Pub Date : 2023-05-30DOI: 10.1080/09638180.2023.2214169
Marek Kacer, Alan Duboisée De Ricquebourg, Michael J. Peel, Nicholas Wilson
Formulae display:?Mathematical formulae have been encoded as MathML and are displayed in this HTML version using MathJax in order to improve their display. Uncheck the box to turn MathJax off. This feature requires Javascript. Click on a formula to zoom.
{"title":"Audit Market Measures in Audit Pricing Studies: The Issue of Mechanical Correlation","authors":"Marek Kacer, Alan Duboisée De Ricquebourg, Michael J. Peel, Nicholas Wilson","doi":"10.1080/09638180.2023.2214169","DOIUrl":"https://doi.org/10.1080/09638180.2023.2214169","url":null,"abstract":"Formulae display:?Mathematical formulae have been encoded as MathML and are displayed in this HTML version using MathJax in order to improve their display. Uncheck the box to turn MathJax off. This feature requires Javascript. Click on a formula to zoom.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135641659","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 : 2023-05-27DOI: 10.1080/09638180.2023.2213258
Matthias D. Mahlendorf, Melissa A. Martin, David Smith
Abstract This editorial provides an overview of innovative data and use-cases for management accounting research and practice. We cover data such as natural language, crowd-sourced ratings on online platforms, videos, geolocation, and satellite data. Moreover, we develop a matrix of new data sources and management accounting research topics and highlight combinations of data and topics that represent promising starting points for future research. Our goal is to inspire future research by showing the rich field of innovative data and the diversity of applications that are related to managerial decision-making and management control.
{"title":"Innovative Data – Use-cases in Management Accounting Research and Practice","authors":"Matthias D. Mahlendorf, Melissa A. Martin, David Smith","doi":"10.1080/09638180.2023.2213258","DOIUrl":"https://doi.org/10.1080/09638180.2023.2213258","url":null,"abstract":"Abstract\u0000 This editorial provides an overview of innovative data and use-cases for management accounting research and practice. We cover data such as natural language, crowd-sourced ratings on online platforms, videos, geolocation, and satellite data. Moreover, we develop a matrix of new data sources and management accounting research topics and highlight combinations of data and topics that represent promising starting points for future research. Our goal is to inspire future research by showing the rich field of innovative data and the diversity of applications that are related to managerial decision-making and management control.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"58 1","pages":"547 - 576"},"PeriodicalIF":3.3,"publicationDate":"2023-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90989059","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 : 2023-05-21DOI: 10.1080/09638180.2023.2203410
Pietro Bonetti, Charles H. Cho, Giovanna Michelon
We examine the relation between environmental disclosure and the cost of capital by exploiting the Fukushima nuclear disaster as a source of variation in the relevance of environmental information for investors. Using a large hand-collected sample of Japanese firms, we find that firms disclosing carbon emissions experience a lower increase in the cost of capital than non-disclosing firms. Cross-sectional analyses suggest that the association between disclosure and the cost of capital is driven by the increase in investor uncertainty about the energy supply shortage that followed the disaster rather than future regulatory costs. Moreover, we find that after the disaster, non-disclosing firms in the pre-disaster period increase their environmental disclosures to a greater extent relative to disclosing firms. Taken together, our results provide insight into the link between non-financial, unregulated disclosures and the cost of capital.
