Pacific Accounting Review最新文献_第8页

What happens to the stock market during the COVID-19 pandemic? A systematic literature review 新冠肺炎大流行期间股市会发生什么？系统的文献综述

IF 2.1 Q2 Economics, Econometrics and Finance

Pacific Accounting Review

Pub Date : 2022-03-08 DOI: 10.1108/par-11-2021-0184

P. Anggraini, Evy Rahman Utami, E. Wulandari

PurposeThis study aims to evaluate papers that discuss the stock market during the COVID-19 pandemic to discover lessons that may be beneficial for coping with similar situations in the future.Design/methodology/approachThis study used the review procedures following Hoque (2014) with modifications, including co-words analysis to map themes. The articles to be reviewed were identified by entering the search keywords “capital market” AND “Covid” and “stock market” AND “Covid” in the Scopus database. After applying a set of criteria, 89 articles were used in the subsequent analysis. The country setting and study findings are recognized, and the lessons learned are further determined.FindingsAs COVID-19 has been designated a global pandemic by the WHO, and its impact is seen in many countries, the setting adopted by many researchers includes two or more countries (i.e., “International”). Six clusters of themes are identified, namely, market responses, spillover/contagion, investor sentiment, investor herding, policy and asset intensity. In this way, the lessons gained cover several stock market elements, including the market, industry, investors, government and companies.Originality/valueGiven the importance of understanding the COVID-19 pandemic and the relevance of the stock market in indicating its severity, to the best of the authors’ knowledge, there has been no literature review research on the stock market during COVID-19. Furthermore, this study also defines what lessons can be drawn.

目的本研究旨在评估讨论新冠肺炎大流行期间股票市场的论文，以发现有利于未来应对类似情况的经验教训。设计/方法论/方法本研究采用了Hoque（2014）之后的审查程序，并进行了修改，包括共词分析以绘制主题图。通过在Scopus数据库中输入搜索关键字“资本市场”和“新冠肺炎”、“股市”和“新冠肺炎”来确定待审查的文章。在应用一套标准后，在随后的分析中使用了89篇文章。国家背景和研究结果得到认可，吸取的经验教训得到进一步确定。发现由于新冠肺炎已被世界卫生组织指定为全球大流行，其影响在许多国家可见，许多研究人员采用的设置包括两个或更多国家（即“国际”）。确定了六组主题，即市场反应、溢出/传染、投资者情绪、投资者羊群效应、政策和资产密集度。通过这种方式，获得的经验教训涵盖了几个股市要素，包括市场、行业、投资者、政府和公司。原创/价值鉴于了解新冠肺炎大流行的重要性以及股票市场在表明其严重性方面的相关性，据作者所知，目前还没有关于新冠肺炎期间股票市场的文献综述研究。此外，本研究还确定了可以吸取的教训。

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引用次数: 2

Publishing literature reviews 出版文献综述

IF 2.1 Q2 Economics, Econometrics and Finance

Pacific Accounting Review

Pub Date : 2022-03-08 DOI: 10.1108/par-02-2022-0024

Ahsan Habib

PurposeThe author discusses his views on writing good, structured literature reviews (SLRs), meta-analyses and bibliometric articles with the aim of encouraging the audience to engage with this research approach.Design/methodology/approachThe author adopts a descriptive approach for sharing his views.FindingsThe author provides some examples where SLRs might be useful.Originality/valueAlthough conducting SLRs is quite laborious, the eventual publication is highly rewarding both in terms of relatively high citation counts and of offering many early career researchers with a handy scholarly resource for initiating new research.

目的作者讨论了他对撰写好的、结构化的文献综述（SLR）、荟萃分析和文献计量文章的看法，目的是鼓励读者参与这种研究方法。设计/方法论/方法作者采用描述性的方法来分享他的观点。发现作者提供了一些SLR可能有用的例子。原创性/价值尽管进行SLR相当费力，但最终的出版无论是在相对较高的引用数量方面，还是在为许多早期职业研究人员提供启动新研究的方便学术资源方面，都是非常有回报的。

引用次数: 2

Enhancing sustainability education in the accounting curriculum: an effective learning strategy 在会计课程中加强可持续教育:一种有效的学习策略

IF 2.1 Q2 Economics, Econometrics and Finance

Pacific Accounting Review

Pub Date : 2022-02-17 DOI: 10.1108/par-02-2021-0029

Umesh Sharma, Brody Stewart

Purpose

This paper aims to examine the embedding of sustainability courses in the accounting curriculum by using the Delta Business School in New Zealand as an example. The focus of this paper is an effective learning strategy on sustainability education, which other business schools could follow using this approach.

