Accounting最新文献_第9页

Social Capital and Insider Trading 社会资本与内幕交易

Accounting Pub Date : 2021-07-07 DOI: 10.2139/ssrn.3881867

Xu Mi, Ronghong Huang, Kelvin Jui Keng Tan

引用次数: 0

Do Managers Voluntarily Disclose to Guide Themselves Through Policy Uncertainty? A Managerial Learning Perspective 管理者是否自愿披露以引导自己度过政策的不确定性?管理学习视角

Accounting Pub Date : 2021-07-01 DOI: 10.2139/ssrn.3880710

Zackery Fox, Jaewoo Kim, B. Schonberger

{"title":"Do Managers Voluntarily Disclose to Guide Themselves Through Policy Uncertainty? A Managerial Learning Perspective","authors":"Zackery Fox, Jaewoo Kim, B. Schonberger","doi":"10.2139/ssrn.3880710","DOIUrl":"https://doi.org/10.2139/ssrn.3880710","url":null,"abstract":"We examine whether economic policy uncertainty (EPU) encourages managers to issue voluntary disclosures to facilitate learning from stock prices regarding investment decisions. We find that EPU is positively associated with subsequent capital expenditure (capex) forecast issuance. Consistent with a learning channel, we find that this relation is pronounced when potential investments are irreversible, when managers are less informed regarding potential policy changes, and in the presence of politically-connected institutional ownership in the firm’s equity. We also find our results are robust to addressing omitted variable bias when using the 2016 presidential election and the 2018-19 U.S.–China trade dispute as shocks to specific sources of policy uncertainty. Further consistent with managers learning from price reactions, we find that realized capital expenditures are significantly adjusted in the direction of market reactions to capex forecasts, particularly during periods of elevated EPU, and that these market-related capital expenditure adjustments are positively associated with future firm performance. Finally, we provide evidence that the effect of EPU on capex forecasts appears distinct from an information asymmetry channel through which prior studies link voluntary disclosures to policy uncertainty. Overall, we document managerial learning as a novel voluntary disclosure incentive in response to policy uncertainty.","PeriodicalId":7317,"journal":{"name":"Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41552910","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

Big 4 Auditors, Bank Earnings Management and Financial Crisis in Africa 四大审计师，银行盈余管理和非洲金融危机

Accounting Pub Date : 2021-07-01 DOI: 10.1108/JFRA-10-2020-0306

Peterson K. Ozili

{"title":"Big 4 Auditors, Bank Earnings Management and Financial Crisis in Africa","authors":"Peterson K. Ozili","doi":"10.1108/JFRA-10-2020-0306","DOIUrl":"https://doi.org/10.1108/JFRA-10-2020-0306","url":null,"abstract":"\u0000Purpose\u0000This paper aims to examine whether African banks audited by a Big 4 auditor use loan loss provisions (LLPs) for earnings management purposes before, during and after the global financial crisis. It focuses on income smoothing as a type of earnings management.\u0000\u0000\u0000Design/methodology/approach\u0000The study analyzed banks in 21 African countries from 2002 to 2014. The estimation techniques used are the fixed effect regression technique, descriptive statistic and Pearson correlation statistic. The model used in the study expresses LLPs as a function of its discretionary and non-discretionary determinants.\u0000\u0000\u0000Findings\u0000African banks audited by Big 4 auditors use LLPs to smooth income and the incentive to smooth income is greater during an economic downturn or recession. Also, African banks audited by a Big 4 auditor use income smoothing to lower high earnings during the financial crisis and in the pre-financial crisis period but not in the post-financial crisis period.\u0000\u0000\u0000Originality/value\u0000The literature shows that the presence of Big 4 auditors improves earnings quality. The direct impact of Big 4 auditors on earnings management in African banks has received little attention in the literature, and the impact of audit quality on bank earnings smoothing particularly in Africa is yet to be known.\u0000","PeriodicalId":7317,"journal":{"name":"Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44718791","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: 6

Employee representatives, employee related disclosures, and the implementation of the Non-Financial Reporting Directive 员工代表、员工相关披露以及非财务报告指令的实施

