Journal of Contemporary Accounting & Economics最新文献

英文中文

Do integrated report readability and tone convey value relevant information? International evidence 综合报告的可读性和语气是否传达了有价值的相关信息？国际证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-06-20 DOI: 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.

综合报告（IR）将重要的财务信息和非财务信息以简洁、连贯的方式进行整体整合，为资本提供者提供与价值相关的信息。本研究探讨综合报告的可读性和基调对权益市场价值的影响。通过对41个国家2707家公司的年度观察，我们发现，在综合报告中拥有更可读和乐观的基调对股权的市场价值有积极影响。可读性和语气与股权市场价值之间的这种正相关关系在机构所有权较高的公司中尤为明显。这种关系在以利益相关者为导向的国家、英语不是官方语言的国家以及财政不透明的环境中进一步放大。此外，综合报告的可读性和语气的信息含量与权益的市场价值呈正相关。鉴于企业已逐渐采用IR实践来创造可持续价值，本研究的结果对监管机构、标准制定者、政策制定者、投资者和企业都具有重要意义。

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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 : 2025-06-16 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

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 : 2025-06-01 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

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 : 2025-05-31 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

Audit implications of major customer diversity 主要客户多样性的审计含义

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-05-20 DOI: 10.1016/j.jcae.2025.100476

Xiao Chen , Narisa Tianjing Dai , Leo Jiahe Liu

This study introduces a novel measure, major customer diversity, to capture the heterogeneity in firms’ major customer bases, and examines its implications for audit practices. While engaging with heterogeneous major customers may help firms stabilize revenues and mitigate overstocking costs, we argue that such diversification increases auditors’ perceived business risk and the complexity of audit procedures. Our empirical findings indicate that major customer diversity is positively and significantly related to audit pricing, suggesting that auditors incorporate this dimension into their risk assessments and fee structures. Furthermore, we find that this effect is amplified when firms exhibit high dependence on major customers or operate with greater complexity. Additional analyses demonstrate that major customer diversity has broader implications for financial reporting outcomes, including shorter audit report lags, reduced discretionary accruals, a higher likelihood of financial restatements, and a decreased probability of receiving going-concern opinions. Moreover, firms with diversified major customers tend to hold less accounts receivables and finished goods and form greater investments in works-in-process and raw materials and customer-specific assets (e.g., property, plant, and equipment), indicating the leveling of liquidity and operational risks.

本研究引入了一个新的衡量标准，主要客户多样性，以捕捉公司主要客户基础的异质性，并研究其对审计实践的影响。虽然与异质大客户合作可能有助于公司稳定收入和降低库存过剩成本，但我们认为，这种多样化增加了审计师的感知业务风险和审计程序的复杂性。我们的实证研究结果表明，主要客户多样性与审计定价呈正相关，这表明审计师将这一维度纳入其风险评估和收费结构中。此外，我们发现，当企业表现出对主要客户的高度依赖或经营更复杂时，这种效应会被放大。其他分析表明，主要客户的多样性对财务报告结果具有更广泛的影响，包括缩短审计报告滞后时间、减少可自由支配应计利润、提高财务重述的可能性，以及降低接收持续经营意见的可能性。此外，拥有多元化主要客户的公司往往持有较少的应收账款和产成品，而对在制品、原材料和客户特定资产（如房产、厂房和设备）的投资更多，这表明流动性和经营风险趋于均衡。

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引用次数: 0

CEO tenure and labor investment efficiency CEO任期与劳动投资效率

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-05-15 DOI: 10.1016/j.jcae.2025.100475

Hui Liang James , Pornsit Jiraporn , Hongxia Wang

We examine the impact of CEO tenure on corporate labor investment efficiency. While some studies show that CEO entrenchment increases in tenure (e.g., Hermalin and Weisbach, 1998), others argue that managerial expertise builds over time in the office (e.g., Graf-Vlachy et al., 2020). Using a large sample of U.S. firms from 1992 to 2018, we find that longer-tenured CEOs are associated with more efficient labor investment. This finding is robust to alternative measures of labor investment inefficiency, subsample analyses, and various model specifications. Further analysis shows that longer-tenured CEOs mitigate both under- and over-investment in labor problems characterized by under-hiring and under-firing, respectively. The positive effect of CEO tenure on labor investment efficiency is stronger in human capital-intensive firms and those with greater operational uncertainty. We conclude that advanced managerial expertise enables longer-tenured CEOs to invest in labor more accurately.

