Journal of Accounting and Public Policy最新文献

Blockchain adoption and corporate financial reporting quality

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2024-11-30 DOI: 10.1016/j.jaccpubpol.2024.107265

Ke Liao , Le Lin , Yukun Sun

{"title":"Blockchain adoption and corporate financial reporting quality","authors":"Ke Liao , Le Lin , Yukun Sun","doi":"10.1016/j.jaccpubpol.2024.107265","DOIUrl":"10.1016/j.jaccpubpol.2024.107265","url":null,"abstract":"<div><div>We study the impact of blockchain technology on corporate financial reporting quality based on the staggered implementation of blockchain-based e-invoice systems by provincial and municipal governments in China since 2018. Using a difference-in-differences approach with a sample of listed firms in China from 2016 to 2022, we find that the accrual quality and earnings informativeness improve post-adoption. This treatment effect is more pronounced for firms with more complex operations and those located in technologically advanced and market-oriented environments, but is similar across firms with varying earnings management incentives. Blockchain adoption is associated with fewer error-related accounting restatements, but not with non-error-related restatements or corporate tax avoidance. Furthermore, blockchain adoption is associated with increased stock liquidity, improved analyst forecast consensus, and lower cost of equity. Overall, our results suggest that the blockchain adoption improves corporate financial reporting quality by enhancing accounting function efficiency rather than deterring potential manipulations.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"49 ","pages":"Article 107265"},"PeriodicalIF":3.3,"publicationDate":"2024-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142744392","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

Crowding-out or Calling-out? The influence of mandatory industry-related firm-specific information disclosure on analyst reports 挤出还是叫停？与行业相关的强制性公司特定信息披露对分析师报告的影响

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2024-11-24 DOI: 10.1016/j.jaccpubpol.2024.107266

Hui Liu , Yaxin Song , Long Zhang , Yuhuan Wang

{"title":"Crowding-out or Calling-out? The influence of mandatory industry-related firm-specific information disclosure on analyst reports","authors":"Hui Liu , Yaxin Song , Long Zhang , Yuhuan Wang","doi":"10.1016/j.jaccpubpol.2024.107266","DOIUrl":"10.1016/j.jaccpubpol.2024.107266","url":null,"abstract":"<div><div>To improve the information environment, the Chinese stock exchanges issued mandatory industry-related firm-specific information disclosure (<em>IFID</em>) guidelines for various industries in batches from 2013 to 2021. Utilizing the staggered implementation of <em>IFID</em> guidelines, we apply a staggered difference-in-difference method to assess analysts’ reactions to mandatory <em>IFID</em>. Our analysis, which employs text analysis and machine learning techniques, reveals that mandatory <em>IFID</em> stimulates more industry-related firm-specific information in analyst reports, supporting the calling-out effect of <em>IFID</em> on analyst reports. Furthermore, we document that <em>IFID</em> significantly reduces the text similarity of industry-related information across different analyst reports for the same firm, suggesting that analysts engage in more personalized, in-depth industry-related analyses rather than simply replicating the firm’s disclosed information post-<em>IFID</em>. Additionally, <em>IFID</em> prompts analysts to conduct more on-site visits to gather private information and produce more comprehensive industry-related insights. We also explore various factors that may influence the effectiveness of <em>IFID</em> at the industry, firm, and analyst levels. The heterogeneity test results show that the calling-out effect of <em>IFID</em> on analyst reports is strengthened by lower industry competition, better firm transparency, and higher analyst specialization. Overall, our study demonstrates that mandatory <em>IFID</em> in China improves the information environment by directly compelling listed firms to disclose more industry-related operating information and indirectly encouraging analysts to produce more differentiated and insightful analyses.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"49 ","pages":"Article 107266"},"PeriodicalIF":3.3,"publicationDate":"2024-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704221","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

Consolidation in national accounts: Implications for municipal enterprises 国民账户的合并：对市政企业的影响

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2024-11-01 DOI: 10.1016/j.jaccpubpol.2024.107257

Christina Dargenidou , Marta De Vicente-Lama , Beatriz García Osma

引用次数: 0

Attention to corporate disclosure and earnings Management: Evidence from downloads of SEC filings 对公司信息披露和收益管理的关注：从美国证券交易委员会文件下载中获得的证据

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2024-11-01 DOI: 10.1016/j.jaccpubpol.2024.107264

