Advances in Accounting最新文献

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Who's on and who's not? Technology diffusion and corporate social media adoption patterns 谁上了，谁没上？技术扩散和企业社会媒体采用模式

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2026-01-13 DOI: 10.1016/j.adiac.2026.100866

Atul Singh , Sok-Hyon Kang , Amin Hosseini , Robert Savickas

We explore the economic factors that motivate firms to adopt Twitter, a popular social media platform. Applying duration analysis models to a sample of all publicly listed US firms between 2006 and 2017, comprising 202,799 firm-quarters, we find that, in contrast to typical technological diffusion, firms were initially reluctant to follow the early adoption leaders but joined their predecessors in later years. More visible firms and consumer-facing firms have a higher propensity to adopt Twitter. We interpret this evidence as suggesting that firms actively followed by the press and investors have a greater need to control the information environment through social media. Interestingly, we find that different factors affect the propensity to adopt Twitter for S&P 1500 and non-S&P 1500 firms. Furthermore, the results suggest that firms have lower information asymmetry following Twitter adoption. We show the moderating role of firm visibility, where information asymmetry is primarily concentrated among low-visibility, non-S&P 1500, and less visible late-adopting firms. In contrast, high-visibility firms benefited more in the early years.

我们探讨了激励企业采用Twitter这一流行的社交媒体平台的经济因素。将持续时间分析模型应用于2006年至2017年期间所有公开上市的美国公司样本，包括202,799个公司季度，我们发现，与典型的技术扩散相反，公司最初不愿跟随早期采用领先者，但在后来的几年加入了他们的前辈。知名度更高的公司和面向消费者的公司更倾向于采用Twitter。我们将这一证据解释为，被媒体和投资者积极关注的公司更需要通过社交媒体控制信息环境。有趣的是，我们发现不同的因素影响标准普尔1500指数公司和非标准普尔1500指数公司采用Twitter的倾向。此外，研究结果表明，采用Twitter后，企业的信息不对称程度降低。我们展示了企业可见性的调节作用，其中信息不对称主要集中在低可见性、非标普1500和较不可见的晚采用公司。相比之下，知名度高的公司在早期受益更多。

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引用次数: 0

The real effects of the PCAOB's new auditing standards on financial advisor misconduct PCAOB新审计准则对财务顾问不当行为的实际影响

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2026-01-06 DOI: 10.1016/j.adiac.2025.100853

Qiyuan Peng , Pinky Rusli , Russell Williamson , R.Z. Zhang

Financial advisors play a crucial role as gatekeepers to the financial markets for the investing public. However, when financial advisors engage in misconduct, their actions can cause significant financial harm to their clients. Despite expectations that labor market discipline and reputation effects would drive advisors with misconduct records out of the industry, prior research has shown that many such advisors persistently find employment at different broker-dealer firms. This study investigates whether the new auditing standards for broker-dealer audits issued by the Public Company Accounting Oversight Board (PCAOB) in 2014 are associated with a reduction in financial advisor misconduct. Our findings indicate that the new auditing standards are indeed associated with such a decrease. Moreover, this association is stronger for smaller broker-dealer firms and specialist auditors. We also find that the new auditing standards promote greater auditor independence, result in higher turnover for advisors with past misconduct, and diminish the influence of reputation matching between auditors and broker-dealer clients who tolerate misconduct. Together, these results suggest that the PCAOB's new auditing standards have a positive impact in deterring financial advisor misconduct within the broker-dealer industry.

金融顾问作为金融市场的看门人，对投资大众起着至关重要的作用。然而，当财务顾问从事不当行为时，他们的行为可能会对客户造成重大的财务损害。尽管人们预期劳动力市场纪律和声誉的影响会把有不当行为记录的顾问赶出这个行业，但之前的研究表明，许多这样的顾问坚持在不同的经纪自营公司找到工作。本研究探讨了上市公司会计监督委员会（PCAOB） 2014年发布的新的经纪自营商审计准则是否与财务顾问不当行为的减少有关。我们的研究结果表明，新的审计准则确实与这种减少有关。此外，对于规模较小的经纪自营公司和专业审计机构来说，这种联系更为强烈。我们还发现，新的审计准则提高了审计师的独立性，导致过去有不当行为的顾问的离职率更高，并削弱了审计师与容忍不当行为的经纪自营商客户之间声誉匹配的影响。综上所述，这些结果表明，PCAOB的新审计准则对阻止券商行业内财务顾问的不当行为具有积极影响。

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引用次数: 0

Time-varying capital ratios under CECL CECL下的时变资本比率

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2026-01-05 DOI: 10.1016/j.adiac.2025.100865

Tong Lu , Lanyi Yan Zhang

We investigate how to design time-varying capital ratios under CECL accounting to maximize joint surplus of debtholders and equityholders of a bank. In stark contrast to the Basel III Accord, we highlight the role of intertemporal connections to design capital ratios that vary across business cycles. We derive two main results. (1) The optimal capital ratio is tighter for anticipated cycle turns and looser for anticipated cycle persistence for highly levered banks relative to the benchmark of absent intertemporal correlation of shocks to loans. (2) The optimal capital ratio is looser for an anticipated downturn and tighter for an anticipated upturn relative to the benchmark of absent intertemporal change in liquidity demand for deposits. Comparing the CECL model under U.S. GAAP with the ECL model under IFRS shows that the optimal capital ratios are more stringent under ECL than under CECL. Nevertheless, both models yield identical equilibrium risk-shifting incentives for banks.