我们考察了CEO任期对企业劳动投资效率的影响。虽然一些研究表明，CEO的任期会增加（例如，Hermalin和Weisbach， 1998），但其他人认为，管理专业知识是随着办公室时间的推移而积累的（例如，grafy - vlachy等人，2020）。利用1992年至2018年美国公司的大样本，我们发现任期较长的首席执行官与更有效的劳动力投资相关。这一发现对于劳动力投资效率低下、子样本分析和各种模型规格的替代措施是稳健的。进一步的分析表明，任期较长的首席执行官分别缓解了以雇佣不足和解雇不足为特征的劳动力问题上的投资不足和投资过度。CEO任期对劳动投资效率的正向影响在人力资本密集型企业和经营不确定性较大的企业中更为显著。我们的结论是，先进的管理专业知识使任期较长的首席执行官能够更准确地投资于劳动力。

引用次数: 0

An examination of the effect of classification shifting on the perception of cost stickiness 分类转移对成本粘性感知的影响研究

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-05-11 DOI: 10.1016/j.jcae.2025.100474

Sabrina Gong , Heather A. Wier

We examine whether classification shifting affects measured cost stickiness. Our evidence is consistent with managers shifting SG&A costs into the restructuring charge category in instances where they are targeting “Street” earnings to meet or beat the analysts’ consensus forecast. Consequently, SG&A costs appear less sticky. We confirm that the decrease in observed cost stickiness for firms we identify as classification shifters is not due to increased operational efficiency and is incremental to spending cuts. We demonstrate that one-year ahead market share for firms that likely cut SG&A spending decreases significantly compared to the market share of firms that we identify as classification shifters. We present evidence that classification shifting via restructuring charges is concentrated in industries where SG&A spending creates high future value.

我们研究了分类转移是否影响测量成本粘性。我们的证据与管理者将SG&；A成本转移到重组费用类别的情况是一致的，如果他们的目标是“街头”收益达到或超过分析师的共识预测。因此，SG&；A成本的粘性似乎降低了。我们确认，对于我们确定为分类转移的公司来说，观察到的成本粘性的下降不是由于运营效率的提高，而是由于支出削减的增加。我们证明，与我们认为是分类转移的公司的市场份额相比，可能削减SG&；A支出的公司在未来一年的市场份额显著下降。我们提供的证据表明，通过重组费用进行的分类转移集中在SG&；A支出创造高未来价值的行业。

引用次数: 0

Nexus between the anchoring effect and management earnings forecasts: An investigation of the listed firms in the US stock market 锚定效应与管理层盈余预测的关系：对美国上市公司的调查

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-04-26 DOI: 10.1016/j.jcae.2025.100472

Ahmed Bouteska , Taimur Sharif , Mohammad Zoynul Abedin

This paper investigates the influence of the anchoring effects on management earnings forecasting (MF) process among the US firms using the voluntary disclosures of MFs during the period 2015–2022. The results show evidence that the MFs’ valuation of the present period is influenced by the internal and external anchoring effects, reflected by firms’ previous earnings forecasts and the earnings forecasts from their industry counterparts, respectively. Furthermore, we highlight that stronger anchoring effects deteriorate the accuracy of the MF and improve the market reaction to the issued forecasts. Given these findings, we suggest that the informational content of the anchor heuristic in MF is affected in the stock prices. Overall, our study complement the behavioral finance literature and warn users about misleading or unreliable information for anchor heuristic in MF when it comes to make investment decisions.

The outcomes of this paper provide useful insights for practitioners, policymakers and to the regulatory authorities.

