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Financial reporting quality and investment efficiency: The role of strategic alliances 财务报告质量与投资效率:战略联盟的作用
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-09-07 DOI: 10.1016/j.jcae.2023.100377
Huichi Huang , David Weinbaum , Nir Yehuda
{"title":"Financial reporting quality and investment efficiency: The role of strategic alliances","authors":"Huichi Huang ,&nbsp;David Weinbaum ,&nbsp;Nir Yehuda","doi":"10.1016/j.jcae.2023.100377","DOIUrl":"10.1016/j.jcae.2023.100377","url":null,"abstract":"<div><p>We study firms that engage in strategic alliances and investigate the link between a firm’s investment and the accounting quality of its partners. Given the view of the firm as a nexus of contractual relationships, we expect that alliance partner information will help investors monitor the firm. In line with this expectation, we show that partner firms’ accounting quality reduces both over- and underinvestment in the focal firm. We also test the role of partner firms’ accounting quality in multisegment firms, in which agency conflicts are more acute. We find that the accounting quality of partner firms reduces the diversification discount in these firms.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100377"},"PeriodicalIF":3.3,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130819550","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: A dual-detriment to investment-price sensitivity via market negligence and reduced informed trading CEO过度自信:市场疏忽和知情交易减少对投资-价格敏感性的双重损害
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-09-02 DOI: 10.1016/j.jcae.2023.100378
Heung-Jae Jeon
{"title":"CEO overconfidence: A dual-detriment to investment-price sensitivity via market negligence and reduced informed trading","authors":"Heung-Jae Jeon","doi":"10.1016/j.jcae.2023.100378","DOIUrl":"10.1016/j.jcae.2023.100378","url":null,"abstract":"<div><p>This study investigates the impact of the direct and indirect effects of CEO overconfidence on investment-price sensitivity (IPS). Using a large sample of U.S. S&amp;P 1500 firms from 1993 to 2020, I find a significant negative relationship between CEO overconfidence and investment-price sensitivity. Furthermore, the findings demonstrate that the relationship is partially mediated by the level of informed trading. This implies that overconfident CEOs not only resist using external information (direct effect) but also unintentionally diminish their chances to learn from the market by reducing informed trading (indirect effect). This study contributes to the existing literature by highlighting the role of CEO characteristics in shaping the information environment and establishing a causal link between CEO personality traits and corporate decisions.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100378"},"PeriodicalIF":3.3,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128555577","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
Redrawing the line: Narrowly beating analyst forecasts and journalists’ co-coverage choices in earnings-related news articles 重新划定界限:勉强超过分析师预测和记者在收益相关新闻文章中的共同报道选择
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-06 DOI: 10.1016/j.jcae.2023.100376
Jingjing Xia
{"title":"Redrawing the line: Narrowly beating analyst forecasts and journalists’ co-coverage choices in earnings-related news articles","authors":"Jingjing Xia","doi":"10.1016/j.jcae.2023.100376","DOIUrl":"10.1016/j.jcae.2023.100376","url":null,"abstract":"<div><p>Do journalists use editorial tools to help investors clarify uncertain earnings performance? This study examines this question in the context of WSJ reporters’ co-coverage choices. Using narrowly beating consensus analyst forecasts as a proxy for earnings evaluation uncertainty, I find that journalists tend to co-cover peers that are more economically related to the announcing firm when it reported earnings that narrowly beat consensus analyst forecasts (“beaters”) than when discussing the earnings of non-beaters. Using intra-day data, I further find that stock investors appear to use the co-covered peers as a benchmark to evaluate the earnings of the beaters but not the earnings of the non-beaters. These findings highlight the usefulness of media’s editorial content to investors.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100376"},"PeriodicalIF":3.3,"publicationDate":"2023-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115211055","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
Modeling board governance, environmental expertise, and social engagement effects on firm environmental performance: Panel data evidence 模拟董事会治理、环境专业知识和社会参与对公司环境绩效的影响:面板数据证据
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-01 DOI: 10.1016/j.jcae.2023.100364
Daehyun Kim , Michael J. Marin , Gordon D. Richardson , Steven E. Salterio , Albert Tsang
