Pub Date : 2025-12-01Epub Date: 2025-09-09DOI: 10.1016/j.jcae.2025.100504
Yewon Kim , Jaehee Jo , Meeok Cho
This study investigates whether and how external auditors’ communication with the audit committee (AC) influences opportunistic auditor changes by corporations. We adopt the framework developed by Lennox (2000) to measure the likelihood of firms engaging in opinion shopping. Using data from Korean listed firms that established an AC from 2018 to 2020, we find that greater communication between auditors and the AC is associated with a decrease in opinion shopping behavior. This effect is more pronounced when AC members are independent, when the AC chair has accounting financial expertise, and when communication between auditors and the AC addresses internal control deficiencies. Overall, our study sheds light on the effectiveness of auditors’ communication with the AC in deterring opportunistic auditor choices, offering valuable insights for policymakers and regulators.
{"title":"Auditors’ communication with the audit committee and audit opinion shopping","authors":"Yewon Kim , Jaehee Jo , Meeok Cho","doi":"10.1016/j.jcae.2025.100504","DOIUrl":"10.1016/j.jcae.2025.100504","url":null,"abstract":"<div><div>This study investigates whether and how external auditors’ communication with the audit committee (AC) influences opportunistic auditor changes by corporations. We adopt the framework developed by <span><span>Lennox (2000)</span></span> to measure the likelihood of firms engaging in opinion shopping. Using data from Korean listed firms that established an AC from 2018 to 2020, we find that greater communication between auditors and the AC is associated with a decrease in opinion shopping behavior. This effect is more pronounced when AC members are independent, when the AC chair has accounting financial expertise, and when communication between auditors and the AC addresses internal control deficiencies. Overall, our study sheds light on the effectiveness of auditors’ communication with the AC in deterring opportunistic auditor choices, offering valuable insights for policymakers and regulators.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100504"},"PeriodicalIF":2.9,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145104639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-01Epub Date: 2025-07-18DOI: 10.1016/j.jcae.2025.100496
Aaraadhya Srivastava
In 2016, the Government of India (GoI) implemented the Insolvency and Bankruptcy Code (IBC), a reform aimed at enhancing creditor rights by enabling creditors to swiftly ‘seize’ and ‘liquidate’ a defaulter’s assets within a defined timeframe. This reform was designed to strengthen creditor protections in India. Our study examines the impact of this reform on firm-level innovation. We hypothesize that creditor-friendly reforms improve access to debt capital, thereby encouraging firms to intensify their innovation activities. Utilizing an entropy-balanced difference-in-differences (Entropy-DiD) approach and leveraging pre-reform variation in firms’ ‘proportion of debt’ for identification, we find that firms with a lower pre-reform ‘proportion of debt’ increased their R&D investment by 29.4 % more than firms with a higher pre-reform ‘proportion of debt’ in the post-IBC period. Supporting our baseline result, we further document that this effect is stronger among more profitable firms within the ‘treated’ group. Our findings are robust to firm-level time-varying control variables, fixed effects for firm and industry by year, and a placebo test using a fictitious IBC promulgation year. These results indicate that stronger creditor rights foster an environment conducive to risk-taking, encouraging firms to pursue ventures that, while risky, hold significant potential for profitability. Consequently, our research highlights the welfare implications of creditor-friendly bankruptcy reforms, providing insights that could inform future policy decisions.
