Accounting最新文献_第8页

Internal Auditing’s Role in Preventing and Detecting Fraud: An Empirical Analysis 内部审计在预防和发现舞弊中的作用:实证分析

Accounting Pub Date : 2021-08-05 DOI: 10.2139/ssrn.3899753

Annika Bonrath, Marc Eulerich

{"title":"Internal Auditing’s Role in Preventing and Detecting Fraud: An Empirical Analysis","authors":"Annika Bonrath, Marc Eulerich","doi":"10.2139/ssrn.3899753","DOIUrl":"https://doi.org/10.2139/ssrn.3899753","url":null,"abstract":"Internal auditing is a core function in detecting and preventing fraudulent activities. However, the orientation and role of internal auditing in dealing with fraud varies considerably in different companies. Against this background, this study examines the connection between internal au-diting and fraud and provides new insights into the as-is practice of internal auditing. Using 311 observations from Chief Audit Executives, we find that the corporate governance environ-ment significantly affects the level to which internal auditing strives for detecting and prevent-ing fraud. We also emphasize the overall ethical impact regarding fraud in organizational struc-tures. Shedding light on the positioning of internal auditing between management and the audit committee with respect to fraud, our results show that additional meetings with management have a positive effect on the level of activities to prevent and detect fraud, while additional meetings with the audit committee have the opposite effect. Our results not only underscore the significance of technologically advanced working methods but also holistically address the am-biguity regarding the responsibility for detecting and preventing fraud. Our results have impli-cations for building an appropriate protection against the steadily increasing risk of fraud within organizations.","PeriodicalId":7317,"journal":{"name":"Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43644996","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: 1

The Green Bonding Hypothesis: How do Green Bonds Enhance the Credibility of Environmental Commitments? 绿色债券假说：绿色债券如何提高环境承诺的可信度？

Accounting Pub Date : 2021-08-04 DOI: 10.2139/ssrn.3898909

Shirley Lu

引用次数: 5

Indirect Effects of Regulatory Changes: Evidence From the Acceleration of the 10-K Filing Deadline 监管变化的间接影响：10-K申请截止日期加速的证据

Accounting Pub Date : 2021-08-01 DOI: 10.2139/ssrn.3911590

Bei Dong, J. Nash, L. Xu

{"title":"Indirect Effects of Regulatory Changes: Evidence From the Acceleration of the 10-K Filing Deadline","authors":"Bei Dong, J. Nash, L. Xu","doi":"10.2139/ssrn.3911590","DOIUrl":"https://doi.org/10.2139/ssrn.3911590","url":null,"abstract":"This study responds to a recent call for research on the indirect effects of regulatory changes and examines the audit office effects of changes in client time pressure, using the first acceleration of the 10-K filing deadline as the primary research setting. The extant literature provides evidence that increased client time pressure adversely affects the timing and quality of individual engagements. We argue that because audit offices possess finite resources and production capacity, client-level pressure can have office-level effects. We document within-office differences related to changes in audit timeliness. In the same audit office, clients with no pressure (with pressure) experience an increase (a decrease) in audit report lag post-acceleration. This evidence suggests that auditors alter the timing of concurrent engagements in response to client pressure, and clients of the same office are affected differently by changes in time pressure. We also document across-office differences in audit/filing timeliness and audit quality. Clients of audit offices with more time pressure across the entire client portfolio have a greater increase in audit delay, are more likely to file late, and experience lower audit quality. Taken as a whole, our results are consistent with client pressure producing office effects as a result of the auditors’ response to increased resource constraints. These results should be informative to regulators and practitioners, because they suggest there are indirect costs associated with regulation and such effects are not limited to directly affected clients. Further, the results indicate that auditors do not always respond to changes in resource requirements in a manner that prevents undue strain.","PeriodicalId":7317,"journal":{"name":"Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44261321","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

When Is (Performance-Sensitive) Debt Optimal? 什么时候(业绩敏感型)债务是最优的?

