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Discontinuous Distribution of Test Statistics Around Significance Thresholds in Empirical Accounting Studies 实证会计研究中检验统计量在显著性阈值附近的不连续分布
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-30 DOI: 10.1111/1475-679X.12579
XIN CHANG, HUASHENG GAO, WEI LI
{"title":"Discontinuous Distribution of Test Statistics Around Significance Thresholds in Empirical Accounting Studies","authors":"XIN CHANG,&nbsp;HUASHENG GAO,&nbsp;WEI LI","doi":"10.1111/1475-679X.12579","DOIUrl":"10.1111/1475-679X.12579","url":null,"abstract":"<div>\u0000 \u0000 <p>Examining test statistics from articles in six leading accounting journals, we detect discontinuities in their distributions around conventional significance thresholds (<i>p-</i>values of 0.05 and 0.01) and find an unusual abundance of test statistics that are just significant. Further analysis reveals that these discontinuities are more prominent in studies with smaller samples and are more salient in experimental than in archival studies. The discontinuity discrepancy between experimental and archival studies relates to several proxies for researcher degrees of freedom. Nevertheless, this evidence does not imply that experimental research is more prone to questionable research practices than archival studies. Overall, our findings speak to the concern of whether accounting researchers could exercise undisclosed discretion to obtain and report statistically significant results. Based on our results, a healthy skepticism of some just-significant test statistics is warranted.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"165-206"},"PeriodicalIF":4.9,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142384049","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
Court Disclosures of Firms in Chapter 11 Bankruptcy 法院对处于破产保护程序中的公司的披露*
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-25 DOI: 10.1111/1475-679X.12576
Ilona Bastiaansen, Alina Lerman, Frank Murphy, Dushyant Vyas
{"title":"Court Disclosures of Firms in Chapter 11 Bankruptcy","authors":"Ilona Bastiaansen,&nbsp;Alina Lerman,&nbsp;Frank Murphy,&nbsp;Dushyant Vyas","doi":"10.1111/1475-679X.12576","DOIUrl":"10.1111/1475-679X.12576","url":null,"abstract":"<div>\u0000 \u0000 <p>Stakeholders in the Chapter 11 reorganization process face significant information uncertainty about the post-emergence prospects of the firm. The U.S. Bankruptcy Code requires a debtor to provide a disclosure statement containing “adequate information” about its financial status and a proposed reorganization plan but stops short of rigidly defining the adequacy standard. We document the heterogeneity in disclosure statement information across 16 distinct attributes and examine the variation in disclosures along several dimensions that reflect agency costs and coordination problems. We observe that Chapter 11 disclosure correlates more with claimant- and case-specific characteristics than pre-bankruptcy debtor characteristics. Our results illustrate the importance of institutional features in specific disclosure settings such as bankruptcy court filings. The research questions and methods of this study were registered via the <i>Journal of Accounting Research</i>’s registration-based editorial process.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"57-112"},"PeriodicalIF":4.9,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142317616","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
Tax Policy Expectations and Investment 税收政策预期与投资
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-25 DOI: 10.1111/1475-679X.12577
John Gallemore, Stephan Hollander, Martin Jacob, Xiang Zheng
{"title":"Tax Policy Expectations and Investment","authors":"John Gallemore,&nbsp;Stephan Hollander,&nbsp;Martin Jacob,&nbsp;Xiang Zheng","doi":"10.1111/1475-679X.12577","DOIUrl":"10.1111/1475-679X.12577","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines how firms’ tax policy expectations (TPE) evolve around and relate to their investment responses to changes in tax policy. Using a text-based approach to measuring TPE, we find that two recent tax policy–changing events—namely, the 2016 U.S. presidential election and the enactment of the Tax Cuts and Jobs Act (TCJA)—spawned considerable between- and within-firm variation in TPE, with aggregate time-series patterns in TPE occasionally challenging prevailing assumptions in previous research. Further, we observe that event-induced TPE relate to investment both before and in response to the TCJA's passage in 2017, with offsetting associations between its first and second moments, and that these TPE moderate the TCJA's intended investment-stimulating effect. Furthermore, we document a difference between domestic and multinational firms in their TPE-investment response, with the former (latter) more likely to adjust the level (shift the country location) of their investment. Overall, our findings support the idea that TPE can impact investment behavior in the face of a tax policy change and suggest that our methodology can be used by future research to incorporate TPE into analyses of tax policy effects.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"363-412"},"PeriodicalIF":4.9,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142317570","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
Internalizing Peer Firm Product Market Concerns: Supply Chain Relations and M&A Activity 同行企业产品市场担忧的内部化：供应链关系与并购活动
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-16 DOI: 10.1111/1475-679x.12574
FARZANA AFRIN, JINHWAN KIM, SUGATA ROYCHOWDHURY, BENJAMIN P. YOST
