Pub Date : 2023-08-06DOI: 10.1080/09638180.2023.2239298
T. Bornemann, Anna-Lena Moosmann, Zoltán Novotny-Farkas
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Pub Date : 2023-08-02DOI: 10.1080/09638180.2023.2238787
Yi Dong, Chenkai Ni, Fei Qiao, Chunqiu Zhang
AbstractWe exploit the rich data of business groups in China and identify sell-side analysts following multiple listed firms within a business group (BG analysts). For a group firm, we find that BG analysts issue more accurate forecasts than non-BG analysts. Such an effect is more pronounced when the focal firm shares stronger economic links with, and when its covering analysts have greater information demand for, its group peers. Further analyses suggest evidence of intragroup information flows. Around group peers’ annual earnings announcements, BG analysts are more likely than non-BG analysts to revise their forecasts for the focal firm along the same direction as group peers’ earnings surprises. Confined to analysts’ coverage initiations for a group firm, those who have covered the focal firm’s group peers prior to the coverage initiation show superior forecasting performance during the initiation year. By adopting the unique perspective of business groups, i.e., a prevalent organizational structure, our study shows that information commonalities within a business group shape analyst behaviour.Keywords: Business groupsSell-side analystsForecast accuracyInformation commonality AcknowledgementsWe thank Jeffrey Ng (Editor) and two anonymous reviewers for their valuable comments and suggestions in improving the paper. Additional materials are available in an online Supplement at the journal’s Taylor and Francis website. All errors are our own.Disclosure statementNo potential conflict of interest was reported by the author(s).Supplemental Research MaterialsSupplemental data for this article can be accessed on the Taylor & Francis website, doi:10.1080/09638180.2023.2238787.Online Appendix 1: Correlations among Empirical VariablesOnline Appendix 2: Non-linear EffectsOnline Appendix 3: Intragroup Economic Links and BG Analysts’ Forecast AccuracyOnline Appendix 4. BG Analysts’ Prior Experience in Covering The Business GroupOnline Appendix 5. Determinants of BG Analyst Choice and Main Effect RobustnessOnline Appendix 6. Spinoffs of Group Affiliations and BG Analysts’ Forecasting PerformanceOnline Appendix 7. Addressing Other Economic LinksOnline Appendix 8. The Importance of Group-affiliated Firms to BG Analysts’ PortfoliosOnline Appendix 9. BG Analysts’ Forecasts for Non-group FirmsNotes1 Our definition of business group is consistent with that of Larrain et al. (Citation2019) and Fang et al. (Citation2017). Larrain et al. (Citation2019) describe business groups as ‘sets of firms with a common controlling shareholder’ (p.3,036), and Fang et al. (Citation2017) view a business group as ‘a structure in which at least two legally independent firms are controlled by the same ultimate owner’ (p. 40).2 Business groups can also be formed by informal ties, which relate to linkages by relations of interpersonal trust, on the basis of similar personal, ethnic or commercial background (Granovetter, Citation2005). Considering informal ties will broaden the definiti
