Journal of Accounting and Public Policy最新文献

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Key audit matters as insights into auditors’ professional judgement: Evidence from the European Union
IF 3.3 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-04-01 DOI: 10.1016/j.jaccpubpol.2025.107311
Mara Cameran , Domenico Campa
{"title":"Key audit matters as insights into auditors’ professional judgement: Evidence from the European Union","authors":"Mara Cameran ,&nbsp;Domenico Campa","doi":"10.1016/j.jaccpubpol.2025.107311","DOIUrl":"10.1016/j.jaccpubpol.2025.107311","url":null,"abstract":"<div><div>The European Union (EU) Regulation 537/2014 introduced the mandatory disclosure of Key Audit Matters (KAMs) within an auditor’s report, with the aim of increasing the informational value of these reports. Extant research, however, shows contrasting results as to whether KAM disclosure is providing relevant information to stakeholders. Moreover, concerns have been raised about unintended consequences from KAM disclosure, with respect to the process that leads to the issuance of the audit report. Using a sample of 6,164 firm-year observations for the period 2017–2021, related to 1,660 unique firms listed in all EU Member States, we find that the number of KAMs is positively associated with audit fees, audit report lags and the probability that an opinion different from the standard unqualified opinion is issued. Moreover, we document that both KAMs related to entity-level and account-level risks are positively associated with audit fees, whereas only entity-level KAMs drive the positive association with audit report lags and the issuance of a modified opinion. Our research speaks directly to EU legislators, the International Auditing and Assurance Standards Board, the US Public Company Accounting Oversight Board, and any other regulators around the globe that have mandated the disclosure of KAMs within audit reports.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107311"},"PeriodicalIF":3.3,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143738258","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
Stakeholder orientation and accounting conservatism: Evidence from State-Level constituency statutes
IF 3.3 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-03-28 DOI: 10.1016/j.jaccpubpol.2025.107295
Suresh Radhakrishnan , Ke Wang , Zheng Wang
{"title":"Stakeholder orientation and accounting conservatism: Evidence from State-Level constituency statutes","authors":"Suresh Radhakrishnan ,&nbsp;Ke Wang ,&nbsp;Zheng Wang","doi":"10.1016/j.jaccpubpol.2025.107295","DOIUrl":"10.1016/j.jaccpubpol.2025.107295","url":null,"abstract":"<div><div>We find that the staggered adoption of state-level constituency statutes leads to a significant decrease in accounting conservatism. Constituency statutes allow directors to consider stakeholder interests when making business decisions, thereby increasing firms’ stakeholder orientation. As firms shift attention to stakeholder interests, stakeholders become less concerned about shareholder expropriation and thus demand less conservatism. Cross-sectional analyses show stronger effects for firms with greater agency conflict between shareholders and nonfinancial stakeholders (i.e., customers, suppliers, and employees) and for firms where shareholders and debtholders have lower demand for conservatism. In additional analyses, we find that the adoption of constituency statutes does allow firms to implement corporate policies that are more friendly to their employees, customers, and suppliers. We also show that the effect of constituency statutes on conservatism still holds when the statutes only cover nonfinancial stakeholders (but not debtholders).</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107295"},"PeriodicalIF":3.3,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143715356","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
Monitoring incentives and tax planning – Evidence from State-Owned enterprises
IF 3.3 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-03-27 DOI: 10.1016/j.jaccpubpol.2025.107307
Eva Eberhartinger , David M.P. Samuel
{"title":"Monitoring incentives and tax planning – Evidence from State-Owned enterprises","authors":"Eva Eberhartinger ,&nbsp;David M.P. Samuel","doi":"10.1016/j.jaccpubpol.2025.107307","DOIUrl":"10.1016/j.jaccpubpol.2025.107307","url":null,"abstract":"<div><div>This study examines the association between state owners’ monitoring incentives and the tax planning activities of state-owned enterprises. We distinguish between state owners that directly benefit from state-owned enterprises’ income tax payments and those that do not. In our empirical tests, we exploit the variation of state ownership in Germany, making our findings generalizable to other market economies. Our results indicate that state ownership is not associated with less tax planning unless the state owner directly benefits from higher tax payments. We also provide evidence that this effect translates to higher tax revenues at the municipality level. Our results are robust to various specifications and suggest that shareholders’ monitoring incentives are a determinant of a firm’s tax planning activities.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107307"},"PeriodicalIF":3.3,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143715358","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 role of United States boards of accountancy in monitoring and sanctioning CPA Misbehavior
IF 3.3 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-03-25 DOI: 10.1016/j.jaccpubpol.2025.107310
Lindsay M. Andiola , Bowe Hansen , Kyungeun Karry Kwon , J. Matthew Sarji
