Journal of Contemporary Accounting & Economics最新文献

Nexus between the anchoring effect and management earnings forecasts: An investigation of the listed firms in the US stock market 锚定效应与管理层盈余预测的关系：对美国上市公司的调查

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-04-26 DOI: 10.1016/j.jcae.2025.100472

Ahmed Bouteska , Taimur Sharif , Mohammad Zoynul Abedin

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引用次数: 0

Redacted disclosure and analysts’ weighting of information 修订披露和分析师对信息的权重

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-04-24 DOI: 10.1016/j.jcae.2025.100471

Lei Zhao

引用次数: 0

Government subsidies and managerial slack: Evidence from China 政府补贴和管理懈怠：来自中国的证据

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-04-23 DOI: 10.1016/j.jcae.2025.100473

Haiyan Jiang , Kun Su , Ahsan Habib

引用次数: 0

Government fiscal stress and firms’ choice of affiliates 政府财政压力与企业对附属公司的选择

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-04-19 DOI: 10.1016/j.jcae.2025.100470

Jingxin Hu , Bin Liu , Tao Li , Lihua Yuan

引用次数: 0

Does environmental information disclosure make financial markets more informative? Evidence from China 环境信息披露是否使金融市场更具信息性？来自中国的证据

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jcae.2025.100468

Yongliang Yang , Jitao Zhang , Changting Song , Yingying Wu , Bingbing Zhang

引用次数: 0

Supervision of not-for-profit minority institutional shareholder and annual report readability: Evidence from a quasi-natural experiment☆ 对非营利少数机构股东的监管与年度报告的可读性：来自准自然实验的证据☆。

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jcae.2025.100469

Liyi Zhu , Qian Sun , Wenyu Zhang , Jian Sun , Lidong Zheng

{"title":"Supervision of not-for-profit minority institutional shareholder and annual report readability: Evidence from a quasi-natural experiment☆","authors":"Liyi Zhu , Qian Sun , Wenyu Zhang , Jian Sun , Lidong Zheng","doi":"10.1016/j.jcae.2025.100469","DOIUrl":"10.1016/j.jcae.2025.100469","url":null,"abstract":"<div><div>In this study, we examine the efficacy of the China Securities Investor Services Center (CSISC), an advanced minority shareholder safeguard mechanism endorsed by the China Securities Regulatory Commission (CRSC), in promoting the quality of information disclosure. By utilizing a difference-in-differences analysis on the sample of Chinese listed companies, we find that CSISC shareholding improves the readability of annual reports. Additional analyses reveals that the impact of CSISC shareholding on the readability of annual reports is more pronounced with weaker internal and external governance supervision, poorer operational performance, stronger competitive intensity and senior management without a legal background. Our study contributes to the research related to the economic consequences of the CSISC exercise at the micro-enterprise level and the determinant of annual report readability. Furthermore, our findings hold significant implications for regulatory authorities aiming to enhance the investor protection system.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 2","pages":"Article 100469"},"PeriodicalIF":2.9,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777645","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

CPA exam score and auditors’ salaries 注册会计师考试成绩和审计师工资

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-03-28 DOI: 10.1016/j.jcae.2025.100467

Pedro Ortín-Ángel , Stefan Sundgren , Ana Millán

{"title":"CPA exam score and auditors’ salaries","authors":"Pedro Ortín-Ángel , Stefan Sundgren , Ana Millán","doi":"10.1016/j.jcae.2025.100467","DOIUrl":"10.1016/j.jcae.2025.100467","url":null,"abstract":"<div><div>The research presents two competing views on the welfare effects of occupational licensing. One stream of literature suggests that licensing is a barrier to entry into professions, limiting competition and resulting in economic rents. A second stream suggests that they can increase well-being by alleviating information problems. We use data on CPAs’ salaries before and after certification to test these conflicting hypotheses. Consistent with the information-alleviation hypothesis, we find a positive correlation between performance on the CPA exam and auditors’ salaries after the exam but not before the exam when the competencies have developed. Furthermore, we find that the positive association is stronger for auditors working at Big 4 firms, younger auditors and male auditors. The abovementioned results indicate that auditors’ technical competencies are valued more highly by Big 4 firms than by non-Big 4 firms. After the CPA certification, we do not observe salary increases that are greater than expected based on previous years’ increases and auditors’ performance on the CPA exam, as the barrier-to-entry theoretical approach suggests. We discuss the implications of the results for the role of CPA regulation.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 2","pages":"Article 100467"},"PeriodicalIF":2.9,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143768760","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

The communicative value of key audit matters in M&As: The effect of performance commitments 并购中关键审计事项的沟通价值：绩效承诺的影响

