Journal of Contemporary Accounting & Economics最新文献_第2页

Economic conditions and related party transactions in India 印度经济状况与关联方交易

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-08-05 DOI: 10.1016/j.jcae.2025.100498

Ujjawal Sawarn , Abhishek Rohit , Ankit Kumar

{"title":"Economic conditions and related party transactions in India","authors":"Ujjawal Sawarn , Abhishek Rohit , Ankit Kumar","doi":"10.1016/j.jcae.2025.100498","DOIUrl":"10.1016/j.jcae.2025.100498","url":null,"abstract":"<div><div>We investigate the impact of innovations in the level of economic activity—first-moment shocks—and its volatility, or uncertainty—second-moment shocks—on related party transactions (RPT) in India. Related parties face trade-offs between supporting the firm and extracting the private benefit, given the nature of first and second-moment shocks. Using fixed effects panel data regression for India, we find that during periods of high economic growth and low uncertainty, firms engage more in related party transactions to leverage existing relationships with affiliated entities, reduce transaction costs, and support one another. Furthermore, we find that the effect of economic growth on RPT increases after the enactment of the Indian Companies Act (2013), which mandates shareholders’ approval for material-related party transactions. We also explore the motives of RPT and find that this increase is due to business RPT and not opportunistic RPT, confirming the increase in economic activities. Apart from this, we also find that this relationship is more pronounced in manufacturing and profitable firms. We confirm our results using various robustness exercises such as alternate measures, instrumental variables, and serial correlation.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100498"},"PeriodicalIF":2.9,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893238","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 capital market consequences of the regulator-led minority shareholder: Evidence from China 监管者主导的少数股东对资本市场的影响：来自中国的证据

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-07-28 DOI: 10.1016/j.jcae.2025.100497

Yunsen Chen , Zizhen Feng , Yao Yu , Wei Yuan

{"title":"The capital market consequences of the regulator-led minority shareholder: Evidence from China","authors":"Yunsen Chen , Zizhen Feng , Yao Yu , Wei Yuan","doi":"10.1016/j.jcae.2025.100497","DOIUrl":"10.1016/j.jcae.2025.100497","url":null,"abstract":"<div><div>We examine the capital market consequences of the exercise of rights by the regulatory minority shareholder. Using a manually collected sample from the China Securities Investor Services Center (CSISC), a novel regulatory investor protection institution controlled by the China Securities Regulatory Commission, we employ a stacked difference-in-differences model in our main regression analysis to estimate the impact of the CSISC’s actions. We find that the CSISC’s exercise of rights has a risk signaling effect, increasing perceived risk among investors, which is reflected in reduced stock liquidity and an increased cost of equity. Event studies indicate negative market reactions to actions taken by the CSISC against targeted firms. Additional analyses show that a negative tone and increased investor attention toward the CSISC’s actions further amplify the market responses. Cross-sectional analyses reveal a stronger effect for firms with regulatory alliances, while effective internal governance mitigates this effect. Collectively, our study highlights the market consequences of the regulator-led minority shareholder’s interventions in an emerging market that lacks strong private enforcement.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100497"},"PeriodicalIF":2.9,"publicationDate":"2025-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144771713","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

Creditor rights and innovation: evidence from a quasi-natural experiment 债权与创新：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 : 2025-07-18 DOI: 10.1016/j.jcae.2025.100496

Aaraadhya Srivastava

{"title":"Creditor rights and innovation: evidence from a quasi-natural experiment","authors":"Aaraadhya Srivastava","doi":"10.1016/j.jcae.2025.100496","DOIUrl":"10.1016/j.jcae.2025.100496","url":null,"abstract":"<div><div>In 2016, the Government of India (GoI) implemented the Insolvency and Bankruptcy Code (IBC), a reform aimed at enhancing creditor rights by enabling creditors to swiftly ‘seize’ and ‘liquidate’ a defaulter’s assets within a defined timeframe. This reform was designed to strengthen creditor protections in India. Our study examines the impact of this reform on firm-level innovation. We hypothesize that creditor-friendly reforms improve access to debt capital, thereby encouraging firms to intensify their innovation activities. Utilizing an entropy-balanced difference-in-differences (Entropy-DiD) approach and leveraging pre-reform variation in firms’ ‘proportion of debt’ for identification, we find that firms with a lower pre-reform ‘proportion of debt’ increased their R&D investment by 29.4 % more than firms with a higher pre-reform ‘proportion of debt’ in the post-IBC period. Supporting our baseline result, we further document that this effect is stronger among more profitable firms within the ‘treated’ group. Our findings are robust to firm-level time-varying control variables, fixed effects for firm and industry by year, and a placebo test using a fictitious IBC promulgation year. These results indicate that stronger creditor rights foster an environment conducive to risk-taking, encouraging firms to pursue ventures that, while risky, hold significant potential for profitability. Consequently, our research highlights the welfare implications of creditor-friendly bankruptcy reforms, providing insights that could inform future policy decisions.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100496"},"PeriodicalIF":2.9,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144670440","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 private securities litigation reform act and post-earnings announcement drift 民间证券诉讼改革法案与收益后公告漂移

