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The spillover effects of managers' evasiveness: Evidence from earnings communication conferences 管理者回避的溢出效应：收益交流会的证据
Accounting & Finance Pub Date : 2024-02-27 DOI: 10.1111/acfi.13234
Baochen Yang, Xiaoning Ren, Yifang Liu
{"title":"The spillover effects of managers' evasiveness: Evidence from earnings communication conferences","authors":"Baochen Yang, Xiaoning Ren, Yifang Liu","doi":"10.1111/acfi.13234","DOIUrl":"https://doi.org/10.1111/acfi.13234","url":null,"abstract":"We investigate how managers' evasiveness affects peer firms' stock returns. Managers' evasiveness is measured by the degree of managers' irrelevant answers and non‐answers during earnings communication conferences. Our results show that peer firms' investors react negatively to managers' evasiveness. Moreover, we find that the spillover effects are stronger for peer firms with lower information transparency, and the leading firms with a higher market power or a higher leverage ratio.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"80 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140025168","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
Earnings management in the post‐IPO years and their impact on the long‐run stock performance of foreign versus domestic IPO firms 首次公开募股后几年的盈利管理及其对外国与国内首次公开募股公司股票长期表现的影响
Accounting & Finance Pub Date : 2024-02-27 DOI: 10.1111/acfi.13239
Janto Haman, Wei Lu, Dharmendra Naidu
{"title":"Earnings management in the post‐IPO years and their impact on the long‐run stock performance of foreign versus domestic IPO firms","authors":"Janto Haman, Wei Lu, Dharmendra Naidu","doi":"10.1111/acfi.13239","DOIUrl":"https://doi.org/10.1111/acfi.13239","url":null,"abstract":"Using a matched sample of foreign and domestic IPO firm listings on US stock exchanges, we find that foreign IPO firms are associated with significantly higher upward earnings management via discretionary (abnormal) long‐term accruals in the first 2 years post‐IPO year, and lower long‐run stock returns in the 3 years post‐listing, compared to US domestic IPO firms. Our results also show that the lower long‐run stock returns of foreign IPO firms are associated with their higher discretionary long‐term accruals. We provide further evidence that institutional investors can mitigate lower long‐run stock returns of foreign IPO firms compared with US domestic IPO firms.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"264 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140025171","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
Revisiting the concept of the public interest in accounting: A stakeholder analysis 重新审视会计中的公众利益概念：利益相关者分析
Accounting & Finance Pub Date : 2024-02-15 DOI: 10.1111/acfi.13236
Steven Dellaportas, Sophia Ji, Pavithra Siriwardhane, Dudu Luo
{"title":"Revisiting the concept of the public interest in accounting: A stakeholder analysis","authors":"Steven Dellaportas, Sophia Ji, Pavithra Siriwardhane, Dudu Luo","doi":"10.1111/acfi.13236","DOIUrl":"https://doi.org/10.1111/acfi.13236","url":null,"abstract":"This study contributes to the discussion on the meaning and operation of the public interest. The all-inclusive perspective in defining the public interest adopted by IFAC, was criticised by stakeholders, predominantly professional bodies, for being broad and impractical. IFAC responded by proposing a process-oriented approach to simplify the definition and assessment of public interest policies and actions. The limitations in understanding the public interest from both conceptual and practical perspectives have not been addressed in a significant way, suggesting there is room for further guidance on the meaning of the public interest and how to implement it.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139926473","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 the organisational structure of tax authorities on tax and accounting fraud 税务机关的组织结构对税务和会计欺诈的影响
Accounting & Finance Pub Date : 2024-02-09 DOI: 10.1111/acfi.13232
Senlin Miao, Fenghua Wen
{"title":"The impact of the organisational structure of tax authorities on tax and accounting fraud","authors":"Senlin Miao, Fenghua Wen","doi":"10.1111/acfi.13232","DOIUrl":"https://doi.org/10.1111/acfi.13232","url":null,"abstract":"Using tax centralisation reform enacted to eliminate decentralised tax authorities, we find firms have lower probabilities of tax and accounting fraud since its implementation. Our analysis shows the negative impact of the reform on tax and accounting fraud becomes stronger among firms with weaker tax enforcement, indicating that the reform plays a corporate governance role through strengthening tax enforcement. Additionally, we find this effect is stronger when firm-level governance is weaker and stronger in firms with higher agency costs. Finally, the reform effect is weaker among non-state-owned enterprises with political connections to the central government.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139770603","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 corporate Twitter, Instagram and YouTube activity on investor attention and market liquidity 企业 Twitter、Instagram 和 YouTube 活动对投资者关注度和市场流动性的影响
Accounting & Finance Pub Date : 2024-01-22 DOI: 10.1111/acfi.13227
Steven Crawford, Bumjoon Kim, Minjae Koo, Thien Le
{"title":"The effect of corporate Twitter, Instagram and YouTube activity on investor attention and market liquidity","authors":"Steven Crawford, Bumjoon Kim, Minjae Koo, Thien Le","doi":"10.1111/acfi.13227","DOIUrl":"https://doi.org/10.1111/acfi.13227","url":null,"abstract":"Using daily-level data on corporate social media activity, we show that investor attention generally increases when firms post on Twitter, Instagram and YouTube and that the effect is stronger during earnings announcement periods. We find that stock market liquidity improves when firms post on social media, but the effects are the most consistent for Twitter. Finally, we document that when firms miss earnings, they post more on social media if the magnitude of the bad news is small but remain silent when the magnitude is large. This strategic behaviour is prevalent across all three social media platforms.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139516044","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
Corporate non-financial misconduct and accounting conservatism 公司非财务不当行为与会计保守主义
Accounting & Finance Pub Date : 2024-01-22 DOI: 10.1111/acfi.13229
Yinan Yang, Wei Liu
