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Firm location and tax avoidance: Urban versus non-urban firms 公司所在地与避税：城市公司与非城市公司
IF 1.2
Advances in Accounting Pub Date : 2024-07-21 DOI: 10.1016/j.adiac.2024.100765
Erik Devos , Yun Ke , Kenneth Snead , Fuzhao Zhou
{"title":"Firm location and tax avoidance: Urban versus non-urban firms","authors":"Erik Devos ,&nbsp;Yun Ke ,&nbsp;Kenneth Snead ,&nbsp;Fuzhao Zhou","doi":"10.1016/j.adiac.2024.100765","DOIUrl":"10.1016/j.adiac.2024.100765","url":null,"abstract":"<div><div>We examine the impact of firms' geographic locations on their tax<span> avoidance behavior<span>. We consider urban firms as those headquartered in the top ten metropolitan statistical areas (MSAs) based on the 2000 census; all others are labeled non-urban firms. Using GAAP and cash-effective tax rates to proxy for tax avoidance, we report that non-urban firms have relatively higher tax avoidance levels. Our results are robust to propensity score matching, using alternative measures of geographic location, including additional control variables, and employing different regression specifications. Further analyses suggest that non-urban firms' tax avoidance appears to be value-increasing to shareholders. Overall, our study provides potential policy implications for the IRS.</span></span></div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"67 ","pages":"Article 100765"},"PeriodicalIF":1.2,"publicationDate":"2024-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141841640","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
Universal demand laws and stakeholders: Evidence from the auditor's perspective 普遍需求法和利益相关者：从审计师角度看证据
IF 1.2
Advances in Accounting Pub Date : 2024-07-15 DOI: 10.1016/j.adiac.2024.100766
Alona Bilokha , Joon Ho Kong , Joseph A. Micale
{"title":"Universal demand laws and stakeholders: Evidence from the auditor's perspective","authors":"Alona Bilokha ,&nbsp;Joon Ho Kong ,&nbsp;Joseph A. Micale","doi":"10.1016/j.adiac.2024.100766","DOIUrl":"10.1016/j.adiac.2024.100766","url":null,"abstract":"<div><div><span>This study analyzes the impact of universal demand (UD) laws, which limit shareholders' ability to initiate derivative litigation against firms and auditors, on the behavior of external auditors. After confirming that UD laws reduce the likelihood that clients (auditors) will be named in this type of litigation, we find that firms incorporated in states that have adopted UD laws have lower increases in audit fees than states that have not adopted such laws. These results are magnified for firms when the client's (auditor's) </span>bargaining power is high (low) but not for those actively engaged in derivative litigation, suggesting that auditors are able to distinguish actively the firms that benefit from the lower risk of derivative litigation. We do not find evidence that reporting quality declines as a result of these reduced fees. Our results suggest that UD laws relieve unnecessary burdens imposed by excessive derivative litigation on firms and auditors.</div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"67 ","pages":"Article 100766"},"PeriodicalIF":1.2,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141706620","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
How does the CEO horizon problem affect the cost of bank loans? CEO 视野问题对银行贷款成本有何影响？
IF 1.2
Advances in Accounting Pub Date : 2024-07-10 DOI: 10.1016/j.adiac.2024.100768
Yangmei Wang , Savannah (Yuanyuan) Guo
{"title":"How does the CEO horizon problem affect the cost of bank loans?","authors":"Yangmei Wang ,&nbsp;Savannah (Yuanyuan) Guo","doi":"10.1016/j.adiac.2024.100768","DOIUrl":"10.1016/j.adiac.2024.100768","url":null,"abstract":"<div><div>In this paper, we investigate the effect of the CEO horizon problem on the cost of bank loans. Prior research suggests that CEOs at the end of their tenures become myopic and have fewer incentives to act in the best interests of their firms, creating a CEO horizon problem. We predict and find that loan spreads<span> significantly increase in the last two years, especially in the final year, of a CEO's tenure. Further analyses reveal firms with a lower credit rating, without a prior relationship with the bank, and with planned CEO departures exhibit a stronger main effect, suggesting a change in a bank's risk tolerance as a potential mechanism. Next, we find that the main effect is more pronounced for firms with weaker corporate governance. In addition, we rule out incompetent CEOs, uncertainty associated with the new CEO, and the earning management effect as alternative explanations. Our paper contributes to the recent research investigating how executive characteristics, specifically the CEO horizon problem, influence the cost of bank loans.</span></div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"68 ","pages":"Article 100768"},"PeriodicalIF":1.2,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141689688","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
Non-IFRS earnings information in financial highlights of annual reports 年度报告财务要点中的非国际财务报告准则收益信息
IF 1.2
Advances in Accounting Pub Date : 2024-07-06 DOI: 10.1016/j.adiac.2024.100764
Tami Dinh , Helen Kang , Chang Zhao
