Advances in Accounting最新文献

英文中文

Concerted efforts: The role of component auditors in multinational group audit in China 协同努力：组成部分审计师在中国跨国集团审计中的作用

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-09-30 DOI: 10.1016/j.adiac.2025.100847

Yan Sun , Suyi Liu , Justin Yiqiang Jin

Based on the law of comparative advantage, we empirically investigate whether and how component auditors impact audit quality in multinational group audits (MGAs) in China. Despite mixed findings from studies based on U.S. and Australian data, there is a dearth of research on the impact of component auditors in emerging markets, where MGAs are growing substantially, and the institutional environment differs significantly from that of developed countries. Using manually collected data from China, we find that involving component auditors significantly enhances audit quality, with the effect becoming more pronounced as their involvement increases. Our mechanism analysis shows that component auditors enhance MGA audit quality by leveraging their comparative advantages, which are shaped by strong institutional environments and mature capital markets. Furthermore, our heterogeneity analysis reveals that the contribution of component auditors is more pronounced when group auditors have lower proficiency, less experience, or when their accounting firms are less globalized. This study highlights the comparative advantages of component auditors and emphasizes the concerted efforts of both group and component auditors in improving MGA audit quality in an emerging market. Our findings are relevant to multinational groups, international practitioners, investors, and regulators.

本文基于比较优势规律，对中国跨国集团审计中组成部分审计师是否影响审计质量以及如何影响审计质量进行实证研究。尽管基于美国和澳大利亚数据的研究结果喜忧参半，但关于组成部分审计师在新兴市场的影响的研究却很少，在新兴市场，mga正在大幅增长，而且制度环境与发达国家有很大不同。使用中国手工收集的数据，我们发现组成部分审计师的参与显著提高了审计质量，并且随着他们参与的增加，效果变得更加明显。我们的机制分析表明，成分审计师通过利用自身的比较优势来提高MGA审计质量，这种比较优势是由强大的制度环境和成熟的资本市场形成的。此外，我们的异质性分析显示，当集团审计师的熟练程度较低、经验较少或其会计师事务所的全球化程度较低时，组成部分审计师的贡献更为明显。本研究强调了组成部分审计师的比较优势，并强调了在新兴市场中，集团和组成部分审计师在提高MGA审计质量方面的共同努力。我们的研究结果与跨国集团、国际从业者、投资者和监管机构相关。

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引用次数: 0

Audit committee composition and effectiveness: The role of odd-numbered committees 审计委员会的组成和有效性：奇数委员会的作用

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-09-10 DOI: 10.1016/j.adiac.2025.100845

Lele Chen , Rachana Kalelkar , Qiao Xu

In this paper, we investigate whether the odd composition of audit committees influences the demand for audit effort. Extant literature posits that the financial reporting quality is higher when audit committees comprise an odd number of directors. The rationale is that the odd composition of committees fosters a voting environment where directors are more inclined to vote informatively and independently, leading to decisions that better align with shareholders' interests. Our findings support this theory, showing that odd audit committees demand greater audit effort. In addition, we find that the odd audit committees are more likely to make decisions that enhance auditor independence by not using auditor-provided tax services and strengthen financial reporting quality by avoiding the delay in the engagement of new auditors. We further find that the association between odd audit committees and the demand for audit effort is not affected by audit committee size and odd audit committees are negatively associated with material weaknesses in internal controls. Our study makes a valuable contribution to the corporate governance literature by documenting that the odd versus even composition of audit committees enhances the effectiveness of audit committee monitoring related to the quality of financial reporting.

在本文中，我们研究了审计委员会的奇怪组成是否影响审计工作的需求。现有文献认为，当审计委员会由奇数名董事组成时，财务报告质量更高。其理由是，委员会的奇怪组成营造了一种投票环境，在这种环境中，董事们更倾向于进行信息丰富且独立的投票，从而做出更符合股东利益的决定。我们的研究结果支持这一理论，表明奇数审计委员会需要更大的审计努力。此外，我们发现，奇数审计委员会更有可能通过不使用审计师提供的税务服务来提高审计师的独立性，并通过避免延迟聘请新审计师来提高财务报告质量。我们进一步发现，奇数审计委员会与审计工作需求之间的关系不受审计委员会规模的影响，并且奇数审计委员会与内部控制的重大弱点呈负相关。我们的研究对公司治理文献做出了有价值的贡献，证明了审计委员会的奇数或偶数组成增强了与财务报告质量相关的审计委员会监督的有效性。