Design/methodology/approach

Each course’s published outline was subjected to an in-depth analysis. Semi-structured interviews were used to gather information from the course controllers and students.

Findings

The findings revealed that while some courses are considered stand-alone sustainability courses, others incorporate a technical focus on accounting as required by the professional accounting bodies: Chartered Accountants Australia and New Zealand, certified public accountant (Australia) and Association of Chartered Certified Accountants.

Research limitations/implications

The research is limited to sustainability education content at a single university.

Practical implications

Students at tertiary education institutions, who will be future managers, are dependent on business schools to teach them the importance of sustainability.

Social implications

Sustainability education in accounting could be instrumental in transforming the nature and role of the accountant in society.

Originality/value

This paper contributes to the discussion required to understand how sustainability education is embedded within the accounting curriculum and the perceptions of lecturers and students with regard to sustainability education.

本文旨在以新西兰三角洲商学院为例，研究可持续发展课程在会计课程中的嵌入情况。本文的重点是可持续发展教育的有效学习策略，其他商学院可以使用这种方法进行学习。每门课程出版的大纲都经过了深入的分析。采用半结构化访谈从课程控制者和学生那里收集信息。调查结果显示，虽然一些课程被认为是独立的可持续发展课程，但其他课程则根据专业会计机构的要求，将会计技术重点纳入其中:澳大利亚和新西兰特许会计师、澳大利亚注册会计师和特许公认会计师协会。研究局限/启示本研究仅限于一所大学的可持续发展教育内容。实际意义高等教育机构的学生将成为未来的管理者，他们依赖商学院向他们传授可持续发展的重要性。社会意义会计领域的可持续发展教育有助于改变会计在社会中的性质和角色。原创性/价值本文有助于了解可持续发展教育如何嵌入会计课程以及讲师和学生对可持续发展教育的看法所需的讨论。

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引用次数: 0

Corporate environmental disclosure and local government environmental oversight in China 中国企业环境信息披露与地方政府环境监管

IF 2.1 Q2 Economics, Econometrics and Finance

Pacific Accounting Review

Pub Date : 2022-02-16 DOI: 10.1108/par-05-2020-0061

W. Qian, Ping Zhu, C. Tilt

PurposeRecent research has drawn attention to the tension between the Central and local governments in China regarding their roles in environmental protection. This paper aims to explore this tension and examine the extent to which local/provincial government’s environmental oversight has influenced the quality of corporate environmental disclosure in China.Design/methodology/approachA sample of 198 listed companies in heavily polluting industries were selected to examine the relationship between their environmental disclosure quality and the respective local government’s environmental oversight level.FindingsThe results provide evidence that local/provincial government’s environmental oversight significantly influences environmental disclosure in China. Despite the coercive pressure from the powerful Central government on corporate environmental disclosure, local/provincial governments are able to buffer the pressure and adjust the intensity of their environmental oversight on companies during the implementation of central policies to retain local economic and political interests. This may partially explain the persistent issue of low environmental disclosure quality in China.Research limitations/implicationsThis study enriches our understanding of the significant role of local governments in China in enhancing or sometimes discounting the regulatory enforcement of the Central government on corporate environmental disclosure, pointing to the need for concerted efforts by both local and Central governments to advance environmental disclosure development.Originality/valueResearch on environmental disclosure in developed countries has been well established in the literature. However, such research in developing nations is still limited, especially in China, the world largest developing country. The existing literature on environmental disclosure in China links it with either market demands, or regulatory enforcement from the Central government. The importance of local/provincial governments and their environmental oversight has long been ignored, which motivates this research.

