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Firm-Value Effects of Carbon Emissions and Carbon Disclosures Evidence from Taiwan 碳排放的固定价值效应与台湾碳披露证据
IF 2.5 4区 管理学
Accounting Horizons Pub Date : 2022-07-19 DOI: 10.2308/horizons-18-164r
Yan Han, H. Huang, Wu-Po Liu, Yu-Lin Hsu
{"title":"Firm-Value Effects of Carbon Emissions and Carbon Disclosures Evidence from Taiwan","authors":"Yan Han, H. Huang, Wu-Po Liu, Yu-Lin Hsu","doi":"10.2308/horizons-18-164r","DOIUrl":"https://doi.org/10.2308/horizons-18-164r","url":null,"abstract":"Extant accounting research based on data from the U.S., Europe, and Australia finds that increases in carbon emissions are associated with lower firm value. However, recent research indicates that investors' perspectives on corporate social responsibility (CSR) in other parts of the world differ from those of Western investors. This study investigates whether increases in carbon emissions, as one indicator of poor CSR performance, are also associated with lower firm value in Taiwan. Using carbon disclosure data from Taiwanese listed companies between 2012 and 2016, we find that firm value is positively associated with carbon emissions, which contrasts with the findings of extant research. Likewise, firm value is not associated with a combined measure of financial information and carbon emissions in Taiwan. Our findings suggest that international generalizations of the findings of the extant research on the relationship between carbon emissions and firm value should be undertaken with caution.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2022-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49256840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 3
CEO Narcissism and Properties of Analysts’ Forecasts CEO自恋与分析师预测的性质
IF 2.5 4区 管理学
Accounting Horizons Pub Date : 2022-07-19 DOI: 10.2308/horizons-2021-010
Gilberto Marquez Illescas, Linying Zhou
{"title":"CEO Narcissism and Properties of Analysts’ Forecasts","authors":"Gilberto Marquez Illescas, Linying Zhou","doi":"10.2308/horizons-2021-010","DOIUrl":"https://doi.org/10.2308/horizons-2021-010","url":null,"abstract":"Using a sample of S&P 500 companies, this study constructs a measure of CEO narcissism and examines whether and how it impacts the accuracy and dispersion of analysts’ forecasts. Empirical evidence suggests that firms with narcissistic CEOs have higher accuracy and lower dispersion of such forecasts. In investigating the mechanism through which CEO narcissism impacts these properties, we find that firms with narcissistic CEOs are more likely to issue management earnings guidance, albeit less accurate, which results in significant differences in accuracy and dispersion of analysts’ forecasts. This study concludes that through more management voluntary disclosure, CEO narcissism has a positive impact on the accuracy and negative impact on the dispersion of financial analysts’ forecasts. While several studies have explored the effect of CEO narcissism on corporate financial reporting, this is the first study to expand such inquiry into the sector of financial analysts.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2022-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47745582","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 1
Does corporate governance quality influence insider trading around private meetings between managers and investors? 公司治理质量是否会影响管理者与投资者私下会面的内幕交易?
IF 2.5 4区 管理学
Accounting Horizons Pub Date : 2022-07-19 DOI: 10.2308/horizons-2020-184
R. M. Bowen, S. Dutta, Songlian Tang, P. Zhu
{"title":"Does corporate governance quality influence insider trading around private meetings between managers and investors?","authors":"R. M. Bowen, S. Dutta, Songlian Tang, P. Zhu","doi":"10.2308/horizons-2020-184","DOIUrl":"https://doi.org/10.2308/horizons-2020-184","url":null,"abstract":"We examine the effectiveness of corporate governance in influencing insider trading around private in-house meetings (hereafter “private meetings”) between management and investors in China. Consistent with better corporate governance curbing (i) disclosure of non-public price-sensitive information and (ii) insider trading, we find that better governance quality is associated with reduced insider trading frequency, value, and profitability around private meetings. Firms with better corporate governance appear to  exchange less price-sensitive information with outsider investors around  private meetings, which limits the opportunity to make profitable insider trades. Our results are economically significant and robust using instrumental variable and propensity score matching approaches to address endogeneity. We argue that improving corporate governance quality may be a partial substitute for costly government regulation designed to curb insider trading around private meetings.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2022-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43821373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 2
Audit Market Concentration and Audit Quality: Evidence from Analysts' Forecasts 审计市场集中度与审计质量：来自分析师预测的证据
IF 2.5 4区 管理学
Accounting Horizons Pub Date : 2022-07-11 DOI: 10.2308/horizons-19-192
Bryan G. Brockbank, Chuong Do, Bradley P. Lawson
