Advances in Accounting最新文献

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Persistent firm-level political risk and asymmetric cost adjustments 持续的企业层面的政治风险和不对称的成本调整

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-10-04 DOI: 10.1016/j.adiac.2024.100769

Masako Darrough , Mahmud Hossain , Anand Jha , Santanu Mitra

This study explores how the intensity and duration of political risk persisting at the firm level affect managers' cost adjustment decisions. Prior studies that investigate managers' resource adjustment decisions document that managers respond to the current year's sales change in an asymmetric manner. Managers tend to hold on to slack resources (i.e., exhibiting cost stickiness) even when current sales decline if they anticipate sales decrease to be temporary with lower demand uncertainty in the future. Prior studies find that aggregate political risk affects resource allocation. By contrast, this study delineates how political risk at the firm level affects managers' decisions to retain or curtail slack resources in response to sales decline as influenced by the duration and intensity of such risk. We find that persistently high firm-level political risk is associated with higher-cost anti-stickiness (or lower-cost stickiness). Our cross-sectional tests demonstrate that the association between political risk and cost stickiness is further moderated by various managerial traits such as CEO's delta, managerial ability, and managerial overconfidence. We address the possible endogeneity issue by examining the exogenous shock to political risk due to the redistricting of U.S. Congressional districts. Our baseline results remain unchanged in several robustness tests, such as using an alternative measure developed from MD&A section of the annual report, adding more control variables, using quarterly data, using SG&A expenses in place of total operating costs as the dependent variable, and using a continuous measure of political risk in terms of risk dispersion.

本研究探讨企业层面持续存在的政治风险强度和持续时间如何影响管理者的成本调整决策。先前对管理者资源调整决策的研究表明，管理者对当年销售变化的反应是不对称的。管理者倾向于持有闲置资源（即，表现出成本粘性），即使在当前销售下降时，如果他们预计销售下降是暂时的，未来需求的不确定性会降低。已有研究发现，政治风险总量影响资源配置。相比之下，本研究描述了公司层面的政治风险如何影响管理者的决策，以保留或削减闲置资源，以应对销售下降，这种风险的持续时间和强度的影响。我们发现，持续高企的企业层面政治风险与高成本的反粘性（或低成本的粘性）相关。我们的横断面测试表明，政治风险和成本粘性之间的关联进一步被各种管理特征（如CEO的delta、管理能力和管理过度自信）所调节。我们通过检查美国国会选区重新划分对政治风险的外生冲击来解决可能的内生性问题。我们的基线结果在几个稳健性测试中保持不变，例如使用从年度报告的MD&；A部分开发的替代措施，增加更多的控制变量，使用季度数据，使用SG&；A费用代替总运营成本作为因变量，并在风险分散方面使用政治风险的连续度量。

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引用次数: 0

The effects of performance-based profit-sharing schemes and client pressure on auditors' pre-negotiation judgments 基于绩效的利润分享计划和客户压力对审计师谈判前判断的影响

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-09-19 DOI: 10.1016/j.adiac.2024.100781

Abhijit Das , Vincent K. Chong , Stijn Masschelein , Isabel Z. Wang , David R. Woodliff

Prior studies in auditing have examined the impact of performance-based profit-sharing schemes (PES) and client pressure in terms of explicit pressure and implicit pressure on auditors' judgments independently, and there is an ex-ante expectation that these two factors will interact in the context of proposed audit adjustments in a prenegotiation setting. Based on the theory of motivated reasoning, this study examines whether explicit pressure by clients will have a smaller effect when auditors' PES is based on a firm-wide scheme as compared to a divisional scheme. We conduct a 2 × 2 between-subject experiment with 95 experienced auditors, predominantly audit managers from the US, that examines how performance-based profit-sharing schemes (i.e., firm-wide vs. divisional) of audit partners and client pressure (i.e., explicit vs. implicit) affect auditors' mindsets on the magnitude of provision for obsolete inventory to be reported in the client's financial statements in an auditor-client pre-negotiation setting. The findings show that auditors' PES and client pressure interact to affect auditors' behaviour in a pre-negotiation setting. Our results exhibit the concessionary (i.e., waiving a material audit adjustment) behaviour of audit partners, directors, and managers from the US. The findings extend contemporary research on auditor-client negotiation by providing evidence to the literature that PES schemes influence the behaviour of auditors in a pre-negotiation setting.