目的最近的研究引起了人们对中国中央和地方政府在环境保护方面的紧张关系的关注。本文旨在探讨这种紧张关系，并考察地方/省级政府的环境监督在多大程度上影响了中国企业环境披露质量各地方政府的环境监督级别。研究结果表明，地方/省级政府的环境监督对中国的环境公开有显著影响。尽管强大的中央政府在企业环境披露方面施加了强制性压力，但地方/省级政府能够在中央政策实施期间缓冲压力，调整对企业的环境监督强度，以保留地方经济和政治利益。这可能部分解释了中国环境披露质量低的持续问题。研究局限性/含义本研究丰富了我们对中国地方政府在加强或有时忽视中央政府对企业环境披露的监管执行方面的重要作用的理解，指出地方和中央政府需要共同努力推动环境披露的发展。原创性/价值性发达国家对环境披露的研究已经在文献中得到了很好的证实。然而，发展中国家的此类研究仍然有限，尤其是在世界最大的发展中国家中国。中国现有的环境披露文献将其与市场需求或中央政府的监管执法联系起来。地方/省级政府及其环境监督的重要性长期以来一直被忽视，这也是本研究的动机。

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引用次数: 6

Potential barriers towards achieving greater diversity: the case of Pasifika underrepresentation in accounting 实现更大多样性的潜在障碍:帕西菲卡在会计中代表性不足的案例

IF 2.1 Q2 Economics, Econometrics and Finance

Pacific Accounting Review

Pub Date : 2022-02-16 DOI: 10.1108/par-06-2021-0103

Peni Fukofuka, Irshad Ali

PurposeThis paper aims to provide a commentary on how the accelerated utilisation of online learning in accounting education could further impede Pasifika students from completing an accounting qualification, thus perpetuating Pasifika underrepresentation in accounting.Design/methodology/approachThis commentary is based on the authors’ experiences and informal conversations with teaching colleagues and support staff. This paper uses Bourdieu’s (1977, 1990) theory of practice with a focus on his notion of symbolic violence to evaluate the challenges faced by Pasifika students in the learning of accounting.FindingsThe social world is inherently unfair, and this can be seen in the inequality that persists in various settings, one of which is in the accounting field. Acquiring an accounting degree requires studying accounting content, which is taught and assessed in a particular way. Unfortunately for the Pasifika learner, learning and assessment in accounting education are according to the demands and rules of the accounting field. These demands and rules, with the increased utilisation of online learning, are at odds with the Pasifika student’s habitus. Thus, Pasifika accounting students are likely to be disadvantaged by the increased utilisation of online learning. This could potentially exacerbate their underachievement in accounting education and prolong Pasifika underrepresentation in the accounting profession.Practical implicationsThis paper contributes to teaching practice by bringing to the fore the potential of online learning as an additional impediment for Pasifika students in accounting education. This will help inform policymakers, tertiary institutions, accounting accreditation bodies, educators and support staff and could result in the formulation of suitable strategies to better support Pasifika students in online learning.Originality/valueThis paper is original and provides a critical analysis of how some groups in society will be disadvantaged by the increased utilisation of online learning in accounting education, thus further hindering the slow progress in achieving greater diversity in the accounting profession.

本文旨在就会计教育中在线学习的加速利用如何进一步阻碍Pasifika学生完成会计资格，从而使Pasifika在会计方面的代表性不足提供评论。设计/方法/方法本评论基于作者的经验以及与教学同事和支持人员的非正式对话。本文使用布迪厄(1977,1990)的实践理论，重点关注他的符号暴力概念，以评估Pasifika学生在学习会计时面临的挑战。社会世界本质上是不公平的，这可以从各种环境中持续存在的不平等中看出来，其中之一就是会计领域。获得会计学位需要学习会计内容，这些内容以特定的方式教授和评估。不幸的是，对于Pasifika学习者来说，会计教育中的学习和评估是根据会计领域的要求和规则进行的。随着在线学习使用率的提高，这些要求和规则与帕西菲卡学生的习惯不一致。因此，帕西菲卡会计专业的学生很可能因在线学习的使用率增加而处于不利地位。这可能会加剧他们在会计教育方面的成绩不佳，并延长帕西菲卡在会计行业的代表性不足。本文通过将在线学习的潜力作为pasificka学生在会计教育中的额外障碍，为教学实践做出了贡献。这将有助于为决策者、高等教育机构、会计认证机构、教育工作者和支持人员提供信息，并可能导致制定合适的战略，以更好地支持Pasifika学生进行在线学习。原创性/价值这篇论文是原创的，并提供了一个批判性的分析，分析了社会上一些群体将如何因会计教育中在线学习的使用增加而处于不利地位，从而进一步阻碍了在会计职业中实现更大多样性的缓慢进展。