{"title":"Audit Market Concentration and Audit Quality: Evidence from Analysts' Forecasts","authors":"Bryan G. Brockbank, Chuong Do, Bradley P. Lawson","doi":"10.2308/horizons-19-192","DOIUrl":"https://doi.org/10.2308/horizons-19-192","url":null,"abstract":"Audit market concentration remains a concern due to its potential impact on audit quality. We examine whether audit market concentration influences properties of analysts’ forecasts. We find that analyst forecasts are more accurate and less dispersed when audit markets are more concentrated. Consistent with regulators’ concerns, we find evidence of decreased auditor independence in concentrated markets but also increased auditor effort and a higher likelihood of a Big N auditor. This results in an overall net positive effect between audit market concentration, audit quality, and, ultimately, analysts’ forecasts. These results are concentrated in settings where analysts rely more on audited financial statements. Our findings support regulators’ concerns regarding concentration in the U.S. audit market, but also help to explain why audit market concentration leads to improved audit quality.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2022-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44831693","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
WITHIN OR ACROSS AUDITORS? UNDERSTANDING KNOWLEDGE TRANSFER IN AUDIT PRODUCTION 在审计师内部还是在审计师之间？理解审计生产中的知识转移
IF 2.5 4区 管理学
Accounting Horizons Pub Date : 2022-06-24 DOI: 10.2308/horizons-19-014
Allen D. Blay, Landon M. Mauler, Jonathan Nash
{"title":"WITHIN OR ACROSS AUDITORS? UNDERSTANDING KNOWLEDGE TRANSFER IN AUDIT PRODUCTION","authors":"Allen D. Blay, Landon M. Mauler, Jonathan Nash","doi":"10.2308/horizons-19-014","DOIUrl":"https://doi.org/10.2308/horizons-19-014","url":null,"abstract":"Knowledge transfer affects audit production: it is an underlying reason for specialization premiums and economies of scale. Using measures of client-level comparability to proxy for the internal (within-auditor) and external (across auditors) knowledge transfers that occur during audit production, our results indicate that internal knowledge transfer subsumes external knowledge transfer. Although this result may seem intuitive, recent research implies external knowledge transfer significantly impacts audit efficiency. Thus, the dominance of internal knowledge transfer is important to document. We also provide evidence that the benefits of auditor specialization are not uniform, as typically modeled in the literature. Specifically, we provide evidence that knowledge transfer enhances the efficiencies from auditor specialization. Finally, we find knowledge transfer is associated with greater audit efficiency irrespective of auditor specialization or industry homogeneity. Overall, our results reaffirm the importance of within-auditor knowledge transfer and highlight the importance of considering client characteristics when examining knowledge transfer.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2022-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41278479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
The essential role of accounting information in the capital markets: Updating seminal research results with current evidence 会计信息在资本市场中的重要作用：用现有证据更新开创性的研究结果
IF 2.5 4区 管理学
Accounting Horizons Pub Date : 2022-06-21 DOI: 10.2308/horizons-18-075
D. Nichols, James M. Wahlen
{"title":"The essential role of accounting information in the capital markets: Updating seminal research results with current evidence","authors":"D. Nichols, James M. Wahlen","doi":"10.2308/horizons-18-075","DOIUrl":"https://doi.org/10.2308/horizons-18-075","url":null,"abstract":"An extensive literature of empirical research provides important insights into the role of accounting information in the equity capital markets. In this article, we use data from 2002 through 2016 to present updated evidence on four major areas of research: the earnings-returns relation and market efficiency; earnings management; cash flows versus accruals; and financial statement analysis. In addition to updating seminal results with new evidence, we also introduce some new findings that were not in the original studies. We provide straightforward descriptions of the research methodologies and important implications from evidence from seminal studies using current empirical data. Our paper is intended particularly for the benefit of students, practitioners, and others who may not yet have been exposed to this literature.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2022-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43447010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 2
When Cash Is Not King: An Examination of the Relative Effectiveness of Tangible vs. Cash Incentives on Whistleblower Reporting 当现金不是王道:对举报人举报的有形激励与现金激励相对有效性的考察
IF 2.5 4区 管理学
Accounting Horizons Pub Date : 2022-06-08 DOI: 10.2308/horizons-2020-189
Rosemond Desir, Stephen J. Perreault, J. Wainberg
{"title":"When Cash Is Not King: An Examination of the Relative Effectiveness of Tangible vs. Cash Incentives on Whistleblower Reporting","authors":"Rosemond Desir, Stephen J. Perreault, J. Wainberg","doi":"10.2308/horizons-2020-189","DOIUrl":"https://doi.org/10.2308/horizons-2020-189","url":null,"abstract":"We investigate the effects of incentive type (i.e., cash vs. tangible) in motivating whistleblower behavior. While prior research indicates that cash rewards are an effective means for motivating whistleblower reporting, research has yet to examine the relative effectiveness of tangible incentives (e.g., gift cards, incentive travel, and merchandise) in promoting these prosocial behaviors. Motivated by mental accounting theory, our study experimentally tests and finds that the type of reward offered (cash vs. tangible) interacts with reward size to predict whistleblower reporting behavior. Specifically, whistleblower reporting was less (more) sensitive to changes in reward size when small tangible (cash) rewards were offered. These findings suggest that tangible (i.e., non-cash) rewards can increase both the efficiency and effectiveness of whistleblower incentive programs and should be of considerable interest to managers, corporate boards, audit committees, and those charged with corporate governance.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2022-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42237110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Can the FASB Regain Its Mojo? 美国财务会计准则委员会能否重振雄风?
