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The schizophrenic board secretary: An embedded agent between multiple stakeholders and financial misconduct 精神分裂的董事会秘书：多方利益相关者与财务不当行为之间的嵌入式代理
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-07-01 Epub Date: 2024-01-11 DOI: 10.1016/j.bar.2024.101323
Bin Liu , David Ahlstrom , Yutong Zhang
{"title":"The schizophrenic board secretary: An embedded agent between multiple stakeholders and financial misconduct","authors":"Bin Liu ,&nbsp;David Ahlstrom ,&nbsp;Yutong Zhang","doi":"10.1016/j.bar.2024.101323","DOIUrl":"10.1016/j.bar.2024.101323","url":null,"abstract":"<div><div><span>While agency theory has long informed both research and practice in emphasizing good corporate governance in preventing financial misconduct, monitoring bodies do not always function so well, especially </span>in transition economies<span>. By integrating the stakeholder-agency perspective with prospect theory, this study provides a new explanation of such dysfunction by introducing an embedded agent concept that manifests a “schizophrenic” status of agents which creates a need to satisfy multiple stakeholders and their conflicting interests. Drawing on a sample of small-to-medium-sized enterprises (SMEs) listed on the Chinese National Equities and Exchange and Quotations system from 2014 to 2017, it is shown that having a board secretary did not help reduce financial misconduct as the government had hoped, because of an embedded agent problem. However, their dysfunctional status would largely disappear, and they would perform their monitoring responsibilities if given higher equity shares and stricter subnational regulations -- two key contingencies that better align embedded agents’ interests with one group of stakeholders. Overall, this study contributes to the corporate governance literature by introducing the embedded agent concept and its theoretical boundaries, along with a focus on transition economies.</span></div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 4","pages":"Article 101323"},"PeriodicalIF":5.5,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139420151","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
Ripple effects of innovation: How does peer influence shape corporate innovation across countries? 创新的涟漪效应：同伴影响如何影响各国的企业创新？
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-07-01 Epub Date: 2024-10-26 DOI: 10.1016/j.bar.2024.101514
Michael Machokoto , Daniel Gyimah , Marvelous Kadzima , Dzidziso Samuel Kamuriwo
{"title":"Ripple effects of innovation: How does peer influence shape corporate innovation across countries?","authors":"Michael Machokoto ,&nbsp;Daniel Gyimah ,&nbsp;Marvelous Kadzima ,&nbsp;Dzidziso Samuel Kamuriwo","doi":"10.1016/j.bar.2024.101514","DOIUrl":"10.1016/j.bar.2024.101514","url":null,"abstract":"<div><div>Using a large firm-level dataset encompassing 41 countries spanning from 2000 to 2019, and employing an instrumental variables approach to address endogeneity, we find significant positive peer effects on investments in innovation. Notably, these peer effects are more pronounced in emerging countries, where firms use peer benchmarking or mimicking to overcome institutional constraints. However, our findings suggest that the mechanisms driving imitative behaviour in innovation vary between developing and developed countries. Furthermore, we find that mimicking peer firms’ innovation positively correlates with shareholder value, particularly in emerging economies with weak institutions, where imitative strategies may be more beneficial. Overall, our study highlights the influence of institutions on how firms respond to the investment strategies of their peers and how such responses impact shareholder value.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 4","pages":"Article 101514"},"PeriodicalIF":5.5,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144680478","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
A global study of climate uncertainty and carbon assurance 气候不确定性与碳保证的全球研究
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-07-01 Epub Date: 2024-06-15 DOI: 10.1016/j.bar.2024.101425
Le Luo , Junru Zhang
{"title":"A global study of climate uncertainty and carbon assurance","authors":"Le Luo ,&nbsp;Junru Zhang","doi":"10.1016/j.bar.2024.101425","DOIUrl":"10.1016/j.bar.2024.101425","url":null,"abstract":"<div><div>Measurement, verification, and reporting of carbon emissions is essential for climate management. However, research on carbon assurance is limited. To address this gap, we investigate the association between climate uncertainty and voluntary carbon assurance. We conceptualize and operationalize four dimensions of micro-level climate uncertainty: innovation, management and performance, supply chain, and managerial perception uncertainty. We find that all four proxies of climate uncertainty are positively associated with the adoption of voluntary carbon assurance and the positive associations are moderated by a country-level environmental, social, and governance reporting mandate and the industry. Finally, we document that voluntary carbon assurance impacts the valuation of certain dimensions of climate uncertainty. Overall, our study is among the first to document empirical evidence of the nature, characteristics, and dimensions of climate uncertainty and its impact on firms’ carbon assurance. The knowledge will help companies strengthen their capacity to manage the green transition toward carbon neutrality.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 4","pages":"Article 101425"},"PeriodicalIF":5.5,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141415860","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
