Journal of Contemporary Accounting & Economics最新文献_第3页

A robust model to estimate a firm’s average economic return 估算企业平均经济回报的稳健模型

IF 3.3 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2024-01-04 DOI: 10.1016/j.jcae.2023.100400

Morris G. Danielson

{"title":"A robust model to estimate a firm’s average economic return","authors":"Morris G. Danielson","doi":"10.1016/j.jcae.2023.100400","DOIUrl":"10.1016/j.jcae.2023.100400","url":null,"abstract":"<div><p><span>Theoretical studies question the ability of financial statement information to provide evidence about a firm’s economic performance, as the mathematical relation between a firm’s accounting and economic returns becomes intractable when economic depreciation is defined endogenously—as a function of the firm’s cash flow stream—and when its internal rate of return (IRR) and investment growth rate have not been constant. This paper derives a new equation, called the average internal rate of return (</span><em>AIRR</em>) estimation model, in which a firm’s <em>AIRR</em> is estimated as a function of its current-year accounting return, its current-year asset growth rate, a measure of accounting conservatism, and a term that identifies the firm’s historical investment growth rate <em>trend</em>. Because the model allows economic depreciation to be defined exogenously, non-constant returns and growth rates can be aggregated across investment cohorts, allowing a firm’s accounting return to be reconciled to its <em>average</em> economic return. One such exogenous schedule—called competitive market depreciation—is used to illustrate the model’s implications. The <em>AIRR</em><span> estimation model empowers analysts to identify the direction and magnitude of the potential difference between a firm’s accounting and economic return created by fixed asset depreciation, accounting accruals<span>, and the immediate expensing of intangible assets.</span></span></p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139375430","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

Acquirers’ political connections and bargaining outcomes in corporate takeover negotiations: Evidence from antitrust reviews 收购方的政治关系与企业收购谈判中的讨价还价结果：来自反垄断审查的证据

IF 3.3 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2024-01-02 DOI: 10.1016/j.jcae.2023.100399

Simon Yu Kit Fung, Lawrence (Hong) Huang

{"title":"Acquirers’ political connections and bargaining outcomes in corporate takeover negotiations: Evidence from antitrust reviews","authors":"Simon Yu Kit Fung, Lawrence (Hong) Huang","doi":"10.1016/j.jcae.2023.100399","DOIUrl":"10.1016/j.jcae.2023.100399","url":null,"abstract":"<div><p>We examine how acquirers’ political connections affect takeover bargaining that involves significant regulatory uncertainties, when the target’s options of putting itself to another bidder are restricted. Opposite to prior takeover theories, we show that a politically connected acquirer pays a lower (rather than higher) takeover premium to and shares a smaller portion of the takeover gains with the target in the context of antitrust reviews, consistent with a bargaining benefit for the connected acquirer. Corroborating this bargaining argument, we find that the results are more pronounced in situations where: (1) the antitrust concerns are more severe; (2) the targets have fewer outside options other than the connected acquirers; and (3) the acquirers’ political connections are more valuable. Our results highlight the value of political connections to shareholders in takeovers, affecting not only the likelihood of completion but also the bargaining outcomes of the deal under the shadow of costly regulation.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1815566923000498/pdfft?md5=ed30292d501f88a02c27224062e42327&pid=1-s2.0-S1815566923000498-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139079019","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: 0

Does opinion shopping impair auditor independence? Evidence from tax avoidance 征求意见是否会损害审计师的独立性？来自避税的证据

IF 3.3 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2023-12-26 DOI: 10.1016/j.jcae.2023.100398

Heesun Chung , Eugenia Y. Lee

引用次数: 0

Institutional investor horizons, information environment, and firm financing decisions 机构投资者视野、信息环境与企业融资决策

IF 3.3 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2023-12-25 DOI: 10.1016/j.jcae.2023.100397

Xin Chang , Yangyang Chen , Kangkang Fu , Endong Yang

引用次数: 0

The impact of top management team incentive dispersion on Non-GAAP reporting 高层管理团队激励分散对非美国通用会计准则报告的影响

IF 3.3 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2023-12-15 DOI: 10.1016/j.jcae.2023.100396