{"title":"Non-IFRS earnings information in financial highlights of annual reports","authors":"Tami Dinh ,&nbsp;Helen Kang ,&nbsp;Chang Zhao","doi":"10.1016/j.adiac.2024.100764","DOIUrl":"10.1016/j.adiac.2024.100764","url":null,"abstract":"<div><div>Based on a sample of the top 200 Australian firms, we find that companies rely on non-IFRS earnings to supplement IFRS earnings in the highlights section of firms' annual reports. At the same time, firms are more likely to present non-IFRS earnings in the highlights section that beat earnings benchmarks, suggesting that they might be motivated to present their performance in a better light through non-IFRS earnings. We also show that non-IFRS earnings presented in the highlights section are more likely to be taken from the audited sections of the annual report, potentially indicating their credibility as key performance measures. Our findings add to the ongoing controversial debate on the informativeness of non-IFRS earnings with a specific focus on those reported in the highlights section of the annual report.</div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"67 ","pages":"Article 100764"},"PeriodicalIF":1.2,"publicationDate":"2024-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141714608","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
Using accounting information to identify corporate acquisition motives: Implications on post-acquisition performance 利用会计信息识别企业收购动机：对收购后业绩的影响
IF 1.2
Advances in Accounting Pub Date : 2024-07-02 DOI: 10.1016/j.adiac.2024.100767
Bingyi Chen , Ariel Markelevich , Irene Guannan Wang
{"title":"Using accounting information to identify corporate acquisition motives: Implications on post-acquisition performance","authors":"Bingyi Chen ,&nbsp;Ariel Markelevich ,&nbsp;Irene Guannan Wang","doi":"10.1016/j.adiac.2024.100767","DOIUrl":"10.1016/j.adiac.2024.100767","url":null,"abstract":"<div><div><span>This paper examines the post-acquisition long-term performance of corporate acquisitions using merger motives inferred from </span><em>ex-ante</em> publicly available accounting information. Using pre-acquisition accounting data, we build an acquisition score (A-Score) that proxies for the net effect of the acquisition motives. We predict and find that the A-Score constructed using pre-acquisition accounting data is positively associated with acquiring firm's post-acquisition performance. The A-Score enables the screening of current and potential corporate acquisitions by predicting the impact on post-acquisition performance. The findings demonstrate the importance of accounting information in inferring merger motives and improve our understanding of the effect of the acquisition motives on post-acquisition performance.</div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"68 ","pages":"Article 100767"},"PeriodicalIF":1.2,"publicationDate":"2024-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141704822","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
Firm life cycle and accrual quality 公司生命周期和应计质量
IF 1.2
Advances in Accounting Pub Date : 2024-06-13 DOI: 10.1016/j.adiac.2024.100762
Jose Elias Almeida , Devendra Kale
{"title":"Firm life cycle and accrual quality","authors":"Jose Elias Almeida ,&nbsp;Devendra Kale","doi":"10.1016/j.adiac.2024.100762","DOIUrl":"10.1016/j.adiac.2024.100762","url":null,"abstract":"<div><div>We examine the role of firms' life cycle stages on accrual quality (AQ). Our findings are consistent with an inverted U-shaped pattern in AQ across life cycle stages, where mature firms report the highest quality of accruals, followed by growth and shake-out firms, with firms in the introduction and decline stages reporting the lowest AQ. We further find that AQ worsens when firms move to the decline stage or when they move out of the mature stage to the shake-out and/or decline stage. Our findings are robust to several alternative specifications, subsample analyses, AQ measures, and firm life cycle proxies. We contribute to the literature on accrual quality by providing a broad view of how firm life cycle and accrual quality are intrinsically linked.</div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"67 ","pages":"Article 100762"},"PeriodicalIF":1.2,"publicationDate":"2024-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141392479","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
Do socially responsible firms demonstrate a preference for using classification shifting to manage earnings? 有社会责任感的企业是否更倾向于使用分类转移来管理收益？
IF 1.2
Advances in Accounting Pub Date : 2024-06-12 DOI: 10.1016/j.adiac.2024.100763
Curtis Farnsel, Kelly Ha
{"title":"Do socially responsible firms demonstrate a preference for using classification shifting to manage earnings?","authors":"Curtis Farnsel,&nbsp;Kelly Ha","doi":"10.1016/j.adiac.2024.100763","DOIUrl":"10.1016/j.adiac.2024.100763","url":null,"abstract":"<div><div><span>Prior research finds socially responsible firms are less likely to engage in earnings management, suggesting that socially responsible firms seek to provide more transparent financial reports (Hong and Anderson 2011; Kim, Park, and Wier 2012; Hwang, Choi, Choi, and Lee 2022). We investigate whether managers of CSR firms demonstrate a preference for classification shifting when making trade-off decisions among earnings management methods. First, our results support prior studies that find the overall extent of earnings management is lower for CSR firms. However, this study focuses on the use of classification shifting </span><em>relative</em> to other forms of earnings management. We find a robust positive relation between CSR performance and the relative use of classification shifting. Our results suggest that while CSR firms engage in lower levels of earnings management they demonstrate a preference to choose classification shifting when engaging in earnings management. These findings are consistent with managers perceiving classification shifting as a less unethical tool relative to accruals earnings management or real activities manipulation. Subsequent analyses reveal that our results are most pronounced for firms with lower external monitoring where managers have the most freedom to make trade-off decisions among earnings management methods based on ethical considerations. Overall, by demonstrating a preference for classification shifting relative to other earnings management tools our study furthers our understanding of the role of ethical considerations in earnings management decisions.</div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"67 ","pages":"Article 100763"},"PeriodicalIF":1.2,"publicationDate":"2024-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141401519","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