Accounting Pub Date : 2021-06-30 DOI: 10.2139/ssrn.3916035

Conny Overland, Svetlana Sabelfeld, Niuosha Samani

{"title":"Employee representatives, employee related disclosures, and the implementation of the Non-Financial Reporting Directive","authors":"Conny Overland, Svetlana Sabelfeld, Niuosha Samani","doi":"10.2139/ssrn.3916035","DOIUrl":"https://doi.org/10.2139/ssrn.3916035","url":null,"abstract":"We explore how employee representatives on corporate boards influence the extent and the quality of employee related disclosures in light of the recent EU Directive (2014/95) on Non-Financial Reporting (NFR). Using a sample of Swedish firms listed at the Stockholm Stock Exchange, we examine the level and the quality of employee related information before and after the Directive, and compare firms with and without employee representatives. Our results point to higher quality disclosures on employee related matters in firms with employee representatives in general. The results on the effect of the new regulatory requirement indicate that the overall quality of disclosures increases after the regulation, but this increase is only found in firms without employee representatives. We also document that employee related disclosures are more concrete and less uncertain in firms with employee representatives, although the level of uncertainty has increased after the implementation of the Directive. These findings suggest that the regulation contributes to a better quality of employee reporting, when there is a lack of substituting governance mechanisms.","PeriodicalId":7317,"journal":{"name":"Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42976953","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

Common Ownership and Analyst Forecasts 共同所有权和分析师预测

Accounting Pub Date : 2021-06-23 DOI: 10.2139/ssrn.3872421

Q. Cheng, S. Luo, Jinping Zhang

引用次数: 1

Does Market Orientation Lead to Firm Performance? Exploring the Mechanisms and Boundary Conditions 市场导向会导致公司业绩吗?探索机制和边界条件

Accounting Pub Date : 2021-06-21 DOI: 10.2139/ssrn.3892136

Patrick Akanpaaba, Ahmed Agyapong, H. Mensah, S. Akomea

引用次数: 0

'Difficult Political Work': Strategic Responses to Climate Risk by Carbon-intensive Corporations “艰难的政治工作”：碳密集型企业应对气候风险的战略对策

Accounting Pub Date : 2021-06-16 DOI: 10.2139/ssrn.3868564

M. Metzner, A. Mikes

{"title":"'Difficult Political Work': Strategic Responses to Climate Risk by Carbon-intensive Corporations","authors":"M. Metzner, A. Mikes","doi":"10.2139/ssrn.3868564","DOIUrl":"https://doi.org/10.2139/ssrn.3868564","url":null,"abstract":"Governments, investors, and consumers have stepped up pressure on publicly listed companies to face up to climate risks and to reduce carbon emissions. At the same time, the pressure to deliver financial results remains strong. Based on research on 19 European carbon-intensive corporations in the chemical, steel, and utility industries, we explore how companies frame and reconcile their climate-risk-related objectives with their financial commitments, and enact a variety of response strategies. Overall, we find that corporations in heavy industries deploy four generic climate-response strategies: (1) Purposeful Green Strategies, (2) Engagement Strategies, (3) Green Differentiation, and (4) Defensive Strategies. We show that the organizational enactment of these strategic responses is conditioned by (1) corporations’ framing of climate risk as a threat or opportunity, (2) the perceived compatibility of decarbonization demands with existing commitments, and (3) their internal representations of feasible decarbonization-goals and responses. Our study highlights the importance of accounting and control tools and processes in mediating and bringing about institutional work, some of which may drive transformative innovation and impactful decarbonization strategies. Our evidence points at the rising importance of institutional work as an organizational capability in corporate responses to the climate change problem.","PeriodicalId":7317,"journal":{"name":"Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41934772","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

Strategy, Intellectual Capital, and Operating Performance 战略、智力资本与经营绩效

Accounting Pub Date : 2021-06-15 DOI: 10.2139/ssrn.3867261

Vasilios-Christos Naoum, Dimitrios Ntounis, Orestes Vlismas

引用次数: 1

The Role of Financial Statement in Decision Making 财务报表在决策中的作用

Accounting Pub Date : 2021-06-14 DOI: 10.2139/ssrn.3920990

W. Choi

引用次数: 0

Corporate Social Responsibility: The Influence of Employee Engagement on Corporate Social Responsibility 企业社会责任:员工敬业度对企业社会责任的影响

Accounting Pub Date : 2021-06-12 DOI: 10.22161/JHED.3.3.8

B. Ali, G. Anwar

引用次数: 3