中国会计与财务研究最新文献

{"title":"Surviving beyond expiry: a systematic literature review of zombie firms","authors":"Arjun Pratap Upadhyay, Pankaj Kumar Baag","doi":"10.1108/cafr-05-2023-0054","DOIUrl":"https://doi.org/10.1108/cafr-05-2023-0054","url":null,"abstract":"Purpose This paper reviews the literature on zombie firms to provide a holistic view by delineating their formation, impact, widespread nature, prevention and policy implications. Design/methodology/approach This paper uses a systematic literature review methodology, in which 76 papers published in journals ranked on the Australian Business Deans Council (ABDC) 2022 list were reviewed. The study period was from 2000 to 2022. Findings Among the main findings, the widespread problems of zombie firms were evident. The authors found that consistent support, either in the form of government grants or a weak financial framework, was responsible for their formation. The suboptimal performance of factors of production, depressed job creation, low innovation and overall negative impact on economic activity are the consequences of zombification. This can be controlled by ensuring better bankruptcy codes, focused on government assistance, technology use and better due diligence by banks. Practical implications This review serves as a reference point for future researchers as a cohesive and holistic study presenting a full picture of the problem, so that the proposed solutions are robust and tenable. Originality/value This review is among the initial attempts to comprehensively study published work on zombie firms in terms of analyzing their region-specific nature, with an emphasis on definition, causes, impact and prevention.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"2 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136018914","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}

{"title":"游戏公司绩效管理研究——以上海游戏公司A公司为例","authors":"雪萍 郁","doi":"10.55375/afj.2023.2.1","DOIUrl":"https://doi.org/10.55375/afj.2023.2.1","url":null,"abstract":"游戏行业已逐渐成熟，市场上玩家的需求也日渐高端化，对于粗制滥造的低端游戏出现严重抵触情绪。游戏的研发、广告投放、后台服务等工作要求更高效、快速。如何在企业的管理过程中，通过良好的绩效管理方案来推动游戏公司的管理更加高效成为企业管理中的重要内容。本文以上海某游戏公司(下称A公司)为研究对象，通过问卷调查法和层次分析法，研究A公司绩效管理现状，找出该公司在绩效管理方面的问题，进而提出建议。","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"31 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135268182","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}

{"title":"A systematic literature review on the determinants of cryptocurrency pricing","authors":"Sanshao Peng, Catherine Prentice, Syed Shams, Tapan Sarker","doi":"10.1108/cafr-05-2023-0053","DOIUrl":"https://doi.org/10.1108/cafr-05-2023-0053","url":null,"abstract":"Purpose Given the cryptocurrency market boom in recent years, this study aims to identify the factors influencing cryptocurrency pricing and the major gaps for future research. Design/methodology/approach A systematic literature review was undertaken. Three databases, Scopus, Web of Science and EBSCOhost, were used for this review. The final analysis comprised 88 articles that met the eligibility criteria. Findings The influential factors were identified and categorized as supply and demand, technology, economics, market volatility, investors’ attributes and social media. This review provides a comprehensive and consolidated view of cryptocurrency pricing and maps the significant influential factors. Originality/value This paper is the first to systematically and comprehensively review the relevant literature on cryptocurrency to identify the factors of pricing fluctuation. This research contributes to cryptocurrency research as well as to consumer behaviors and marketing discipline in broad.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135354199","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}

{"title":"Are shadow banks a threat to the financial stability of EMEs?","authors":"Dhulika Arora, Smita Kashiramka","doi":"10.1108/cafr-12-2022-0129","DOIUrl":"https://doi.org/10.1108/cafr-12-2022-0129","url":null,"abstract":"PurposeShadow banks or non-bank financial intermediaries (NBFIs) are facilitators of credit, especially in emerging market economies (EMEs). However, there are certain risks associated with them, such as their unchecked leverage and interconnectedness with the rest of the financial system. In light of this, the present study analyses the impact of the growth of shadow banks on the stability of the banking sector and the overall stability of the financial system. The authors further examine the effect of the growth of finance companies (a type of NBFIs) on financial stability.Design/methodology/approachThe study employs data of 11 EMEs (monitored by the Financial Stability Board (FSB)) for the period 2002–2020 to examine the above relationships. Panel-corrected standard errors method and Driscoll–Kray standard error estimation are deployed to conduct the analysis.FindingsThe results signify that the growth of the shadow banking sector and the growth of lending to the shadow banking sector are negatively associated with the stability of the banking sector and increases the vulnerability of the financial system (overall instability). This implies that the higher the growth of the shadow banks, the higher the financial fragility. Finance companies are also found to negatively affect financial stability. These findings are validated by different estimation methods and point out the risks posed by the NBFI sector.Originality/valueThe extant study builds a composite index (Financial Vulnerability Index (FVI)) to measure financial stability; thus, the findings contribute to the evolving literature on shadow banks.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42613928","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}