{"title":"Modeling board governance, environmental expertise, and social engagement effects on firm environmental performance: Panel data evidence","authors":"Daehyun Kim ,&nbsp;Michael J. Marin ,&nbsp;Gordon D. Richardson ,&nbsp;Steven E. Salterio ,&nbsp;Albert Tsang","doi":"10.1016/j.jcae.2023.100364","DOIUrl":"https://doi.org/10.1016/j.jcae.2023.100364","url":null,"abstract":"<div><p>Prior research establishes that board governance quality measures positively impact firm environmental performance. In this study, we propose an empirical model using structural equation modeling (SEM) to explore additional enhancements to board governance, namely board environmental expertise (BEE) and board social engagement (BSE) and show that they incrementally improve firm environmental performance (EN). Our proposed latent construct measure, BEE, goes beyond traditionally dichotomous measures used in the literature. BEE has a total effect on firm environmental performance that is over two thirds the size of effects arising from traditional governance quality measures (GOV). The second enhancement of our model is the focus on BSE, a novel construct to the CSR literature. In addition to possessing environmental knowledge enabling expertise, we demonstrate that a board with a deeper commitment to society will further improve firm environmental performance. Using SEM, we find that the indirect effects of GOV, BEE, and BSE on EN represent a substantial portion of the total effects on EN. Hence, ignoring these indirect effects would result in substantial understatement of the effects of improvements to governance on environmental performance.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 2","pages":"Article 100364"},"PeriodicalIF":3.3,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49888451","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
Place attachment, audit pricing and audit quality 地方附件，审核价格和审核质量
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-01 DOI: 10.1016/j.jcae.2023.100365
Shuai Yuan , Wuxue Zhang , Kaiwen Zhu
{"title":"Place attachment, audit pricing and audit quality","authors":"Shuai Yuan ,&nbsp;Wuxue Zhang ,&nbsp;Kaiwen Zhu","doi":"10.1016/j.jcae.2023.100365","DOIUrl":"https://doi.org/10.1016/j.jcae.2023.100365","url":null,"abstract":"<div><p>Place attachment is an affective bond whereby people interact with and describe themselves as belonging to specific places. This study investigates the presence of place attachment in the auditing process. Using a large sample of listed clients in China, the findings reveal that auditors are likely to charge higher fees if their colleges are located in the same cities or provinces as their clients, supporting the familiarity bias hypothesis. This effect is more concentrated among smaller auditors, non-state-owned clients, and clients who switch auditors between years. In addition, a negative relationship is found between audit quality and geographical connections between auditors and clients. Overall, the results indicate the existence of place attachment in the auditing process.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 2","pages":"Article 100365"},"PeriodicalIF":3.3,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49888453","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
Top executive gender diversity and financial reporting quality 高管性别多样性和财务报告质量
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-01 DOI: 10.1016/j.jcae.2023.100363
Karel Hrazdil , Dan A. Simunic , Stephen Spector , Nattavut Suwanyangyuan
{"title":"Top executive gender diversity and financial reporting quality","authors":"Karel Hrazdil ,&nbsp;Dan A. Simunic ,&nbsp;Stephen Spector ,&nbsp;Nattavut Suwanyangyuan","doi":"10.1016/j.jcae.2023.100363","DOIUrl":"https://doi.org/10.1016/j.jcae.2023.100363","url":null,"abstract":"<div><p>We examine whether gender diversity of chief executive and chief financial officers (CEOs and CFOs) is associated with financial reporting quality. The CEOs and CFOs of publicly traded companies are both required to certify the appropriateness of their financial statements and annual disclosures. We argue that gender diverse dyads (groups) of executives can bring different perspectives and professional skepticism to financial reporting. Using a sample of different CEO/CFO gender dyads during 2006–2019, we postulate and find evidence of higher accruals quality among firms led by gender-diverse dyads compared to accruals quality reported by firms led by all-male CEO/CFO pairs. Additional analyses reveal that the auditors of firms with gender-diverse executive dyads issue audit reports later, charge higher audit fees<span>, and are more likely to be one of the Big 4 firms. These findings support the view that top executive gender diversity enhances financial reporting quality, which has important implications for corporate governance mechanisms.</span></p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 2","pages":"Article 100363"},"PeriodicalIF":3.3,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49888455","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
Tournament-based incentives and media sentiment 基于锦标赛的奖励和媒体情绪
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-01 DOI: 10.1016/j.jcae.2023.100353
Jiayi Zheng , Hasibul Chowdhury , Md Safayat Hossain , Kartick Gupta
