发布求助
文献互助 智能选刊 最新文献

Journal of Contemporary Accounting & Economics最新文献

筛选
英文 中文
Acquirers’ top legal executives and merger and acquisition outcomes 收购方的最高法务主管和并购结果
IF 2.9 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2025-10-12 DOI: 10.1016/j.jcae.2025.100512
Stephanie J. Rasmussen , Suye Wang
{"title":"Acquirers’ top legal executives and merger and acquisition outcomes","authors":"Stephanie J. Rasmussen ,&nbsp;Suye Wang","doi":"10.1016/j.jcae.2025.100512","DOIUrl":"10.1016/j.jcae.2025.100512","url":null,"abstract":"<div><div>A firm’s top in-house legal executive acts as a trusted advisor to top management and the board of directors, and the top legal executive role has become more prominent in recent years due to heightened regulatory focus on business compliance. In this study, we develop a measure of the top legal executive’s influence in the acquiring firm and examine whether top legal executive influence is associated with merger and acquisition (M&amp;A) outcomes. We find that top legal executive influence is associated with shorter public process length (merger announcement to deal resolution), higher likelihood of deal completion, and lower likelihood of acquirer-protective contract terms. These associations exist after controlling for potential endogeneity of top legal executive influence. Cross-sectional tests also provide some evidence that the top legal executive emphasizes a monitoring role in M&amp;A deals involving high uncertainty and when independence concerns should be more prevalent.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100512"},"PeriodicalIF":2.9,"publicationDate":"2025-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145319781","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
Pay inequality and firm performance 薪酬不平等与公司绩效
IF 2.9 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2025-10-05 DOI: 10.1016/j.jcae.2025.100510
Neerav Nagar , Avinash Arya
{"title":"Pay inequality and firm performance","authors":"Neerav Nagar ,&nbsp;Avinash Arya","doi":"10.1016/j.jcae.2025.100510","DOIUrl":"10.1016/j.jcae.2025.100510","url":null,"abstract":"<div><div>The rising pay inequality between CEO and rank and file employees has attracted considerable attention from the public, activists, regulators, and academic researchers. Using a large sample of 1,581 Indian firms during 2017–2023 period, we find that pay inequality leads to better future performance as measured by the ROA, providing prima facie support for tournaments and talent assignment. However, an analysis of drivers of ROA using extended DuPont decomposition reveals that the source of ROA improvement is better profit margins (PM) and asset utilization (ATO). Further decomposition of ATO reveals that pay inequality leads to a significant decrease in labor productivity consistent with inequity aversion. The decline in productivity is more pronounced in poorly governed firms facing low competition. On the other hand, labor intensity increases significantly and is the sole driver of gains in asset utilization. In other words, at least a portion of the gains observed in ROA can be ascribed to the act of hiring more employees.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100510"},"PeriodicalIF":2.9,"publicationDate":"2025-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145264873","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
CEO overconfidence across the firm lifecycle: effects on accounting outcomes and stock market reactions CEO在公司生命周期中的过度自信：对会计结果和股票市场反应的影响
IF 2.9 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2025-10-04 DOI: 10.1016/j.jcae.2025.100511
Tuba Toksoz , Sebahattin Demirkan Seb , Irem Demirkan , Birendra K. Mishra Barry
{"title":"CEO overconfidence across the firm lifecycle: effects on accounting outcomes and stock market reactions","authors":"Tuba Toksoz ,&nbsp;Sebahattin Demirkan Seb ,&nbsp;Irem Demirkan ,&nbsp;Birendra K. Mishra Barry","doi":"10.1016/j.jcae.2025.100511","DOIUrl":"10.1016/j.jcae.2025.100511","url":null,"abstract":"<div><div>This study explores the relationship between CEO overconfidence and firm performance across different stages of the firm life cycle. Previous research has shown that an overconfident CEO’s personality can influence key decisions related to investments, financial reporting, and broader corporate policies. A firm’s evolution is shaped by shifts in both internal factors, such as investment and managerial choices, and external factors like industry trends and economic conditions. The existing literature suggests that the various stages of a firm’s life cycle significantly affect decision-making processes and profitability. Our findings indicate that firms led by overconfident CEOs exhibit varying performance outcomes and abnormal returns depending on the firm’s life cycle stage. Notably, firms tend to outperform and achieve positive future performance (abnormal stock market returns) during the growth mature and shakeout (growth and mature) stages. However, they experience weaker accounting performance during the decline stage. In addition, cross-sectional tests reveal that, in the decline stage, firms with a better information environment do not experience the negative impact of CEO overconfidence on future accounting performance.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100511"},"PeriodicalIF":2.9,"publicationDate":"2025-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145264874","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
Stock price crashes and systematic risk 股价暴跌和系统性风险
IF 2.9 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2025-09-26 DOI: 10.1016/j.jcae.2025.100509
