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Local CEOs and asymmetric cost behaviour 地方首席执行官和不对称成本行为
Accounting & Finance Pub Date : 2024-09-19 DOI: 10.1111/acfi.13337
Wenhong Ding, Wei Guan, Yun Ke, Kari Joseph Olsen, Zhenyang Shi
{"title":"Local CEOs and asymmetric cost behaviour","authors":"Wenhong Ding, Wei Guan, Yun Ke, Kari Joseph Olsen, Zhenyang Shi","doi":"10.1111/acfi.13337","DOIUrl":"https://doi.org/10.1111/acfi.13337","url":null,"abstract":"We examine the effect of a local CEO (i.e., the CEO's state of origin is the same as his/her firm's headquarter states) on a firm's strategic capacity choices and the resulting cost asymmetry. We find that firms with local CEOs demonstrate greater cost asymmetry. Place attachment, local advantage and agency cost theory could all influence a firm's cost asymmetry. To differentiate between these explanations, we use a consequence test that examines the association between asymmetric costs and future performance. Our results indicate that the greater cost asymmetry in firms with local CEOs is associated with higher future firm value, which suggests that the greater cost asymmetry from local CEOs arises due more to a local advantage. We include several cross‐sectional tests to explore when this result is more or less pronounced. Our results suggest that geographically segmented labour markets play an important role in a firm's resource capacity decisions.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142253429","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
Idiosyncratic risk disclosure of IPO firms and institutional investors' withdrawals IPO 公司的非同步风险披露与机构投资者的退出
Accounting & Finance Pub Date : 2024-08-29 DOI: 10.1111/acfi.13333
Xiqiong He, Tonglin Yang, Hao Liu, Xiaowei Wu
{"title":"Idiosyncratic risk disclosure of IPO firms and institutional investors' withdrawals","authors":"Xiqiong He, Tonglin Yang, Hao Liu, Xiaowei Wu","doi":"10.1111/acfi.13333","DOIUrl":"https://doi.org/10.1111/acfi.13333","url":null,"abstract":"Using data from 2226 IPO firms over the 2007–2020 period, this study investigates whether and how the idiosyncratic risk disclosure of IPO firms impacts institutional investor behaviour. The findings suggest that institutional investors are more likely to withdraw their share subscriptions when IPO companies disclose less idiosyncratic risk information. The heterogeneous effect of idiosyncratic risk disclosure is explored, revealing that this negative effect is significantly pronounced for non‐SOEs. Additionally, the divergence in bidding among institutions is less pronounced when issuers disclose more idiosyncratic risk information. Furthermore, companies with fewer idiosyncrasies of risk information exhibit poorer long‐term post‐IPO performance.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"173 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142221097","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 disclosure of key audit matters and the choice of earnings management 强制披露关键审计事项与收益管理的选择
Accounting & Finance Pub Date : 2024-08-29 DOI: 10.1111/acfi.13331
Xiaoqi Chen, Maoliang Li, Dorcas Nduakoh, Ling Na Belinda Yau
{"title":"Mandatory disclosure of key audit matters and the choice of earnings management","authors":"Xiaoqi Chen, Maoliang Li, Dorcas Nduakoh, Ling Na Belinda Yau","doi":"10.1111/acfi.13331","DOIUrl":"https://doi.org/10.1111/acfi.13331","url":null,"abstract":"This paper examines client managers' earnings management choices following the adoption of mandatory reporting on key audit matters in the UK. Using a difference‐in‐differences design, we find that managers engage less in accrual‐based earnings management and more in real earnings management after the introduction of key audit matter (KAM) reporting. With textual data, we show that the disclosure characteristics (such as specificity, similarity, readability and length) and types of KAMs also affect the choice of earnings management. The decrease in accrual‐based earnings management is eclipsed by the increase in real earnings management; thus, total earnings management does not change significantly.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142221164","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
Does image sentiment of major public emergency affect the stock market performance? New insight from deep learning techniques 重大突发公共事件的形象情绪会影响股市表现吗？来自深度学习技术的新见解
Accounting & Finance Pub Date : 2024-08-14 DOI: 10.1111/acfi.13313
Yun Liu, Dengshi Huang, Jianan Zhou, Sirui Wang
