British Accounting Review最新文献_第7页

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

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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

Withdrawal notice to: “Key audit matters disclosures and informed Traders” [YBARE 56 (6) (2024) 101386] 撤回通知：“主要审计事项披露及已获通知的商号”[YBARE 56 (6) (2024) 101386]

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101532

Zabihollah Rezaee , Saeid Homayoun

引用次数: 0

Capitalism and the return on capital employed. Some further evidence 资本主义与资本回报率。一些进一步的证据

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101320

John Richard Edwards

引用次数: 0

Audit committee member busyness and risk factor disclosure 审计委员会成员的工作繁忙程度和风险因素披露

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101442

Cristina Bailey , Joshua J. Filzen

{"title":"Audit committee member busyness and risk factor disclosure","authors":"Cristina Bailey , Joshua J. Filzen","doi":"10.1016/j.bar.2024.101442","DOIUrl":"10.1016/j.bar.2024.101442","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":"56 6","pages":"Article 101442"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141697343","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

Product market shock, stakeholder relationships, and trade credit 产品市场冲击、利益相关者关系和贸易信贷

IF 5.5 3区管理学

British Accounting Review Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101458

Jagriti Srivastava , Balagopal Gopalakrishnan , Rajesh Tharyan

{"title":"Product market shock, stakeholder relationships, and trade credit","authors":"Jagriti Srivastava , Balagopal Gopalakrishnan , Rajesh Tharyan","doi":"10.1016/j.bar.2024.101458","DOIUrl":"10.1016/j.bar.2024.101458","url":null,"abstract":"<div><div>The COVID-19 pandemic resulted in an extremely rare instance of a shock to global product markets. Using quarterly data for a sample of 7397 firms from 54 countries over the period 2017–2020, we study the causal impact of this shock on trade credit. Employing a difference-in-difference analysis, we find that, in contrast to findings in the literature on financial market shocks, low-credit quality firms are credit-rationed by their suppliers during a shock to product markets and that for low-credit quality firms, there is no substitution of trade credit with financial credit. Importantly, however, our analysis shows that low-credit quality firms with better stakeholder relations are able to obtain more trade credit than those with weaker stakeholder relations. Our results are robust to alternative definitions of key variables, alternative methodologies that address endogeneity concerns, a placebo test, stage of market development, and various levels of controls for unobserved heterogeneity. We show that trade credit is conditional on product market conditions and is not always a generous substitute for financial credit. However, maintaining good relations with stakeholders serves as an antidote to the adverse effect of product market shocks on trade credit.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"56 6","pages":"Article 101458"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0890838924002221/pdfft?md5=17f806cbc0dff2f3ef0c625b8a7b510c&pid=1-s2.0-S0890838924002221-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142045849","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