中国会计与财务研究最新文献

{"title":"Organization capital and firm risks","authors":"M. Hasan, A. Cheung","doi":"10.1108/cafr-05-2022-0044","DOIUrl":"https://doi.org/10.1108/cafr-05-2022-0044","url":null,"abstract":"PurposeThis paper aims to investigate how organization capital influences different forms of corporate risk. It also explores how the relationship between organization capital and risks varies in the cross-section of firms.Design/methodology/approachTo test the hypothesis, this study employs the ordinary least-squares (OLS) regression model using a large sample of the United States (US) data over the 1981–2019 period. It also uses an instrumental variable approach and an errors-in-variables panel regression approach to mitigate endogeneity problems.FindingsThe empirical results show that organization capital is positively related to both idiosyncratic risk and total risk but negatively related to systematic risk. The cross-sectional analysis shows that the positive relationship between organization capital and idiosyncratic risk is significantly more pronounced for the subsample of firms with high information asymmetry and human capital. Moreover, the negative relationship between organization capital and systematic risk is significantly more pronounced for firms with greater efficiency and firms facing higher industry- and economy-wide risks.Practical implicationsThe findings have important implications for investors and policymakers. For example, since organization capital increases idiosyncratic risk and total risk but reduces systematic risk, investors should take organization capital into account in portfolio formation and risk management. Moreover, the findings lend support to the argument on the recognition of intangible assets in financial statements. In particular, the study suggests that standard-setting bodies should consider corporate reporting frameworks to incorporate the disclosure of intangible assets into financial statements, particularly given the recent surge of corporate intangible assets and their critical impact on corporate risks.Originality/valueTo the best of the knowledge, this is the first study to adopt a large sample to provide systematic evidence on the relationship between organization capital and a wide range of risks at the firm level. The authors show that the effect of organization capital on firm risks differs remarkably depending on the kind of firm risk a particular risk measure captures. This study thus makes an original contribution to resolving competing views on the effect of organization capital on firm risks.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48918709","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":"财务“五力”视角下中小型白酒企业财务困境综合评价体系构建与对策研究—以H酒业为例","authors":"力派 张","doi":"10.55375/afj.2022.2.1","DOIUrl":"https://doi.org/10.55375/afj.2022.2.1","url":null,"abstract":"在我国白酒行业激烈的市场竞争与国家农业、税收政策调整下，白酒企业利润空间普遍被压缩，部分中小白酒企业经营业绩低迷甚至被特别处理，进入产能调整期。其中主营白酒产销的H酒业财务困境现状尤为严重，期间已暂停上市。因此，本文目的在于恰当评价样本期内H酒业财务困境与风险，提供克服财务困境的新参考路径。本文运用“五力”分析框架，从收益力、安定力、活动力、成长力、生产力等方面分析，识别出主要是行业竞争与该公司内部管理缺陷所导致；并依据“五力”初步识别的问题，确立了财务困境原始指标评价体系，结合主成分分析构建了该行业财务困境综合评价模型。横纵对比表明 “安定力”和“盈利相关能力”是显著影响因素，应优先处理。同时，本文“五力”财务分析模型从综合战略角度出发，可发掘企业与同行业潜在或已有风险，为同行业公司财务评价、扭转困境、健康发展提供现实路径与借鉴，并在具体实践中完善已有的财务困境理论。","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77317575","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":"Human resource heterogeneity, hold-up and firm cash holdings","authors":"Tingting Huang, Yilin Pan, Kai Zhu, Xinyuan Chen","doi":"10.1108/cafr-09-2022-0105","DOIUrl":"https://doi.org/10.1108/cafr-09-2022-0105","url":null,"abstract":"PurposeThis paper aims to study the impact of human resource heterogeneity on firms’ cash-holding policies.Design/methodology/approachThe authors construct a proxy for human resource heterogeneity using the dissimilarity in employees’ skill structure between the firm and its peers in the same industry.FindingsThe authors report evidence that firms with heterogeneous human resources hold more cash than other firms. This effect is more pronounced in labor-intensive firms and firms more susceptible to hold-up by employees, i.e. firms located in regions with more labor disputes and firms surrounded by more external employment opportunities. In addition, the authors demonstrate that high cash holdings triggered by human resource heterogeneity reduce the scale and efficiency of firms’ capital investment.Originality/valueOur study highlights the role of human resource heterogeneity in determining firms’ cash policies. This paper adds to the understanding of labor adjustment costs within the firm and provides insights into firms’ cash-holding decisions.