Journal of Contemporary Accounting & Economics最新文献

英文中文

Visiting in the wrong time: Huangli and analysts’ bias 在错误的时间访问：黄力和分析师的偏见

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2026-04-01 Epub Date: 2025-11-06 DOI: 10.1016/j.jcae.2025.100514

Fang Wang , Yichen Jiang , Zhe Li

We identify a significant correlation between the Chinese calendar (Huangli) during analyst site visits and subsequent earnings forecasts by analysts. After controlling for individual and firm characteristics, when site visits occur on “not suitable for visit” in Huangli, analysts’ forecast optimism exhibits a significant decrease. We further investigate the varying severity of “not suitable for visit” during these visits, finding that “strictly forbidden by Huangli” has a more pronounced effect on analysts’ pessimism than “moderately forbidden by Huangli.” This suggests a cultural influence. Additionally, we consider the forecast horizon to better understand the underlying mechanism. Huangli has a greater impact on analysts when there is a long interval between the forecast date and the actual earnings announcement day, or when religious culture in the analysts’ hometown is prominent, indicating a magnifying effect on forecasting bias. Finally, analysts’ skill may mitigate this bias.

我们发现，在分析师实地考察期间，中国日历（黄历）与分析师随后的盈利预测之间存在显著相关性。在控制了个体特征和企业特征后，当黄黎发生“不适合参观”的实地考察时，分析师的预测乐观度显著下降。我们进一步调查了这些访问中“不适合访问”的不同严重程度，发现“黄力严格禁止”比“黄力适度禁止”对分析师悲观情绪的影响更明显。这表明了文化的影响。此外，我们考虑预测范围，以更好地了解潜在的机制。当预测日期与实际收益公告日之间间隔较长，或者当分析师家乡的宗教文化突出时，黄力对分析师的影响更大，表明黄力对预测偏差有放大效应。最后，分析师的技能可能会减轻这种偏见。

引用次数: 0

Peer MD&A risk disclosure and analysts’ earnings forecast accuracy: evidence from China 同业并购风险披露与分析师盈利预测准确性：来自中国的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2026-04-01 Epub Date: 2025-12-01 DOI: 10.1016/j.jcae.2025.100530

Shuai Wang , Ziyao San , Ling Zhou , Minna Yu

In this study, we investigate whether and how risk disclosure in peer firms’ management discussion and analysis (MD&A) influences analyst earnings forecast accuracy. We find that peer MD&A risk disclosure significantly improves forecast accuracy, demonstrating a positive spillover effect. Moreover, the impact of peer MD&A risk disclosure on analysts’ forecast accuracy strengthens with the comparability and reliability of peer firms’ information, while weakens with the disclosure quality of the focal firm. Finally, peer MD&A risk disclosure also reduces stock price crash risk, providing further evidence that it improves information environment of the focal firm.

在本研究中，我们调查了同行公司管理层讨论和分析（MD&；A）中的风险披露是否以及如何影响分析师收益预测的准确性。研究发现，同业MD&；A风险披露显著提高了预测准确性，呈现出正向溢出效应。同行md&a风险披露对分析师预测准确性的影响随着同行信息的可比性和可靠性而增强，而随着焦点公司披露质量的提高而减弱。最后，同业md&a风险披露也降低了股价崩盘风险，进一步证明其改善了焦点公司的信息环境。

引用次数: 0

Enabler or barrier: Impact of patent protection on technology diffusion in China 中国专利保护对技术扩散的影响

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2026-04-01 Epub Date: 2025-12-28 DOI: 10.1016/j.jcae.2025.100534

Chao Liang , Bai Liu

Technology diffusion has facilitated long-term socio-economic progress. Therefore, most countries are striving to offer an environment conducive to innovation, including the establishment of appropriate intellectual property rights (IPR). However, the role of IPR in promoting technology diffusion remains controversial. Specifically, patents promote technology diffusion by protecting inventions and disclosing knowledge to the public, while triggering exclusive rights that may hinder technology diffusion. Based on signal theory, the existing research perspective is extended from “point-to-point” (inventor-imitator) to “point-to-side” (inventor-potential inventor) to investigate the technology diffusion regarding peer firms of defendant in patent litigation. The results show stronger technology diffusion in peer firms of defendant after patent litigation. Two mechanisms of litigation signals are demonstrated through grouping tests: legitimacy and competitiveness. This study contributes to resolving the contradictory literature on IPR and technology diffusion, while also complementing studies on IPR in developing countries.

