Journal of Accounting and Public Policy最新文献

Stakeholder perceptions of tax transparency: evidence from GRI 207 利益相关者对税收透明度的看法：来自GRI 207的证据

IF 2.2 3区管理学

Journal of Accounting and Public Policy Pub Date : 2026-05-01 Epub Date: 2026-05-06 DOI: 10.1016/j.jaccpubpol.2026.107439

Inga Hardeck , Olivia Hohlwegler , Kerry K. Inger , Rebekah D. Moore

{"title":"Stakeholder perceptions of tax transparency: evidence from GRI 207","authors":"Inga Hardeck , Olivia Hohlwegler , Kerry K. Inger , Rebekah D. Moore","doi":"10.1016/j.jaccpubpol.2026.107439","DOIUrl":"10.1016/j.jaccpubpol.2026.107439","url":null,"abstract":"<div><div>We investigate stakeholder perceptions of events leading up to the introduction of the first standard for tax-related sustainability reporting, Global Reporting Initiative (GRI) 207. Issued by the Global Sustainability Standards Board, GRI is the dominant framework worldwide for voluntary sustainability reporting. First, we examine the perceptions of a broad group of stakeholders by analyzing comment letter responses to the GRI 207 exposure draft, finding that a majority of these responses support the standard and highlight increasing demand for tax transparency. Next, we focus on preparers of tax transparency reports by conducting qualitative interviews. Interviewees commented on the increasing pressure to provide tax information and concerns about implementation and proprietary costs, as well as skepticism about the benefits. Finally, we use an event study to examine investor perceptions in which we document significant negative average cumulative abnormal returns surrounding events surrounding the adoption of GRI 207 for a sample of European GRI-reporting firms. We interpret this result as evidence that investors perceive the net costs of tax transparency under the new standard to be greater than the benefits. Our findings reveal varying viewpoints on the benefits and costs of tax transparency, while underscoring the broader public-interest implications for policy and professional practice.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"57 ","pages":"Article 107439"},"PeriodicalIF":2.2,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147858273","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

Empirical implications of a one-size-fits-all deleveraging policy from the perspective of operating cash flow quality 经营性现金流质量视角下“一刀切”去杠杆政策的实证意义

IF 2.2 3区管理学

Journal of Accounting and Public Policy Pub Date : 2026-05-01 Epub Date: 2026-05-05 DOI: 10.1016/j.jaccpubpol.2026.107438

Kaiying Ji , Xuezhi Shi , Deren Xie

{"title":"Empirical implications of a one-size-fits-all deleveraging policy from the perspective of operating cash flow quality","authors":"Kaiying Ji , Xuezhi Shi , Deren Xie","doi":"10.1016/j.jaccpubpol.2026.107438","DOIUrl":"10.1016/j.jaccpubpol.2026.107438","url":null,"abstract":"<div><div>This study examines the impact of China’s one-size-fits-all mandatory deleveraging policy on the levels and quality of firms’ cash flow from operations (CFO). Using a difference-in-differences design and data on listed firms from 2012 to 2019, we examine how the policy influences CFO levels, persistence, and informativeness. We find that while mandatory deleveraging is associated with an average improvement in future CFO levels and informativeness among highly leveraged firms, this aggregate effect masks substantial heterogeneity in firm responses. For highly leveraged outperforming firms, the policy is associated with lower future CFO levels and a deterioration in both CFO persistence and informativeness. These firms appear to comply with deleveraging mandates primarily by reducing operating liabilities, particularly accounts payable and unearned revenue, which lengthens their cash conversion cycles. Cross-sectional analyses further show that the adverse effects are more pronounced among state-owned enterprises (SOEs), smaller firms, and firms without bank affiliations. These findings highlight the heterogeneous consequences of uniform deleveraging mandates and underscore the importance of considering liability composition and firm performance when designing macroprudential regulation.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"57 ","pages":"Article 107438"},"PeriodicalIF":2.2,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147858272","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

