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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
CEO regulatory focus and management earnings forecasts 首席执行官监管焦点和管理层盈利预测
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-07-29 DOI: 10.1016/j.jcae.2023.100375
Sidharth Murthy , Ferdinand A. Gul , Jun Yao
{"title":"CEO regulatory focus and management earnings forecasts","authors":"Sidharth Murthy ,&nbsp;Ferdinand A. Gul ,&nbsp;Jun Yao","doi":"10.1016/j.jcae.2023.100375","DOIUrl":"10.1016/j.jcae.2023.100375","url":null,"abstract":"<div><p>In this study we examine the association between CEO Regulatory focus (RF) and likelihood, frequency, and accuracy of management earnings forecasts (MEFs). RF theory suggests that an individual makes decisions and pursues goals through either a promotion focus or prevention focus. A promotion focus individual is regulated towards achievements, success, growth, and advancement while a prevention focus individual is regulated towards vigilance, fulfilling basic duties and avoiding the performance of additional tasks. For the period of 2000 to 2018, we find that a CEO promotion focus is associated with higher likelihood, frequency, and accuracy of MEFs. On the other hand, CEO prevention focus results in a lower likelihood and frequency of MEFs. Additionally, the relationship between CEO prevention focus and MEF likelihood and frequency is negatively moderated by higher-level litigation within certain industries<span>. Furthermore, stock return volatility is found to as mediate the relationship between CEOs RF (promotion focus and prevention focus) and MEFs.</span></p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100375"},"PeriodicalIF":3.3,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116793570","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
Annual report readability and equity mispricing 年度报告可读性和股票错误定价
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-06-05 DOI: 10.1016/j.jcae.2023.100368
Chen Chen , Dean Hanlon , Mehdi Khedmati , James Wake
{"title":"Annual report readability and equity mispricing","authors":"Chen Chen ,&nbsp;Dean Hanlon ,&nbsp;Mehdi Khedmati ,&nbsp;James Wake","doi":"10.1016/j.jcae.2023.100368","DOIUrl":"10.1016/j.jcae.2023.100368","url":null,"abstract":"<div><p>This study examines the association between annual report readability and equity mispricing. Consistent with low annual report readability impeding the efficient and accurate assimilation of information into stock prices, less readable annual reports are associated with greater equity mispricing. This association extends to both equity underpricing and equity overpricing. Cross-sectional analysis indicates that the association between less readable annual reports and equity underpricing is accentuated when individual investors’ share ownership is high, whereas the association between less readable annual reports and equity overpricing is attenuated when more experienced financial analysts follow a firm. Overall, our findings contribute to the literature on readability and equity mispricing and serve to inform managers about the underlying consequences of issuing less readable annual reports and regulators about the need for additional projects that enhance the understandability of financial reporting.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100368"},"PeriodicalIF":3.3,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125789828","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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