Journal of Accounting and Public Policy最新文献

{"title":"Executive compensation horizon incentives, performance targets, and auditor risk assessment","authors":"Qiyuan (Rachel) Peng ,&nbsp;Padmakumar Sivadasan ,&nbsp;Rui-Zhong (R.Z.) Zhang","doi":"10.1016/j.jaccpubpol.2023.107121","DOIUrl":"10.1016/j.jaccpubpol.2023.107121","url":null,"abstract":"<div><p>Shorter compensation duration can induce executives to act myopically and manage earnings to boost short-term firm performance. Such earnings management activities increase financial statement misstatement risk and, therefore, audit risk. Using audit fees as a proxy for auditors’ risk assessments, we investigate whether auditors consider executives’ compensation horizon incentives in assessing audit risk. We find that shorter executive compensation duration is associated with higher audit fees. However, auditors also consider other elements of the executive compensation contract when assessing audit risk. Specifically, we find that when executive compensation includes performance-vesting grants, auditors pay less attention to compensation duration and perceive companies that meet or just beat performance targets as riskier (and thus charge them higher fees). Overall, our findings suggest that auditors adopt a nuanced approach to the audit risks posed by executive compensation contracts.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135249174","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}

{"title":"Enforcement and disclosure","authors":"Benedikt Franke ,&nbsp;Dirk Simons","doi":"10.1016/j.jaccpubpol.2023.107131","DOIUrl":"10.1016/j.jaccpubpol.2023.107131","url":null,"abstract":"<div><p>Absent sufficient enforcement, disclosure regulations are often seen as inconsequential. However, enforcement could have unintended effects on firms' incentives to disclose information voluntarily. We develop a model to analyze the impact of enforcement on firms' mandatory and voluntary disclosure behavior. The model can accommodate different disclosure and enforcement regimes depending on its parameters, ranging from voluntary disclosure under stochastic information endowment to disclosure under an enforcement regime with punitive damages. In the generalized version, low-value firms disclose under a mandatory disclosure rule, medium-value firms do not disclose (some legally, some illegally), and high-value firms disclose voluntarily. Stronger enforcement does indeed increase the number of firms complying with the regulation. However, it also crowds out voluntary disclosure by making separation less attractive, resulting in a decrease in transparency overall. Nevertheless, stronger enforcement does still lead to positive capital market effects, such as lower mispricing. When we endogenize disclosure regulation, i.e., determine the rule according to firms' preferences, there exists a unique standard where no majority prefers a marginal change to the regulation, and that increases in enforcement.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41915739","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}

{"title":"A concave relation between equity-based incentives and misreporting","authors":"Jae Hwan Ahn ,&nbsp;Syed Zulfiqar Ali Shah ,&nbsp;Gitae Park","doi":"10.1016/j.jaccpubpol.2023.107134","DOIUrl":"10.1016/j.jaccpubpol.2023.107134","url":null,"abstract":"<div><p>A fraud mechanism, where managers inflate stock prices via misreporting for post-misreporting insider trading, is well captured by the delta of their equity portfolio. But a widely accepted view in the literature is that the impact of delta on misreporting is unclear because delta-related rewards (e.g., gains from insider trading) and risks (e.g., detection of fraud) likely offset each other. In this paper, we predict and find a concave association between managers’ portfolio delta and misreporting propensity, and the misreporting curve’s changing maximum points depending on the levels of various risk and reward factors. Our results are consistent with managers who reduce opportunistic misreporting at a higher level of equity incentives to avoid the increasing marginal costs of misreporting.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46358742","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}

{"title":"Using relevant headings in risk factor disclosures: What is the impact on information processing?","authors":"Feiqi Huang ,&nbsp;Tawei Wang ,&nbsp;Ju-Chun Yen","doi":"10.1016/j.jaccpubpol.2023.107123","DOIUrl":"10.1016/j.jaccpubpol.2023.107123","url":null,"abstract":"<div><p>This paper empirically examines whether using relevant headings to categorize risk factors in Item 1A of Form 10-K can enhance its readability and thus facilitate investors’ understanding. Using a sample of S&amp;P 1500 firms from 2017 to 2019, we find that post-filing abnormal returns and abnormal bid–ask spreads are lower for firms that use headings in Item 1A than for those that do not. We also find that these associations are stronger when filings have low readability, when the firm has higher financial risk, and when there is higher content concentration in risk factors under the same heading. Given that Regulation S-K was amended in 2020 to mandate categorizing risk factors under relevant headings, our findings provide policy implications by showing that such categorization helps investors to navigate risk factor disclosures and, thus, improves their process of comprehending information.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46224861","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}

