Journal of Contemporary Accounting & Economics最新文献

英文中文

Functional industrial policy effects of the Belt and Road Initiative: evidence from digital innovation “一带一路”的功能性产业政策效应：来自数字创新的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-09-19 DOI: 10.1016/j.jcae.2025.100506

Chang Xu , Jianguang Hu , Lu Li

This paper investigates the impact of the Belt and Road Initiative on the digital innovation of China’s A-share listed companies, drawing upon the theoretical framework of functional industrial policy. The results indicate that the implementation of the Belt and Road Initiative effectively enhances the level of firms’ digital innovation. The underlying mechanisms are identified as the alleviation of financing constraints and the enhancement of ESG performance. Heterogeneity analysis further demonstrates that the positive impact is more pronounced among state-owned enterprises, firms in key-involved industries, large-scale firms, and those operating in capital-intensive sectors. Further research suggests that the Belt and Road Initiative primarily influences open digital innovation. This study advances the understanding of the effects of functional industrial policies, while offering meaningful insights for firm-level digital innovation.

本文运用功能产业政策的理论框架，研究了“一带一路”倡议对中国a股上市公司数字创新的影响。研究结果表明，“一带一路”倡议的实施有效提升了企业的数字创新水平。基本机制被确定为缓解融资约束和提高ESG绩效。异质性分析进一步表明，国有企业、重点行业企业、规模企业和资本密集型行业企业的正向影响更为明显。进一步研究表明，“一带一路”倡议主要影响开放式数字创新。本研究促进了对功能性产业政策影响的理解，同时为企业层面的数字创新提供了有意义的见解。

引用次数: 0

The effects of government policies during the COVID-19 pandemic on earnings management COVID-19大流行期间政府政策对盈余管理的影响

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-06-21 DOI: 10.1016/j.jcae.2025.100486

Raden Roro Widya Ningtyas Soeprajitno, Ainun Na'im, Fuad Rakhman

This study examines the effects of government policies in response to the COVID-19 pandemic on management decisions on earnings. While existing studies usually treat a crisis as a single event, in this study, we disentangle the two contrasting forces typically present during a crisis, one increasing and the other decreasing the severity of the crisis. We use the government policy BSG index issued by the University of Oxford COVID-19 Project to identify these types and to measure the extent of the policies issued by governments worldwide during the COVID-19 pandemic that affect the uncertainty about the future of business and the economy. Our sample includes public firms from 74 countries, with a total observation of 57,758 firm-years from 2020 to 2022. We find that different policies have different effects on earnings management. Specifically, our results show that containment policies reduce earnings management while economic policies increase earnings management. This study contributes to the literature on how government policies and prolonged economic shocks, such as the COVID-19 pandemic, affect earnings management. We believe that our ability to disentangle the two contrasting forces in a crisis and separately examine their effects on earnings management is the novelty of this study. Our results provide policymakers with insights into the impact of the governments’ policies on management decisions, especially on reported earnings.

本研究考察了政府应对COVID-19大流行的政策对管理决策和收益的影响。虽然现有的研究通常将危机视为单一事件，但在本研究中，我们解开了危机期间通常存在的两种截然不同的力量，一种增加了危机的严重程度，另一种减少了危机的严重程度。我们使用牛津大学COVID-19项目发布的政府政策BSG指数来识别这些类型，并衡量全球政府在COVID-19大流行期间发布的影响未来商业和经济不确定性的政策的程度。我们的样本包括来自74个国家的上市公司，从2020年到2022年共观察了57,758个公司年。我们发现，不同的政策对盈余管理有不同的影响。具体而言，我们的研究结果表明，遏制政策减少了盈余管理，而经济政策增加了盈余管理。这项研究为有关政府政策和COVID-19大流行等长期经济冲击如何影响盈余管理的文献做出了贡献。我们认为，我们有能力在危机中理清这两种截然不同的力量，并分别考察它们对盈余管理的影响，这是本研究的新颖之处。我们的研究结果为决策者提供了政府政策对管理决策的影响，特别是对报告收益的影响。