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引用次数: 0

Does the presence of GC in the top management team affect debt financing choices? 高层管理团队中GC的存在是否会影响债务融资的选择？

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-08-27 DOI: 10.1016/j.adiac.2025.100844

Md Safayat Hossain , Mahmud Rahman

This paper examines whether the presence of a General Counsel (GC) in the top management team affects a firm's debt financing choices. We argue and find that GCs help reduce information asymmetry and enhance creditor coordination, resulting in higher public debt. Additionally, we observe that firms with a GC in top management exhibit greater heterogeneity within public debt compared to non-GC firms. However, we do not find a significant association between the presence of a GC and the use of private debt. Further analysis reveals that firms are more likely to use unsecured debt when a GC is part of the top management team. The impact of the GC is particularly pronounced in firms with high information asymmetry and those experiencing financial distress. Our findings remain robust across alternative measures, various model specifications, and different research design choices. Overall, our findings suggest that the role of a general counsel extends beyond legal affairs and influences financing choices.

本文考察了高层管理团队中总法律顾问（GC）的存在是否会影响公司的债务融资选择。我们认为，政府债券有助于减少信息不对称，加强债权人协调，从而导致更高的公共债务。此外，我们观察到，与非GC公司相比，拥有GC高管的公司在公共债务方面表现出更大的异质性。然而，我们没有发现GC的存在与私人债务的使用之间存在显著关联。进一步的分析表明，当GC是高层管理团队的一员时，公司更有可能使用无担保债务。在信息高度不对称的公司和经历财务困境的公司中，GC的影响尤为明显。我们的研究结果在不同的测量方法、不同的模型规格和不同的研究设计选择中仍然是稳健的。总体而言，我们的研究结果表明，总法律顾问的作用超出了法律事务，并影响了融资选择。

引用次数: 0

The switch from IFRS to local GAAP: Evidence from UK private firms 从国际财务报告准则到当地公认会计准则的转变：来自英国私营公司的证据

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-08-26 DOI: 10.1016/j.adiac.2025.100843

Yu-Lin Hsu , Ya-Chih Yang , Manish Rajkumar Arora

This study examines the determinants of the switch from IFRS to the new UK GAAP, which like IFRS for SMEs aims to be closely aligned with IFRS but requires much less disclosure, in UK private firms. We find that private UK companies are more likely to switch to the new UK GAAP in 2015, the first year when new UK GAAP replaced old UK GAAP, if they have higher sales growth rates or if directors are shareholders. The result further shows that the switch to new UK GAAP helps to reduce the disclosure levels (e.g., fewer pages of annual reports). The consistency with IFRS and reduced disclosure in new UK GAAP may explain why private firms with greater incentives to reduce disclosure level and having fewer problems of information asymmetry may adopt this new framework. Our findings imply that the extensive disclosures required by IFRS may still be a burden for many firms, including those which adopted it before. A reduced framework consistent with IFRS (e.g., the new UK GAAP or IFRS for SMEs) may help to tackle this issue. Furthermore, our results show that the key factors influencing the decision of switching to new UK GAAP during 2016–2022 (i.e., the presence of Big 4 auditors, major shareholders and foreign shareholders/parents) are different from those in 2015, generally in line with previous literature that companies with different adoption incentives would adopt new financial reporting standards at a different time.

