Journal of Contemporary Accounting & Economics最新文献

英文中文

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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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 : 2025-07-08 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

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 : 2025-07-04 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

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 : 2025-06-30 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。

引用次数: 0

Analysts’ revenue forecasts and discretionary revenues 分析师的收入预测和可自由支配的收入

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-06-26 DOI: 10.1016/j.jcae.2025.100489

Shih-Chu Chou , Sunay Mutlu , Weiwei Wang

We investigate the association between analysts’ revenue forecast coverage and firms’ revenue manipulation. We find that coverage of revenues by financial analysts relative to earnings is positively associated with the magnitude of firms’ discretionary revenues. This finding shows a pressure effect of analysts, where analysts’ revenue forecasts induce incentives for managers to manipulate revenues to meet expectations. Our cross-sectional analyses show that this pressure on discretionary revenues is higher during the fourth fiscal quarter. This effect is also more pronounced for firms whose revenues are more value-relevant and when analysts exhibit greater disagreement over revenue forecasts. Further evidence related to ASC 606, a major GAAP change about revenue accounting, provides corroborating evidence for the pressure effect. Robustness checks confirm the validity of our findings and offer further insights into the role of revenue forecasts in revenue manipulation.

我们研究了分析师收入预测覆盖率与公司收入操纵之间的关系。我们发现，金融分析师对收入相对于收益的报道与公司可自由支配收入的大小呈正相关。这一发现显示了分析师的压力效应，即分析师的收入预测会促使管理者操纵收入以满足预期。我们的横断面分析显示，在第四财政季度，这种对可自由支配收入的压力更大。对于收入与价值相关性更强的公司，以及分析师对收入预测的分歧更大的公司，这种影响也更为明显。进一步的证据与ASC 606有关，这是一项关于收入会计的主要GAAP变更，为压力效应提供了确凿的证据。稳健性检查证实了我们的研究结果的有效性，并进一步深入了解收入预测在收入操纵中的作用。

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 : 2025-06-22 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

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 : 2025-06-21 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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