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IFRS 7 adoption and bank risk taking 国际财务报告准则》第 7 号的采用与银行风险承担
IF 3.6 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2024-06-07 DOI: 10.1016/j.jaccpubpol.2024.107225
Gerald J. Lobo , Chong Wang , Feng (Harry) Wu
{"title":"IFRS 7 adoption and bank risk taking","authors":"Gerald J. Lobo ,&nbsp;Chong Wang ,&nbsp;Feng (Harry) Wu","doi":"10.1016/j.jaccpubpol.2024.107225","DOIUrl":"https://doi.org/10.1016/j.jaccpubpol.2024.107225","url":null,"abstract":"<div><p>We examine whether and how banks’ risk disclosure relates to their risk taking behavior. Effective from 2007, International Financial Reporting Standards No. 7 (IFRS 7) requires the disclosure of risk arising from financial instruments, which enhances bank risk disclosure. Using a difference-in-differences analysis, we document a significant decrease in bank risk taking following IFRS 7 adoption. This effect is more prominent when accounting rules are more strictly enforced and alternative bank risk constraining means are weak. We also find that after IFRS 7 adoption, banks are more prudent in loan offering that helps reduce risk. Overall, our results are consistent with the market discipline view of bank risk disclosure and underscore IFRS 7′s role in improving financial stability.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"46 ","pages":"Article 107225"},"PeriodicalIF":3.6,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141292233","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
Do U.S. multinationals use income shifting to facilitate and hide corruption? 美国跨国公司是否利用收入转移来协助和掩盖腐败？
IF 3.6 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2024-05-31 DOI: 10.1016/j.jaccpubpol.2024.107213
Paul Demeré , Jeffrey Gramlich , Yoonsoo Nam
{"title":"Do U.S. multinationals use income shifting to facilitate and hide corruption?","authors":"Paul Demeré ,&nbsp;Jeffrey Gramlich ,&nbsp;Yoonsoo Nam","doi":"10.1016/j.jaccpubpol.2024.107213","DOIUrl":"https://doi.org/10.1016/j.jaccpubpol.2024.107213","url":null,"abstract":"<div><p>We investigate whether U.S. multinational companies use income shifting to facilitate and hide corruption activities by examining whether income shifting responds to corruption pressures. We use enforcement actions under the Foreign Corrupt Practices Act (FCPA) as shocks to the costs of direct corruption and find that firms appear to respond to increased costs of direct corruption by shifting income abroad. This corruption-motivated income shifting is more common in industries with greater corruption exposure and among firms with more effective internal controls. We also find evidence that corruption-motivated income shifting acts differently from income shifting for tax avoidance purposes and is difficult for corporate monitors to combat. Overall, our results are consistent with companies using income shifting as an opaque tool for corruption when FCPA enforcement actions curtail more direct forms of corruption.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"46 ","pages":"Article 107213"},"PeriodicalIF":3.6,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141244649","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
Do auditors favor clients with government favoritism? 审计师是否会偏袒有政府恩惠的客户？
IF 3.6 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2024-05-28 DOI: 10.1016/j.jaccpubpol.2024.107215
Yang Xuan , Xingqiang Yin , Joseph H. Zhang
{"title":"Do auditors favor clients with government favoritism?","authors":"Yang Xuan ,&nbsp;Xingqiang Yin ,&nbsp;Joseph H. Zhang","doi":"10.1016/j.jaccpubpol.2024.107215","DOIUrl":"https://doi.org/10.1016/j.jaccpubpol.2024.107215","url":null,"abstract":"<div><p>Governments often grant privileges to particular industries to achieve targeted development, a practice that can be seen as indicative of government favoritism. It is unknown whether auditors take government favoritism into consideration when forming audit opinions. We examine this research question within the context of China, where government favoritism is evident in policies that favor certain industries (GFI) over others (non-GFI). We find that GFI clients are less likely to receive modified audit opinions than non-GFI clients. We then show regulatory support and mitigated going-concern risk as possible explanations for the main result. Auditors exhibit less conservatism (fewer Type I errors) but greater aggressiveness (more Type II errors) when dealing with GFI clients. We also observe that small audit firms acquire regulatory and economic benefits by issuing clean opinions to GFI clients. Overall, this study suggests that government favoritism is critical when auditors form and express their opinions.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"46 ","pages":"Article 107215"},"PeriodicalIF":3.6,"publicationDate":"2024-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141244648","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 information, spillovers, and innovation performance 金融信息、溢出效应和创新绩效
