acquirer CAR, while directors with multiple board appointments prove valuable especially through preventing firms from pursuing poor takeovers. Finally, CEO duality is detrimental only in industry-diversifying deals initiated by acquirers that are not controlled by an individual or a family shareholder. Any negative CEO-duality effect is mitigated when the acquirer-country rule of law is strong.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"32 1","pages":"21-62"},"PeriodicalIF":5.1,"publicationDate":"2020-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12124","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131359262","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: 12