本研究探讨了从国际财务报告准则向新的英国公认会计准则转换的决定因素，该准则与中小型企业的国际财务报告准则一样，旨在与国际财务报告准则密切一致，但对英国私营公司的披露要求要少得多。我们发现，在2015年（新英国公认会计准则取代旧英国公认会计准则的第一年），如果英国私营公司的销售增长率更高，或者董事是股东，那么它们更有可能改用新的英国公认会计准则。结果进一步表明，转向新的英国公认会计准则有助于降低披露水平（例如，减少年度报告的页数）。与国际财务报告准则的一致性和新英国公认会计准则中减少的披露可以解释为什么有更大动机降低披露水平和信息不对称问题较少的私营公司可能采用这种新框架。我们的研究结果表明，国际财务报告准则所要求的广泛披露可能仍然是许多公司的负担，包括那些以前采用它的公司。与国际财务报告准则一致的简化框架（例如，新的英国公认会计准则或中小型企业国际财务报告准则）可能有助于解决这一问题。此外，我们的研究结果表明，2016-2022年期间影响转向新英国公认会计准则决策的关键因素（即四大审计师、大股东和外国股东/母公司的存在）与2015年不同，总体上与之前的文献一致，即采用不同激励措施的公司将在不同时间采用新的财务报告准则。

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引用次数: 0

Climate news and accounting comparability 气候新闻和会计可比性

IF 1.5 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-08-04 DOI: 10.1016/j.adiac.2025.100841

Justin Chircop , Nhat Q. Nguyen , Tri T. Nguyen

We examine the effect of climate news on accounting comparability. We argue that climate news informs market participants about firms' climate exposure, inducing a reassessment of the firms' future cash flows. This reassessment increases the variance in accounting estimates, hence reducing accounting comparability among industry peers. Consistently, we find a negative relationship between market-level measures of climate news and one-year-ahead firm-level accounting comparability. This finding is robust to several sensitivity checks. This relationship is mediated by the intensity with which firms apply accounting standards to transform economic events into accounting numbers and moderated by the extent to which firms are exposed to climate risks and by firms' environmental performance. Our study contributes to the growing literature examining the negative effect of climate change on firm values and to the literature examining the determinants of accounting comparability. The practical implication of our study is that market participants should be cautious when comparing peer firms after periods of increased climate news.

我们检验了气候新闻对会计可比性的影响。我们认为，气候新闻使市场参与者了解企业的气候风险，促使他们重新评估企业的未来现金流。这种重新评估增加了会计估计的差异，从而降低了行业同行之间的会计可比性。一致地，我们发现市场层面的气候新闻度量与一年前公司层面的会计可比性之间存在负相关关系。这一发现对几个敏感性检查是可靠的。这种关系受企业运用会计准则将经济事件转化为会计数字的强度的调节，并受企业暴露于气候风险的程度和企业的环境绩效的调节。我们的研究有助于越来越多的研究气候变化对企业价值的负面影响的文献，以及研究会计可比性决定因素的文献。我们研究的实际含义是，市场参与者在气候新闻增加后比较同行公司时应该谨慎。

引用次数: 0

Earnings versus cash flows in equity valuation: Evidence from the COVID-19 crisis 股票估值中的收益与现金流：来自COVID-19危机的证据

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-07-22 DOI: 10.1016/j.adiac.2025.100837

Jeong-Bon Kim , Junwoo Kim , Jay Junghun Lee

This study investigates the role of earnings and cash flows in equity valuation under severe uncertainty about firm fundamentals. Using the COVID-19 pandemic as an exogenous shock that exacerbates fundamental uncertainty, we find that severe uncertainty leads investors to increase the valuation weight on cash flows and reduce the valuation weight on earnings. Consequently, while net earnings dominate operating cash flows in explaining the cross-section of stock returns during the pre-pandemic period, operating cash flows outperform net earnings during the pandemic period. We also find that the decrease in the value relevance of earnings is attributable to the decline in the valuation weight on the accrual component of earnings. Further analyses reveal that the dominance of cash flows over earnings is less pronounced for operating earnings than for net earnings and that the valuation weight on cash flows increases with ex-ante exposure to the pandemic shock and with the level of financial inflexibility. Moreover, we find that while analysts' earnings forecasts become less accurate and more dispersed during the pandemic period, their cash flow forecasts do not exhibit significant changes in forecast accuracy or dispersion over the same period. Our evidence highlights the relative importance of cash flows versus earnings under severe uncertainty about firms' prospects.

