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Retail investors and ESG news 散户投资者与 ESG 新闻
IF 1.2 Q4 ECONOMICS Pub Date : 2024-07-19 DOI: 10.1016/j.jacceco.2024.101719
Qianqian Li, Edward M. Watts, Christina Zhu
An important debate exists around the extent to which retail investors make sustainable investments and, if they do, why. We contribute to this debate by investigating the aggregate trading patterns of retail investors around a comprehensive sample of key environmental, social, and governance (ESG) news events for U.S. firms. We show that ESG news events appear to be an important factor in retail investors’ portfolio allocation decisions. Yet, inconsistent with arguments about retail investors’ nonpecuniary preferences, our evidence shows that retail investors mainly trade on this information when they deem it financially material to a company’s stock performance. We also find their net trading demand predicts abnormal returns in the subsample of financially material events, consistent with retail traders benefiting from incorporating ESG-related information into their decision-making when it influences firm value. Overall we conclude that the average U.S. retail investor cares about firms’ ESG activities but primarily to the extent these activities matter for company financial performance.
关于散户投资者在多大程度上进行可持续投资,以及如果他们进行可持续投资,原因是什么,存在着重要的争论。我们通过调查散户投资者围绕美国公司关键的环境、社会和治理(ESG)新闻事件综合样本的总体交易模式,为这一争论做出了贡献。我们发现,ESG 新闻事件似乎是影响散户投资者投资组合配置决策的一个重要因素。然而,与有关散户投资者非金钱偏好的论点不一致的是,我们的证据显示,散户投资者主要是在他们认为该信息对公司股票表现具有财务重要性时才进行交易。我们还发现,他们的净交易需求可以预测财务重大事件子样本中的异常回报,这与散户交易者在 ESG 相关信息影响公司价值时将其纳入决策中获益是一致的。总之,我们得出结论,美国的普通散户投资者关心公司的环境、社会和公司治理活动,但主要是在这些活动对公司财务业绩有影响的情况下。
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引用次数: 0
Financial statements vs. FinTech: A discussion of Minnis, Sutherland, and Vetter 财务报表与金融科技:关于 Minnis、Sutherland 和 Vetter 的讨论
IF 1.2 Q4 ECONOMICS Pub Date : 2024-07-10 DOI: 10.1016/j.jacceco.2024.101716
Peter Demerjian
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引用次数: 0
Executive compensation: The trend toward one-size-fits-all 高管薪酬:一刀切的趋势
IF 1.2 Q4 ECONOMICS Pub Date : 2024-07-03 DOI: 10.1016/j.jacceco.2024.101708
Felipe Cabezon
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引用次数: 0
Contemporary insights on corporate guidance: A discussion of call, Hribar Skinner, and Volant (2024) 关于企业指导的当代见解:关于 Call、Hribar Skinner 和 Volant 的讨论 (2024)
IF 1.2 Q4 ECONOMICS Pub Date : 2024-07-02 DOI: 10.1016/j.jacceco.2024.101710
William J. Mayew
Guidance is an important and long-studied topic in the accounting literature. Call, Hribar, Skinner, and Volant (this issue) survey managers who provide guidance and those that do not to generate insights on the costs and benefits of providing guidance. For managers who do provide guidance, perceptions regarding guidance characteristics are elicited. Firm responses are connected to archival data sources, enabling cross-sectional analysis of survey responses and facilitating comparison of self-reported guidance with common guidance proxies in the archival literature. I discuss key insights from the survey, considering the limitations inherent in the survey method. I also clarify what is meant by the term guidance, how it differs from other forward-looking information and how researchers operationalize the guidance construct. I conclude by offering six research questions for future consideration based on the survey evidence.
在会计文献中,指导是一个重要且长期被研究的课题。Call、Hribar、Skinner 和 Volant(本期)对提供指导和不提供指导的管理者进行了调查,以了解提供指导的成本和收益。对于提供指导的管理者,他们对指导特点的认识也被激发出来。公司的回复与档案数据源相连,从而实现了对调查回复的横截面分析,并便于将自我报告的指导与档案文献中常见的指导代用指标进行比较。考虑到调查方法固有的局限性,我将讨论调查的关键见解。我还澄清了 "指导 "一词的含义,它与其他前瞻性信息的区别,以及研究人员如何操作 "指导 "这一概念。最后,我将根据调查证据提出六个研究问题,供今后参考。
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引用次数: 0
Complexity of CEO compensation packages 首席执行官薪酬方案的复杂性
IF 1.2 Q4 ECONOMICS Pub Date : 2024-06-27 DOI: 10.1016/j.jacceco.2024.101709
Ana Albuquerque, Mary Ellen Carter, Zhe (Michael) Guo, Luann J. Lynch
This paper examines complexity in CEO compensation contracts. We develop a measure of compensation complexity and provide empirical evidence that complexity has increased substantially over time. We document that complexity results not only from factors reflecting efficient contracting, but also from external pressures from compensation consultants, institutional investors, proxy advisors, and attempts to benchmark to peers, with these external factors having greater impact in more recent years. Examining consequences of contract complexity, we find an association with lower future firm performance that is related to the influence of external factors on compensation design. We further find this relation is partially mitigated when a contract's performance metrics are more highly correlated, consistent with information processing costs hampering decision-making. Collectively, these findings confirm concerns raised by investors and the media regarding compensation complexity and can inform boards in their design of CEO pay packages.