{"title":"The role of United States boards of accountancy in monitoring and sanctioning CPA Misbehavior","authors":"Lindsay M. Andiola ,&nbsp;Bowe Hansen ,&nbsp;Kyungeun Karry Kwon ,&nbsp;J. Matthew Sarji","doi":"10.1016/j.jaccpubpol.2025.107310","DOIUrl":"10.1016/j.jaccpubpol.2025.107310","url":null,"abstract":"<div><div>We investigate variation in the attributes of United States (U.S.) Boards of Accountancy across thirty-three states from 2015 to 2018, and how this variation relates to their monitoring and sanctioning activities. We find that state boards vary substantially along several dimensions including the independence and expertise of board members, the gender and racial diversity of the board, the frequency of board meetings, the board’s licensing and continuing professional education (CPE) requirements, and the board’s budget. In addition, we find that these variations are significantly related to the types of disciplinary cases state boards report and the sanctions they impose. Our results provide insights into factors that affect the ability of the accounting profession to effectively self-regulate and that increase the risk of inconsistent monitoring of Certified Public Accountants (CPAs) across states.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107310"},"PeriodicalIF":3.3,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143697969","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 advertising and financial analyst forecasts
IF 3.3 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-03-20 DOI: 10.1016/j.jaccpubpol.2025.107306
Heeick Choi , SeungWon Lee , Inho Suk , Hao Zhang
{"title":"Product advertising and financial analyst forecasts","authors":"Heeick Choi ,&nbsp;SeungWon Lee ,&nbsp;Inho Suk ,&nbsp;Hao Zhang","doi":"10.1016/j.jaccpubpol.2025.107306","DOIUrl":"10.1016/j.jaccpubpol.2025.107306","url":null,"abstract":"<div><div>We examine whether product advertising provides value-relevant information that enables financial analysts to make better earnings and sales forecasts. Our analysis reveals that a firm’s product advertising intensity is positively related to the informativeness and accuracy of analyst forecasts. A difference-in-differences test and an instrumental variable analysis identify the causal relationship. Additionally, the effect of advertising on analyst forecast quality is stronger when a firm has greater coverage from industry-expert analysts, exhibits more volatile operating performance, and holds newly registered trademarks. Overall, our evidence suggests that product advertising conveys valuable information that analysts can utilize to produce higher-quality forecasts for investors, highlighting the role of advertising in a firm’s overall information environment.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107306"},"PeriodicalIF":3.3,"publicationDate":"2025-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686648","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
Skin in the game: Does outside directors’ equity-based compensation induce or mitigate stock price crash risk?
IF 3.3 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-03-18 DOI: 10.1016/j.jaccpubpol.2025.107308
Yuting Qian , Bo Qin , Weiqiang Tan , Daifei Troy Yao
{"title":"Skin in the game: Does outside directors’ equity-based compensation induce or mitigate stock price crash risk?","authors":"Yuting Qian ,&nbsp;Bo Qin ,&nbsp;Weiqiang Tan ,&nbsp;Daifei Troy Yao","doi":"10.1016/j.jaccpubpol.2025.107308","DOIUrl":"10.1016/j.jaccpubpol.2025.107308","url":null,"abstract":"<div><div>This study examines the relationship between outside directors’ equity-based compensation (DEC) and stock price crash risk using a sample of U.S. firms from 2008 to 2021. We find that DEC is associated with lower crash risk, primarily through its role in reducing over-investment, financial misreporting, and bad news hoarding<strong>—</strong>suggesting that enhanced director monitoring mitigates key crash risk factors. Subsample analyses reveal that the DEC-crash relationship is more pronounced when monitoring demands are higher, such as with greater information asymmetry, agency costs, audit risk, and transient institutional ownership. The impact of DEC also varies with director attributes, including busyness, gender diversity, and quad-qualification. Overall, our findings highlight that equity pay can align outside directors’ interests with shareholders by strengthening risk oversight, offering insights into optimal compensation contracts and governance mechanisms to mitigate crash risk.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107308"},"PeriodicalIF":3.3,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143643818","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
Significant expected lifetime credit loss impairments: Determinants of bank loss recognition and stability implications
IF 3.3 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-03-17 DOI: 10.1016/j.jaccpubpol.2025.107305
Sebastian Fleer
{"title":"Significant expected lifetime credit loss impairments: Determinants of bank loss recognition and stability implications","authors":"Sebastian Fleer","doi":"10.1016/j.jaccpubpol.2025.107305","DOIUrl":"10.1016/j.jaccpubpol.2025.107305","url":null,"abstract":"<div><div>This paper explores how a recognition threshold approach for significant expected lifetime credit losses (ELCL) affects the joint surplus of a bank's debtholders and shareholders (bank social value). Banks play a dual role in the economy by supplying credit to the real sector and providing liquidity to depositors. Information released on ELCL induces sound risk-taking in credit supply while potentially distorting the bank's liquidity provision. A recognition threshold for ELCL can balance these social gains and costs by restricting ELCL recognition for a transaction to extreme outcomes. In this balancing act, the recognition threshold enhances a bank's social value by providing sufficient incentives for sound risk-taking while decreasing the social costs of liquidity disruption. Less favorable economic conditions necessitate tighter recognition thresholds to sustain sound risk-taking, which inflates the social costs of liquidity disruption. When these costs become excessive, the balance is disrupted, and forgoing ELCL recognition can enhance the bank's social value. While this practice safeguards stability in the short run, it ultimately undermines it in the long run. From a policy perspective, the results highlight the value of the principle-based notion of IFRS 9's significant increase in credit risk (SICR) criterion to address bank-specific trade-offs and increase a bank's social value. Uniformity of recognition thresholds can be demonstrated for at least a subset of banks. Lastly, the paper emphasizes that a recognition threshold approach does not maximize the social value of a bank, and more complex disclosure rules can further increase it.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107305"},"PeriodicalIF":3.3,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143632018","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
