Journal of Contemporary Accounting & Economics最新文献

英文中文

SEC enforcement and corporate lobbying 证交会执法和企业游说

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-11-17 DOI: 10.1016/j.jcae.2025.100525

Daeun Lee

Using data on undisclosed SEC investigations, this study distinguishes between the SEC’s decision to select investigative targets (investigation decision) and its decision to pursue enforcement actions against those firms (enforcement decision). Then, it investigates how corporate lobbying relates to the different stages of the SEC enforcement process. First, this study finds that firms habitually engaged in lobbying activities are more likely to be investigated by the SEC. The association is pronounced for firms that lobby directly with the SEC. However, firms that increase lobbying expenditures, especially toward SEC-relevant committees in Congress, during an ongoing investigation are less likely to face enforcement actions. Further analysis suggests that the SEC is more likely to open investigations against lobbying firms during periods of resource constraints. Overall, the findings have implications for understanding resource allocation and regulatory dynamics within SEC enforcement.

本研究利用未披露的SEC调查数据，区分了SEC选择调查目标的决定（调查决定）和对这些公司采取执法行动的决定（执法决定）。然后，它调查了公司游说与证交会执法过程的不同阶段之间的关系。首先，本研究发现，习惯性地从事游说活动的公司更有可能受到美国证券交易委员会的调查。这种联系对于直接与美国证券交易委员会进行游说的公司来说是明显的。然而，在正在进行的调查中，增加游说支出的公司，特别是对国会中与美国证券交易委员会相关的委员会，不太可能面临执法行动。进一步的分析表明，在资源紧张时期，证交会更有可能对游说公司展开调查。总体而言，研究结果对理解SEC执法中的资源分配和监管动态具有启示意义。

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 : 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

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 : 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

EPU diversity, corporate investments, and corporate governance EPU多样性、公司投资和公司治理

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-10-31 DOI: 10.1016/j.jcae.2025.100515

Sirimon Treepongkaruna , Pornsit Jiraporn , Khine Kyaw

We examine a critical aspect of economic policy uncertainty (EPU) that has been largely overlooked – the diversity of uncertainty (or EPU diversity). Firms experience greater diversity of uncertainty when faced with multiple areas of uncertainty simultaneously, whereas a concentration of uncertainty in few areas results in lower EPU diversity. Dealing with multiple distinct areas of uncertainty is inherently more complex and riskier. Supporting this notion, our extensive analysis based on nearly 300,000 observations reveals that firms exercise greater caution and significantly reduce corporate investments and R&D intensity when confronting multiple sources of EPU. Notably, the impact of EPU diversity on corporate investments persists even after accounting for the overall level of EPU, indicating its separate and distinct significance. Importantly, we find that the negative effect of EPU diversity on corporate investments is significantly alleviated in firms with a greater presence of independent and female directors, implying that the reduction in investments that can be attributed to EPU diversity is at least partially motivated by agency conflicts.

我们研究了经济政策不确定性（EPU）的一个重要方面，这在很大程度上被忽视了——不确定性的多样性（或EPU多样性）。当企业同时面对多个不确定性领域时，会经历更大的不确定性多样性，而少数领域的不确定性集中会导致较低的EPU多样性。处理多个不同的不确定性领域本质上更复杂，风险更大。为了支持这一观点，我们基于近30万个观察结果的广泛分析表明，当面对多种EPU来源时，企业会更加谨慎，并显著减少企业投资和研发强度。值得注意的是，即使考虑到EPU的整体水平，EPU多样性对企业投资的影响仍然存在，表明其单独和独特的意义。重要的是，我们发现，在独立董事和女性董事较多的公司中，EPU多样性对公司投资的负面影响显著缓解，这意味着EPU多样性导致的投资减少至少部分是由代理冲突引起的。

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引用次数: 0

Digital mergers and acquisitions and corporate technological innovation: An analysis of innovation scale, efficiency and quality 数字化并购与企业技术创新：创新规模、效率和质量分析

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-10-24 DOI: 10.1016/j.jcae.2025.100513

Peng Liang , Qihang Zhao , Lin Liang

Digital mergers and acquisitions (M&A), characterized by efficiency, have become a crucial strategic approach for enterprises seeking to enhance digital competitiveness. This paper investigates the relationship between digital M&A and technological innovation among China’s A-share listed companies from 2010 to 2020. We find that, through the “talent synergy effect” and “knowledge synergy effect”, digital M&A can bolster corporate technological innovation. Further research finds that digital M&A significantly improves firms’ innovation efficiency, innovation quality, and digital technology innovation. The heterogeneity analysis reveals that the positive impact of digital M&A on technological innovation is more pronounced among firms with lower M&A premiums, traditional manufacturing firms, asset-intensive firms, non-digital firms, those with lower levels of digital investment, firms operating in highly competitive markets, and those located in eastern regions. This study enriches the literature on M&A and technological innovation, offering valuable insights for accelerating corporate digital transformation, optimizing resource allocation, and enhancing firms’ innovation capabilities.