IF 3.6 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2024-05-01 DOI: 10.1016/j.jaccpubpol.2024.107212
Jae B. Kim , Jonghwan (Simon) Kim , KwangJoo Koo
{"title":"Financial information, spillovers, and innovation performance","authors":"Jae B. Kim ,&nbsp;Jonghwan (Simon) Kim ,&nbsp;KwangJoo Koo","doi":"10.1016/j.jaccpubpol.2024.107212","DOIUrl":"https://doi.org/10.1016/j.jaccpubpol.2024.107212","url":null,"abstract":"<div><p>We hypothesize that high-quality financial information can, through its spillovers to peer firms’ strategic decision-making, have an adverse effect on the disclosing firm’s innovation performance. Using the degree of disaggregation in financial reports and patent-based measures to proxy for financial information quality and significance of innovative outputs, respectively, we find that the patented inventions of firms with more disaggregated financial reports are less innovative. We also document that the negative association is more pronounced for firms with more intense product market threats, a situation in which the spillover of more detailed information is costlier. We further validate our argument by documenting that disclosures of more and finer information actually help peers increase innovation activities and investments, consistent with the peers’ effective strategic responses to the disclosing firm’s innovation. Overall, the results from the cross-sectional analysis and validation tests confirm the channel through which more disaggregated financial information can lead to a decline in firm innovation performance. This study contributes to the literatures on information spillovers, economic consequences of financial reporting, proprietary costs of disclosures, and innovation.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"45 ","pages":"Article 107212"},"PeriodicalIF":3.6,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140900896","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
To tell or not to tell? Examining voluntary disclosure of customers’ identities under capital market pressure 说还是不说？研究在资本市场压力下自愿披露客户身份的问题
IF 3.6 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2024-04-22 DOI: 10.1016/j.jaccpubpol.2024.107211
Yue Xu , Guilong Cai , Ting Zhang
{"title":"To tell or not to tell? Examining voluntary disclosure of customers’ identities under capital market pressure","authors":"Yue Xu ,&nbsp;Guilong Cai ,&nbsp;Ting Zhang","doi":"10.1016/j.jaccpubpol.2024.107211","DOIUrl":"https://doi.org/10.1016/j.jaccpubpol.2024.107211","url":null,"abstract":"<div><p>Using China’s short-sell reform as a quasi-natural experiment, we find that firms respond to short-sell pressure by reducing the disclosure of their customers’ identities after controlling for the influence of proprietary costs. The result remains robust after conducting a parallel trends test and a placebo test, and using a propensity score matching approach. Furthermore, non-disclosure becomes more prevalent among firms with highly perceived customer risks and significant discretionary revenues. These findings imply that negative information transmission between economically linked firms and potential agency issues inherent to supplier firms prompt them to withhold customer identity. Finally, a non-disclosing strategy benefits firms by lowering the probability of fraud detection and reducing operating uncertainty. We suggest regulators implement policies to incentivize firms to improve information transparency in the supply chain.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"45 ","pages":"Article 107211"},"PeriodicalIF":3.6,"publicationDate":"2024-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140632695","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
Environmental and university opportunity factors and CPA exam performance 环境和大学机遇因素与注册会计师考试成绩
IF 3.6 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2024-04-10 DOI: 10.1016/j.jaccpubpol.2024.107208
Arya Espahbodi , Hassanali Espahbodi , Linda Espahbodi , Reza Espahbodi , Rosemary Walker , G. Thomas White
