发布求助
文献互助 智能选刊 最新文献

Asia-Pacific Journal of Financial Studies最新文献

筛选
英文 中文
Does Differentiated Key Audit Matter in Unqualified Audit Reports Indicate Increased Financial Misstatement Risk? Evidence from China* 无保留审计报告中差异化的关键审计事项是否表明财务报表错误风险增加？来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-08-09 DOI: 10.1111/ajfs.12444
Qianqun Ma, Jianan Zhou, Kongwen Wang, Qi Wang
{"title":"Does Differentiated Key Audit Matter in Unqualified Audit Reports Indicate Increased Financial Misstatement Risk? Evidence from China*","authors":"Qianqun Ma,&nbsp;Jianan Zhou,&nbsp;Kongwen Wang,&nbsp;Qi Wang","doi":"10.1111/ajfs.12444","DOIUrl":"https://doi.org/10.1111/ajfs.12444","url":null,"abstract":"<p>This study examines whether differentiated disclosure of key audit matter (KAM) in China indicates a higher financial misstatement risk. Our empirical study demonstrates that financial statements with less boilerplate KAM are more likely to be subsequently restated than those with more boilerplate KAM. This association is only pronounced for smaller auditing firms in stronger legal environments. Additionally, auditors who report differentiated KAM are likely to disclose more risk-related information. Moreover, clients are more likely to restate financial reports when the KAM relates to managers' subjective estimations.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 4","pages":"645-672"},"PeriodicalIF":1.5,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50125512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Do Cost Behaviors Affect Cost of Equity: Evidence from Seasoned Equity Offering? 成本行为会影响股权成本吗？来自经验丰富的股权发行的证据？
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-08-09 DOI: 10.1111/ajfs.12441
He Xiao
{"title":"Do Cost Behaviors Affect Cost of Equity: Evidence from Seasoned Equity Offering?","authors":"He Xiao","doi":"10.1111/ajfs.12441","DOIUrl":"https://doi.org/10.1111/ajfs.12441","url":null,"abstract":"<p>This study investigates the impact of firms' cost behavior on their seasoned equity offering (SEO) performance. The empirical findings show that cost-stickier SEO firms experience more negative SEO cumulative abnormal returns (CARs). The economic mechanism of this association is that cost-stickier SEO firms deal with higher information asymmetry and issue fewer debts, which reduce their SEO CARs. SEO firm cost behavior also affects corporate SEO decisions and announcement returns in different life cycles. Among the three economic mechanisms, the information asymmetry channel has been found as the dominant one. This study also indicates that cost-stickier firms are less likely to conduct SEOs than their counterparts. In contrast, the motivation for Chinese SEO issuance for cost-stickier firms is market timing rather than adjusting the capital structure or financing for investment and growth. Additionally, the negative impact of cost stickiness on corporate SEO returns is less pronounced for firms associated with industry-specialized auditors and greater corporate governance capacity but more substantial for SEO firms with higher free cash flow. All main findings are consistent in a number of endogenous tests, including the two-stage least squares test, the generalized method of moments estimation, and the control of alternative fixed effects. These conclusions also passed several robustness tests such as an alternative factor model and event windows and an alternative proxy of cost stickiness.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 4","pages":"565-608"},"PeriodicalIF":1.5,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50125511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unintended Consequences of Leverage Regulation: Evidence from Korea* 杠杆监管的意外后果：来自韩国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-08-06 DOI: 10.1111/ajfs.12442
Taejin Jung, Natalie Kyung Won Kim, Woo-Jong Lee, Daniel Yang
{"title":"Unintended Consequences of Leverage Regulation: Evidence from Korea*","authors":"Taejin Jung,&nbsp;Natalie Kyung Won Kim,&nbsp;Woo-Jong Lee,&nbsp;Daniel Yang","doi":"10.1111/ajfs.12442","DOIUrl":"https://doi.org/10.1111/ajfs.12442","url":null,"abstract":"<p>During the 1997 Asian financial crisis, Korean regulators imposed a 200% leverage cap to curb excessive debt and restore economic stability. We examine the real effects and externalities of mandated capital structure changes resulting from this leverage ratio regulation. Our findings indicate that firms that met the leverage requirement experienced a significant decrease in firm risk. However, the effect varied depending on <i>how</i> firms adjusted their capital structure. Firms that chose to issue equity to lower their leverage ratio, as opposed to firms repaying debt, exhibited higher firm risk, lower investment-<i>q</i> sensitivity, and lower profitability in the post-regulation period.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 4","pages":"502-538"},"PeriodicalIF":1.5,"publicationDate":"2023-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50122417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Local Newspaper Layoffs and Workplace Safety* 当地报纸裁员与工作场所安全*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-08-03 DOI: 10.1111/ajfs.12440