{"title":"Internalizing Peer Firm Product Market Concerns: Supply Chain Relations and M&A Activity","authors":"FARZANA AFRIN, JINHWAN KIM, SUGATA ROYCHOWDHURY, BENJAMIN P. YOST","doi":"10.1111/1475-679x.12574","DOIUrl":"https://doi.org/10.1111/1475-679x.12574","url":null,"abstract":"We explore whether firms internalize the product market concerns of their economically linked peers by examining merger and acquisition decisions in the context of customer–supplier relations. Given the extensive transfer of capital, knowledge, and information between merging parties, we hypothesize that customers’ competition concerns discourage their suppliers from engaging in vertically conflicted transactions (i.e., acquisitions of their customers’ rivals or suppliers to those rivals). Consistent with our hypothesis, we find that suppliers are less likely to engage in such transactions when their customers are subject to higher product market competition. Moreover, the effect is more pronounced when suppliers and customers have greater relationship-specific investments and when customers face heightened proprietary information concerns. Using plausibly exogenous variation in common ownership between customers and their rivals as a shock to customers’ competition concerns, we conclude that the link between customers’ competition concerns and supplier acquisitions is likely causal. Our findings suggest that firms alter their investment and strategic decisions in response to the product market competition concerns of their economically related peers.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"10 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142236959","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
Global Evolution of Environmental and Social Disclosure in Annual Reports 年度报告中环境和社会信息披露的全球演变*
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-12 DOI: 10.1111/1475-679X.12575
Yan Lin, Rui Shen, Jasmine Wang, Y. Julia Yu
{"title":"Global Evolution of Environmental and Social Disclosure in Annual Reports","authors":"Yan Lin,&nbsp;Rui Shen,&nbsp;Jasmine Wang,&nbsp;Y. Julia Yu","doi":"10.1111/1475-679X.12575","DOIUrl":"10.1111/1475-679X.12575","url":null,"abstract":"<div>\u0000 \u0000 <p>We study environmental and social (E&amp;S) disclosures in annual reports. Using the word embedding model to examine over 210,000 annual reports from 24,271 public firms in 30 international countries/regions between 2001 and 2020, we create an E&amp;S dictionary that allows us to document trends in annual report E&amp;S disclosure. Specifically, we find: (1) increases in length and boilerplate language and (2) decreases in specificity. Our results also suggest that E&amp;S disclosure quality improves after the adoption of voluntary ESG reporting frameworks but deteriorates after disclosure mandates. Our findings provide systematic evidence on the evolution of E&amp;S disclosure in annual reports over the past two decades and shed light on how voluntary and mandatory standards have shaped global E&amp;S reporting practices.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 5","pages":"1941-1988"},"PeriodicalIF":4.9,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142198029","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
Sexism, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement 性别歧视、文化和公司价值：来自哈维-韦恩斯坦丑闻和 #MeToo 运动的证据
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-04 DOI: 10.1111/1475-679X.12573
KARL V. LINS, LUKAS ROTH, HENRI SERVAES, ANE TAMAYO
{"title":"Sexism, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement","authors":"KARL V. LINS,&nbsp;LUKAS ROTH,&nbsp;HENRI SERVAES,&nbsp;ANE TAMAYO","doi":"10.1111/1475-679X.12573","DOIUrl":"10.1111/1475-679X.12573","url":null,"abstract":"<p>During the revelation of the Harvey Weinstein scandal and the reemergence of the #MeToo movement, firms with a nonsexist corporate culture, proxied by having women among the five highest-paid executives, earn excess returns of 1.3% relative to firms without female top executives. These returns are driven by changes in investor preferences toward firms with a nonsexist culture. Institutional ownership increases in firms with a nonsexist culture after the Weinstein/#MeToo events, particularly for investors with larger holdings and investors with a lower ESG focus ex ante. Firms without female top executives improve gender diversity after these events, particularly in more sexist states and in industries with few women executives. Our evidence attests to the value of having a nonsexist corporate culture and indicates that changes in societal norms toward women are permeating into capital markets and corporations.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 5","pages":"1989-2035"},"PeriodicalIF":4.9,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12573","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142130639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Financial Transparency of Private Firms: Evidence from a Randomized Field Experiment 私营企业的财务透明度：来自随机现场实验的证据
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-03 DOI: 10.1111/1475-679X.12568
JOACHIM GASSEN, MAXIMILIAN MUHN