摘要我们利用中国商业集团的丰富数据，识别一个商业集团内多家上市公司的卖方分析师(BG分析师)。对于一家集团公司，我们发现BG分析师的预测比非BG分析师更准确。当焦点公司与其集团同行有更强的经济联系，当其覆盖分析师对集团同行有更大的信息需求时，这种效应更为明显。进一步的分析显示了群体内部信息流的证据。在集团同行公布年度收益时，与非BG分析师相比，BG分析师更有可能根据集团同行的意外收益调整对重点公司的预测。仅限于分析师对集团公司的覆盖开始，那些在覆盖开始之前已经覆盖了焦点公司的集团同行的分析师在开始年度显示出优越的预测表现。通过采用企业集团的独特视角，即普遍的组织结构，我们的研究表明，企业集团内部的信息共性塑造了分析师的行为。关键词:商业集团卖方分析师预测准确性信息通用性感谢Jeffrey Ng(编辑)和两位匿名审稿人对本文的改进提出了宝贵的意见和建议。更多的材料可以在杂志的泰勒和弗朗西斯网站上的在线增刊中找到。所有的错误都是我们自己的。披露声明作者未报告潜在的利益冲突。补充研究材料本文的补充数据可以在Taylor & Francis网站上获得，doi:10.1080/09638180.2023.2238787。在线附录1:经验变量之间的相关性在线附录2:非线性效应在线附录3:集团内部经济联系与BG分析师预测准确性在线附录4。BG分析师之前覆盖商业集团的经验BG分析师选择的决定因素和主效应稳健性。集团附属公司的分拆与BG分析师的预测绩效在线附录7。解决其他经济联系在线附录8。集团附属公司对BG分析师投资组合的重要性注1我们对业务集团的定义与Larrain等人(Citation2019)和Fang等人(Citation2017)的定义一致。Larrain等人(Citation2019)将商业集团描述为“拥有共同控股股东的公司集合”(第3,036页)，Fang等人(Citation2017)将商业集团视为“至少两个法律上独立的公司由同一最终所有者控制的结构”(第40页)商业团体也可以通过非正式关系形成，非正式关系涉及人际信任关系的联系，基于相似的个人，种族或商业背景(Granovetter, Citation2005)。考虑非正式关系将拓宽商业团体的定义。然而，与正式关系相比，非正式关系的信息对研究人员和卖方分析师来说都不太容易观察到更准确地说，BG分析师被定义为跟踪焦点公司的分析师，该分析师在同一年还研究了焦点公司的至少一家集团同行Cheng等人(Citation2022)研究了其分析师所涵盖的经纪公司和公司之间的共同所有权。在我们的研究中探讨的共同所有权是不同的，因为它指的是由一个分析师覆盖的公司用最终控股股东来界定企业集团的边界与现有文献一致(如Buchuk et al.， Citation2014;Fang等人，Citation2017)。最终控股股东对子公司的控制远远超过其现金流权利，主要是通过使用金字塔和参与管理(La Porta et al.， Citation1999)。集团子公司的公司政策受到最终控股股东激励的显著影响(如Gopalan et al.， Citation2014;Fang等人，Citation2017)，从而在我们的研究中探索创造群体内部经济联系其他最终控制国有企业的政府机构包括地方国有资产管理局、财政部等。中国的上市公司以12月31日为会计年度结束日，以自然年为会计年度在线附录1报告了经验变量之间的相关性。预测准确性与BG_Analyst指标正相关，初步证明BG分析师比非BG分析师对集团附属公司的预测更准确在非表化分析中，我们使用经验变量的原始值进行t检验。我们发现了一致的证据——BG分析师的绝对预测误差(AFE)明显低于非BG分析师。 为了评估我们发现的稳健性，我们通过将样本限制在公司年份(包括BG分析师和非BG分析师)来重新执行我们的主要回归。受限制样本的样本量较小(22,493个，而主要样本为42,138个)。我们一致发现BG_Analyst上的正显著系数。此外，我们还考察了覆盖一个额外群体同伴的边际效益是否会逐渐减弱。我们构建了BG_Analyst_Npeers，即每个分析师群体年覆盖的集团公司(包括焦点公司)的数量及其平方项。在线附录2的结果表明，覆盖一个额外的群体对等体最初会提高信息效益，这体现在BG_Analyst_Npeers的正显著系数上。然而，平方项上的系数为负且显著，表明边际效应在减小在在线附录3中，我们构建了焦点公司与BG分析师所覆盖的集团同行的经济联系，并将BG_Analyst分解为两个指标:BG_High_Link (BG_Low_Link)，当焦点公司与BG分析师所覆盖的集团同行的经济联系高于(低于)中位数时，BG_High_Link等于1，否则为0。经济联系以RPT和Corr战略为代表。我们将方程(2)中的BG_Analyst替换为这两个指标，并重新估计回归。我们发现一致的证据表明，当焦点公司与BG分析师所涵盖的集团同行具有更强的经济联系时，BG分析师地位对预测准确性的影响更为明显在未列表的分析中，我们发现非国有集团的企业绩效(ROA和EPS)的绝对相关性平均高于国有集团，这支持了前者内部经济联系强于后者的假设一种反作用力存在，因为BG分析师收集软信息的能力可能会抑制他们针对公开披露(即在我们的背景下，集团同行的收益公告)做出的预测修正。我们感谢一位匿名评论者指出了这种可能性这里的经验证据并不排除信息也可以从新被覆盖的集团公司流向早期被覆盖的集团公司的可能性。在覆盖开始后，BG分析师获取并处理与业务集团相关的附加信息，这可能有助于分析师对早期覆盖的集团公司的预测业绩。我们文档化的信息流主要依赖于研究设计-在报道开始时发布的分析师预测。我们感谢一位匿名评论者指出了这个问题在在线附录4中，我们通过将BG_Analyst分解为两个指标来检查覆盖业务集团内多个公司的信息优势是否随分析师先前覆盖业务集团的经验而变化:BG_High_Exp (BG_Low_Exp)，当BG分析师在覆盖业务集团(下文为集团经验)方面的经验高于(低于)中位数时等于1，否则为零。分析师的团队经验是根据该分析师覆盖业务集团内任何公司的年数来衡量的。我们将方程(2)中的BG_Analyst替换为这两个指标并估计回归。BG_High_Exp的系数大约是BG_Low_Exp的两倍，它们的差异在统计上是显著的。因此，BG分析师对集团公司的信息优势在BG分析师覆盖集团的经验越丰富时就越明显。作者感谢教育部(20YJC630106, 21YJC790094)、国家自然科学基金(71772110,71902036,72172037)、国家社会科学基金(22BJY078)和高校人文社会科学重点研究所(22JJD790094)的资助。