Min Kim, Kwangjin Lee, Jason Shin
{"title":"Local Newspaper Layoffs and Workplace Safety*","authors":"Min Kim,&nbsp;Kwangjin Lee,&nbsp;Jason Shin","doi":"10.1111/ajfs.12440","DOIUrl":"https://doi.org/10.1111/ajfs.12440","url":null,"abstract":"<p>We investigate the role of the local media in curtailing undesirable behaviors of local corporations. We examine the effects of local newspaper layoffs on the workplace safety levels of local firms, finding that firms' total case rates of workplace injuries increase following newspaper layoffs. We also show the mechanisms of reductions in safety-related expenditures and increased workloads. Cross-sectional tests find that the monitoring role of these newspapers is more important for firms with weaker labor unions or lower institutional ownership. Overall, our results suggest that local newspapers serve as key corporate monitors and essential information intermediaries, mitigating firms' undesirable behavior.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 4","pages":"609-644"},"PeriodicalIF":1.5,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50118822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Local Financial Agglomeration and Corporate Green Innovation* 地方金融集聚与企业绿色创新*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-08-03 DOI: 10.1111/ajfs.12443
Yu He, Dianna Chang, Ran Wei
{"title":"Local Financial Agglomeration and Corporate Green Innovation*","authors":"Yu He,&nbsp;Dianna Chang,&nbsp;Ran Wei","doi":"10.1111/ajfs.12443","DOIUrl":"https://doi.org/10.1111/ajfs.12443","url":null,"abstract":"<p>Using a large sample of publicly listed firms in China, we examine the relation between local financial agglomeration and corporate green innovation. We document that local financial agglomeration positively affects corporate green innovation output. This positive effect is more pronounced when firms have better environmental performance, when the market-level sentiment for corporate environmental responsibility is higher, or prior to the implementation of a green credit policy in China. Further analysis reveals that local financial agglomeration enhances corporate green investments and the quality of green innovation. Collectively, our findings reveal the real and environmental effects of local financial agglomeration.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 4","pages":"539-564"},"PeriodicalIF":1.5,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50118823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Acknowledgement 确认
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-29 DOI: 10.1111/ajfs.12439
{"title":"Acknowledgement","authors":"","doi":"10.1111/ajfs.12439","DOIUrl":"https://doi.org/10.1111/ajfs.12439","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 3","pages":"323"},"PeriodicalIF":1.5,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50147801","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Market States and Lottery Preference: Evidence from Chinese Open‐End Funds* 市场状态与彩票偏好:来自中国开放式基金的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-25 DOI: 10.1111/ajfs.12437
Rongxin He, Pei-lin Hsieh
{"title":"Market States and Lottery Preference: Evidence from Chinese Open‐End Funds*","authors":"Rongxin He, Pei-lin Hsieh","doi":"10.1111/ajfs.12437","DOIUrl":"https://doi.org/10.1111/ajfs.12437","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"24 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81183093","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Market States and Lottery Preference: Evidence from Chinese Open-End Funds* 市场状态与彩票偏好——来自中国开放式基金的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-25 DOI: 10.1111/ajfs.12437
Rongxin He, Pei-Lin Hsieh