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引用次数: 0

The impact of product recalls on Non-GAAP reporting decisions 产品召回对非公认会计准则报告决策的影响

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-09-03 DOI: 10.1016/j.jcae.2025.100501

Hannah E. Richards , Yuan Shi , Hongkang Xu

We examine whether product recalls impact the likelihood of disclosure and quality of non-GAAP earnings. With increased scrutiny, firms may limit voluntary disclosures or use them to counteract negative publicity. Similarly, product recalls could motivate firms to report higher-quality non-GAAP earnings to provide a more accurate view of the financial impact of product recalls or report more aggressive non-GAAP earnings to counteract the decline in financial performance. Using a sample period of 2004 to 2017, we find that firms are less likely to disclose non-GAAP earnings after announcing a product recall. For firms that choose to release non-GAAP earnings after announcing a product recall, we find that the quality of non-GAAP earnings improves. This finding suggests that product recalls may prompt firms to adopt more conservative reporting practices, both in terms of the likelihood and quality of disclosures. Our study provides insights into firms’ strategic disclosure decisions and highlights the nuanced ways firms manage non-GAAP disclosures to navigate the challenges posed by product recalls.

我们研究产品召回是否影响非公认会计准则收益披露的可能性和质量。随着审查的加强，公司可能会限制自愿披露信息，或者利用它们来抵消负面宣传。同样，产品召回可以激励公司报告更高质量的非公认会计准则收益，以更准确地了解产品召回的财务影响，或者报告更积极的非公认会计准则收益，以抵消财务业绩的下降。使用2004年至2017年的样本期，我们发现公司在宣布产品召回后不太可能披露非公认会计准则收益。对于宣布产品召回后选择发布非公认会计准则收益的公司，我们发现非公认会计准则收益的质量有所提高。这一发现表明，产品召回可能促使公司在披露的可能性和质量方面采取更保守的报告做法。我们的研究为企业的战略披露决策提供了见解，并强调了企业管理非公认会计准则披露的微妙方式，以应对产品召回带来的挑战。

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 : 2025-12-01 Epub 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

Feedback effect of social media on corporate investment Efficiency: Evidence from Firm’s Twitter presence and engagement 社交媒体对企业投资效率的反馈效应：来自公司Twitter存在和参与的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-09-01 DOI: 10.1016/j.jcae.2025.100503

Atul Singh , Vicki Wei Tang

We examine whether social media presence and engagement have a feedback effect on corporate investment efficiency. Utilizing 352 million responses from the corporate Twitter accounts of 2062 US firms, we find that both underinvesting and overinvesting firms deviate less from predicted investment levels after initiating presence on Twitter. Furthermore, the more engaged the followers are, the smaller the deviation from expected investment levels. The effects are robust to including information incorporated in stock prices and other information sources. Our findings provide evidence that managerial learning is one channel underlying the link between social media and corporate investment efficiency. Cross-sectional results suggest that the managerial learning effect is more pronounced for consumer-facing firms. We also find that underinvesting firms learn from their peers’ social media presence. Additionally, firms’ operational efficiency also improves, corroborating the feedback effect of social media. Additional tests rule out endogeneity-related issues.

我们考察了社交媒体的存在和参与是否对企业投资效率有反馈效应。利用来自2062家美国公司Twitter账户的3.52亿个回复，我们发现投资不足和投资过度的公司在开始使用Twitter后都偏离了预测的投资水平。此外，追随者越投入，与预期投资水平的偏差越小。这种效应对于包括包含在股票价格和其他信息来源中的信息是稳健的。我们的研究结果证明，管理学习是社交媒体与企业投资效率之间联系的一个潜在渠道。横断面结果表明，管理学习效应在面向消费者的企业中更为明显。我们还发现，投资不足的公司会从同行的社交媒体上学习。此外，企业的运营效率也有所提高，印证了社交媒体的反馈效应。额外的检查排除了内源性相关的问题。

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引用次数: 0

The capital market consequences of the regulator-led minority shareholder: Evidence from China 监管者主导的少数股东对资本市场的影响：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 : 2025-12-01 Epub Date: 2025-07-28 DOI: 10.1016/j.jcae.2025.100497