本研究探讨在公司基本面的严重不确定性下，盈余和现金流在股票估值中的作用。将新冠肺炎疫情作为加剧基本面不确定性的外生冲击，我们发现严重的不确定性导致投资者增加对现金流的估值权重，降低对收益的估值权重。因此，虽然在解释大流行前期间股票收益的横截面时，净收入占经营现金流量的主导地位，但在大流行期间，经营现金流量的表现优于净收入。我们还发现，收益价值相关性的下降可归因于收益应计组成部分估值权重的下降。进一步的分析表明，与净收入相比，现金流量对营业收入的支配作用不那么明显，现金流量的估值权重随着事先受到大流行病冲击的程度和财务不灵活性的程度而增加。此外，我们发现，虽然分析师的盈利预测在大流行期间变得不那么准确和更加分散，但他们的现金流量预测在同一时期的预测准确性或分散性方面没有显着变化。我们的证据强调了在企业前景严重不确定的情况下，现金流与收益的相对重要性。

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引用次数: 0

Whatever it takes: Evidence on the trade-off between employee safety violations and product recalls 不惜一切代价：违反员工安全规定和产品召回之间权衡的证据

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-07-18 DOI: 10.1016/j.adiac.2025.100840

Farzana Afrin, Megan Grady

We study the interplay between two critical types of safety violations within organizations: workplace safety and product safety violations. Our results show that firms make a trade-off between these negative behaviors, opting for higher product safety levels at the expense of employee safety. We also find evidence that cost cutting behaviors related to workplace safety are associated with a decrease in product recall incidents. The trade-off between employee safety and product safety is more pronounced when the firm has external performance pressure, fewer resources, customer-oriented leadership, or lower union involvement. This suggests that managers prioritize the interests of external stakeholders (i.e., customers) over those of their internal stakeholders (i.e., employees). Additionally, we find that this trade-off is consistent with firm value implications – product safety violations that receive media attention result in both short-run and long-run declines in stockholder returns. Finally, we examine the consequences of this trade-off behavior in terms of harm to employees, proxied for by the frequency of workplace injury and death.

我们研究了组织内两种关键类型的安全违规行为之间的相互作用：工作场所安全和产品安全违规。我们的研究结果表明，企业在这些负面行为之间做出权衡，选择以牺牲员工安全为代价来提高产品安全水平。我们还发现，与工作场所安全相关的成本削减行为与产品召回事件的减少有关。当企业有外部绩效压力、资源较少、以客户为导向的领导或较低的工会参与时，员工安全和产品安全之间的权衡更为明显。这表明管理者优先考虑外部利益相关者（即客户）的利益，而不是内部利益相关者（即员工）的利益。此外，我们发现这种权衡与公司价值含义是一致的——受到媒体关注的产品安全违规行为会导致股东回报的短期和长期下降。最后，我们以工作场所伤害和死亡的频率为代表，研究了这种权衡行为对员工伤害的后果。

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引用次数: 0

How does managerial entrenchment relate to Financial statement comparability? 管理巩固与财务报表可比性有何关系？

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-07-17 DOI: 10.1016/j.adiac.2025.100838

David Folsom , Rebeca Pérez , Qifeng Wu (Charles)

In this study, we document that managerial entrenchment is significantly and negatively associated with financial statement comparability, providing new insights into managerial effects on financial reporting quality. Moreover, by using business segments as a proxy for business complexity, we confirm that the variation of accounting comparability with peer firms mainly stems from managers' investment choices, supporting FASB's assertion that financial statement comparability is a reporting quality that should be enhanced among firms with similar economic foundations. Finally, we test whether managerial entrenchment affects how financial statement comparability impacts merger and acquisition decisions. We provide evidence consistent with entrenched managers paying less attention to target firms' financial statement comparability in the due diligence process, and that post-merger returns from these acquisition deals are lower when target firms have higher levels of managerial entrenchment. Our results hold with alternative measures of entrenchment and financial statement comparability.