技术扩散促进了长期的社会经济进步。因此，大多数国家正在努力提供有利于创新的环境，包括建立适当的知识产权（IPR）。然而，知识产权在促进技术扩散方面的作用仍然存在争议。具体而言，专利通过保护发明和向公众披露知识来促进技术扩散，同时引发可能阻碍技术扩散的专有权。基于信号理论，将现有研究视角从“点对点”（发明人-模仿者）扩展到“点对方”（发明人-潜在发明人），考察专利诉讼中被告同行企业的技术扩散。结果表明，专利诉讼后，被告同行企业的技术扩散增强。通过分组测试，论证了诉讼信号的两种机制：合法性和竞争性。本研究有助于解决知识产权与技术扩散的文献矛盾，同时也对发展中国家的知识产权研究起到补充作用。

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引用次数: 0

The impact of public enforcement on interest conflicts of affiliated analyst: evidence from regulatory reforms in China’s IPO market 公共执法对关联分析师利益冲突的影响：来自中国IPO市场监管改革的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2026-04-01 Epub Date: 2025-12-18 DOI: 10.1016/j.jcae.2025.100532

Ting Xu , Weimin Gao , Tao Zhang

This study exploits the phased implementation of China’s registration-based IPO reform as a natural experiment to investigate the impact of regulatory enforcement on the conflicts of interest faced by underwriter-affiliated analysts. We find that the transition from an approval-based system to a registration-based system significantly mitigates the incentives for affiliated analysts to issue optimistically biased recommendations. This result remains robust across a battery of sensitivity analyses. Mechanism tests indicate that the reform operates by enhancing the objectivity and relevance of issuer disclosures, thereby increasing the detectability of biased recommendation. Cross-sectional tests show that this disciplining effect is more pronounced when analysts face greater pressure from buy-side clients and high investor sentiment. Furthermore, we document stronger market reactions to affiliated analysts’ recommendations post-reform, suggesting a restoration of investor trust. These findings offer novel insights into the role of public enforcement and disclosure quality in disciplining financial intermediaries within emerging capital markets.

本研究以中国IPO注册制改革的阶段性实施为自然实验，探讨监管执法对承销商关联分析师所面临的利益冲突的影响。我们发现，从基于批准的系统到基于注册的系统的过渡显著减轻了附属分析师发布乐观偏见建议的动机。这一结果在一系列敏感性分析中仍然是可靠的。机制测试表明，改革通过增强发行人披露的客观性和相关性来运作，从而增加了对有偏见推荐的可检测性。横断面测试显示，当分析师面临来自买方客户的更大压力和投资者情绪高涨时，这种约束效应更为明显。此外，我们还发现，改革后，市场对关联分析师的建议反应更强烈，这表明投资者信任得到了恢复。这些发现对公共执法和披露质量在约束新兴资本市场金融中介机构方面的作用提供了新颖的见解。

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引用次数: 0

Resource allocation in times of need: the role of social commitments 需要时的资源分配：社会承诺的作用

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2026-04-01 Epub Date: 2026-01-08 DOI: 10.1016/j.jcae.2026.100540

Harvey Nguyen , Anh Viet Pham , Man Duy (Marty) Pham , Mia Hang Pham

Drawing on the debate over how environmental and social (E&S) commitments help firms withstand economic recessions, this study asks whether, and to what extent, a firm’s E&S performance helps it secure government economic support under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. We find that firms committed to greater social responsibility are more likely to gain access to and receive larger amounts of bailout grants and loans. The impact of the social image is more pronounced for firms that would be otherwise disadvantaged in competing for the relief funds. Gaining access to rescue packages enables firms to mitigate corporate default risk and enhance shareholder wealth through improved market liquidity. Overall, the findings support that better ESG performance is among the distinctive attributes that shape government agencies’ scarce resource allocation decisions.

根据关于环境和社会（e&&s）承诺如何帮助企业抵御经济衰退的辩论，本研究询问，根据《冠状病毒援助、救济和经济安全（关怀）法案》，企业的e&&s表现是否以及在多大程度上有助于其获得政府的经济支持。我们发现，承诺承担更大社会责任的公司更有可能获得并获得更多的救助赠款和贷款。社会形象的影响对于那些在争夺救济资金时处于不利地位的公司来说更为明显。获得救助计划使公司能够减轻公司违约风险，并通过改善市场流动性增加股东财富。总体而言，研究结果支持更好的ESG绩效是影响政府机构稀缺资源配置决策的独特属性之一。

引用次数: 0

Local CEOs and voluntary Disclosure: Evidence from Non-GAAP earnings 本地ceo与自愿披露：来自非公认会计准则收益的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2026-04-01 Epub Date: 2026-01-16 DOI: 10.1016/j.jcae.2026.100543

Jiwoo Seo , Adam M. Esplin , Yun Ke , Kari Joseph Olsen

In the U.S. CEO labor market, firms are more likely to hire local CEOs than non-local CEOs. We examine the impact of this hiring practice on the voluntary disclosure of firm financial information in the non-GAAP earnings setting. Using a sample of S&P 1500 firms from 2003 to 2020, we show that firms led by local CEOs are less likely to provide non-GAAP earnings than those led by non-local CEOs. This result holds across a battery of robustness tests, including a placebo test, various matching procedures, an instrumental variable approach, different regression specifications, and alternative samples using CEO turnover events. We also find that local CEOs are less likely to use non-GAAP earnings to meet or beat earnings targets and that investors react more to changes in non-GAAP earnings issued by firms with local CEOs. This pattern of results is consistent with the interpretation that local CEOs are less likely to use non-GAAP earnings opportunistically for image management purposes. Our results suggest that hiring bias toward local CEOs shapes both the frequency and the credibility of firms’ voluntary disclosure practices.