我们研究了如何在CECL会计下设计随时间变化的资本比率，以最大化银行债权人和股东的共同盈余。与《巴塞尔协议III》形成鲜明对比的是，我们强调跨期联系在设计不同商业周期的资本比率方面的作用。我们得到两个主要结果。(1)相对于不存在贷款冲击跨期相关性的基准，高杠杆银行的最优资本比率在预期周期转折时更紧，在预期周期持续时更松。(2)相对于存款流动性需求不存在跨期变化的基准，最优资本充足率在预期下行时较宽松，在预期上行时较紧。比较美国公认会计准则下的CECL模型与国际财务报告准则下的ECL模型表明，ECL下的最佳资本比率比CECL下的更严格。然而，这两种模型对银行产生了相同的均衡风险转移激励。

引用次数: 0

Religious CEOs and earnings informativeness 宗教ceo和盈利信息

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-12-04 DOI: 10.1016/j.adiac.2025.100864

James Bierstaker , Lucy Huajing Chen , Johnny Jiung-Yee Lee , Tao Sun

Using manually collected data on the religious identification of ExecuComp CEOs through Marquis Who's Who and other sources, we find that firms with religious CEOs have more informative earnings compared with firms with non-religious CEOs. Also, there is a stronger association between current earnings and future cash flows for firms with religious CEOs than for firms with non-religious CEOs. Additionally, we find that the positive association between religious CEOs and earnings informativeness is more pronounced when investors face high uncertainty of information contained in the 10-K (i.e., low 10-K readability), when firms are located in areas with lower religious social norms, and when firms have weaker corporate governance. To alleviate endogeneity concerns, we develop a series of methodologies including a reverse causality test, an entropy balancing model, a treatment effect model, and a falsification test. Overall, our results suggest that CEO personal religion is important in earnings informativeness to equity market. Our findings add to the understanding of CEO personal religion on corporate outcomes and are especially relevant to financial statement users.

通过Marquis Who’s Who和其他来源，我们使用人工收集的关于ExecuComp ceo宗教认同的数据，我们发现拥有宗教ceo的公司比没有宗教ceo的公司有更多的信息收入。此外，与非宗教ceo的公司相比，有宗教ceo的公司的当前收益和未来现金流之间存在更强的关联。此外，我们发现，当投资者面临10-K中包含的信息的高度不确定性（即10-K可读性较低），当公司位于宗教社会规范较低的地区，以及公司治理较弱时，宗教ceo与收益信息性之间的正相关关系更为明显。为了减轻内生性问题，我们开发了一系列方法，包括反向因果检验、熵平衡模型、治疗效果模型和证伪检验。总体而言，我们的研究结果表明，CEO个人信仰对股票市场的盈余信息具有重要影响。我们的研究结果增加了CEO个人宗教信仰对公司业绩的理解，尤其与财务报表使用者相关。

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引用次数: 0

Executive accountants and financial statement comparability 执行会计师和财务报表的可比性

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-11-28 DOI: 10.1016/j.adiac.2025.100863

Binod Guragai , Pradeep Sapkota , Ananth Seetharaman

Are executive accountants (EAs) associated with the comparability of financial statements? Anecdotal and survey evidence highlight the positive role EAs play in the financial reporting function because they possess accounting expertise and help free up valuable time for other executives. However, no prior study has empirically examined whether EAs specifically enhance financial statement comparability. To fill this gap, we examine and find that EAs are positively associated with financial statement comparability. In cross-sectional tests, we find this association is isolated to firms without specialist auditors, without CEOs/CFOs who are CPAs, and to firms with busy year-ends. These results hold after controlling for potential self-selection bias, several measures of financial statement reliability, and firm fixed effects. Our results should be informative for investors and managers who seek to better understand the financial reporting implications of having EAs in the C-suite team.