{"title":"Does image sentiment of major public emergency affect the stock market performance? New insight from deep learning techniques","authors":"Yun Liu, Dengshi Huang, Jianan Zhou, Sirui Wang","doi":"10.1111/acfi.13313","DOIUrl":"https://doi.org/10.1111/acfi.13313","url":null,"abstract":"Leveraging deep learning to analyse COVID‐19 image sentiment, this study reveals its significant impact on stock market dynamics. It highlights how vivid imagery prompts marked emotional responses, altering market performance and how news sentiment can modulate this effect. Further, it underscores the pivotal role of forum‐based investor sentiment, particularly affecting small‐minus‐big stocks during downturns and trading week commencements. This research not only advances behavioural finance understanding but also informs management and regulatory strategies.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"66 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142221162","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 effect of CEO adverse professional experience on management forecast pessimism 首席执行官的负面职业经历对管理层悲观预测的影响
Accounting & Finance Pub Date : 2024-08-13 DOI: 10.1111/acfi.13324
Eunice S. Khoo, Louise Y. Lu, Zihang Peng
{"title":"The effect of CEO adverse professional experience on management forecast pessimism","authors":"Eunice S. Khoo, Louise Y. Lu, Zihang Peng","doi":"10.1111/acfi.13324","DOIUrl":"https://doi.org/10.1111/acfi.13324","url":null,"abstract":"We examine how CEOs' past experiences of corporate distress affect their subsequent forecast behaviour. We find that CEOs who experienced distress in a non‐CEO position at another firm issue more pessimistic management earnings forecasts after becoming CEO at their current firm. The effect of such experiences on CEOs' forecasting behaviour is more pronounced when these have occurred more frequently or recently. The effect of distress experiences is mitigated for overconfident and experienced CEOs, but amplified in firms with poor performance and high uncertainty. Our findings suggest that CEOs who experienced corporate distress could be overly cautious when forecasting future earnings.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"58 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142221163","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 real effect of CSRC's random inspections on corporate financial fraud 中国证监会抽查对企业财务造假的真实影响
Accounting & Finance Pub Date : 2024-08-05 DOI: 10.1111/acfi.13316
Changchun Tan, Leixin Liu, Huaqing Wu, Peng Zhou
{"title":"The real effect of CSRC's random inspections on corporate financial fraud","authors":"Changchun Tan, Leixin Liu, Huaqing Wu, Peng Zhou","doi":"10.1111/acfi.13316","DOIUrl":"https://doi.org/10.1111/acfi.13316","url":null,"abstract":"To optimise the regulatory approach, the China Securities Regulatory Commission (CSRC) introduced the double‐random inspection policy (DRIP), which mandates that the provincial branches of the CSRC randomly select at least 5% of local listed firms each year and randomly assign inspectors to conduct on‐site inspections of their information disclosure and corporate governance practices. This paper investigates the real effect of the DRIP on corporate financial fraud. Performing a multi‐period synthetic difference‐in‐differences model (SDID), we first find that the random inspections of CSRC have a positive causal effect on the probability of exposing corporate financial fraud. Furthermore, our heterogeneity analysis reveals that this effect is more pronounced for private firms and firms with poor accounting information quality. We then delve into the mechanisms through which random inspections affect corporate financial fraud. Our findings suggest that random inspections influence corporate behaviour by increasing media and investor attention, as well as prompting the issuance of inquiry letters by stock exchanges. Finally, we examine the economic consequences of random inspections and find that random inspections by the CSRC reduce firms' stock price crash risk.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141933019","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
Time distance and mutual fund holding horizon: Evidence from a quasi‐natural experiment setting of high‐speed railway opening 时间距离与共同基金持有期限：来自高速铁路开通准自然实验环境的证据
Accounting & Finance Pub Date : 2024-08-05 DOI: 10.1111/acfi.13305
Xuanyi Chen, Qiliang Liu, Li Tian, Junbo Wang, Jian Xie
