Journal of Contemporary Accounting & Economics最新文献

英文中文

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 : 2025-09-03 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

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 : 2025-09-01 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

Executive compensation stickiness, social trust and enterprise innovation 高管薪酬粘性、社会信任与企业创新

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-09-01 DOI: 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.

以2009 - 2019年中国a股上市企业为样本，研究发现高管薪酬粘性对企业创新表现出显著的正向影响，其中社会信任起到正向调节作用。这一发现在一系列稳健性测试中仍然有效。渠道分析表明，风险承担在高管薪酬粘性与企业创新的关系中起中介作用。横断面分析表明，这种正向效应在国有企业、高管厌恶风险、监管较好的企业和经济发达地区更为显著。进一步分析表明，不同类型的高管薪酬粘性在激励效果上存在较大差异，高管薪酬粘性可以通过企业创新来提高企业绩效。本文不仅丰富了对高管薪酬粘性后果的研究，而且拓展了对正式控制与非正式控制之间相互作用的见解。

引用次数: 0

From corporate emissions to financial statements: Understanding accounting conservatism in the wake of carbon risks 从企业排放到财务报表：了解碳风险后的会计稳健性

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-08-29 DOI: 10.1016/j.jcae.2025.100500

Farhana Islam , Sudipta Bose , Sammy Xiaoyan Ying , Syed Shams

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.

我们使用来自29个国家的7636个公司年度观察结果来检验碳风险与会计稳健性之间的关系。利用企业碳排放作为碳风险的代表，我们发现碳风险较高的企业表现出更强的条件会计稳健性。然而，在公司治理更强、机构所有权更高的公司中，这种正相关关系较弱，这表明有效的内部和外部监测减少了对碳相关风险的保守报告的依赖。进一步分析表明，这种关系在2015年《巴黎协定》之后变得更加明显。在拥有积极的排放交易计划（ETS）、更高的治理质量和以利益相关者为导向的商业文化的国家，这种影响也更强。这些发现为监管机构、标准制定者和政策制定者提供了及时且与政策相关的见解，特别是考虑到国际可持续标准委员会（ISSB）引入了国际财务报告准则S2，该准则要求进行与气候相关的财务披露，并强调将碳风险纳入核心财务报告实践的重要性。

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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 : 2025-08-06 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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引用次数: 0

Economic conditions and related party transactions in India 印度经济状况与关联方交易

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-08-05 DOI: 10.1016/j.jcae.2025.100498

Ujjawal Sawarn , Abhishek Rohit , Ankit Kumar

We investigate the impact of innovations in the level of economic activity—first-moment shocks—and its volatility, or uncertainty—second-moment shocks—on related party transactions (RPT) in India. Related parties face trade-offs between supporting the firm and extracting the private benefit, given the nature of first and second-moment shocks. Using fixed effects panel data regression for India, we find that during periods of high economic growth and low uncertainty, firms engage more in related party transactions to leverage existing relationships with affiliated entities, reduce transaction costs, and support one another. Furthermore, we find that the effect of economic growth on RPT increases after the enactment of the Indian Companies Act (2013), which mandates shareholders’ approval for material-related party transactions. We also explore the motives of RPT and find that this increase is due to business RPT and not opportunistic RPT, confirming the increase in economic activities. Apart from this, we also find that this relationship is more pronounced in manufacturing and profitable firms. We confirm our results using various robustness exercises such as alternate measures, instrumental variables, and serial correlation.

我们研究了印度经济活动水平的创新（第一时刻冲击）及其波动性或不确定性（第二时刻冲击）对关联方交易（RPT）的影响。考虑到第一和第二时刻冲击的性质，相关各方面临着支持公司和获取私人利益之间的权衡。通过对印度的固定效应面板数据回归，我们发现，在经济高增长和低不确定性时期，企业更多地参与关联交易，以利用与关联实体的现有关系，降低交易成本，并相互支持。此外，我们发现经济增长对RPT的影响在印度公司法（2013）颁布后增加，该法案要求股东批准重大关联方交易。我们还探讨了RPT的动机，发现这种增加是由于商业RPT而不是机会性RPT，证实了经济活动的增加。除此之外，我们还发现这种关系在制造业和盈利企业中更为明显。我们确认我们的结果使用各种鲁棒性练习，如替代措施，工具变量和序列相关。

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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 : 2025-07-28 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

Creditor rights and innovation: evidence from a quasi-natural experiment 债权与创新：来自准自然实验的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-07-18 DOI: 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.