{"title":"Nonprofit accounting conservatism","authors":"Jennifer L.M. Altamuro ,&nbsp;Erica E. Harris","doi":"10.1016/j.jaccpubpol.2023.107132","DOIUrl":"10.1016/j.jaccpubpol.2023.107132","url":null,"abstract":"<div><p>In this study we examine whether U.S. nonprofit organizations engage in conservative financial reporting, and whether conservatism has an impact on future donations. Employing the model developed by <span>Ball and Shivakumar (2005)</span><span> for non-public companies, coupled with a sample of over 72,000 industry diverse nonprofit-years, we find evidence consistent with nonprofit firms, on average, reporting conservatively. Further, when we consider stakeholder demand for financial reports, we find that organizations that receive sizable government funding report more aggressively, consistent with a reduced demand for financial statement information. We also consider whether nonprofit managers have incentives to report conservatively, and document that organizations providing bonuses or perquisites to their executives report more aggressively. Finally, we study whether donors value conservative reporting and find that organizations that report conservatively are associated with higher future contributions. We believe these findings will be of great interest to managers, regulators, and those that engage in academic research in this important sector of our economy.</span></p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44139590","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}

{"title":"The JOBS Act and IPO issuance rate","authors":"Mengyao Cheng","doi":"10.1016/j.jaccpubpol.2023.107120","DOIUrl":"10.1016/j.jaccpubpol.2023.107120","url":null,"abstract":"<div><p>This study extends prior studies by examining both issued and publicly withdrawn IPOs to assess the effect of the Jumpstart Our Business Startups Act (JOBS Act) of 2012. Results indicate that the JOBS Act increases IPO issuance rate during the public filing stage, and confidential filings, “Testing-the-Waters”, and reduced disclosures provisions all contribute to this effect. The JOBS Act weakens the sensitivity of IPO issuance to stock market fluctuations, and the effect is due to reduced disclosure provisions. As proprietary costs increase, the adverse effect of the JOBS Act on post-IPO delisting risk becomes greater, and this interactive effect is mainly due to the reduced disclosure provisions. Overall, the findings provide additional evidence for evaluating the effect of the JOBS Act on IPO outcomes.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47302890","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}

{"title":"Logistic system: costs, tools and perspectives","authors":"Vasyl Zdrenyk, Nataliya Kotys, Audronė Žemeckė-Milašauskė","doi":"10.26642/ppa-2023-1(7)-3-8","DOIUrl":"https://doi.org/10.26642/ppa-2023-1(7)-3-8","url":null,"abstract":"The article focuses on the growing role and importance of logistics in economic systems. The concept of \"logistic system\" is investigated.  The basic structural components of the logistic system, their interrelationships and functions are outlined. The article presents different approaches to defining the concept of \"logistic costs\" and analyzes different types of logistic costs. Additionally, the article reveals the factors that influence the formation of logistic costs and suggests the ways to minimize the costs of logistic activities. The expediency of using modern logistic tools, such as automation, digitization and artificial intelligence, and the introduction of new technologies in the logistic activities of enterprises is also substantiated. The article outlines the trends and prospects for the development of national logistic systems and proposes the measures aimed at improving the logistic activities of enterprises.","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75346784","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}

{"title":"Tax policy in the context strengthening the national security of Ukraine","authors":"K. Klymenko, Nataliia Ukhnal, N. Semenyshena","doi":"10.26642/ppa-2023-1(7)-9-16","DOIUrl":"https://doi.org/10.26642/ppa-2023-1(7)-9-16","url":null,"abstract":"In the article, the authors substantiated the need to reform and improve the efficiency of tax policy to ensure national financial and economic security. It has been determined that the main problems of tax policy, taking into account the introduction of martial law, hinder the development of entrepreneurial activity, lead to a decrease in production, a decrease in investment in the national economy, a reduction in incomes of the population, an increase in defense spending and state debt due to dependence on foreign aid and loans, which in general, it can lead to a decrease in the country's defense capability and security, in particular, its financial sovereignty. The importance of adopting the law of Ukraine \"On Amendments to the Tax Code of Ukraine and other legislative acts of Ukraine on the implementation of the international standard for automatic exchange of information on financial accounts\", part of the implementation of the BEPS plan (measures to counteract the erosion of the taxable base and the removal of profits from taxation), developed by organization of the OECD and aimed at ensuring that the competent authorities have access to this information in order to effectively identify undeclared income of tax residents outside the countries and control the correctness of declaring income and paying taxes, which in turn will contribute to the proper fulfillment by our state of international obligations on the exchange of information. for tax purposes provided for by the current double taxation conventions, the Convention on Mutual Administrative Assistance in Tax Matters, the CRS Multilateral Agreement and the implementation of the best international policies and practices in this area. The authors of the article also consider the importance of international cooperation to improve the efficiency of tax policy, in particular, in the area of concluding tax agreements and openness of tax registries. Gaining access to tax registries contributes to the fight against the shadow economy and crime, as it will allow you to control financial transactions and identify undeclared income. In particular, the conclusion of tax agreements between countries can reduce double taxation and stimulate the investment climate. \u0000It is revealed that undeclared economic activity, which is one of the forms of the shadow economy, and the lack of effective control over compliance with tax laws, leads to an increase in tax losses, which in turn affects the financial stability of the state. The importance of developing and implementing an effective tax administration system in the context of the National Revenue Strategy (which is one of the “structural beacons” declared in the Memorandum on Economic and Financial Policy with the IMF, which will avoid tax evasion, reduce the risks of financial instability and ensure stable growth in revenues) is noted. to the state budget It is noted that the successful implementation of the tax policy reform requires responsibility on ","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86229253","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}