本文研究了锚定效应对2015-2022年美国公司自愿披露管理层盈余预测（MF）过程的影响。研究结果表明，基金经理的当期估值受到内部和外部锚定效应的影响，这分别反映在公司以往的盈利预测和行业同行的盈利预测上。此外，我们强调，更强的锚定效应会降低MF的准确性，并改善市场对发布的预测的反应。鉴于这些发现，我们认为MF中锚定启发式的信息内容受到股票价格的影响。总的来说，我们的研究补充了行为金融学文献，并警告用户在做出投资决策时，MF中的锚定启发式存在误导性或不可靠的信息。本文的结果为从业者、政策制定者和监管机构提供了有用的见解。

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引用次数: 0

Redacted disclosure and analysts’ weighting of information 修订披露和分析师对信息的权重

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics

Pub Date : 2025-04-24 DOI: 10.1016/j.jcae.2025.100471

Lei Zhao

This paper investigates whether and how redacting value-relevant proprietary information from material agreements in initial public offerings (IPO) affects financial analysts’ weighting of private and public information. To the extent that redaction affects the firm information environment, I find that analysts place greater weight on private information for redacting IPO firms. This result prevails particularly among analysts who rely more on private information. Further evidence reveals that analysts’ increased reliance on private information stems from cognitive biases and incentives. Moreover, I ascertain that analysts’ heightened emphasis on private information increases idiosyncratic risk. These findings shed light on the role of firm information environment in analysts’ decision-making processes, which is of potential interest to regulators seeking to understand the consequences of redacting proprietary information in IPO filings.

本文研究了从首次公开发行（IPO）的重大协议中编辑与价值相关的专有信息是否以及如何影响金融分析师对私人和公共信息的权重。在编校影响公司信息环境的程度上，我发现分析师在编校IPO公司时更重视私人信息。这一结果在更多依赖私人信息的分析师中尤为普遍。进一步的证据表明，分析师对私人信息的日益依赖源于认知偏见和激励。此外，我确定，分析师对私人信息的高度重视增加了特殊风险。这些发现揭示了公司信息环境在分析师决策过程中的作用，这对试图了解在IPO文件中编辑专有信息的后果的监管机构可能感兴趣。

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Government subsidies and managerial slack: Evidence from China 政府补贴和管理懈怠：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 : 2025-04-23 DOI: 10.1016/j.jcae.2025.100473

Haiyan Jiang , Kun Su , Ahsan Habib

This paper examines the association between government subsidies and firm-level managerial slack for a sample of Chinese listed firms over the period 2005–2018. Managerial slack is the excess spending, compensation, and perquisites consumed by managers at the expense of shareholders’ wealth. Measuring managerial slack as the abnormal administrative expenses following Fang, He, and Conyon (2018) and Fang, He, and Shaw (2018), we find that government subsidies are positively associated with firms’ managerial slack. This positive association, however, is attenuated for firms with strong internal control and firms headquartered in regions with a high level of social trust. Further analysis demonstrates that the positive association is driven by firms receiving non-tax-related government subsidies. Our main result remains robust after addressing endogeneity concerns. Finally, we show that the stock market penalizes subsidy-receiving firms with high managerial slack.

本文以2005-2018年中国上市公司为样本，研究了政府补贴与公司层面管理懈怠之间的关系。管理懈怠是指管理者以牺牲股东财富为代价而消耗的超额支出、薪酬和额外福利。继Fang， He, and Conyon（2018）和Fang， He, and Shaw（2018）之后，我们将管理松弛作为异常管理费用来衡量，发现政府补贴与企业管理松弛呈正相关。然而，对于具有强大内部控制的公司和总部位于社会信任度高的地区的公司，这种积极联系减弱了。进一步分析表明，这种正向关联是由企业获得与税收无关的政府补贴所驱动的。在解决内生性问题后，我们的主要结果仍然强劲。最后，我们证明了股票市场对高管理松弛度的接受补贴的公司进行了惩罚。

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