British Accounting Review最新文献

The hidden cost of organisation capital: Evidence from trade credit 组织资本的隐性成本：来自贸易信贷的证据

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2023.101238

Joye Khoo , Adrian (Wai Kong) Cheung

引用次数: 0

Exploring the acquisition behavior of penny stock firms 探究仙股公司的收购行为

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2023.101276

Shujie Liu , Mohammed Aminu Sualihu , Mingwei Sun , Alfred Yawson

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Deposit insurance and credit union earnings opacity 存款保险和信用社盈利不透明

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101486

Lemonia M. Rempoutsika , Dimitris K. Chronopoulos , Linh Nguyen , John O.S. Wilson

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Online judicial auction, loan availability, and corporate investment in China 中国的在线司法拍卖、贷款供应和企业投资

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101487

Yongwei Ye , Dongmin Kong , Renzhi Li , Xiaofan Li , Yunqing Tao

引用次数: 0

The capital market consequence of sustained abnormal Audit fees: Evidence from stock price crash risk 持续异常审计费用的资本市场后果：股价暴跌风险的证据

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101387

Sang Mook Lee , Jong Chool Park , Hakjoon Song

{"title":"The capital market consequence of sustained abnormal Audit fees: Evidence from stock price crash risk","authors":"Sang Mook Lee , Jong Chool Park , Hakjoon Song","doi":"10.1016/j.bar.2024.101387","DOIUrl":"10.1016/j.bar.2024.101387","url":null,"abstract":"<div><div>Prior studies provide mixed interpretations for the effect of abnormal audit fees on audit quality. One interpretation is that abnormal audit fees reflect economic bonding which decreases audit quality, while the other interpretation is that they are associated with unobserved audit efforts and audit risk. We argue that long-term abnormal audit fees clarify mixed evidence, as they reflect the gradual formation and development of both economic bonding and sustained auditor efforts over time. We examine the effect of long-term abnormal audit fees on audit quality by focusing on client's future stock price crash risk. Using 42,604 firm-year observations of U.S. firms, we find that sustained positive abnormal audit fees (consistently positive long-term abnormal audit fees) are negatively associated with future stock price crash risk, supporting the auditor effort argument and negating the economic bonding argument. We also find weak evidence that current-period abnormal audit fees are positively associated with future stock price crash risk, supporting the audit risk argument. Overall, our evidence shows that the magnitude and the pattern of long-term abnormal audit fees jointly affect audit quality in mitigating a client's bad news hoarding behavior.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"56 6","pages":"Article 101387"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140643249","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

Key audit matters disclosures and informed traders 关键审计事项披露和知情交易者

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101386

Zabihollah Rezaee , Saeid Homayoun

{"title":"Key audit matters disclosures and informed traders","authors":"Zabihollah Rezaee , Saeid Homayoun","doi":"10.1016/j.bar.2024.101386","DOIUrl":"10.1016/j.bar.2024.101386","url":null,"abstract":"<div><div>We examine whether the audit regulation<span><span> of disclosing key audit matters (KAM) provides value-relevant information to short sellers as informed investors. The theoretical underpinning for examining short sellers' ability and incentives to use KAM disclosures in their stock valuation implications is based on a prediction theory and a skilled information processing theory of short sellers. Using a sample of expanded </span>auditor's reports from UK-listed firms during the 2010–2017 period and hand-collecting a dataset of KAM disclosures, we find no evidence that the short interest is different for the period before than after the U.K.'s expanded auditor's report regulation. However, in our cross-sectional tests, we find that KAM disclosures have a marginal effect on short interest and a positive association between short interest and unexpected and severe KAM disclosures. We conclude that, except for severe KAM that is value-relevant to sophisticated investors, the disclosures in the expanded auditor's report have no valuation implications for short sellers. Our results are robust in examining the reactions of the financial market and analysts to KAM disclosures and addressing potential endogeneity concerns.</span></div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"56 6","pages":"Article 101386"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140779030","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