Comparability over time: XBRL tag changes and analyst forecast behavior 随时间变化的可比性：XBRL标签变化和分析师预测行为

IF 2.2 3区管理学

Journal of Accounting and Public Policy Pub Date : 2026-05-01 Epub Date: 2026-04-27 DOI: 10.1016/j.jaccpubpol.2026.107437

Feiqi Huang , Tawei Wang , Ju-Chun Yen

引用次数: 0

Mandated joint audits: are two auditors better than one? 授权联合审计：两个审计师比一个好吗？

IF 2.2 3区管理学

Journal of Accounting and Public Policy Pub Date : 2026-03-01 Epub Date: 2026-01-16 DOI: 10.1016/j.jaccpubpol.2025.107399

Pallab K. Biswas , David H. Lont , Stephani A. Mason , Kevin P. McMeeking , Carol Pomare

{"title":"Mandated joint audits: are two auditors better than one?","authors":"Pallab K. Biswas , David H. Lont , Stephani A. Mason , Kevin P. McMeeking , Carol Pomare","doi":"10.1016/j.jaccpubpol.2025.107399","DOIUrl":"10.1016/j.jaccpubpol.2025.107399","url":null,"abstract":"<div><div>The Competition and Markets Authority (CMA) in the United Kingdom called for the nation’s largest accounting firms to conduct mandatory joint audits of FTSE 350 companies to enhance audit competition, reduce market concentration, and improve audit quality. Using a large sample of European companies, this study estimates the impact of the proposed regulation, leveraging the long-standing mandatory joint audit requirement for French companies and more recent legislation in other European jurisdictions. We empirically examine the influence of joint audits on audit fees, Going Concern Opinions (GCO), and audit risk. We find that higher audit fees for French companies with mandatory joint audits coincide with reduced audit risk, which we theorize is a primary benefit of the regulation. Our tests support the hypothesis that higher joint audit fees reflect additional effort and improved audit quality. We also corroborate this finding in the context of audit quality, using an auditor’s propensity to issue a GCO as a proxy. Our evidence supports the theory that joint audits improve audit quality by reducing audit risk.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"56 ","pages":"Article 107399"},"PeriodicalIF":2.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145969387","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

What affects the inconsistency between KAMs and CAMs? Evidence from cross-listed firms 是什么影响了kam和cam之间的不一致性？来自交叉上市公司的证据

IF 2.2 3区管理学

Journal of Accounting and Public Policy Pub Date : 2026-03-01 Epub Date: 2026-01-27 DOI: 10.1016/j.jaccpubpol.2026.107402

Limei Che , Wuchun Chi , Yi-Ping Liao , Hunghua Pan

{"title":"What affects the inconsistency between KAMs and CAMs? Evidence from cross-listed firms","authors":"Limei Che , Wuchun Chi , Yi-Ping Liao , Hunghua Pan","doi":"10.1016/j.jaccpubpol.2026.107402","DOIUrl":"10.1016/j.jaccpubpol.2026.107402","url":null,"abstract":"<div><div>This study examines the factors that may affect the inconsistency between key audit matters (KAMs) and critical audit matters (CAMs) of European listed firms that are also publicly traded in the U.S. (i.e., cross-listed firms). These firms are required to disclose KAMs in Europe and CAMs in the U.S., and we focus on those issuing IFRS financial statements in both jurisdictions. Given that auditors are accountable to multiple stakeholders, their decisions on audit matter disclosure may be influenced by various factors, potentially resulting in consistent or inconsistent KAM and CAM reporting. Accountability theory suggests that auditors tend to adopt cautious strategies to justify their decisions. The primary objective of this study is to investigate the impact of three key factors—firm litigation risk, audit partner gender, and analyst coverage—on the inconsistency between KAMs and CAMs of European cross-listed firms. Our regression analyses show that firms with higher litigation risk, female partners, and greater analyst coverage exhibit lower levels of inconsistency. This study also provides descriptive statistics to illustrate the influences of broader factors—such as auditing standards and reporting practices in the U.S. and Europe—on audit matter disclosure. To the best of our knowledge, this study is the first to document the impact of firm litigation risk, audit partner gender, and analyst coverage on auditors’ KAM and CAM reporting for cross-listing firms. The findings contribute to the literature on expanded audit disclosures and can inform the ongoing debate on public policy related to enhanced audit reporting.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"56 ","pages":"Article 107402"},"PeriodicalIF":2.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079611","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

