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The Accuracy and Informativeness of Management Earnings Forecasts: A Review and Unifying Framework* 管理层盈余预测的准确性和信息量:回顾与统一框架*
IF 1.7 Q3 Economics, Econometrics and Finance Pub Date : 2022-03-08 DOI: 10.1111/1911-3838.12294
Nicolai A. Preussner, Ewald Aschauer

This paper synthesizes the literature on management earnings forecasts (MFs) and adaption mechanisms, combines existing theories into a unifying framework, and discusses the primary determinants of MF accuracy and informativeness. The proposed model refines existing theories by emphasizing the dynamics and multiperiod interactions among firm management, financial analysts, and investors, thereby simplifying the assessment of the complex relations within the forecast cycle. Furthermore, we analyze when and to what extent financial analysts and investors anticipate bias and misleading information. Overall, the literature review provides strong support for a positive correlation between the extent and credibility of MFs, on the one hand, and stock returns, share liquidity, and analyst coverage, on the other hand. Earnings forecasts tend to be optimistically biased, with a positive correlation with forecast uncertainty, earnings flexibility, financial distress, investor sentiment, and the share price dependency of managers' remuneration. Firm growth, legal liability, and litigation risk are significantly associated with forecast pessimism. We also find that MF accuracy increases with previous forecast accuracy, firm size, analyst coverage, analyst agreement, management qualifications, and corporate governance level. Moreover, investors do not anticipate the full extent of predictable forecast bias, leading to systematic share price drifts after the announcement of earnings forecasts and actual earnings. The study's results have substantial implications for researchers, firm managers, investors, financial analysts, and regulators. Although managers may enhance their forecasts' credibility by providing precise, bundled, and disaggregated forecasts, external stakeholders should carefully analyze forecast antecedents and characteristics to assess the direction and magnitude of expected MF bias.

本文综合了有关管理层盈余预测和适应机制的文献,将现有理论整合到一个统一的框架中,并讨论了管理层盈余预测准确性和信息量的主要决定因素。提出的模型通过强调企业管理层、金融分析师和投资者之间的动态和多期互动来改进现有理论,从而简化了预测周期内复杂关系的评估。此外,我们还分析了金融分析师和投资者何时以及在多大程度上预测到偏见和误导性信息。总体而言,文献综述有力地支持了基金经理的程度和可信度与股票收益、股票流动性和分析师覆盖率之间的正相关关系。盈余预测倾向于乐观偏倚,与预测不确定性、盈余弹性、财务困境、投资者情绪、经理人薪酬对股价的依赖均呈正相关。企业成长、法律责任和诉讼风险与悲观预测显著相关。我们还发现,MF准确性随先前预测准确性、公司规模、分析师覆盖范围、分析师协议、管理层资格和公司治理水平而增加。此外,投资者没有充分预测到可预测预测偏差的程度,导致在盈利预测和实际盈利公布后,股价出现系统性波动。研究结果对研究人员、公司经理、投资者、金融分析师和监管机构都有重大意义。尽管管理者可以通过提供精确、捆绑和分类的预测来提高其预测的可信度,但外部利益相关者应该仔细分析预测的前提和特征,以评估预期MF偏差的方向和程度。
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引用次数: 4
Financial Reporting & Assurance Standards (FRAS) Canada Corner 财务报告与鉴证准则(FRAS)加拿大角
IF 1.7 Q3 Economics, Econometrics and Finance Pub Date : 2022-03-07 DOI: 10.1111/1911-3838.12291
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引用次数: 0
Wilson Drilling Inc.* Wilson Drilling Inc.*
IF 1.7 Q3 Economics, Econometrics and Finance Pub Date : 2022-01-30 DOI: 10.1111/1911-3838.12290
Yan Jin, Flora Niu

Wilson Drilling Inc. is a leading Canadian provider of contract drilling rigs and well services to the oil and gas industry. This case exposes students to important financial reporting issues relevant to fixed assets, such as asset impairment and decommissioning and changing the accounting method for depreciation, as well as reporting of deferred income taxes in a real-world situation. This case is suitable for use in undergraduate Intermediate Accounting or Advanced Financial Accounting classes.