Yunsen Chen , Zizhen Feng , Yao Yu , Wei Yuan

We examine the capital market consequences of the exercise of rights by the regulatory minority shareholder. Using a manually collected sample from the China Securities Investor Services Center (CSISC), a novel regulatory investor protection institution controlled by the China Securities Regulatory Commission, we employ a stacked difference-in-differences model in our main regression analysis to estimate the impact of the CSISC’s actions. We find that the CSISC’s exercise of rights has a risk signaling effect, increasing perceived risk among investors, which is reflected in reduced stock liquidity and an increased cost of equity. Event studies indicate negative market reactions to actions taken by the CSISC against targeted firms. Additional analyses show that a negative tone and increased investor attention toward the CSISC’s actions further amplify the market responses. Cross-sectional analyses reveal a stronger effect for firms with regulatory alliances, while effective internal governance mitigates this effect. Collectively, our study highlights the market consequences of the regulator-led minority shareholder’s interventions in an emerging market that lacks strong private enforcement.

我们考察了受监管的少数股东行使权利对资本市场的影响。本文以中国证券监督管理委员会下属的新型投资者保护监管机构——中国证券投资者服务中心（CSISC）为样本，采用堆叠差中差模型进行主回归分析，以估计CSISC行动的影响。研究发现，CSISC的权利行使具有风险信号效应，增加了投资者的感知风险，表现为股票流动性的降低和股权成本的增加。事件研究表明，市场对CSISC针对目标公司采取的行动反应消极。其他分析表明，负面基调和投资者对中纪委行动的关注增加，进一步放大了市场反应。横断面分析显示，具有监管联盟的公司具有更强的影响，而有效的内部治理则减轻了这种影响。总的来说，我们的研究突出了监管者主导的少数股东干预在缺乏强有力私人执法的新兴市场中的市场后果。

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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 : 2025-12-01 Epub 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

Does diverse tax planning reduce tax risk? 多样化的税收筹划能降低税收风险吗？

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-06-22 DOI: 10.1016/j.jcae.2025.100490

Kimberly S. Krieg , John Li

We investigate the relationship between diverse tax planning and a firm’s level of tax risk. Prior studies have suggested that firms face a trade-off between engaging in tax avoidance and managing exposure to tax risk, defined as the volatility of future tax outcomes. We propose that firms may be able to achieve both objectives by diversifying their portfolios of tax avoidance strategies. We create two measures of diversification based on two different ways of measuring tax avoidance. Using these two measures, we find that tax strategy diversification benefits firms in two ways. First, when holding the level of tax avoidance constant, increasing diversification reduces the firm’s exposure to tax risk. Second, when firms increase their level of tax avoidance, having higher diversification mitigates the impact of the increased tax avoidance on their tax risk exposure. Our study highlights the benefits of firms engaging in a diverse portfolio of tax strategies and shows that the relationship between tax avoidance and tax risk is contingent on the firm’s diversification, which may provide an explanation for the mixed evidence found in prior literature.

我们调查了不同的税收筹划和企业的税收风险水平之间的关系。先前的研究表明，企业面临着参与避税和管理税收风险之间的权衡，税收风险被定义为未来税收结果的波动性。我们建议，企业可以通过多样化其避税策略组合来实现这两个目标。我们基于两种不同的避税衡量方法，创建了两种多元化衡量标准。通过这两种措施，我们发现税收策略多元化在两个方面对企业有利。首先，在保持避税水平不变的情况下，增加多元化可以降低公司的税收风险。第二，当企业提高其避税水平时，较高的多元化程度减轻了增加的避税对其税收风险暴露的影响。我们的研究强调了企业参与多元化税收策略组合的好处，并表明避税和税收风险之间的关系取决于企业的多元化，这可能为先前文献中发现的混合证据提供了解释。

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引用次数: 0

Organisation capital: A key asset for mitigating firm-level climate change exposure 组织资本：减轻企业层面气候变化风险的关键资产

