Accounting and Business Research最新文献

{"title":"Transformational leadership style and holistic accountability mechanisms in not-for-profit organisations","authors":"Graeme Harrison, Jinhua Chen, Lu Jiao","doi":"10.1080/00014788.2023.2277919","DOIUrl":"https://doi.org/10.1080/00014788.2023.2277919","url":null,"abstract":"This study examines: (i) the ability of the transformational leadership style of top management to effect holistic accountability in not-for-profit organisations (NFPs) through the use of downward ...","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":"46 7","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506880","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}

{"title":"Does high-frequency trading cause stock prices to deviate from fundamental values?","authors":"Michael Jung, Kyung Yoon Kwon, Hyungshin Park","doi":"10.1080/00014788.2023.2258787","DOIUrl":"https://doi.org/10.1080/00014788.2023.2258787","url":null,"abstract":"We examine whether high-frequency trading (HFT) is associated with greater deviations of stock prices from firms’ fundamental, intrinsic values. Prior studies show that HFT can improve market liqui...","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":"39 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138543321","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}

{"title":"The impact of cost stickiness on income smoothing: evidence from employment protection regulations","authors":"Andrei Filip, Junqi Liu, Daphne Lui","doi":"10.1080/00014788.2023.2266803","DOIUrl":"https://doi.org/10.1080/00014788.2023.2266803","url":null,"abstract":"AbstractPrior literature suggests that cost stickiness increases the ex-ante volatility and reduces the predictability of earnings. We examine whether managers intentionally undo such consequences by dampening earnings volatility. Exploiting the staggered adoption of wrongful discharge laws as an exogenous instrument for cost stickiness, we document that cost stickiness increases managers’ income-smoothing activities. This response is more pronounced in firms whose earnings are more sensitive to labour costs than their industry peers are and in firms with stronger information-provision incentives. Additional analyses indicate that income smoothing improves sticky-cost firms’ earnings informativeness and that the identified impact of cost stickiness is primarily driven by labour costs. Our results suggest that labour regulations can influence managers’ financial reporting incentives via cost behaviour.Keywords: cost stickinessincome smoothingemployment protectionearnings informativeness AcknowledgmentsWe are heavily indebted to the associated editor Stefano Cascino and two anonymous reviewers for their constructive and thoughtful guidance. We thank Beatriz García-Osma, Thomas Jeanjean, Anne Jeny, Sanjay Kallapur, Itay Kama, Reuven Lehavy, Andreea Moraru-Arfire, Naomi Soderstrom, Samuel Tan (discussant), and workshop participants at ESSEC Business School and the EAA Annual Congress 2019 in Paphos for their helpful comments and suggestions. Junqi Liu also gratefully acknowledges the financial support from the National Natural Science Foundation of China (NSFC), grant number 72202190, from the Social Science Foundation of Fujian Province, grant number FJ2022C034, from the Fundamental Research Funds for the Central Universities, grant number 20720221042, and from the Association Francophone de Comptabilité (AFC). All remaining errors are our own.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 Cost stickiness arises primarily from the asymmetry in managers’ real resource commitment. When activity levels increase, managers add resources to meet growing demand; when activity levels fall, they retain some of their underutilized resources, because they perceive the adjustment costs of reducing the resources as higher than the costs of holding them (Anderson et al. Citation2003). In this sense, cost stickiness is distinct from managers’ financial reporting choice.2 In this study, we focus on accrual-based income smoothing, which reflects managerial effort to reduce earnings volatility through accounting methods (in contrast to real activities); see Section 2.2 for more detail. We do not discuss income smoothing through real activities such as discretionary adjustments of R&D or marketing expenditures because such activities are likely detrimental to firm performance in the long run.3 For example, if each employee uses a truck or a software license (i.e. complements to labour), then greater labour cost stickiness wi","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":"135 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135475662","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}

