British Accounting Review最新文献_第2页

Reprint of: The hidden cost of organisation capital: Evidence from trade credit

IF 5.5 3区管理学

British Accounting Review Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101552

Joye Khoo , Adrian (Wai Kong) Cheung

引用次数: 0

Reprint of: Third-party auditor liability risk and trade credit policies

IF 5.5 3区管理学

British Accounting Review Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101562

Anthony Kyiu , Bernard Tawiah , Kwabena Antwi Boasiako , Sylvester Adasi Manu

引用次数: 0

Reprint of: Nineteenth century audit reports: Evolution from free-form to standardised wording

IF 5.5 3区管理学

British Accounting Review Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101557

Niamh M. Brennan , Sean Bradley Power

{"title":"Reprint of: Nineteenth century audit reports: Evolution from free-form to standardised wording","authors":"Niamh M. Brennan , Sean Bradley Power","doi":"10.1016/j.bar.2025.101557","DOIUrl":"10.1016/j.bar.2025.101557","url":null,"abstract":"<div><div>The research comprises a case study focussed on the wording of 34 audit reports of the British South Africa Company (BSAC), which Cecil Rhodes established by Royal Charter to colonise Rhodesia from 1889 to 1924. The accounts were audited by Cooper Brothers & Co., now PricewaterhouseCoopers. The research analyses three audit-report characteristics that influenced audit-report wording. Of the 34 audit reports, eight contained qualified (i.e., unfavourable) audit opinions. Based on verbatim annual general meeting minutes and private correspondence, we provide evidence of the effect of the audit qualifications. The research further analyses the evolution of the audit-report wording over the period. Initially, the auditors customised the audit-report wording. Each year, they made micro changes to improve the precision of the wording. Then, in 1911, well in advance of any audit-report regulations, the wording became standardised and remained so until the end of the study period. The paper adds insights into why auditors standardised audit-report wording. We conjecture that years of struggling with customised wording prompted the auditors to adopt standardised wording. We do not know whether this decision applied just to the BSAC audit reports, or whether 1911 heralded standardised audit-report wording for all Cooper Brothers & Co. audit reports.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 1","pages":"Article 101557"},"PeriodicalIF":5.5,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593176","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

Reprint of: Mimicking crypto portfolios in sustainable investment

IF 5.5 3区管理学

British Accounting Review Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101565

Mengxia Yu , Ke Xu , Xinwei Zheng

{"title":"Reprint of: Mimicking crypto portfolios in sustainable investment","authors":"Mengxia Yu , Ke Xu , Xinwei Zheng","doi":"10.1016/j.bar.2025.101565","DOIUrl":"10.1016/j.bar.2025.101565","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":"57 1","pages":"Article 101565"},"PeriodicalIF":5.5,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593180","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

Reprint of: Ex-ante expected changes in ESG and future stock returns based on machine learning

IF 5.5 3区管理学

British Accounting Review Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101563

Hongtao Zhu , Md Jahidur Rahman

{"title":"Reprint of: Ex-ante expected changes in ESG and future stock returns based on machine learning","authors":"Hongtao Zhu , Md Jahidur Rahman","doi":"10.1016/j.bar.2025.101563","DOIUrl":"10.1016/j.bar.2025.101563","url":null,"abstract":"<div><div>This study has two primary objectives. Firstly, it enhances the reliability and transparency of machine-learning-based models for predicting future changes in environmental, social and governance (ESG) performance. Secondly, it explores the relationship between ex-ante expected changes in ESG and future stock returns. This study collects 3258 STOXX Europe 600 firm-year observations. In the ESG prediction phase, two machine learning algorithms (logistic regression and random forest) are utilised to develop ESG forecasting models. Hyperparameter optimisation and walk-forward validation techniques are employed to address issues of underestimation and information leakage. The machine-learning-based ESG forecasting models are evaluated using three metrics: accuracy, area under the curve (AUC) and area under the precision-recall curve (AUPR). Subsequently, this study investigates the relationship between ex-ante expected ESG changes and future stock returns using the predicted ESG changes. A positive correlation is found between ex-ante expected ESG changes and future stock returns. The supplementary tests also reveal that this positive relationship is highly and statistically significant among large firms and after the COVID-19 pandemic. Moreover, this study introduces a robust and transparent approach for constructing effective machine-learning-based ESG forecasting models using hyperparameter optimisation and walk-forward validation. Additionally, traditional regression analyses are modernised by incorporating machine-learning-predicted independent variables. <span>Furthermore</span>, the findings provide empirical support for stakeholder, agency and resource-based theories. Finally, practical insights are provided to facilitate ESG-focused investment portfolio decision making.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 1","pages":"Article 101563"},"PeriodicalIF":5.5,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593184","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

