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Firm Executives’ Connections to Individual Auditors and Tax Avoidance 公司高管与个人审计师的关系与避税
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-08-14 DOI: 10.1111/fire.70016
Guang-Zheng Chen, Edmund C. Keung
{"title":"Firm Executives’ Connections to Individual Auditors and Tax Avoidance","authors":"Guang-Zheng Chen,&nbsp;Edmund C. Keung","doi":"10.1111/fire.70016","DOIUrl":"https://doi.org/10.1111/fire.70016","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the effect of social ties between senior executives and auditors on tax avoidance. The findings show that firms with senior executive–auditor social ties exhibit higher levels of tax avoidance. We also find that client importance has a positive moderating effect on this association. Furthermore, firms with executive–auditor social connections who aggressively conduct tax avoidance are likely to have lower firm value. Finally, the positive association is more salient among non-state-owned enterprises (non-SOEs). This study provides useful insights for regulators to support strategies to reduce tax avoidance.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"211-228"},"PeriodicalIF":1.9,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145993901","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 Busy Bees Still Make Honey? Examining the Impact of Non-CEO Executives’ Outside Roles on Firm Performance 忙碌的蜜蜂还产蜜吗？检验非首席执行官外部角色对公司绩效的影响
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-08-13 DOI: 10.1111/fire.70017
Md Raihan Uddin Chowdhury, Alex Holcomb, Feixue Xie
{"title":"Do Busy Bees Still Make Honey? Examining the Impact of Non-CEO Executives’ Outside Roles on Firm Performance","authors":"Md Raihan Uddin Chowdhury,&nbsp;Alex Holcomb,&nbsp;Feixue Xie","doi":"10.1111/fire.70017","DOIUrl":"https://doi.org/10.1111/fire.70017","url":null,"abstract":"<p>We examine how non-CEO executives (NCEs) serving on outside boards affect their focal firm performance. Firms with such NCEs exhibit lower return on asset (ROA) and profit margins than those without. These effects begin after board service starts, are not explained by busy boards or CEOs, and persist at least a year. The negative impact is monotonically increasing with the number of NCEs on external boards and the number of boards they join. Finally, we show that there may be some benefits to NCE board activity as the negative effects are mitigated somewhat when the NCEs sit on their own firm's board.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"229-260"},"PeriodicalIF":1.9,"publicationDate":"2025-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70017","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145993872","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
Bitcoin Research: What Are the New Frontiers? 比特币研究：新前沿是什么？
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-08-10 DOI: 10.1111/fire.70015
Robert J. R. Elliott, Andrew Urquhart
{"title":"Bitcoin Research: What Are the New Frontiers?","authors":"Robert J. R. Elliott,&nbsp;Andrew Urquhart","doi":"10.1111/fire.70015","DOIUrl":"https://doi.org/10.1111/fire.70015","url":null,"abstract":"<div>\u0000 \u0000 <p>In this article, we discuss how far Bitcoin has come since its formulation 16 years ago and explore promising areas for future research in finance. The future research topics fall into the following three broad areas: institutional and country adoption, criminality, and Bitcoin's relationship to stablecoins. After a brief discussion of the existing literature, we provide a list of open research questions for future research to explore.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1121-1127"},"PeriodicalIF":1.9,"publicationDate":"2025-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146241","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
Does Anticipated Regret Affect the Predictability of Stock Returns? 预期后悔会影响股票收益的可预测性吗？
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-08-07 DOI: 10.1111/fire.70014
Anna Dodonova, Yuri Khoroshilov
{"title":"Does Anticipated Regret Affect the Predictability of Stock Returns?","authors":"Anna Dodonova,&nbsp;Yuri Khoroshilov","doi":"10.1111/fire.70014","DOIUrl":"https://doi.org/10.1111/fire.70014","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper presents a theoretical model that analyses how stock returns are affected by the presence of regret-averse investors in the market. The model demonstrates how anticipation of regret leads to positive short-run and negative long-run correlations of stock returns. In addition, the model predicts a positive correlation between future trading volume and the dispersion of the realized stock returns.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"201-210"},"PeriodicalIF":1.9,"publicationDate":"2025-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145986926","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