{"title":"Creditor rights and innovation: evidence from a quasi-natural experiment","authors":"Aaraadhya Srivastava","doi":"10.1016/j.jcae.2025.100496","DOIUrl":"10.1016/j.jcae.2025.100496","url":null,"abstract":"<div><div>In 2016, the Government of India (GoI) implemented the Insolvency and Bankruptcy Code (IBC), a reform aimed at enhancing creditor rights by enabling creditors to swiftly ‘seize’ and ‘liquidate’ a defaulter’s assets within a defined timeframe. This reform was designed to strengthen creditor protections in India. Our study examines the impact of this reform on firm-level innovation. We hypothesize that creditor-friendly reforms improve access to debt capital, thereby encouraging firms to intensify their innovation activities. Utilizing an entropy-balanced difference-in-differences (Entropy-DiD) approach and leveraging pre-reform variation in firms’ ‘proportion of debt’ for identification, we find that firms with a lower pre-reform ‘proportion of debt’ increased their R&D investment by 29.4 % more than firms with a higher pre-reform ‘proportion of debt’ in the post-IBC period. Supporting our baseline result, we further document that this effect is stronger among more profitable firms within the ‘treated’ group. Our findings are robust to firm-level time-varying control variables, fixed effects for firm and industry by year, and a placebo test using a fictitious IBC promulgation year. These results indicate that stronger creditor rights foster an environment conducive to risk-taking, encouraging firms to pursue ventures that, while risky, hold significant potential for profitability. Consequently, our research highlights the welfare implications of creditor-friendly bankruptcy reforms, providing insights that could inform future policy decisions.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100496"},"PeriodicalIF":2.9,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144670440","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine the relationship between carbon risk and accounting conservatism using 7,636 firm-year observations from 29 countries. Using firms’ carbon emissions as a proxy for carbon risk, we find that firms with higher carbon risk exhibit greater conditional accounting conservatism. However, this positive relationship is weaker in firms with stronger corporate governance and higher institutional ownership, suggesting that effective internal and external monitoring reduces the reliance on conservative reporting in response to carbon-related exposures. Further analysis shows that the relationship becomes more pronounced after the 2015 Paris Agreement. The effect is also stronger in countries with active emissions trading schemes (ETS), higher governance quality, and stakeholder-oriented business cultures. These findings offer timely and policy-relevant insights for regulators, standard-setters, and policymakers, particularly in light of the introduction of IFRS S2 by the International Sustainability Standards Board (ISSB), which mandates climate-related financial disclosures and emphasizes the importance of integrating carbon risk into core financial reporting practices.
{"title":"From corporate emissions to financial statements: Understanding accounting conservatism in the wake of carbon risks","authors":"Farhana Islam , Sudipta Bose , Sammy Xiaoyan Ying , Syed Shams","doi":"10.1016/j.jcae.2025.100500","DOIUrl":"10.1016/j.jcae.2025.100500","url":null,"abstract":"<div><div>We examine the relationship between carbon risk and accounting conservatism using 7,636 firm-year observations from 29 countries. Using firms’ carbon emissions as a proxy for carbon risk, we find that firms with higher carbon risk exhibit greater conditional accounting conservatism. However, this positive relationship is weaker in firms with stronger corporate governance and higher institutional ownership, suggesting that effective internal and external monitoring reduces the reliance on conservative reporting in response to carbon-related exposures. Further analysis shows that the relationship becomes more pronounced after the 2015 Paris Agreement. The effect is also stronger in countries with active emissions trading schemes (ETS), higher governance quality, and stakeholder-oriented business cultures. These findings offer timely and policy-relevant insights for regulators, standard-setters, and policymakers, particularly in light of the introduction of IFRS S2 by the International Sustainability Standards Board (ISSB), which mandates climate-related financial disclosures and emphasizes the importance of integrating carbon risk into core financial reporting practices.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100500"},"PeriodicalIF":2.9,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145157516","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-01Epub Date: 2025-10-05DOI: 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.
{"title":"Pay inequality and firm performance","authors":"Neerav Nagar , Avinash Arya","doi":"10.1016/j.jcae.2025.100510","DOIUrl":"10.1016/j.jcae.2025.100510","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100510"},"PeriodicalIF":2.9,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145264873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-01Epub Date: 2025-09-18DOI: 10.1016/j.jcae.2025.100505
Xiao Gu , Yeng Wai Lau , Saidatunur Fauzi bin Saidin
This study investigates the spillover effects of auditor sanctions on client firms. Using the DID model, results of listed Chinese A-share firms for the 2015–2022 period provide evidence of an adverse spillover effects of auditor sanctions where client firms have a higher probability of receiving exchange comment letters that are more severe, indicating that corporate regulators value the reputational damage of auditor sanctions. The spillover effects are more pronounced when auditor sanctions are more severe, news reports of sanction events are higher, or the audit firm is smaller. Additional analyses suggest that such adverse spillover effects are reflected in increased clients’ negative media attention and lower assessment of the quality of client firms’ accounting information. However, client firms’ online information disclosures on regulated, exchange interactive platforms can mitigate such adverse spillover effects. This study expands the boundaries of extant literature on the consequences of auditor sanctions in an emerging market and sheds light on how client firms can cope with the resultant reputation loss.
