Journal of International Financial Management & Accounting最新文献_第9页

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

An analysis of Dow 30 global core indicator disclosures and environmental, social, and governance-related ratings 道琼斯30指数全球核心指标披露及环境、社会和治理相关评级分析

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2020-09-09 DOI: 10.1111/jifm.12123

Christopher G. Calvin, Donna L. Street

{"title":"An analysis of Dow 30 global core indicator disclosures and environmental, social, and governance-related ratings","authors":"Christopher G. Calvin, Donna L. Street","doi":"10.1111/jifm.12123","DOIUrl":"https://doi.org/10.1111/jifm.12123","url":null,"abstract":"We examine the extent to which US Dow 30 companies disclose the Global Core Indicators (GCIs), which are measures to assess companies’ contribution toward the United Nation’s 2030 Agenda for Sustainable Development. We find that the Dow 30 are generally compliant with disclosing GCIs that align with US capital market reporting expectations, high-profile current events, and issues that are financially relevant. We also find the Dow 30 are more likely to disclose institutional and economic issues, rather than environmental and social issues, and note disclosure variation across industries in which the Dow 30 operate. Supplemental analyses indicate that GCI disclosure levels are generally higher when those GCIs are associated with financially relevant ESG issues, suggesting companies are more amenable to addressing sustainability when doing so aligns with their mandate to shareholders. Correlation analyses reveal that the GCI indices moderately or strongly correlate with two of three MSCI sustainability ratings, highlighting companies’ focus on financially relevant areas, and weakly correlate with companies’ CDP climate change ratings, highlighting the limited scope of the GCIs in capturing detailed environmentally focused sustainability efforts. We also show that the MSCI sustainability ratings of the Dow 30 have generally trended higher over time, with increases driven by companies in the manufacturing, financial, and retail industries. Our findings help fill a void in sustainability literature on US company reporting of the GCIs and may be informative to the United Nations Conference on Trade and Development as it reviews the GCIs in support of the 2030 Agenda.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"31 3","pages":"323-349"},"PeriodicalIF":5.1,"publicationDate":"2020-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12123","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72145809","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: 9

Analyst following, disclosure quality, and discretionary impairments: Evidence from China 分析师追随、披露质量和可自由支配减值：来自中国的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2020-08-28 DOI: 10.1111/jifm.12120

Ling Jiang

{"title":"Analyst following, disclosure quality, and discretionary impairments: Evidence from China","authors":"Ling Jiang","doi":"10.1111/jifm.12120","DOIUrl":"https://doi.org/10.1111/jifm.12120","url":null,"abstract":"Financial statement preparers’ discretion in fair value measurements is integral to asset impairment accounting. Firms may misuse this discretion to report more or less impairment loss than is warranted by underlying economic circumstances. Using data from a sample of publicly listed firms in China, this study finds that analyst following reduces abnormal impairment loss, the portion of reported impairment loss that cannot be explained by corporate economic circumstances and that this effect is more pronounced for firms with lower information disclosure quality. However, the reducing effects of analyst following and its interaction with disclosure quality are greater for income-decreasing than for income-increasing abnormal impairment loss. Additional analyses support the argument that these differences are attributable to the dominance of accounting’s contracting role over its informational role. Overall, the findings indicate that the influence of analyst following on discretionary impairment accounting decisions is moderated by disclosure quality and by the relative importance of accounting’s contracting and informational roles in an emerging market setting.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"31 3","pages":"295-322"},"PeriodicalIF":5.1,"publicationDate":"2020-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12120","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72167391","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

Cultural and macroeconomic determinants of cash holdings management 现金持有管理的文化和宏观经济决定因素

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2020-08-18 DOI: 10.1111/jifm.12121

Svetlana V. Orlova

引用次数: 10

Corporate financial distress: The case of publicly listed firms in an emerging market economy 企业财务困境:新兴市场经济中上市公司的案例

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2020-08-15 DOI: 10.1111/jifm.12122

Regina M. Lizares, Carlos C. Bautista

引用次数: 12

Can governance help in making an IPO “successful”? New evidence from Europe 治理能帮助IPO“成功”吗？来自欧洲的新证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2020-03-15 DOI: 10.1111/jifm.12116

Marina Brogi, Valentina Lagasio, Valerio Pesic

引用次数: 8

The perceived financial effects of mandatory audit firm rotation 强制性审计公司轮换的财务影响

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2020-01-28 DOI: 10.1111/jifm.12115

Michael Harber, Ben Marx, Phillip De Jager

{"title":"The perceived financial effects of mandatory audit firm rotation","authors":"Michael Harber, Ben Marx, Phillip De Jager","doi":"10.1111/jifm.12115","DOIUrl":"https://doi.org/10.1111/jifm.12115","url":null,"abstract":"This paper explores the perceptions of key audit industry stakeholders concerning the direct and indirect financial effects of the implementation of mandatory audit firm rotation (MAFR) in South Africa. Globally, concerns over audit quality, in response to corporate failures, have resulted in renewed debate over MAFR as a solution. The European Union and South Africa have recently ruled in its favor, while other countries have rejected it on grounds that the benefits do not exceed the costs. Using structured surveys, the informed perspectives of experienced auditors, chief financial officers, audit committee chairs, and equity fund managers are explored and contrasted. We find that considerable costs will be imposed on audit firms in the form of “setup and transition costs,” as well as costs incurred to submit and present competitive tenders to secure appointment. Although auditors will try to recoup these costs with fee increases, this will likely not be allowed by the clients, resulting in a squeeze of audit firm profits. The Big 4 firm fee premium, relative to non-Big 4 firms, will decrease due to increased competition. From the clients' perspective, the costs will be in the form of audit inefficiency translating into staff time and disruption, caused by the incoming auditors being less familiar with the complexities of the business. We contribute to the literature detailed descriptions and estimations of the nature and extent of potential cost implications, as expressed by experienced practitioners. The findings inform audit industry regulators, standard-setters, and practitioners to more effectively mitigate potential unintended consequences of the regulation.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"31 2","pages":"215-234"},"PeriodicalIF":5.1,"publicationDate":"2020-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12115","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72167627","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: 14