{"title":"Multiple large shareholders and cost stickiness: evidence from China","authors":"Bo Zhang, Heyu Geng, Ruixue Zhou, Limei Yang","doi":"10.1080/00014788.2023.2266804","DOIUrl":"https://doi.org/10.1080/00014788.2023.2266804","url":null,"abstract":"AbstractUsing a sample of Chinese listed firms from 2001 to 2017, this study investigates the impact of multiple large shareholders (MLS) on cost stickiness from the agency costs perspective. We find a positive association between MLS and cost stickiness after controlling for various determinants of cost stickiness. The results of additional analyses suggest that coordination costs among large shareholders make it challenging to monitor managers, and stronger protection of minority shareholders helps to eliminate the effect of MLS on cost stickiness. This paper extends our understanding of the ‘dark side’ of MLS and complements existing research investigating the determinants of cost stickiness from the ownership structure perspective.Keywords: multiple large shareholdersownership structurecost stickinessJEL classification: M41G32 Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 Since selling, general, and administrative (SG&A) costs account for a main portion, most research on cost management focuses on SG&A costs. In this study, ‘cost stickiness’ and ‘SG&A cost stickiness’ are used interchangeably.2 Our study focuses on the agency-driven incentives to build empires or enjoy a quiet life inducing cost stickiness. However, agency-driven incentives to meet earnings target reduce cost stickiness (Kama and Weiss, Citation2013). Therefore, we have controlled managerial incentives to meet earnings target throughout all regressions. We thank an anonymous reviewer for the insightful comment about this issue.3 Following Jiang et al. (Citation2018), we alternatively define the large shareholder as one who owns at least 5% ownership and our results hold for using this alternative measure.4 In China, shareholders with more than 10% ownership have the right to require an interim shareholders’ meeting or a board meeting besides the regular meetings and they could put forward or vote for a proposal in these meetings.5 Obvious errors include negative total assets, negative sales, negative SG&A costs, and negative number of employees.6 To mitigate the potential influence of China’s new accounting standards adopted in 2007, we have conducted a robustness test using an alternative sample from 2007 to 2017. Our results remain robust. We thank an anonymous reviewer for the insightful suggestion about this issue.7 Following Kama and Weiss (Citation2013), the interpretations of the coefficient β4 is presented below. In model (1), the slope for the sales increase in MLS firms is β1 + α1 + α2AI + α3 EI + α4SuccessiveDecrease + α5GDP + α6FCF + α7Target. In addition, the slope for sales decrease in MLS firms is β1 + β3 + β4 + δ1AI + δ2EI + δ3SuccessiveDecrease + δ4GDP + δ5FCF + δ6Target + α1 + α2AI + α3 EI + α4SuccessiveDecrease + α5GDP + α6FCF + α7Target. Thus, cost stickiness in MLS firms is the difference between the two slopes, which equals β3 + β4 + δ1AI + δ2EI + δ3SuccessiveDecrease + δ4GDP + δ5FCF + δ6Target. Similarly, cos","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":"70 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135540356","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}

{"title":"The effect of natural disasters on big bath earnings management of banks: evidence from the 2005 US hurricane season","authors":"Qiurong Yang, Gang Bai","doi":"10.1080/00014788.2023.2258781","DOIUrl":"https://doi.org/10.1080/00014788.2023.2258781","url":null,"abstract":"AbstractWe investigate the effect of the 2005 US hurricane strikes on big bath earnings management in the banking industry. Using a difference-in-differences approach, we find that banks affected by the hurricanes add more discretionary loan loss provisions (DLLP) after the shock relative to unaffected banks. Further tests suggest that the hurricane-induced DLLP increase is attributable to opportunistic big bath accounting rather than to a precautionary motive. We also show that the effect of the hurricanes on big bath earnings management is more pronounced in banks that were managing earnings upwards more aggressively before the hurricanes.Keywords: big bath earnings managementbankingdiscretionary loan loss provisionsnatural disastersJEL classification: G21M41 AcknowledgementsWe are grateful to Juan Manuel García Lara (the editor) and two anonymous referees for their valuable and constructive suggestions. We also appreciate comments and suggestions from seminar participants at Southwestern University of Finance and Economics.Disclosure statementNo potential conflict of interest was reported by the author(s).Data availability statementThe data that support the findings of this study are available from FEMA and the Statistics on Depository Institutions database of the FDIC. These data were derived via https://www.fema.gov/disasters and https: //www.fdic.gov/bank/statistical/.Notes1 Ng and Roychowdhury (Citation2014) point out that the increase in LLPs can increase a bank’s total regulatory capital under certain conditions. We detail these conditions in Section 4.3.1.2 In Section 3.2, we detail the definition of the treatment group (affected banks) and the control group (unaffected banks).3 Following Schüwer et al. (Citation2019), non-performing loans are measured as total assets past due 90 or more days and still accruing interest. Unreported findings indicate that the results are robust when we compute non-performing loans as the sum of total assets past due 30 days or more and still accruing interest and total assets no longer accruing interest.4 In Section 3.3, we detail the procedure of PSM.5 In Section 3.3, we detail the selection of the sample period.6 Data are acquired via https://www.fdic.gov/bank/statistical/.7 Data are acquired via https://www.fema.gov/disasters.8 According to the National Bureau of Economic Research, the 2001 recession ended in November 2001, and the 2008 financial crisis started in December 2007. Thus, we limit the sample period to Q1 2002–Q3 2007 to avoid the overlap with two recessions. In the robustness section, we shorten the sample period and the results remain similar.9 Specifically, Size equals the natural logarithm of total assets. Loan (Deposit, CAP) equals total loans (total deposits, the value of equity) divided by total assets. ROA is the return on assets.10 We only include the interaction term in our regressions because we focus on future performance improvement of those treatment banks increasing DLLP in ","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":"69 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135540360","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}

