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Carbon emissions and abnormal cash holdings 碳排放和异常现金持有量
Accounting & Finance Pub Date : 2024-04-04 DOI: 10.1111/acfi.13249
Abu Amin, Ashrafee T. Hossain, Abdullah‐Al Masum
{"title":"Carbon emissions and abnormal cash holdings","authors":"Abu Amin, Ashrafee T. Hossain, Abdullah‐Al Masum","doi":"10.1111/acfi.13249","DOIUrl":"https://doi.org/10.1111/acfi.13249","url":null,"abstract":"We find that companies that emit high levels of carbon tend to have lower abnormal cash holdings. We have run a battery of endogeneity tests to ensure the robustness of our findings. Our further analysis revealed that weaker internal governance, higher information asymmetry and CEO overconfidence contribute to the heterogeneity of the results. Additionally, we notice that polluting firms prefer to spend more on capital investments while allocating less toward dividends and R&D activities. Our results are consistent with agency theory, indicating that managerial preference for suboptimal investment and/or avoidance of external disciplining might contribute to lower abnormal cash holdings.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140571370","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
Smart contracts, the legal profession and COVID‐19: Highlighting the need to embrace technology 智能合约、法律界和 COVID-19：强调拥抱技术的必要性
Accounting & Finance Pub Date : 2024-04-04 DOI: 10.1111/acfi.13244
Sarah Osborne
{"title":"Smart contracts, the legal profession and COVID‐19: Highlighting the need to embrace technology","authors":"Sarah Osborne","doi":"10.1111/acfi.13244","DOIUrl":"https://doi.org/10.1111/acfi.13244","url":null,"abstract":"It has been claimed that technology would replace the legal profession with artificial intelligence and codification of documents replacing the twenty‐first century lawyer. With this premise in mind, this paper discusses smart legal contract formation in the context of Australian contract law, the perceived replacement of lawyers through blockchain technology and how the COVID‐19 pandemic has set the trajectory for smart legal contract convention. We consider whether the legal profession can ever truly be replaced by technological advances and whether COVID‐19 has pivoted the way the legal profession performs business transactions towards modernisation. Although prior literature has considered how the legal profession may benefit from increased technology use, the expected timeframe for occurrence was dependant on a strong reluctance by the profession to change the status quo. Analysis of the impact of COVID‐19 on the legal profession including the execution of legal documents, provides insight into areas for improvement going forward and whether a regulatory overhaul is required. This research shows that, although there are a number of advantages to the implementation of smart legal contracts using blockchain technology, there still remains numerous implementation and regulatory concerns that need resolution if smart legal contracts are to be widely used.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"50 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140571362","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
Institutional attention and investment efficiency 机构关注和投资效率
Accounting & Finance Pub Date : 2024-04-02 DOI: 10.1111/acfi.13250
Jiayi Zheng
{"title":"Institutional attention and investment efficiency","authors":"Jiayi Zheng","doi":"10.1111/acfi.13250","DOIUrl":"https://doi.org/10.1111/acfi.13250","url":null,"abstract":"This study investigates how institutional investors' attention on the earnings announcement day affects corporate investment decisions. I find that the investment of firms receiving abnormal institutional attention is approximately 1.8 times more sensitive to their stock price than that of others. This effect is more pronounced when institutional investors have greater incentives to produce information and when corporate managers have greater incentives and capability to employ the incremental information contained in the stock price. These findings suggest that attention encourages institutional investors to incorporate private information into stock prices, which provides a useful guide for managers' investment decisions.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140571300","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 market value of cash holdings from related‐party sales: The role of source of cash flows 关联方销售所持现金的市场价值：现金流来源的作用
Accounting & Finance Pub Date : 2024-03-25 DOI: 10.1111/acfi.13241