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-05-31 DOI: 10.1016/j.jcae.2025.100477

Chen Zheng, Zhiyue Sun

Despite growing evidence of the importance of organisation capital, its impact on corporate resilience remains underexplored. This study investigates whether organisation capital provides firms with greater resilience and reduces their exposure to climate change. By analysing a sample of 3,622 US firms from 2001 to 2021, we found that firms with high organisation capital experienced less climate change exposure. This result remained robust across various tests and methods to address endogeneity concerns. Furthermore, organisation capital was found to act as a mediator or suppressor in the relationship between firm-specific factors – such as financial constraints, analyst forecast quality, agency costs, financial leverage, corporate governance, firm performance, efficiency, operating performance, product market competition, and environmental commitment and initiative – and climate change exposure. Overall, our results underscore the resilience benefits provided by organisation capital and highlight its critical role in mitigating climate-related risks.

尽管越来越多的证据表明组织资本的重要性，但其对企业弹性的影响仍未得到充分探讨。本研究调查了组织资本是否为公司提供了更大的弹性，并减少了他们对气候变化的暴露。通过分析2001年至2021年3,622家美国公司的样本，我们发现组织资本高的公司经历的气候变化风险较小。通过各种测试和方法来解决内生性问题，该结果仍然是稳健的。此外，研究还发现，在企业特定因素（如财务约束、分析师预测质量、代理成本、财务杠杆、公司治理、公司绩效、效率、经营绩效、产品市场竞争、环境承诺和主动性）与气候变化风险之间的关系中，组织资本起到了中介或抑制作用。总体而言，我们的研究结果强调了组织资本提供的弹性效益，并强调了其在缓解气候相关风险方面的关键作用。

引用次数: 0

When major customers matter: customer concentration and ESG rating disagreement 大客户重要时：客户集中度与ESG评级分歧

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-08-06 DOI: 10.1016/j.jcae.2025.100499

Zhenghao Chang , Hang Zhou , Mengyu Ruan , Qin Li

The phenomenon of different ESG rating agencies evaluating the same firm’s ESG performance differently has attracted widespread attention. This study examines how customer concentration influences ESG rating disagreement using a sample of Chinese A-share listed companies spanning 2015–2022. Our findings demonstrate that customer concentration significantly increases ESG rating disagreement, with results remaining robust across various robustness tests. Dimensional analysis reveals that customer concentration exhibits a positive correlation with rating disagreements in the social (S) and governance (G) dimensions, while showing no significant relationship with disagreements in the environmental (E) dimension. Through mechanism testing, we identify three mechanisms: the quantity of ESG information disclosures, inventory turnover, and the stability of the top management team. Heterogeneity analysis further demonstrates that customer concentration exerts a more pronounced positive influence on ESG rating disagreement among firms operating in highly competitive industries, companies experiencing low supply and demand deviations, and industries significantly affected by supply chain dynamics. These findings contribute substantively to the literature examining both the role of customer concentration and the determinants of ESG rating disagreement from a supply chain perspective. The insights provided are crucial for understanding the mechanisms that influence sustainable development practices within firms.

不同的ESG评级机构对同一家公司的ESG绩效评价不同的现象引起了广泛关注。本研究以2015-2022年中国a股上市公司为样本，考察客户集中度对ESG评级分歧的影响。我们的研究结果表明，客户集中度显著增加了ESG评级分歧，并且在各种稳健性测试中结果仍然稳健。维度分析显示，顾客集中度与社会(S)和治理(G)维度的评级分歧呈正相关，而与环境(E)维度的评级分歧无显著关系。通过机制测试，我们确定了三种机制：ESG信息披露的数量、库存周转率和高层管理团队的稳定性。异质性分析进一步表明，在竞争激烈的行业、供需偏差较小的行业和受供应链动态影响显著的行业中，客户集中度对企业ESG评级差异的正向影响更为显著。这些发现对从供应链角度审视客户集中度的作用和ESG评级分歧的决定因素的文献做出了实质性贡献。所提供的见解对于理解影响企业内部可持续发展实践的机制至关重要。

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