China Journal of Accounting Research最新文献

英文中文

Tax-related human capital: Evidence from financial reporting aggressiveness of boards with tax officer directors in China

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-03-01 DOI: 10.1016/j.cjar.2024.100404

Yong Huang , Kam C. Chan , Chunxiang Zhao

We investigate the impact of tax-related human capital (THC) on corporate financial reporting aggressiveness. Using the presence of former or current tax officers from tax authorities on a firm’s board of directors as a proxy for THC, we find that firms with tax officer directors report their earnings more aggressively than those without such directors. This relationship remains robust across alternative measures of aggressiveness, model specifications and various methods of addressing endogeneity concerns. Moreover, the level of aggressiveness is more pronounced when tax officer directors have previously served in local tax authorities, have experience in offices overseeing the firm’s income tax affairs or have held a senior position in tax authorities, particularly when firms are subject to lenient tax enforcement policies or higher statutory tax rates. These findings support that tax officer directors contribute to firms’ aggressive reporting practices through THC. Additional analyses suggest that firms with tax officer directors exhibit lower effective tax rates and a weaker association between effective tax rates and operating cash flows. Our findings collectively demonstrate that firms with tax officer directors possess significant THC and employ aggressive strategies in both financial and tax reporting practices.

{"title":"Tax-related human capital: Evidence from financial reporting aggressiveness of boards with tax officer directors in China","authors":"Yong Huang , Kam C. Chan , Chunxiang Zhao","doi":"10.1016/j.cjar.2024.100404","DOIUrl":"10.1016/j.cjar.2024.100404","url":null,"abstract":"<div><div>We investigate the impact of tax-related human capital (THC) on corporate financial reporting aggressiveness. Using the presence of former or current tax officers from tax authorities on a firm’s board of directors as a proxy for THC, we find that firms with tax officer directors report their earnings more aggressively than those without such directors. This relationship remains robust across alternative measures of aggressiveness, model specifications and various methods of addressing endogeneity concerns. Moreover, the level of aggressiveness is more pronounced when tax officer directors have previously served in local tax authorities, have experience in offices overseeing the firm’s income tax affairs or have held a senior position in tax authorities, particularly when firms are subject to lenient tax enforcement policies or higher statutory tax rates. These findings support that tax officer directors contribute to firms’ aggressive reporting practices through THC. Additional analyses suggest that firms with tax officer directors exhibit lower effective tax rates and a weaker association between effective tax rates and operating cash flows. Our findings collectively demonstrate that firms with tax officer directors possess significant THC and employ aggressive strategies in both financial and tax reporting practices.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 1","pages":"Article 100404"},"PeriodicalIF":1.9,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593319","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Differentiated governance of executive compensation in Chinese state-owned enterprises

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-03-01 DOI: 10.1016/j.cjar.2024.100394

Yuanyuan Liu, Guojian Zheng, Guilong Cai

In the context of differentiated governance and the deepening market-oriented reform of compensation in China, we divide state-owned enterprises (SOEs) into four categories according to their equity structure, namely absolute holding firms, relative holding firms, major impact firms and equity participation firms, to examine the current situation and effectiveness of differentiated governance for executive compensation. We report four main findings. First, executive compensation levels, compensation gaps and equity incentives increase as government control decreases, indicating the emergence of differentiated governance of executive compensation in SOEs. Second, the driving force behind differentiated compensation is the government’s willingness to intervene in SOEs. The government’s ability to intervene in SOEs is not diminished by reduced equity control, and the government may even compensate for such a reduction by appointing excess executives. Third, differentiated governance of compensation is more prominent in local and competitive SOEs, while equity incentives lag significantly behind salary levels and salary gap incentives. Fourth, differentiated governance of compensation levels and gaps are effective in reducing agency problems and enhancing innovation in SOEs; however, the impact of equity incentives is limited. These findings enrich the literature on the differentiated governance of SOEs and facilitate a more comprehensive understanding of executive incentive and compensation contracts in Chinese SOEs.

{"title":"Differentiated governance of executive compensation in Chinese state-owned enterprises","authors":"Yuanyuan Liu, Guojian Zheng, Guilong Cai","doi":"10.1016/j.cjar.2024.100394","DOIUrl":"10.1016/j.cjar.2024.100394","url":null,"abstract":"<div><div>In the context of differentiated governance and the deepening market-oriented reform of compensation in China, we divide state-owned enterprises (SOEs) into four categories according to their equity structure, namely absolute holding firms, relative holding firms, major impact firms and equity participation firms, to examine the current situation and effectiveness of differentiated governance for executive compensation. We report four main findings. First, executive compensation levels, compensation gaps and equity incentives increase as government control decreases, indicating the emergence of differentiated governance of executive compensation in SOEs. Second, the driving force behind differentiated compensation is the government’s willingness to intervene in SOEs. The government’s ability to intervene in SOEs is not diminished by reduced equity control, and the government may even compensate for such a reduction by appointing excess executives. Third, differentiated governance of compensation is more prominent in local and competitive SOEs, while equity incentives lag significantly behind salary levels and salary gap incentives. Fourth, differentiated governance of compensation levels and gaps are effective in reducing agency problems and enhancing innovation in SOEs; however, the impact of equity incentives is limited. These findings enrich the literature on the differentiated governance of SOEs and facilitate a more comprehensive understanding of executive incentive and compensation contracts in Chinese SOEs.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 1","pages":"Article 100394"},"PeriodicalIF":1.9,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593325","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The aggregate release of third-party online sales data and audit quality improvement