以往的审计研究分别从显性压力和隐性压力两个方面考察了基于业绩的利润分享计划（PES）和客户压力对审计师判断的影响，并预期这两个因素会在谈判前的审计调整建议中相互作用。基于动机推理理论，本研究探讨了当审计师的 PES 基于全公司方案而非部门方案时，客户的显性压力是否会产生较小的影响。我们以 95 名经验丰富的审计师（主要是来自美国的审计经理）为对象，进行了一项 2 × 2 的主体间实验，研究了审计合伙人基于业绩的利润分享计划（即全所计划与分部计划）和客户压力（即显性压力与隐性压力）如何影响审计师在审计师与客户谈判前的环境中，对客户财务报表中陈旧存货的计提规模的心态。研究结果表明，审计师的 PES 和客户压力相互作用，影响了审计师在谈判前环境中的行为。我们的研究结果显示了美国审计合伙人、董事和经理的让步行为（即放弃重大审计调整）。这些研究结果扩展了当代关于审计师与客户谈判的研究，为文献提供了证据，证明在谈判前的环境下，审计师的行为会受到 PES 计划的影响。

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引用次数: 0

Managerial ability, audit quality, and audit report lag 管理能力、审计质量和审计报告滞后

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-09-07 DOI: 10.1016/j.adiac.2024.100780

Yang Li , Sheng Liu , Yaou Zhou

This study examines whether managerial ability is associated with audit report lag and, if so, whether this relation varies with the quality of the engaging auditor and/or the internal control environment. Utilizing the managerial ability measure developed by Demerjian, Lev, and McVay (2012), we find that managerial ability is negatively related to audit report lags, consistent with the theory that managers with greater ability help reduce engagement risks and thus audit effort and contribute to a timelier auditing and financial reporting process. We also document that the observed association between managerial ability and audit report lags is mainly driven by auditors of lower quality, proxied by auditor size and auditor's industry specialization. This finding suggests that auditors with fewer resources and/or reputation concerns depend more on the client management team that assists them in improving financial reporting timeliness. Further, we find that the negative relationship is more pronounced when clients have internal control weaknesses, implying that the role of managerial ability is more salient when firms experience internal issues. Our findings suggest that a reasonably able management team is particularly critical to reporting timeliness for firms operating in relatively disadvantageous conditions.

本研究探讨了管理能力是否与审计报告滞后有关，如果有关，这种关系是否随审计师和/或内部控制环境的质量而变化。利用 Demerjian、Lev 和 McVay（2012 年）开发的管理能力测量方法，我们发现管理能力与审计报告滞后呈负相关，这与能力较强的管理者有助于降低参与风险，从而减少审计工作，并有助于提高审计和财务报告流程的时效性的理论是一致的。我们还发现，所观察到的管理能力与审计报告滞后之间的关联主要是由质量较低的审计师（以审计师规模和审计师的行业专业化程度为指标）驱动的。这一结果表明，资源和/或声誉较差的审计师在提高财务报告及时性方面更依赖于客户管理团队的协助。此外，我们还发现，当客户存在内部控制缺陷时，这种负相关关系会更加明显，这意味着当公司出现内部问题时，管理能力的作用会更加突出。我们的研究结果表明，对于经营状况相对不利的公司来说，一个能力合理的管理团队对报告的及时性尤为重要。

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引用次数: 0

The effect of ASC 606 adoption on value relevance of revenues: Early evidence 采用 ASC 606 对收入价值相关性的影响：早期证据

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-08-31 DOI: 10.1016/j.adiac.2024.100770

Amanda Badger , Siqi Li , Hyungshin Park , Sang Hyun Park

This study examines the effect of adopting the principle-based revenue recognition standard, i.e., ASC 606, on the value relevance of reported revenues. We hand-collect data on the cumulative effects of ASC 606 adoption on retained earnings to identify materially impacted firms. We find that, compared to firms not materially impacted by ASC 606 adoption, the value relevance of reported revenues has improved for firms materially impacted based on long-window tests, while the informativeness of reported revenues has not improved for firms materially impacted based on short-window tests around quarterly earnings announcements. We also find that analysts' revenue forecast revisions have increased incrementally for firms materially impacted by ASC 606 adoption. Overall, our results suggest that ASC 606 adoption has generally increased the value relevance and informativeness of reported revenues.

本研究探讨了采用基于原则的收入确认准则（即 ASC 606）对报告收入价值相关性的影响。我们手工收集了采用 ASC 606 对留存收益累积影响的数据，以确定受到重大影响的公司。我们发现，与未受采用 ASC 606 标准重大影响的公司相比，根据长窗口测试，受重大影响的公司报告收入的价值相关性有所提高，而根据季度收益公告前后的短窗口测试，受重大影响的公司报告收入的信息性没有提高。我们还发现，对于受到采用 ASC 606 重大影响的公司来说，分析师的收入预测修正也在逐步增加。总体而言，我们的研究结果表明，采用 ASC 606 普遍提高了报告收入的价值相关性和信息量。

引用次数: 0

Firm location and tax avoidance: Urban versus non-urban firms 公司所在地与避税：城市公司与非城市公司

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-07-21 DOI: 10.1016/j.adiac.2024.100765

Erik Devos , Yun Ke , Kenneth Snead , Fuzhao Zhou

We examine the impact of firms' geographic locations on their tax avoidance behavior. We consider urban firms as those headquartered in the top ten metropolitan statistical areas (MSAs) based on the 2000 census; all others are labeled non-urban firms. Using GAAP and cash-effective tax rates to proxy for tax avoidance, we report that non-urban firms have relatively higher tax avoidance levels. Our results are robust to propensity score matching, using alternative measures of geographic location, including additional control variables, and employing different regression specifications. Further analyses suggest that non-urban firms' tax avoidance appears to be value-increasing to shareholders. Overall, our study provides potential policy implications for the IRS.