{"title":"Real-time Quantification of in vivo cerebrospinal fluid velocity using fMRI inflow effect.","authors":"Tyler C Diorio, Vidhya Vijayakrishnan Nair, Neal M Patel, Lauren E Hedges, Vitaliy L Rayz, Yunjie Tong","doi":"10.1101/2023.08.14.553250","DOIUrl":"10.1101/2023.08.14.553250","url":null,"abstract":"<p><p><i>In vivo</i> estimation of cerebrospinal fluid (CSF) velocity is crucial for understanding the glymphatic system and its potential role in neurodegenerative disorders such as Alzheimer's disease and Parkinson's disease. Current cardiac or respiratory gated approaches, such as 4D flow MRI, cannot capture CSF movement in real time due to limited temporal resolution and in addition deteriorate in accuracy at low fluid velocities. Other techniques like real-time PC-MRI or time-spatial labeling inversion pulse are not limited by temporal averaging but have limited availability even in research settings. This study aims to quantify the inflow effect of dynamic CSF motion on functional magnetic resonance imaging (fMRI) for <i>in vivo</i>, real-time measurement of CSF flow velocity. We considered linear and nonlinear models of velocity waveforms and empirically fit them to fMRI data from a controlled flow experiment. To assess the utility of this methodology in human data, CSF flow velocities were computed from fMRI data acquired in eight healthy volunteers. Breath holding regimens were used to amplify CSF flow oscillations. Our experimental flow study revealed that CSF velocity is nonlinearly related to inflow effect-mediated signal increase and well estimated using an extension of a previous nonlinear framework. Using this relationship, we recovered velocity from <i>in vivo</i> fMRI signal, demonstrating the potential of our approach for estimating CSF flow velocity in the human brain. This novel method could serve as an alternative approach to quantifying slow flow velocities in real time, such as CSF flow in the ventricular system, thereby providing valuable insights into the glymphatic system's function and its implications for neurological disorders.</p>","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10634978/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80731263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Reducing partner risk: the effect of feedback timing and incentives","authors":"Karen J. De Meyst, E. Cardinaels, Alexandra G. H. L. Van den Abbeele","doi":"10.1080/00014788.2023.2241135","DOIUrl":"https://doi.org/10.1080/00014788.2023.2241135","url":null,"abstract":"","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":"1 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41494482","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}

{"title":"Short selling pressure and tone management: evidence from regulation SHO","authors":"Ruichang Lu, Tenghui Wang, Xiaojun Zhang","doi":"10.1080/00014788.2023.2227567","DOIUrl":"https://doi.org/10.1080/00014788.2023.2227567","url":null,"abstract":"","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46410196","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}

{"title":"Tax systems: adaptability and resilience during a global pandemic","authors":"Stephen Daly","doi":"10.1080/00014788.2023.2219151","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219151","url":null,"abstract":"The tax system is traditionally understood as being geared primarily, but not exclusively, towards the raising of revenues. Taxes perform distributive and regulatory roles for instance. Furthermore, the tax system can also be engaged for the purpose of providing stability in times of uncertainty and for providing key information to government so that its policies (whether economic, social, health, environmental and so on) can be pursued. With its multivarious capabilities, it would be of little surprise to learn that governments turned to the tax system during the COVID-19 pandemic in order to alleviate the economic consequences of the emergency. The paper sets out to investigate the ways the tax system was used in response to the pandemic. It narrows in on two key findings: that the tax system was instrumental in providing stability and also in providing salient information for government use. A picture of the tax system as being adaptable and resilient is painted. But the key findings of the paper are not made without reservation.","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":"53 1","pages":"541 - 560"},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42638970","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}

{"title":"‘Access to finance: adaptability and resilience during a global pandemic’ A practitioner view","authors":"Roslyn Gamsa","doi":"10.1080/00014788.2023.2219157","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219157","url":null,"abstract":"","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":"53 1","pages":"580 - 582"},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45301979","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}