{"title":"The spillover effects of auditor sanctions on clients: evidence from stock exchange comment letters in China","authors":"Xiao Gu , Yeng Wai Lau , Saidatunur Fauzi bin Saidin","doi":"10.1016/j.jcae.2025.100505","DOIUrl":"10.1016/j.jcae.2025.100505","url":null,"abstract":"<div><div>This study investigates the spillover effects of auditor sanctions on client firms. Using the DID model, results of listed Chinese A-share firms for the 2015–2022 period provide evidence of an adverse spillover effects of auditor sanctions where client firms have a higher probability of receiving exchange comment letters that are more severe, indicating that corporate regulators value the reputational damage of auditor sanctions. The spillover effects are more pronounced when auditor sanctions are more severe, news reports of sanction events are higher, or the audit firm is smaller. Additional analyses suggest that such adverse spillover effects are reflected in increased clients’ negative media attention and lower assessment of the quality of client firms’ accounting information. However, client firms’ online information disclosures on regulated, exchange interactive platforms can mitigate such adverse spillover effects. This study expands the boundaries of extant literature on the consequences of auditor sanctions in an emerging market and sheds light on how client firms can cope with the resultant reputation loss.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100505"},"PeriodicalIF":2.9,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145117897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-01Epub Date: 2025-06-20DOI: 10.1016/j.jcae.2025.100488
Amir Hossain , Sudipta Bose , Abul Shamsuddin
Integrated reporting (IR) holistically integrates material financial and non-financial information concisely and cohesively to provide value-relevant information to capital providers. This study examines the effect of integrated report readability and tone on the market value of equity. Using 2,707 firm-year observations across 41 countries, we find that having a more readable and optimistic tone in integrated reports positively affects the market value of equity. This positive association between readability and tone with market value of equity is particularly pronounced in firms with higher institutional ownership. This relationship is further amplified in stakeholder-oriented countries, countries where English is not the official language, and financially opaque environments. Additionally, the information content of integrated report readability and tone shows a positive association with the market value of equity. Given that firms have been gradually adopting IR practices to create sustainable value, the findings of this study are of significance to regulators, standard-setters, policy makers, investors and firms.
{"title":"Do integrated report readability and tone convey value relevant information? International evidence","authors":"Amir Hossain , Sudipta Bose , Abul Shamsuddin","doi":"10.1016/j.jcae.2025.100488","DOIUrl":"10.1016/j.jcae.2025.100488","url":null,"abstract":"<div><div>Integrated reporting (IR) holistically integrates material financial and non-financial information concisely and cohesively to provide value-relevant information to capital providers. This study examines the effect of integrated report readability and tone on the market value of equity. Using 2,707 firm-year observations across 41 countries, we find that having a more readable and optimistic tone in integrated reports positively affects the market value of equity. This positive association between readability and tone with market value of equity is particularly pronounced in firms with higher institutional ownership. This relationship is further amplified in stakeholder-oriented countries, countries where English is not the official language, and financially opaque environments. Additionally, the information content of integrated report readability and tone shows a positive association with the market value of equity. Given that firms have been gradually adopting IR practices to create sustainable value, the findings of this study are of significance to regulators, standard-setters, policy makers, investors and firms.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100488"},"PeriodicalIF":2.9,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144571728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-01Epub Date: 2025-09-01DOI: 10.1016/j.jcae.2025.100502
Yafei Zu, Chenmin Ma, Qian Sun
Taking Chinese A-share listed enterprises from 2009 to 2019 as samples, this study finds that executive compensation stickiness exhibits a significantly positive impact on enterprise innovation, with social trust playing a positive moderating role. This finding remains valid in a series of robustness tests. Channel analyses show that risk-taking plays a mediating role in the relationship between executive compensation stickiness and enterprise innovation. Cross-sectional analyses show that such positive effect is more significant for state-owned enterprises and enterprises with risk-averse executives, better supervisions, and in economically developed regions. Additional analyses indicate that, different types of executive compensation stickiness have great differences in incentive effect, and executive compensation stickiness can improve enterprise performance through enterprise innovation. This paper not only enriches the research on the consequences of executive compensation stickiness, but also expands insights into the interaction between formal and informal controls.