Wilson Drilling Inc.是加拿大领先的钻井设备供应商,为石油和天然气行业提供钻井服务。本案例向学生展示了与固定资产相关的重要财务报告问题,如资产减值、退役和折旧会计方法的改变,以及在现实世界中报告递延所得税。本案例适用于本科中级会计或高级财务会计课程。
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引用次数: 0
Auditors' Professional Identities: Review and Future Directions* 审计师的职业身份:回顾与未来方向*
IF 1.7 Q3 Economics, Econometrics and Finance Pub Date : 2022-01-22 DOI: 10.1111/1911-3838.12289
Ryan Stack, Bertrand Malsch

Drawing on qualitative field studies, this literature review synthesizes research on the formation of professional identities. This journey is organized based on employee level, from the pre-exposure phase of recruitment, up the hierarchy to staff-, manager-, and partner-level work at auditing firms, to the level of those who leave professional service firms to pursue other work. Our analysis highlights the importance of acquiring soft skills over technical training in identity building, including the ability to incorporate unwritten rules and norms of professionalism that persist throughout professional careers. Our review reveals a scarcity of studies on the identity formation of managers. We also question the relevance of the literature on the socialization of staff auditors and partners and the impact on their identity. Critically, prior literature on auditor professional identity has emphasized one type of practitioner and setting—Western, urban, and Big 4 oriented—to the exclusion of other sites and perspectives. This emphasis has led to a disconnect between the extant research and the diversity of the realities in which auditing practices and auditors evolve. Thus, this review recognizes a need for new research directions and calls for research on professional services firms outside the Big 4 and in new and emerging markets. In addition, it advocates a greater focus on individuals and groups that have been excluded from prior research as the face of the profession changes.

借助定性的实地研究,本文献综述综合了有关职业认同形成的研究。这段旅程是根据员工级别组织的,从招聘前的曝光阶段,到审计公司的员工、经理和合伙人级别的工作,再到离开专业服务公司从事其他工作的员工级别。我们的分析强调了在身份塑造方面,获得软技能比技术培训更重要,包括将贯穿整个职业生涯的不成文规则和专业规范纳入其中的能力。我们的研究表明,关于管理者身份形成的研究很少。我们还质疑有关工作人员审计员和合伙人社会化及其对其身份的影响的文献的相关性。至关重要的是,先前关于审计师职业认同的文献强调了一种类型的从业者和环境——西方、城市和四大导向——而排除了其他场所和视角。这种强调导致了现有研究与审计实践和审计人员发展的现实多样性之间的脱节。因此,本综述认识到需要新的研究方向,并呼吁对四大之外的专业服务公司以及新兴市场的专业服务公司进行研究。此外,随着专业面貌的变化,它提倡更多地关注那些被排除在先前研究之外的个人和群体。
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引用次数: 0
Financial Reporting & Assurance Standards (FRAS) Canada Corner 财务报告与鉴证准则(FRAS)加拿大角
IF 1.7 Q3 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.1111/1911-3838.12281
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引用次数: 0
Introduction to the Special Issue of Literature Reviews 《文献评论》特刊导言
IF 1.7 Q3 Economics, Econometrics and Finance Pub Date : 2021-12-01 DOI: 10.1111/1911-3838.12285
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引用次数: 0
An Overview of the Literature on Upper Echelons* 关于上层梯队的文献综述*
IF 1.7 Q3 Economics, Econometrics and Finance Pub Date : 2021-11-26 DOI: 10.1111/1911-3838.12288
Ming Liu, Duan Ji

This paper reviews the literature pertaining to the effects of the characteristics of top executives on firms' decisions and outcomes. We focus particularly on research related to executives' individual characteristics, including their demographic, psychological, and other characteristics. Thereafter, we discuss the literature related to the relationship among executives, particularly the CEO and the CFO, which may affect corporate performance and accounting outcomes. Finally, we identify the gaps in the literature and provide directions for future research.

本文回顾了有关高管特征对公司决策和结果影响的文献。我们特别关注与高管个人特征相关的研究,包括他们的人口统计、心理和其他特征。之后,我们讨论了与高管关系相关的文献,特别是CEO和CFO之间的关系,这可能会影响公司绩效和会计结果。最后,我们找出了文献中的空白,并为未来的研究提供了方向。
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引用次数: 3
A Literature Review on the Dual Effect of Corporate Tax Planning and Managerial Power on Executive Compensation Structure* 企业税收筹划和管理权力对高管薪酬结构双重影响的文献综述*
IF 1.7 Q3 Economics, Econometrics and Finance Pub Date : 2021-11-17 DOI: 10.1111/1911-3838.12287
Khin Phyo Hlaing, Andrea Stapleton

In this study, we review the extant literature on factors affecting the level and structure of executive compensation, with a specific focus on the power dynamic between firms and their executives. In doing so, we explore the competing effects of corporate tax planning and managerial power on executive compensation structure. We consider the theoretical underpinnings and related empirical findings regarding executive compensation structure and propose new avenues for future research that may deepen our understanding of factors influencing executive compensation structure.