Jiao Jing , Jeffrey Ng

引用次数: 0

Government spending and CEO equity incentives: Evidence from changes in U.S. Senate committee chairs 政府支出与 CEO 股权激励：来自美国参议院委员会主席变动的证据

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2024-10-26 DOI: 10.1016/j.jaccpubpol.2024.107263

Xuejun Jiang , Jeong-Bon Kim , Louise Yi Lu , Yangxin Yu

{"title":"Government spending and CEO equity incentives: Evidence from changes in U.S. Senate committee chairs","authors":"Xuejun Jiang , Jeong-Bon Kim , Louise Yi Lu , Yangxin Yu","doi":"10.1016/j.jaccpubpol.2024.107263","DOIUrl":"10.1016/j.jaccpubpol.2024.107263","url":null,"abstract":"<div><div>This study examines the impact of government spending on CEO equity incentives. Using changes in U.S. Senate committee chairs as a source of exogenous variation in state-level federal government spending, we find that firms headquartered in a state whose senator becomes a committee chair significantly reduce the convexity of their CEOs’ option-based pay, as captured by portfolio vega. This effect is more pronounced for firms with greater reliance on the government, more geographically concentrated operations, and in states with tighter local labor markets. We further find that in response to a government spending shock, firms actively adjust CEOs’ risk-taking incentives by decreasing CEO vega from annual option grants and decreasing both the number and value of CEOs’ option grants. Additionally, we document a shift in the compensation structure towards increased fixed salary and higher bonus compensation, accompanied by a shorter pay duration. Finally, we show that following the increase in government spending, firms receive more procurement contracts, experience reduced performance volatility, and those providing CEOs with less convex payoffs show lower R&D investment. Overall, our findings suggest that the positive shock to government spending due to a new committee chair reduces a firm’s desired level of risk-taking, which discourages offering risk-taking equity incentives to the CEO.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"48 ","pages":"Article 107263"},"PeriodicalIF":3.3,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142527591","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

Window dressing on bank problem loans: Evidence from natural disaster responses 银行问题贷款的橱窗设计：自然灾害应对的证据

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2024-10-17 DOI: 10.1016/j.jaccpubpol.2024.107262

Seong Jin Ahn , Yong Kyu Gam

引用次数: 0

Does company reputation matter for voluntary disclosure quality? evidence from management earnings forecasts 公司声誉对自愿披露质量有影响吗？

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2024-10-11 DOI: 10.1016/j.jaccpubpol.2024.107259

Ying Cao , Zhan Gao , Linda A. Myers , Thomas C. Omer

{"title":"Does company reputation matter for voluntary disclosure quality? evidence from management earnings forecasts","authors":"Ying Cao , Zhan Gao , Linda A. Myers , Thomas C. Omer","doi":"10.1016/j.jaccpubpol.2024.107259","DOIUrl":"10.1016/j.jaccpubpol.2024.107259","url":null,"abstract":"<div><div>This study explores the association between company reputation and voluntary disclosure quality as proxied by the issuance and characteristics of management earnings forecasts. We follow prior literature and proxy for company reputation using measures based on <em>Fortune Magazine</em>’s “<em>America’s Most Admired Companies</em>” List. We find that companies with higher reputations are more likely to issue earnings forecasts and forecast earnings more frequently. Among companies on the <em>Most Admired</em> List, we also find that earnings forecasts issued by higher-reputation companies are more accurate than those issued by lower-reputation companies. Sensitivity analyses show that the changes in management forecasting behaviors can be attributed to changes in company reputation and are unlikely to result from changes in managerial ability. Our study contributes to the voluntary disclosure literature by identifying a unique factor that motivates companies to disclose better forward-looking information and to the reputation literature by documenting that company reputation impacts information transparency.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"48 ","pages":"Article 107259"},"PeriodicalIF":3.3,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421347","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

An unintended consequence of raising public environmental awareness: Evidence from the release of the environmental documentary “Under the Dome” on earnings management 提高公众环境意识的意外后果：环保纪录片《穹顶之下》的上映对收益管理的影响

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2024-10-11 DOI: 10.1016/j.jaccpubpol.2024.107260