在美国CEO劳动力市场，公司更倾向于雇佣本地CEO而不是非本地CEO。我们研究了这种招聘实践对非公认会计准则收益设置中公司财务信息自愿披露的影响。以2003年至2020年的标准普尔1500指数公司为样本，我们发现由本地ceo领导的公司比由非本地ceo领导的公司更不可能提供非公认会计准则收益。这一结果适用于一系列稳健性测试，包括安慰剂测试、各种匹配程序、工具变量方法、不同的回归规范和使用CEO离职事件的替代样本。我们还发现，本地首席执行官不太可能使用非公认会计准则收益来达到或超过盈利目标，投资者对由本地首席执行官发布的非公认会计准则收益的变化反应更大。这种结果模式与当地首席执行官不太可能利用非公认会计准则收益来进行形象管理的解释是一致的。我们的研究结果表明，对本地首席执行官的招聘偏见影响了公司自愿披露行为的频率和可信度。

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引用次数: 0

Impression management in financially distressed firms: Evidence from integrated reporting in Australia 财务困境公司的印象管理：来自澳大利亚综合报告的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2026-04-01 Epub Date: 2026-01-20 DOI: 10.1016/j.jcae.2026.100542

Anthony C. Ng , Ferdinand A. Gul

This study investigates whether financially distressed firms in Australia utilize integrated reporting (IR) as a tool for impression management (IM) to conceal poor financial performance. Using data from 2015 to 2017, we construct an IR conformity (IRC) index based on the International Integrated Reporting Council (IIRC) framework. We find a non-linear and concave relationship between IRC and firm value among distressed firms: while moderate IR conformity is positively associated with firm value, higher conformity is penalized by the market. Additional corroborative analyses reveal similar non-linear patterns between IRC and bid–ask spreads, crash risk, and earnings management proxies. These findings suggest that distressed firms may strategically adopt IR to manage impressions rather than enhance transparency and that capital markets tend to respond negatively to excessive IR conformity.

本研究调查了澳大利亚财务困境的公司是否利用综合报告（IR）作为印象管理（IM）的工具来掩盖不良的财务业绩。使用2015年至2017年的数据，我们基于国际综合报告委员会（IIRC）框架构建了IR符合性（IRC）指数。我们发现，在陷入困境的企业中，IRC与企业价值之间存在非线性的凹形关系：适度的IR一致性与企业价值呈正相关，而较高的一致性则受到市场的惩罚。额外的确证分析揭示了IRC和买卖价差、崩溃风险和盈余管理代理之间类似的非线性模式。这些发现表明，陷入困境的公司可能会战略性地采用IR来管理印象，而不是提高透明度，资本市场倾向于对过度的IR一致性做出负面反应。

引用次数: 0

Minority shareholder influence and labor investment efficiency: Evidence from China’s online voting reform 中小股东影响与劳动投资效率：来自中国网络投票改革的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2026-04-01 Epub Date: 2026-01-03 DOI: 10.1016/j.jcae.2025.100537

Se Chen , Shaojie Lai , Zixuan Luo , Qing Sophie Wang

This study investigates the impact of enhanced minority shareholder influence on labor investment efficiency (LIE). Leveraging China’s online voting reform as a natural experiment, our analysis reveals that firms experiencing greater minority shareholder influence tend to exhibit lower LIE relative to control firms. We attribute this decline to increased pressure for short-term performance and potential managerial short-sightedness. Our research further demonstrates that this relative decrease in LIE is primarily driven by the actions of individual investors. The effect is more pronounced in firms characterized by weaker CEO power and greater financial constraints, which heighten their vulnerability to the influence of minority shareholders. Our findings are robust across various measures and address potential endogeneity concerns. Overall, this study highlights the intricate implications of empowering minority shareholders.