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引用次数: 3

Does syndicate structure create value for initial public offerings? An empirical investigation for the Indian market 辛迪加结构是否为首次公开募股创造了价值？印度市场的实证研究

IF 2.1 Q2 Economics, Econometrics and Finance

Pacific Accounting Review

Pub Date : 2022-02-14 DOI: 10.1108/par-01-2021-0003

Seshadev Sahoo, Abhimanyu Sahoo

PurposeThis paper aims to investigate the impact of the underwriters’ syndicate size (SS) and its structure on underpricing (UP), oversubscription rate, liquidity and volatility. The authors use a database of 185 initial public offers (IPOs) issued in India during the period 2012–2019.Design/methodology/approachThe authors have used ordinary least squares regression and stepwise regression on cross-sectional data to construct the regression model for the dependent variables under consideration, namely, UP, subscription rate (SUB), listing day volatility and listing day liquidity.FindingsThe authors find that larger syndicates reduce UP. The authors also find strong evidence of a larger subscription rate for IPOs managed by larger syndicates, suggesting that larger syndicates generate more information in the market. Looking into the composition of investment banks in the syndicate, the authors find that syndicates comprising more lead managers and comanagers attract a higher subscription from potential investors. More book running lead managers and nonmanaging syndicate members help increase liquidity and reduce the volatility of IPO stocks on listing day. Additionally, the authors find that larger firms with reputed lead managers establish larger syndicates while venture-affiliated IPO firms prefer a smaller syndicate.Practical implicationsThe findings would interest issuing firms, investors, intermediaries and policymakers engaged in formulating syndicates for better management of IPOs.Originality/valueThe study extends the present literature on IPO syndicates, particularly in the Indian context as an emerging economy. The study extended the present understanding of SS and composition, creating value for the issuers.

目的研究承销商辛迪加规模(SS)及其结构对新股抑价(UP)、超额认购率、流动性和波动性的影响。作者使用了2012-2019年期间在印度发行的185家首次公开募股(ipo)的数据库。设计/方法/方法作者对截面数据使用普通最小二乘回归和逐步回归构建了考虑的因变量的回归模型，即UP，认购率(SUB)，上市日波动率和上市日流动性。研究结果作者发现，更大的辛迪加会降低UP。作者还发现了强有力的证据，表明规模较大的辛迪加管理的ipo认购率更高，这表明规模较大的辛迪加在市场上产生了更多的信息。研究了辛迪加中投资银行的构成，作者发现，由更多首席经理和经理组成的辛迪加吸引了更多潜在投资者的认购。更多的簿记主管理人和非管理辛迪加成员有助于增加流动性，减少IPO股票上市当日的波动性。此外，作者发现，拥有知名首席经理的大公司建立了更大的辛迪加，而风险投资相关的IPO公司更喜欢较小的辛迪加。实际意义研究结果将引起参与制定辛迪加以更好地管理ipo的发行公司、投资者、中介机构和政策制定者的兴趣。原创性/价值本研究扩展了目前关于IPO辛迪加的文献，特别是在印度作为新兴经济体的背景下。本研究拓展了目前对证券化和构成的理解，为发行人创造了价值。