{"title":"Business Group Analysts","authors":"Yi Dong, Chenkai Ni, Fei Qiao, Chunqiu Zhang","doi":"10.1080/09638180.2023.2238787","DOIUrl":"https://doi.org/10.1080/09638180.2023.2238787","url":null,"abstract":"AbstractWe exploit the rich data of business groups in China and identify sell-side analysts following multiple listed firms within a business group (BG analysts). For a group firm, we find that BG analysts issue more accurate forecasts than non-BG analysts. Such an effect is more pronounced when the focal firm shares stronger economic links with, and when its covering analysts have greater information demand for, its group peers. Further analyses suggest evidence of intragroup information flows. Around group peers’ annual earnings announcements, BG analysts are more likely than non-BG analysts to revise their forecasts for the focal firm along the same direction as group peers’ earnings surprises. Confined to analysts’ coverage initiations for a group firm, those who have covered the focal firm’s group peers prior to the coverage initiation show superior forecasting performance during the initiation year. By adopting the unique perspective of business groups, i.e., a prevalent organizational structure, our study shows that information commonalities within a business group shape analyst behaviour.Keywords: Business groupsSell-side analystsForecast accuracyInformation commonality AcknowledgementsWe thank Jeffrey Ng (Editor) and two anonymous reviewers for their valuable comments and suggestions in improving the paper. Additional materials are available in an online Supplement at the journal’s Taylor and Francis website. All errors are our own.Disclosure statementNo potential conflict of interest was reported by the author(s).Supplemental Research MaterialsSupplemental data for this article can be accessed on the Taylor & Francis website, doi:10.1080/09638180.2023.2238787.Online Appendix 1: Correlations among Empirical VariablesOnline Appendix 2: Non-linear EffectsOnline Appendix 3: Intragroup Economic Links and BG Analysts’ Forecast AccuracyOnline Appendix 4. BG Analysts’ Prior Experience in Covering The Business GroupOnline Appendix 5. Determinants of BG Analyst Choice and Main Effect RobustnessOnline Appendix 6. Spinoffs of Group Affiliations and BG Analysts’ Forecasting PerformanceOnline Appendix 7. Addressing Other Economic LinksOnline Appendix 8. The Importance of Group-affiliated Firms to BG Analysts’ PortfoliosOnline Appendix 9. BG Analysts’ Forecasts for Non-group FirmsNotes1 Our definition of business group is consistent with that of Larrain et al. (Citation2019) and Fang et al. (Citation2017). Larrain et al. (Citation2019) describe business groups as ‘sets of firms with a common controlling shareholder’ (p.3,036), and Fang et al. (Citation2017) view a business group as ‘a structure in which at least two legally independent firms are controlled by the same ultimate owner’ (p. 40).2 Business groups can also be formed by informal ties, which relate to linkages by relations of interpersonal trust, on the basis of similar personal, ethnic or commercial background (Granovetter, Citation2005). Considering informal ties will broaden the definiti","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135064944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-12DOI: 10.1080/09638180.2023.2226724
Jeppe Christoffersen, Thomas Plenborg, M. Seitz