{"title":"Time distance and mutual fund holding horizon: Evidence from a quasi‐natural experiment setting of high‐speed railway opening","authors":"Xuanyi Chen, Qiliang Liu, Li Tian, Junbo Wang, Jian Xie","doi":"10.1111/acfi.13305","DOIUrl":"https://doi.org/10.1111/acfi.13305","url":null,"abstract":"Using a quasi‐natural experiment, we investigate whether the opening of high‐speed railways affects mutual fund holdings. Applying the difference‐in‐difference method, we find that mutual fund holdings in remote listed companies increase after the introduction of high‐speed railways in their cities. This effect is primarily observed within the optimal interval of the railway. Opening high‐speed railways also facilitates mutual fund visits to remote listed companies, resulting in increased holdings.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141932984","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 effects of prevalence induced concept change on audit scepticism judgements 流行诱导的概念变化对审计怀疑判断的影响
Accounting & Finance Pub Date : 2024-08-01 DOI: 10.1111/acfi.13312
Greg Richins, Ken T. Trotman, Di Yang
{"title":"The effects of prevalence induced concept change on audit scepticism judgements","authors":"Greg Richins, Ken T. Trotman, Di Yang","doi":"10.1111/acfi.13312","DOIUrl":"https://doi.org/10.1111/acfi.13312","url":null,"abstract":"Public oversight bodies have continued to issue a high proportion of negative inspection findings year after year despite the actions taken by audit firms to address deficiencies and empirical evidence suggesting audit quality is improving. We conducted an experiment where we manipulated the level of audit scepticism to explain the continued puzzling poor inspection results. Based on theory from psychology research on prevalence induced concept change we show that when audit quality improves our participants making inspection judgements are likely to subconsciously redefine what constitutes an acceptable audit thus leading to static judgements. Given these results, our theory suggests this is an alternative explanation for consistently high rates of negative inspection findings, and we provide suggestions for future research.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141886344","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
Female directors and cash holdings adjustment: Evidence from South Korea 女性董事与现金持有调整：来自韩国的证据
Accounting & Finance Pub Date : 2024-07-25 DOI: 10.1111/acfi.13303
Jagadison K. Aier, Eun Hye Jo, Jung Wha (Jenny) Lee
{"title":"Female directors and cash holdings adjustment: Evidence from South Korea","authors":"Jagadison K. Aier, Eun Hye Jo, Jung Wha (Jenny) Lee","doi":"10.1111/acfi.13303","DOIUrl":"https://doi.org/10.1111/acfi.13303","url":null,"abstract":"This paper investigates whether female board participation improves a firm's efforts to manage its cash holdings in Korea. We find that firms with female directors quickly adjust their cash holdings towards the target, particularly when they have excess cash, suggesting that female directors are more likely to respond to anticipated problems related to excess cash relative to liquidity problems that may arise on account of a cash shortage. Furthermore, the relationship between female directors and cash holding adjustment is stronger for non‐chaebol affiliates, female‐friendly companies, and non‐controversial business environments.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141770237","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
Objective or biased? CEO overconfidence and journalists' coverage 客观还是偏见？首席执行官的过度自信与记者的报道
Accounting & Finance Pub Date : 2024-07-22 DOI: 10.1111/acfi.13311
Rong Gong
{"title":"Objective or biased? CEO overconfidence and journalists' coverage","authors":"Rong Gong","doi":"10.1111/acfi.13311","DOIUrl":"https://doi.org/10.1111/acfi.13311","url":null,"abstract":"This study explores whether journalists report more positively or negatively on acquisitions by chief executive officers (CEOs) with greater overconfidence than those with less overconfident CEOs. The results show that journalists report acquisition events conducted by firms with overconfident CEOs more negatively than those without. Meanwhile, journalists' negativity in reporting acquisitions by overconfident CEOs is mitigated during periods of high market uncertainty. This result suggests that journalists are not biased upward because of the positive prospects presented by overconfident CEOs but instead act as information intermediaries to inform readers about the overoptimistic view of overconfident CEOs.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141770238","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
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