Accounting Pub Date : 2021-08-01 DOI: 10.2139/ssrn.3895702

Pierre Chaigneau, Alex Edmans, D. Gottlieb

引用次数: 0

How to Fix ESG Reporting 如何修正ESG报告

Accounting Pub Date : 2021-07-27 DOI: 10.2139/ssrn.3900146

R. Kaplan, K. Ramanna

{"title":"How to Fix ESG Reporting","authors":"R. Kaplan, K. Ramanna","doi":"10.2139/ssrn.3900146","DOIUrl":"https://doi.org/10.2139/ssrn.3900146","url":null,"abstract":"Investors, advocacy groups, academics, and the 200 CEOs of the US Business Roundtable have asked corporations to take on an added purpose beyond a narrow pursuit of shareholder value. In response, many companies now issue ESG (Environmental, Societal, and Governance) reports. These reports, however, are so broad in scope that they fail to address the unique measurement challenges within each of ESG’s constituent components. Moreover, the breadth of ESG reporting allows corporations to gloss‐over (implicit) moral tradeoffs when their actions improve one of the reported ESG metrics (such as GHG emissions from its truck fleet) but worsen performance for an unreported metric (indentured labor used to mine minerals for electric vehicles’ batteries). Many ESG reports selectively present only those non‐financial metrics favorable to them. We propose improvements in ESG reporting by focusing on dimensions where broad societal agreement already exists about the preferred outcomes from corporate actions, such as reducing greenhouse gas (GHG) emissions and avoiding use of indentured labor in supply chains. In particular, we introduce a new and comprehensive system, based on well‐established accounting practices, for reporting and transferring GHG emissions across corporate supply and distribution chains. This system eliminates the measurement problems in the current, widely used GHG‐reporting standard, especially the feature that requires multiple counting of the same corporate emission. The new approach generates ESG data that are relevant and reliable, enabling better disclosure, governance, and auditing of corporate ESG performance.","PeriodicalId":7317,"journal":{"name":"Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47404798","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: 7

Economic Policy Uncertainty and Stock Liquidity: The Mitigating Effect of Information Disclosure. 经济政策不确定性与股票流动性:信息披露的缓解效应。

Accounting Pub Date : 2021-07-22 DOI: 10.2139/ssrn.3939622

Fengrong Wang, William Mbanyele, Linda T Muchenje

{"title":"Economic Policy Uncertainty and Stock Liquidity: The Mitigating Effect of Information Disclosure.","authors":"Fengrong Wang, William Mbanyele, Linda T Muchenje","doi":"10.2139/ssrn.3939622","DOIUrl":"https://doi.org/10.2139/ssrn.3939622","url":null,"abstract":"Abstract We examine the relationship between economic policy uncertainty, information disclosure and stock liquidity using a large sample of Chinese firms. We first establish that economic policy uncertainty leads to declining stock liquidity. Next, we provide evidence that managers respond to uncertainty shocks to their firm’s information environment by producing more information. Cross-sectional tests indicate that voluntary information disclosure increases more for firms with higher external information demand and with no implicit guarantees. Furthermore, we find that high information disclosure quality mitigates the negative impact of heightened economic policy uncertainty on stock liquidity. This impact is more pronounced for firms with poor information environments and private firms. Additionally, we provide further evidence using cumulative abnormal returns that in periods of high economic policy uncertainty, investors react more to management earnings announcements for firms with high information disclosure quality. Finally, we uncover that increased information disclosure quality improves financial analysts forecast precision more when policy uncertainty is high.","PeriodicalId":7317,"journal":{"name":"Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42655649","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: 22

The determinants and consequences of reverse factoring: Early evidence from the UK 反向保理的决定因素和后果：来自英国的早期证据

Accounting Pub Date : 2021-07-20 DOI: 10.2139/ssrn.3890547

E. Chuk, Ben Lourie, Il-Sun Yoo

引用次数: 2

Disrupting the Disruptors? The 'Going Public Process' in Transition 颠覆颠覆者？转型期的“上市进程”