执行会计师是否与财务报表的可比性有关？轶事和调查证据强调了ea在财务报告职能中发挥的积极作用，因为他们拥有会计专业知识，并有助于为其他高管腾出宝贵的时间。然而，之前没有研究实证检验ea是否能具体提高财务报表的可比性。为了填补这一空白，我们检查并发现ea与财务报表可比性呈正相关。在横断面测试中，我们发现这种关联在没有专业审计师的公司、没有注册会计师的首席执行官/首席财务官以及年终繁忙的公司中是孤立的。在控制了潜在的自我选择偏差、财务报表可靠性的几个措施和公司固定效应之后，这些结果成立。我们的研究结果对投资者和管理者来说应该是有益的，他们希望更好地理解在高管团队中拥有ea对财务报告的影响。

引用次数: 0

The relationship between SEC comment letters and subsequent auditor dismissal 美国证券交易委员会意见信与随后审计师解雇之间的关系

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-11-01 DOI: 10.1016/j.adiac.2025.100851

Jane Baldwin , Alan Blankley , David Hurtt , Jason MacGregor

Section 408 of the Sarbanes-Oxley Act requires the Securities and Exchange Commission (SEC) to review issuers' disclosures, including the financial statements, on a regular and systematic basis, no less frequently than every three years. In consequence, the SEC may contact the issuer company through a comment letter identifying questions the Commission has with the issuer company's filings. Since Audit committee members tend to regard the auditors they hire to conduct the company's audit as experts in their field, unexpected correspondence from the SEC may cause the committee members to reevaluate their assumptions concerning the auditors' expertise, which could prompt an auditor dismissal. In fact, we find evidence supporting the association between receipt of a comment letter and subsequent auditor dismissal. In further analyses, we consider the effect that the severity of the comment letter has on the likelihood of dismissal. We find evidence that comment letters identifying accounting issues are associated with auditor dismissal. Further, the likelihood of dismissal increases with an increase in the number of accounting issues identified in the letters.

《萨班斯-奥克斯利法案》（Sarbanes-Oxley Act）第408条要求证券交易委员会（SEC）定期和系统地审查发行人的披露，包括财务报表，频率不低于每三年一次。因此，美国证券交易委员会可以通过评论信与发行公司联系，指出委员会对发行公司文件的疑问。由于审计委员会成员倾向于将他们聘请的审计人员视为该领域的专家，因此来自SEC的意外信函可能会导致委员会成员重新评估他们对审计人员专业知识的假设，这可能会导致审计人员被解雇。事实上，我们发现证据支持收到评论信和随后的审计师解雇之间的联系。在进一步的分析中，我们考虑了评论信的严重性对解雇可能性的影响。我们发现证据表明，鉴定会计问题的评论信与审计师解雇有关。此外，解雇的可能性随着信件中所查明的会计问题数目的增加而增加。

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引用次数: 0

Do investors see the darkness in narcissism? 投资者看到自恋的黑暗了吗？

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-10-24 DOI: 10.1016/j.adiac.2025.100849

Anis Triki, Gilberto Marquez-Illescas

We explore whether the impact of financial disclosures on investors' judgment and decision-making is contingent on their perception of CEOs' narcissism, in a setting in which firms report good news. Specifically, our theoretical model predicts that CEOs' narcissism impacts investors' willingness to invest through their perceptions of management credibility and disclosure credibility. Using data from 153 non-professional investors, we give support to those predictions. First, we find that investors' perception of management credibility is lower when a more narcissistic CEO leads the company. Second, our results indicate that this lack of credibility reduces investors' perception of disclosure credibility, which leads to a lower willingness to invest.

在公司报告好消息的背景下，我们探讨财务披露对投资者判断和决策的影响是否取决于他们对ceo自恋的看法。具体而言，我们的理论模型预测，ceo的自恋通过其对管理层可信度和信息披露可信度的感知影响投资者的投资意愿。使用来自153名非专业投资者的数据，我们为这些预测提供了支持。首先，我们发现，当CEO更自恋时，投资者对管理层可信度的感知较低。其次，我们的研究结果表明，这种可信度的缺失降低了投资者对披露可信度的感知，从而导致投资意愿的降低。

引用次数: 0

Green investors and corporate carbon disclosure 绿色投资者与企业碳信息披露

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-10-17 DOI: 10.1016/j.adiac.2025.100850

Yiyun Ge , Yi Zhang

Corporate carbon disclosure plays a crucial role in addressing the environmental challenges driven by climate change. This research investigates the role of green investors in enhancing corporate carbon disclosure. Using a sample of Chinese listed firms from 2008 to 2022, our findings suggest that green investors enhance corporate carbon disclosure. These results remain robust across multiple sensitivity analyses and endogeneity checks, including the difference-in-differences estimation. Further tests show that green investors significantly enhance carbon disclosure primarily in firms led by non-green CEOs and with higher investors' exit threats. Moreover, the positive impact of green institutional investors on carbon disclosure is more pronounced in firms located in regions with lower public environmental concern, in firms facing more competition and, in more recent subsamples. This study provides empirical evidence that green investors play an essential role in promoting carbon disclosure levels.