{"title":"Environmental and university opportunity factors and CPA exam performance","authors":"Arya Espahbodi ,&nbsp;Hassanali Espahbodi ,&nbsp;Linda Espahbodi ,&nbsp;Reza Espahbodi ,&nbsp;Rosemary Walker ,&nbsp;G. Thomas White","doi":"10.1016/j.jaccpubpol.2024.107208","DOIUrl":"https://doi.org/10.1016/j.jaccpubpol.2024.107208","url":null,"abstract":"<div><p>In this paper, we examine the role that opportunity, epitomized by the level of inequality a candidate faces (e.g., socioeconomic status and segregation) and the quality of the university the candidate attends (e.g., selectivity and type of accreditation), play in Certified Public Accountant (CPA) exam performance. The CPA exam is rigorous and its passage is a requirement for CPA licensure and for advancement in the accounting profession and in business. As such, the CPA constituents are interested in finding ways to improve candidates’ performance on the exam. The results of univariate analysis of CPA exam performance across various demographic and opportunity factors and those of multivariate models indicate that opportunity factors affect exam performance of all candidates and differentially so for the disadvantaged groups.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"45 ","pages":"Article 107208"},"PeriodicalIF":3.6,"publicationDate":"2024-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140539157","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
Cross-border listed firms’ IFRS-based financial reports: Are they comparable? 跨境上市公司基于《国际财务报告准则》的财务报告：它们具有可比性吗？
IF 3.6 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2024-04-09 DOI: 10.1016/j.jaccpubpol.2024.107207
Francesco De Luca , Jenice Prather-Kinsey , Sedat Erdogan , Ho-Tan-Phat Phan
{"title":"Cross-border listed firms’ IFRS-based financial reports: Are they comparable?","authors":"Francesco De Luca ,&nbsp;Jenice Prather-Kinsey ,&nbsp;Sedat Erdogan ,&nbsp;Ho-Tan-Phat Phan","doi":"10.1016/j.jaccpubpol.2024.107207","DOIUrl":"https://doi.org/10.1016/j.jaccpubpol.2024.107207","url":null,"abstract":"<div><p>Variations in the enforcement of International Financial Reporting Standards (IFRS) across legal jurisdictions create skepticism about the degree of financial statement comparability (hereafter, “comparability”) of cross-border-listed (CBL) firms. This study tested whether IFRS financial reports of CBL firms domiciled in different legal environments are comparable. We examined the effects of differences in the legal enforcement of jurisdictions on comparability. We assessed comparability using an output-based method on a sample of CBL firms domiciled in 42 countries. The results do not provide evidence of comparability in the IFRS-based financial reports of different legal environments. The results also indicate that differences in legal enforcement are negatively associated with comparability. We also find evidence that the use of Big Four (Big 4) auditing services by CBL firms provides better comparability than the use of non-Big 4 services. These results suggest that CBL firms supplement country-level deficiencies in mandatory regulatory enforcement with voluntary firm-level structures such as auditor choice.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"45 ","pages":"Article 107207"},"PeriodicalIF":3.6,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140539159","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
Audit committee–CFO political dissimilarity and financial reporting quality 审计委员会与财务总监的政治分歧与财务报告质量
IF 3.6 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2024-04-08 DOI: 10.1016/j.jaccpubpol.2024.107209
Robert Felix , Sattar Mansi , Mikhail Pevzner
{"title":"Audit committee–CFO political dissimilarity and financial reporting quality","authors":"Robert Felix ,&nbsp;Sattar Mansi ,&nbsp;Mikhail Pevzner","doi":"10.1016/j.jaccpubpol.2024.107209","DOIUrl":"https://doi.org/10.1016/j.jaccpubpol.2024.107209","url":null,"abstract":"<div><p>In this study, we investigate the effect of political dissimilarity between the audit committee and the CFO, which captures the underlying differences in risk and novelty preferences between these parties, on financial reporting quality. We find that audit committee–CFO political dissimilarity is associated with a lower likelihood of financial misstatements and abnormal accruals. This effect is stronger for firms operating in more uncertain and complex environments, those that narrowly meet or beat analyst consensus forecasts, and those with less powerful CFOs. Audit committee–CFO political dissimilarity is also associated with fewer material weaknesses and a lower likelihood of having “small” profits. Further testing suggests the dissimilarity–financial reporting quality relation is salient in settings within the purview of the audit committee where decisions are inherently complex, can be subjective, and are more likely to be associated with disagreements with management, such as goodwill impairments and tax avoidance.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"45 ","pages":"Article 107209"},"PeriodicalIF":3.6,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140535449","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