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47344192","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":"Hedge fund activism and internal control weaknesses","authors":"David Folsom, I. Hasan, Y. Shen, Fuzhao Zhou","doi":"10.1108/cafr-04-2022-0029","DOIUrl":"https://doi.org/10.1108/cafr-04-2022-0029","url":null,"abstract":"PurposeThe aim of the paper is to investigate the associations between hedge fund activism and corporate internal control weaknesses.Design/methodology/approachIn this paper, the authors identify hedge fund activism events using 13D filings and news search. After matching with internal control related information from Audit Analytics, the authors utilize ordinary least square (OLS) and propensity score matching (PSM) to analyze the data.FindingsThe authors find that after hedge fund activism, target firms report additional internal control weaknesses, and these identified internal control weaknesses are remediated in subsequent years, leading to better financial-reporting quality.Originality/valueThe findings indicate that both managers and activists have incentives to develop a stronger internal control environment after targeting.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44292568","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":"Dividend regulation and cost stickiness: evidence from a quasi-natural experiment","authors":"Liangyin Chen, Jun Huang, Danqi Hu, Xinyuan Chen","doi":"10.1108/cafr-08-2022-0092","DOIUrl":"https://doi.org/10.1108/cafr-08-2022-0092","url":null,"abstract":"PurposeThis paper aims to examine the effect of dividend regulation on cost stickiness (i.e. the asymmetric change in firm expense between sales increase and sales decrease) and explore the underlying mechanism.Design/methodology/approachBased on the quasi-natural experiment of the Guideline for Dividend Policy of Listed Companies issued by the Shanghai Stock Exchange (SSE) in 2013, the authors employ a difference-in-difference model to investigate the impact of dividend regulation on cost stickiness.FindingsThe authors find that the cost stickiness of treatment group firms has decreased significantly when compared with control group firms after the dividend regulation. Moreover, this effect is more pronounced among firms in lower marketization regions, in lower competition industries and those with less analyst coverage and lower cash flow levels. Further analyses show that dividend regulation reduces the cost stickiness of firms by mitigating agency problems. Finally, the conclusion holds after several robust tests, including controlling for firm fixed effect, propensity score matching (PSM), placebo test and reconstruction of expense variable.Originality/valueThis paper confirms that dividend regulation serves an important role in corporate governance, which reduces firms' agency costs and thereby decreases cost stickiness. The conclusions shed light on the dividend policies of listed companies and capital market regulation in the future.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43700520","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":"Government subsidization and corporate product strategies: evidence from Chinese exporters","authors":"Xiaodong Lu, Jingjun Liu, Janus Jian Zhang","doi":"10.1108/cafr-06-2022-0068","DOIUrl":"https://doi.org/10.1108/cafr-06-2022-0068","url":null,"abstract":"PurposeThis study aims to take advantage of exporters’ product codes and examine the effects of government subsidization on corporate product strategies by focusing on the dimension of product differentiation.Design/methodology/approachThis study uses harmonized system (HS) product codes to construct a novel measure of product differentiation among a sample of Chinese exporters during 2000–2012. It uses propensity score matching to construct a comparable sample of control firms for exporters receiving government subsidies and then conducts a difference-in-differences (DID) analysis.FindingsThis study finds that product differentiation decreases immediately upon receiving a government subsidy. This finding suggests that in an emerging market, firms use their subsidy to imitate competitors rather than increase innovation. Further analyses show that this effect is concentrated among wholly foreign-owned enterprises and firms that focus on general trade rather than processing trade. In addition, the authors find some evidence that government subsidization leads to an increase in the number of product lines and decreases in domestic value added and export product quality.Originality/valueThis study constructs a novel measure of product differentiation for a large sample of Chinese exporters and provides insights that government subsidization can affect corporate product strategies.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45906359","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":"Do boards practice what they preach on nonfinancial disclosure? Evidence from China on corporate water information disclosures","authors":"Chengyun Liu, K. Su, Miaomiao Zhang","doi":"10.1108/cafr-07-2022-0080","DOIUrl":"https://doi.org/10.1108/cafr-07-2022-0080","url":null,"abstract":"PurposeThis study aims to examine whether and how gender diversity on corporate boards is associated with voluntary nonfinancial disclosures, particularly water disclosures.Design/methodology/approachThis study uses corporate water information disclosure data from Chinese listed firms between 2010 and 2018 to conduct regression analyses to examine the association between female directors and water information disclosure.FindingsEmpirical results show that female directors have a significantly positive association with corporate water information disclosure. Additionally, internal industry water sensitivity of firms moderates this significant relationship.Originality/valueThis study determined that female directors can not only promote water disclosure but also positive corporate water performance, reflecting the consistency of words and deeds of female directors in voluntary nonfinancial disclosures.