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Institutional investors’ site visits and corporate employment decision-making 机构投资者实地考察与企业用人决策
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jcae.2022.100332
Shaojie Lai , Xiaorong Li , Shiang Liu , Qing Sophie Wang
{"title":"Institutional investors’ site visits and corporate employment decision-making","authors":"Shaojie Lai ,&nbsp;Xiaorong Li ,&nbsp;Shiang Liu ,&nbsp;Qing Sophie Wang","doi":"10.1016/j.jcae.2022.100332","DOIUrl":"10.1016/j.jcae.2022.100332","url":null,"abstract":"<div><p>This study examines the effect of institutional investors’ site visits on corporate employment decision-making. Using a unique dataset of corporate site visits (CSVs) to the listed firms in China, we find that CSVs are associated with less labor investment inefficiency. The effect is more pronounced in firms with lower information quality, worse corporate governance, and severe financial constraints. Our results are robust to endogeneity concerns. Further analysis suggests that labor investment inefficiency leads to lower future performance. Overall, our results are consistent with the view that CSVs improve information quality, corporate governance, and access to finance, which in turn, mitigates inefficient labor investment.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"18 3","pages":"Article 100332"},"PeriodicalIF":3.3,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122289416","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
Institutional investors and earnings management associated with controlling shareholders' promises: Evidence from the split share structure reform in China 机构投资者与控股股东承诺相关的盈余管理:来自中国股权分置改革的证据
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jcae.2022.100330
Mark Wilson, Kun Tracy Wang, Yue Wu, Archie Lau
{"title":"Institutional investors and earnings management associated with controlling shareholders' promises: Evidence from the split share structure reform in China","authors":"Mark Wilson,&nbsp;Kun Tracy Wang,&nbsp;Yue Wu,&nbsp;Archie Lau","doi":"10.1016/j.jcae.2022.100330","DOIUrl":"10.1016/j.jcae.2022.100330","url":null,"abstract":"<div><p><span>We examine the effectiveness of institutional investors in constraining aggressive earnings management induced by strong contractual incentives. To this end we focus on the consequences of earnings-related promises (covenants) negotiated between corporate controlling shareholders and minority shareholders during China’s split-share structure reform, wherein failure to achieve profit benchmarks had the potential to transfer significant </span>wealth from controlling to minority shareholders. Our initial analysis provides evidence that profit-promised firm-years are, on average, associated with income-increasing earnings management, and that this association is stronger for: (i) firm-years in which the profit-promise was satisfied, and (ii) firm-years in which proxies for the level of unmanaged earnings suggest that earnings management was needed to satisfy the promise. However, such benchmark-beating behavior is weaker for firms with higher levels of institutional ownership. Further analysis documents that the exit threat of institutional shareholders can discipline earnings management associated with profit promises. We also show that the effect of institutional shareholders in reducing earnings management associated with profit promises is greater for domestic mutual funds and for privately controlled firms. Interestingly, our evidence suggests that institutional investors only play an effective monitoring role over earnings management when their incentives are strongly aligned with those of other minority owners. In other cases, our evidence suggests that these investors may exacerbate the level of earnings management.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"18 3","pages":"Article 100330"},"PeriodicalIF":3.3,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115723830","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: 8
Aggressive CEOs and bank mergers and acquisitions 激进的ceo和银行并购
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jcae.2022.100318
Mingming Ji, Liangliang Jiang
{"title":"Aggressive CEOs and bank mergers and acquisitions","authors":"Mingming Ji,&nbsp;Liangliang Jiang","doi":"10.1016/j.jcae.2022.100318","DOIUrl":"https://doi.org/10.1016/j.jcae.2022.100318","url":null,"abstract":"<div><p>The U.S. banking industry<span> has seen waves of mergers since the 1980s. Despite a significant body of research on the determinants of these waves, there are few studies of how CEOs influence banks’ mergers and acquisitions (M&amp;As). This paper studies the effect of CEO aggressiveness on bank M&amp;As. We construct a new measure of bank CEO aggressiveness based on CEOs’ ancestral countries of origin and data on inter-country wars. We find that aggressive CEOs are more likely to acquire other banks. Moreover, the impact of CEO aggressiveness on bank M&amp;A decisions is more pronounced when the CEOs are from larger and more profitable banks, when CEOs have a longer tenure, and when CEOs’ ancestral country of origin has a more masculine culture. Moreover, we show that aggressive CEOs are more likely to make acquisitions when CEOs possess more cultural maintenance, which captures the extent to which CEOs retain their original cultural values and beliefs. Finally, we document positive short-term stock market reactions to bank M&amp;As initiated by aggressive CEOs.</span></p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"18 3","pages":"Article 100318"},"PeriodicalIF":3.3,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136464070","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