Ning Hu , Yihuan Mao , Liang Tan

{"title":"An unintended consequence of raising public environmental awareness: Evidence from the release of the environmental documentary “Under the Dome” on earnings management","authors":"Ning Hu , Yihuan Mao , Liang Tan","doi":"10.1016/j.jaccpubpol.2024.107260","DOIUrl":"10.1016/j.jaccpubpol.2024.107260","url":null,"abstract":"<div><div>Raising public environmental awareness provides many benefits. However, using an exogenous shock—the unexpected release of the environmental documentary “Under the Dome” in China—we find that raising environmental awareness may have the unintended consequence of distorting firms’ financial reporting behavior. Our difference-in-differences analyses suggest that relative to control firms, polluting firms manage earnings downwards following the release of this documentary. This finding is not driven by underlying performance changes and is robust to a battery of identification tests. We also find that this relation is more pronounced when the treatment firms are located in areas receiving more environmental complaints, areas with higher indices of PM2.5, and areas that are closer to the local environmental protection bureaus. Further, post-event downward earnings management by the treatment firms is associated with higher government subsidies on environmental protection investments, a lower likelihood of receiving government sanctions over environmental violations, and less severe sanctions, all of which indicate real benefits (incentives) for polluting firms to manipulate earnings.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"48 ","pages":"Article 107260"},"PeriodicalIF":3.3,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142420803","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

Managing conflicts of interest in the financial media: Evidence from a natural experiment in China 管理财经媒体中的利益冲突：来自中国自然实验的证据

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2024-10-08 DOI: 10.1016/j.jaccpubpol.2024.107261

Yi Ru , Jian Xue , Qian Zhang

{"title":"Managing conflicts of interest in the financial media: Evidence from a natural experiment in China","authors":"Yi Ru , Jian Xue , Qian Zhang","doi":"10.1016/j.jaccpubpol.2024.107261","DOIUrl":"10.1016/j.jaccpubpol.2024.107261","url":null,"abstract":"<div><div>This paper examines the effect of media regulation aimed at curbing the media’s conflict of interest on news reporting quality and its capital market consequences. Exploiting the large-scale merger and revocation of local reporter stations of Chinese central media outlets as a shock, we document a significant improvement in news reporting quality following the regulation of reporter stations in the province where the firms are located. Cross-sectional analyses show that the effect is stronger when the reporters are ex ante more susceptible to conflicts of interest (i.e., when covering a less transparent firm or stationed farther away from the headquarters, or when the media has closer business relations with the firm). Additionally, after the regulation, the coverage of the treated media is more effective in exposing and raising regulatory awareness of financial fraud, reducing accounting information manipulation, and enhancing market efficiency, consistent with an improvement in firm information environment when covered by media with greater editorial independence. The paper contributes to the research on media in the capital market, and has important practical implications for the healthy development of media outlets.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"48 ","pages":"Article 107261"},"PeriodicalIF":3.3,"publicationDate":"2024-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142420802","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 AOCI filter removal and bank lending in times of stress 取消 AOCI 过滤器与压力时期的银行贷款

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2024-10-01 DOI: 10.1016/j.jaccpubpol.2024.107258

Makafui Anani , Eman Ibrahem Elwasify

{"title":"The AOCI filter removal and bank lending in times of stress","authors":"Makafui Anani , Eman Ibrahem Elwasify","doi":"10.1016/j.jaccpubpol.2024.107258","DOIUrl":"10.1016/j.jaccpubpol.2024.107258","url":null,"abstract":"<div><div>This study examines the extent to which the regulatory accumulated other comprehensive income filter removal affects banks’ lending behavior in times of stress. Using the Covid-19 crisis as an exogenous shock to the liquidity of banks’ securities holdings in a difference-in-differences framework, we find that banks subject to the AOCI filter removal reduce loan growth more (or increase loan growth less), relative to unaffected banks, during the pandemic. Further results show that the effect is more pronounced among affected banks with relatively higher (lower) ex-ante holdings of held-to-maturity (available-for-sale) securities and those with a higher proportion of the most liquid securities booked in HTM rather than AFS, ex-ante, consistent with banks’ filter-induced HTM securities holdings, the prevailing market frictions in the wake of the crisis, and the binding HTM tainting rules potentially constraining credit growth. We also find that affected banks reduce the growth in repo borrowing more (or increase repo growth less) during the pandemic, in line with the filter removal potentially limiting banks’ ability to obtain repo funding in times of stress and/or dampening their willingness to source such facilities. Overall, our results suggest that marking banks’ regulatory capital to the market could suppress credit supply at a time when it is most needed.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"48 ","pages":"Article 107258"},"PeriodicalIF":3.3,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142420801","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