Access to IT-Capable employees and the relevance of financial information
IF 3.3 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-03-03 DOI: 10.1016/j.jaccpubpol.2025.107284
J. Philipp Klaus , Adi Masli , Pradeep Sapkota
{"title":"Access to IT-Capable employees and the relevance of financial information","authors":"J. Philipp Klaus ,&nbsp;Adi Masli ,&nbsp;Pradeep Sapkota","doi":"10.1016/j.jaccpubpol.2025.107284","DOIUrl":"10.1016/j.jaccpubpol.2025.107284","url":null,"abstract":"<div><div>In this paper, we examine IT-capable employees’ role in the production process of financial information. We posit that enhanced management of raw data during this process decreases technical errors and increases data processing speed, thus allowing financial information to be more relevant and, therefore, more useful to the users of financial statements. Since employee characteristics such as IT capability are not observable at the firm level, we utilize US Census Bureau data to create a set of proxies of IT-capable employees at the Metropolitan Statistical Area (MSA) level. These measures include the percentage of IT graduates relative to the active workforce and IT graduates’ education and income levels. We find that each of our proxies for employee IT capability is associated with lower XBRL extensions and lower earnings announcement lag. Our findings suggest that greater access to IT-capable employees is associated with increased relevance of financial disclosures.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107284"},"PeriodicalIF":3.3,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143528683","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
Can innovative enforcement mechanism work in weak investor protection Countries? Evidence from China
IF 3.3 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-02-23 DOI: 10.1016/j.jaccpubpol.2025.107294
Chenyu Zhang , Jingyan Li , Deqiu Chen , Xu Lou
{"title":"Can innovative enforcement mechanism work in weak investor protection Countries? Evidence from China","authors":"Chenyu Zhang ,&nbsp;Jingyan Li ,&nbsp;Deqiu Chen ,&nbsp;Xu Lou","doi":"10.1016/j.jaccpubpol.2025.107294","DOIUrl":"10.1016/j.jaccpubpol.2025.107294","url":null,"abstract":"<div><div>We examine the effect of China Securities Investor Services Center (ISC) shareholding, a joint public–private enforcement mechanism, on mergers and acquisitions (M&amp;As). Employing a difference-in-differences (DID) analysis, we demonstrate that acquirers whose shares are owned by the ISC (ISC acquirers) encounter more price-related M&amp;A withdrawals, more bid revisions, and shorter deal durations. Such effects are mainly driven by weak investor protection environments, lack of external supervision, and information asymmetry. Mechanism analysis indicates that ISC shareholding has monitoring and demonstration effects by drawing public attention and encouraging minority shareholder activism. Furthermore, ISC acquirers experience positive market reactions on withdrawal announcements and better long-term performance, such as higher stock returns, lower goodwill impairment, and better financial performance. Overall, our study suggests that as a joint public–private enforcement mechanism, ISC shareholding can protect minority shareholders’ interests, especially when the investor protection is weak. Our findings enrich the understanding of the enforcement mechanisms in emerging markets.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"50 ","pages":"Article 107294"},"PeriodicalIF":3.3,"publicationDate":"2025-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143471529","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
Too much of a good thing? Mandatory risk disclosure and corporate innovation
IF 3.3 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-02-22 DOI: 10.1016/j.jaccpubpol.2025.107292
Shiu-Yik Au , Hongping Tan
{"title":"Too much of a good thing? Mandatory risk disclosure and corporate innovation","authors":"Shiu-Yik Au ,&nbsp;Hongping Tan","doi":"10.1016/j.jaccpubpol.2025.107292","DOIUrl":"10.1016/j.jaccpubpol.2025.107292","url":null,"abstract":"<div><div>Using textual analysis of 10-K filings, we find that the Securities and Exchange Commission (SEC) mandate for risk disclosure has a negative effect on the inputs and outputs of corporate innovation, a proxy for risky corporate activity, with no corresponding decrease in capital expenditures. Moreover, firms’ innovation shifts towards less risky exploitative patents and away from more risky exploratory patents. Further analysis identifies financial constraints as a potential channel for the negative impact of mandatory risk disclosure on innovation. We address endogeneity concerns through a regression discontinuity design (RDD) which shows that removing mandatory risk disclosure has a positive impact on firm innovation for smaller reporting companies. These results are consistent with theoretical predictions that mandating increased disclosure can have unintended consequences for firms making risky investments, such as innovation.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"50 ","pages":"Article 107292"},"PeriodicalIF":3.3,"publicationDate":"2025-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143463980","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
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