{"title":"Tournament-based incentives and media sentiment","authors":"Jiayi Zheng ,&nbsp;Hasibul Chowdhury ,&nbsp;Md Safayat Hossain ,&nbsp;Kartick Gupta","doi":"10.1016/j.jcae.2023.100353","DOIUrl":"https://doi.org/10.1016/j.jcae.2023.100353","url":null,"abstract":"<div><p>We find that promotion-based tournament incentives of executives are positively associated with firms’ media sentiment. This effect is more pronounced among firms with greater need for media favourability, captured by higher information opacity, lower analyst coverage, lower industry<span> homogeneity, lower investment sentiment and lower managerial ability. Furthermore, we identify better financial performance and higher corporate branding as two channels through which tournament incentives can enhance a firm’s positive media sentiment. Our results are also robust to two quasi-natural experiments affecting promotion-based tournaments – (a) an exogenous CEO turnover due to health issues or sudden CEO death, and (b) the implementation of Say-on-Pay (SOP) law. Overall, our findings indicate that tournament-based incentives encourage a firm’s executives to showcase their skills to broader stakeholders, which consequently increases a firm’s media image.</span></p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 2","pages":"Article 100353"},"PeriodicalIF":3.3,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49888452","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
Loss expectation and income shifting 损失预期与收入转移
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-01 DOI: 10.1016/j.jcae.2023.100352
Ye Ji Lee , Ji Seon Yoo
{"title":"Loss expectation and income shifting","authors":"Ye Ji Lee ,&nbsp;Ji Seon Yoo","doi":"10.1016/j.jcae.2023.100352","DOIUrl":"https://doi.org/10.1016/j.jcae.2023.100352","url":null,"abstract":"<div><p>This study examines the effects of expected losses on the income-shifting strategies of multinational corporations (MNCs). Using a set of worldwide MNC affiliates, this study first finds empirical evidence for ex ante adjustments of income-shifting strategies according to reverse incentives for potential losses. The results also support the existence of limited flexibility introduced by <span>Hopland et al. (2018</span>, 2021). Second, the estimates of income shifting measured using expected tax rate differences reveal that the traditional methodology of using statutory tax rate differences is subject to an estimation bias. This estimation bias varies depending on the loss expectation status and tax-rate levels of the affiliates.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 2","pages":"Article 100352"},"PeriodicalIF":3.3,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49888564","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
Tax avoidance and the cost of debt for SMEs: Evidence from Spain 中小企业的避税和债务成本:来自西班牙的证据
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-01 DOI: 10.1016/j.jcae.2023.100362
Juan Pedro Sánchez-Ballesta , José Yagüe
{"title":"Tax avoidance and the cost of debt for SMEs: Evidence from Spain","authors":"Juan Pedro Sánchez-Ballesta ,&nbsp;José Yagüe","doi":"10.1016/j.jcae.2023.100362","DOIUrl":"https://doi.org/10.1016/j.jcae.2023.100362","url":null,"abstract":"<div><p>We investigate the effect of tax avoidance on the cost of debt for SMEs. Tax avoidance may increase a firm’s cash flows on one hand, but also increase the agency costs, the information risk, and the risk of scrutiny by tax authorities on the other, affecting the cost of debt in opposing ways. Using a sample of Spanish SMEs for the period 2007–2019, our findings show that tax-avoiding SMEs face lower debt costs, suggesting that the positive effects of tax avoidance prevail over the negative ones for SMEs. This finding is consistent with a more favourable assessment of SMEs’ tax avoidance activities by their key finance providers (banks), given SME unique characteristics and their lower agency costs.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 2","pages":"Article 100362"},"PeriodicalIF":3.3,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49888450","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: 2
Auditor specialization in R&D and clients’ R&D investment-q sensitivity 审计师的研发专业化与客户的研发投资-q敏感性
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-01 DOI: 10.1016/j.jcae.2023.100360
Eugenia Y. Lee , Wonsuk Ha , Sunyoung Park
{"title":"Auditor specialization in R&D and clients’ R&D investment-q sensitivity","authors":"Eugenia Y. Lee ,&nbsp;Wonsuk Ha ,&nbsp;Sunyoung Park","doi":"10.1016/j.jcae.2023.100360","DOIUrl":"https://doi.org/10.1016/j.jcae.2023.100360","url":null,"abstract":"<div><p>While research and development (R&amp;D) activities contribute to economic growth via technological innovations, they impose significant uncertainty and agency costs. In this study, we examine the governance role of R&amp;D specialist auditors in affecting clients’ R&amp;D investment decisions. Using a sample of U.S. firms during 2001–2016, we find that R&amp;D specialist auditors’ clients make more efficient investments in the form of a higher R&amp;D investment-q sensitivity. We also find that the reduction in discretionary adjustments of R&amp;D expenses moderates the results. Further, when clients are audited by R&amp;D specialists, their R&amp;D investments are more closely linked to innovative output in subsequent years. Collectively, our results suggest that an auditor’s specialized knowledge induces clients to make better economic decisions.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 2","pages":"Article 100360"},"PeriodicalIF":3.3,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49888563","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
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