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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 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
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 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
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 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 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
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 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 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
COVID-19 pandemic and audit quality COVID-19大流行与审计质量
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101504
Bingxuan Lin , Liansheng Wu , Yimin Zhang , Jian Zhou
{"title":"COVID-19 pandemic and audit quality","authors":"Bingxuan Lin ,&nbsp;Liansheng Wu ,&nbsp;Yimin Zhang ,&nbsp;Jian Zhou","doi":"10.1016/j.bar.2024.101504","DOIUrl":"10.1016/j.bar.2024.101504","url":null,"abstract":"<div><div>In this study, we examine the influence of the COVID-19 pandemic on audit quality among firms listed in China, focusing on the role of empathy between auditors and their clients. Our analysis reveals that the pandemic's adverse effects on audit quality are predominantly observed when there is a high degree of empathy, particularly when both the audit firm and the client are located within areas heavily affected by the outbreak. Further investigation indicates that the deterioration in audit quality is primarily associated with auditors who have less experience, occupy junior positions, are employed by more philanthropically inclined audit firms, or work for firms outside the Big 10. Our research offers compelling evidence of the impact of empathy on audit quality and carries profound implications for various audit stakeholders, including management, auditors, shareholders, and regulatory bodies.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 3","pages":"Article 101504"},"PeriodicalIF":5.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143899874","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
Political sentiment and credit ratings 政治情绪和信用评级
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101432
Mostafa Monzur Hasan , Ashrafee Hossain , Haiyan Jiang
{"title":"Political sentiment and credit ratings","authors":"Mostafa Monzur Hasan ,&nbsp;Ashrafee Hossain ,&nbsp;Haiyan Jiang","doi":"10.1016/j.bar.2024.101432","DOIUrl":"10.1016/j.bar.2024.101432","url":null,"abstract":"<div><div>This study examines the relationship between firms’ political sentiment (PSENT) and their credit ratings. Using US public firms as the sample, we reveal that PSENT is positively associated with corporate credit ratings. Furthermore, we find evidence indicating that a positive PSENT leads to higher credit ratings, while a negative PSENT results in lower credit ratings. We also demonstrate that PSENT is positively (negatively) associated with the investment grade and rating upgrade (rating downgrade). The cross-sectional analysis indicates that the positive relationship between PSENT and credit ratings is more evident among firms facing severe information asymmetry, financial distress risk, and weaker governance. Additionally, we observe that PSENT leads to higher new debt issuance. Finally, we conduct a survey of credit analysts and find evidence that corroborates our findings from empirical analyses. Overall, our study suggests that PSENT has an essential bearing on corporate credit quality.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 3","pages":"Article 101432"},"PeriodicalIF":5.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141463487","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
High-speed railways, audit partner changes across audit offices and audit quality: Evidence from China 高铁、审计合伙人的变更和审计质量：来自中国的证据
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101506
K. Hung Chan , Qiliang Liu , Phyllis Lai Lan Mo , Li Tian
{"title":"High-speed railways, audit partner changes across audit offices and audit quality: Evidence from China","authors":"K. Hung Chan ,&nbsp;Qiliang Liu ,&nbsp;Phyllis Lai Lan Mo ,&nbsp;Li Tian","doi":"10.1016/j.bar.2024.101506","DOIUrl":"10.1016/j.bar.2024.101506","url":null,"abstract":"<div><div>The development of high-speed railways (HSRs) has significant regional economic and social implications. We study a micro externality of such development, namely the impact of HSRs on audit firms' human resource allocation and audit quality. Specifically, we investigate the relationship between the availability of HSRs and audit partner changes across audit offices in China which involves a simultaneous change in audit partner and audit office to reallocate human resources. We find that the advent of HSRs between clients and audit offices increases the likelihood of audit partner changes across audit offices especially for predecessor audit offices with severe human resource constraints due partly to the mandatory auditor rotation requirement. Such audit partner changes across audit offices most likely are reciprocal over time, occur within the optimal HSR transportation interval and can significantly improve audit quality in terms of reducing excessive financing reporting discretions, misstatements and regulatory sanctions, but exert no effect on audit fees. Our study has implications for audit firms’ human resource management in light of infrastructure improvements and for audit policy makers to evaluate the standards for audit partner rotations.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 3","pages":"Article 101506"},"PeriodicalIF":5.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143899875","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
Institutional mechanisms, ownership and bank risk-taking during crises 危机期间的制度机制、所有权和银行风险承担
IF 5.5 3区 管理学
British Accounting Review Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101451
Thi Thuy Anh Vo , Nathan Lael Joseph
{"title":"Institutional mechanisms, ownership and bank risk-taking during crises","authors":"Thi Thuy Anh Vo ,&nbsp;Nathan Lael Joseph","doi":"10.1016/j.bar.2024.101451","DOIUrl":"10.1016/j.bar.2024.101451","url":null,"abstract":"<div><div>Previous studies indicate that prior period investor protection, quality of government/institution and ownership have little to no influence on bank risk-taking around crisis periods. Using contemporaneous data for 40 countries, we show that institutional mechanisms, investor protection, bank regulation and supervision (BRS) rules, and ownership, reduced bank risk-taking around the Global Financial Crisis (GFC) and the Eurozone Crisis/Sovereign Debt Crisis periods. Institutional mechanisms have the strongest risk-reducing impacts on bank risk-taking, whereas foreign and government ownership have the weakest impacts. The greater the distance from bank default the lower the likelihood of crisis regimes. Investor protection increased (decreased) the likelihood of the GFC (Eurozone Crisis) regimes. Government ownership increased (decreased) the likelihood of the GFC (Eurozone Crisis) regimes. Using a generalized bivariate copula function, we untangle the relation between crisis regimes and bank risk-taking by showing that higher risk-taking increases the likelihood of crisis regimes.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 3","pages":"Article 101451"},"PeriodicalIF":5.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143899983","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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