Is greater connectivity of financial and non-financial information in annual reports valued by market participants? 市场参与者是否重视年度报告中财务和非财务信息的更大关联性？

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101407

Ruizhe Wang , Wai Fong Chua , Roger Simnett , Shan Zhou

{"title":"Is greater connectivity of financial and non-financial information in annual reports valued by market participants?","authors":"Ruizhe Wang , Wai Fong Chua , Roger Simnett , Shan Zhou","doi":"10.1016/j.bar.2024.101407","DOIUrl":"10.1016/j.bar.2024.101407","url":null,"abstract":"<div><div>The establishment of the International Sustainability Standards Board (ISSB), and the endorsement by the International Financial Reporting Standards (IFRS) foundation of the principles underlying the Integrated Reporting (IR) Framework, attest to a regulatory intent to develop a disclosure framework better connecting sustainability-related financial disclosures with financial disclosures. Strategic Reporting (SR), effective in the United Kingdom (U.K.) since 2013, is a prime example of such a framework. Utilizing proprietary data from PwC U.K., we find higher SR disclosure quality is associated with higher liquidity, lower cost of capital, and more accurate, less dispersed analysts’ forecasts. We then hypothesize and compare these impacts with the capital market effects of disclosure quality under the reporting framework preceding SR. We find that the effects of higher liquidity and lower cost of capital are more pronounced under SR, suggesting that SR, as a mandated, more connected reporting framework, enables more effective capital market communication. We also find that the incremental capital market benefits are more significant for entities with higher exposure to the change, better sustainability performance and higher organizational complexity. For regulators and standard setters, these findings indicate that their emphasis on greater connectivity of financial and non-financial information is valued by market participants.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"56 6","pages":"Article 101407"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0890838924001641/pdfft?md5=cba492ad19900a8084f8b8fb25cb6ee9&pid=1-s2.0-S0890838924001641-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141329542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Mimicking crypto portfolios in sustainable investment 在可持续投资中模仿加密货币投资组合

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101463

Mengxia Yu , Ke Xu , Xinwei Zheng

{"title":"Mimicking crypto portfolios in sustainable investment","authors":"Mengxia Yu , Ke Xu , Xinwei Zheng","doi":"10.1016/j.bar.2024.101463","DOIUrl":"10.1016/j.bar.2024.101463","url":null,"abstract":"<div><div>In this paper, considering the difference in the energy demand level, we utilize the daily pricing data from 10/01/2019 to 06/30/2023 to construct mimicking crypto portfolios with 12 clean cryptocurrencies to replace the dirty cryptocurrency, Bitcoin (BTC). With a monthly rebalancing strategy, the mimicking portfolio closely matches the exposures to the risk factors of the BTC but with fewer specific risks. Furthermore, relying on the bivariate dynamic conditional correlation (DCC-) GARCH model, we compare the hedging capability of BTC and the corresponding mimicking crypto portfolio against movements of returns of sustainable assets. The empirical results show that the mimicking crypto portfolio provides ESG investors with a cheaper hedge tool of higher hedge effectiveness compared to the BTC. Moreover, we find that the mimicking crypto portfolio can act as a strong safe haven for the S&P Global Clean Energy Index and S&P Latin America Emerging LargeMidCap ESG Index during periods of market stress. Therefore, the mimicking crypto portfolio is a more attractive option for ESG investors due to its superior hedging efficiency and the added environmental advantages.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"56 6","pages":"Article 101463"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0890838924002270/pdfft?md5=c977104002f95322f9c0f54de4b08f26&pid=1-s2.0-S0890838924002270-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142100791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate culture and carbon emission performance 企业文化与碳排放绩效

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101462

Mostafa Monzur Hasan , Md Borhan Uddin Bhuiyan , Grantley Taylor

引用次数: 0

Epidemic experience, analyst sentiment, and earnings forecasts: Evidence from SARS exposure 疫情经历、分析师情绪和盈利预测：非典疫情证据

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101452

Lihua Liu , Dongmin Kong

引用次数: 0