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Diversity Tokenism 多样性的象征主义
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-10-01 DOI: 10.1111/1475-679x.70019
KELVIN K. F. LAW, JINGDAN TAN
{"title":"Diversity Tokenism","authors":"KELVIN K. F. LAW, JINGDAN TAN","doi":"10.1111/1475-679x.70019","DOIUrl":"https://doi.org/10.1111/1475-679x.70019","url":null,"abstract":"Using data from over 4,000 Black Lives Matter (BLM) protests across 600 U.S. counties from 2014 to 2021, we examine how BLM activism shapes corporate diversity at different organizational levels. We develop an approach integrating OpenAI's GPT‐4 with Chain‐of‐Thought prompting to classify race and ethnicity. In our validation tests, this method achieves higher accuracy than several tested open‐source algorithms. Our main findings are as follows. First, although firms headquartered in protest‐affected counties add more Black directors, particularly in larger protests, this gain appears to largely offset the representation of other non‐Black minority directors. Second, these board‐level shifts do not consistently extend to executives or the general workforce. In contrast, a gap may emerge between a firm's workforce composition and local labor‐market demographics, particularly in the representation of Black employees. This pattern is consistent with diversity tokenism, which suggests firms may prioritize high‐visibility board appointments and potentially downplay broader, transformative change. Our findings indicate that although board‐level diversity gains are highly visible and attract notable public attention, they may not be accompanied by an organization's transformative commitment to company‐wide diversity.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"35 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145254609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Macroeconomic Information Acquisition Around Earnings Clusters 围绕盈余集群的宏观经济信息获取
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-09-30 DOI: 10.1111/1475-679x.70020
ELIA FERRACUTI, GARY LIND
{"title":"Macroeconomic Information Acquisition Around Earnings Clusters","authors":"ELIA FERRACUTI, GARY LIND","doi":"10.1111/1475-679x.70020","DOIUrl":"https://doi.org/10.1111/1475-679x.70020","url":null,"abstract":"Research shows that investors acquire and process less firm‐specific information on days when many firms announce earnings (hereafter earnings clusters). We show that investors gather more <jats:italic>macroeconomic</jats:italic> information during earnings clusters, that this behavior is amplified during negative economic shocks and concurrent macroeconomic announcements, and that these information acquisition patterns have implications for equity valuations. Our findings are consistent with the benefit of extracting macroeconomic information from earnings announcements increasing during earnings clusters, which we confirm empirically. Thus, our results help explain why investors focus less on individual firm news during earnings clusters: They rationally redirect their attention to the most beneficial information.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"50 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145254704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Corporate Litigation, Governance, and the Role of Law Firms 公司诉讼、治理和律师事务所的作用
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-09-30 DOI: 10.1111/1475-679x.70021
FRANK ALLEN FERRELL, ALBERTO MANCONI, EKATERINA NERETINA, WILLIAM POWLEY, LUC RENNEBOOG
{"title":"Corporate Litigation, Governance, and the Role of Law Firms","authors":"FRANK ALLEN FERRELL, ALBERTO MANCONI, EKATERINA NERETINA, WILLIAM POWLEY, LUC RENNEBOOG","doi":"10.1111/1475-679x.70021","DOIUrl":"https://doi.org/10.1111/1475-679x.70021","url":null,"abstract":"We study plaintiff law firms in corporate litigation, focusing on “star” firms that dominate settlement outcomes. Stars are associated with larger settlements; however, much of this effect is predicted by the defendant's litigation insurance coverage, suggesting assortative matching of stars with lawsuits that have ex ante larger expected payoffs. Moreover, stars charge higher fees for a given settlement size. Additional tests suggest that visibility and information asymmetry vis‐à‐vis less sophisticated plaintiffs help sustain the stars’ market share. These findings advance our understanding of corporate litigation and the agency relationship between plaintiff law firms and their clients.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"65 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145254705","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Accounting for Cryptocurrencies* 加密货币会计*
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-09-15 DOI: 10.1111/1475-679x.70018
Chelsea M. Anderson, Vivian W. Fang, James R. Moon, Jonathan E. Shipman
