British Accounting Review最新文献_第3页

Rank-and-file employee stock options and audit pricing: Evidence from S&P 1500 firms 普通员工股票期权与审计定价：来自标准普尔 1500 指数公司的证据

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101422

Xiaoqi Chen , Maoliang Li , Emmanuel Obiri-Yeboah , Qiang Wu

引用次数: 0

Nineteenth century audit reports: Evolution from free-form to standardised wording 十九世纪的审计报告：从自由格式到标准化措辞的演变

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101428

Niamh M. Brennan , Sean Bradley Power

{"title":"Nineteenth century audit reports: Evolution from free-form to standardised wording","authors":"Niamh M. Brennan , Sean Bradley Power","doi":"10.1016/j.bar.2024.101428","DOIUrl":"10.1016/j.bar.2024.101428","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":"56 6","pages":"Article 101428"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0890838924001926/pdfft?md5=c427e0eddb2a60dae873012357e4f338&pid=1-s2.0-S0890838924001926-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141717807","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

CEO succession origin and annual reports readability 首席执行官继任的起源和年度报告的可读性

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101384

Javad Oradi , Reza Hesarzadeh , Sahar E-Vahdati , Muhammad Nadeem

引用次数: 0

Ex-ante expected changes in ESG and future stock returns based on machine learning 基于机器学习的 ESG 和未来股票回报的事前预期变化

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101457

Hongtao Zhu , Md Jahidur Rahman

{"title":"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.2024.101457","DOIUrl":"10.1016/j.bar.2024.101457","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":"56 6","pages":"Article 101457"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141910579","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

Cross-border regulatory cooperation and cash holdings: Evidence from US-listed foreign firms 跨境监管合作与现金持有：来自在美国上市的外国公司的证据

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101449

Yuyuan Chang , Wen He , Lin Mi

{"title":"Cross-border regulatory cooperation and cash holdings: Evidence from US-listed foreign firms","authors":"Yuyuan Chang , Wen He , Lin Mi","doi":"10.1016/j.bar.2024.101449","DOIUrl":"10.1016/j.bar.2024.101449","url":null,"abstract":"<div><div>We investigate the effect of cross-border regulatory cooperation on the cash holdings of firms cross-listed on US stock exchanges. The staggered adoption of the Multilateral Memorandum of Understanding (MMoU) facilitates cooperation among securities regulators around the world and expands their enforcement capabilities against foreign firms. Using a difference-in-differences design, we find that US-listed foreign firms significantly reduce their cash holdings after their home countries sign the MMoU, suggesting that the threat of increased SEC enforcement induced by regulatory cooperation disciplines corporate insiders from stockpiling cash holdings to enjoy private benefits of control. Information opacity and the cost of capital are two of the channels through which the threat of increased SEC enforcement affects cash holdings. The reduction in cash holdings is more pronounced for foreign firms from countries with weaker governance. After the MMoU, foreign firms make faster cash adjustments toward target levels, they reduce cash by making payouts, and their cash is valued more by investors.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"56 6","pages":"Article 101449"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0890838924002130/pdfft?md5=262a29094433d1caa4271139ca08b0bc&pid=1-s2.0-S0890838924002130-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141891935","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

Curbing myopic R&D behavior: How private meetings serve as a channel 遏制近视研发行为：私人会议如何发挥渠道作用

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101326

Jiaying Ge , Steven F. Cahan , Jerry W. Chen

{"title":"Curbing myopic R&D behavior: How private meetings serve as a channel","authors":"Jiaying Ge , Steven F. Cahan , Jerry W. Chen","doi":"10.1016/j.bar.2024.101326","DOIUrl":"10.1016/j.bar.2024.101326","url":null,"abstract":"<div><div>This study considers whether investor-manager private meetings serve as a potential channel to detect and restrain corporate myopic R&D behavior in firms subject to earnings pressure. To do so, we exploit a unique dataset of corporate site visits, a particular form of private meetings. Our results indicate that the myopic R&D behavior of firms under earnings pressure is significantly lower when the firm hosts more institutional investors’ site visits. To further tease out the underlying mechanisms, we conduct cross-sectional analyses and find that the constraining effect of site visits is greater when there is more need for monitoring by institutional investors, i.e., when the information environment is weak and product market competition is low. Further, this monitoring effect is stronger when more questions are asked about R&D during the site visit, when the site visit involves more than one institutional investor, and when the site visit occurs earlier in the fiscal year. The main findings are robust to alternative model specifications, estimation approaches, and endogeneity issues. Overall, our evidence suggests that site visits cannot only reduce information asymmetry, but they have an important monitoring role as well.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"56 6","pages":"Article 101326"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139436900","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 determinants of corporate cost of debt during a financial crisis 金融危机期间企业债务成本的决定因素

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101390

Tauhidul Islam Tanin , Ashutosh Sarker , Shawkat Hammoudeh , Jonathan A. Batten

引用次数: 0

Political uncertainty, corporate social responsibility, and firm performance 政治不确定性、企业社会责任与公司业绩

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101467

Yi Hu , Chao Yin

引用次数: 0

Strategic forward-looking nonearnings disclosure and overinvestment 战略性前瞻性非收益披露和过度投资

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101431

Jean Jinghan Chen , Peiyang Song , Fai Lim Loi

{"title":"Strategic forward-looking nonearnings disclosure and overinvestment","authors":"Jean Jinghan Chen , Peiyang Song , Fai Lim Loi","doi":"10.1016/j.bar.2024.101431","DOIUrl":"10.1016/j.bar.2024.101431","url":null,"abstract":"<div><div>We examine whether tone management in different aspects of forward-looking statements (FLSs) is related to managers' self-serving overinvestments. Using data for U.S.-listed firms between 2003 and 2019, we provide novel evidence that the abnormal tone of nonearnings-related qualitative FLSs' is significantly and positively related to firms' overinvestments but that other aspects of FLSs are insignificant to overinvestments. Moreover, this relation is more substantial in financially unconstrained firms. Our findings reveal the heterogeneous roles of different aspects of FLSs in firms' opportunistic disclosures concerning future overinvestments. Further analyses also indicate that this relationship is more pronounced for firms with less monitoring and managers with greater career concerns. We also employ instrumental variables with a two-stage least-square approach and a Heckman selection model to mitigate the endogeneity issue. Our results are robust after conducting a battery of robustness tests. Overall, our findings provide robust evidence that managers are likely to strategically manipulate nonearnings-related qualitative FLSs to mislead investors’ perception of firms' future fundamentals to achieve self-serving purposes.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"56 6","pages":"Article 101431"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0890838924001951/pdfft?md5=f858185e740e8003b63f30b50ded124d&pid=1-s2.0-S0890838924001951-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141463359","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

The use of machine learning algorithms to predict financial statement fraud 使用机器学习算法预测财务报表欺诈行为

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101441

Mark Lokanan , Satish Sharma

引用次数: 0