本研究探讨中小股东影响力增强对劳动投资效率的影响。将中国的在线投票改革作为一个自然实验，我们的分析显示，相对于控股公司，受到更大小股东影响的公司往往表现出更低的LIE。我们将这种下降归因于短期业绩压力的增加和潜在的管理短视。我们的研究进一步表明，LIE的相对下降主要是由个人投资者的行为驱动的。这种效应在CEO权力较弱、财务约束较大的公司中更为明显，这些公司更容易受到小股东的影响。我们的研究结果在各种措施中都是稳健的，并解决了潜在的内生性问题。总的来说，这项研究突出了赋予小股东权力的复杂含义。

引用次数: 0

How do narcissistic CEOs decide their firms’ debt maturity? An analysis based on the SPIN model 自恋型ceo如何决定公司的债务期限？基于SPIN模型的分析

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2026-04-01 Epub Date: 2025-11-08 DOI: 10.1016/j.jcae.2025.100516

Ethan Xin Liu , Chenxi Du

CEO narcissism, as a prevalent trait among top leaders, has witnessed burgeoning scholarly attention. However, the CEO narcissism research is dominated by the Upper Echelons Theory and calls on other novel theoretical perspectives. In addition, the association between CEO narcissism and companies’ debt maturity selection remains unexplored. To address the research gaps, this study draws upon the Upper-Echelon Theory and the Status Pursuit in Narcissism (SPIN) model deriving from personality psychology to explore the predictive impact of CEO narcissism on corporate debt maturity and examine the moderating effect of interlocking directors and directors with financial experience on the relationship. The study leverages text analysis to measure narcissism of CEOs in the non-financial listed companies in China, spanning from 2015 to 2022. Regression results demonstrate that CEO narcissism is negatively associated with corporate debt maturity. In addition, the relationship is reinforced by the presence of interlocking directors and directors with financial experience within the board. The study not only introduces the SPIN model to enrich the theoretical lens of CEO narcissism research but also sheds light on the nuanced dynamics of CEO narcissism and its interplay with board governance. In addition, the study provides managerial implications for companies to bolster board governance and counterbalance the potential risk-taking behavior of narcissistic CEOs, thereby ensuring financial stability and risk mitigation.

CEO自恋，作为高层领导者的普遍特征，已经引起了学术界的广泛关注。然而，CEO自恋的研究以上层理论为主导，需要其他新颖的理论视角。此外，CEO自恋与公司债务期限选择之间的关系仍未得到研究。为了弥补研究空白，本研究借鉴人格心理学中的上层阶梯理论和自恋地位追求（SPIN）模型，探讨CEO自恋对公司债务期限的预测影响，并考察连锁董事和具有财务经验的董事对这种关系的调节作用。该研究利用文本分析来衡量2015年至2022年中国非金融上市公司首席执行官的自恋程度。回归结果表明，CEO自恋与公司债务期限呈负相关。此外，联锁董事和董事会中具有财务经验的董事的存在加强了这种关系。本研究不仅引入了SPIN模型，丰富了CEO自恋研究的理论视角，还揭示了CEO自恋的微妙动态及其与董事会治理的相互作用。此外，该研究还为公司加强董事会治理和平衡自恋型ceo潜在的冒险行为提供了管理启示，从而确保财务稳定和风险缓解。

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引用次数: 0

The impact of judicial independence on the corporate debt financing cost − Empirical evidence from China 司法独立对企业债务融资成本的影响——来自中国的经验证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2026-04-01 Epub Date: 2025-12-15 DOI: 10.1016/j.jcae.2025.100533

Yufei Zhang , Yijun Yu , Yimeng Zhang , Tengjiao He

Debt financing is crucial for firms, particularly in developing countries like China, where the stock market is underdeveloped. Reducing the debt financing costs of enterprises through institutional design is crucial for enterprise development. This paper examines whether the Chinese judicial independence reform, initiated in 2014 and characterized by centralizing financial and personnel management from the city level to the provincial level, can reduce the firm’s debt financing cost. We employ data from A-share listed firms from 2011 to 2022 and find that the judicial independence reform significantly decreases the firm’s debt financing costs. The mechanisms include an improved financial environment, increased accounting conservatism, and decreased default risk. This effect is more pronounced for POEs, firms without political connections, and firms in better legal environments. Overall, our findings demonstrate that strengthening judicial independence is a vital institutional foundation for reducing corporate financing frictions and supporting firm growth.

债务融资对企业至关重要，尤其是在中国等股市不发达的发展中国家。通过制度设计降低企业债务融资成本对企业发展至关重要。本文考察了2014年启动的中国司法独立改革是否能够降低企业的债务融资成本，改革的特点是将财务和人事管理从市级集中到省级。我们采用a股上市公司2011 - 2022年的数据，发现司法独立改革显著降低了公司的债务融资成本。这些机制包括改善金融环境、增加会计稳健性和降低违约风险。这种影响在私募股权公司、没有政治关系的公司和法律环境较好的公司中更为明显。总体而言，我们的研究结果表明，加强司法独立是减少企业融资摩擦和支持企业成长的重要制度基础。

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