{"title":"Analyses of unintended consequences of IAS 12 on deferred income taxes","authors":"Jude Edeigba, Ernest Gyapong, V. Tawiah","doi":"10.1108/cafr-08-2022-0098","DOIUrl":"https://doi.org/10.1108/cafr-08-2022-0098","url":null,"abstract":"PurposeAn intractable effect of revenue and expense recognition based on tax regulation and accounting rules is unresolved and may be manageable only by reducing the value of deferred taxes. Therefore, in this study, the authors examined the relationship between the International Accounting Standard 12 (IAS 12) and deferred income taxes associated with tax and accounting rules.Design/methodology/approachThe authors used a large sample of balanced data from 144 firms across 1992–2019. To mitigate the problem of superfluous results, the authors used the same number of firms and years for pre- and post-IAS 12 periods. The authors employed robust econometric estimations to establish the impact of IAS 12 on deferred tax.FindingsThe regression results show that deferred tax assets decreased significantly, whereas deferred tax liabilities increased significantly, in the post-IAS 12 period. These contrasting results imply that IAS 12 implementation has increased conservatism and prudence in financial reporting. However, the authors find that the increase in deferred tax assets post-IAS 12 is value destructive, suggesting that its implementation has unintended consequences. The results are robust to alternative measurements and econometric identification strategies.Originality/valueWhile prior studies have explored topics such as deferred tax measurement and the impact of income and expense recognition, the authors specifically analyzed how IAS 12 affects deferred taxes and their effect on the market valuation. The authors find that certain accounting standards may not be relevant to the capital market.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47552436","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}

{"title":"Poison pills adoption, real earnings management and IPO failure","authors":"Samir Trabelsi, Amna Chalwati","doi":"10.1108/cafr-04-2023-0041","DOIUrl":"https://doi.org/10.1108/cafr-04-2023-0041","url":null,"abstract":"PurposeThis paper examines the relationship between poison pills, real earnings management and initial public offering (IPO) failure.Design/methodology/approachThe authors sampled 2,997 IPO firms that went public during 1993-2015.FindingsThe authors find that IPO firms manipulate earnings upward using real earnings management. The authors also find that IPO firms exhibiting a higher level of real earnings management have a higher probability of IPO failure. In addition, the authors find that weak shareholders' governance is positively associated with IPO failure.Practical implicationsThese results suggest that poor governance structures in failed firms open the door to manipulating real activities and increasing operational risk.Originality/valueThe study findings are of most significant interest to potential investors and other stakeholders affiliated with a firm going public, an auditor, an underwriter, the lawyers who consult with the firm and employees or executives who might consider joining that firm.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46720325","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}

{"title":"Analyst forecast accuracy during COVID-19: does prior epidemic experience matter?","authors":"Nishant Agarwal, Amna Chalwati","doi":"10.1108/cafr-10-2022-0114","DOIUrl":"https://doi.org/10.1108/cafr-10-2022-0114","url":null,"abstract":"PurposeThe authors examine the role of analysts’ prior experience of forecasting for firms exposed to epidemics on analysts’ forecast accuracy during the COVID-19 pandemic.Design/methodology/approachThe authors examine the impact of analysts’ prior epidemic experience on forecast accuracy by comparing the changes from the pre-COVID-19 period (calendar year 2019) to the post-COVID period extending up to March 2023 across HRE versus non-HRE analysts. The authors consider a full sample (194,980) and a sub-sample (136,836) approach to distinguish “Recent” forecasts from “All” forecasts (including revisions).FindingsThe study's findings reveal that forecast accuracy for HRE analysts is significantly higher than that for non-HRE analysts during COVID-19. Specifically, forecast errors significantly decrease by 0.6% and 0.15% for the “Recent” and “All” forecast samples, respectively. This finding suggests that analysts’ prior epidemic experience leads to an enhanced ability to assess the uncertainty around the epidemic, thereby translating to higher forecast accuracy.Research limitations/implicationsThe finding that the expertise developed through an experience of following high-risk firms in the past enhances analysts’ performance during the pandemic sheds light on a key differentiator that partially explains the systematic difference in performance across analysts. The authors also show that industry experience alone is not useful in improving forecast accuracy during a pandemic – prior experience of tracking firms during epidemics adds incremental accuracy to analysts’ forecasts during pandemics such as COVID-19.Practical implicationsThe study findings should prompt macroeconomic policymakers at the national level, such as the central banks of countries, to include past epidemic experiences as a key determinant when forecasting the economic outlook and making policy-related decisions. Moreover, practitioners and advisory firms can improve the earning prediction models by placing more weight on pandemic-adjusted forecasts made by analysts with past epidemic experience.Originality/valueThe uncertainty induced by the COVID-19 pandemic increases uncertainty in global financial markets. Under such circumstances, the importance of analysts’ role as information intermediaries gains even more importance. This raises the question of what determines analysts’ forecast accuracy during the COVID-19 pandemic. Building upon prior literature on the role of analyst experience in shaping analysts’ forecasts, the authors examine whether experience in tracking firms exposed to prior epidemics allows analysts to forecast more accurately during COVID-19. The authors find that analysts who have experience in forecasting for firms with high exposure to epidemics (H1N1, Zika, Ebola, and SARS) exhibit higher accuracy than analysts who lack such experience. Further, this effect of experience on forecast accuracy is more pronounced while forecasting for firms with higher exposu","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45578616","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}

