Advances in Accounting最新文献

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Increasing attention to disconfirming information in the audit environment when time pressure promotes confirmation of client assertions 在审计环境中，当时间压力促使对客户断言进行确认时，增加对不确认信息的关注

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-12-01 Epub Date: 2025-06-12 DOI: 10.1016/j.adiac.2025.100833

Mary P. Durkin , Jacob M. Rose

According to the Public Company Accounting Oversight Board (PCAOB), incentives and pressures found in the audit environment can cause unconscious biases to dominate decision making and lead auditors to underutilize evidence that disconfirms management's claims and assertions (PCAOB 2012; PCAOB 2019). This study investigates the activation of a counterfactual mindset to mitigate the adverse effects of time pressure on confirmation bias in the audit environment. Findings from an experiment with accounting students indicate that when incentive structures create significant time pressure, novice auditors are less likely to attend to evidence that disconfirms management's assertions. However, priming participants with a counterfactual mindset can overcome some of the adverse effects of time pressure by increasing attention to disconfirming evidence and perceptions that disconfirming evidence is important and useful for evaluating management's assertions. Activating a counterfactual mindset encourages the search for and use of disconfirming information when time pressures create biases against the consideration of disconfirming evidence. The results suggest the need to further investigate the potential benefits of counterfactual mindsets in the audit context.

根据上市公司会计监督委员会（PCAOB）的说法，在审计环境中发现的激励和压力会导致无意识的偏见主导决策，并导致审计师不充分利用与管理层的主张和主张不一致的证据(PCAOB 2012；PCAOB 2019)。本研究探讨了反事实心态的激活，以减轻审计环境中时间压力对确认偏差的不利影响。一项针对会计专业学生的实验结果表明，当激励结构产生巨大的时间压力时，审计新手不太可能注意到与管理层断言不符的证据。然而，用反事实思维引导参与者可以克服时间压力带来的一些不利影响，方法是增加对不确定证据的关注，并认识到不确定证据对于评估管理层的主张是重要和有用的。当时间压力造成偏见，不利于考虑不确定的证据时，激活反事实心态会鼓励寻找和使用不确定的信息。结果表明，需要进一步调查在审计背景下反事实心态的潜在好处。

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引用次数: 0

Discussion of “increasing attention to disconfirming information in the audit environment when time pressure promotes confirmation of client assertions” 关于“当时间压力促使对客户断言的确认时，在审计环境中增加对不确认信息的关注”的讨论

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-12-01 Epub Date: 2025-06-10 DOI: 10.1016/j.adiac.2025.100834

Lei Gao

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 : 2025-12-01 Epub 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 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 : 2025-12-01 Epub 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

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 : 2025-12-01 Epub 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

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 : 2025-12-01 Epub 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

Climate related disclosures and investor behaviour: An Australian study 气候相关信息披露与投资者行为：一项澳大利亚研究

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-06-01 Epub Date: 2025-02-21 DOI: 10.1016/j.adiac.2025.100809

Sammy Hewa, Rajni Mala, Jinhua Chen, John Dumay

In this paper, we examine how climate-related disclosures impact investment decisions. Using a survey experiment and adopting both between-subjects and within-subjects designs, we developed three distinct firm scenarios: one where the firm did not disclose climate-related risks; the second where the firm disclosed climate-related risks only (following the Task Force on Climate-Related Financial Disclosures (TCFD) guidelines); and the third where the firm disclosed both climate-related risks and corresponding risk mitigation strategies (also in line with the TCFD guidelines). From our analysis of a sample of 96 stock market investors in Australia, the results show that the investors were inclined to commit more money to the two firms that disclosed climate-related risks than the firm that did not. Moreover, the most money was invested in the firm that disclosed both the risks and risk mitigation strategies, irrespective of the investment horizon. Further, we found no evidence that the investors' belief in climate change moderates the association between disclosure level and investors' investment decision. The study demonstrates the contemporary significance of climate change as a pertinent investment risk and the heightened importance investors are placing on companies to manage associated risks. The results also provide support for the decision usefulness of the TCFD guidelines, which have been fully incorporated into the mandatory sustainability reporting standards of the International Sustainability Standards Board.

