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Multiple directorships and the extent of loan loss provisions: Evidence from banks in South Asia 多重董事和贷款损失准备的程度:来自南亚银行的证据
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2021-12-01 DOI: 10.1016/j.jcae.2021.100277
Shawgat S. Kutubi , Kamran Ahmed , Hayat Khan , Mukesh Garg
{"title":"Multiple directorships and the extent of loan loss provisions: Evidence from banks in South Asia","authors":"Shawgat S. Kutubi ,&nbsp;Kamran Ahmed ,&nbsp;Hayat Khan ,&nbsp;Mukesh Garg","doi":"10.1016/j.jcae.2021.100277","DOIUrl":"10.1016/j.jcae.2021.100277","url":null,"abstract":"<div><p>This paper examines whether directors with multiple directorships affect extent of banks' loan loss provisions in South Asia. Our results indicate that directors with multiple directorships tend to delay the recognition of loan loss provisions. Specifically, we find the existence of a U-shaped relationship between directors with multiple directorships and<!--> <!-->loan loss provisions, indicating that the delay is more pronounced in the case of moderately busy directors than in that of directors with fewer directorships and time-poor over-boarded directors. This helps directors achieve profitability targets while maintaining their reputations and indicates their optimism about the loans’ future. Our results are robust in terms of accounting for endogeneity concerns, which are addressed using a two-stage least squares regression and entropy-balancing methodology as well as some alternative definitions of ‘multiple directorships’ used in the literature.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"17 3","pages":"Article 100277"},"PeriodicalIF":3.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jcae.2021.100277","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90875477","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: 3
Corruption exposure, political disconnection, and their impact on Chinese family firms 腐败曝光、政治脱节及其对中国家族企业的影响
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2021-12-01 DOI: 10.1016/j.jcae.2021.100266
Siwen Song , Aelee Jun , Shiguang Ma
{"title":"Corruption exposure, political disconnection, and their impact on Chinese family firms","authors":"Siwen Song ,&nbsp;Aelee Jun ,&nbsp;Shiguang Ma","doi":"10.1016/j.jcae.2021.100266","DOIUrl":"10.1016/j.jcae.2021.100266","url":null,"abstract":"<div><p><span>This study adopts a quasi-natural experimental approach to examine the responses of Chinese family firms to political disconnection following exposure to corruption scandals. Our results are consistent with the view that family firms build political connections to achieve better performance, for access to external financing, and to secure more investment opportunities. We also find that the impact of political disconnection is more profound for firms located in provinces with a low level of marketisation, located in the same provinces as their related corrupt officials, and belonging to </span>industries with high levels of corruption. Our results are robust after ruling out the impact of corruption cases per se as well as to alternative measurements of key variables and sample selection methods.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"17 3","pages":"Article 100266"},"PeriodicalIF":3.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jcae.2021.100266","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73285667","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: 1
Macroeconomic uncertainty and management forecast accuracy 宏观经济的不确定性与管理预测的准确性
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2021-12-01 DOI: 10.1016/j.jcae.2021.100281
Norio Kitagawa
{"title":"Macroeconomic uncertainty and management forecast accuracy","authors":"Norio Kitagawa","doi":"10.1016/j.jcae.2021.100281","DOIUrl":"https://doi.org/10.1016/j.jcae.2021.100281","url":null,"abstract":"<div><p>This study examines the effect of macroeconomic uncertainty on the accuracy of management earnings forecasts. Focusing on Japanese management earnings forecasts, which are effectively mandated, I find that during periods of high macroeconomic uncertainty, firms tend to report accurate earnings forecasts. I also find that macroeconomic uncertainty lessens optimistic but not pessimistic errors. These findings are consistent with the scenario that managers try to avoid missing their forecasts or revising their forecasts downward because investors place greater weight on bad news when macroeconomic uncertainty is high. Consistent with this scenario, additional analyses reveal that firms experience a larger decrease in stock prices when they miss their forecasts or revise their forecasts downward under high macroeconomic uncertainty. Moreover, these findings are robust after controlling for the effect of earnings management. These results suggest that the usefulness of management forecasts does not decrease even when macroeconomic uncertainty is high.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"17 3","pages":"Article 100281"},"PeriodicalIF":3.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jcae.2021.100281","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136815773","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
Are gender diverse boards more cautious? The impact of board gender diversity on sentiment in earnings press releases 性别多元化的董事会是否更加谨慎?董事会性别多样性对收益新闻稿情绪的影响
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2021-12-01 DOI: 10.1016/j.jcae.2021.100278
Paul Mather , Dinithi Ranasinghe , Luisa A. Unda
{"title":"Are gender diverse boards more cautious? The impact of board gender diversity on sentiment in earnings press releases","authors":"Paul Mather ,&nbsp;Dinithi Ranasinghe ,&nbsp;Luisa A. Unda","doi":"10.1016/j.jcae.2021.100278","DOIUrl":"10.1016/j.jcae.2021.100278","url":null,"abstract":"<div><p>We examine the impact of board gender diversity on the sentiment in earnings press releases. Managers may use press releases to manage readers’ perceptions of corporate performance and we posit that gender diverse boards actively monitor managerial disclosures and tend to favour more cautious language in the press releases. Using a sample from ASX top 200 company voluntary disclosures and natural language text extraction processes, we find that board gender diversity is associated with the use of more cautious sentiments and less positive sentiments in earnings press releases. Further robustness tests validate our findings. We provide insights to practitioners and regulators by contributing to an ongoing regulatory debate on board gender diversity.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"17 3","pages":"Article 100278"},"PeriodicalIF":3.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jcae.2021.100278","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86991542","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: 6
Do co-opted boards increase insider profitability? 增选董事会是否提高了内部人士的盈利能力?