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引用次数: 1

New technology and desired skills of early career accountants 早期职业会计师的新技术和所需技能

IF 2.1 Q2 Economics, Econometrics and Finance

Pacific Accounting Review

Pub Date : 2022-02-14 DOI: 10.1108/par-04-2021-0045

Denise A Jackson, G. Michelson, Rahat Munir

PurposeTechnological advances have led to accounting roles shifting from transaction focussed tasks to using data generated by technology to inform stakeholder strategies, resulting in changing skill requirements. This study aims to investigate how early career accountants (ECAs) and organisations value different skills among ECAs, how technology is impacting on these skills and the preparedness of ECAs for future technological work in different organisational settings.Design/methodology/approachThe research adopted a multi-stakeholder, mixed-method approach, surveying 315 ECAs and 175 managers/recruiters and interviewing 10 from each group. The sample drew from different industry sectors and organisation types in Australia, with all states represented.FindingsThere was broad agreement among ECAs and managers on requisite skills for technology. Most ECAs and managers believed new technology is influencing the skills required in accounting, yet the impact was considered greater among ECAs and effects varied by organisational setting. Overall, the research did not support ECAs as “digital natives” and illuminated the importance of exposure to technology, a change mindset and lifelong learning to better prepare them for new technology.Originality/valueThis study makes an important contribution to understanding how and why skills for success in accounting are evolving in the context of new technology and how prepared ECAs are for technology from both their own and managers/recruiters’ perspectives. It highlights the need for greater dialogue, benchmarking and evaluation of performance in technology-related skills among new accountants and their managers. Further, it identifies areas where ECAs would most benefit from targeted support, aiding personal career success and organisational competitiveness.

目的技术进步导致会计角色从以交易为中心的任务转变为使用技术生成的数据为利益相关者战略提供信息，从而导致技能要求的变化。本研究旨在调查早期职业会计师（ECA）和组织如何重视ECA之间的不同技能，技术如何影响这些技能，以及ECA在不同组织环境中为未来的技术工作做好准备。设计/方法/方法该研究采用了多利益相关者、混合方法，调查了315名ECA和175名经理/招聘人员，并采访了每组10人。样本来自澳大利亚不同的行业和组织类型，所有州都有代表。调查结果出口信贷机构和管理人员在必要的技术技能方面达成了广泛共识。大多数出口信贷机构和管理人员认为，新技术正在影响会计所需的技能，但出口信贷机构的影响更大，其影响因组织环境而异。总的来说，这项研究并不支持ECA是“数字原住民”，并阐明了接触技术、改变心态和终身学习的重要性，以更好地为他们应对新技术做好准备。独创性/价值这项研究有助于理解在新技术的背景下，会计成功的技能是如何以及为什么发展的，以及ECA从自己和经理/招聘人员的角度对技术有多准备。它强调需要在新会计师及其管理人员之间加强对话、制定基准和评估技术相关技能的业绩。此外，它确定了ECA最能从有针对性的支持中受益的领域，有助于个人职业成功和组织竞争力。

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引用次数: 4

Correlation between distribution of cash dividends from capital reserves, ultimate controlling shareholders and corporate governance 资本公积、最终控股股东现金股利分配与公司治理的相关性

IF 2.1 Q2 Economics, Econometrics and Finance

Pacific Accounting Review

Pub Date : 2022-02-14 DOI: 10.1108/par-05-2021-0075

Yen-Yu Liu, Pin Lee, Chih-Hao Yang

PurposeThis study aims to discuss whether a new accounting policy can help enterprises withstand operating risks and whether corporate governance can play a supervisory role. Taiwan took the lead worldwide in allowing companies to distribute cash dividends from capital reserves. Compared with traditional cash dividends distributed from retained earnings, this move was aimed at maintaining the stability of cash dividends and helping listed companies address the risks of temporary downturns. However, the distribution of cash dividends from capital reserves may violate the principle of capital maintenance and damage creditors’ equity. The authors sought to examine whether corporate governance could play a supervisory role.Design/methodology/approachThe present study targeted Taiwanese listed companies and cited data from the Taiwan Economic Journal. The study period was from 2011–2019. The authors tested the hypotheses using the least square method.FindingsThe results showed that ultimate controlling shareholders of listed companies can maximize their own interests through ownership arrangements, whereas corporate governance cannot play a supervisory role nor protect creditors’ equity. The findings provide insight on whether, in the development process of corporate governance, appropriate measures are taken to protect creditors’ equity in addition to shareholders’ equity, or achieve a good coordination of interests among all stakeholders.Originality/valueThe ultimate controlling shareholders or directors of a listed company would seek to maximize their own interests, and transfer the operating risks to creditors through the arrangement of dividend policy, thus harming creditors’ equity. However, independent directors cannot play a supervisory role. The authors inferred that corporate governance standards previously focused on the shareholder level or alleviation of the agency problem between controlling shareholders and non-controlling shareholders but ignored creditors’ equity.