本文探讨了首席执行官薪酬合同的复杂性。我们制定了薪酬复杂性的衡量标准,并提供了随着时间推移复杂性大幅增加的经验证据。我们发现,复杂性不仅源于反映合同效率的因素,也源于薪酬顾问、机构投资者、代理顾问的外部压力,以及试图以同行为基准的尝试,而这些外部因素在最近几年的影响更大。在研究合同复杂性的后果时,我们发现公司未来业绩下降与外部因素对薪酬设计的影响有关。我们进一步发现,当合同的绩效指标关联度较高时,这种关系会得到部分缓解,这与阻碍决策的信息处理成本是一致的。总之,这些发现证实了投资者和媒体对薪酬复杂性的担忧,并为董事会设计首席执行官薪酬方案提供了参考。
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引用次数: 0
Do sell-side analysts react too pessimistically to bad news for minority-led firms? Evidence from target price valuations 卖方分析师是否对少数股权公司的坏消息反应过于悲观?来自目标价估值的证据
IF 1.2 Q4 ECONOMICS Pub Date : 2024-06-19 DOI: 10.1016/j.jacceco.2024.101707
Kathy Rupar, Sean Wang, Hayoung Yoon
We find that the adverse impact of bad news on analysts’ valuations is 57% larger when the CEO is Non-White, resulting in more pessimistic valuations for Non-White CEOs relative to their White counterparts. Non-White CEO firms are more likely to surpass analysts’ valuation targets in the subsequent 12 months, suggesting that this racial gap lacks economic justification. To provide further evidence of a racial bias: (1) we triangulate our empirical findings with corroborating evidence from a controlled experiment and (2) we provide evidence that analysts’ valuation disparities towards Non-White CEO firms become larger when race relations are worse. Increases in CEO familiarity attenuate these disparities, suggesting the bias we document appears to be subconscious. Our findings suggest that resources allocated towards educating a firm’s stakeholders about the potential impact of implicit racial biases and increasing self-awareness may be impactful in promoting equality within capital markets.
我们发现,当首席执行官是非白人时,坏消息对分析师估值的不利影响要大 57%,导致非白人首席执行官的估值比白人首席执行官更悲观。非白人首席执行官的公司在随后的 12 个月中更有可能超过分析师的估值目标,这表明这种种族差距缺乏经济上的合理性。为了进一步证明种族偏见:(1) 我们用一个对照实验的确凿证据对我们的经验发现进行了三角测量;(2) 我们提供的证据表明,当种族关系恶化时,分析师对非白人首席执行官公司的估值差距会变得更大。首席执行官熟悉程度的提高会减弱这些差异,这表明我们记录的偏见似乎是下意识的。我们的研究结果表明,为教育公司的利益相关者了解隐性种族偏见的潜在影响和提高自我意识而分配的资源,可能会对促进资本市场的平等产生影响。
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引用次数: 0
Mitigating risk-shifting in corporate pension plans: Evidence from stakeholder constituency statutes 减轻企业养老金计划中的风险转移:利益相关者选区规约的证据
IF 1.2 Pub Date : 2024-06-04 DOI: 10.1016/j.jacceco.2024.101704
Amy D. Garman, Thomas R. Kubick
We use staggered enactments of state stakeholder constituency laws as a natural experiment to examine the effect of such laws on corporate pension risk shifting. Our analysis encompasses three components of pension risk shifting: funding risk, investment risk, and benefit risk. We observe a reduction in all three elements of pension risk shifting following the enactment of stakeholder orientation laws that promote greater consideration of stakeholder interests. We also find that the post-enactment reduction in pension risk-shifting is greater for firms with fewer investment opportunities. Overall, our results provide insight into how stakeholder constituency can mitigate an important form of risk-shifting.