Accounting Pub Date : 2021-07-14 DOI: 10.2139/ssrn.3892419

A. Damodaran

{"title":"Disrupting the Disruptors? The 'Going Public Process' in Transition","authors":"A. Damodaran","doi":"10.2139/ssrn.3892419","DOIUrl":"https://doi.org/10.2139/ssrn.3892419","url":null,"abstract":"For decades, private companies planning to enter public markets have used bankers operating as intermediaries, helping them decide on issue timing and pricing, and in meeting disclosure requirements. That banker-led process has always had inefficiencies, but without clear alternatives, companies had to accept the high costs and the money left on the table on the offering date, as bankers set offering prices well below market prices, and rewarded preferred clients. The IPO process is being disrupted by three major changes. First, companies are waiting longer to go public, and are focusing more on scaling up revenues than on building business models that deliver profits, while private. Second, the investor base for IPOs is shifting, from primarily institutional, to include more retail investors, many of whom are young, and get their investing cues more from social media than from roadshows. Third, there are alternatives emerging to the banker-led process, with a few turning to direct listings and many more, especially in the last two years, using special purpose acquisition companies (SPACs). These alternatives clearly are works in progress, and need improvement, but change is coming. In the final part of the paper, we look at disclosures that companies are required to make when they go public, and argue that they not only suffer from bloat, but are not in sync with changes that have occurred in both the companies going public, and those who trade their shares in the immediate aftermath of going public. We argue for reducing disclosure bulk and an easing of restrictions on companies making projections about the future, since these restrictions actually make it easier for companies to sell pie-in-the-sky stories.","PeriodicalId":7317,"journal":{"name":"Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49119091","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: 1

Re-Examining Board Reforms and Firm Value: Response to “How Much Should We Trust Staggered Differences-in-Differences Estimates?” by Baker, Larcker, and Wang (2021) 重新审视董事会改革和公司价值：对Baker、Larcker和Wang（2021）“我们应该在多大程度上信任差异估计中的交错差异？”的回应

Accounting Pub Date : 2021-07-13 DOI: 10.2139/ssrn.3885472

Larry Fauver, Mingyi Hung, Xi Li, Alvaro G. Taboada

{"title":"Re-Examining Board Reforms and Firm Value: Response to “How Much Should We Trust Staggered Differences-in-Differences Estimates?” by Baker, Larcker, and Wang (2021)","authors":"Larry Fauver, Mingyi Hung, Xi Li, Alvaro G. Taboada","doi":"10.2139/ssrn.3885472","DOIUrl":"https://doi.org/10.2139/ssrn.3885472","url":null,"abstract":"Using board reforms in 41 countries and staggered difference-in-differences (DiD) estimates, Fauver, Hung, Li, and Taboada (2017, FHLT) find that firm value increases following the reforms. In a study that reviews the recent econometric theory on staggered DiD estimations, Baker, Larcker, and Wang (2021, BLW) contest the robustness of FHLT’s results. They conclude that FHLT’s results become mostly insignificant using alternative approaches that address the biases suggested by this recent theory. However, we find that the insignificant findings in BLW’s analysis are largely due to selective modifications that BLW made to FHLT’s data and model specifications, which resulted in low power tests. Importantly, these changes, which were not transparently disclosed in BLW, largely explain the insignificant results reported in BLW, even before implementing the new econometric approaches. Thus, in this study, we perform a battery of tests that apply alternative approaches that address the biases suggested in this recent literature. In contrast to the conclusions in BLW, we find that FHLT’s results remain significant. Our findings reinforce the conclusion of FHLT that board reforms increase firm value and highlight the importance of fair data representation when applying modified staggered DiD methods.","PeriodicalId":7317,"journal":{"name":"Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49382690","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: 3

Enough is Enough: Policy Uncertainty and Acquisition Abandonment 适可而止:政策不确定性与收购放弃

Accounting Pub Date : 2021-07-10 DOI: 10.2139/ssrn.3883981

Andrew Ferguson, Wei-Yin Hu, P. Lam

引用次数: 0