在本研究中，我们证明了管理堑壕与财务报表可比性显著负相关，为管理对财务报告质量的影响提供了新的见解。此外，通过使用业务部门作为业务复杂性的代理，我们确认会计可比性与同行公司的差异主要源于经理的投资选择，支持FASB的主张，即财务报表可比性是一种报告质量，应该在具有相似经济基础的公司中得到加强。最后，我们检验了管理堑壕是否影响财务报表可比性对并购决策的影响。我们提供的证据表明，在尽职调查过程中，根深蒂固的管理者较少关注目标公司的财务报表可比性，而当目标公司拥有更高水平的管理地位时，这些收购交易的合并后回报会更低。我们的结果与壕沟和财务报表可比性的替代措施保持一致。

引用次数: 0

The impact of buy-side analyst social network relationships on recommendations, price discovery, and employment outcomes 买方分析师的社会网络关系对推荐、价格发现和就业结果的影响

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-07-17 DOI: 10.1016/j.adiac.2025.100839

Steven Crawford , Wesley Gray , Bryan Johnson , Richard A. Price III

SumZero is an online social networking platform dedicated to the buy-side analyst community. We analyze the role that the social network plays in influencing analysts' investment recommendation quality, price discovery, and employment outcomes. We find robust evidence that analysts' relationships within the social network positively impact both the quantity and perceived quality of evaluations that the analysts' recommendations receive from others in the network. We do not find a significant association between analysts' network positions and the holdings of other funds, nor do we find an association with the subsequent returns of the recommended stocks. However, we do find that analysts' network positions positively influence employment outcomes by increasing the likelihood that analysts change jobs. Our results suggest that social networking technologies have the ability to significantly influence analyst awareness, perceptions, and employment outcomes.

SumZero是一个致力于买方分析师社区的在线社交网络平台。我们分析了社会网络在影响分析师的投资推荐质量、价格发现和就业结果方面所起的作用。我们发现强有力的证据表明，分析师在社会网络中的关系对分析师的建议从网络中其他人那里获得的评估的数量和感知质量都有积极的影响。我们没有发现分析师的网络头寸与其他基金的持仓之间存在显著关联，也没有发现与推荐股票的后续收益之间存在关联。然而，我们确实发现分析师的网络职位通过增加分析师换工作的可能性对就业结果产生积极影响。我们的研究结果表明，社交网络技术有能力显著影响分析师的意识、观念和就业结果。

引用次数: 0

The impact of semi-annual audits on audit fees and financial reporting quality: Evidence from Taiwan-registered foreign firms 半年度审计对审计费用和财务报告质量的影响：来自台湾注册外资公司的证据

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-07-16 DOI: 10.1016/j.adiac.2025.100836

Hui-Yu Hsiao , Wu-Po Liu , Tian Tian

This study investigates the effects on audit fees and financial reporting quality resulting from transitioning from a semi-annual review to a semi-annual audit for Taiwan-registered foreign firms (KY firms), following the 2021 regulatory amendment by the Financial Supervisory Commission. The regulation, implemented in response to major accounting scandals, mandates that KY firms have their semi-annual financial statements audited instead of reviewed. By analyzing data from 2019 to 2022, we examine the effects of this change on KY firms compared with those on non-KY firms. Our findings indicate that although audit fees for KY firms significantly increase after the regulation, there is no improvement in either semi-annual or annual financial reporting quality. Additionally, the regulation does not improve audit efficiency, as measured by audit report lag. These results raise questions about the optimal level of auditing and suggest the need for a balanced approach to audit regulations. The increased audit costs do not seem to yield proportional benefits in terms of reporting quality or efficiency. These findings have important implications for regulators and market participants in Taiwan and other emerging markets.

本研究探讨台湾注册外资公司（KY firm）在2021年金融监督管理委员会（financial Supervisory Commission）修订法规后，由半年度审核转为半年度审核对审计费用及财务报告品质的影响。该规定是为了应对重大会计丑闻而实施的，规定KY公司的半年度财务报表必须接受审计，而不是审查。通过分析2019年至2022年的数据，我们比较了这一变化对KY公司和非KY公司的影响。我们的研究结果表明，虽然监管后KY事务所的审计费用显著增加，但无论是半年度还是年度财务报告质量都没有改善。此外，该规定并没有提高审计效率，以审计报告滞后来衡量。这些结果提出了关于审计的最佳水平的问题，并建议需要对审计条例采取平衡的方法。在报告质量或效率方面，增加的审计费用似乎并没有产生相应的好处。这些发现对台湾和其他新兴市场的监管机构和市场参与者具有重要意义。

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引用次数: 0

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