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Do exchange traded funds affect corporate cash holdings? 交易所交易基金是否会影响企业现金持有量？
IF 2.9 3区 管理学
Journal of Business Finance & Accounting Pub Date : 2023-10-05 DOI: 10.1111/jbfa.12755
Beiqi Lin, Shunji Mei, Kelvin Jui Keng Tan, Lei Zhang
{"title":"Do exchange traded funds affect corporate cash holdings?","authors":"Beiqi Lin,&nbsp;Shunji Mei,&nbsp;Kelvin Jui Keng Tan,&nbsp;Lei Zhang","doi":"10.1111/jbfa.12755","DOIUrl":"10.1111/jbfa.12755","url":null,"abstract":"<p>We examine the effects of equity ownership by exchange traded funds (ETFs) on corporate cash holdings. We find that firms increase their cash holdings in response to higher anticipated risks generated by ETFs. To establish a causal interpretation, we use the Russell 1000/2000 index reconstitution as an instrument for ETF ownership. We further show that shareholders place a higher value on the additional cash held by firms with higher ETF ownership. These findings are more pronounced among financially constrained firms. Overall, our results suggest that firms hold more precautionary cash to mitigate future funding needs due to higher ETF-induced risks.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 5-6","pages":"1547-1592"},"PeriodicalIF":2.9,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12755","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135482714","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
Are firms doing good also doing well?—The CSR advertising-analogous effect 做得好的企业是否也做得好？--企业社会责任广告的类比效应
IF 2.2 3区 管理学
Journal of Business Finance & Accounting Pub Date : 2023-10-05 DOI: 10.1111/jbfa.12756
She-Chih Chiu, Hsuan-Chu Lin
{"title":"Are firms doing good also doing well?—The CSR advertising-analogous effect","authors":"She-Chih Chiu,&nbsp;Hsuan-Chu Lin","doi":"10.1111/jbfa.12756","DOIUrl":"10.1111/jbfa.12756","url":null,"abstract":"<p>This paper provides a theoretical framework and empirical support for an examination of corporate financial performance (CFP) from the perspective of an effect that is analogous to corporate social responsibility (CSR) advertising. We propose that not all companies are capable of “doing well by doing good.” Through an analytic model, we identify three key elements for determining a company's CSR advertising-analogous effect on CFP: the incremental margin (gross profit rate), the sales–CSR elasticity and sales demand in the market (market share). By re-examining the equivocal relationship between CSR and CFP based on a sample of publicly held US companies from 1991 to 2018, we document that companies in the best position to undertake CSR activities (with gross profit rates, sales–CSR elasticities and market shares above the industry medians) have a superior advertising-analogous effect to other companies. Moreover, our empirical results show that companies in the best position to undertake CSR activities face less severe agency problems when they conduct more CSR activities than other companies. Finally, in a test of whether regular advertising expenditures and CSR devotion could jointly enhance current CFP, the results show that the positive joint effect is more pronounced for companies in the best position to undertake CSR activities than for other companies.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 7-8","pages":"1597-1627"},"PeriodicalIF":2.2,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135482194","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
State ownership and financial statement comparability 国家所有权和财务报表的可比性
IF 2.2 3区 管理学
Journal of Business Finance & Accounting Pub Date : 2023-10-05 DOI: 10.1111/jbfa.12757
William Francis, Xian Gu, Iftekhar Hasan, Joon Ho Kong
{"title":"State ownership and financial statement comparability","authors":"William Francis,&nbsp;Xian Gu,&nbsp;Iftekhar Hasan,&nbsp;Joon Ho Kong","doi":"10.1111/jbfa.12757","DOIUrl":"10.1111/jbfa.12757","url":null,"abstract":"<p>This paper investigates how state ownership affects financial reporting practices in China. Using several measures of state (government) ownership, we show that a one-standard-deviation increase in state ownership decreases financial statement comparability by 36.61%, and the impact is more pronounced when the central authority has majority control of the company. Moreover, lower earnings quality and lower levels of accounting conservatism among state-owned enterprises (SOEs) may explain the lower accounting comparability between SOEs and non-SOEs (NSOEs). Additionally, similar (different) managerial objectives converge (diverge) financial statement comparability between SOEs and NSOEs. Last, the geographical locations of firms also contribute to financial statement comparability. We employ a difference-in-differences design, changes regression and entropy balancing to mitigate potential endogeneity bias.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 7-8","pages":"1628-1664"},"PeriodicalIF":2.2,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135482862","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 evolution of corporate twitter usage 企业微博使用的演变
IF 2.9 3区 管理学
Journal of Business Finance & Accounting Pub Date : 2023-10-05 DOI: 10.1111/jbfa.12758
Mohamed Al Guindy, James P. Naughton, Ryan Riordan