{"title":"Financial Transparency of Private Firms: Evidence from a Randomized Field Experiment","authors":"JOACHIM GASSEN,&nbsp;MAXIMILIAN MUHN","doi":"10.1111/1475-679X.12568","DOIUrl":"10.1111/1475-679X.12568","url":null,"abstract":"<p>This paper examines why private firms choose to be financially transparent or opaque by conducting a field experiment with more than 25,000 firms in Germany. We inform a randomly chosen set of firms about a disclosure option that allows eligible firms to restrict access to their otherwise publicly available financial statements. We also vary the messaging in subtle ways to induce experimental variation in the probability that firms take transacting (capital providers or customers and suppliers) versus non-transacting stakeholders (competitors or general interest parties) into consideration when making their filing decision. Based on each firm's actual filing decision, we find that treated firms are 15% more likely to restrict access to their financial statements. This intention-to-treat effect is persistent and concentrated among firms that should derive lower net benefits from disclosure (smaller, more mature firms in less capital-intensive industries). These findings indicate that informational constraints affect firms’ disclosure practice. Additionally, we show that the treatment effect is almost 40% larger for firms that have a higher, exogenously induced, probability of considering non-transacting stakeholders when making their disclosure decision. By analyzing subsequent firm activity and complementary survey evidence, we also provide suggestive evidence that disclosure requirements put an undue burden on very small private firms.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"413-460"},"PeriodicalIF":4.9,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12568","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142124061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
On the EPA's Radar: The Role of Financial Reports in Environmental Regulatory Oversight 环保局的雷达上：财务报告在环境监管中的作用
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-03 DOI: 10.1111/1475-679X.12572
BIN LI, ANNIKA YU WANG
{"title":"On the EPA's Radar: The Role of Financial Reports in Environmental Regulatory Oversight","authors":"BIN LI,&nbsp;ANNIKA YU WANG","doi":"10.1111/1475-679X.12572","DOIUrl":"10.1111/1475-679X.12572","url":null,"abstract":"<p>This paper investigates the role of corporate financial reports in the Environmental Protection Agency's (EPA) regulatory activities. By tracking the EPA's direct retrieval of SEC filings, we identify three key findings. First, the EPA retrieves a large volume of financial reports, especially from firms in high-pollution industries. Second, the EPA is more likely to access financial reports during enforcement investigations and significant rule proposals, but less so during compliance monitoring, with patterns varying predictably across firms. Third, the EPA's reliance on financial reports is potentially driven by its demand for information on firm liquidity, solvency, and profitability. Overall, our study highlights the usefulness of financial reports for the EPA as an environmental regulator.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 5","pages":"1849-1900"},"PeriodicalIF":4.9,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12572","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142130640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
ESG Disclosures in the Private Equity Industry 私募股权投资行业的 ESG 披露
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-08-28 DOI: 10.1111/1475-679X.12570
JEFFERSON ABRAHAM, MARCEL OLBERT, FLORIN VASVARI
{"title":"ESG Disclosures in the Private Equity Industry","authors":"JEFFERSON ABRAHAM,&nbsp;MARCEL OLBERT,&nbsp;FLORIN VASVARI","doi":"10.1111/1475-679X.12570","DOIUrl":"10.1111/1475-679X.12570","url":null,"abstract":"<p>This paper offers the first systematic evidence on environmental, social, and governance (ESG) disclosures provided by a large global sample of private equity (PE) firms. Using historical websites from 2000 to 2022, we develop and validate a novel dictionary-based measure of voluntary PE firm ESG disclosures. Descriptive statistics reveal an increasing time trend in these disclosures, with social topics becoming as important as environmental topics recently. Multivariate analyses show that the demand for ESG information from fund investors is a significant determinant of PE firms’ ESG disclosures. Leveraging data on PE firms’ portfolio companies, we document that more PE firm ESG disclosures are associated with better ESG outcomes at the portfolio company level, suggesting that voluntary ESG disclosures align with real actions for the average PE firm.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 5","pages":"1611-1660"},"PeriodicalIF":4.9,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12570","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142100733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 the Federal Judicial System on Public Enforcement: Evidence from SEC Enforcement Actions 联邦司法系统对公共执法的影响：美国证券交易委员会执法行动的证据
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-08-22 DOI: 10.1111/1475-679X.12571
YANRONG JIA
{"title":"The Effect of the Federal Judicial System on Public Enforcement: Evidence from SEC Enforcement Actions","authors":"YANRONG JIA","doi":"10.1111/1475-679X.12571","DOIUrl":"10.1111/1475-679X.12571","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines whether the efficiency of federal district courts affects the likelihood of SEC enforcement. The results indicate that the SEC is less likely to initiate enforcement actions against firms in less efficient federal district courts. In addition, the study examines the implications of court efficiency for firms’ financial reporting quality (FRQ). The evidence suggests that firms residing in more efficient federal districts have higher FRQ and the effect is stronger in subsamples with weak private enforcement regimes. Additional analysis of the choice of venue suggests that the SEC's decision to file in the District Court for D.C. is not affected by local court efficiency. Collectively, this study highlights the importance of an efficient federal judicial system for public enforcement.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"503-541"},"PeriodicalIF":4.9,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142045560","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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