我们研究了企业的地理位置对其避税行为的影响。根据 2000 年的人口普查结果，我们将总部位于前十大都市统计区（MSA）的企业视为城市企业，其他企业则称为非城市企业。我们使用美国通用会计准则（GAAP）和现金有效税率来代表避税行为，结果表明非城市企业的避税水平相对较高。我们的结果对倾向得分匹配、使用其他地理位置衡量标准、包括额外的控制变量以及采用不同的回归规范都是稳健的。进一步的分析表明，非城市企业的避税行为似乎会增加股东的价值。总之，我们的研究为美国国税局提供了潜在的政策启示。

引用次数: 0

Universal demand laws and stakeholders: Evidence from the auditor's perspective 普遍需求法和利益相关者：从审计师角度看证据

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-07-15 DOI: 10.1016/j.adiac.2024.100766

Alona Bilokha , Joon Ho Kong , Joseph A. Micale

This study analyzes the impact of universal demand (UD) laws, which limit shareholders' ability to initiate derivative litigation against firms and auditors, on the behavior of external auditors. After confirming that UD laws reduce the likelihood that clients (auditors) will be named in this type of litigation, we find that firms incorporated in states that have adopted UD laws have lower increases in audit fees than states that have not adopted such laws. These results are magnified for firms when the client's (auditor's) bargaining power is high (low) but not for those actively engaged in derivative litigation, suggesting that auditors are able to distinguish actively the firms that benefit from the lower risk of derivative litigation. We do not find evidence that reporting quality declines as a result of these reduced fees. Our results suggest that UD laws relieve unnecessary burdens imposed by excessive derivative litigation on firms and auditors.

本研究分析了限制股东对公司和审计师提起衍生诉讼的普遍要求（UD）法对外部审计师行为的影响。在确认普遍要求法降低了客户（审计师）在此类诉讼中被指名的可能性之后，我们发现，与未采用普遍要求法的州相比，在已采用普遍要求法的州注册成立的公司审计费用增幅较低。当客户（审计师）的议价能力高（低）时，这些结果会被放大，但对于那些积极参与衍生诉讼的公司来说，这些结果不会被放大，这表明审计师能够主动区分出那些从较低的衍生诉讼风险中获益的公司。我们没有发现证据表明报告质量会因为这些费用的降低而下降。我们的研究结果表明，UD 法律减轻了过度衍生诉讼给公司和审计师带来的不必要负担。

引用次数: 0

How does the CEO horizon problem affect the cost of bank loans? CEO 视野问题对银行贷款成本有何影响？

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-07-10 DOI: 10.1016/j.adiac.2024.100768

Yangmei Wang , Savannah (Yuanyuan) Guo

In this paper, we investigate the effect of the CEO horizon problem on the cost of bank loans. Prior research suggests that CEOs at the end of their tenures become myopic and have fewer incentives to act in the best interests of their firms, creating a CEO horizon problem. We predict and find that loan spreads significantly increase in the last two years, especially in the final year, of a CEO's tenure. Further analyses reveal firms with a lower credit rating, without a prior relationship with the bank, and with planned CEO departures exhibit a stronger main effect, suggesting a change in a bank's risk tolerance as a potential mechanism. Next, we find that the main effect is more pronounced for firms with weaker corporate governance. In addition, we rule out incompetent CEOs, uncertainty associated with the new CEO, and the earning management effect as alternative explanations. Our paper contributes to the recent research investigating how executive characteristics, specifically the CEO horizon problem, influence the cost of bank loans.