Hitting the Right Note: The Impact of Lexical Complexity on Initial Coin Offering Success 击中正确的音符：词汇复杂性对首次代币发行成功的影响
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-07-31 DOI: 10.1111/fire.70011
James Thewissen, Jennifer Thewissen, Özgür Arslan-Ayaydin, Diego Barrio Herrezuelo
{"title":"Hitting the Right Note: The Impact of Lexical Complexity on Initial Coin Offering Success","authors":"James Thewissen,&nbsp;Jennifer Thewissen,&nbsp;Özgür Arslan-Ayaydin,&nbsp;Diego Barrio Herrezuelo","doi":"10.1111/fire.70011","DOIUrl":"https://doi.org/10.1111/fire.70011","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper builds on credible signaling theory and proposes a novel approach to financial textual analysis by introducing lexical complexity (LC) as an informative signal of future venture performance. LC is measured by the sophistication, density, and diversity of vocabulary in a text and distinguishes itself from the widely used construct of readability. Analyzing 1202 ICO white papers from 2015 to 2021, we find that higher LC positively influences the amount raised during ICOs, above and beyond the effect of white paper readability. This effect is amplified for more readable white papers. We also investigate the underlying mechanisms behind these results, suggesting that LC enhances perceptions of innovation and quality, attracts greater attention from institutional investors, and reduces information asymmetry. Our findings contribute to the entrepreneurial finance literature by highlighting how managers’ linguistic choices, particularly the use of LC, can significantly improve disclosure quality and influence investor behavior.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"135-173"},"PeriodicalIF":1.9,"publicationDate":"2025-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145987304","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
Political Risk, Political Polarization, and Earnings Management 政治风险、政治两极化与盈余管理
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-07-24 DOI: 10.1111/fire.70013
Ashrafee T. Hossain, Mostafa Monzur Hasan, Abdullah-Al Masum
{"title":"Political Risk, Political Polarization, and Earnings Management","authors":"Ashrafee T. Hossain,&nbsp;Mostafa Monzur Hasan,&nbsp;Abdullah-Al Masum","doi":"10.1111/fire.70013","DOIUrl":"https://doi.org/10.1111/fire.70013","url":null,"abstract":"<div>\u0000 \u0000 <p>We examine how exposure to firm-level political risk (PRISK) affects corporate earnings management (EM). We present robust evidence that heightened PRISK leads to an increase in real earnings management (REM); however, we do not find consistent evidence supporting an increase in accrual earnings management (AEM). Our results remain robust when employing difference-in-differences (DiD), two-stage least squares (2SLS), propensity score matching (PSM), and additional methods designed to address endogeneity concerns. Additionally, we document that firm-level political polarization exposure (PPE) intensifies the PRISK-REM relationship. More interestingly, the financial market is relatively forgiving to firms that engage in REM activities in the face of both high PRISK and high PPE. Our findings provide novel insights into how PRISK shapes the financial reporting quality, and the critical role PPE plays in this relationship.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"175-200"},"PeriodicalIF":1.9,"publicationDate":"2025-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145987247","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
Public Attention to the Environment and Corporate Environmental Violations 公众对环境的关注与企业环境违法行为
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-07-23 DOI: 10.1111/fire.70012
Chunyu Zu, Rui Dong, Nianhang Xu
{"title":"Public Attention to the Environment and Corporate Environmental Violations","authors":"Chunyu Zu,&nbsp;Rui Dong,&nbsp;Nianhang Xu","doi":"10.1111/fire.70012","DOIUrl":"https://doi.org/10.1111/fire.70012","url":null,"abstract":"<div>\u0000 \u0000 <p>Using environmental violations data of listed firms in China from 2011 to 2018, we examine the effect of public attention on corporate environmental violations. Our findings suggest that public attention to the environment in the city where a firm is located can reduce the probability and frequency of the firm's environmental violations. Furthermore, this effect is more salient for firms that contribute more to the economy and those in cities with higher economic pressure. We identify three potential mechanisms: public environmental participation, governments’ environmental governance, and firms’ environmental awareness. Additional tests show that firms located in areas with higher public environmental attention experience a larger stock price impact and higher financial constraint after committing environmental violations. Finally, public environmental attention has a spillover effect on firms in adjacent cities. This paper reveals a new determinant of corporate environmental violations and provides important implications for environmental governance.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"93-120"},"PeriodicalIF":1.9,"publicationDate":"2025-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145987027","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