以效率为特征的数字化并购（M&；A）已成为企业寻求提升数字化竞争力的重要战略途径。本文对2010 - 2020年中国A股上市公司数字化并购与技术创新的关系进行了研究。研究发现，通过“人才协同效应”和“知识协同效应”，数字化并购对企业技术创新具有促进作用。进一步研究发现，数字化并购A显著提高了企业的创新效率、创新质量和数字技术创新。异质性分析表明，数字化并购对技术创新的积极影响在并购溢价较低的企业、传统制造业企业、资产密集型企业、非数字化企业、数字化投资水平较低的企业、处于高竞争市场的企业和位于东部地区的企业中更为显著。本研究丰富了并购与技术创新的相关文献，为加快企业数字化转型、优化资源配置、提升企业创新能力提供了有价值的见解。

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引用次数: 0

Acquirers’ top legal executives and merger and acquisition outcomes 收购方的最高法务主管和并购结果

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-10-12 DOI: 10.1016/j.jcae.2025.100512

Stephanie J. Rasmussen , Suye Wang

A firm’s top in-house legal executive acts as a trusted advisor to top management and the board of directors, and the top legal executive role has become more prominent in recent years due to heightened regulatory focus on business compliance. In this study, we develop a measure of the top legal executive’s influence in the acquiring firm and examine whether top legal executive influence is associated with merger and acquisition (M&A) outcomes. We find that top legal executive influence is associated with shorter public process length (merger announcement to deal resolution), higher likelihood of deal completion, and lower likelihood of acquirer-protective contract terms. These associations exist after controlling for potential endogeneity of top legal executive influence. Cross-sectional tests also provide some evidence that the top legal executive emphasizes a monitoring role in M&A deals involving high uncertainty and when independence concerns should be more prevalent.

公司内部的最高法务主管是最高管理层和董事会值得信赖的顾问，近年来，由于监管机构对业务合规的高度关注，最高法务主管的角色变得更加突出。在本研究中，我们开发了一种衡量最高法务高管在收购公司影响力的方法，并检验最高法务高管影响力是否与并购（M& a）结果相关。我们发现，最高法律行政人员的影响力与较短的公开流程长度（从合并公告到交易决议）、较高的交易完成可能性以及较低的收购方保护合同条款相关。在控制了最高法律执行影响力的潜在内生性后，这些关联仍然存在。横断面测试还提供了一些证据，表明最高法务主管强调在涉及高度不确定性的并购交易中发挥监督作用，而此时独立性问题应该更为普遍。

引用次数: 0

Pay inequality and firm performance 薪酬不平等与公司绩效

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-10-05 DOI: 10.1016/j.jcae.2025.100510

Neerav Nagar , Avinash Arya

The rising pay inequality between CEO and rank and file employees has attracted considerable attention from the public, activists, regulators, and academic researchers. Using a large sample of 1,581 Indian firms during 2017–2023 period, we find that pay inequality leads to better future performance as measured by the ROA, providing prima facie support for tournaments and talent assignment. However, an analysis of drivers of ROA using extended DuPont decomposition reveals that the source of ROA improvement is better profit margins (PM) and asset utilization (ATO). Further decomposition of ATO reveals that pay inequality leads to a significant decrease in labor productivity consistent with inequity aversion. The decline in productivity is more pronounced in poorly governed firms facing low competition. On the other hand, labor intensity increases significantly and is the sole driver of gains in asset utilization. In other words, at least a portion of the gains observed in ROA can be ascribed to the act of hiring more employees.

首席执行官和普通员工之间日益扩大的薪酬差距，引起了公众、维权人士、监管机构和学术研究人员的极大关注。使用2017-2023年期间1,581家印度公司的大样本，我们发现薪酬不平等导致更好的未来绩效（由ROA衡量），为锦标赛和人才分配提供了初步支持。然而，使用扩展杜邦分解对ROA驱动因素的分析表明，ROA改善的来源是更好的利润率（PM）和资产利用率（ATO）。ATO的进一步分解表明，薪酬不平等导致劳动生产率显著下降，与不平等厌恶一致。在管理不善、面临低竞争的企业中，生产率的下降更为明显。另一方面，劳动强度显著增加，是资产利用率增长的唯一驱动因素。换句话说，至少有一部分的ROA收益可以归因于雇佣更多员工的行为。

引用次数: 0

CEO overconfidence across the firm lifecycle: effects on accounting outcomes and stock market reactions CEO在公司生命周期中的过度自信：对会计结果和股票市场反应的影响