{"title":"Compensation Shifting from Salary to Dividends","authors":"Jeppe Christoffersen, Thomas Plenborg, M. Seitz","doi":"10.1080/09638180.2023.2226724","DOIUrl":"https://doi.org/10.1080/09638180.2023.2226724","url":null,"abstract":"","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"624 1","pages":""},"PeriodicalIF":3.3,"publicationDate":"2023-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78974285","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-07DOI: 10.1080/09638180.2023.2218423
Jihun Bae, Chung Yu Hung, Laurence van Lent
Textual analysis methods have become increasingly popular and powerful tools for researchers in finance and accounting to extract meaningful information from unstructured text data. This paper surveys the recent applications of these methods in various domains, such as corporate disclosures, earnings calls, investor relations, and social media. It also discusses the advantages and challenges of different textual analysis methods, such as keyword lists, pattern-based sequence classification, word embedding, and other large language models. We provide guidance on how to choose appropriate methods, validate text-based measures, and report text-based evidence effectively. We conclude by suggesting some promising directions for future research using text as data.
{"title":"Mobilizing Text As Data","authors":"Jihun Bae, Chung Yu Hung, Laurence van Lent","doi":"10.1080/09638180.2023.2218423","DOIUrl":"https://doi.org/10.1080/09638180.2023.2218423","url":null,"abstract":"Textual analysis methods have become increasingly popular and powerful tools for researchers in finance and accounting to extract meaningful information from unstructured text data. This paper surveys the recent applications of these methods in various domains, such as corporate disclosures, earnings calls, investor relations, and social media. It also discusses the advantages and challenges of different textual analysis methods, such as keyword lists, pattern-based sequence classification, word embedding, and other large language models. We provide guidance on how to choose appropriate methods, validate text-based measures, and report text-based evidence effectively. We conclude by suggesting some promising directions for future research using text as data.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135363575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-06DOI: 10.1080/09638180.2023.2209132
Lin Nan, Chao Tang
This paper examines the impact of uniform standards from economies' perspective in the presence of capital crunches. We show that converting to uniform standards has a positive marginal productivity effect to each economy by facilitating capital flows across economies and improving investment efficiency. However, converting to uniform standards also has an information quality effect that may bring a positive or a negative impact on an economy's expected output, depending on the severity of capital crunch and the information quality of the economies. In addition, there is a capital endowment effect, which positively affects an economy with a low capital endowment, but negatively affects an economy endowed with plentiful capital. Our analysis indicates that these effects jointly determine the overall impact of converting to uniform standards on an economy.