{"title":"Readjusting the speed of leverage adjustment during the COVID-19 pandemic?","authors":"Augustine Tarkom, Xinhui Huang","doi":"10.1108/cafr-11-2022-0117","DOIUrl":"https://doi.org/10.1108/cafr-11-2022-0117","url":null,"abstract":"PurposeRecognizing the severity of COVID-19 on the US economy, the authors investigate the behavior of US-listed firms towards leverage speed of adjustment (SOA) during the pandemic. While prior evidence (based on an international study) shows that firm leverage increased during the pandemic leading to a higher SOA toward leverage ratios, leverage for US firms during the same period reduced drastically. Yet there is a dearth of empirical studies on the behavior of US-listed firms' SOA during the pandemic. The authors fill this void.Design/methodology/approachThe study includes US-listed non-financial and non-utility firms for the period 2015Q1-2021Q4, covering a total sample of 45,213 firm-quarter observations. The authors’ empirical strategy is based on the generalized method of moments (GMM) and firm-fixed effect methodology, controlling for firm- and quarter-fixed effects.FindingsThree main findings are established: (1) while the SOA toward book target increased during the pandemic, SOA toward market target increased significantly only for less valued and cash-constrained firms; (2) firms in states most impacted by the pandemic adjusted faster towards target ratio; and (3) while the emergence of the pandemic and the overall firm-level risk increased (decreased) the deviation from book (market) target, firm-level risk partially mediated the effect of the pandemic on how far firms deviated from target ratio.Practical implicationsThis study enhances our understanding of leverage adjustment during the crisis and shows that risk avoidance motive and the market value of firms are key determinants of convergence rate during the crisis and further demonstrates that market leverage is more sensitive to market dynamics. As such, caution must be taken when dealing with and interpreting market leverage SOA.Originality/valueAlthough prior evidence based on international study provides insights into how firms behave toward their leverage ratios because of the pandemic, little is known about how US firms react to the pandemic in terms of the target ratios, particularly (1) since the USA is one of the severely affected countries and (2) firms in the USA reduced their leverage ratios as against what prior evidence shows. The authors provide evidence to explain how and why US firms reacted toward their SOA during the pandemic.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44908206","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}

{"title":"Numerological superstition and earnings management: evidence from China","authors":"Mengjie Huang, Kunpeng Sun, Yuan Xie","doi":"10.1108/cafr-01-2023-0001","DOIUrl":"https://doi.org/10.1108/cafr-01-2023-0001","url":null,"abstract":"PurposeAn emerging line of research examining the role of numerological superstition in the capital market shows that it has significant impact on investor behavior (Bhattacharya, Kuo, Lin, & Zhao, 2018; Hirshleifer, Jian, & Zhang 2018). However, to the authors’ best knowledge, there is a dearth of evidence on whether numerological superstition affects corporate behavior. This study fills this void by examining the association between investors’ numerological superstition and earnings management using Chinese data.Design/methodology/approachChinese culture views 6 and 8 as lucky numbers. Using Chinese publicly traded firms, the authors examine the relation between investors’ numerological superstition and corporate financial reporting behavior.FindingsThe results suggest that firms reporting lucky earnings-per-share (EPS) numbers ending with 6 or 8 are more likely to engage in earnings management. These firms also raise more capital through seasoned equity offerings in the following year; however, they do not have more capital investments. Instead, their controlling shareholders siphon a significant amount of capital through related party transactions. Overall, the findings suggest that managers collude with controlling shareholders to manage earnings by exploiting the superstitious beliefs of minority shareholders.Originality/valueTo the authors’ best knowledge, there is a dearth of evidence on whether numerological superstition affects corporate behavior. This study fills this void by examining the association between investors’ numerological superstition and earnings management using Chinese data.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42650564","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}

{"title":"Green innovation and the cost of equity: evidence from China","authors":"R. Alkebsee, Ahsan Habib, Junyan Li","doi":"10.1108/cafr-06-2022-0075","DOIUrl":"https://doi.org/10.1108/cafr-06-2022-0075","url":null,"abstract":"PurposeThis paper aims to examine the association between green innovation and the cost of equity in China. This study relies on the investors’ base perspective and shareholders’ perceived risk perspective to investigate the relation between green innovation and the cost of equity in China.Design/methodology/approachThe paper uses firm fixed effects regression for a sample of Chinese public companies for the period 2008–2018.FindingsThe authors find a negative relationship between green innovation and the cost of equity capital. This negative association is found to be more pronounced for less financially constrained firms, during periods of high economic policy uncertainty, and for firms with a strong internal control environment. Finally, the paper shows that the negative association became more pronounced after the passage of the Environmental Protection Law of China in 2012. The results remain robust to possible endogeneity concerns.Originality/valueThis study contributes to the green innovation literature by documenting that shareholders favorably view firms implementing green innovation policies. The study also has policy implications for Chinese regulators in improving the green credit policy.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44941305","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}