我们利用交错颁布的州利益相关者选区法作为自然实验,研究此类法律对企业养老金风险转移的影响。我们的分析包括养老金风险转移的三个组成部分:资金风险、投资风险和福利风险。我们观察到,在促进更多考虑利益相关者利益的利益相关者导向法颁布后,养老金风险转移的所有三个要素都有所减少。我们还发现,对于投资机会较少的公司来说,颁布法律后养老金风险转移的减少幅度更大。总之,我们的研究结果让我们深入了解了利益相关者如何减轻一种重要的风险转移形式。
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引用次数: 0
Measuring firm exposure to government agencies 衡量公司与政府机构的关系
IF 1.2 Pub Date : 2024-05-09 DOI: 10.1016/j.jacceco.2024.101703
Daphne M. Armstrong, Stephen Glaeser, Jeffrey L. Hoopes
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引用次数: 0
Effect of Trade Openness and Agriculture on Tax Revenue Performance in Kenya 贸易开放和农业对肯尼亚税收绩效的影响
Pub Date : 2023-09-29 DOI: 10.47604/ijecon.2122
Jordan Moses, Nelson Obange, Evans Kiganda
Purpose: Taxes play a critical role for most governments around the world in funding investments in capital, infrastructure and the delivery of essential services. The study therefore sought to examine the effect of trade openness and agriculture on tax revenue performance in Kenya. Methodology: The study adopted correlational research design, Vector Error Correction Model (VECM) mechanism and Granger causality test to establish the relationship between the study variables. The choice of the VECM was influenced by its ability to estimate both short run and long run relationships. The theoretical framework of the study followed Heller’s neoclassical maximization utility approach. Annual time series data for the study were sourced from the World Bank Development Indicators for the period 1980-2020. Results: The study findings established that in the long-run agriculture share (-0.64, t-statistics = 14.57) and trade openness (-0.08, t-statistics = 3.88) have negative and significant effect on tax revenue performance in Kenya. The Pairwise Granger Causality test results indicated unidirectional causality running from tax revenue performance to trade openness. This suggests that tax rates have effect on trade openness in Kenya. Unique Contribution to Theory, Policy and Practice: The study adds to literature by proving the Arthur’s Laffer curve theory which advocates for lowering tax rates in order to boost productivity and encourage expansion of corporation. The findings of the study may provide the National Treasury with foundation for policy formulation and analytical framework for estimating the associated tax revenue with variables under consideration in this study. The study may be of importance to KRA in determining appropriate tax rates that are favorable in boosting revenue mobilization.
目的:对世界上大多数政府来说,税收在为资本、基础设施和提供基本服务的投资提供资金方面发挥着关键作用。因此,该研究试图检验贸易开放和农业对肯尼亚税收绩效的影响。方法:采用相关研究设计、向量误差修正模型(Vector Error Correction Model, VECM)机制和格兰杰因果检验来建立研究变量之间的关系。VECM的选择受到其评估短期和长期关系的能力的影响。本研究的理论框架遵循了海勒的新古典主义效用最大化方法。该研究的年度时间序列数据来自世界银行1980-2020年期间的发展指标。结果:研究发现,从长期来看,农业份额(-0.64,t统计量= 14.57)和贸易开放(-0.08,t统计量= 3.88)对肯尼亚税收绩效具有显著的负向影响。两两格兰杰因果检验结果表明,税收绩效与贸易开放之间存在单向因果关系。这表明税率对肯尼亚的贸易开放程度有影响。 对理论、政策和实践的独特贡献:该研究通过证明亚瑟·拉弗曲线理论增加了文献,该理论主张降低税率以提高生产率并鼓励公司扩张。研究结果可为国家财政部提供政策制定的基础,并提供分析框架,以估计本研究所考虑的变量的相关税收。这项研究可能对KRA确定有利于促进收入调动的适当税率具有重要意义。
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 Methodology: The study adopted correlational research design, Vector Error Correction Model (VECM) mechanism and Granger causality test to establish the relationship between the study variables. The choice of the VECM was influenced by its ability to estimate both short run and long run relationships. The theoretical framework of the study followed Heller’s neoclassical maximization utility approach. Annual time series data for the study were sourced from the World Bank Development Indicators for the period 1980-2020.
 Results: The study findings established that in the long-run agriculture share (-0.64, t-statistics = 14.57) and trade openness (-0.08, t-statistics = 3.88) have negative and significant effect on tax revenue performance in Kenya. The Pairwise Granger Causality test results indicated unidirectional causality running from tax revenue performance to trade openness. This suggests that tax rates have effect on trade openness in Kenya.