Choice of financial audit firm and ESG assurance firm: The role of board of director characteristics 财务审计公司与ESG担保公司的选择：董事会的角色特征
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-07-01 Epub Date: 2024-10-12 DOI: 10.1016/j.bar.2024.101505
Zihan Liu , Christine Jubb , Subhash Abhayawansa
{"title":"Choice of financial audit firm and ESG assurance firm: The role of board of director characteristics","authors":"Zihan Liu ,&nbsp;Christine Jubb ,&nbsp;Subhash Abhayawansa","doi":"10.1016/j.bar.2024.101505","DOIUrl":"10.1016/j.bar.2024.101505","url":null,"abstract":"<div><div>Corporations increasingly seek assurance on their published environmental, social, and governance (ESG) reports. Some companies use their audit firm to assure ESG reports, while others seek assurance services from a different firm. This paper investigates the influence of boardroom-based factors – female directors and multiple directorships – on companies' choice of ESG assurance provider. Using a sample of 438 Australian company-year observations from 2010 to 2020 we find that companies with more female directors and busy boards (i.e., boards with directors having at least three concurrent directorships) are more likely to choose a Big-4 audit firm different from their incumbent financial auditor to assure their ESG reports. Based on agency, social capital and resource dependence theories, we explain this ESG assurance procurement strategy as deliberate to address the potential ethical dilemma of engaging the same audit firm for assurance of financial and non-financial information. Our findings suggest that companies with more female directors and busy boards are likelier than their counterparts to apply this ethical stance in choosing their financial auditors and ESG assurers. Implications for policymakers and regulators in designing board diversity guidelines or rules and companies in setting board diversity criteria and policies are discussed.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 4","pages":"Article 101505"},"PeriodicalIF":5.5,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144680475","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
Changes in bank profitability Post-CEO succession: Does prior CEO experience improve bank performance? CEO 继任后银行盈利能力的变化：前任首席执行官的经验是否会提高银行业绩？
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-07-01 Epub Date: 2024-10-09 DOI: 10.1016/j.bar.2024.101500
Douglas Cumming , Peigong Li , Feng Zhan , Wanwan Zhu
{"title":"Changes in bank profitability Post-CEO succession: Does prior CEO experience improve bank performance?","authors":"Douglas Cumming ,&nbsp;Peigong Li ,&nbsp;Feng Zhan ,&nbsp;Wanwan Zhu","doi":"10.1016/j.bar.2024.101500","DOIUrl":"10.1016/j.bar.2024.101500","url":null,"abstract":"<div><div>Based on a unique hand-collected dataset of CEO succession events in US bank holding companies (BHCs), we find that prior CEO experience of the newly appointed CEO improves bank profitability post-CEO succession, but primarily in underperforming banks. We distinguish prior CEO experience based on where the experience was obtained and find that the performance effect is driven by the experience gained outside the bank. Moreover, our study indicates that new CEOs with previous CEO experience acquired outside the bank are more likely to enhance profitability through earnings manipulation than those who obtained CEO experience within the bank or those without any previous CEO experience.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 4","pages":"Article 101500"},"PeriodicalIF":5.5,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637398","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
The effect of ESG-motivated turnover on firm financial risk 以环境、社会和公司治理为动机的人员流动对公司财务风险的影响
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-07-01 Epub Date: 2024-03-27 DOI: 10.1016/j.bar.2024.101373
Daewoung Choi , Yong Kyu Gam , Min Jung Kang , Hojong Shin
{"title":"The effect of ESG-motivated turnover on firm financial risk","authors":"Daewoung Choi ,&nbsp;Yong Kyu Gam ,&nbsp;Min Jung Kang ,&nbsp;Hojong Shin","doi":"10.1016/j.bar.2024.101373","DOIUrl":"10.1016/j.bar.2024.101373","url":null,"abstract":"<div><div>This study investigates how effectively a forced CEO turnover mitigates a firm's distress risk amplified by a bad reputation for its Environmental, Social, and Governance (ESG) practices. We find that a firm's CEO dismissal decision significantly reduces the level of its distress risk—measured by Altman's Z-Score—subsequent to negative media coverage of the firm's ESG practices. This suggests that the forced CEO turnover may be taken as an ex-post damage instrument. Additional results show that the mitigation effect of CEO dismissal is stronger in firms under greater market scrutiny conditioned on various mechanisms: market competition, sin stock industry, and analyst coverage.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 4","pages":"Article 101373"},"PeriodicalIF":5.5,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140406499","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
Top management team faultline size and family firm performance 高层管理团队断层大小与家族企业绩效
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-07-01 Epub Date: 2024-08-19 DOI: 10.1016/j.bar.2024.101465
Weiwen Li , Dora Chi-sun Lau , Ai He , Xiaotong Li