Discussion of “The interaction between incentive and opportunity in corporate tax planning: Evidence from financially constrained firms” 讨论 "企业税收筹划中激励与机会的相互作用：来自财务受限企业的证据"
IF 1.2
Advances in Accounting Pub Date : 2024-06-08 DOI: 10.1016/j.adiac.2024.100761
Stacie O. Kelley
{"title":"Discussion of “The interaction between incentive and opportunity in corporate tax planning: Evidence from financially constrained firms”","authors":"Stacie O. Kelley","doi":"10.1016/j.adiac.2024.100761","DOIUrl":"10.1016/j.adiac.2024.100761","url":null,"abstract":"<div><div><span><span>The Interaction between Incentive and Opportunity in Corporate Tax Planning:Evidence from Financially Constrained Firms by Kaishu Wu (2024) examines the impact of </span>tax planning opportunities (TPO) on the relation between tax avoidance incentives and tax avoidance. TPO is the key construct in the manuscript. It is estimated as the difference between a firm's average five-year (t-5 to t-1) actual cash effective tax rate (CETR) and its predicted five-year CETR. The predicted CETR is based on firm characteristics research has shown affect cash effective tax rates, such as size, return on assets, market-to-book, research and development, </span>intangible assets, etc. The manuscript argues and provides evidence that the positive relation between tax avoidance incentives and tax avoidance, as shown in prior research, is significantly bigger for firms with larger TPOs.</div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"67 ","pages":"Article 100761"},"PeriodicalIF":1.2,"publicationDate":"2024-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141404464","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
Debt covenant violations and corporate cost management 违反债务契约和企业成本管理
IF 1.6
Advances in Accounting Pub Date : 2024-05-09 DOI: 10.1016/j.adiac.2024.100756
Yuqi Gu , Bo Ouyang
{"title":"Debt covenant violations and corporate cost management","authors":"Yuqi Gu ,&nbsp;Bo Ouyang","doi":"10.1016/j.adiac.2024.100756","DOIUrl":"https://doi.org/10.1016/j.adiac.2024.100756","url":null,"abstract":"<div><p>In this study, we examine whether and how debt covenant violations are related to corporate cost management, an important business operating decision. Our findings suggest that firms significantly reduce slack operating resources after debt covenant violations. Our cross-sectional tests indicate that this reduction in cost stickiness is more pronounced when creditor monitoring is stronger, and when empire building is more severe. Our evidence adds to the literature on determinants of corporate cost management and sheds new light on how creditors influence firm behavior.</p></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"65 ","pages":"Article 100756"},"PeriodicalIF":1.6,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140901188","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
The interaction between incentive and opportunity in corporate tax planning: Evidence from financially constrained firms 企业税收筹划中激励与机会的相互作用：来自财务受限企业的证据
IF 1.2
Advances in Accounting Pub Date : 2024-05-03 DOI: 10.1016/j.adiac.2024.100757
Kaishu Wu
{"title":"The interaction between incentive and opportunity in corporate tax planning: Evidence from financially constrained firms","authors":"Kaishu Wu","doi":"10.1016/j.adiac.2024.100757","DOIUrl":"10.1016/j.adiac.2024.100757","url":null,"abstract":"<div><div><span>Prior studies document that incentive factors (i.e., equity compensation, shareholder activism, financial constraints, etc.) motivate managers to avoid more </span>taxes<span>, which suggests that managers overlook tax planning opportunities (TPOs) in the absence of incentives. In this study, I use a prediction model to capture TPOs and find that the positive association between financial constraints (my proxy for incentive) and tax avoidance is stronger for firms with higher levels of TPOs. My results are robust to a variety of identification strategies. To shed light on a possible source of tax uncertainty, I show moderate evidence that firms with lower levels of TPOs adopt risky tax planning strategies under financial constraints to increase tax avoidance. Overall, my study contributes to the literature by demonstrating corporate tax planning as an incentive-opportunity story and identifying an important cross-section in which the connection between incentive and tax avoidance is more prominent.</span></div></div>","PeriodicalId":46906,"journal":{"name":"Advances in Accounting","volume":"67 ","pages":"Article 100757"},"PeriodicalIF":1.2,"publicationDate":"2024-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141040291","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
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