Sun‐Moon Jung, Taejin Jung, Natalie Kyung Won Kim, Sohee Park
{"title":"The market value of cash holdings from related‐party sales: The role of source of cash flows","authors":"Sun‐Moon Jung, Taejin Jung, Natalie Kyung Won Kim, Sohee Park","doi":"10.1111/acfi.13241","DOIUrl":"https://doi.org/10.1111/acfi.13241","url":null,"abstract":"This paper finds that investors evaluate cash holdings differently based on the source of cash flows. Using cash flows from related‐party sales as a proxy for diverse sources, we find that shareholders discount the value of cash holdings for firms with higher cash flows from related‐party sales. We find that firms use related‐party sales cash flows differently; cash flows from related‐party sales are more likely to be retained as internal cash reserves or distributed as dividends, rather than utilised for necessary investments. We further document a negative valuation of investments for firms with more related‐party sales.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"32 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140300504","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
Comments of the AFAANZ Auditing and Assurance Standards Committee on Proposed International Standard on Auditing 570 (Revised) Going Concern 新西兰全会计师协会审计与鉴证准则委员会对拟议的《国际审计准则 570》（修订版）"持续关注 "的意见
Accounting & Finance Pub Date : 2024-03-25 DOI: 10.1111/acfi.13252
Noel Harding, David C. Hay, Prabashi Dharmasiri, Yi (Dale) Fu, Matthew Grosse, Mohammad Jahanzeb Khan, Tom Scott
{"title":"Comments of the AFAANZ Auditing and Assurance Standards Committee on Proposed International Standard on Auditing 570 (Revised) Going Concern","authors":"Noel Harding, David C. Hay, Prabashi Dharmasiri, Yi (Dale) Fu, Matthew Grosse, Mohammad Jahanzeb Khan, Tom Scott","doi":"10.1111/acfi.13252","DOIUrl":"https://doi.org/10.1111/acfi.13252","url":null,"abstract":"The International Auditing and Assurance Standards Board (IAASB) issued for public comment Proposed International Standard on Auditing 570 (Revised) Going Concern. The Australian Auditing and Assurance Standards Board (AUASB) and New Zealand Auditing and Assurance Standards Board (NZAuASB) also called for comments. The Auditing and Assurance Standards Committee of AFAANZ prepared a submission, based on the findings reported in extant research, informing a number of the questions asked by the IAASB. This technical note presents the formal submission made to the IAASB.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"253 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140300502","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
An evaluation of the animal welfare accountability being demonstrated by global apparel companies 对全球服装公司动物福利问责制的评估
Accounting & Finance Pub Date : 2024-03-19 DOI: 10.1111/acfi.13246
Xinchen Zhao, Craig Deegan
{"title":"An evaluation of the animal welfare accountability being demonstrated by global apparel companies","authors":"Xinchen Zhao, Craig Deegan","doi":"10.1111/acfi.13246","DOIUrl":"https://doi.org/10.1111/acfi.13246","url":null,"abstract":"This study evaluates apparel companies' accountability through assessing the quality of their disclosures pertaining to animal welfare. Content analysis is undertaken of annual reports, social responsibility reports, dedicated social responsibility webpages and apparel hangtags and labels collected from the world's largest public apparel companies. Results show that the quality of apparel companies' animal welfare disclosure generally falls short of what is expected by surrogate representatives/stakeholders of animals.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140181961","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
When it's not personal but positional: The upside of CEO power 当权力不是个人的，而是职位的时候：首席执行官权力的好处
Accounting & Finance Pub Date : 2024-03-19 DOI: 10.1111/acfi.13242
Ariful Islam, Harjinder Singh, Nigar Sultana, Sue Wright
{"title":"When it's not personal but positional: The upside of CEO power","authors":"Ariful Islam, Harjinder Singh, Nigar Sultana, Sue Wright","doi":"10.1111/acfi.13242","DOIUrl":"https://doi.org/10.1111/acfi.13242","url":null,"abstract":"We examine links between corporate cash holdings and types of CEO power, and how these affect firm performance, using agency and stewardship theories to distinguish two types of CEO power: one attributable to the CEO position, and one attributable to CEO personal characteristics. Measured as indices, we find positive associations with cash holdings for both types of power, individually and in combination, but only positional power with higher cash holdings is positively associated with firm performance. Our findings are shown to be robust and suggest that scrutiny of cash holdings by CEOs with high personal power may be prudent.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140182013","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
