The British Accounting Review最新文献_第6页

The information content of rating action reports: A topic modeling approach 评级行动报告的信息内容：主题建模方法

The British Accounting Review Pub Date : 2024-06-22 DOI: 10.1016/j.bar.2024.101435

John (Xuefeng) Jiang, Jing Kong, Michael Shen

{"title":"The information content of rating action reports: A topic modeling approach","authors":"John (Xuefeng) Jiang, Jing Kong, Michael Shen","doi":"10.1016/j.bar.2024.101435","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101435","url":null,"abstract":"This paper examines the information content in Moody's rating action reports, which Moody's releases concurrently with its rating actions. Using a topic modeling approach, we identify two informative topics after controlling for rating characteristics and report tones. We find that unfavorable discussion of the topic (about issuers' financial performance) generates a significant positive market reaction, while unfavorable discussion of the topic (about issuers' liquidity profile) generates a significant negative market reaction around rating actions. Together, these two topics increase the explanatory power of market reaction around rating actions by over 10%. Further analysis reveals significant associations between these two topics and future default likelihood and debt-paying ability, and the associations are consistent with market reaction to these topics. Although investors have less confidence in rating reports following the Dodd-Frank Act, these two topics are more predictive of future default probabilities. Overall, we find that rating reports topics provide important information to investors as they significantly predict future default likelihood and financial performance.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"2012 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141615185","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Political sentiment and credit ratings 政治情绪和信用评级

The British Accounting Review Pub Date : 2024-06-21 DOI: 10.1016/j.bar.2024.101432

Mostafa Monzur Hasan, Ashrafee Hossain, Haiyan Jiang

引用次数: 0

Discretionary tone in reward-based crowdfunding: Do project owners talk their way to success? 奖励式众筹的自由裁量权：项目所有者是否靠口才获得成功？

The British Accounting Review Pub Date : 2024-06-21 DOI: 10.1016/j.bar.2024.101433

Douglas Cumming, Yihui Lan, Yuan George Shan, Junru Zhang

{"title":"Discretionary tone in reward-based crowdfunding: Do project owners talk their way to success?","authors":"Douglas Cumming, Yihui Lan, Yuan George Shan, Junru Zhang","doi":"10.1016/j.bar.2024.101433","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101433","url":null,"abstract":"This study examines the relationship between abnormal tone and project performance of reward-based crowdfunding (RBC) using the Kickstarter data from 2009 to 2020. We document a negative relationship between abnormal tone and the success of a project in the RBC campaign section, while a positive impact in the Risks and Challenges section. This outcome remains robust to a variety of sensitivity tests and after accounting for potential endogeneity concerns. Cross-sectional analyses reveal that the effect of abnormal tone in RBC on project success is contingent on project quality and legal jurisdiction. Further investigation of the concurrent effect of abnormal tone in the two sections shows that an increase in the discretionary tone, given that it is overly optimistic, has a negative effect on funding performance. Last, based on a machine learning Sent-Latent Dirichlet Allocation model, we explore up to 70 specific risk categories embedded in Kickstarter projects, and we find that eight of them are strongly and negatively associated with project success. Our paper provides valuable insights into the significance of disclosure and sheds light on the ongoing and increased regulations on crowdfunding platforms.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"89 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141463231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of loosening regulatory requirements on firm innovation: Evidence from SEC rule 12h-6 放松监管要求对企业创新的影响：美国证券交易委员会 12h-6 规则的证据

The British Accounting Review Pub Date : 2024-06-20 DOI: 10.1016/j.bar.2024.101434

Nathan Zhenghang Zhu, Kun Tracy Wang

{"title":"The impact of loosening regulatory requirements on firm innovation: Evidence from SEC rule 12h-6","authors":"Nathan Zhenghang Zhu, Kun Tracy Wang","doi":"10.1016/j.bar.2024.101434","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101434","url":null,"abstract":"The US Securities and Exchange Commission implemented Exchange Act Rule 12h-6 in 2007, which made it considerably easier for cross-listed firms in the US market to deregister and terminate their regulatory obligations as US exchange listings. Using a difference-in-differences research design, we predict and find that in the period after the implementation of Rule 12h-6, cross-listed firms have significantly less innovation than non-cross-listed domestic firms, which suggests that Rule 12h-6 impedes innovation in cross-listed firms. This effect is stronger for firms that rely more on external financing, have high R&D intensity, and face greater financial constraints. It is also more pronounced in countries with low investor protection, low regulatory quality, greater differences with the US Generally Accepted Accounting Principles, and less liberalized stock markets. The results of the channel analyses indicate that cross-listed firms experience lower sensitivity of R&D investment to stock price and a decrease in foreign institutional ownership in the post Rule 12h-6 implementation period. Taken together, our findings suggest that Rule 12h-6 reduces the benefits of cross-listing for foreign investors, which hinders innovation in non-US economies.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141463239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Environmental regulations and corporate cash holdings 环境法规与企业现金持有量

The British Accounting Review Pub Date : 2024-04-24 DOI: 10.1016/j.bar.2024.101388

Wenrui Chen, Yue Cao, Yizhe Dong, Diandian Ma

引用次数: 0

High-quality assurance, ESG legitimacy threats and board effectiveness 高质量保证、ESG 合法性威胁和董事会有效性

The British Accounting Review Pub Date : 2024-04-16 DOI: 10.1016/j.bar.2024.101385