Narrative R&D disclosure and insider trading profitability: Evidence from China 研发信息披露与内幕交易盈利能力：来自中国的证据
IF 3.6 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2024-04-06 DOI: 10.1016/j.jaccpubpol.2024.107210
Wan Huang , Qingwen Liang
{"title":"Narrative R&D disclosure and insider trading profitability: Evidence from China","authors":"Wan Huang ,&nbsp;Qingwen Liang","doi":"10.1016/j.jaccpubpol.2024.107210","DOIUrl":"https://doi.org/10.1016/j.jaccpubpol.2024.107210","url":null,"abstract":"<div><p>This paper investigates how narrative R&amp;D disclosures affect firms’ information asymmetry from the perspective of insider trading profitability. Inconsistent with the traditional information economics theory that information disclosure can alleviate information asymmetry, we find robust evidence that insiders in firms with more narrative R&amp;D disclosures gain significantly greater returns from their stock selling, but this positive relation is attenuated when the readability of R&amp;D-related texts is higher. We examine two potential channels through which more narrative R&amp;D disclosures increase information asymmetry, thus creating opportunities for insiders to trade profitably. One is managers’ obfuscation disclosure of narrative R&amp;D information due to proprietary costs, and the other is the high information processing costs associated with the technical nature of R&amp;D information. We also find that good corporate governance mechanisms can weaken the positive association between narrative R&amp;D disclosure and insider trading profitability. In further analysis, we provide evidence that more narrative R&amp;D disclosures indeed exert high information processing costs for investors and provide opportunities for insiders to trade more before bad news arrives. Overall, our research sheds light on the dark side of narrative R&amp;D disclosure on firms’ information environment from the perspective of insider trading.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"45 ","pages":"Article 107210"},"PeriodicalIF":3.6,"publicationDate":"2024-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140535450","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
Foreign exchange risk and audit pricing: Evidence from U.S. multinational corporations 外汇风险与审计定价：来自美国跨国公司的证据
IF 3.6 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2024-04-04 DOI: 10.1016/j.jaccpubpol.2024.107196
Yuyuan Chang , Yangyang Fan , Lixin Nancy Su
{"title":"Foreign exchange risk and audit pricing: Evidence from U.S. multinational corporations","authors":"Yuyuan Chang ,&nbsp;Yangyang Fan ,&nbsp;Lixin Nancy Su","doi":"10.1016/j.jaccpubpol.2024.107196","DOIUrl":"https://doi.org/10.1016/j.jaccpubpol.2024.107196","url":null,"abstract":"<div><p>Foreign exchange volatility challenges auditors for not only demanding more audit efforts but also imposing heightened audit risk. We first show foreign exchange risks increase cash flow uncertainty and reduce financial reporting quality, supporting our premise that foreign exchange risks increase audit risk. Next, we find audit fees are higher for MNCs with greater exposure to foreign exchange volatility, but not when MNCs use financial hedging against foreign exchange risk. Furthermore, we show that the impact of foreign exchange risk on audit fees is attenuated by auditor MNC expertise, auditor busyness, and MNC’s operation diversity, whereas the impact is exacerbated for companies facing high pressure to avoid missing earnings targets and for auditors with high market concentration. Overall, our study provides novel evidence of the implications of MNCs’ exposure to foreign exchange risk on financial reporting and auditing, thereby enriching our understanding of MNCs.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"45 ","pages":"Article 107196"},"PeriodicalIF":3.6,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140345408","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
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