Journal of Business Finance & Accounting最新文献_第4页

The reputational costs of connections to controversial politicians: Evidence from political scandals 与有争议的政治人物建立联系的声誉成本：政治丑闻的证据

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-02-06 DOI: 10.1111/jbfa.12788

Susanne Preuss, Jacco L. Wielhouwer

引用次数: 0

Acquisitions and social capital 收购和社会资本

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-01-31 DOI: 10.1111/jbfa.12787

Hasibul Chowdhury, Ashrafee Hossain, Anand Jha

{"title":"Acquisitions and social capital","authors":"Hasibul Chowdhury, Ashrafee Hossain, Anand Jha","doi":"10.1111/jbfa.12787","DOIUrl":"10.1111/jbfa.12787","url":null,"abstract":"We examine the association between the social capital—social norms that encourage altruism and discourage opportunism—in the state of the firm's headquarters and the acquisitions it makes. We find that the cumulative abnormal return around an acquisition announcement is high when an acquirer is headquartered in a high social capital state in the United States. This effect is robust and incremental to the effect of a firm's corporate social responsibility (CSR) ratings and economically comparable to the effect of corporate governance. The effect of social capital is stronger for firms that have lower CSR ratings, which indicates social capital may act as a substitute for CSR. An additional analysis shows that social capital's effect is stronger in a subsample of firms with weak corporate governance. Acquirers from states with high social capital also demonstrate less hubris in acquiring targets than those from states with low social capital as the evidence of lower bid premiums indicates. Overall, our results show that the social norms that social capital measures mitigate potential agency problems in acquisitions by inducing managers to honor their obligations to shareholders.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 9-10","pages":"2490-2522"},"PeriodicalIF":2.2,"publicationDate":"2024-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139909607","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

Unexpected management forecasts and future stock returns 管理层的意外预测与未来股票回报

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-01-31 DOI: 10.1111/jbfa.12785

Norio Kitagawa, Akinobu Shuto

{"title":"Unexpected management forecasts and future stock returns","authors":"Norio Kitagawa, Akinobu Shuto","doi":"10.1111/jbfa.12785","DOIUrl":"10.1111/jbfa.12785","url":null,"abstract":"This study investigates the effect of managerial discretion regarding initial earnings forecasts on future stock returns for Japanese firms. We estimate the unexpected portion of initial management earnings forecasts (“unexpected forecasts”) based on the findings of fundamental analysis research and define it as a proxy for forecast management. Using this measure, we find that firms with higher unexpected forecasts are related to negative abnormal returns over the subsequent 12 months. By contrast, the expected portion of earnings forecasts is not related to future abnormal returns. These results suggest that the market tends to appropriately price the credible portion of management forecasts, while overpricing the less credible portion. Further analysis reveals that the relationship between unexpected forecasts and future returns is (1) distinct from accruals anomaly, notably (2) in the 6-month return window, (3) in the first half of the sample period (especially in 2005 and 2006), (4) in extreme unexpected forecast news and (5) in a poor information environment. This study extends the literature by focusing on a more desirable research setting in Japan, compared to other studies, to explore management forecasts and present new implications for the market pricing of management earnings forecasts.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 9-10","pages":"2452-2489"},"PeriodicalIF":2.2,"publicationDate":"2024-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12785","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139909599","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

Production flexibility and trade credit under revenue uncertainty 收入不确定情况下的生产灵活性和贸易信贷

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-01-28 DOI: 10.1111/jbfa.12786

Nicos Koussis, Florina Silaghi

{"title":"Production flexibility and trade credit under revenue uncertainty","authors":"Nicos Koussis, Florina Silaghi","doi":"10.1111/jbfa.12786","DOIUrl":"10.1111/jbfa.12786","url":null,"abstract":"In an uncertain economic environment, the ability of firms to adapt their production levels to unforeseen market demand is critical for their investment, financing and trade credit policies. This paper focuses on the impact of production flexibility on trade credit values and maturity in the presence of uncertain demand. We develop a continuous-time real options framework where a buyer firm with capacity constraints orders input goods on credit from a supplier. The supplier optimally chooses the trade credit maturity, considering its influence on the buyer's optimal quantities and default timing. We distinguish between flexible firms, capable of suspending production during adverse conditions, and rigid firms, constrained to constant full-scale production. Our findings reveal that production flexibility positively affects trade credit values and maturity. Flexible firms invest in larger capacity, default later and order larger quantities, resulting in higher trade credit values. Suppliers extend longer maturities to flexible firms, reflecting their higher creditworthiness and the positive effects of extended trade credit on their installed capacity. Furthermore, we explore extensions to our framework, including switching costs, entry timing, interactions between debt and trade credit and a non-cooperative bargaining game.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 9-10","pages":"2371-2409"},"PeriodicalIF":2.2,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12786","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140491162","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