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-10-04 DOI: 10.1016/j.jcae.2025.100511

Tuba Toksoz , Sebahattin Demirkan Seb , Irem Demirkan , Birendra K. Mishra Barry

This study explores the relationship between CEO overconfidence and firm performance across different stages of the firm life cycle. Previous research has shown that an overconfident CEO’s personality can influence key decisions related to investments, financial reporting, and broader corporate policies. A firm’s evolution is shaped by shifts in both internal factors, such as investment and managerial choices, and external factors like industry trends and economic conditions. The existing literature suggests that the various stages of a firm’s life cycle significantly affect decision-making processes and profitability. Our findings indicate that firms led by overconfident CEOs exhibit varying performance outcomes and abnormal returns depending on the firm’s life cycle stage. Notably, firms tend to outperform and achieve positive future performance (abnormal stock market returns) during the growth mature and shakeout (growth and mature) stages. However, they experience weaker accounting performance during the decline stage. In addition, cross-sectional tests reveal that, in the decline stage, firms with a better information environment do not experience the negative impact of CEO overconfidence on future accounting performance.

本研究探讨CEO过度自信与企业绩效在企业生命周期不同阶段的关系。先前的研究表明，过度自信的CEO的性格会影响与投资、财务报告和更广泛的公司政策相关的关键决策。企业的发展受到内部因素（如投资和管理选择）和外部因素（如行业趋势和经济状况）变化的影响。现有文献表明，企业生命周期的各个阶段显著影响决策过程和盈利能力。我们的研究结果表明，过度自信的ceo所领导的公司表现出不同的绩效结果和异常回报，这取决于公司的生命周期阶段。值得注意的是，在成长成熟期和震荡期（成长成熟期和震荡成熟期），企业往往表现优异并实现积极的未来业绩（股票市场异常回报）。然而，它们在下降阶段的会计绩效较弱。此外，横断面检验显示，在衰退阶段，信息环境较好的企业，CEO过度自信对未来会计绩效没有负面影响。

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引用次数: 0

Stock price crashes and systematic risk 股价暴跌和系统性风险

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-09-26 DOI: 10.1016/j.jcae.2025.100509

Suvra Roy, Ben R. Marshall, Hung T. Nguyen, Nuttawat Visaltanachoti

We show that firm systematic risk increases following stock price crashes. This occurs in both low- and high-beta companies and is robust to alternate proxies of systematic risk. Crashed firms face difficulty raising capital or obtaining loans, exacerbating default risk. Our results indicate that the increased systematic risk is due to increased default risk. There is no evidence to support information asymmetry as a channel for higher beta following crashes. We show that the increase in systematic risk results in higher costs for equity financing.

我们表明，在股价暴跌后，企业的系统性风险增加。这种情况在低贝塔系数和高贝塔系数的公司中都有发生，并且对系统风险的替代指标具有很强的稳健性。破产的公司面临筹集资金或获得贷款的困难，加剧了违约风险。我们的研究结果表明，系统风险的增加是由于违约风险的增加。没有证据支持信息不对称作为崩溃后更高beta的渠道。我们表明，系统风险的增加导致股权融资成本上升。

引用次数: 0

From stethoscopes to boardrooms: CEOs’ medical degree and merger performance 从听诊器到董事会：首席执行官的医学学位和并购绩效

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-09-25 DOI: 10.1016/j.jcae.2025.100508

Omer Unsal

This study explores how CEOs with medical degrees (M.D.) impact mergers and acquisitions (M&A) in the U.S. pharmaceutical industry. We discover that doctor CEOs tend to engage in fewer M&A deals, but when they do, these transactions show better outcomes. Investors respond positively to mergers led by M.D. CEOs, signaling confidence in their decisions. Similarly, target firms led by doctor CEOs experience positive market reactions, lasting up to 20 %. Rather than engaging in frequent mergers, doctor CEOs form a greater number of strategic alliances, expand their businesses, and produce more medical innovation. Overall, this study sheds light on the distinctive strategies employed by doctor CEOs in the pharmaceutical industry, providing valuable insights for ever-changing landscape of healthcare business.

本研究探讨了拥有医学学位的ceo如何影响美国制药行业的并购（M&；A）。我们发现，医生ceo往往较少参与并购交易，但当他们这样做时，这些交易的结果会更好。投资者对医学博士首席执行官领导的合并反应积极，表明对他们的决定充满信心。同样，由医生ceo领导的目标公司也会经历积极的市场反应，持续时间高达20%。比起频繁的合并，医生的首席执行官们形成了更多的战略联盟，扩大了他们的业务，并产生了更多的医疗创新。总体而言，本研究揭示了制药行业中医生首席执行官所采用的独特策略，为不断变化的医疗保健业务格局提供了有价值的见解。

引用次数: 0

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