Suvra Roy, Ben R. Marshall, Hung T. Nguyen, Nuttawat Visaltanachoti
{"title":"Stock price crashes and systematic risk","authors":"Suvra Roy,&nbsp;Ben R. Marshall,&nbsp;Hung T. Nguyen,&nbsp;Nuttawat Visaltanachoti","doi":"10.1016/j.jcae.2025.100509","DOIUrl":"10.1016/j.jcae.2025.100509","url":null,"abstract":"<div><div>We show that firm systematic risk increases following stock price crashes. This occurs in both low- and high-beta companies and is robust to alternate proxies of systematic risk. Crashed firms face difficulty raising capital or obtaining loans, exacerbating default risk. Our results indicate that the increased systematic risk is due to increased default risk. There is no evidence to support information asymmetry as a channel for higher beta following crashes. We show that the increase in systematic risk results in higher costs for equity financing.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100509"},"PeriodicalIF":2.9,"publicationDate":"2025-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145219390","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
From stethoscopes to boardrooms: CEOs’ medical degree and merger performance 从听诊器到董事会：首席执行官的医学学位和并购绩效
IF 2.9 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2025-09-25 DOI: 10.1016/j.jcae.2025.100508
Omer Unsal
{"title":"From stethoscopes to boardrooms: CEOs’ medical degree and merger performance","authors":"Omer Unsal","doi":"10.1016/j.jcae.2025.100508","DOIUrl":"10.1016/j.jcae.2025.100508","url":null,"abstract":"<div><div>This study explores how CEOs with medical degrees (M.D.) impact mergers and acquisitions (M&amp;A) in the U.S. pharmaceutical industry. We discover that doctor CEOs tend to engage in fewer M&amp;A deals, but when they do, these transactions show better outcomes. Investors respond positively to mergers led by M.D. CEOs, signaling confidence in their decisions. Similarly, target firms led by doctor CEOs experience positive market reactions, lasting up to 20 %. Rather than engaging in frequent mergers, doctor CEOs form a greater number of strategic alliances, expand their businesses, and produce more medical innovation. Overall, this study sheds light on the distinctive strategies employed by doctor CEOs in the pharmaceutical industry, providing valuable insights for ever-changing landscape of healthcare business.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100508"},"PeriodicalIF":2.9,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145219389","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
Functional industrial policy effects of the Belt and Road Initiative: evidence from digital innovation “一带一路”的功能性产业政策效应：来自数字创新的证据
IF 2.9 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2025-09-19 DOI: 10.1016/j.jcae.2025.100506
Chang Xu , Jianguang Hu , Lu Li
{"title":"Functional industrial policy effects of the Belt and Road Initiative: evidence from digital innovation","authors":"Chang Xu ,&nbsp;Jianguang Hu ,&nbsp;Lu Li","doi":"10.1016/j.jcae.2025.100506","DOIUrl":"10.1016/j.jcae.2025.100506","url":null,"abstract":"<div><div>This paper investigates the impact of the Belt and Road Initiative on the digital innovation of China’s A-share listed companies, drawing upon the theoretical framework of functional industrial policy. The results indicate that the implementation of the Belt and Road Initiative effectively enhances the level of firms’ digital innovation. The underlying mechanisms are identified as the alleviation of financing constraints and the enhancement of ESG performance. Heterogeneity analysis further demonstrates that the positive impact is more pronounced among state-owned enterprises, firms in key-involved industries, large-scale firms, and those operating in capital-intensive sectors. Further research suggests that the Belt and Road Initiative primarily influences open digital innovation. This study advances the understanding of the effects of functional industrial policies, while offering meaningful insights for firm-level digital innovation.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100506"},"PeriodicalIF":2.9,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145219391","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 spillover effects of auditor sanctions on clients: evidence from stock exchange comment letters in China 审计师制裁对客户的溢出效应：来自中国证券交易所意见书的证据
IF 2.9 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2025-09-18 DOI: 10.1016/j.jcae.2025.100505
Xiao Gu , Yeng Wai Lau , Saidatunur Fauzi bin Saidin
{"title":"The spillover effects of auditor sanctions on clients: evidence from stock exchange comment letters in China","authors":"Xiao Gu ,&nbsp;Yeng Wai Lau ,&nbsp;Saidatunur Fauzi bin Saidin","doi":"10.1016/j.jcae.2025.100505","DOIUrl":"10.1016/j.jcae.2025.100505","url":null,"abstract":"<div><div>This study investigates the spillover effects of auditor sanctions on client firms. Using the DID model, results of listed Chinese A-share firms for the 2015–2022 period provide evidence of an adverse spillover effects of auditor sanctions where client firms have a higher probability of receiving exchange comment letters that are more severe, indicating that corporate regulators value the reputational damage of auditor sanctions. The spillover effects are more pronounced when auditor sanctions are more severe, news reports of sanction events are higher, or the audit firm is smaller. Additional analyses suggest that such adverse spillover effects are reflected in increased clients’ negative media attention and lower assessment of the quality of client firms’ accounting information. However, client firms’ online information disclosures on regulated, exchange interactive platforms can mitigate such adverse spillover effects. This study expands the boundaries of extant literature on the consequences of auditor sanctions in an emerging market and sheds light on how client firms can cope with the resultant reputation loss.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100505"},"PeriodicalIF":2.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145117897","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