Options trading and firm investment efficiency 期权交易与公司投资效率

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-01-28 DOI: 10.1111/jbfa.12789

Charles Hsu, Junqiang Ke, Zhiming Ma, Lufei Ruan

{"title":"Options trading and firm investment efficiency","authors":"Charles Hsu, Junqiang Ke, Zhiming Ma, Lufei Ruan","doi":"10.1111/jbfa.12789","DOIUrl":"10.1111/jbfa.12789","url":null,"abstract":"We examine the effect of options trading on an optioned firm's investment decisions. We find that active options trading improves an optioned firm's investment efficiency, and that this effect holds under several alternative empirical specifications and identification strategies, including fixed-effects models, different matching methods, an instrumental variable approach, a Granger causality test and a quasi-natural experiment based on the listing decisions of the options exchanges. This relation is mediated by two factors, namely, information asymmetry and uncertainty, consistent with the notion that options trading improves investment efficiency by providing information that facilitates external monitoring and managerial learning. The results of cross-sectional analyses indicate that the effect of options trading on investment efficiency increases with firms’ tendency to overinvest or underinvest, and with managers’ risk-taking and learning incentives. We also demonstrate that the effect of options markets on investment efficiency is distinct from the effect of stock markets. Overall, our findings suggest that options trading plays a nonnegligible role in improving an optioned firm's investment efficiency.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 9-10","pages":"2410-2451"},"PeriodicalIF":2.2,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139910819","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

Manager sentiment and conditional conservatism 管理者情绪和有条件的保守主义

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-01-15 DOI: 10.1111/jbfa.12780

Daniel W. Collins, Nhat Q. Nguyen, Tri T. Nguyen

{"title":"Manager sentiment and conditional conservatism","authors":"Daniel W. Collins, Nhat Q. Nguyen, Tri T. Nguyen","doi":"10.1111/jbfa.12780","DOIUrl":"10.1111/jbfa.12780","url":null,"abstract":"This study examines the effect of manager sentiment on conditional conservatism. Manager sentiment refers to widely held beliefs of financial managers about their firms’ future economic prospects that are not justified by available economic fundamentals. Manager sentiment is likely to affect conditional conservative reporting because the decision to recognize unrealized economic losses in a timely manner flows from financial managers’ beliefs about their firms’ future cash flow prospects. We predict and find that manager sentiment is negatively associated with conditional conservatism, indicating that firms report less conservatively during periods of high manager sentiment (over-optimism) and more conservatively during periods of low manager sentiment (over-pessimism). Moreover, the effects of manager sentiment on conditional conservatism remain strongly negative after controlling for manager overconfidence. We further find that asset write-offs are lower during high sentiment periods but higher in subsequent periods. Importantly, the manager sentiment effect on conservatism is incremental, and the opposite in sign, to the effect of investor sentiment, which has not been demonstrated in prior literature.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 9-10","pages":"2336-2370"},"PeriodicalIF":2.2,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12780","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139498167","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

Local community's social capital and CEO pay duration 当地社区的社会资本与首席执行官的薪酬期限

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-01-08 DOI: 10.1111/jbfa.12781

Zhenjiang Gu, Jeong-Bon Kim, Louise Yi Lu, Yangxin Yu

引用次数: 0

Disclosure specificity: Evidence from book-to-bill ratios 信息披露的特殊性：账面账款比率的证据

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-01-06 DOI: 10.1111/jbfa.12784

Kimball Chapman, Zachary Kaplan, Chase Potter

引用次数: 0

Shareholder voting on golden parachutes: Effective governance or too little too late? 关于金降落伞的股东投票：有效治理还是为时已晚？

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-01-05 DOI: 10.1111/jbfa.12776

Stuart L. Gillan, Nga Q. Nguyen

引用次数: 0

Geographic links and predictable returns 地域联系和可预测的回报

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-01-03 DOI: 10.1111/jbfa.12782

Zuben Jin, Frank Weikai Li

引用次数: 0