Hannah E. Richards , Yuan Shi , Hongkang Xu

{"title":"The impact of top management team incentive dispersion on Non-GAAP reporting","authors":"Hannah E. Richards , Yuan Shi , Hongkang Xu","doi":"10.1016/j.jcae.2023.100396","DOIUrl":"10.1016/j.jcae.2023.100396","url":null,"abstract":"<div><p>We examine whether the dispersion of pay-performance sensitivity (PPS) amongst the top management team (TMT) impacts the likelihood of firms disclosing non-GAAP earnings and the quality of non-GAAP earnings. Management compensation contracts are designed to incentivize executive team members individually and in the aggregate. By structuring these contracts to have similar PPS, those charged with governance can increase collaboration amongst the TMT. However, this collaboration can turn into the TMT colluding to make firm decisions that result in the highest compensation for the TMT. Thus, a greater dispersion of PPS can lead to less collusion. We find that the likelihood of firms reporting non-GAAP earnings decreases and the quality of non-GAAP earnings disclosures increases when there is a higher dispersion of PPS. These findings are consistent with executives that are less incentivized by temporary stock price increases suppressing other executives from eliciting firm scrutiny by disclosing non-GAAP earnings and releasing low-quality non-GAAP earnings. Additionally, we find these effects on non-GAAP earnings are more likely to occur in firms with weaker governance and when the management team has a shorter tenure of working together. Overall, our research provides evidence of the association between the dispersion of TMT PPS and non-GAAP earnings decisions.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138679928","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

Textual disclosure complexity and analysts’ weighting of information 文本披露复杂性与分析师的信息权重

IF 3.3 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2023-12-15 DOI: 10.1016/j.jcae.2023.100395

Xiaoxiao Yu , Lei Zhao

引用次数: 0

Proving their mettle: Managerial ability and firm performance in trying times 证明自己的能力艰难时期的管理能力与公司业绩

IF 3.3 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2023-12-14 DOI: 10.1016/j.jcae.2023.100393

Barry Hettler , James Cordeiro , Arno Forst

引用次数: 0

U.S. airline responses to mandated disclosure of non-financial performance 美国航空公司对强制披露非财务业绩的回应

IF 3.3 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2023-12-13 DOI: 10.1016/j.jcae.2023.100394

Xiaozhe Gu , Nandu J. Nagarajan , Akin Sayrak , Dhinu Srinivasan

引用次数: 0

Carbon emission trading scheme and firm debt financing 碳排放交易计划与企业债务融资

IF 3.3 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2023-11-07 DOI: 10.1016/j.jcae.2023.100384

Nan Huang , Rong He , Le Luo , Hongtao Shen

引用次数: 0

Historical institution and corporate Innovation: Evidence from China’s Civil-service Examination 历史制度与企业创新：中国公务员考试的证据

IF 3.3 3区管理学

Journal of Contemporary Accounting & Economics Pub Date : 2023-11-07 DOI: 10.1016/j.jcae.2023.100385

Ruilin Liu , Zheyuan Zhang , Dan Li

{"title":"Historical institution and corporate Innovation: Evidence from China’s Civil-service Examination","authors":"Ruilin Liu , Zheyuan Zhang , Dan Li","doi":"10.1016/j.jcae.2023.100385","DOIUrl":"10.1016/j.jcae.2023.100385","url":null,"abstract":"<div><p><span>Previous research indicates that historical institutions are crucial to the functioning and development of an economy. However, little is known about whether and how a historical institution affects current entrepreneurial activities. In ancient China, the Civil-service Examination (CSE), also known as </span><em>keju</em>, was the most important institution for selecting scholar-officials and had long-lasting effects. Using the variation in the historical success in <em>keju</em> across prefectures, this paper empirically examines the impact of the CSE on local corporate innovation. We find that the density of <em>jinshi</em>, which is the highest achievement in <em>keju</em><span>, is positively correlated with the innovation productivity of local firms as measured by patent applications and citations. To determine causality, we employ an instrumental variable<span> and a quasi-experiment in early Qing period. Further tests suggest that the CSE promotes corporate innovation by fostering a forward-looking stance in firms, enhancing firms’ human capital level, and increasing local social capital. Overall, our results indicate that the CSE has a real and long-lasting impact on today’s firm innovation.</span></span></p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135510630","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