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-03-01 DOI: 10.1016/j.cjar.2024.100376

Ning Chen , Junxiong Fang

Corporate online sales data are embedded with high informational value. Focusing on auditors who are concerned about information quality, this paper systematically tests the governance effect of releasing third-party online sales data on audit quality. Using the first aggregate release of online sales data in 2018 as an exogenous shock, we use the difference-in-differences model and empirically demonstrate that the audit quality of firms with released online sales data improves significantly after 2018. Subsequent analyses demonstrate that releasing online sales data has a governance effect by improving internal control quality, audit efficiency and audit prudence. The findings demonstrate that the aggregate release of third-party online sales data could have positive economic consequences.

引用次数: 0

Is corporate digital transformation counter-cyclical?

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-03-01 DOI: 10.1016/j.cjar.2024.100401

Shuai Wang , Xi Chen , Qinggang Wang

In this paper, we assess listed companies in China to empirically examine the relationship between economic cycles and corporate digital transformation. We find that enterprises undergo a higher level of digital transformation during business contraction, and digital transformation exerts a counter-cyclical effect, which is significantly stronger in non-state-owned enterprises and enterprises with a high proportion of low-skilled labor and a high growth level, but significantly weaker in enterprises in financial distress. Digital transformation during periods of contraction can enhance financing accessibility, optimize labor structures and improve corporate governance over the subsequent one to three years. This can alleviate the pressure of economic contraction. Our study contributes to the literature on economic cycles and digital transformation and provides insights enabling governments and enterprises to better understand macroeconomic trends, advance digital transformation and promote high-quality economic development.

引用次数: 0

How do managers use MD&A disclosures to respond to negative news?

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-03-01 DOI: 10.1016/j.cjar.2025.100405

Lingbing Liu, Huixin Geng, Yutong Wang

This study investigates whether and how managers respond to major negative news by increasing the information content of their MD&A disclosures. We predict that major negative news influences managers’ disclosure decisions by increasing legitimacy pressures and reducing opportunities to obscure information. Based on textual similarity data of financial news, we adopt a new measure to identify explosive negative news and find that managers increase the information content of their MD&A disclosures after major negative news. The relationship between major negative news and MD&A information content is stronger for firms held by the Social Security Fund, in industries with more penalties and for firms with higher analyst coverage. After considering endogeneity, particularly omitted variable bias and self-selection bias, and using different measures of the variables, our conclusions remain robust.

引用次数: 0

Returnee CEO and audit fees

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-03-01 DOI: 10.1016/j.cjar.2024.100403

Vincent Tawiah , Hela Borgi , Muhammad Usman , Francis Osei-Tutu

We examine the relationship between returnee chief executive officers (CEOs) and audit fees in China using robust econometric modeling with 25,630 firm-year observations between 2008 and 2020. A returnee CEO is a Chinese CEO who has previously worked or studied outside mainland China. Consistent with the supply-side argument that returnees improve governance and reduce audit risk, having a returnee CEO is negatively associated with audit fees. This relationship is not sensitive to the source of foreign experience. Firms with (vs. without) returnee CEOs pay lower audit fees. This effect is particularly pronounced for state-owned enterprises. Poorly governed, highly complex and risky firms benefit most from returnee CEOs in terms of lower audit fees. Our findings are robust across various tests.

引用次数: 0

Labor outsourcing and corporate innovation

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-03-01 DOI: 10.1016/j.cjar.2025.100407

Wenbin Yang , Jiaqi Mou , Li Ji

This study investigates the impact of labor outsourcing on innovation, using manually collected data from Chinese A-share listed companies from 2012 to 2022. The results indicate that labor outsourcing significantly enhances firms’ innovation level. This relationship is primarily driven by improvements in financial flexibility and operational flexibility. Furthermore, we find that this positive relationship is more pronounced for firms facing high financial constraints and economic policy uncertainty, and firms located in regions with low population aging. The findings also suggest that labor outsourcing encourages enterprises to prioritize innovations with low rather than high originality.