在本研究中,我们回顾了影响高管薪酬水平和结构因素的现有文献,并特别关注公司与其高管之间的权力动态。在此过程中,我们探讨了企业税收筹划和管理权力对高管薪酬结构的竞争效应。我们考虑了高管薪酬结构的理论基础和相关的实证发现,并提出了未来研究的新途径,这可能会加深我们对高管薪酬结构影响因素的理解。
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引用次数: 3
Network Accountability in Healthcare: A Perspective from a First Nations Community in Canada* 医疗保健中的网络问责制:来自加拿大第一民族社区的视角*
IF 1.7 Q3 Economics, Econometrics and Finance Pub Date : 2021-11-10 DOI: 10.1111/1911-3838.12283
Akolisa Ufodike, Oliver Nnamdi Okafor, Michael Opara

This study examines the role of accountability in the governance and delivery of healthcare to a First Nations community in Canada. Drawing on actor network theory, this study explores the role of accountability in the formation and sustenance of a healthcare network using the case study of a First Nations healthcare organization. The study provides insights into how accountability helps to sustain a network of actors with divergent interests and a plurality of strategies. It finds that network accountability is the central mechanism that motivates the principal actors in the network to reconstitute themselves and converge around the purpose of strengthening governance. This study also finds evidence of accountability as a multidimensional construct that facilitates the sustenance of the federal government as the controlling actor in the network. This study provides fresh empirical insights gained from a flesh-and-blood, actual network that acknowledges the context of a marginalized group—namely, First Nations peoples. Furthermore, this study extends and presents a viable accountability model that can be adopted as the federal government enters into self-governance agreements with First Nations peoples. In contrast to the dominant literature on accountability, this study adopts the unique context of a marginalized group in a market-based developed economy.

本研究探讨了问责制在加拿大第一民族社区的治理和医疗保健服务中的作用。借鉴行动者网络理论,本研究探讨了问责制的作用,在形成和维持一个医疗保健网络使用第一民族医疗保健组织的案例研究。该研究提供了关于问责制如何有助于维持利益不同、战略多样的行动者网络的见解。研究发现,网络问责制是激励网络主体自我重构、围绕加强治理的目的趋同的核心机制。本研究还发现了问责制作为一种多维结构的证据,它有助于维持联邦政府作为网络中的控制者的地位。这项研究从一个有血有肉的实际网络中获得了新的经验见解,该网络承认一个边缘化群体的背景,即第一民族。此外,本研究扩展并提出了一种可行的问责模式,可以在联邦政府与第一民族达成自治协议时采用。与主流的问责文献不同,本研究采用了基于市场的发达经济体中边缘化群体的独特背景。
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引用次数: 0
Advertising Expenditures on Media Vehicles and Sales* 媒体车辆和销售的广告支出*
IF 1.7 Q3 Economics, Econometrics and Finance Pub Date : 2021-11-10 DOI: 10.1111/1911-3838.12284
Seda Oz, Doga Istanbulluoglu

This research aims to advance the literature by identifying the association between four advertising media vehicles (Internet, press, outdoor, television) and contemporaneous sales. Previous research highlights the influence of advertising on firm value but does not delve into the effects of advertising media vehicles. Employing primary data, which detail the advertising expenditures of 88 publicly traded companies over 11 years, we empirically show a positive association between television and outdoor advertising expenditures and contemporaneous sales. However, we do not find any significant results for press and Internet advertising. We investigate the moderating effect of the growth opportunities, industry sectors, and firm size. Our study offers important evidence that the contemporaneous relationship between sales and advertising expenditures varies by media vehicle. We discuss the implications of our findings for the matching principle, a principal concept in accrual accounting.

本研究旨在通过确定四种广告媒介(互联网、报纸、户外、电视)与同期销售之间的关系来推进文献。以往的研究强调了广告对企业价值的影响,但没有深入研究广告媒介工具的影响。我们利用88家上市公司11年来的广告支出详细数据,实证地显示了电视和户外广告支出与同期销售额之间的正相关关系。然而,我们没有发现媒体和互联网广告有任何显著的结果。我们研究了增长机会、行业部门和企业规模的调节效应。我们的研究提供了重要的证据,证明销售和广告支出之间的同期关系因媒体工具而异。我们讨论了我们的发现对匹配原则的影响,这是权责发生制会计的一个主要概念。
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Accounting Perspectives
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