{"title":"Market States and Lottery Preference: Evidence from Chinese Open-End Funds*","authors":"Rongxin He,&nbsp;Pei-Lin Hsieh","doi":"10.1111/ajfs.12437","DOIUrl":"https://doi.org/10.1111/ajfs.12437","url":null,"abstract":"<p>Recent studies find that investors prefer funds with lottery-like payoffs. Using a sample of Chinese open-end funds, we show that investors' preference for funds' extreme positive payoffs (MAXs) depend on the state of the market: it is significant for MAXs in an unfavorable market but weak or reversed for those in a favorable market. Such state-dependent preference is irrational because, inconsistent with the flow–MAX relationship, higher MAXs under market downturns are associated with worse performance. We further document support for the salience-theory-based explanation for investors' preference and provide counter-evidence for alternative mechanisms based on rational choice or changes in aggregate flows.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 5","pages":"678-706"},"PeriodicalIF":1.5,"publicationDate":"2023-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71980294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does Tax-Favored Policy Improve the Profitability of Environmental Protection Firms? An Empirical Study from the Implicit Tax Perspective 税收优惠政策能提高环保企业的盈利能力吗？隐性税收视角下的实证研究
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-22 DOI: 10.1111/ajfs.12435
Jifeng Cao, Yiwen Cui
{"title":"Does Tax-Favored Policy Improve the Profitability of Environmental Protection Firms? An Empirical Study from the Implicit Tax Perspective","authors":"Jifeng Cao,&nbsp;Yiwen Cui","doi":"10.1111/ajfs.12435","DOIUrl":"https://doi.org/10.1111/ajfs.12435","url":null,"abstract":"<p>An implicit tax is a reduction in the pretax rate of return driven by tax preferences. With increasingly stringent requirements of sustainable development, Chinese government actively promotes environmental protection with the direct corporate income tax rate preferences, which provide a unique opportunity to examine whether implicit taxes remain a significant tax cost in the environmental protection industry. This paper finds the existence of implicit taxes in environmental protection firms and the market structure impedes the realization of implicit taxes. The market power and market concentration reduce the negative effect of tax preferences on the firm's pretax rate of return. The environmental protection firms with lower competition bear lower implicit taxes. These findings are important to evaluate the effectiveness of the tax incentives on environmental protection firms and other tax-favored industries.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 3","pages":"473-495"},"PeriodicalIF":1.5,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50115554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Multiple Large Shareholders and Firm Performance: Evidence from China* 多重大股东与企业绩效：来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-16 DOI: 10.1111/ajfs.12434
Caiyu Yan, Xuefei He, Juan Li, Hongqu He, Tianping Ao
{"title":"Multiple Large Shareholders and Firm Performance: Evidence from China*","authors":"Caiyu Yan,&nbsp;Xuefei He,&nbsp;Juan Li,&nbsp;Hongqu He,&nbsp;Tianping Ao","doi":"10.1111/ajfs.12434","DOIUrl":"https://doi.org/10.1111/ajfs.12434","url":null,"abstract":"<p>Agency theory has shown that multiple large shareholders have competing monitoring and entrenchment governance effects. Therefore, this paper studies the governance effects of multiple large shareholders to determine the dominant effect in the Chinese setting. A panel data model and <i>F-</i>test demonstrate that a significant positive relationship exists between multiple large shareholders and firm performance, but the positive relationship between multiple large shareholders and firm performance will be weakened by state-owned enterprises and politically connected enterprises. Furthermore, our findings suggest that multiple large shareholders can enhance firm performance by mitigating the agent–principal problem and the principal–principal problem. Additionally, a threshold model is introduced to explore the impact of other governance mechanisms on multiple large shareholders' governance, and our findings show that enhancing controlling shareholder governance and board size significantly weakens multiple large shareholders governance, but increasing the proportion of independent directors strengthens the positive relationship between multiple large shareholders and <i>Tobin's Q</i> and weakens the positive relationship between multiple large shareholders and <i>ROA</i>.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 3","pages":"394-435"},"PeriodicalIF":1.5,"publicationDate":"2023-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134996","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信