 Unique Contribution to Theory, Policy and Practice: The study adds to literature by proving the Arthur’s Laffer curve theory which advocates for lowering tax rates in order to boost productivity and encourage expansion of corporation. The findings of the study may provide the National Treasury with foundation for policy formulation and analytical framework for estimating the associated tax revenue with variables under consideration in this study. The study may be of importance to KRA in determining appropriate tax rates that are favorable in boosting revenue mobilization.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135195365","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
Effect of Per Capita Income on Youth Unemployment in Kenya 肯尼亚人均收入对青年失业的影响
Pub Date : 2023-09-23 DOI: 10.47604/ijecon.2118
Jerry Okuom, Nelson Obange, Scholastica Odhiambo
Purpose: The objective was to determine the effect of per capita income on youth unemployment in Kenya. Methodology: The study was anchored on Okun’s law, which predicts a 1% drop in employment from a 2% drop in GDP. The study used the World Bank Database’s quantitative time series data from 1991–2021. The choice of the ARDL was based on the ability of the model to give long-run and short-run analyses of stationary and non-stationary variables. Pre-estimation procedures and diagnostics tests were used to determine the stability of the model. Findings: Findings revealed a significant negative relationship between per capita income (-0.3666, p = 0.013) and youth unemployment in the long-run. The speed of adjustment (-0.89999, p = 0.0001) from the short-run to the long-run is evident. Unique Contribution to Theory, Practice and Policy: This study may help academicians develop their knowledge of youth unemployment. It may increase understanding of per capita income as an indicator of growth and its application in Okun’s law. The Salaries and Remuneration Commission (SRC) may benefit from this study by creating better packages of salaries, allowances, and mortgages that may attract and improve the standard of living of Kenyan youth. The Public Service Board (PSB) may establish youth-friendly offices to motivate youth to stay in the labour force. Moreover, this study may guide the State Department for Youth Affairs to promote youth employment and increase labour productivity in Kenya. The State Department of Gender may use the study in gender mainstreaming and gender policy management. Policymakers will assess the effectiveness of the curriculum in preparing youth for the job market. An increase in labour productivity will result from increasing youth employment.
目的:目的是确定肯尼亚人均收入对青年失业的影响。 研究方法:该研究以奥肯定律为基础,该定律预测GDP下降2%会导致就业下降1%。该研究使用了世界银行数据库1991-2021年的定量时间序列数据。ARDL的选择是基于模型对平稳和非平稳变量进行长期和短期分析的能力。使用预估计程序和诊断测试来确定模型的稳定性。 研究发现:长期来看,人均收入(-0.3666,p = 0.013)与青年失业率呈显著负相关。从短期到长期的调整速度(-0.89999,p = 0.0001)是明显的。对理论、实践和政策的独特贡献:本研究有助于学术界对青年失业问题的认识。它可以增进对人均收入作为经济增长指标及其在奥肯定律中的应用的理解。工资和薪酬委员会(SRC)可能会从这项研究中受益,通过制定更好的工资、津贴和抵押贷款一揽子计划,吸引和提高肯尼亚年轻人的生活水平。公务员事务局可设立青年友好办事处,鼓励青年留在劳动大军。此外,这项研究可以指导国家青年事务部促进青年就业和提高肯尼亚的劳动生产率。国务院性别平等司可将该研究用于性别平等主流化和性别平等政策管理。决策者将评估课程在帮助年轻人为就业市场做好准备方面的有效性。增加青年就业将导致劳动生产率的提高。
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 Methodology: The study was anchored on Okun’s law, which predicts a 1% drop in employment from a 2% drop in GDP. The study used the World Bank Database’s quantitative time series data from 1991–2021. The choice of the ARDL was based on the ability of the model to give long-run and short-run analyses of stationary and non-stationary variables. Pre-estimation procedures and diagnostics tests were used to determine the stability of the model.
 Findings: Findings revealed a significant negative relationship between per capita income (-0.3666, p = 0.013) and youth unemployment in the long-run. The speed of adjustment (-0.89999, p = 0.0001) from the short-run to the long-run is evident.
 Unique Contribution to Theory, Practice and Policy: This study may help academicians develop their knowledge of youth unemployment. It may increase understanding of per capita income as an indicator of growth and its application in Okun’s law. The Salaries and Remuneration Commission (SRC) may benefit from this study by creating better packages of salaries, allowances, and mortgages that may attract and improve the standard of living of Kenyan youth. The Public Service Board (PSB) may establish youth-friendly offices to motivate youth to stay in the labour force. Moreover, this study may guide the State Department for Youth Affairs to promote youth employment and increase labour productivity in Kenya. The State Department of Gender may use the study in gender mainstreaming and gender policy management. Policymakers will assess the effectiveness of the curriculum in preparing youth for the job market. An increase in labour productivity will result from increasing youth employment.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135957983","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
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International Journal of Economics Management and Accounting
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