Journal of Contemporary Accounting & Economics最新文献

英文中文

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 : 2025-12-01 Epub 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

Geographically dispersed signing auditors and audit quality 地理上分散的签约审核员和审核质量

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-07-08 DOI: 10.1016/j.jcae.2025.100493

Tianyu Zhang

We examine how audit quality is affected by spatial arrangements of the audit team, specifically when the signing partners are geographically located in different provinces in China. Our baseline results show that dispersed signing auditors are related to higher audit quality and less audit opinion shopping. Further results suggest that this may be related to the better information and higher level of auditor independence for the geographically dispersed partners, and the effect is strongest when both channels are at work. Additional analyses show that the effect is weaker when coordination costs for geographical dispersion are higher, and we find that dispersed auditors are not related to higher audit fees or longer audit report lag. Overall, our findings underscore the positive influence of signing auditors’ geographical dispersion on audit quality.

我们研究了审计团队的空间安排对审计质量的影响，特别是当签约合作伙伴位于中国不同的省份时。我们的基线结果表明，分散签名审计员与更高的审计质量和更少的审计意见购物有关。进一步的结果表明，这可能与地理上分散的合作伙伴获得更好的信息和更高水平的审计师独立性有关，并且当两个渠道都在工作时，效果最强。进一步的分析表明，地域分散的协调成本越高，这种效应越弱，并且我们发现分散审计人员与更高的审计费用或更长的审计报告滞后无关。总体而言，我们的研究结果强调了签约审计师地理分布对审计质量的积极影响。

引用次数: 0

Pulling back the curtain, does news about a firm’s economic events before the earnings announcement help investors contextualize earnings surprise? 拉开帷幕，在公司公布收益之前，有关公司经济事件的新闻是否有助于投资者理解收益意外的背景？

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-06-01 DOI: 10.1016/j.jcae.2025.100478

Justin Deng

This paper examines how news released throughout the prior quarter helps investors contextualize future earnings surprises. I find that news detailing specific firm events, or “event-based news releases,” in the quarter leading up to the earnings announcement reduces post-earnings announcement drift (+2, +60), but, interestingly, that Form 8-Ks are ineffective in reducing this mispricing. To investigate this difference, I find that event-based news releases without an associated Form 8-K are much more likely to disclose events related to the firm’s core operations and specifically product and client announcements compared with event-based news releases that have an associated Form 8-K. I also compare total news releases with event-based news releases and find that event-based news releases specifically are associated with a reduction in post-earnings announcement drift. Lastly, I find that event-based news releases are more effective at reducing drift for firms with less disaggregated income statements and prior to the filing of the Form 10-Q/Form 10-K.

本文研究了上一季度发布的新闻如何帮助投资者了解未来的盈利意外。我发现，在收益公告之前的季度，详细介绍具体公司事件的新闻或“基于事件的新闻发布”减少了收益公告后的漂移（+2,+60），但有趣的是，表格8- k在减少这种错误定价方面是无效的。为了调查这种差异，我发现，与具有相关表格8-K的基于事件的新闻发布相比，没有相关表格8-K的基于事件的新闻发布更有可能披露与公司核心业务相关的事件，特别是产品和客户公告。我还比较了总新闻发布与基于事件的新闻发布，发现基于事件的新闻发布特别与减少收益后公告漂移有关。最后，我发现基于事件的新闻发布对于具有较少分类损益表的公司和在提交表格10-Q/表格10-K之前更有效地减少漂移。

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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 : 2025-12-01 Epub 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

Executive-level internal governance and tax planning 执行级别的内部治理和税务规划

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-07-04 DOI: 10.1016/j.jcae.2025.100492

David Folsom , Md Mahmudul Hasan , Fuzhao Zhou

We examine whether executive-level internal governance affects the extent of tax avoidance in U.S. firms. Internal governance includes processes through which subordinate executives provide checks and balances in firms’ decision-making processes (Cheng et al. 2016). We use a combined empirical measure of the relative length of the key subordinate executives’ decision horizons and their relative influence compared to their respective CEOs to proxy for the strength of subordinate executives’ roles in firms’ internal governance structures. We find that cross-sectional differences in internal governance strength explain differences in proxies of firm-level tax planning. Specifically, we find that firms are more likely to engage in tax strategies that will reduce both short-term and long-term effective tax rates when executive-level internal governance is more robust.