Organizational form and access to capital: The role of regulatory interventions 组织形式与资本获取:监管干预的作用
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jcae.2022.100335
Debarati Basu , Kaustav Sen
{"title":"Organizational form and access to capital: The role of regulatory interventions","authors":"Debarati Basu ,&nbsp;Kaustav Sen","doi":"10.1016/j.jcae.2022.100335","DOIUrl":"https://doi.org/10.1016/j.jcae.2022.100335","url":null,"abstract":"<div><p>We examine how regulatory nudges mandating only disclosure of ownership information and no structural change impact a firm’s access to capital based on its organizational form. As a first of its kind, Clause 35 in India (characterized by weak enforcement and concentrated ownership) only required classifying shareholders into insiders and outsiders. Pre-regulation, group-affiliated firms exhibited lesser financial constraints than standalone firms. This reverses post-regulation, especially for group firms with higher insider ownership. More so for those with weaker compensating mechanisms or poorer future performance. In essence, regulation exclusively requiring information disclosure has been effective in reallocating capital more efficiently to firms with fewer agency problems.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"18 3","pages":"Article 100335"},"PeriodicalIF":3.3,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136464033","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
Financial distress and the accrual anomaly 财务困境和应计异常
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jcae.2022.100319
Hang Thu Nguyen , Pascal Alphonse , Hiep Manh Nguyen
{"title":"Financial distress and the accrual anomaly","authors":"Hang Thu Nguyen ,&nbsp;Pascal Alphonse ,&nbsp;Hiep Manh Nguyen","doi":"10.1016/j.jcae.2022.100319","DOIUrl":"10.1016/j.jcae.2022.100319","url":null,"abstract":"<div><p>We find that the accrual anomaly is concentrated in healthy firms and is absent in financially distressed firms. The differential persistence between accruals and cash flows is the main driver of the relationship. Prior studies propose two explanations for the accrual anomaly: (1) accounting distortions of accruals and (2) investment mispricing. Our empirical evidence supports the former and challenges the latter. Our findings also disagree with the idea that the accrual anomaly is distress risk premium in disguise.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"18 3","pages":"Article 100319"},"PeriodicalIF":3.3,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122842529","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
Does Form 20-F reconciliation elimination for IFRS filers affect the risk forecasting ability of accounting numbers? 取消国际财务报告准则的20-F对账是否会影响会计数字的风险预测能力?
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jcae.2022.100333
She-Chih Chiu , Hsuan-Chu Lin , Chin-Chen Chien , Chia-Chen Liang
{"title":"Does Form 20-F reconciliation elimination for IFRS filers affect the risk forecasting ability of accounting numbers?","authors":"She-Chih Chiu ,&nbsp;Hsuan-Chu Lin ,&nbsp;Chin-Chen Chien ,&nbsp;Chia-Chen Liang","doi":"10.1016/j.jcae.2022.100333","DOIUrl":"10.1016/j.jcae.2022.100333","url":null,"abstract":"<div><p>This study investigates the effect of the elimination of Form 20-F reconciliation items on the risk relevance of accounting information. Using a sample of U.S. companies and American depositary receipts adopting domestic standards that are generally in accordance or fully compliant with IFRS<span>, this paper finds that IFRS better reflect macroeconomic fluctuations after Form 20-F reconciliation elimination. This paper also finds that Form 20-F reconciliation elimination has no negative effect on the usefulness of accounting data under IFRS in the formulation of superior risk forecasts. Further, this paper finds that the elimination of Form 20-F reconciliation items is associated with lower idiosyncratic risk. Overall, the findings indicate some benefits from Form 20-F reconciliation elimination.</span></p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"18 3","pages":"Article 100333"},"PeriodicalIF":3.3,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124544685","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
Shared auditors, social trust, and relationship-specific investment in the supply chain 共享审核员、社会信任和供应链中特定关系的投资
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jcae.2022.100329
Zhiying Hu , Haiyan Yang , Yuyu Zhang
{"title":"Shared auditors, social trust, and relationship-specific investment in the supply chain","authors":"Zhiying Hu ,&nbsp;Haiyan Yang ,&nbsp;Yuyu Zhang","doi":"10.1016/j.jcae.2022.100329","DOIUrl":"10.1016/j.jcae.2022.100329","url":null,"abstract":"<div><p>An auditor common to a supplier and customer may serve an information role, reduce information asymmetry, or mitigate a potential hold-up problem in the supply chain. The information role of shared auditors could be more important in a lax institutional environment where a lack of trust exists between the supplier and customer. Using a sample of listed firms in China from 2009 to 2015, we find that (1) a shared auditor enhances the supplier’s relationship-specific investment (RSI), and (2) this positive association is stronger when the customer is located in a region with lower trust. We also document an incremental effect of a shared audit partner on enhancing the supplier’s RSI in addition to the effect of a shared auditor at the audit firm level. Additional analyses suggest that a shared auditor alleviates information asymmetry between the supplier and customer and hence improves the supplier’s RSI. A shared auditor particularly improves the supplier’s RSI when the customer is limited in its legal protection, which validates the usefulness of this unique research setting (China) for studying the information role of shared auditors. By extending the research on shared auditors and social trust, this paper provides a reference for companies that wish to explore the role of auditors in enhancing RSI in the supply chain.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"18 3","pages":"Article 100329"},"PeriodicalIF":3.3,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129396052","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
