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Modern pandemic crises and default risk: Worldwide evidence 现代疫情危机与违约风险:全球证据
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-03-01 DOI: 10.1111/jifm.12172
Kung-Cheng Ho, Hung-Yi Huang, Zikui Pan, Yan Gu

This article examines the relationship between modern health pandemic crises and financial stability. Specifically, it collects data on 250,223 firms in 43 countries (or regions) during five modern pandemic crises, SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), and Zika (2016), and finds that pandemic crises significantly increase the default risk of enterprises. Further analysis shows that formal and informal institutions acted as a “cushion” against the pandemic crisis. The earlier a country adopts IFRS, the more unimpeded access to information, and the more stable religious and ethnic relations within the country can reduce the negative impact of a pandemic on financial stability. This article addresses the hitherto inadequacy of COVID-related data. In addition, this article argues that governments should build sound state institutions to withstand macroeconomic shocks and highlights the heterogeneity of default risk for enterprises operating in countries with different institutions.

本文探讨了现代卫生危机与金融稳定之间的关系。具体而言,它收集了SARS(2003)、H1N1(2009)、MERS(2012)、埃博拉(2014)和寨卡(2016)五次现代疫情危机期间43个国家(或地区)250223家企业的数据,发现疫情危机显著增加了企业的违约风险。进一步的分析表明,正式和非正式机构充当了应对疫情危机的“缓冲”。一个国家越早采用《国际财务报告准则》,信息获取就越不受阻碍,国内宗教和种族关系就越稳定,就可以减少疫情对金融稳定的负面影响。这篇文章解决了迄今为止新冠肺炎相关数据的不足。此外,本文认为,政府应该建立健全的国家机构来抵御宏观经济冲击,并强调了在不同机构的国家运营的企业违约风险的异质性。
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引用次数: 0
An interview with IASB Chair Dr. Andreas Barckow 国际会计准则理事会主席Andreas Barckow博士访谈录
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-02-24 DOI: 10.1111/jifm.12171
Donna L. Street, Elizabeth A. Gordon

This paper provides an overview of two interviews conducted with Andreas Barckow where he reflected on his outlook for the International Accounting Standards Board (IASB) and his role as Chair. The interviews included (1) a discussion of the IASB′s Third Agenda Consultation Feedback Statement, (2) key areas for future collaborations of the IASB and the International Association for Accounting Education and Research (IAAER) directed primarily at building the IASB's Research Capacity, (3) strategic challenges facing the IASB, (4) the formation of the International Sustainability Standards Board (ISSB) including the emerging model for the coexistence of the IASB and the ISSB and (5) the unique position the International Financial Reporting Standards Foundation holds as the only global organization to house both financial accounting reporting and sustainability disclosure standard-setting boards. The interviews also addressed areas where the IAAER can encourage academic research to inform both the IASB and the IAASB and perhaps also the ISSB.

本文概述了对Andreas Barckow进行的两次采访,他在采访中回顾了自己对国际会计准则理事会(IASB)的展望以及担任主席的角色。访谈内容包括:(1)对国际会计准则理事会第三议程磋商反馈声明的讨论;(2)国际会计准则委员会和国际会计教育与研究协会(IAAER)未来合作的关键领域,主要旨在建设国际会计准则委员会的研究能力,(4)国际可持续性标准委员会(ISSB)的成立,包括国际会计准则委员会和ISSB共存的新兴模式,以及(5)国际财务报告标准基金会作为唯一一个同时拥有财务会计报告和可持续性披露标准制定委员会的全球组织所具有的独特地位。访谈还涉及IAAER可以鼓励学术研究的领域,以向IASB和IAASB,也许还有ISSB提供信息。
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引用次数: 0
Investor visits to corporate sites and cost stickiness 投资者访问公司网站和成本粘性
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-02-16 DOI: 10.1111/jifm.12170
Wenyun Yao, Hanwen Xu, Yuling Fan, Zefeng Xu

A corporate site visit is an effective way to obtain information on a firm. Most studies focus on the information advantages of corporate site visits, but evidence of their impact on firm operations is limited. In this paper, we investigate whether investors’ corporate site visits affect cost stickiness. Using data on investor corporate site visits to Chinese listed firms from 2013 to 2018, we find that these visits can inhibit cost stickiness. This finding holds in robustness tests and when controlling for endogeneity, including firm fixed effects, and using the Heckman selection model and the instrumental variables method. Further analyses reveal this inhibition is more pronounced for nonstate-owned enterprises and the results are more significant regarding cost stickiness in firms consuming nonlabor materials and firms visited by institutional investors. Moreover, we explore plausible mechanisms through which corporate site visits inhibit cost stickiness, such as through a monitoring channel and a learning channel. Our study contributes to academic evidence on the benefit and value of corporate site visits to firm operations, showing these visits can be a useful way to build connections between investors and firms.