On the valuation and informational roles of investor horizons 论投资者视野的估值与信息作用

IF 2.2 3区管理学

Journal of Accounting and Public Policy Pub Date : 2026-03-01 Epub Date: 2026-01-19 DOI: 10.1016/j.jaccpubpol.2026.107403

Xue Jia

引用次数: 0

Is risk disclosure in banks’ pillar 3 reporting informative? Analyzing tone consistency with annual reports 银行第三支柱报告中的风险披露是否具有信息性？分析语气与年度报告的一致性

IF 2.2 3区管理学

Journal of Accounting and Public Policy Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.jaccpubpol.2025.107395

Anne d’Arcy , Minyue Dong , Michael Rockinger , Huajuan Yuan

{"title":"Is risk disclosure in banks’ pillar 3 reporting informative? Analyzing tone consistency with annual reports","authors":"Anne d’Arcy , Minyue Dong , Michael Rockinger , Huajuan Yuan","doi":"10.1016/j.jaccpubpol.2025.107395","DOIUrl":"10.1016/j.jaccpubpol.2025.107395","url":null,"abstract":"<div><div>This study evaluates the informativeness of tone in risk disclosures by examining tone (in-)consistency between two key sources of bank reporting: regulatory reports under the Pillar 3 framework (P3) and annual reports prepared according to IFRS. Using a sample of European banks from 2008 to 2021, the results show that qualitative risk disclosures in P3 reports are informative for assessing banks’ current capital adequacy and serve as a benchmark to evaluate the signals in annual reports. When the tone of P3 reports shifts positively, a consistently positive tone change in annual reports enhances the informativeness of P3 disclosures. Conversely, when the tone of P3 reports shifts negatively, an inconsistent optimistic tone change in annual reports obfuscates the informativeness of P3 disclosures. These effects are influenced by the 2015 standardization of P3 reporting and the supervision role of central banks. The findings provide the first evidence of the incremental role of narrative P3 reporting in enhancing overall disclosure informativeness beyond annual reports, highlighting asymmetric signals of tone (in-)consistency across different channels of risk disclosure.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"56 ","pages":"Article 107395"},"PeriodicalIF":2.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146039842","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 strategies for management earnings forecasts: insights from the corporate life-cycle perspective 管理层盈余预测的披露策略：来自企业生命周期视角的洞察

IF 2.2 3区管理学

Journal of Accounting and Public Policy Pub Date : 2026-03-01 Epub Date: 2026-02-05 DOI: 10.1016/j.jaccpubpol.2026.107409

Tanzila M. Upama , Jian Cao , Yun Cheng , Steve Lin

{"title":"Disclosure strategies for management earnings forecasts: insights from the corporate life-cycle perspective","authors":"Tanzila M. Upama , Jian Cao , Yun Cheng , Steve Lin","doi":"10.1016/j.jaccpubpol.2026.107409","DOIUrl":"10.1016/j.jaccpubpol.2026.107409","url":null,"abstract":"<div><div>This study examines how firms adjust their disclosure strategies for quarterly management earnings forecasts (hereafter, ‘earnings guidance’) across the several stages of the corporate life cycle. We find that firms are more likely to initiate earnings guidance during the growth stage and maintain it through the mature stage, whereas firms in the introduction, shakeout, and decline stages are more likely to withhold or discontinue offering such guidance. Such a reversal in guidance behavior across life-cycle stages reflects changes in the relative benefits and costs of disclosure. Growth firms demonstrate greater accuracy and credibility in their earnings guidance, effectively guiding analysts toward beatable earnings targets. In contrast, firms in the introduction and decline stages exhibit characteristics associated with lower benefits and higher costs for issuing guidance, including reduced accuracy in meeting their own targets and limited success in aligning with analysts’ earnings expectations. Further analysis shows that the market reacts more strongly to forecasts from growth firms, which are perceived as more credible and result in narrower bid-ask spreads. Overall, our findings highlight the life-cycle effect of firms’ voluntary disclosure strategies.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"56 ","pages":"Article 107409"},"PeriodicalIF":2.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146190065","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

