Advances in Accounting最新文献_第3页

Balance sheet strength in the oil and gas industry: Saving for a rainy day or making hay while the sun shines 油气行业的资产负债表实力：未雨绸缪或未雨绸缪

IF 1.2

Advances in Accounting Pub Date : 2025-02-08 DOI: 10.1016/j.adiac.2025.100806

Mark Anderson , Yan Ma , Han-Up Park

{"title":"Balance sheet strength in the oil and gas industry: Saving for a rainy day or making hay while the sun shines","authors":"Mark Anderson , Yan Ma , Han-Up Park","doi":"10.1016/j.adiac.2025.100806","DOIUrl":"10.1016/j.adiac.2025.100806","url":null,"abstract":"<div><div>We examine how a strategic emphasis on balance sheet strength relates to investment decisions and performance over time for firms operating in a cyclical environment. From a series of discussions with industry insiders and readings of disclosures for prominent oil and gas (O&G) companies in Canada, we identify two groups of upstream O&G firms based on how they match their resources and capabilities with the uncertainties posed by industry economic cycles. One group of firms borrows and invests aggressively when oil prices are strong and funds are available – “<em>making hay while the sun shines</em>”, while the other group grows conservatively to build and maintain balance sheet strength – “<em>saving for a rainy day</em>”. We use average cash flows to debt for each firm over time to measure emphasis on balance sheet strength and separate firms into <em>rainy day</em> and <em>making hay</em> companies. We leverage two steep price declines to observe the behavior of firms over industry cycles: one triggered by the widespread 2008 financial crisis and the other by a distinct and prolonged O&G industry downturn in 2014. While investment declined generally in both cases, we find that the decline in investment was significantly less for <em>rainy day</em> companies than <em>making hay</em> firms after the 2014 downturn. Across time, we find that <em>rainy day</em> companies make shrewder acquisitions and operate more efficiently than <em>making hay</em> companies. Nonetheless, the capital market rewards <em>making hay</em> companies with higher market valuation, but this is reduced in downturns.</div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"68 ","pages":"Article 100806"},"PeriodicalIF":1.2,"publicationDate":"2025-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143350847","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Private lenders and borrowers' internal control-related private information 私人贷款人和借款人内部控制相关的私人信息

IF 1.2

Advances in Accounting Pub Date : 2025-02-07 DOI: 10.1016/j.adiac.2025.100808

Md Mahmudul Hasan

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引用次数: 0

Executive age, executive gender and financial statement comparability 高管年龄、高管性别和财务报表可比性

IF 1.2

Advances in Accounting Pub Date : 2025-01-06 DOI: 10.1016/j.adiac.2024.100805

Shadi Farshadfar , Laleh Samarbakhsh , Ismat Jahan

引用次数: 0

The impact of IFRS 16 on lessees' financial information: A single-industry study 国际财务报告准则第16号对承租人财务信息的影响：单一行业研究

IF 1.2

Advances in Accounting Pub Date : 2024-12-20 DOI: 10.1016/j.adiac.2024.100803

Ana Isabel Lopes , Daniela Penela

{"title":"The impact of IFRS 16 on lessees' financial information: A single-industry study","authors":"Ana Isabel Lopes , Daniela Penela","doi":"10.1016/j.adiac.2024.100803","DOIUrl":"10.1016/j.adiac.2024.100803","url":null,"abstract":"<div><div>This single-industry study responds to the IFRS Foundation's call to determine the effects of implementing IFRS 16 by analyzing the isolated post-implementation effect of IFRS 16 on lessee financial statements. Using real implementation data, the findings confirm the expected results of prior studies using estimated data, in that the implementation of IFRS 16 is the primary driver of statistically significant changes in assets, liabilities, EBIT, EBITDA, and financial expenses, resulting in major changes in the structure and liquidity ratios. Regarding profitability ratios, this study adds to the literature by demonstrating a statistically significant difference in ROA. Furthermore, while prior studies suggest that the interest coverage ratio would decrease, the use of real implementation data shows no statistically significant finding on this ratio; this indicates that the increase in EBITDA and interest expenses may cancel each other out, resulting in no impact on the coverage ratio. The results support the main criticism of IAS 17—that operating leases were improperly accounted for and consequently altered the picture of financial statements and ratios, which is a key source of information in valuing companies. This single-industry study, one of the more extensive IFRS Foundation 2016 studies, is the first to use real IFRS 16 adoption data, providing substantial results regarding the impact of this standard on the financial statements of publicly traded companies. These results encourage further research using similar approaches with broader sample sizes.</div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"68 ","pages":"Article 100803"},"PeriodicalIF":1.2,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143128678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of profitability pressure and capital market valuation on tax haven engagement 盈利压力和资本市场估值对避税天堂参与的影响

IF 1.2

Advances in Accounting Pub Date : 2024-12-19 DOI: 10.1016/j.adiac.2024.100804

Linda H. Chen , George J. Jiang , Weiwei Wang , Joseph H. Zhang

引用次数: 0

The interactive effects of strategy communication and report integration on investors' reactions to corporate social responsibility measures 战略沟通和报告整合对投资者对企业社会责任措施反应的互动影响

IF 1.2

Advances in Accounting Pub Date : 2024-11-21 DOI: 10.1016/j.adiac.2024.100784

Lei Wang , Lei Dong

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引用次数: 0

Accrual accounting and access to external funds: Evidence from small businesses 权责发生制会计与外部资金的获取：来自小型企业的证据

IF 1.2

Advances in Accounting Pub Date : 2024-11-20 DOI: 10.1016/j.adiac.2024.100786

Philip Keejae Hong , Kyonghee Kim , Sukesh Patro , Kyunghwa Yu

引用次数: 0

Employee education and corporate tax outcomes: Evidence from firm-level reporting 员工教育与企业纳税结果：来自公司层面报告的证据

IF 1.2

Advances in Accounting Pub Date : 2024-11-12 DOI: 10.1016/j.adiac.2024.100785

Hanzhong Shi , Kaishu Wu , Kerui Zhai

引用次数: 0

Discussion of using accounting information to identify corporate acquisition motives: Implications on post-acquisition performance 讨论利用会计信息识别企业收购动机：对收购后业绩的影响