{"title":"Accounting for Cryptocurrencies*","authors":"Chelsea M. Anderson, Vivian W. Fang, James R. Moon, Jonathan E. Shipman","doi":"10.1111/1475-679x.70018","DOIUrl":"https://doi.org/10.1111/1475-679x.70018","url":null,"abstract":"This paper explores U.S. public firms’ cryptocurrency holdings and accounting practices from 2013 to 2022 against the backdrop of the recently enacted crypto accounting rule, ASU 2023‐08. Descriptive analyses suggest exponential growth in corporate crypto holdings and significant variation in crypto accounting practices, underscoring the rule's necessity. Hypothesis tests using the pre‐rule data reveal three insights with direct relevance to the rule. First, firms appear to view crypto assets more akin to investments than intangible assets, consistent with the rule's mandate of the fair value model. Second, Big 4 auditors steer firms toward the impairment model and less detailed presentation choices. This conservative approach is unlikely to meet the new rule's goal of providing the most decision‐useful information. Third, increased liquidity of crypto markets prompts the use of the fair value model and a more detailed presentation, consistent with the rule's focus on more actively traded tokens. However, within our sample, we find some evidence consistent with fair value reporting increasing stock return volatility and no evidence that it enhances earnings informativeness.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"70 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145072760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 Determinants of ESG Ratings: Rater Ownership Matters ESG评级的决定因素：评级机构所有权问题
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-09-13 DOI: 10.1111/1475-679x.70016
Dragon Yongjun Tang, Jiali Yan, Yaqiong Yao
{"title":"The Determinants of ESG Ratings: Rater Ownership Matters","authors":"Dragon Yongjun Tang, Jiali Yan, Yaqiong Yao","doi":"10.1111/1475-679x.70016","DOIUrl":"https://doi.org/10.1111/1475-679x.70016","url":null,"abstract":"We examine whether and how common ownership affects Environmental, Social, and Governance (ESG) ratings—an important research question given the increasing use of these ratings in investment decisions and corporate evaluations. We find that companies with major shareholders in common with the rating agency (“sister firms”) tend to receive higher ESG ratings. When a company becomes a sister firm through a change in the rating agency's ownership structure, its rating from that agency is subsequently upgraded, whereas its ESG ratings from other agencies remain unchanged. Sister firms exhibit greater rating disagreements across agencies than other firms. The higher ESG ratings for sister firms are partly attributable to the transfer of immaterial positive ESG information through common owners. The common ownership effect is more pronounced when the owner can exert a greater influence on the rating agency. Moreover, sister firms with initially elevated ratings demonstrate poorer future ESG performance. Overall, our findings suggest that owners can affect ESG ratings of their portfolio companies in a way consistent with their influence and interest.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"29 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145072761","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Interactivity and Illusions of Ability: How Using Generative AI Affects Investor Judgments 交互性和能力幻觉：生成式人工智能如何影响投资者判断
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-09-12 DOI: 10.1111/1475-679x.70017
Joe Croom
{"title":"Interactivity and Illusions of Ability: How Using Generative AI Affects Investor Judgments","authors":"Joe Croom","doi":"10.1111/1475-679x.70017","DOIUrl":"https://doi.org/10.1111/1475-679x.70017","url":null,"abstract":"I use the setting of generative AI (GenAI) to examine how processing tool interactivity affects investors’ self‐assessments of ability and willingness to invest. Although GenAI can help investors process financial information, I theorize that the interactive nature of GenAI blurs the boundaries between investors’ own abilities and those of GenAI, prompting investors to discount their reliance on GenAI and misattribute its abilities to themselves. I rely on the advantages of a laboratory setting to disentangle the interactive element of GenAI from the mere presence of GenAI assistance. Across three experiments, I find that the interactivity underpinning GenAI heightens investors’ self‐assessments of their own abilities and increases their willingness to invest, despite this interactivity not improving, and in fact hindering, their actual processing of information provided by GenAI. My study thus highlights one potential cost of using GenAI and other highly interactive processing tools.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"29 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145056761","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Listen Closely: Measuring Vocal Tone in Corporate Disclosures 仔细倾听：衡量公司信息披露中的语气
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-09-10 DOI: 10.1111/1475-679x.70015
Jonas Ewertz, Charlotte Knickrehm, Martin Nienhaus, Doron Reichmann