IF 2.5 4区 管理学
Accounting Horizons Pub Date : 2022-06-01 DOI: 10.2308/horizons-2021-133
Jack T. Ciesielski
{"title":"Can the FASB Regain Its Mojo?","authors":"Jack T. Ciesielski","doi":"10.2308/horizons-2021-133","DOIUrl":"https://doi.org/10.2308/horizons-2021-133","url":null,"abstract":"\u0000 In recent years, the FASB has concerned itself with simplification of accounting standards, rather than prioritizing the improvement of financial reporting for the benefit of investors. While companies grow more complex and larger, and place more investments in intangible assets, financial reporting has not kept pace. This is making financial statements less relevant than ever. In its nearly 50-year history, FASB has responded well to the needs of investors when circumstances demanded an effective response. This was evidenced by its relatively speedy, experimental approach to inflation accounting in the late 1970s. Contrast that to its slow-motion response on intangible asset recognition and disclosures, a project languishing over 20 years. FASB's agenda has become clogged as the board devotes more of its attention and resources to the Private Company Council's needs. An open question: can the FASB regain its former intense focus on investor needs and put aside simplification efforts?","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49279238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 2
Accounting Estimation Intensity, Auditor Estimation Expertise, and Managerial Bias 会计估计强度、审计师估计专业知识与管理偏见
IF 2.5 4区 管理学
Accounting Horizons Pub Date : 2022-05-24 DOI: 10.2308/horizons-2020-193
J. P. Boone, Inder K. Khurana, K. Raman
{"title":"Accounting Estimation Intensity, Auditor Estimation Expertise, and Managerial Bias","authors":"J. P. Boone, Inder K. Khurana, K. Raman","doi":"10.2308/horizons-2020-193","DOIUrl":"https://doi.org/10.2308/horizons-2020-193","url":null,"abstract":"We examine the relation between the accounting estimation intensity (AEI) ingrained in a company’s financial reports and the company’s propensity to meet or beat analyst earnings forecasts, and whether this relation is attenuated by the auditor’s estimation expertise at the city-office or national level. Although we find a positive relation between AEI and the propensity to meet analyst forecasts, we find little evidence to suggest that the relation is weakened by auditor estimation expertise. Along the same lines, we find little evidence to suggest that the positive relation between AEI and audit fees is affected by auditor estimation expertise. Our findings are of potential interest to regulators concerned about insufficient auditor skepticism in the audit of accounting estimates, investors interested in better understanding managerial accounting judgments, and academics investigating audit quality.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2022-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43568350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 2
The Impact of Benefit Plan Audits on the Financial Statement Audit 福利计划审计对财务报表审计的影响
IF 2.5 4区 管理学
Accounting Horizons Pub Date : 2022-04-18 DOI: 10.2308/horizons-2020-003
Jaclyn Prentice, Kenneth L. Bills, Gary F. Peters
{"title":"The Impact of Benefit Plan Audits on the Financial Statement Audit","authors":"Jaclyn Prentice, Kenneth L. Bills, Gary F. Peters","doi":"10.2308/horizons-2020-003","DOIUrl":"https://doi.org/10.2308/horizons-2020-003","url":null,"abstract":"Benefit plan audits, a material but less understood public accounting service, represent a non-audit service that is “audit-related.” We explore the implications of benefit plan audits for the financial statement audit. We find that performing a benefit plan audit for a company significantly increases the likelihood that the firm will be selected as a company’s financial statement auditor in the future, particularly for smaller audit firms. Further, we find that companies that engage the same audit firm for both their benefit plan and financial statement audits have a significantly lower likelihood of misstatements and shorter audit report lags. Finally, we find evidence consistent with the joint provision of these services creating greater bonding and higher switching costs for the financial statement audit. Our findings speak to the continued debate over effective market expansion of financial statement audit providers, audit quality determinants, and audit efficiencies.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2022-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47045136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
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