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-02-26 DOI: 10.1016/j.jcae.2025.100464

Xiang Luo , Yi Luo , Jianan Zhou

{"title":"The communicative value of key audit matters in M&As: The effect of performance commitments","authors":"Xiang Luo , Yi Luo , Jianan Zhou","doi":"10.1016/j.jcae.2025.100464","DOIUrl":"10.1016/j.jcae.2025.100464","url":null,"abstract":"<div><div>Previous research suggests that including performance commitment contracts (PCs) in mergers and acquisitions (M&As) increases the post-acquisition risk of goodwill impairment. Using a sample of Chinese companies from 2017 to 2022, we find that M&As with PCs not only lead auditors to be more likely to disclose M&A-related key audit matters (KAMs) in audit reports but also result in these disclosures being less boilerplate. Moreover, KAMs related to M&As with PCs are more informative, as evidenced by higher cumulative absolute abnormal returns, greater abnormal trading volume, and lower share price synchronisation. Our findings further indicate that the negative relationship between PCs and the disclosure of boilerplate M&A-related KAMs is particularly pronounced when auditors face higher accountability risks or when they are more prudent or prioritise their professional reputations. Additionally, M&A-related KAMs with more detailed information attract greater attention from analysts and institutional investors. Overall, our results suggest that auditors, driven by professional diligence, enhance the communicative value of KAMs by disclosing non-boilerplate information, thereby facilitating the effective transmission of risk information in the capital market.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 2","pages":"Article 100464"},"PeriodicalIF":2.9,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143549829","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

ESG rating agencies and investors’ reactions to earnings news ESG评级机构和投资者对收益消息的反应

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-02-04 DOI: 10.1016/j.jcae.2025.100456

Qingyuan Li , Albert Tsang , Qiong Wu , Xi Xiong

{"title":"ESG rating agencies and investors’ reactions to earnings news","authors":"Qingyuan Li , Albert Tsang , Qiong Wu , Xi Xiong","doi":"10.1016/j.jcae.2025.100456","DOIUrl":"10.1016/j.jcae.2025.100456","url":null,"abstract":"<div><div>We examine the effect of environmental, social, and governance (ESG) information provided by rating agencies on investors’ reactions to earnings news. Based on ESG ratings provided by three major rating agencies, we present evidence that firms’ earnings response coefficients (ERCs) are positively correlated with the initiation of coverage, intensity of coverage, and rating dispersion of ESG rating agencies. Our evidence further suggests that the positive effect of ESG information on ERCs is more pronounced for firms that operate within a weaker information environment. In addition, ESG rating agencies tend to play a more important role in strengthening the stock market reaction to positive earnings news than that to negative earnings news. We also document that the main effects are stronger for firms that have higher-quality ESG ratings and are covered by ESG rating agencies facing more intense competition. Collectively, our results support the view that the ESG information made available by ESG rating agencies significantly enhances the stock market reaction to earnings news by aiding investors’ assessment of firms’ future financial performance and earnings sustainability.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 1","pages":"Article 100456"},"PeriodicalIF":2.9,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143349307","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

Catalyzing transparency: Proactive enforcement of information disclosure and its impact on stock price synchronicity 催化透明度：信息披露的主动执行及其对股价同步性的影响

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-01-27 DOI: 10.1016/j.jcae.2025.100455

Shijun Guo , Fang Hu

{"title":"Catalyzing transparency: Proactive enforcement of information disclosure and its impact on stock price synchronicity","authors":"Shijun Guo , Fang Hu","doi":"10.1016/j.jcae.2025.100455","DOIUrl":"10.1016/j.jcae.2025.100455","url":null,"abstract":"<div><div>Focusing on the Industry Information Disclosure Guides (IIDGs) in China’s stock markets, we investigate the impact of firm-specific industry information disclosure on stock price synchronicity under proactive public enforcement. Employing a difference-in-differences analysis around industry-targeted events, we find a significant reduction in stock price synchronicity among companies in focus sectors compared to those in non-focus sectors following the introduction of industry-specific disclosure regulations. This reduction is distinguishing industry-level from market-level synchronicity and spilling over to non-regulated industries through manager learning channel, emphasizing the unique information features of IIDGs at the industry level. Additional tests demonstrate the heightened significance of IIDGs in poor information environment, particularly for companies with opaque financial reporting, with limited private oversight and operating in less competitive markets. Our findings provide valuable insights into the interplay between disclosure mechanisms and information environment in emerging markets.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 1","pages":"Article 100455"},"PeriodicalIF":2.9,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143160678","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