企业碳信息披露在应对气候变化带来的环境挑战方面发挥着至关重要的作用。本研究探讨绿色投资者在加强企业碳信息披露中的作用。以2008 - 2022年的中国上市公司为样本，我们的研究结果表明，绿色投资者加强了企业碳信息披露。这些结果在多重敏感性分析和内生性检查（包括差中差估计）中仍然是稳健的。进一步的测试表明，绿色投资者显著提高了碳信息披露，主要是在非绿色ceo领导的公司，投资者退出威胁较高。此外，绿色机构投资者对碳信息披露的积极影响在公众环境关注程度较低的地区、面临更多竞争的公司和最近的子样本中更为明显。本研究提供了绿色投资者在促进碳披露水平方面发挥重要作用的实证证据。

引用次数: 0

The use of non-financial performance measures in CEO compensation contracts and pricing of audit engagements: Evidence from the amendment to PCAOB AS 2110 在CEO薪酬合同和审计业务定价中使用非财务绩效指标：来自PCAOB AS 2110修正案的证据

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-10-17 DOI: 10.1016/j.adiac.2025.100846

Kyungeun Karry Kwon , Myung Seok Park

In June 2014, the Public Company Accounting Oversight Board amended Auditing Standard No. 12, requiring auditors to obtain an understanding of a firm's financial relationships and transactions with its executive officers, including executive compensation. This study examines whether, following the amendment, auditors view the use of non-financial performance measures (NFPMs) in CEO compensation contracts as relevant to their risk assessments and whether this perspective influences audit pricing. Using hand-collected data on NFPMs from proxy statements, we find that auditors charge significantly lower fees to clients that include NFPMs in CEO compensation contracts in the post-amendment period. Additionally, we document a notable decline in audit fees when clients adopt NFPM-based compensation after the amendment. These findings suggest auditors responded to the revised standard by treating NFPMs in CEO compensation as a risk-mitigating factor and adjusting audit pricing accordingly.

2014年6月，上市公司会计监督委员会修订了第12号审计准则，要求审计师了解公司与其高管的财务关系和交易，包括高管薪酬。本研究考察了修订后，审计师是否认为在CEO薪酬合同中使用非财务绩效指标（nfpm）与他们的风险评估相关，以及这种观点是否影响审计定价。利用委托书中手工收集的nfpm数据，我们发现，在修订后的时期，审计师向在CEO薪酬合同中包含nfpm的客户收取的费用显著降低。此外，我们还发现，当客户在修订后采用基于nfpm的薪酬时，审计费用显著下降。这些发现表明，审计人员对修订后的标准的反应是将首席执行官薪酬中的nffp视为风险缓解因素，并相应地调整审计定价。

引用次数: 0

Customer political sentiment and supplier relationship-specific investments 客户政治情绪和供应商特定关系的投资

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-10-01 DOI: 10.1016/j.adiac.2025.100848

Pin-Ju Chen , Lili Jiu , Po-Hsiang Yu

This study examines the relationship between customer political sentiment and supplier relationship-specific investments (RSIs). We expect a positive relationship, as favorable customer political sentiment signals optimistic future business conditions and stronger expected demand from customers, thereby encouraging suppliers to increase their specific investments. Using established measures of RSIs and political sentiment, we document a positive association between customer political sentiment and supplier RSIs. This result remains robust when we employ the entropy balancing method and apply customer CEO turnover as a plausibly exogenous shock. We further show that suppliers with lower bargaining power are more dependent on customer political sentiment for their investment decisions. Channel analysis indicates that the positive customer political sentiment predominantly affects supplier RSIs by fostering an optimistic outlook. Our cross-sectional analyses show that the positive association between customer political sentiment and supplier RSIs is more pronounced when suppliers face greater uncertainty and when customer information is less transparent. Overall, this study offers insights into the multifaceted dynamics of political sentiment, supply chain intricacies, and strategic investment decisions.

本研究探讨顾客政治情绪与供应商关系特定投资（rsi）之间的关系。我们期待一个积极的关系，因为有利的客户政治情绪预示着乐观的未来商业环境和更强劲的客户预期需求，从而鼓励供应商增加他们的具体投资。使用既定的rsi和政治情绪的措施，我们记录了客户政治情绪和供应商rsi之间的正相关关系。当我们采用熵平衡方法并将客户CEO离职作为似是而非的外生冲击时，这一结果仍然是稳健的。我们进一步表明，议价能力较低的供应商在其投资决策中更依赖于客户的政治情绪。渠道分析表明，积极的客户政治情绪主要通过培养乐观的前景来影响供应商的rsi。我们的横断面分析表明，当供应商面临更大的不确定性和客户信息透明度较低时，客户政治情绪与供应商rsi之间的正相关关系更为明显。总的来说，这项研究提供了对政治情绪、供应链复杂性和战略投资决策的多方面动态的见解。

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