Investment centre manager's multiperiod fairness perceptions and intertemporal dependency 投资中心经理的多期公平观念和跨期依赖性
Accounting & Finance Pub Date : 2024-03-07 DOI: 10.1111/acfi.13240
Hiroyuki Selmes-Suzuki
{"title":"Investment centre manager's multiperiod fairness perceptions and intertemporal dependency","authors":"Hiroyuki Selmes-Suzuki","doi":"10.1111/acfi.13240","DOIUrl":"https://doi.org/10.1111/acfi.13240","url":null,"abstract":"This paper explores the motivation of investment centre managers when their investment centre's performance is affected by decisions made by their predecessor. Through a qualitative case study of a Japanese manufacturer, the effectiveness of conventional remedies for motivational issues and further motivational issues caused by the same remedies, as identified in the extant literature, are examined. The field data underscore managers' multiperiod as opposed to period-by-period fairness perceptions as key to preventing the further motivational issues. This paper also demonstrates the potential usefulness of the vignette technique as a data collection method in qualitative accounting research.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140070707","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
Comments on Exposure Draft for Proposed ISSA 5000, sustainability assurance engagements by the Auditing and Assurance Standards Committee of AFAANZ 新西兰全会计师协会审计与鉴证准则委员会对拟议的 ISSA 5000（可持续性鉴证业务）征求意见稿的评论
Accounting & Finance Pub Date : 2024-03-06 DOI: 10.1111/acfi.13235
David Hay, Noel Harding, Pallab Biswas, Chris Gan, Irene Qingling Ge, Linh Ho, Dinithi Ranasinghe, Harj Singh, Nigar Sultana, Shan Zhou
{"title":"Comments on Exposure Draft for Proposed ISSA 5000, sustainability assurance engagements by the Auditing and Assurance Standards Committee of AFAANZ","authors":"David Hay, Noel Harding, Pallab Biswas, Chris Gan, Irene Qingling Ge, Linh Ho, Dinithi Ranasinghe, Harj Singh, Nigar Sultana, Shan Zhou","doi":"10.1111/acfi.13235","DOIUrl":"https://doi.org/10.1111/acfi.13235","url":null,"abstract":"The Exposure Draft for Proposed International Standard on Sustainability Assurance (ISSA) 5000 has been issued by the International Auditing and Assurance Standards Board (IAASB) because there is increasing demand by stakeholders for assurance of sustainability information. Our recommendations include: (i) a more flexible approach to ethics and quality management instead of the requirements for standards that are at least as demanding as the accounting profession's standards; (ii) more differentiation between the requirements for limited as opposed to reasonable assurance and (iii) more cautious use of the term materiality and clearer definitions of the different materiality concepts to avoid potential confusion.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140055017","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
Friendly boards and capital allocation efficiency 友好的董事会和资本分配效率
Accounting & Finance Pub Date : 2024-03-02 DOI: 10.1111/acfi.13238
Avishek Bhandari, Md Nazmul Hasan Bhuyan, Meena Subedi
{"title":"Friendly boards and capital allocation efficiency","authors":"Avishek Bhandari, Md Nazmul Hasan Bhuyan, Meena Subedi","doi":"10.1111/acfi.13238","DOIUrl":"https://doi.org/10.1111/acfi.13238","url":null,"abstract":"This study examines the effect of friendly boards on capital allocation efficiency. We provide evidence that firms with friendly boards have a positive and statistically significant effect on capital allocation inefficiency. We find our results robust to different measures of friendly boards and capital allocation inefficiency, alternative model specifications, omitted variable bias, self‐selection bias and other endogeneity concerns. We also show that the positive association between friendly boards and capital allocation inefficiency is lower in firms with high external corporate governance quality but higher in firms with high financial constraints. The findings imply that poor board monitoring and high agency conflicts in firms with friendly boards lead to high capital allocation inefficiency.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140018792","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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