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2021-12-01 DOI: 10.1016/j.jcae.2021.100265
Dewan Rahman , Ihtisham Malik , Searat Ali , Jamshed Iqbal
{"title":"Do co-opted boards increase insider profitability?","authors":"Dewan Rahman ,&nbsp;Ihtisham Malik ,&nbsp;Searat Ali ,&nbsp;Jamshed Iqbal","doi":"10.1016/j.jcae.2021.100265","DOIUrl":"10.1016/j.jcae.2021.100265","url":null,"abstract":"<div><p>Using a sample of U.S. firms over the period 1996–2014, this paper examines whether insider trading profitability increases with high board co-option. Indeed, we find that firms with a higher level of co-opted directors exhibit higher insider trading profitability, largely due to a lower level of managerial ability and analyst coverage. Co-opted boards are also unlikely to implement self-imposed insider trading restrictions, exacerbating this relationship. This positive association is mitigated by a higher level of external monitoring by institutional investors and if the CEO receives more performance-based incentives. Overall, co-opted directors demonstrate aligned interests with CEOs and corporate insiders rather than performing their role as monitors. As a result, a more co-opted board is positively associated with exploitative behaviour of insiders.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"17 3","pages":"Article 100265"},"PeriodicalIF":3.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jcae.2021.100265","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86568883","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
The value relevance of corporate voluntary carbon disclosure: Evidence from the United States and BRIC countries 企业自愿碳披露的价值相关性:来自美国和金砖四国的证据
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2021-12-01 DOI: 10.1016/j.jcae.2021.100279
Yan Jiang , Le Luo , JianFeng Xu , XiaoRui Shao
{"title":"The value relevance of corporate voluntary carbon disclosure: Evidence from the United States and BRIC countries","authors":"Yan Jiang ,&nbsp;Le Luo ,&nbsp;JianFeng Xu ,&nbsp;XiaoRui Shao","doi":"10.1016/j.jcae.2021.100279","DOIUrl":"10.1016/j.jcae.2021.100279","url":null,"abstract":"<div><p><span>Our study focuses on the value relevance of corporate voluntary carbon disclosure. Our sample includes firms from the United States (listed in the S&amp;P 500) and firms from Brazil, Russia, India, and China that are targeted by the CDP. We examine whether the capital market rewards firms’ voluntary carbon disclosure. Voluntary carbon disclosure is measured as firms’ propensity to voluntarily disclose carbon information and the comprehensiveness and quality of their disclosure. We find that firms with greater carbon disclosure have higher firm value. Furthermore, the positive association between firm value and voluntary carbon disclosure is stronger in developing countries. We also find that large emitters with sufficient carbon disclosure experience a less negative valuation than firms with inadequate carbon disclosure. Furthermore, a subcomponent analysis suggests that the disclosure of specific types of climate risk and opportunity is rewarded by investors and can mitigate the valuation penalty of </span>carbon emissions. These results have important implications for companies, investors, and regulators. Our analyses enhance understanding of the consequences of voluntary carbon reporting, which enriches the reporting of current financial information.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"17 3","pages":"Article 100279"},"PeriodicalIF":3.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jcae.2021.100279","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"107447628","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: 31
Did mandatory CSR compliance impact accounting Conservatism? Evidence from the Indian Companies Act 2013 强制性企业社会责任合规是否影响会计稳健性?来自2013年印度公司法的证据
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2021-12-01 DOI: 10.1016/j.jcae.2021.100280
Tara Shankar Shaw , Mehul Raithatha , Gopal V. Krishnan , James J. Cordeiro
{"title":"Did mandatory CSR compliance impact accounting Conservatism? Evidence from the Indian Companies Act 2013","authors":"Tara Shankar Shaw ,&nbsp;Mehul Raithatha ,&nbsp;Gopal V. Krishnan ,&nbsp;James J. Cordeiro","doi":"10.1016/j.jcae.2021.100280","DOIUrl":"10.1016/j.jcae.2021.100280","url":null,"abstract":"<div><p>In 2013, India became the first country in the world to require firms to spend two percent of their average profit on corporate social responsibility (CSR) activities. Taking advantage of this unique event, we examine how the mandatory CSR compliance impacts conditional accounting conservatism of Indian firms. We find a positive relation between CSR compliance and conditional accounting conservatism and this relation is stronger for firms that have stronger governance and weaker for family firms. Further, we find that current period accounting conservatism is negatively related to next period CSR spending. Our results are robust to a battery of tests and are consistent with the notion that Indian firms enhance accounting conservatism to decrease earnings to minimize CSR compliance costs. In other words, while policy makers may have intended to use legislation to increase CSR activities by Indian firms, our results suggest that firms use accounting policies and negative accruals strategically to mitigate CSR spending.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"17 3","pages":"Article 100280"},"PeriodicalIF":3.3,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jcae.2021.100280","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87373647","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: 11