{"title":"The evolution of corporate twitter usage","authors":"Mohamed Al Guindy,&nbsp;James P. Naughton,&nbsp;Ryan Riordan","doi":"10.1111/jbfa.12758","DOIUrl":"10.1111/jbfa.12758","url":null,"abstract":"<p>We study the evolution of corporate Twitter usage from 2006 to 2021 using a comprehensive dataset of over 19 million tweets covering publicly listed US firms. Overall, we find that Twitter usage has changed substantially over the past 15 years, with a broader set of firms using Twitter and with more firms using Twitter to communicate financial information. The stock market response to tweets, measured using abnormal returns and trading volume, is positive and significant in all periods but has declined over time. Retweeting and “liking” behavior has increased substantially in recent years, suggesting broader dissemination. In addition, although firms continue to use press releases for the most economically important information, our results suggest that firms are increasingly substituting tweets for press releases. Moreover, we find that firms continue to be strategic with both the content and timing of their Twitter usage. Collectively, our findings provide useful context for the interpretation of prior studies and valuable information for the design of future studies on the corporate use of social media.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 3-4","pages":"819-845"},"PeriodicalIF":2.9,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12758","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135482199","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 Founder certification effect, firm disclosures, and the cost of SEO financing 创始人认证效应、公司信息披露和 SEO 融资成本
IF 2.9 3区 管理学
Journal of Business Finance & Accounting Pub Date : 2023-09-28 DOI: 10.1111/jbfa.12754
Yun Fan, Xiaozhe Gu, Ben, Nandu J. Nagarajan
{"title":"The Founder certification effect, firm disclosures, and the cost of SEO financing","authors":"Yun Fan,&nbsp;Xiaozhe Gu,&nbsp;Ben,&nbsp;Nandu J. Nagarajan","doi":"10.1111/jbfa.12754","DOIUrl":"10.1111/jbfa.12754","url":null,"abstract":"<p>We investigate the effect of founder control on firms’ financing costs for seasoned equity offerings (SEOs). Firms issuing SEOs are subject to increased information asymmetry and associated agency conflicts. We hypothesize that founder control has a certification effect that mitigates such problems, and consequently, reduces the cost of issuing SEOs. Consistent with our prediction, firms with founder control enjoy higher abnormal announcement returns and lower SEO gross spreads. We also show that founder firms have better post-SEO operating performance than non-founder firms. Additionally, we document that the founder certification effect is more salient among firms with poorer pre-SEO operating performance and those that do not disclose specific use of the SEO proceeds. Finally, we show that founder firms do not increase the frequency of management earnings forecasts as much as non-founder firms prior to the SEO. Our results are robust to a battery of sensitivity analyses, and our conclusions are consistent with the founder certification effect.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 5-6","pages":"1508-1546"},"PeriodicalIF":2.9,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135344329","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
Disentangling stock return synchronicity from the auditor's perspective 从审计师的角度看股票回报的同步性
IF 2.9 3区 管理学
Journal of Business Finance & Accounting Pub Date : 2023-09-24 DOI: 10.1111/jbfa.12753
Iftekhar Hasan, Joseph A. Micale, Qiang Wu
{"title":"Disentangling stock return synchronicity from the auditor's perspective","authors":"Iftekhar Hasan,&nbsp;Joseph A. Micale,&nbsp;Qiang Wu","doi":"10.1111/jbfa.12753","DOIUrl":"10.1111/jbfa.12753","url":null,"abstract":"<p>This paper investigates a firm's stock return <i>asynchronicity</i> through the auditor's perspective to distinguish whether this asynchronicity can proxy for the company's firm-specific information or the quality of its information environment. We find a significant and positive association between asynchronicity and audit fees after controlling for auditor quality and other factors that affect audit fees, suggesting that stock return asynchronicity is more likely to capture a company's firm-specific information than its information environment. We also find that asynchronous firms are more likely to receive adverse opinions on their internal controls over financial reporting, but are associated with lower costs of capital and auditor litigation, providing further evidence in support of the firm-specific information argument. Asynchronicity's positive association with audit fees is driven by firms with higher accounting reporting complexity, suggesting stock return asynchronicity captures a firm's complexity, resulting in more significant efforts by the auditor.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 5-6","pages":"1467-1507"},"PeriodicalIF":2.9,"publicationDate":"2023-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135925687","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
Institutional investors’ horizons and bank transparency 机构投资者的视野与银行透明度
IF 2.9 3区 管理学
Journal of Business Finance & Accounting Pub Date : 2023-09-24 DOI: 10.1111/jbfa.12749
Mamiza Haq, Shams Pathan, Carlos Fernandez Mendez, Gerald J. Lobo
{"title":"Institutional investors’ horizons and bank transparency","authors":"Mamiza Haq,&nbsp;Shams Pathan,&nbsp;Carlos Fernandez Mendez,&nbsp;Gerald J. Lobo","doi":"10.1111/jbfa.12749","DOIUrl":"10.1111/jbfa.12749","url":null,"abstract":"<p>We examine the relation between institutional investors’ horizons and bank transparency. The novelty of this research is to consider three important aspects of transparency: disclosure quality, private information gathering and auditor fees. We find strong evidence indicating that banks dominated by long-term (short-term [ST]) institutional shareholders exhibit higher (lower) levels of disclosure quality. However, there is no evidence that investor horizon has a differential effect on private information gathering and audit pricing. The study employs alternative proxies and estimations such as two-stage least squares and propensity score matching to address endogeneity. We also document that banks with higher ST institutional shareholding are associated with lower crash risk. These findings are particularly significant because poor bank transparency has been identified as a contributing factor to the 2007–2009 financial crisis.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 5-6","pages":"1378-1407"},"PeriodicalIF":2.9,"publicationDate":"2023-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12749","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135925167","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