Auditors’ communication with the audit committee and audit opinion shopping 审核员与审核委员会的沟通和审核意见的选购
IF 2.9 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2025-09-09 DOI: 10.1016/j.jcae.2025.100504
Yewon Kim , Jaehee Jo , Meeok Cho
{"title":"Auditors’ communication with the audit committee and audit opinion shopping","authors":"Yewon Kim ,&nbsp;Jaehee Jo ,&nbsp;Meeok Cho","doi":"10.1016/j.jcae.2025.100504","DOIUrl":"10.1016/j.jcae.2025.100504","url":null,"abstract":"<div><div>This study investigates whether and how external auditors’ communication with the audit committee (AC) influences opportunistic auditor changes by corporations. We adopt the framework developed by <span><span>Lennox (2000)</span></span> to measure the likelihood of firms engaging in opinion shopping. Using data from Korean listed firms that established an AC from 2018 to 2020, we find that greater communication between auditors and the AC is associated with a decrease in opinion shopping behavior. This effect is more pronounced when AC members are independent, when the AC chair has accounting financial expertise, and when communication between auditors and the AC addresses internal control deficiencies. Overall, our study sheds light on the effectiveness of auditors’ communication with the AC in deterring opportunistic auditor choices, offering valuable insights for policymakers and regulators.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100504"},"PeriodicalIF":2.9,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145104639","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 impact of product recalls on Non-GAAP reporting decisions 产品召回对非公认会计准则报告决策的影响
IF 2.9 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2025-09-03 DOI: 10.1016/j.jcae.2025.100501
Hannah E. Richards , Yuan Shi , Hongkang Xu
{"title":"The impact of product recalls on Non-GAAP reporting decisions","authors":"Hannah E. Richards ,&nbsp;Yuan Shi ,&nbsp;Hongkang Xu","doi":"10.1016/j.jcae.2025.100501","DOIUrl":"10.1016/j.jcae.2025.100501","url":null,"abstract":"<div><div>We examine whether product recalls impact the likelihood of disclosure and quality of non-GAAP earnings. With increased scrutiny, firms may limit voluntary disclosures or use them to counteract negative publicity. Similarly, product recalls could motivate firms to report higher-quality non-GAAP earnings to provide a more accurate view of the financial impact of product recalls or report more aggressive non-GAAP earnings to counteract the decline in financial performance. Using a sample period of 2004 to 2017, we find that firms are less likely to disclose non-GAAP earnings after announcing a product recall. For firms that choose to release non-GAAP earnings after announcing a product recall, we find that the quality of non-GAAP earnings improves. This finding suggests that product recalls may prompt firms to adopt more conservative reporting practices, both in terms of the likelihood and quality of disclosures. Our study provides insights into firms’ strategic disclosure decisions and highlights the nuanced ways firms manage non-GAAP disclosures to navigate the challenges posed by product recalls.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100501"},"PeriodicalIF":2.9,"publicationDate":"2025-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145104638","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
Feedback effect of social media on corporate investment Efficiency: Evidence from Firm’s Twitter presence and engagement 社交媒体对企业投资效率的反馈效应：来自公司Twitter存在和参与的证据
IF 2.9 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2025-09-01 DOI: 10.1016/j.jcae.2025.100503
Atul Singh , Vicki Wei Tang
{"title":"Feedback effect of social media on corporate investment Efficiency: Evidence from Firm’s Twitter presence and engagement","authors":"Atul Singh ,&nbsp;Vicki Wei Tang","doi":"10.1016/j.jcae.2025.100503","DOIUrl":"10.1016/j.jcae.2025.100503","url":null,"abstract":"<div><div>We examine whether social media presence and engagement have a feedback effect on corporate investment efficiency. Utilizing 352 million responses from the corporate Twitter accounts of 2062 US firms, we find that both underinvesting and overinvesting firms deviate less from predicted investment levels after initiating presence on Twitter. Furthermore, the more engaged the followers are, the smaller the deviation from expected investment levels. The effects are robust to including information incorporated in stock prices and other information sources. Our findings provide evidence that managerial learning is one channel underlying the link between social media and corporate investment efficiency. Cross-sectional results suggest that the managerial learning effect is more pronounced for consumer-facing firms. We also find that underinvesting firms learn from their peers’ social media presence. Additionally, firms’ operational efficiency also improves, corroborating the <em>feedback</em> effect of social media. Additional tests rule out endogeneity-related issues.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100503"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145018966","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
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信