{"title":"State management and financial support of innovations: the example of Ukraine","authors":"O. Radchenko","doi":"10.26642/ppa-2023-1(7)-22-40","DOIUrl":"https://doi.org/10.26642/ppa-2023-1(7)-22-40","url":null,"abstract":"The article discusses the current trends in innovation in Ukraine, their financial support and features of public management on the example of the defense and agricultural sectors, which are vital in the field of national security. The goal is to study the impact of new economic realities caused by systemic reforms and crisis processes on the innovative development of Ukraine in order to substantiate promising areas of innovative national security in terms of highlighting the conceptual foundations of financial support for innovation as a component of Ukraine's national security. To achieve the goals of the study, scientific tasks are defined: analysis of the regulatory regulation of state investment management, statistical analysis of financing costs and correlation analysis of macro indicators, the policy of forming an innovative economy in the countries of the world, industry specifics of individual sectors of national security. Methodological tools used in the research are methods of economic theory, the method of comparisons and statistical analysis for the disclosure of innovative analysis and its components; formalization method for work on direct strategic development. According to the analysis of the dynamics of funding of scientific and scientific and technical activity during 2010-2020, an increase in the specific weight of external funds, other sources and, accordingly, a decrease in the specific weight of budget financing, domestic and foreign customers, which calculated the results of the core of the innovative ratings of the country. The data of the econometric analysis of 2010-2021 show the dependence of the view on innovations and the increase of the main macroeconomic indicators. This will be confirmed by the ranking positions for the global innovation index. Foreign experience was analyzed and recommendations are made for its possible application in the national economy. Research will contribute to the further development, emphasis and coordination of governmental and international programs for innovative development being developed for it. The results of the study may be useful for the formation of a strategy for the innovative development of individual industries.","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73895741","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}

{"title":"Analysis and analytical methods in the planning system of health care institutions","authors":"S. Sysiuk, Vasyl Kyryk, M. Timchev","doi":"10.26642/ppa-2023-1(7)-41-46","DOIUrl":"https://doi.org/10.26642/ppa-2023-1(7)-41-46","url":null,"abstract":"In the article, a critical assessment of the planning system in the field of health care in modern conditions was carried out, a list of plans and their relationship with the management of the activities of a medical institution were identified. It is proposed to strengthen the adaptability of plans to the requirements of the management system; the principles of improvement of the plans were formed (in terms of their standardization and content content). On the basis of the method of generalization and critical analysis, the main problem areas in planning have been identified, for which the application of analysis and its methods will be a reasonable solution. Attention is focused on areas of improvement and the planning algorithm in accordance with the developed author's approach. The development of such an approach is based on an assessment and analysis for the purpose of identifying problems in planning. Thanks to these methods, a study of the indicators of financial provision of health care was also carried out, directions for solving management tasks were formed in terms of improving planning and analytical work. Synthesis, grouping, generalization, comparison was used to identify directions and improve the planning methodology algorithm, including by applying analytical methods in its implementation. \u0000Due to this, using tabular and graphic methods, formalization, an approach to conducting a comprehensive assessment of the current state of activity and resources of the health care entity was formed, and its main stages were described and the necessary comparative indicators were determined. Implementation of the proposed approach makes it possible to improve planning in health care and contributes to the development of real and objective plans for the activities of medical institutions.","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88229481","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}