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43240215","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":"Political connections, business strategy and tax aggressiveness: evidence from China","authors":"Hong Fan, Liqiang Chen","doi":"10.1108/cafr-07-2022-0086","DOIUrl":"https://doi.org/10.1108/cafr-07-2022-0086","url":null,"abstract":"PurposeThe purpose of this paper is to investigate the effects of political connections on the association between firms' business strategy and their tax aggressiveness in an emerging economy such as China.Design/methodology/approachThe authors study a large sample of Chinese public firms from 2011 to 2017 using a panel regression model. In addition, a change analysis, an instrument variable test and alternative measures/samples are implemented as robustness tests.FindingsFirms adopting innovative business strategy are more tax aggressive overall. However, innovative firms with political connections are less tax aggressive compared to those without political connections.Originality/valueThis paper contributes to the understanding of firms' tax behaviors in an emerging economy setting. It suggests that there are costs associated with political connections, such as foregone tax saving opportunities, which are understudies in the prior literature.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43184291","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":"Stock liquidity and the accrual anomaly","authors":"Z. Cheng, Jing Fang","doi":"10.1108/cafr-07-2022-0085","DOIUrl":"https://doi.org/10.1108/cafr-07-2022-0085","url":null,"abstract":"PurposeThis study examines the effect of stock liquidity on the magnitude of the accrual anomaly.Design/methodology/approachThis paper examines the relation—both time-series and cross-sectional—between stock liquidity and the magnitude of the accrual anomaly and use the 2001 minimum tick size decimalization as a quasi-experiment to establish causality.FindingsThere is both cross-sectional and time-series evidence that stock liquidity is negatively related to the magnitude of the accrual anomaly. Moreover, the extent to which investors overestimate the persistence of accruals decreases with stock liquidity. Results from a difference-in-differences analysis conducted using the 2001 minimum tick size decimalization as a quasi-experiment suggest that the effect of stock liquidity on the accrual anomaly is causal. The findings of this study are consistent with the enhancing effect of stock liquidity on pricing efficiency.Originality/valueThe study's findings are well aligned with the mispricing-based explanation for the accrual anomaly, suggesting that the improvement in market-wide stock liquidity drives the contemporaneous decline in the magnitude of the accrual anomaly, at least to a great extent.","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44414389","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 self-interested gesture? Corporate charitable giving in response to government fiscal pressure","authors":"Shengfeng Lu, Sixia Chen, Yongtao Cang, Ziyao San","doi":"10.1108/cafr-05-2022-0060","DOIUrl":"https://doi.org/10.1108/cafr-05-2022-0060","url":null,"abstract":"PurposeThis study examines whether and how government fiscal pressure influences corporate charitable giving (CCG).Design/methodology/approachThe authors exploit sub-national tax revenue sharing changes as exogenous variations to government’s fiscal pressure at the city level and then construct a quasi difference-in-differences (DiD) model to conduct the analysis based on a sample consists of 14,168 firm-year observations in China during the period of 2003 to 2012.FindingsThe authors found that firms increase charitable donations when local governments face higher fiscal pressure. Such effects are more pronounced for firms that have stronger demand for political connectedness in the sample period. Furthermore, this study’s findings suggest that the timing strategy of donating helps firms lowering the effective tax rate and building stronger political connections. In addition, donating firms outperform non-donating firms in terms of bank loan access and market reputation.Originality/valueThe authors contribute to at least three lines of literature. First, extend the understanding of timing strategies of corporate charitable behaviors. Second, contribute to the literature studying the “crowd out” effect between government-provided charitable funds and private donations. Finally, contribute to the emerging literature exploring the financial interests associated with corporate donation strategy (Claessens et al., 2008; Cull et al., 2015).","PeriodicalId":68382,"journal":{"name":"中国会计与财务研究","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45226594","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}