Target Return Strategy 目标回报策略
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-07-15 DOI: 10.1111/fire.70006
Ying Xue, Zheng Wen, Xu Jiang
{"title":"Target Return Strategy","authors":"Ying Xue,&nbsp;Zheng Wen,&nbsp;Xu Jiang","doi":"10.1111/fire.70006","DOIUrl":"https://doi.org/10.1111/fire.70006","url":null,"abstract":"<p>We study the target return strategy (TRS), which exits the market once the return reaches a preset target. We show that the holding-period return (HPR) cannot mean-variance dominate TRS, but TRS can mean-variance dominate HPR. We theoretically analyze TRS and quantitatively illustrate that training targets by a mean-variance utility optimization algorithm based on recent HPRs and peak returns can improve welfare. By exiting at targets, TRS preempts potential price reversals, manages investment risk, enhances risk-return profiles, and encourages market participation. TRS justifies the use of price-contingent orders, explains the disposition effect, and questions market efficiency.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1483-1503"},"PeriodicalIF":1.9,"publicationDate":"2025-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146256","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
Reputational Damage of Bank Misconduct: The Role of Regulation and ESG Performance 银行不当行为的声誉损害：监管与ESG绩效的作用
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-07-10 DOI: 10.1111/fire.70001
Alessandro Carretta, Paola Schwizer, Maria Gaia Soana
{"title":"Reputational Damage of Bank Misconduct: The Role of Regulation and ESG Performance","authors":"Alessandro Carretta,&nbsp;Paola Schwizer,&nbsp;Maria Gaia Soana","doi":"10.1111/fire.70001","DOIUrl":"https://doi.org/10.1111/fire.70001","url":null,"abstract":"<p>This study investigates the reputational losses incurred by banks due to detected misconduct and the impact of bank ESG performance on this reputational damage. We use a unique dataset of 400 fines assigned to 39 European listed banks from 2009 to 2022 by US and EU regulatory agencies. Applying the event study methodology, we demonstrate that detected misconduct leads to significant reputational losses. European banks suffer higher reputational penalties when sanctioned by domestic (EU) regulators rather than foreign (US) regulators. Moreover, banks’ global ESG performance significantly mitigates reputational losses resulting from detected misconduct. Among the three sub-pillars of ESG performance, governance performance is shown to be crucial in reducing this reputational damage.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1359-1387"},"PeriodicalIF":1.9,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146244","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
Inequity in Equities: What Explains the Black–White Gap in Equity Market Participation? 股权不平等：如何解释股权市场参与中黑人与白人的差距？
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-07-10 DOI: 10.1111/fire.70010
John D. Burger, Jeremy S. Schwartz
{"title":"Inequity in Equities: What Explains the Black–White Gap in Equity Market Participation?","authors":"John D. Burger,&nbsp;Jeremy S. Schwartz","doi":"10.1111/fire.70010","DOIUrl":"https://doi.org/10.1111/fire.70010","url":null,"abstract":"<div>\u0000 \u0000 <p>We analyze the racial gap in equity market participation using a two-part fractional regression and find that defined contribution (DC) plans provide a particularly powerful gateway to equities for Black households. Using a nonlinear decomposition, the Black–White gap is largely explained by differential endowments: foremost lower DC plan participation among Black households. Further analysis reveals that lower DC plan participation by Black households is driven primarily by limited access rather than participation decisions. More speculatively, labor market discrimination impeding Black households’ access to jobs that offer DC plans could reduce participation in equity markets.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"121-133"},"PeriodicalIF":1.9,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145986882","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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