{"title":"Uniform Standards, Information Quality, and Capital Flows","authors":"Lin Nan, Chao Tang","doi":"10.1080/09638180.2023.2209132","DOIUrl":"https://doi.org/10.1080/09638180.2023.2209132","url":null,"abstract":"This paper examines the impact of uniform standards from economies' perspective in the presence of capital crunches. We show that converting to uniform standards has a positive marginal productivity effect to each economy by facilitating capital flows across economies and improving investment efficiency. However, converting to uniform standards also has an information quality effect that may bring a positive or a negative impact on an economy's expected output, depending on the severity of capital crunch and the information quality of the economies. In addition, there is a capital endowment effect, which positively affects an economy with a low capital endowment, but negatively affects an economy endowed with plentiful capital. Our analysis indicates that these effects jointly determine the overall impact of converting to uniform standards on an economy.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135493080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-04DOI: 10.1080/09638180.2023.2218410
Jingjing Xia, Rengong Zhang
This study examines whether media co-coverage – a phenomenon where multiple firms are simultaneously mentioned in the same news article as contextual information – induces excessive inter-industry information transfers between two firms due to the increased saliency of their relationship. Using firms from different product market industries that are co-covered in the same Wall Street Journal article, we find that, after co-coverage, the stock price of a co-covered focal firm reacts positively to the earnings surprise of another early-announcing co-covered peer, followed by a reversal on the focal firm’s subsequent earnings announcement day, while there is no reaction to the peer’s earnings news in the pre-co-coverage period. Further analysis suggests that the transfer and the reversal are stronger when the co-coverage information is more salient to investors, and are concentrated among firms with more active retail trading. These findings suggest that co-coverage in financial media, through the saliency effect, can lead to inefficient cross-industry information transfers.
{"title":"Media Co-Coverage and Overreaction in Cross-Industry Information Transfers","authors":"Jingjing Xia, Rengong Zhang","doi":"10.1080/09638180.2023.2218410","DOIUrl":"https://doi.org/10.1080/09638180.2023.2218410","url":null,"abstract":"This study examines whether media co-coverage – a phenomenon where multiple firms are simultaneously mentioned in the same news article as contextual information – induces excessive inter-industry information transfers between two firms due to the increased saliency of their relationship. Using firms from different product market industries that are co-covered in the same Wall Street Journal article, we find that, after co-coverage, the stock price of a co-covered focal firm reacts positively to the earnings surprise of another early-announcing co-covered peer, followed by a reversal on the focal firm’s subsequent earnings announcement day, while there is no reaction to the peer’s earnings news in the pre-co-coverage period. Further analysis suggests that the transfer and the reversal are stronger when the co-coverage information is more salient to investors, and are concentrated among firms with more active retail trading. These findings suggest that co-coverage in financial media, through the saliency effect, can lead to inefficient cross-industry information transfers.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134928629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-02DOI: 10.1080/09638180.2023.2215821
S. Carmona, M. Ezzamel
In this paper, we review extant research examining the relationship between management accounting and strategy. This relationship is not unidirectional as developments in strategic processes can also have strong ramifications for accounting systems, leading to their refinement and possible innovations. In addition to previous, valuable overviews focusing on the rational approach to examining the relationship between management accounting and strategy (e.g. Chenhall, 2003; Langfield-Smith, 1997, 2008), this paper also addresses interpretive and the poststructuralist studies. Although the three approaches have little cross-reference to each other, they collectively offer a rich tapestry of the relationship between accounting and strategy. Our review of the contributions made by these three streams of research suggest that, instead of treating those theoretical approaches as competitors, they should be considered complementary to each other. Such complementary perspective, we suggest, can provide many perceptive insights into ongoing research in this area. The paper concludes with some reflections on future research.
{"title":"Management Accounting and Strategy – A Review and Reflections on Future Research","authors":"S. Carmona, M. Ezzamel","doi":"10.1080/09638180.2023.2215821","DOIUrl":"https://doi.org/10.1080/09638180.2023.2215821","url":null,"abstract":"In this paper, we review extant research examining the relationship between management accounting and strategy. This relationship is not unidirectional as developments in strategic processes can also have strong ramifications for accounting systems, leading to their refinement and possible innovations. In addition to previous, valuable overviews focusing on the rational approach to examining the relationship between management accounting and strategy (e.g. Chenhall, 2003; Langfield-Smith, 1997, 2008), this paper also addresses interpretive and the poststructuralist studies. Although the three approaches have little cross-reference to each other, they collectively offer a rich tapestry of the relationship between accounting and strategy. Our review of the contributions made by these three streams of research suggest that, instead of treating those theoretical approaches as competitors, they should be considered complementary to each other. Such complementary perspective, we suggest, can provide many perceptive insights into ongoing research in this area. The paper concludes with some reflections on future research.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"16 1","pages":""},"PeriodicalIF":3.3,"publicationDate":"2023-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85511333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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