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-07-12 DOI: 10.1016/j.jcae.2025.100495

Benjamin Angelo

引用次数: 0

Caste affiliation and M&A transactions in India 种姓关系和印度的并购交易

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-07-10 DOI: 10.1016/j.jcae.2025.100494

Ajit Dayanandan , Han Donker

{"title":"Caste affiliation and M&A transactions in India","authors":"Ajit Dayanandan , Han Donker","doi":"10.1016/j.jcae.2025.100494","DOIUrl":"10.1016/j.jcae.2025.100494","url":null,"abstract":"<div><div>This study examines the impact of caste networks in mergers and acquisitions (M&A) in India during the period 2000-2022. The study finds a strong association between the caste affiliation of the largest shareholders in acquirer and target companies in M&A transactions in India. Employing the event study methodology, the study finds that companies with dominant shareholders belonging to forward castes secure the highest incremental value among all the caste groups. The forward castes display weaker ties with shareholders from other social identities. Overall, our findings support the social identity, homophily, and in-group bias theories, which contend that people form and maintain social and economic connections with people who share their social identities. The M&A clusters in India are networked by caste identities and they try to overcome information asymmetry by relying on alternative channels such social identity. This research points to the need to complement existing markers of M&A like age, functional background, and professional experience of management with critical factors such as social identity like caste in decision-making and organizational outcomes.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100494"},"PeriodicalIF":2.9,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623460","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

Geographically dispersed signing auditors and audit quality 地理上分散的签约审核员和审核质量

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-07-08 DOI: 10.1016/j.jcae.2025.100493

Tianyu Zhang

引用次数: 0

Executive-level internal governance and tax planning 执行级别的内部治理和税务规划

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-07-04 DOI: 10.1016/j.jcae.2025.100492

David Folsom , Md Mahmudul Hasan , Fuzhao Zhou

引用次数: 0

Does key audit matters (KAMs) disclosure affect corporate financialization? 关键审计事项（KAMs）披露是否影响公司金融化？

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-06-30 DOI: 10.1016/j.jcae.2025.100491

Yan Zhao, Kun Su, Yiming Xu

引用次数: 0

Analysts’ revenue forecasts and discretionary revenues 分析师的收入预测和可自由支配的收入

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-06-26 DOI: 10.1016/j.jcae.2025.100489

Shih-Chu Chou , Sunay Mutlu , Weiwei Wang

引用次数: 0

Does diverse tax planning reduce tax risk? 多样化的税收筹划能降低税收风险吗？

IF 2.9 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2025-06-22 DOI: 10.1016/j.jcae.2025.100490

Kimberly S. Krieg , John Li

{"title":"Does diverse tax planning reduce tax risk?","authors":"Kimberly S. Krieg , John Li","doi":"10.1016/j.jcae.2025.100490","DOIUrl":"10.1016/j.jcae.2025.100490","url":null,"abstract":"<div><div>We investigate the relationship between diverse tax planning and a firm’s level of tax risk. Prior studies have suggested that firms face a trade-off between engaging in tax avoidance and managing exposure to tax risk, defined as the volatility of future tax outcomes. We propose that firms may be able to achieve both objectives by diversifying their portfolios of tax avoidance strategies. We create two measures of diversification based on two different ways of measuring tax avoidance. Using these two measures, we find that tax strategy diversification benefits firms in two ways. First, when holding the level of tax avoidance constant, increasing diversification reduces the firm’s exposure to tax risk. Second, when firms increase their level of tax avoidance, having higher diversification mitigates the impact of the increased tax avoidance on their tax risk exposure. Our study highlights the benefits of firms engaging in a diverse portfolio of tax strategies and shows that the relationship between tax avoidance and tax risk is contingent on the firm’s diversification, which may provide an explanation for the mixed evidence found in prior literature.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100490"},"PeriodicalIF":2.9,"publicationDate":"2025-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144500996","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