企业实地考察是获取企业信息的有效途径。大多数研究都集中在企业实地考察的信息优势上,但关于其对企业运营影响的证据有限。在本文中,我们调查了投资者的企业网站访问是否影响成本粘性。利用2013-2018年投资者-企业对中国上市公司的实地访问数据,我们发现这些访问可以抑制成本粘性。这一发现适用于稳健性检验和控制内生性时,包括企业固定效应,并使用Heckman选择模型和工具变量法。进一步的分析表明,这种抑制作用在非国有企业中更为明显,在消耗非劳动材料的企业和机构投资者访问的企业的成本粘性方面,结果更为显著。此外,我们探索了企业网站访问抑制成本粘性的合理机制,例如通过监控渠道和学习渠道。我们的研究为企业实地考察对企业运营的益处和价值提供了学术证据,表明这些考察是在投资者和企业之间建立联系的有用方式。
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引用次数: 0
Does the famine experience of board chair hamper innovation? 董事会主席的饥荒经历是否阻碍了创新?
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-02-02 DOI: 10.1111/jifm.12168
Khalil Jebran, Zhen Yang, Shihua Chen, Syed Tauseef Ali

This study examines whether and how the famine experiences of board chairs influence the innovation of their firms. Results using a sample comprising 8882 firm-year observations from Chinese firms during the period 2003 to 2017 reveal that the board chair's famine experience has a negative effect on innovation. This negative effect is strengthened by famine intensity and high uncertainty. The obtained results are robust to alternative measures, endogeneity issues, omitted variables, and sample selection bias. Additional analyses showed that the relationship between board chair's famine experience and innovation is mediated by cash holdings and R&D investment. The overall results contribute to imprinting theory by explaining that early-life famine experiences of board chairs create survival threat imprints among them, eventually affecting their later-life behaviors. The findings also provide implications by highlighting how the early-life traumatic experiences of executives adversely influence their firms outcomes.

本研究考察了董事会主席的饥荒经历是否以及如何影响其公司的创新。使用2003年至2017年期间中国企业8882个企业年度观察的样本得出的结果表明,董事会主席的饥荒经历对创新产生了负面影响。饥荒强度和高度不确定性加剧了这种负面影响。所获得的结果对替代测量、内生性问题、遗漏变量和样本选择偏差都是稳健的。进一步的分析表明,董事会主席的饥荒经历与创新之间的关系是由现金持有量和R&;D投资。总体结果有助于印记理论,解释了董事会主席早年的饥荒经历在他们之间产生了生存威胁印记,最终影响了他们以后的生活行为。研究结果还通过强调高管早年的创伤经历如何对公司业绩产生不利影响来提供启示。
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引用次数: 0
Does the presentation reform of R&D expenses in China ease financial constraints in corporate innovation? 中国的研发费用列报改革是否缓解了企业创新的财务约束?
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-02-02 DOI: 10.1111/jifm.12169
Zhou li, Bin liu, Yuanyuan Liu

Focusing on a sample of 9387 observations in China over the period 2016−2019, this paper empirically examines whether the presentation reform of R&D expenses that is changed from notes to income statements, mitigates corporate financial constraints of Chinese listed companies. Findings offer evidence that the financial constraints of firms decrease after the policy change, which is owing to the alleviation of information asymmetry. Further analysis reveals that the effect of the presentation reform on financial constraints is less prominent among companies that are state-owned, audited by the “Big four” and of higher institutional ownership. Overall, our study provides evidence supporting the influences of the format reform of financial reports and has implications for information users, regulators, and standard setters.