Risk management committees and readability of risk management disclosure 风险管理委员会和风险管理披露的可读性
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2022-12-01 DOI: 10.1016/j.jcae.2022.100336
Jing Jia, Zhongtian Li
{"title":"Risk management committees and readability of risk management disclosure","authors":"Jing Jia,&nbsp;Zhongtian Li","doi":"10.1016/j.jcae.2022.100336","DOIUrl":"10.1016/j.jcae.2022.100336","url":null,"abstract":"<div><p>This paper examines whether the presence of risk management committees is associated with the readability of risk management disclosure. Specifically, we consider the presence and the effectiveness of risk management committees. We measure the readability of risk management disclosure using six different readability indices, namely: Bog index; Flesch Reading Ease score; Coleman–Liau index; Flesch–Kincaid Grade level; Simple Measure of Gobbledygook; and Automated Reading index. We find that the presence and the effectiveness of risk management committees are associated with the higher readability of risk management disclosure. We adopt various methods, including an instrumental variable approach, the entropy balancing method and the dynamic generalised method of moments, to address endogeneity concerns. Taken together, our results highlight the important role of the risk management committee in communicating risk management information.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"18 3","pages":"Article 100336"},"PeriodicalIF":3.3,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131928029","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: 5
Determinant of the level of sharia compliance of Islamic banks in Indonesia 决定印尼伊斯兰银行遵守伊斯兰教法水平的因素
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2022-11-07 DOI: 10.20885/jca.vol4.iss1.art5
Muhammad Adib Hasani, Rifqi Muhammad
{"title":"Determinant of the level of sharia compliance of Islamic banks in Indonesia","authors":"Muhammad Adib Hasani, Rifqi Muhammad","doi":"10.20885/jca.vol4.iss1.art5","DOIUrl":"https://doi.org/10.20885/jca.vol4.iss1.art5","url":null,"abstract":"This study aims to examine the relationship between SSB remuneration, SSB cross-membership, board independence, audit committee independence, IAH, leverage, profitability, and firm size to the level of sharia compliance of Islamic banks. In this study, sharia compliance is measured by an index compiled in previous studies. The sample used in this study is 10 Islamic banks that have published annual reports on each website with an observation period between 2015-2020. Multiple regression analysis using EViews 10 application. The results of this study indicate that board independence, audit committee independence, firm size, and SSB cross-membership significantly affect sharia compliance. While SSB remuneration, IAH, leverage, and profitability do not affect the level of sharia compliance.","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"43 1","pages":""},"PeriodicalIF":3.3,"publicationDate":"2022-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73868964","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
Fintech lending fraud prevention strategy: A case study 金融科技贷款欺诈预防策略:案例研究
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2022-11-01 DOI: 10.20885/jca.vol4.iss1.art4
Bachrudin K Una, H. Prabowo
{"title":"Fintech lending fraud prevention strategy: A case study","authors":"Bachrudin K Una, H. Prabowo","doi":"10.20885/jca.vol4.iss1.art4","DOIUrl":"https://doi.org/10.20885/jca.vol4.iss1.art4","url":null,"abstract":"This study aims to determine the strategy of the Financial Services Authority (OJK) to prevent people from being trapped in fintech lending fraud. This qualitative research used case study method by employing semi-structured in-depth interview as the technique to collect data from five respondents. The research data were processed with the help of Computer Assisted Qualitative Data Analysis Software (CAQDAS), namely the NVivo 11 software application. The results show that there are three main strategies used by OJK Special Region of Yogyakarta, Indonesia to prevent the public from being scammed by fintech lending: First, massive implementation of financial literacy education in a comprehensive manner to improve public financial literacy; second, use of the Consumer Protection Portal Application (APPK) as a digital complaint service for the public and consumers to report the Financial Services Business Actors (PUJK) who are suspected of committing fintech lending fraud; third, maximizing the role of Regional Investment Alert Task Force (SWID) in publishing a list of legal and illegal financial services, including fintech lending.","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"14 1","pages":""},"PeriodicalIF":3.3,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73463550","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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