{"title":"Corporate non-financial misconduct and accounting conservatism","authors":"Yinan Yang, Wei Liu","doi":"10.1111/acfi.13229","DOIUrl":"https://doi.org/10.1111/acfi.13229","url":null,"abstract":"This study shows that shareholders demand a higher level of conservatism when the firm commits non-financial misconduct. This positive relationship between corporate non-financial misconduct and accounting conservatism is more pronounced for firms with higher information asymmetry, worse financial conditions and greater monitoring by shareholders. Further analyses reveal that corporate non-financial misconduct is associated with less efficient managerial control over operations, lower employee satisfaction, worse performance and higher information uncertainties in the future. These results are robust to alternative measures, endogeneity concerns and controls for the potential influence arising from financial misconduct and internal control weakness.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"72 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139516315","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
Performance evaluation of academics: A social influence theory perspective 学者的绩效评估：社会影响理论视角
Accounting & Finance Pub Date : 2024-01-18 DOI: 10.1111/acfi.13226
Ehtasham Ghauri, Ralph Adler
{"title":"Performance evaluation of academics: A social influence theory perspective","authors":"Ehtasham Ghauri, Ralph Adler","doi":"10.1111/acfi.13226","DOIUrl":"https://doi.org/10.1111/acfi.13226","url":null,"abstract":"This study examines the associations between academics' perceptions of their institutions' performance management systems, and in particular their performance evaluation, and academics' attitudes and behaviours. Responses from over 1000 New Zealand academics reveal that those who perceive their performance evaluation as outcomes-focused and process-focused are more likely to exhibit compliance-based behaviour. In contrast, when performance evaluation is perceived as being values-driven and supportive of collegiality, the academics exhibit internalised behaviours. This study further shows that academics with internalised attitudes score higher in research assessment exercises than academics with compliance-based attitudes.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139560111","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
Influence of the cash conversion cycle on firm's financial performance: Evidence from publicly traded firms in the Latin American context 现金转换周期对公司财务业绩的影响：来自拉丁美洲上市公司的证据
Accounting & Finance Pub Date : 2024-01-10 DOI: 10.1111/acfi.13220
Bruno Figlioli, Rafael Moreira Antônio, Rafael Confetti Gatsios, Fabiano Guasti Lima
{"title":"Influence of the cash conversion cycle on firm's financial performance: Evidence from publicly traded firms in the Latin American context","authors":"Bruno Figlioli, Rafael Moreira Antônio, Rafael Confetti Gatsios, Fabiano Guasti Lima","doi":"10.1111/acfi.13220","DOIUrl":"https://doi.org/10.1111/acfi.13220","url":null,"abstract":"This study investigates the relationship between the cash conversion cycle (CCC) and the financial and market performances of publicly traded” firms in six Latin American (LatAm) countries: Argentina, Brazil, Chile, Colombia, Mexico, and Peru. The analysis covers the period from 2000 to 2018. The results indicate that increases in CCC negatively impact the generation of operating cash flows and long-term investments, and increase financial risk. Other findings suggest that the mechanisms through which CCC affects a firm's financial performance can provide a satisfactory explanation of its market performance. The evidence is consistent with the hypothesis that CCC is a relevant driver of value in working capital management in undeveloped or emerging economies.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"86 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139423125","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
Transparency or ambiguity? Voluntary IFRS adoption and earnings management in Japan 透明还是模糊？日本自愿采用《国际财务报告准则》与收益管理
Accounting & Finance Pub Date : 2024-01-10 DOI: 10.1111/acfi.13221
Yosuke Tohara
{"title":"Transparency or ambiguity? Voluntary IFRS adoption and earnings management in Japan","authors":"Yosuke Tohara","doi":"10.1111/acfi.13221","DOIUrl":"https://doi.org/10.1111/acfi.13221","url":null,"abstract":"This study examines the mechanism of voluntary IFRS adoption on earnings management in Japan. Limited research clarifies how IFRS adoption influences earnings management. Using data from listed firms between 2011 and 2018, the multivariate regression results suggest that voluntary IFRS adoption in Japan increases the extent of discretionary accruals. Furthermore, the relation becomes more pronounced when firms have greater accounting opportunities and stronger cost incentives. The main findings hold after various robustness tests. This study fills the gap in the literature by investigating the mechanism that IFRS adoption enhances opportunities and motivation for earnings management through accounting ambiguity.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"68 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139421570","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
Labelling in financial reporting: An examination of “other comprehensive income” and non-professional investors' judgements 财务报告中的标签：对 "其他综合收益 "和非专业投资者判断的考察
Accounting & Finance Pub Date : 2024-01-08 DOI: 10.1111/acfi.13219
Daifei (Troy) Yao, Xin Qu, Tyge-F. Kummer
{"title":"Labelling in financial reporting: An examination of “other comprehensive income” and non-professional investors' judgements","authors":"Daifei (Troy) Yao, Xin Qu, Tyge-F. Kummer","doi":"10.1111/acfi.13219","DOIUrl":"https://doi.org/10.1111/acfi.13219","url":null,"abstract":"Other comprehensive income (OCI) is often confusing for financial statement users and the International Accounting Standards Board has proposed new labelling to improve its presentation. Using an experimental method, we find that OCI labelling influences non-professional investors' evaluation and judgements on financial performance. Non-professional investors place greater weight on OCI information presented with explicit labels when assessing both the current and future performance of a company. Our results indicate that improving the presentation of OCI information enhances their perceived relevance in investors' decision-making. The results have practical implications for standard setters and financial statement users.","PeriodicalId":501109,"journal":{"name":"Accounting & Finance","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139409566","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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