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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 4.9 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,&nbsp;JINHWAN KIM,&nbsp;SUGATA ROYCHOWDHURY,&nbsp;BENJAMIN P. YOST","doi":"10.1111/1475-679X.12574","DOIUrl":"10.1111/1475-679X.12574","url":null,"abstract":"<p>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.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 2","pages":"599-647"},"PeriodicalIF":4.9,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12574","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":"OA","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
Where Does the Time Go? Auditors’ Commercial Effort, Professional Effort, and Audit Quality 时间都去哪儿了？审计师的商业努力、专业努力和审计质量
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-08-17 DOI: 10.1111/1475-679X.12569
WILLIAM A. CICONTE III, JUSTIN LEIBY, MARLEEN WILLEKENS
{"title":"Where Does the Time Go? Auditors’ Commercial Effort, Professional Effort, and Audit Quality","authors":"WILLIAM A. CICONTE III,&nbsp;JUSTIN LEIBY,&nbsp;MARLEEN WILLEKENS","doi":"10.1111/1475-679X.12569","DOIUrl":"10.1111/1475-679X.12569","url":null,"abstract":"<p>Audit theory and regulation assumes that auditors’ commercial motivation threatens audit quality. In this registered report, we use data from two Big Four firms in the Netherlands and provide empirical evidence on the relation between auditors’ commercial motivation and (1) compensation, (2) total audit effort, and (3) audit quality. We proxy commercial motivation as the time that individual auditors report allocating to commercial activities. We hypothesize that auditors’ commercial effort is positively related to compensation and we find mixed support. Next, we hypothesize that auditors’ commercial effort is negatively related to the audit effort but we find no support. Turning to audit quality, we hypothesize a negative <i>direct</i> relation between auditors’ commercial effort and audit quality but we find no support. We also predict a positive <i>indirect</i> relation in which auditors’ commercial effort increases quality control reliance leading to higher audit quality. We find some support for this hypothesis but only when we use technical consultations to proxy for quality control. Auditors with greater commercial effort maintain quality because they rely more on technical consultations. In sum, our study challenges the assumption that auditors’ commercial effort threatens audit quality and questions the need for additional regulation to constrain commercial motivation.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"255-317"},"PeriodicalIF":4.9,"publicationDate":"2024-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12569","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141994384","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
Issue Information - Request for Papers 议题信息 - 征求论文
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-07-18 DOI: 10.1111/1475-679X.12566
{"title":"Issue Information - Request for Papers","authors":"","doi":"10.1111/1475-679X.12566","DOIUrl":"https://doi.org/10.1111/1475-679X.12566","url":null,"abstract":"","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 4","pages":"1142"},"PeriodicalIF":4.9,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12566","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141730014","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
Issue Information - Standing Call for Proposals for 发行信息--长期征集有关《世界文化多样性宣言》的提案
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-07-18 DOI: 10.1111/1475-679X.12567
{"title":"Issue Information - Standing Call for Proposals for","authors":"","doi":"10.1111/1475-679X.12567","DOIUrl":"https://doi.org/10.1111/1475-679X.12567","url":null,"abstract":"","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 4","pages":"1143"},"PeriodicalIF":4.9,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12567","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141730015","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
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