{"title":"Listen Closely: Measuring Vocal Tone in Corporate Disclosures","authors":"Jonas Ewertz, Charlotte Knickrehm, Martin Nienhaus, Doron Reichmann","doi":"10.1111/1475-679x.70015","DOIUrl":"https://doi.org/10.1111/1475-679x.70015","url":null,"abstract":"We examine the usefulness of machine learning approaches for measuring vocal tone in corporate disclosures. We document a substantial mismatch between the widely adopted actor‐based training data underlying these approaches and speech in corporate disclosures. We find that existing models achieve near‐perfect vocal tone classification within their training domain. However, when tested on actual executive speech during conference calls, their performance declines to chance levels. We thus introduce FinVoc2Vec, a deep learning model that adapts to audio recordings of conference calls and classifies the vocal tone of executive speech significantly more accurately than chance. FinVoc2Vec estimates are associated with future firm performance and can be used to construct profitable stock portfolios. Throughout our analyses, estimates from previous vocal tone models are largely unrelated to firm performance. Our findings emphasize the importance of a domain‐specific approach to voice analysis in accounting and finance.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"47 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145056728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Inheriting Versus Developing Data Analytic Tests and Auditors’ Professional Skepticism 继承与发展数据分析测试与审计师的职业怀疑
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-09-10 DOI: 10.1111/1475-679x.70014
XIAOXING LI, JOSEPH F. BRAZEL, ANNA GOLD, JUSTIN LEIBY
{"title":"Inheriting Versus Developing Data Analytic Tests and Auditors’ Professional Skepticism","authors":"XIAOXING LI, JOSEPH F. BRAZEL, ANNA GOLD, JUSTIN LEIBY","doi":"10.1111/1475-679x.70014","DOIUrl":"https://doi.org/10.1111/1475-679x.70014","url":null,"abstract":"As the use of audit data analytic tests (ADA) becomes increasingly established in practice, auditors will often confront situations in which they inherit ADA developed by others, as opposed to developing the ADA themselves. Despite the potential benefits of ADA, inheriting ADA could decrease auditors’ skeptical actions by diminishing their psychological ownership of the ADA. In an experiment where an ADA identifies a fraud red flag, we find that auditors who inherited the ADA are less likely to exercise skeptical actions than those who were personally involved in its development. We then provide evidence that informing auditors who inherit an ADA about the test development activities (e.g., a brief memorandum documenting the ADA's development) mitigates the negative effect of inheriting the ADA. Evidence from mediation analyses suggests that these effects are driven by decreased psychological ownership when auditors inherit the ADA.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"85 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145056759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Strategic (Inconsistent) Disclosures and Sophisticated Investors: Evidence from Hedge Funds 战略（不一致）披露与老练投资者：来自对冲基金的证据
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-09-03 DOI: 10.1111/1475-679x.70013
YICHANG LIU, JOSHUA MADSEN, FRANK S. ZHOU
{"title":"Strategic (Inconsistent) Disclosures and Sophisticated Investors: Evidence from Hedge Funds","authors":"YICHANG LIU, JOSHUA MADSEN, FRANK S. ZHOU","doi":"10.1111/1475-679x.70013","DOIUrl":"https://doi.org/10.1111/1475-679x.70013","url":null,"abstract":"Recent SEC regulations require that qualified hedge fund advisers provide their investors with narrative disclosures of their business and operations. We find that 40% of these disclosures omit or de‐emphasize information regarding advisers' operational and investment risks when compared to other sources of public information. Funds with such “inconsistencies” are associated with predictably lower fund performance but do not differ in their fund flows, flow‐performance relation, ownership structure, or management fees. These results are consistent with investors being subject to limited strategic thinking, which prevents them from fully unraveling the implications of strategic omissions. This, in turn, contributes to advisers' successful use of discretion to de‐emphasize information with adverse performance implications. Our findings suggest that information processing frictions can facilitate nondisclosure, even in markets with sophisticated investors.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"33 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144983403","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Company Websites: A New Measure of Disclosure 公司网站：一种新的信息披露方式
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-08-23 DOI: 10.1111/1475-679x.70007
ROMAIN BOULLAND, THOMAS BOURVEAU, MATTHIAS BREUER
{"title":"Company Websites: A New Measure of Disclosure","authors":"ROMAIN BOULLAND, THOMAS BOURVEAU, MATTHIAS BREUER","doi":"10.1111/1475-679x.70007","DOIUrl":"https://doi.org/10.1111/1475-679x.70007","url":null,"abstract":"We propose a new measure of firms' disclosure based on company websites, which are widely available and contain a wealth of information. For a sample of U.S. public firms, we construct our disclosure measure using historical website data, validate it by correlating it with extant measures of disclosure and information asymmetry, and explore its determinants. We then apply our measure to the study of U.S. private firms' disclosure and French firms' compliance with a nonfinancial disclosure mandate. Our applications illustrate that our website‐based measure provides a useful complement to extant measures of disclosure, which are more narrowly focused on investors in public capital markets.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"49 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144898878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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