Directors’ and officers’ liability insurance and corporate cash holdings: From principal–principal perspective 董事和高级职员责任保险与公司现金持有量：从委托人-委托人的角度
IF 2.9 3区 管理学
Journal of Business Finance & Accounting Pub Date : 2023-09-24 DOI: 10.1111/jbfa.12752
Quanxi Liang, Wenlian Gao, Lijuan Yan
{"title":"Directors’ and officers’ liability insurance and corporate cash holdings: From principal–principal perspective","authors":"Quanxi Liang,&nbsp;Wenlian Gao,&nbsp;Lijuan Yan","doi":"10.1111/jbfa.12752","DOIUrl":"10.1111/jbfa.12752","url":null,"abstract":"<p>This study examines the effect of directors’ and officers’ liability insurance (D&amp;O insurance) on corporate cash holdings in China. We propose a collusion theory in which D&amp;O insurance can exacerbate the conflicts of interest between controlling and minority shareholders by shielding directors and officers from shareholder litigation in emerging countries. Consistent with our expectation, we find that insured firms tend to have high cash holdings that are appropriated by both controlling shareholders and directors/officers rather than being invested or paid to shareholders. Moreover, the positive relationship between D&amp;O insurance and cash holdings is more pronounced in firms with high litigation risks, whereas the effect is attenuated in firms with political connections, strong external monitoring mechanisms and strong controlling shareholder power. Compared with uninsured firms, the market discounts the value of cash holdings for insured firms.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 5-6","pages":"1432-1466"},"PeriodicalIF":2.9,"publicationDate":"2023-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135924843","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
Economic demand for auditing services in the “registered” investment management industry 注册 "投资管理行业对审计服务的经济需求
IF 2.9 3区 管理学
Journal of Business Finance & Accounting Pub Date : 2023-09-24 DOI: 10.1111/jbfa.12751
Al (Aloke) Ghosh, Yang Liu
{"title":"Economic demand for auditing services in the “registered” investment management industry","authors":"Al (Aloke) Ghosh,&nbsp;Yang Liu","doi":"10.1111/jbfa.12751","DOIUrl":"10.1111/jbfa.12751","url":null,"abstract":"<p>We hypothesize that the demand for auditing in the registered investment management industry arises from the auditor's ability to act as a solvent indemnifier when outside parties incur losses because of financial misrepresentations. Consistent with this insurance demand, we find that, relative to financial companies, registered investment companies are more likely to retain Big 4 auditors. Restricting the sample to the registered investment management industry, we construct three direct tests of the insurance demand hypothesis. We find that (a) the market share of a Big 4 firm is positively associated with the firm's wealth, (b) changes in audit fees are positively associated with changes in the audit firms’ wealth, and (c) net fund flows increase when clients switch from non-Big 4 to Big 4 auditors. Our results highlight an unusually high demand for Big 4 auditors in the registered investment industry, which we attribute to the insurance demand for auditing services.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 5-6","pages":"1408-1431"},"PeriodicalIF":2.9,"publicationDate":"2023-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12751","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135924844","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
Boardroom backscratching and stock price crash risk 董事会后退与股价暴跌风险
IF 2.9 3区 管理学
Journal of Business Finance & Accounting Pub Date : 2023-09-21 DOI: 10.1111/jbfa.12748
Dean Hanlon, Mehdi Khedmati, Edwin KiaYang Lim, Cameron Truong
{"title":"Boardroom backscratching and stock price crash risk","authors":"Dean Hanlon,&nbsp;Mehdi Khedmati,&nbsp;Edwin KiaYang Lim,&nbsp;Cameron Truong","doi":"10.1111/jbfa.12748","DOIUrl":"10.1111/jbfa.12748","url":null,"abstract":"<p>We empirically capture boardroom backscratching, or cronyism, as when a firm's Chief Executive Officer (CEO) and directors concurrently receive excessive remuneration. We argue that boardroom backscratching can inhibit a board's constructive criticism and monitoring, resulting in a greater likelihood of bad news hoarding. Using 14,104 US firm-year observations spanning 1999–2020, we document a significant positive relationship between boardroom backscratching and stock price crash risk. In additional analyses, we show that boardroom backscratching firms produce less readable annual reports and engage in greater upward real earnings management as channels for concealing bad news. We also find that external monitoring mechanisms weaken the positive association between boardroom backscratching and stock price crash risk. Our main findings withstand several endogeneity tests including propensity score matching, entropy balancing, difference-in-differences analysis using firms’ commencement of boardroom backscratching and CEO turnover event analysis. Our study offers insights to securities regulators and policymakers to revisit the notion of board independence, develop relevant market oversight and revise director and executive remuneration disclosure requirements so as to mitigate adverse stock market performance associated with boardroom backscratching.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 5-6","pages":"1337-1377"},"PeriodicalIF":2.9,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12748","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136237554","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
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