我们考察了高管层内部治理是否会影响美国公司的避税程度。内部治理包括下属高管在公司决策过程中提供制衡的过程（Cheng et al. 2016）。我们使用了一种综合的实证方法来衡量关键下属高管决策视野的相对长度及其相对于各自ceo的相对影响力，以代表下属高管在公司内部治理结构中的角色强度。我们发现内部治理强度的横截面差异解释了公司层面税收筹划代理的差异。具体而言，我们发现，当高管层内部治理更加健全时，企业更有可能采取降低短期和长期有效税率的税收策略。

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 : 2025-12-01 Epub 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

Product market competition and R&D disclosure transparency: evidence from earnings communication conferences in China 产品市场竞争与研发披露透明度：来自中国盈余沟通会议的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-06-16 DOI: 10.1016/j.jcae.2025.100487

Mengshu Hao , Yuan He

This study examines how product market competition influences firms’ R&D disclosure transparency. Using a novel text-based measure derived from the transcripts of earnings communication conferences (ECCs) of Chinese listed firms, we document that increased competition from potential entrants significantly enhances R&D disclosure transparency. This effect is more pronounced among firms that are financially constrained, have stronger incentives to deter new entrants, and face lower proprietary costs. Further analysis shows that greater R&D disclosure transparency is associated with lower financing costs for disclosing firms and reduced R&D activity among their industry peers. Overall, our findings suggest that firms strategically enhance R&D disclosure transparency in response to competitive threats from potential market entrants, balancing the benefits of reduced financing costs and entry deterrence against the potential risks of revealing proprietary information.

本研究探讨产品市场竞争对企业研发披露透明度的影响。本文采用了一种基于文本的新型度量方法，该方法来源于中国上市公司的盈余沟通会议（ECCs）记录，结果表明，来自潜在进入者的竞争加剧显著提高了研发披露的透明度。这种效应在那些财政拮据、有更强的动机阻止新进入者、面临更低专利成本的公司中更为明显。进一步分析表明，研发披露透明度越高，披露企业的融资成本越低，行业同行的研发活动也越少。总体而言，我们的研究结果表明，为了应对潜在市场进入者的竞争威胁，企业在战略上提高研发披露的透明度，在降低融资成本和进入威慑的好处与披露专有信息的潜在风险之间取得平衡。

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 : 2025-12-01 Epub 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

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 : 2025-12-01 Epub 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

Does key audit matters (KAMs) disclosure affect corporate financialization? 关键审计事项（KAMs）披露是否影响公司金融化？

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-12-01 Epub Date: 2025-06-30 DOI: 10.1016/j.jcae.2025.100491

Yan Zhao, Kun Su, Yiming Xu

This paper aims to clarify the relationship between key audit matters (KAMs) disclosure and corporate financialization. The findings reveal that key audit matters (KAMs) disclosure can provide incremental information value, thereby impeding corporate financialization in China. Moreover, this effect is more pronounced in the samples with low media attention, low institutional investor holdings, and non-state-owned enterprises. Further research indicates that reducing managerial myopia and easing financing constraints serve as key channels through which key audit matters (KAMs) disclosure affects corporate financialization. In addition, the future financialization analysis suggests that key audit matters (KAMs) disclosure has a sustained deterrent effect on financialization rather than just a short-term signaling mechanism. This study provides empirical evidence on efficiently preventing excessive financialization of enterprises, as well as some insights for mitigating systemic financial risks from the key audit matters (KAMs) disclosure perspective.

本文旨在阐明关键审计事项披露与公司金融化之间的关系。研究发现，关键审计事项披露可以提供增量信息价值，从而阻碍中国企业的金融化。而且，这种效应在媒体关注度低、机构投资者持股比例低和非国有企业的样本中更为明显。进一步研究表明，减少管理短视和缓解融资约束是关键审计事项披露影响企业金融化的关键渠道。此外，未来金融化分析表明，关键审计事项（KAMs）披露对金融化具有持续的威慑作用，而不仅仅是一种短期信号机制。本研究为有效防止企业过度金融化提供了实证证据，并从关键审计事项披露的角度为缓解系统性财务风险提供了一些见解。

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全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

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