{"title":"Environmental Disclosure and the Cost of Capital: Evidence from the Fukushima Nuclear Disaster","authors":"Pietro Bonetti, Charles H. Cho, Giovanna Michelon","doi":"10.1080/09638180.2023.2203410","DOIUrl":"https://doi.org/10.1080/09638180.2023.2203410","url":null,"abstract":"We examine the relation between environmental disclosure and the cost of capital by exploiting the Fukushima nuclear disaster as a source of variation in the relevance of environmental information for investors. Using a large hand-collected sample of Japanese firms, we find that firms disclosing carbon emissions experience a lower increase in the cost of capital than non-disclosing firms. Cross-sectional analyses suggest that the association between disclosure and the cost of capital is driven by the increase in investor uncertainty about the energy supply shortage that followed the disaster rather than future regulatory costs. Moreover, we find that after the disaster, non-disclosing firms in the pre-disaster period increase their environmental disclosures to a greater extent relative to disclosing firms. Taken together, our results provide insight into the link between non-financial, unregulated disclosures and the cost of capital.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135429071","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 : 2023-05-09DOI: 10.1080/09638180.2023.2197248
Christopher Nobes, Christian Stadler
Using Worldscope data, Pownall and Wieczynska (2018) [Deviations from the mandatory adoption of IFRS in the European Union: Implementation, enforcement, incentives, and compliance. Contemporary Accounting Research, 35(2), 1029–1066] show that there was extensive non-adoption of International Financial Reporting Standards (IFRS) by European listed firms in 2005–2012. They also suggest that much of this non-adoption is illegal. This would constitute a serious failing by European firms, auditors and regulators. However, in this note we show that there is no non-compliance with mandatory requirements to use IFRS in Germany and the UK in various years including 2012 and 2020. We also find no non-compliance in Austria and Portugal, two countries with less highly regarded enforcement. The reasons for legitimate non-adoption vary by country and by year. Our analysis is based on hand-collected data and it documents that the Worldscope database contains many errors in various fields. Therefore, we provide researchers with a hand-collected database for German and UK firms for the period 2005–2020, which can be used to supplement Worldscope. The database includes information on country of incorporation, whether consolidated financial statements are prepared, the accounting standards applied, and whether the firm is listed on an EU-regulated market. We use the database to provide some evidence on voluntary adoption of IFRS.
{"title":"Deviations from the Mandatory Adoption of IFRS in Europe? Why Non-Adoption Does Not Mean Non-Compliance","authors":"Christopher Nobes, Christian Stadler","doi":"10.1080/09638180.2023.2197248","DOIUrl":"https://doi.org/10.1080/09638180.2023.2197248","url":null,"abstract":"Using Worldscope data, Pownall and Wieczynska (2018) [Deviations from the mandatory adoption of IFRS in the European Union: Implementation, enforcement, incentives, and compliance. Contemporary Accounting Research, 35(2), 1029–1066] show that there was extensive non-adoption of International Financial Reporting Standards (IFRS) by European listed firms in 2005–2012. They also suggest that much of this non-adoption is illegal. This would constitute a serious failing by European firms, auditors and regulators. However, in this note we show that there is no non-compliance with mandatory requirements to use IFRS in Germany and the UK in various years including 2012 and 2020. We also find no non-compliance in Austria and Portugal, two countries with less highly regarded enforcement. The reasons for legitimate non-adoption vary by country and by year. Our analysis is based on hand-collected data and it documents that the Worldscope database contains many errors in various fields. Therefore, we provide researchers with a hand-collected database for German and UK firms for the period 2005–2020, which can be used to supplement Worldscope. The database includes information on country of incorporation, whether consolidated financial statements are prepared, the accounting standards applied, and whether the firm is listed on an EU-regulated market. We use the database to provide some evidence on voluntary adoption of IFRS.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135806786","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 : 2023-04-29DOI: 10.1080/09638180.2023.2194666
John Chi Wa Ko, Mandy M. Cheng, Wendy J. Green
Using eye-tracking technology, we examine whether the information processing patterns of nonprofessional investors with a directional investment preference are affected by performance information presented based on either a focus on stakeholders (stakeholder format) or on strategic goals (strategic theme format). We find that when a company’s financial performance has declined but nonfinancial performance has improved, a strategic theme (stakeholder) format causes investors in a long investment position to focus on negative financial information to a lesser (greater) extent than those in a short investment position. These results indicate that a strategic theme format encourages biased investors to draw on favorable nonfinancial information to support their position, whereas a stakeholder format causes them to closely scrutinize unfavorable financial information. We also find that the level of bias in investors’ earnings forecasts is lower when information is presented in a strategic theme format than in a stakeholder format; however, a supplementary experiment finds that this result is reversed when a company’s financial performance has improved but its nonfinancial performance has declined. Our results have implications for external report preparers, standard setters, and analysts.