{"title":"Executive compensation stickiness, social trust and enterprise innovation","authors":"Yafei Zu, Chenmin Ma, Qian Sun","doi":"10.1016/j.jcae.2025.100502","DOIUrl":"10.1016/j.jcae.2025.100502","url":null,"abstract":"<div><div>Taking Chinese A-share listed enterprises from 2009 to 2019 as samples, this study finds that executive compensation stickiness exhibits a significantly positive impact on enterprise innovation, with social trust playing a positive moderating role. This finding remains valid in a series of robustness tests. Channel analyses show that risk-taking plays a mediating role in the relationship between executive compensation stickiness and enterprise innovation. Cross-sectional analyses show that such positive effect is more significant for state-owned enterprises and enterprises with risk-averse executives, better supervisions, and in economically developed regions. Additional analyses indicate that, different types of executive compensation stickiness have great differences in incentive effect, and executive compensation stickiness can improve enterprise performance through enterprise innovation. This paper not only enriches the research on the consequences of executive compensation stickiness, but also expands insights into the interaction between formal and informal controls.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100502"},"PeriodicalIF":2.9,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145010406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-01Epub Date: 2025-07-10DOI: 10.1016/j.jcae.2025.100494
Ajit Dayanandan , Han Donker
This study examines the impact of caste networks in mergers and acquisitions (M&A) in India during the period 2000-2022. The study finds a strong association between the caste affiliation of the largest shareholders in acquirer and target companies in M&A transactions in India. Employing the event study methodology, the study finds that companies with dominant shareholders belonging to forward castes secure the highest incremental value among all the caste groups. The forward castes display weaker ties with shareholders from other social identities. Overall, our findings support the social identity, homophily, and in-group bias theories, which contend that people form and maintain social and economic connections with people who share their social identities. The M&A clusters in India are networked by caste identities and they try to overcome information asymmetry by relying on alternative channels such social identity. This research points to the need to complement existing markers of M&A like age, functional background, and professional experience of management with critical factors such as social identity like caste in decision-making and organizational outcomes.
{"title":"Caste affiliation and M&A transactions in India","authors":"Ajit Dayanandan , Han Donker","doi":"10.1016/j.jcae.2025.100494","DOIUrl":"10.1016/j.jcae.2025.100494","url":null,"abstract":"<div><div>This study examines the impact of caste networks in mergers and acquisitions (M&A) in India during the period 2000-2022. The study finds a strong association between the caste affiliation of the largest shareholders in acquirer and target companies in M&A transactions in India. Employing the event study methodology, the study finds that companies with dominant shareholders belonging to forward castes secure the highest incremental value among all the caste groups. The forward castes display weaker ties with shareholders from other social identities. Overall, our findings support the social identity, homophily, and in-group bias theories, which contend that people form and maintain social and economic connections with people who share their social identities. The M&A clusters in India are networked by caste identities and they try to overcome information asymmetry by relying on alternative channels such social identity. This research points to the need to complement existing markers of M&A like age, functional background, and professional experience of management with critical factors such as social identity like caste in decision-making and organizational outcomes.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100494"},"PeriodicalIF":2.9,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623460","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-01Epub Date: 2025-10-24DOI: 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.
{"title":"Digital mergers and acquisitions and corporate technological innovation: An analysis of innovation scale, efficiency and quality","authors":"Peng Liang , Qihang Zhao , Lin Liang","doi":"10.1016/j.jcae.2025.100513","DOIUrl":"10.1016/j.jcae.2025.100513","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100513"},"PeriodicalIF":2.9,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145415154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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