本文以2016-2019年中国9387个观察样本为样本,实证检验了R&;D费用从附注改为损益表,缓解了中国上市公司的财务约束。研究结果表明,政策变化后,企业的财务约束减少,这是由于信息不对称的缓解。进一步的分析表明,在国有、“四大”审计和机构所有制较高的公司中,列报改革对财务约束的影响不那么突出。总体而言,我们的研究提供了支持财务报告格式改革影响的证据,并对信息用户、监管机构和标准制定者产生了影响。
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引用次数: 2
Shareholder litigation and toxic releases 股东诉讼和有毒释放
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-11-22 DOI: 10.1111/jifm.12164
Trung K. Do, Xuan Vinh Vo, Tuan-Vinh Le

We examine the environmental impact of the staggered adoption of universal demand laws by 23 U.S. states between 1989 and 2005. Universal demand laws impede derivative lawsuits and thus undermine shareholder oversight of corporate environmental performance. We find that weakened litigation rights for shareholders are positively associated with the release of toxic chemicals by firms. The effect is stronger for firms with weak governance, and environmental mismanagement by firms after the passage of the laws lead to poorer financial performance. Overall, our findings imply that derivative lawsuits by shareholders are not frivolous, as is often asserted. Rather, they act as an effective mechanism of corporate governance.

我们研究了1989年至2005年间美国23个州交错采用普遍需求法对环境的影响。普遍需求法阻碍了衍生品诉讼,从而破坏了股东对公司环境绩效的监督。我们发现,股东诉讼权的削弱与公司释放有毒化学品呈正相关。对于治理薄弱的公司来说,这种影响更大,而法律通过后公司的环境管理不善导致财务业绩较差。总的来说,我们的调查结果表明,股东提起的衍生诉讼并不像人们常说的那样无聊。相反,它们是一种有效的公司治理机制。
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引用次数: 2
Proposed international standard on auditing financial statements of less complex entities: IAASB IAAER roundtables—Breakout 2 Design, Structure, and Content 关于审计不太复杂实体财务报表的拟议国际标准:IAASB-IAAER圆桌会议——突破2设计、结构和内容
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-11-02 DOI: 10.1111/jifm.12165
C. (Niels) M. van Nieuw Amerongen, Hans B. Duits, Elizabeth A. Gordon, Donna L. Street

In this commentary, we summarize stakeholder views articulated during roundtables addressing the 2021 International Auditing and Assurance Standards Board's (IAASB) Exposure Draft: Proposed International Standard on Auditing of Financial Statements of Less Complex Entities (ED LCE). In support of its mission, the International Association for Accounting Education and Research (IAAER)—together with the IAASB—organized by-invitation roundtables bringing together audit practitioners, academics, and financial statements users. A structured agenda was followed and addressed some of the topics on which the IAASB sought views. This commentary provides a summary of views heard during the second roundtable breakout session focused on Design, Structure, and Content and provides recommendations to the IAASB regarding the way forward. A paper addressing the first breakout session on Authority and Group is available in a previous issue of the Journal of International Financial Management and Accounting.

在本评论中,我们总结了利益相关者在2021年国际审计与鉴证准则委员会(IAASB)《征求意见稿:不太复杂实体财务报表审计拟议国际标准》(ED LCE)圆桌会议上表达的观点。为了支持其使命,国际会计教育与研究协会(IAAER)与IAASB一起,邀请审计从业者、学者和财务报表用户参加圆桌会议。会议遵循了一个结构化的议程,并讨论了咨询委员会征求意见的一些议题。本评论总结了在第二次圆桌分组会议期间听取的关于设计、结构和内容的意见,并向IAASB提出了有关前进方向的建议。上一期《国际财务管理和会计杂志》刊登了一篇关于权力机构和集团第一次分组会议的论文。
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引用次数: 2
Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets COVID - 19爆发期间各行业的异质反应:来自中国股市的证据
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-11-02 DOI: 10.1111/jifm.12166
Zhifeng Liu, Peng-Fei Dai, Toan L. D. Huynh, Tingting Zhang, Guoqing Zhang

This study examines the heterogeneous effects of the COVID-19 outbreak on stock prices in China. We confirm what is already known, that the pandemic has had a significant negative impact on stock market returns. Additionally, we find, this effect is heterogeneous across industries. Second, fear sentiment can directly cause stock prices to fall and panic exacerbates the negative impact of the pandemic on stock returns. Third, and most importantly, we demonstrate the underlying mechanisms of four firm characteristics and find that those with high asset intensity, low labor intensity, high inventory-to-revenue ratio, and small market value are more negatively affected than others. For labor-intensive state-owned firms, in particular, stock performance worsened because of higher idle labor costs. Finally, we created an index to measure the relative position of an industry in the supply chain, which shows that downstream companies were more vulnerable to the effects of the pandemic.