{"title":"Stakeholder Focus or Strategy Focus? An Eye-Tracker Study on the Effect of Presentation Format on Nonprofessional Investors’ Information Processing Patterns","authors":"John Chi Wa Ko, Mandy M. Cheng, Wendy J. Green","doi":"10.1080/09638180.2023.2194666","DOIUrl":"https://doi.org/10.1080/09638180.2023.2194666","url":null,"abstract":"Using eye-tracking technology, we examine whether the information processing patterns of nonprofessional investors with a directional investment preference are affected by performance information presented based on either a focus on stakeholders (stakeholder format) or on strategic goals (strategic theme format). We find that when a company’s financial performance has declined but nonfinancial performance has improved, a strategic theme (stakeholder) format causes investors in a long investment position to focus on negative financial information to a lesser (greater) extent than those in a short investment position. These results indicate that a strategic theme format encourages biased investors to draw on favorable nonfinancial information to support their position, whereas a stakeholder format causes them to closely scrutinize unfavorable financial information. We also find that the level of bias in investors’ earnings forecasts is lower when information is presented in a strategic theme format than in a stakeholder format; however, a supplementary experiment finds that this result is reversed when a company’s financial performance has improved but its nonfinancial performance has declined. Our results have implications for external report preparers, standard setters, and analysts.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135847378","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 : 2023-04-21DOI: 10.1080/09638180.2023.2200199
Seraina C. Anagnostopoulou, Kamran T. Malikov
This study investigates the real consequences of classification shifting by examining its effect on corporate investment efficiency. The underlying expectation is that the ways of reporting different profit items within the income statement should increase information asymmetry between managers and capital providers regarding the level of core and, so, more likely repeatable firm performance. We anticipate that classification shifting will aggravate agency problems and distort managers’ own perceptions of their firms’ sustainable profitability, resulting in imperfect investment-related information sets for them, ultimately leading to inefficient investing. We find that classification shifting strongly and significantly decreases the responsiveness of investment to growth opportunities and is, thus, associated with less efficient investing. After investigating the economic mechanisms explaining this association, our results are more pronounced when other information and agency problem-related factors that should protect against inefficient investing are weaker, and also for firms whose managers have fewer opportunities to learn from peers, which could alleviate potential classification shifting-related distortion effects on managerial perceptions. Our study provides evidence on the adverse real consequences of classification shifting, a form of earnings management without any reversing effects for bottom-line future performance, with reference to a very important firm-level outcome; namely, efficient investing.
{"title":"The Real Consequences of Classification Shifting: Evidence from the Efficiency of Corporate Investment","authors":"Seraina C. Anagnostopoulou, Kamran T. Malikov","doi":"10.1080/09638180.2023.2200199","DOIUrl":"https://doi.org/10.1080/09638180.2023.2200199","url":null,"abstract":"This study investigates the real consequences of classification shifting by examining its effect on corporate investment efficiency. The underlying expectation is that the ways of reporting different profit items within the income statement should increase information asymmetry between managers and capital providers regarding the level of core and, so, more likely repeatable firm performance. We anticipate that classification shifting will aggravate agency problems and distort managers’ own perceptions of their firms’ sustainable profitability, resulting in imperfect investment-related information sets for them, ultimately leading to inefficient investing. We find that classification shifting strongly and significantly decreases the responsiveness of investment to growth opportunities and is, thus, associated with less efficient investing. After investigating the economic mechanisms explaining this association, our results are more pronounced when other information and agency problem-related factors that should protect against inefficient investing are weaker, and also for firms whose managers have fewer opportunities to learn from peers, which could alleviate potential classification shifting-related distortion effects on managerial perceptions. Our study provides evidence on the adverse real consequences of classification shifting, a form of earnings management without any reversing effects for bottom-line future performance, with reference to a very important firm-level outcome; namely, efficient investing.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135464014","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 : 2023-03-16DOI: 10.1080/09638180.2023.2182336
Oliver Zhen Li, Stephen J. Lusch, Frank Murphy
We use Luxembourg advanced tax rulings (ATRs) to provide readers with insight into the nature of tax planning that uses ATRs. Accordingly, we descriptively examine this sample of leaked Luxembourg ATRs and evaluate the determinants and outcomes associated with requesting a Luxembourg ATR. We find that the determinants of requesting an ATR differ between financial services firms and industrial firms. We document a positive spillover market reaction to non-ATR firms sharing characteristics of ATR firms. While prior research documents a positive association between ATRs and tax avoidance, we fail to document a significant relations between ATRs and tax risk. We do, however, find that firms that are required to disclose unrecognized tax benefits in their financial statements record higher UTBs after requesting an ATR, which suggests that ATRs may lead to higher uncertainty in jurisdictions not covered by the ATR itself. Our research provides insight into transactions used by MNEs to move income through organizations.