在本文中，我们研究了首席执行官视野问题对银行贷款成本的影响。先前的研究表明，首席执行官在任期结束时会变得近视，减少为公司的最佳利益行事的动力，这就产生了首席执行官的视野问题。我们预测并发现，在首席执行官任期的最后两年，尤其是最后一年，贷款利差会显著增加。进一步的分析表明，信用等级较低、与银行之前没有合作关系以及首席执行官有离职计划的公司会表现出更强的主效应，这表明银行风险容忍度的变化是一个潜在的机制。接下来，我们发现公司治理较弱的公司的主效应更为明显。此外，我们还排除了不称职的首席执行官、与新任首席执行官相关的不确定性以及收益管理效应等其他解释。我们的论文为近期研究高管特征，特别是首席执行官视野问题如何影响银行贷款成本的研究做出了贡献。

引用次数: 0

Non-IFRS earnings information in financial highlights of annual reports 年度报告财务要点中的非国际财务报告准则收益信息

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-07-06 DOI: 10.1016/j.adiac.2024.100764

Tami Dinh , Helen Kang , Chang Zhao

Based on a sample of the top 200 Australian firms, we find that companies rely on non-IFRS earnings to supplement IFRS earnings in the highlights section of firms' annual reports. At the same time, firms are more likely to present non-IFRS earnings in the highlights section that beat earnings benchmarks, suggesting that they might be motivated to present their performance in a better light through non-IFRS earnings. We also show that non-IFRS earnings presented in the highlights section are more likely to be taken from the audited sections of the annual report, potentially indicating their credibility as key performance measures. Our findings add to the ongoing controversial debate on the informativeness of non-IFRS earnings with a specific focus on those reported in the highlights section of the annual report.

基于澳大利亚 200 强企业的样本，我们发现，在企业年报的要点部分，企业依靠非《国际财务报告准则》收益来补充《国际财务报告准则》收益。与此同时，企业更有可能在亮点部分展示超越收益基准的非国际财务报告准则收益，这表明企业可能有动力通过非国际财务报告准则收益更好地展示其业绩。我们还发现，在亮点部分展示的非国际财务报告准则收益更有可能来自年报中经审计的部分，这可能表明它们作为关键业绩衡量指标的可信度。我们的研究结果为目前关于非《国际财务报告准则》盈利信息性的争论增添了新的内容，特别是对年报要点部分报告的非国际财务报告准则盈利信息的争论。

引用次数: 0

Using accounting information to identify corporate acquisition motives: Implications on post-acquisition performance 利用会计信息识别企业收购动机：对收购后业绩的影响

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-07-02 DOI: 10.1016/j.adiac.2024.100767

Bingyi Chen , Ariel Markelevich , Irene Guannan Wang

This paper examines the post-acquisition long-term performance of corporate acquisitions using merger motives inferred from ex-ante publicly available accounting information. Using pre-acquisition accounting data, we build an acquisition score (A-Score) that proxies for the net effect of the acquisition motives. We predict and find that the A-Score constructed using pre-acquisition accounting data is positively associated with acquiring firm's post-acquisition performance. The A-Score enables the screening of current and potential corporate acquisitions by predicting the impact on post-acquisition performance. The findings demonstrate the importance of accounting information in inferring merger motives and improve our understanding of the effect of the acquisition motives on post-acquisition performance.

本文利用事前公开的会计信息推断出的并购动机，对企业并购后的长期绩效进行了研究。利用并购前的会计数据，我们建立了一个并购得分（A-Score），以反映并购动机的净效应。我们预测并发现，利用收购前会计数据构建的 A-Score 与收购公司的收购后业绩呈正相关。通过预测 A-Score 对收购后业绩的影响，可以对当前和潜在的企业收购进行筛选。研究结果表明了会计信息在推断并购动机方面的重要性，并加深了我们对并购动机对并购后绩效影响的理解。

引用次数: 0

Firm life cycle and accrual quality 公司生命周期和应计质量

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-06-13 DOI: 10.1016/j.adiac.2024.100762

Jose Elias Almeida , Devendra Kale

We examine the role of firms' life cycle stages on accrual quality (AQ). Our findings are consistent with an inverted U-shaped pattern in AQ across life cycle stages, where mature firms report the highest quality of accruals, followed by growth and shake-out firms, with firms in the introduction and decline stages reporting the lowest AQ. We further find that AQ worsens when firms move to the decline stage or when they move out of the mature stage to the shake-out and/or decline stage. Our findings are robust to several alternative specifications, subsample analyses, AQ measures, and firm life cycle proxies. We contribute to the literature on accrual quality by providing a broad view of how firm life cycle and accrual quality are intrinsically linked.

我们研究了企业的生命周期阶段对应计质量（AQ）的影响。我们的研究结果与各生命周期阶段应计项目质量的倒 U 型模式一致，即成熟企业的应计项目质量最高，其次是成长型企业和衰退型企业，而处于引入期和衰退期的企业的应计项目质量最低。我们进一步发现，当企业进入衰退阶段或从成熟阶段进入动荡和/或衰退阶段时，应计质量会恶化。我们的研究结果对几种替代规格、子样本分析、AQ 测量和企业生命周期替代物都是稳健的。我们对企业生命周期与应计质量之间的内在联系提供了一个广阔的视角，从而为应计质量方面的文献做出了贡献。

引用次数: 0

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