引用次数: 0

The cross-board spillover effect of innovation information: Establishment of the Star Market and Main Board analyst forecasts 创新信息的跨板溢出效应：建立明星市场和主板分析师预测

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2025-03-01 DOI: 10.1016/j.cjar.2024.100402

Chengxin Jiang , Bin Liu , Wenjing He

Studies show that innovation information disclosed by listed firms affects the decision of non-listed firms and their stakeholders. This paper explores whether innovation information disclosed within a specific list board (i.e., market) also spills over to other list boards. Based on the establishment of China’s Star Market, we conduct an empirical test from the perspective of analyst forecasts. We find that (1) The accuracy of analyst forecasts of Main Board firms with greater information similarity to Star Market firms is significantly higher than that of Main Board firms with lower information similarity. (2) This effect is significantly stronger in samples with a substantially lower listing threshold for innovation firms, for Main Board firms with stronger innovation characteristics and when market innovation information needs are greater. (3) This affect is enhanced by analysts’ tendency to track Star Market firms with similar information to their tracked Main Board firms. These results enrich research on the spillover effects of innovation information and factors affecting analyst forecasts.

{"title":"The cross-board spillover effect of innovation information: Establishment of the Star Market and Main Board analyst forecasts","authors":"Chengxin Jiang , Bin Liu , Wenjing He","doi":"10.1016/j.cjar.2024.100402","DOIUrl":"10.1016/j.cjar.2024.100402","url":null,"abstract":"<div><div>Studies show that innovation information disclosed by listed firms affects the decision of non-listed firms and their stakeholders. This paper explores whether innovation information disclosed within a specific list board (i.e., market) also spills over to other list boards. Based on the establishment of China’s Star Market, we conduct an empirical test from the perspective of analyst forecasts. We find that (1) The accuracy of analyst forecasts of Main Board firms with greater information similarity to Star Market firms is significantly higher than that of Main Board firms with lower information similarity. (2) This effect is significantly stronger in samples with a substantially lower listing threshold for innovation firms, for Main Board firms with stronger innovation characteristics and when market innovation information needs are greater. (3) This affect is enhanced by analysts’ tendency to track Star Market firms with similar information to their tracked Main Board firms. These results enrich research on the spillover effects of innovation information and factors affecting analyst forecasts.</div></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"18 1","pages":"Article 100402"},"PeriodicalIF":1.9,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Coping strategy of independent directors for job-fulfillment risk under different ownership types and enforced legal environments 不同所有权类型和强制法律环境下独立董事的履职风险应对策略

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2024-10-10 DOI: 10.1016/j.cjar.2024.100392

Yu Xin , Ying Xin , Xinyi Huang , Liping Xu

Ownership type, legal system evolution and their interaction significantly affect the incentives and behaviors of independent directors. We use the 2019 Securities Law revision as an exogenous shock to examine how state-owned enterprises (SOEs) versus non-SOEs and their independent directors respond to variations in regulatory compliance risk. Following the revision, SOEs are more likely to purchase directors’ and officers’ liability insurance to provide job security for independent directors. Non-SOEs are more likely to compensate for independent directors’ fulfillment risk by increasing salaries and their independent directors are more likely to resign to avoid litigation risk. The coping strategies for SOEs, non-SOEs and independent directors are dynamic under different compliance risk stages and are affected by firm-level and director-level characteristics.

所有制类型、法律制度演变及其相互作用会显著影响独立董事的激励和行为。我们利用 2019 年《证券法》修订作为外生冲击，考察国有企业（SOE）与非国有企业（Non-SOE）及其独立董事如何应对监管合规风险的变化。修订后，国有企业更有可能购买董事和高管责任保险，为独立董事提供工作保障。非国有企业更倾向于通过提高薪酬来补偿独立董事的履职风险，而其独立董事则更倾向于辞职以规避诉讼风险。在不同的合规风险阶段，国有企业、非国有企业和独立董事的应对策略是动态的，并受到企业层面和董事层面特征的影响。

引用次数: 0

How does digital transformation affect corporate accounting employees? 数字化转型如何影响企业会计员工？

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research

Pub Date : 2024-09-28 DOI: 10.1016/j.cjar.2024.100391

Yunsen Chen, Chen Lu, Zhe Li

The rapid pace of digitalization has given rise to concerns about its influence on job roles. Our findings reveal a substitution effect on accounting employees. This effect is more evident in private firms, firms with higher levels of digital transformation in their accounting departments, firms in the information technology industry, firms with overconfident managers and firms with a higher-level network infrastructure. Digitalization also has a positive effect on technically skilled and highly educated employees, leading to a decline in the proportion of entry-level employees. We also document that digitalization contributes to more efficient labor investment. Our study therefore offers insights into how digital transformation can change the labor market for accounting employees.

数字化的迅猛发展引发了人们对其对工作角色影响的担忧。我们的研究结果表明，数字化对会计员工产生了替代效应。这种效应在私营企业、会计部门数字化转型水平较高的企业、信息技术行业的企业、管理者过于自信的企业以及网络基础设施水平较高的企业中更为明显。数字化还对技术熟练和受过高等教育的员工产生了积极影响，导致入门级员工比例下降。我们还发现，数字化有助于提高劳动力投资的效率。因此，我们的研究为数字化转型如何改变会计从业人员的劳动力市场提供了启示。

引用次数: 0

下一页尾页

类型

全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

数据库

全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

期刊

China Journal of Accounting Research

全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.

﹀