目的本研究旨在探讨新会计政策是否能帮助企业抵御经营风险，以及公司治理是否能发挥监督作用。台湾在全球率先允许企业从资本储备中分配现金股利。与传统的从留存收益中分配现金股息相比，此举旨在保持现金股息的稳定性，帮助上市公司应对暂时低迷的风险。但是，从资本公积中分配现金股利可能违反资本维持原则，损害债权人权益。作者试图研究公司治理是否可以发挥监督作用。设计/方法/方法本研究以台湾上市公司为对象，引用了《台湾经济杂志》的数据。研究期间为2011-2019年。作者用最小二乘法检验了这些假设。研究结果表明，上市公司的最终控股股东可以通过股权安排实现自身利益的最大化，而公司治理既不能起到监督作用，也不能保护债权人权益。研究结果揭示了在公司治理的发展过程中，是否采取了适当的措施来保护股东权益之外的债权人权益，或者实现了所有利益相关者之间的利益协调。原创/价值上市公司的最终控股股东或董事会寻求自身利益的最大化，并通过股息政策的安排将经营风险转移给债权人，从而损害债权人的权益。但是，独立董事不能发挥监督作用。作者推断，公司治理标准以前侧重于股东层面或缓解控股股东与非控股股东之间的代理问题，而忽视了债权人权益。

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引用次数: 1

The impact of international work experience, functional background and career concerns on CEO investment decisions 国际工作经验、职能背景和职业关注对CEO投资决策的影响

IF 2.1 Q2 Economics, Econometrics and Finance

Pacific Accounting Review

Pub Date : 2022-02-10 DOI: 10.1108/par-02-2021-0026

C. Peng, S. Chiu

PurposeThe purpose of this paper is to investigate the effects of chief executive officer (CEO) international work experience, functional background and career concerns on managerially-distorted investment decisions.Design/methodology/approachThis paper focuses on S&P 500 publicly held US manufacturing companies during the period from 2009 to 2012. The data related to the CEOs’ international experience and their functional background experience are manually collected from Business Week’s Corporate Elite. Financial data is retrieved from COMPUSTAT database. The data for CEO tenure and age are retrieved from the ExecuComp database. Besides ordinary least squares regression, this paper conducts two-stage least squares regression analysis. Endogeneity and additional tests are also considered in this paper.FindingsThe findings show that CEO international work experience may not reduce under-investment, but it may exacerbate over-investment. CEO throughput functional background may exacerbate under-investment, but it may not reduce over-investment. Furthermore, CEO career concerns are useful in reducing the inefficient investments caused by international work experience and throughput functional background. These results remain similar when potential self-selection bias, as well as alternative measures of career concerns and investment efficiency, are considered.Originality/valueThis paper contributes to the existing literature in the following ways: first, while a significant amount of attention has been paid to how investment decisions are affected by financial reporting quality and material internal control weaknesses, there has been little evidence accumulated related to how managers’ international experience, professional background and career concerns affect investment inefficiency. The authors attempt to fill this gap. Second, the authors manually collect the international experience and functional backgrounds of CEOs working for S&P 500 US manufacturing companies. This unique data set makes it possible to complement previous studies by investigating the effects of managerial international experience and functional background on investment behavior. Finally, previous theoretical studies have long recognized that managers’ career concerns affect their corporate investment decisions. These studies suggest that young CEOs have a greater incentive to signal their abilities by adopting more active and possibly riskier investment strategies, thus raising the moral hazard problem with regard to firm investments. The authors enrich these studies by showing that work experience alleviates the moral hazard problem with respect to young CEOs’ investment decisions.

