Journal of Business Finance & Accounting最新文献_第6页

Global outsourcing and voluntary disclosure 全球外包和自愿披露

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2023-12-08 DOI: 10.1111/jbfa.12773

Lili Dai, Rui Dai, Lilian Ng, Zihang Peng

引用次数: 0

Information or pressure? The effect of director experience on CEO CSR compensation adoption and design 信息还是压力？董事经验对首席执行官企业社会责任薪酬采纳和设计的影响

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2023-12-08 DOI: 10.1111/jbfa.12767

Zhengyu Li, Lu Yang

{"title":"Information or pressure? The effect of director experience on CEO CSR compensation adoption and design","authors":"Zhengyu Li, Lu Yang","doi":"10.1111/jbfa.12767","DOIUrl":"10.1111/jbfa.12767","url":null,"abstract":"We investigate the impact of director experience in integrating social responsibility criteria into CEO compensation (corporate social responsibility [CSR] contracting) in other firms on the adoption and design of CSR contracting within focal firms and address the question of whether such experience brings information or pressure to focal firms. Using hand-collected data of a sample from the Standard and Poor's (S&P) 500 index, we find that director experience is positively associated with the likelihood of CSR contracting adoption. This effect is particularly pronounced in challenging situations where firms require more information for the adoption, such as when they have diverse stakeholders with varying CSR interests and operate in unpredictable market environments. Additionally, director experience has a positive effect on the use of quantitative CSR targets in initial contract design, especially in these challenging scenarios. Interestingly, the positive effect of director experience on CSR contracting adoption does not vary with firms’ peer legitimacy pressure. Our findings suggest that director CSR contracting experience provides valuable information that fosters learning rather than imposing institutional pressure that leads to isomorphism when firms make CSR contracting decisions. By disentangling the intertwined role of director experience, our research offers insights into how it influences the adoption and design of innovative management control practices within firms.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 7-8","pages":"1858-1892"},"PeriodicalIF":2.2,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12767","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138568977","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

The joint effects of litigation risk and regulation on non-GAAP reporting 诉讼风险与监管对非公认会计准则报告的共同影响

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2023-11-22 DOI: 10.1111/jbfa.12766

Richard A. Cazier, Theodore E. Christensen, Kenneth J. Merkley, John S. Treu

{"title":"The joint effects of litigation risk and regulation on non-GAAP reporting","authors":"Richard A. Cazier, Theodore E. Christensen, Kenneth J. Merkley, John S. Treu","doi":"10.1111/jbfa.12766","DOIUrl":"10.1111/jbfa.12766","url":null,"abstract":"We examine the joint effects of litigation risk and regulation in shaping firms’ financial reporting decisions. Specifically, we investigate how these disciplining mechanisms influence firms’ disclosure of non-GAAP earnings metrics, which have been at the forefront of the SEC's regulatory concerns in recent years. We employ a plausibly exogenous shock to litigation risk based on a US circuit court ruling to explore how litigation risk influences firms’ non-GAAP earnings disclosures. We find a robust negative relation between litigation risk and both the likelihood and aggressiveness of non-GAAP reporting. However, we find a significant attenuation in the sensitivity of non-GAAP disclosure to litigation risk after the implementation of Regulation G (Reg G), despite evidence that aggressive non-GAAP reporting persists in the post-Reg G environment. Additional analyses indicate that this attenuation is actually the net result of two unique effects. First, we find that Reg G created a de facto “safe harbor” for non-GAAP reporting among firms in circuits with higher litigation risk and a “curtailment effect” among firms in the circuit with the lowest litigation risk. Overall, Reg G led to a convergence in non-GAAP reporting practices irrespective of firms’ circuit-specific litigation risk. We posit that this net attenuation of litigation risk's influence on non-GAAP reporting is likely an unintended consequence of Reg G.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 3-4","pages":"783-818"},"PeriodicalIF":2.9,"publicationDate":"2023-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12766","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503899","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

The effect of affiliation with a large business group on trade credit finance: An empirical analysis of chaebol firms in Korea 隶属于大型企业集团对贸易信贷融资的影响：对韩国财阀企业的实证分析

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2023-11-12 DOI: 10.1111/jbfa.12763

Byung Uk Chong, Hyun Joong Im

{"title":"The effect of affiliation with a large business group on trade credit finance: An empirical analysis of chaebol firms in Korea","authors":"Byung Uk Chong, Hyun Joong Im","doi":"10.1111/jbfa.12763","DOIUrl":"10.1111/jbfa.12763","url":null,"abstract":"We investigate the effect of affiliation with a large business group on a firm's trade credit policy while controlling for the effects of its financial health and bargaining power in the Korean setting. Group affiliation may influence trade credit finance through the internal capital market mechanism and/or the extra bargaining power mechanism. In our empirical analyses, we focus on identifying the more dominant mechanism for determining trade credit demand (TCD) and supply (TCS). First, we provide a set of empirical findings showing that a firm's affiliation with a large business group increases the firm's TCD but decreases its TCS. These findings support the extra bargaining power mechanism argument. Second, we provide another set of empirical findings that group-wise financial distress has weak positive impacts on a group affiliate's TCD and TCS. These findings support the internal capital market mechanism argument. Overall, we provide evidence that large business groups in Korea function uniquely in that the extra bargaining power mechanism greatly dominates the internal capital market mechanism when determining a group affiliate's trade credit transactions. We also provide evidence of the internal capital market mechanism functioning when an entire business group faces severe financial difficulties.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 7-8","pages":"1828-1857"},"PeriodicalIF":2.2,"publicationDate":"2023-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135037635","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