摘要本研究考察了COVID - 19疫情对中国股票价格的异质性影响。我们确认已知的情况,即疫情对股市回报产生了重大负面影响。此外,我们发现,这种影响在不同的行业是不同的。第二,恐惧情绪会直接导致股价下跌,恐慌情绪会加剧疫情对股票收益的负面影响。第三,也是最重要的一点,我们展示了四个企业特征的潜在机制,并发现那些高资产强度、低劳动强度、高库存收入比和小市值的企业比其他企业受到的负面影响更大。特别是对于劳动密集型国有企业,由于闲置劳动力成本上升,股票表现恶化。最后,我们创建了一个指数来衡量一个行业在供应链中的相对位置,该指数表明,下游企业更容易受到疫情的影响。
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引用次数: 36
Analyst following, financial constraint, and audit opinion shopping: From the perspective of earning management 分析师追随、财务约束与审计意见购买——基于盈余管理的视角
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-07-05 DOI: 10.1111/jifm.12163
Zhijun Lin, Longmei Wang

This study examines the relationships among analyst following, financial constraint, and audit opinion shopping from the perspective of earnings management, taking a sample of Chinese A-share firms from 2008 to 2018. We find that analyst following alleviates firm's accrued earnings management activities which restrain opinion shopping behaviors; on the other hand, it prompts real earnings management activities that encourage firm's effort to audit opinion shopping. Earnings management has a mediation effect on the positive association between analyst following and audit opinion shopping. Corporate financial constraint amplifies the positive effect of analyst following on opinion shopping.

本研究以2008年至2018年的中国a股公司为样本,从盈余管理的角度考察了分析师追随、财务约束和审计意见购买之间的关系。我们发现,分析师跟随缓解了公司的应计盈余管理活动,而该活动抑制了意见购买行为;另一方面,它促进了实际的盈余管理活动,鼓励公司努力进行审计意见购买。盈余管理对分析师追随与审计意见购买之间的正向关联具有中介作用。公司财务约束放大了分析师追随对意见购买的积极影响。
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引用次数: 4
Proposed international standard on auditing financial statements of less complex entities: IAASB IAAER roundtables—Breakout 1 authority and groups 拟议的不太复杂实体财务报表审计国际标准:IAASB-IAAER圆桌会议——分组1个机构和团体
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-07-05 DOI: 10.1111/jifm.12162
C (Niels) M. van Nieuw Amerongen, Hans B. Duits, Elizabeth A. Gordon, Donna L. Street

This commentary summarizes stakeholder views voiced during roundtables on the 2021 International Auditing and Assurance Standards Board's (IAASB) Exposure Draft: Proposed International Standard on Auditing of Financial Statements of Less Complex Entities (ED LCE). For EDs, IAASB's due process includes seeking stakeholder views in a formal consultation format on a specified number of issues deemed relevant to further improve the proposed standard. Following its mission, the International Association for Accounting Education and Research—together with the IAASB—facilitated roundtables linking audit practitioners, academics, and financial statements users. The three roundtables followed a structured agenda including the same (but not all) topics on which the IAASB seeks views. In this commentary, we summarize views heard during the first roundtable breakout session focused on authority and groups and provide recommendations to the IAASB regarding the way forward.

本评论总结了利益相关者在2021年国际审计和保证准则委员会(IAASB)《征求意见稿:不太复杂实体财务报表审计国际标准草案》(ED LCE)圆桌会议上发表的意见。就ED而言,IAASB的正当程序包括以正式协商形式就被认为与进一步改进拟议标准相关的特定数量的问题征求利益相关者的意见。国际会计教育与研究协会(International Association for Accounting Education and Research)与IAASB共同推动了审计从业者、学者和财务报表用户之间的圆桌会议。三次圆桌会议遵循了一个结构化的议程,其中包括IAASB征求意见的相同(但不是全部)主题。在这篇评论中,我们总结了在第一次圆桌分组会议上听取的关于权威和团体的意见,并就未来的发展方向向咨询和会计准则委员会提出了建议。
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引用次数: 4
期刊
Journal of International Financial Management & Accounting
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