Reprint of: Heterogeneity in the integration of ESG measures in executive compensation: Determinants, contracting details and outcomes

IF 5.5 3区管理学

British Accounting Review Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101559

Shilin Hou , Jianfeng Shen , Chuan Yu , Shan Zhou

引用次数: 0

Reprint of: Does mandating corporate social and environmental disclosure improve social and environmental performance?: Broad-based evidence regarding the effectiveness of directive 2014/95/EU

IF 5.5 3区管理学

British Accounting Review Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101558

Charl de Villiers , John Dumay , Federica Farneti , Jing Jia , Zhongtian Li

{"title":"Reprint of: Does mandating corporate social and environmental disclosure improve social and environmental performance?: Broad-based evidence regarding the effectiveness of directive 2014/95/EU","authors":"Charl de Villiers , John Dumay , Federica Farneti , Jing Jia , Zhongtian Li","doi":"10.1016/j.bar.2025.101558","DOIUrl":"10.1016/j.bar.2025.101558","url":null,"abstract":"<div><div>Given that the aim of corporate social and environmental <em>disclosure</em> mandates is to improve corporate social and environmental <em>performance</em>, this study investigates the impact of such mandates on performance. Using a difference-in-differences analysis, we examine trends in corporate social and environmental performance before and after the introduction of Directive 2014/95/EU (hereafter, the Directive), comparing affected European companies with companies in the United States (US), based on a balanced sample of 358 European companies (excluding United Kingdom (UK) companies, because they were subject to additional regulations that came into effect around the same time) and 470 US companies from 2009 to 2020. We find that European companies' performance has not improved substantially since the Directive came into effect in 2017, nor have they improved compared to US companies. Thus, the evidence suggests that the Directive has not improved European companies’ social and environmental performance. Our study provides broad-based evidence of the (in)effectiveness of mandating corporate social and environmental disclosures to enhance performance. Our findings will be of interest to regulators considering disclosure mandates, as well as stakeholders and investors interested in enhancing social and environmental performance.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 1","pages":"Article 101558"},"PeriodicalIF":5.5,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593057","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

Reprint of: The capital market consequence of sustained abnormal Audit fees: Evidence from stock price crash risk

IF 5.5 3区管理学

British Accounting Review Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101555

Sang Mook Lee , Jong Chool Park , Hakjoon Song

{"title":"Reprint of: 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.2025.101555","DOIUrl":"10.1016/j.bar.2025.101555","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":"57 1","pages":"Article 101555"},"PeriodicalIF":5.5,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593059","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

Reprint of: Audit committee member busyness and risk factor disclosure

IF 5.5 3区管理学

British Accounting Review Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101561

Cristina Bailey , Joshua J. Filzen

{"title":"Reprint of: Audit committee member busyness and risk factor disclosure","authors":"Cristina Bailey , Joshua J. Filzen","doi":"10.1016/j.bar.2025.101561","DOIUrl":"10.1016/j.bar.2025.101561","url":null,"abstract":"<div><div>Audit committees in the U.S. oversee risk management within organizations, including oversight of the disclosure of risk factors in periodic filings. Because audit committees have become increasingly over-burdened, we examine the impact of the busyness of audit committee members, measured via members’ service on other boards, on risk factor disclosures. We find firms with busy members issue disclosures that are of lower quality (i.e., less readable and less focused on firm fundamentals). Further, we find that firms with busy members are more likely to issue timely updates to disclosures. However, these updates are more likely to be vague—implying they are inconsequential to the market. We find these results are primarily driven by service in other non-audit committee roles. In additional cross-sectional tests, we find that our results are strongest when there is more uncertainty or complexity in the business environment. Finally, additional specifications and tests show that our results are robust to concerns related to endogeneity. Overall, we find that the busyness of audit committee members has important implications for risk factor disclosures.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 1","pages":"Article 101561"},"PeriodicalIF":5.5,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593060","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

Reprint of: The use of machine learning algorithms to predict financial statement fraud

IF 5.5 3区管理学

British Accounting Review Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101560

Mark Lokanan , Satish Sharma

引用次数: 0