Impact of Basel III on the discretion and timeliness of Banks’ loan loss provisions 巴塞尔协议III对银行贷款损失拨备的裁量权和及时性的影响
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2021-08-01 DOI: 10.1016/j.jcae.2021.100255
Pearpilai Jutasompakorn , Chu Yeong Lim , Tharindra Ranasinghe , Kevin Ow Yong
{"title":"Impact of Basel III on the discretion and timeliness of Banks’ loan loss provisions","authors":"Pearpilai Jutasompakorn ,&nbsp;Chu Yeong Lim ,&nbsp;Tharindra Ranasinghe ,&nbsp;Kevin Ow Yong","doi":"10.1016/j.jcae.2021.100255","DOIUrl":"https://doi.org/10.1016/j.jcae.2021.100255","url":null,"abstract":"<div><p>The Basel III Accord tightens capital adequacy requirements for banks by increasing the minimum Tier 1 regulatory capital threshold from 4 to 6 percent. It also emphasizes the need to improve timeliness of loan loss provisions. Using a sample of European banks, we examine the impact of this regulation on banks’ discretionary loan loss provisioning behavior. Underscoring banks’ increased incentives to report higher capital ratios, we observe a post-Basel III increase in banks’ use of discretionary loan loss provisions (DLLPs) for capital management purposes and a corresponding reduction in the use of these provisions for income smoothing purposes. Moreover, we find that the timeliness of loan loss provisions has improved following Basel III. We also find that the post-Basel III increase in capital management behavior is greater for banks that do not face conflicting incentives when using DLLPs to improve Tier 1 versus total capital ratio. In contrast, the improvement in loan loss provisioning timeliness is greater for banks that are less likely to engage in capital management due to these conflicting incentives. Our findings suggest that Basel III has significantly altered banks’ discretionary loan loss provisioning behavior.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"17 2","pages":"Article 100255"},"PeriodicalIF":3.3,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jcae.2021.100255","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91661796","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
Does religiosity matter for corporate labor investment decisions? 宗教信仰对企业的劳动力投资决策有影响吗?
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2021-08-01 DOI: 10.1016/j.jcae.2021.100264
Mehdi Khedmati , Mohammed Aminu Sualihu , Alfred Yawson
{"title":"Does religiosity matter for corporate labor investment decisions?","authors":"Mehdi Khedmati ,&nbsp;Mohammed Aminu Sualihu ,&nbsp;Alfred Yawson","doi":"10.1016/j.jcae.2021.100264","DOIUrl":"https://doi.org/10.1016/j.jcae.2021.100264","url":null,"abstract":"<div><p>We examine the effect of county-level religiosity on labor investment decisions. Drawing on the social norm theory, we hypothesize that firms located in religious counties are less likely to engage in inefficient labor investment decisions. Consistent with this prediction, we find that county-level religiosity reduces inefficient labor investment. Using the exogenous shock of the 2002 revelation of the Catholic Church’s sexual abuse scandal, we show a causal relationship between religiosity and inefficient labor investment. We also find that religiosity’s impact on inefficient labor investment diminishes for firms that adopt greater corporate social responsibility (CSR) practices. Our findings suggest that religious beliefs matter in managerial labor investment decisions.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"17 2","pages":"Article 100264"},"PeriodicalIF":3.3,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jcae.2021.100264","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91747013","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: 7
Sustainability with high-speed rails: The effects of transportation infrastructure development on firms’ CSR performance 高速铁路的可持续性:交通基础设施发展对企业社会责任绩效的影响
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2021-08-01 DOI: 10.1016/J.JCAE.2021.100261
Yu Chen, Xin Gu, Yongqiang Gao, Tian Lan
{"title":"Sustainability with high-speed rails: The effects of transportation infrastructure development on firms’ CSR performance","authors":"Yu Chen, Xin Gu, Yongqiang Gao, Tian Lan","doi":"10.1016/J.JCAE.2021.100261","DOIUrl":"https://doi.org/10.1016/J.JCAE.2021.100261","url":null,"abstract":"","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"56 1","pages":"100261"},"PeriodicalIF":3.3,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77822390","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
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