{"title":"Tax Planning Through Advanced Tax Rulings – An Exploratory Analysis Using the Luxembourg Tax Leaks","authors":"Oliver Zhen Li, Stephen J. Lusch, Frank Murphy","doi":"10.1080/09638180.2023.2182336","DOIUrl":"https://doi.org/10.1080/09638180.2023.2182336","url":null,"abstract":"We use Luxembourg advanced tax rulings (ATRs) to provide readers with insight into the nature of tax planning that uses ATRs. Accordingly, we descriptively examine this sample of leaked Luxembourg ATRs and evaluate the determinants and outcomes associated with requesting a Luxembourg ATR. We find that the determinants of requesting an ATR differ between financial services firms and industrial firms. We document a positive spillover market reaction to non-ATR firms sharing characteristics of ATR firms. While prior research documents a positive association between ATRs and tax avoidance, we fail to document a significant relations between ATRs and tax risk. We do, however, find that firms that are required to disclose unrecognized tax benefits in their financial statements record higher UTBs after requesting an ATR, which suggests that ATRs may lead to higher uncertainty in jurisdictions not covered by the ATR itself. Our research provides insight into transactions used by MNEs to move income through organizations.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134964935","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 : 2023-03-03DOI: 10.1080/09638180.2023.2180765
Gillian McAllister, Nicole C. Sutton, David A. Brown, Deborah Parker, Rachael Lewis, Olivia Rawlings-Way, Jiali Lin, Bronwen Harrison
This paper aims to bring to the attention of the accounting research community the opportunities and challenges associated with using public inquiry data for accounting research. We have conducted a systematic review of prior contributions in accounting that incorporate public inquiry data, and identify trends in the types of inquiries, data, and analytic techniques used within the existing literature. Extending out of this analysis, we identify three broad lines of enquiry within accounting research that can be informed by public inquiry data, and provide guidance for future research in the form of specific research topics, questions, and exemplars that illustrate the possibilities of this empirical approach. Finally, we articulate the limitations of public inquiry data and identify strategies researchers may use to realize these possibilities in their own research endeavors.
{"title":"Using Public Inquiries as a Data Source for Accounting Research: A Systematic Review","authors":"Gillian McAllister, Nicole C. Sutton, David A. Brown, Deborah Parker, Rachael Lewis, Olivia Rawlings-Way, Jiali Lin, Bronwen Harrison","doi":"10.1080/09638180.2023.2180765","DOIUrl":"https://doi.org/10.1080/09638180.2023.2180765","url":null,"abstract":"This paper aims to bring to the attention of the accounting research community the opportunities and challenges associated with using public inquiry data for accounting research. We have conducted a systematic review of prior contributions in accounting that incorporate public inquiry data, and identify trends in the types of inquiries, data, and analytic techniques used within the existing literature. Extending out of this analysis, we identify three broad lines of enquiry within accounting research that can be informed by public inquiry data, and provide guidance for future research in the form of specific research topics, questions, and exemplars that illustrate the possibilities of this empirical approach. Finally, we articulate the limitations of public inquiry data and identify strategies researchers may use to realize these possibilities in their own research endeavors.","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134983427","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 : 2023-02-24DOI: 10.1080/09638180.2022.2164791
Thi-Lan-Huong Nguyen, C. Cheong, Cameron Truong, R. Zurbruegg
{"title":"Experience of a Job Loss and Analysts’ Subsequent Performance","authors":"Thi-Lan-Huong Nguyen, C. Cheong, Cameron Truong, R. Zurbruegg","doi":"10.1080/09638180.2022.2164791","DOIUrl":"https://doi.org/10.1080/09638180.2022.2164791","url":null,"abstract":"","PeriodicalId":11764,"journal":{"name":"European Accounting Review","volume":"40 1","pages":""},"PeriodicalIF":3.3,"publicationDate":"2023-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73397537","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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