García-Meca Emma, Ruiz-Barbadillo Emiliano, Martínez-Ferrero Jennifer

{"title":"High-quality assurance, ESG legitimacy threats and board effectiveness","authors":"García-Meca Emma, Ruiz-Barbadillo Emiliano, Martínez-Ferrero Jennifer","doi":"10.1016/j.bar.2024.101385","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101385","url":null,"abstract":"This study aims to investigate whether companies engage high-quality assurance in response to legitimacy threats caused by media coverage of negative sustainability events. Since responsive strategies designed to maintain or repair legitimacy directly emanate from boards, the paper also analyses whether board effectiveness reinforces defensive strategies to maintain a company's reputational capital and public image under environmental, social and governance (ESG) concerns by supporting high-quality sustainability assurance. Using a sample of STOXX Europe 600 index firms from 2015 to 2020, the empirical results confirm the substantive role of assurance. When a company's legitimacy is at risk due to media coverage of ESG misconduct, the assurance of sustainability information is employed as an instrument to aid in repairing the company's legitimacy. In addition, our results confirm that boards with desirable attributes of independence and activity act jointly with assurance quality to legitimise companies. In addition, this paper also brings evidence about the mediating effect of board effectiveness; the impact of negative media ESG coverage on sustainability assurance quality appears to be justified by the effectiveness of the board. The evidence also points to interesting findings concerning controversial industries and countries with tight cultures, where the assurance quality seems not to respond to the legitimacy threats associated with media coverage of undesirable ESG. However, and after studying how the European Directive 2014/95/EU affected the symbolic use of assurance, results confirm that there are no significant differences in the legitimising use of assurance quality after irresponsible ESG actions before and after the directive, and neither, depending on the level of sustainability performance or public enforcement.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"122 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140643294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The geography of environmental regulation: Plant-level emissions data 环境监管的地理分布：工厂级排放数据

The British Accounting Review Pub Date : 2024-04-01 DOI: 10.1016/j.bar.2024.101381

Douglas Cumming, Huiying Wu, Yang Zhao

引用次数: 0

On professional destabilization and accounting self-regulation 关于职业不稳定和会计自律

The British Accounting Review Pub Date : 2024-02-20 DOI: 10.1016/j.bar.2024.101358

Zachary Huxley, Marion Brivot

{"title":"On professional destabilization and accounting self-regulation","authors":"Zachary Huxley, Marion Brivot","doi":"10.1016/j.bar.2024.101358","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101358","url":null,"abstract":"The accounting profession faces significant upheaval due to numerous destabilizations in its environment, with financialization being particularly impactful. This paper introduces a theoretical framework to dissect how the profession reacts to such disruptions. We posit that destabilizations give rise to novel types of misconduct, leading professional bodies to re-evaluate their definitions of (un)acceptable accounting behaviours. However, the intrinsically nebulous essence of accounting's foundational logic muddies these recalibrations. This vagueness, when paired with evolving misconduct, undermines specific regulatory measures, possibly instigating further destabilization. Our proposed framework is exemplified through a case study focusing on the emerging regulation of valuation advisory work – a service line that is emblematic of financialization – in a Canadian provincial jurisdiction. This case underscores the challenges the profession faces due to financialization, highlighting the current regulatory strategy that treats valuation work as a strictly technical process; an approach that we show is inadequate in mitigating valuation-related misconduct. The paper enriches the literature by introducing a novel theoretical framework for evaluating emerging challenges in accounting regulation, and by delineating the case study's repercussions for the evolving financialized landscape of the accounting profession.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139945395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Mandatory corporate social responsibility spending, family control, and the cost of debt 强制性企业社会责任支出、家庭控制和债务成本

The British Accounting Review Pub Date : 2024-02-05 DOI: 10.1016/j.bar.2024.101356

Naina Duggal, Lerong He, Tara Shankar Shaw

{"title":"Mandatory corporate social responsibility spending, family control, and the cost of debt","authors":"Naina Duggal, Lerong He, Tara Shankar Shaw","doi":"10.1016/j.bar.2024.101356","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101356","url":null,"abstract":"<p>This paper examines how corporate compliance with the mandatory corporate social responsibility (CSR) spending regulation affects its cost of debt and how this effect varies with family control and ownership. Utilizing a longitudinal sample of Indian listed firms, we document that compliance with the CSR spending regulation leads to a lower cost of debt, and this relationship is more salient in non-family firms than in family firms. Moreover, the attenuation effect of family firms is stronger in firms both controlled and managed by families, with larger family ownership or managed by non-founder CEOs. We also find that the efficacy of compliance in reducing the cost of borrowing is stronger in firms engaged in CSR activities before the regulatory mandate. Our results are robust to endogeneity tests, different estimation methods, and alternative measures. Overall, we demonstrate that CSR compliance conveys valuable information on firm characteristics through both signaling and screening channels, consequently affecting debtholders' evaluation of firm risk and shaping their lending decisions. However, debtholders' assessments and decisions vary with firms’ ownership and control structure.</p>","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139695958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Dynamics of carbon risk, cost of debt and leverage adjustments 碳风险、债务成本和杠杆调整的动态变化

The British Accounting Review Pub Date : 2024-02-01 DOI: 10.1016/j.bar.2024.101353

Doulgas Cumming, Geeta Duppati, Ruwani Fernando, Shivendu Pratap Singh, A. Tiwari

引用次数: 0