Financial statement comparability and qualitative disclosures 财务报表可比性和质量披露

IF 2.2 3区管理学

Journal of Accounting and Public Policy Pub Date : 2026-03-01 Epub Date: 2026-02-20 DOI: 10.1016/j.jaccpubpol.2026.107418

Ankit Jain , Oveis Madadian

{"title":"Financial statement comparability and qualitative disclosures","authors":"Ankit Jain , Oveis Madadian","doi":"10.1016/j.jaccpubpol.2026.107418","DOIUrl":"10.1016/j.jaccpubpol.2026.107418","url":null,"abstract":"<div><div>We examine how low financial statement comparability with industry peers affects textual disclosures—specifically length, complexity, forward-looking content, and hard information (presented by the number of tables)—in the Management Discussion and Analysis (MD&A) and in the notes to the financial statements of 10-K filings. We find that lower comparability with industry peers is associated with higher information quantity and complexity in the MD&A and the notes to the financial statements. Moreover, we discover that the quantity of forward-looking information in the MD&A, as well as numerical information in the notes to the financial statements, is higher when financial statement comparability is lower. Capital market tests show that adjusted disclosures are associated with reduced information asymmetry between managers and investors, greater analyst following, and lower analyst dispersion. Furthermore, lower financial statement comparability is associated with a higher frequency of voluntary disclosures and a higher quantity of disclosures in 8-K filings. Overall, our findings support the argument that, when financial statement comparability is low and, consequently, information asymmetry between firms and market participants is heightened, managers adjust their textual disclosures to reduce information asymmetry.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"56 ","pages":"Article 107418"},"PeriodicalIF":2.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147421251","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 shadows of politicians with prior CEO experience: Evidence from corporate investment efficiency in China 有CEO经验的政客的影子：来自中国企业投资效率的证据

IF 2.2 3区管理学

Journal of Accounting and Public Policy Pub Date : 2026-03-01 Epub Date: 2026-02-19 DOI: 10.1016/j.jaccpubpol.2026.107420

Yibo Huang , Yan Jiang , Jiaxin Wang

{"title":"The shadows of politicians with prior CEO experience: Evidence from corporate investment efficiency in China","authors":"Yibo Huang , Yan Jiang , Jiaxin Wang","doi":"10.1016/j.jaccpubpol.2026.107420","DOIUrl":"10.1016/j.jaccpubpol.2026.107420","url":null,"abstract":"<div><div>One in seven Chinese politicians has prior CEO experience, governing jurisdictions that account for about thirty percent of listed firms. This study investigates the impact of municipal politicians with prior CEO experience (PCEs) on corporate investment decisions. We find that the presence of PCEs is associated with lower corporate investment efficiency. This inefficiency is particularly pronounced when PCEs have longer prior CEO tenures, come from larger firms or industries with a stronger local presence, originate from private firms, or face stronger promotion incentives and greater political power. Additional analyses indicate that PCE-led cities exhibit higher GDP growth, and PCEs are more likely to be promoted than their counterparts without CEO experience. While firms in PCE-led cities benefit from increased financial support, such as government subsidies and loans, their long-term financial performance deteriorates. Collectively, this study provides systematic evidence that local officials strategically leverage their professional expertise to stimulate economic growth, but at the cost of corporate investment efficiency.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"56 ","pages":"Article 107420"},"PeriodicalIF":2.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147421250","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