本文旨在探讨首席执行官(CEO)的国际工作经验、职能背景和职业关注对管理扭曲投资决策的影响。设计/方法/方法本文关注的是2009年至2012年期间标准普尔500指数中上市的美国制造业公司。与ceo的国际经验和职能背景经验相关的数据是手工从商业周刊的企业精英中收集的。财务数据从COMPUSTAT数据库检索。CEO任期和年龄的数据是从ExecuComp数据库中检索的。本文在普通最小二乘回归的基础上，进行了两阶段最小二乘回归分析。文中还考虑了内生性和附加检验。研究结果表明，CEO的国际工作经历可能不会减少投资不足，但可能会加剧过度投资。CEO吞吐量职能背景可能加剧投资不足，但可能不会减少过度投资。此外，首席执行官的职业关注有助于减少由于国际工作经验和吞吐量职能背景造成的低效投资。当考虑到潜在的自我选择偏差，以及职业关注和投资效率的替代措施时，这些结果仍然相似。本文在以下方面对现有文献做出了贡献:首先，虽然大量关注财务报告质量和重大内部控制弱点如何影响投资决策，但很少有证据表明管理者的国际经验、专业背景和职业关注如何影响投资效率低下。作者试图填补这一空白。其次，作者手动收集了标准普尔500指数(S&P 500)美国制造业企业首席执行官的国际经验和职能背景。这一独特的数据集可以通过调查管理国际经验和职能背景对投资行为的影响来补充以前的研究。最后，以往的理论研究早就认识到管理者的职业关注会影响他们的企业投资决策。这些研究表明，年轻的首席执行官有更大的动机通过采取更积极和可能风险更大的投资策略来显示他们的能力，从而提出了有关公司投资的道德风险问题。作者通过表明工作经验减轻了年轻ceo投资决策的道德风险问题，丰富了这些研究。

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引用次数: 0

Changes in the effect of corporate tax avoidance on the cost of debt over the past 25 years 过去25年企业避税对债务成本影响的变化

IF 2.1 Q2 Economics, Econometrics and Finance

Pacific Accounting Review

Pub Date : 2022-01-11 DOI: 10.1108/par-03-2021-0031

Sungsil Lee

Purpose

This study aims to examine how the effect of corporate tax avoidance on the cost of debt has changed in the period 1993–2017. Although it is known that tax avoidance has significantly increased during this period (Dyreng et al., 2017), little evidence exists on how this change alters the effect of tax avoidance on the cost of debt. This study investigates how changes in tax avoidance modify the association between tax avoidance and the cost of debt.

Design/methodology/approach

By using a comprehensive sample of 15,825 loan facilities issued to US public firms in the period 1993–2017, this study tests the time-series changes in the association between tax avoidance and the cost of debt.

Findings

This study finds that a positive association between tax avoidance and the cost of debt has been declined over the past 25 years. Accordingly, tax avoidance in general no longer increases the loan spread after the enactment of domestic production activities deduction. However, the risker end of tax avoidance does still increase the loan spread.

Originality/value

This study spotlights the time-series changes in the effect of corporate tax avoidance on the cost of debt, showing how lenders perception on corporate tax avoidance has altered in accordance with changes in corporate tax practice.

本研究旨在考察1993-2017年期间企业避税对债务成本的影响是如何变化的。虽然众所周知，在此期间避税行为显著增加(Dyreng等人，2017)，但几乎没有证据表明这种变化如何改变避税对债务成本的影响。本研究探讨了避税的变化如何改变避税与债务成本之间的关系。通过使用1993-2017年期间向美国上市公司发放的15825笔贷款的综合样本，本研究测试了避税与债务成本之间关系的时间序列变化。研究发现:在过去的25年里，避税和债务成本之间的正相关关系已经减弱。因此，避税一般不再增加国内生产活动制定扣除后的贷款利差。然而，避税的风险端确实增加了贷款息差。原创性/价值本研究聚焦于企业避税对债务成本影响的时间序列变化，显示贷款人对企业避税的看法如何随着企业税收实践的变化而变化。

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