{"title":"Top management team faultline size and family firm performance","authors":"Weiwen Li ,&nbsp;Dora Chi-sun Lau ,&nbsp;Ai He ,&nbsp;Xiaotong Li","doi":"10.1016/j.bar.2024.101465","DOIUrl":"10.1016/j.bar.2024.101465","url":null,"abstract":"<div><div>This study examines the impact of faultline size in top management teams on firm performance in family firms. We propose that top management teams in family firms are typically asymmetric factional groups, in which there is a priori, pre-established faultline between two subgroups (family members versus non-family members) with distinct power and status. We further argue that large demographic faultlines in such groups would benefit firm performance, and these benefits are contingent on bifurcation bias shown by the controlling family toward non-family members and the level of development of intermediate institutions. We test our model using data from Chinese-listed family firms. Results provide strong support for our propositions. This study contributes to the corporate governance literature by highlighting that the inter-subgroup dynamics in top management teams or boards of directors in family firms can differ from those in nonfamily firms.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 4","pages":"Article 101465"},"PeriodicalIF":5.5,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144680473","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
Disclosure of investor relationship activities and stock crash risk: Evidence from private in-house meetings 投资者关系活动的披露与股灾风险：来自非公开内部会议的证据
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-07-01 Epub Date: 2024-01-14 DOI: 10.1016/j.bar.2024.101325
Hang Zhou , Rong Ding , Yifan Li , Yuxin Sun
{"title":"Disclosure of investor relationship activities and stock crash risk: Evidence from private in-house meetings","authors":"Hang Zhou ,&nbsp;Rong Ding ,&nbsp;Yifan Li ,&nbsp;Yuxin Sun","doi":"10.1016/j.bar.2024.101325","DOIUrl":"10.1016/j.bar.2024.101325","url":null,"abstract":"<div><div>In July 2012, the Shenzhen Stock Exchange (China) made it mandatory for all listed firms to electronically publish standard summary reports through the exchange's web portal for all investor relationship activities. In this study, we focus on one important type of investor relationship activity—the private in-house meeting—and analyze the relationship between the disclosure of int-house meetings and stock crash risk. Using data collected over the 2009–2017 period and adopting a difference-in-difference approach, we find that mandatory disclosure of in-house meetings is negatively associated with future crash risk and that the effect is stronger in firms with higher information asymmetry. Our results, which remain robust after a number of sensitivity checks, should be of interest to both regulators and policymakers.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 4","pages":"Article 101325"},"PeriodicalIF":5.5,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139538713","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
Boosting credit risk models 提升信用风险模型
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-07-01 Epub Date: 2023-07-29 DOI: 10.1016/j.bar.2023.101241
Bart Baesens , Kristien Smedts
{"title":"Boosting credit risk models","authors":"Bart Baesens ,&nbsp;Kristien Smedts","doi":"10.1016/j.bar.2023.101241","DOIUrl":"10.1016/j.bar.2023.101241","url":null,"abstract":"<div><div>In this article, we give various recommendations to boost the performance of credit risk models. It is based upon more than two decades of research and consulting on the topic. Building credit risk models typically entails four steps: gathering and preprocessing data, modelling of probability of default (PD), Loss Given Default (LGD) and Exposure at Default (EAD), evaluating the credit risk models built and then the deployment step to put them into production. We give recommendations to boost credit risk models during each of these steps. Furthermore, we also define and review model risk as an all-encompassing challenge one needs to be properly aware of during each step of the process. We conclude by presenting a research agenda of topics we believe are in high need for further investigation and study.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 4","pages":"Article 101241"},"PeriodicalIF":5.5,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42975350","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
Do investor reactions to merger announcements shape the writing of SEC filings? 投资者对合并公告的反应是否会影响 SEC 文件的撰写？
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-05-01 Epub Date: 2024-10-09 DOI: 10.1016/j.bar.2024.101498
Nihat Aktas, Eric de Bodt, Can Deniz Dogan
{"title":"Do investor reactions to merger announcements shape the writing of SEC filings?","authors":"Nihat Aktas,&nbsp;Eric de Bodt,&nbsp;Can Deniz Dogan","doi":"10.1016/j.bar.2024.101498","DOIUrl":"10.1016/j.bar.2024.101498","url":null,"abstract":"<div><div>The way filings of mergers and acquisitions (M&amp;A) with the Security Exchange Commission (SEC) are written might depend on investor reactions to initial public announcements of the deal. We examine this investor feedback hypothesis by focusing on the readability and timing of a large sample of SEC documents. We show that acquirers write documents with lower readability and file them faster when investors react negatively to the deal announcement, a finding consistent with strategic obfuscation efforts. The results are robust to alternative empirical choices, such as controlling for deal complexity or the firm's writing style. They are also confirmed using an instrumental variables approach.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 3","pages":"Article 101498"},"PeriodicalIF":5.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637400","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
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