2016年，印度政府实施了《破产和破产法》（IBC），这项改革旨在通过使债权人能够在规定的时间内迅速“扣押”和“清算”违约方的资产，从而增强债权人的权利。这项改革旨在加强对印度债权人的保护。我们的研究考察了这一改革对企业层面创新的影响。我们假设债权人友好型改革改善了获得债务资本的途径，从而鼓励企业加强创新活动。利用熵平衡差分法（entroppy - did）并利用改革前企业“债务比例”的变化进行识别，我们发现改革前“债务比例”较低的企业在后ibc时期比改革前“债务比例”较高的企业增加了29.4%的研发投资。支持我们的基线结果，我们进一步证明，在“治疗”组中，这种效应在更有利可图的公司中更强。我们的研究结果对公司层面的时变控制变量、公司和行业按年的固定效应以及使用虚构的IBC颁布年份的安慰剂测试具有鲁棒性。这些结果表明，更强大的债权人权利营造了一种有利于冒险的环境，鼓励企业从事虽然有风险但具有巨大盈利潜力的企业。因此，我们的研究强调了债权人友好型破产改革对福利的影响，为未来的政策决策提供了参考。

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引用次数: 0

The private securities litigation reform act and post-earnings announcement drift 民间证券诉讼改革法案与收益后公告漂移

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-07-12 DOI: 10.1016/j.jcae.2025.100495

Benjamin Angelo

The Private Securities Litigation Reform Act protects firms against litigation stemming from forward-looking statements. This paper considers whether these protections contribute to post-earnings announcement drift. The results did not suggest that the inherent uncertainty of forward-looking statements contributes to a delayed price reaction. However, the results provide evidence that backward-looking statements are associated with a delayed price response. This result is consistent with Bernard and Thomas (1990) suggestion that post-earnings announcement drift is caused by investors not fully understanding how current earnings map into future earnings. Overall, the results suggests that the PSLRA does not contribute to post-earnings announcement drift. Further, the results have practical implications for firms. Managers should focus their prepared remarks on the prior performance of the firm and focus their responses during the question-and-answer session on the future performance of the firm.

《私人证券诉讼改革法》保护公司免受前瞻性陈述引起的诉讼。本文考虑这些保护措施是否会导致盈余公告后漂移。结果并不表明前瞻性陈述的内在不确定性有助于延迟价格反应。然而，结果提供了证据表明，回顾陈述与延迟的价格反应有关。这一结果与Bernard和Thomas（1990）的观点一致，即收益公告后漂移是由于投资者没有完全理解当前收益如何映射到未来收益。总体而言，结果表明PSLRA不会导致收益公告后漂移。此外，研究结果对企业具有实际意义。经理们应该把准备好的发言重点放在公司以前的业绩上，并把他们在问答环节的回答重点放在公司未来的业绩上。

引用次数: 0

Caste affiliation and M&A transactions in India 种姓关系和印度的并购交易

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-07-10 DOI: 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.

本研究考察了种姓网络在2000-2022年期间印度并购（M&；A）中的影响。研究发现，在印度并购交易中，收购方最大股东的种姓归属与目标公司之间存在很强的关联。采用事件研究方法，该研究发现，在所有种姓群体中，拥有属于前种姓的主要股东的公司获得了最高的增量价值。前种姓与其他社会身份的股东关系较弱。总的来说，我们的研究结果支持社会认同、同质性和群体内偏见理论，这些理论认为人们与拥有相同社会身份的人形成并保持社会和经济联系。印度的M&；A集群是由种姓身份组成的，他们试图通过依赖社会身份等替代渠道来克服信息不对称。本研究指出，在决策和组织结果中，需要将年龄、职能背景和管理专业经验等现有的管理和管理标志与种姓等社会身份等关键因素相补充。

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