Earnings management risk and audit pricing: Evidence from big bath accounting 盈利管理风险与审计定价：大浴池会计的证据

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2023-11-07 DOI: 10.1111/jbfa.12764

Heeick Choi, Khondkar Karim, Yiye Zhang

引用次数: 0

Risk management committee and bank performance: Evidence from the adoption of the Dodd–Frank Act 风险管理委员会与银行绩效：多德-弗兰克法案》通过后的证据

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2023-11-05 DOI: 10.1111/jbfa.12765

Liangliang Jiang, Mingming Ji

引用次数: 0

When do stock options affect CEO risk-taking? The moderating role of CEO regulatory focus 股票期权何时影响首席执行官的风险承担？首席执行官监管重点的调节作用

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2023-10-30 DOI: 10.1111/jbfa.12762

Yenn-Ru Chen, Tuck Siong Chung, Chia-Hsien Lin, Angie Low

引用次数: 0

Generalist CEOs and conditional accounting conservatism 通才型首席执行官和有条件的会计保守主义

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2023-10-22 DOI: 10.1111/jbfa.12761

Karel Hrazdil, Yi Liang, Lufei Ruan, Hakjoon Song

{"title":"Generalist CEOs and conditional accounting conservatism","authors":"Karel Hrazdil, Yi Liang, Lufei Ruan, Hakjoon Song","doi":"10.1111/jbfa.12761","DOIUrl":"10.1111/jbfa.12761","url":null,"abstract":"Generalist chief executive officers (CEOs) have accumulated transferrable general skills by working in multiple firms or industries. Recent decades have witnessed an increasing demand for generalist CEOs, which has resulted in a favorable job market for them. Favorable outside job opportunities reduce generalist CEOs’ career concerns and increase their agency problems and risk-taking incentives. We examine the relation between generalist CEOs and conditional conservatism. On the one hand, conditional conservatism could be positively associated with generalist CEOs because debtholders and shareholders often demand conservatism to alleviate heightened agency problems. On the other hand, a negative association could obtain because generalist CEOs can (1) create better information environments for firms, reduce information asymmetry and lessen stakeholders’ demand for conservatism and (2) have greater bargaining power and reduce the supply of conservatism. We document a positive association between generalist CEOs and conditional conservatism and show that the relationship is more pronounced in firms with a higher demand for conservatism. Our results are robust to a variety of sensitivity tests.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 7-8","pages":"1693-1723"},"PeriodicalIF":2.2,"publicationDate":"2023-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12761","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135462354","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

The information spillover role of corporate spin-offs in financing activities: Evidence from equity sales by private firms through Regulation D 融资活动中企业分拆的信息溢出作用：私营企业通过D条例出售股权的证据

IF 2.2 3区管理学

Journal of Business Finance & Accounting Pub Date : 2023-10-18 DOI: 10.1111/jbfa.12760

Sangwan Kim, Jangwon Suh

{"title":"The information spillover role of corporate spin-offs in financing activities: Evidence from equity sales by private firms through Regulation D","authors":"Sangwan Kim, Jangwon Suh","doi":"10.1111/jbfa.12760","DOIUrl":"10.1111/jbfa.12760","url":null,"abstract":"We examine whether the increased quantity of public information has a spillover impact on equity sales by private industry peer firms. To capture an increase in the quantity of public peer information, we use corporate spin-offs as these events cause an increase in the number of independent public entities that mandatorily disclose financial reports. Using a unique dataset on private firms’ equity sales extracted from the Securities and Exchange Commission filings pursuant to Regulation D, we find that private industry peers sell more equity following spin-offs, but the increase is not statistically significant. When we divide our spin-off sample based on the availability of segment information on subsidiaries before spin-offs, however, we find a significant an increase in private firms’ equity sales after spin-offs when parent firms did not previously disclose segment reports. Additional test results suggest that our inferences regarding private industry peers are not entirely explained by an industry-wide demand shock. Overall, we contribute to the literature by establishing an information spillover channel, incremental to the effect of common industry shocks, flowing from the public to private markets.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 7-8","pages":"1665-1692"},"PeriodicalIF":2.2,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135825348","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

Income statement mismatching has not reduced the informativeness of earnings over time 随着时间的推移，利润表错配并没有降低盈利的信息量

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2023-10-12 DOI: 10.1111/jbfa.12759

Hyung Il Oh, Stephen Penman

引用次数: 0