在本文中，我们研究了与气候相关的信息披露如何影响投资决策。我们通过调查实验，采用被试之间和被试之内的设计，设计了三种不同的公司情景：一种是公司不披露与气候相关的风险；第二种是公司只披露与气候相关的风险（遵循气候相关金融信息披露特别工作组（TCFD）指南）；第三种是公司同时披露与气候相关的风险和相应的风险缓解策略（同样遵循 TCFD 指南）。我们对澳大利亚 96 家股票市场投资者进行了抽样分析，结果显示，与未披露气候相关风险的公司相比，投资者倾向于向披露气候相关风险的两家公司投入更多资金。此外，无论投资期限长短，投资于同时披露风险和风险缓解战略的公司的资金最多。此外，我们没有发现证据表明投资者对气候变化的看法会调节信息披露水平与投资者投资决策之间的关系。这项研究表明，气候变化作为一种相关的投资风险在当代具有重要意义，投资者也更加重视公司对相关风险的管理。研究结果还为 TCFD 准则的决策有用性提供了支持，该准则已被完全纳入国际可持续发展标准委员会的强制性可持续发展报告标准。

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引用次数: 0

An empirical analysis of non-GAAP measures for high-litigation-risk industries 对高诉讼风险行业的非公认会计准则措施的实证分析

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-06-01 Epub Date: 2025-04-15 DOI: 10.1016/j.adiac.2025.100813

Baizhou Chen , Robert Houmes , Daphne Wang

This study empirically examines the effects of litigation risk on the likelihood and quality of non-GAAP reporting. Results suggest that firms in industries with a high incidence of litigation are more likely to disclose non-GAAP earnings than those in other industries, while the extent of the non-GAAP exclusion per share (the magnitude of the difference between non-GAAP earnings and GAAP earnings) decreases for high-litigation-risk firms. In addition, we investigate the relations between the extent of non-GAAP reporting during two distinct periods of financial stress: the financial crisis of 2008–2009 and the COVID-19 pandemic year of 2020. Results of these tests show that while the magnitude of non-GAAP exclusions generally increased during these periods, exclusions for high-litigation-risk firms were lower relative to other industries. We rationalize these findings by asserting that litigation risk incentivizes managers to disclose high-quality non-GAAP earnings.

本研究实证检验了诉讼风险对非公认会计准则报告的可能性和质量的影响。结果表明，与其他行业相比，诉讼高发率行业的公司更有可能披露非GAAP收益，而高诉讼风险公司的每股非GAAP排除程度（非GAAP收益与GAAP收益之间差异的幅度）则有所下降。此外，我们还研究了两个不同的金融压力时期（2008-2009年金融危机和2020年COVID-19大流行年）非公认会计准则报告程度之间的关系。这些测试的结果表明，虽然非公认会计准则排除的幅度在这些时期普遍增加，但高诉讼风险公司的排除相对于其他行业较低。我们通过断言诉讼风险激励管理人员披露高质量的非公认会计准则收益来合理化这些发现。

引用次数: 0

Executive age, executive gender and financial statement comparability 高管年龄、高管性别和财务报表可比性

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-06-01 Epub Date: 2025-01-06 DOI: 10.1016/j.adiac.2024.100805

Shadi Farshadfar , Laleh Samarbakhsh , Ismat Jahan

This study investigates the association between chief executive officer (CEO) age and gender and the financial statement comparability of their firm. Our findings indicate that CEO age and gender are positively associated with comparability. We extend the literature by establishing executive age and gender as determinants of comparability. The results are independent of a battery of sensitivity tests, including applying alternative comparability measures, industry dominance of young CEOs, self-selection bias, and corporate governance measures. Our analysis further suggests that the age and gender of other executives, particularly chief financial officers (CFOs) and the top management team (TMT), impact comparability similarly to those of the CEO.

本研究探讨首席执行官（CEO）的年龄和性别与公司财务报表可比性之间的关系。我们的研究结果表明，CEO年龄和性别与可比性呈正相关。我们通过建立行政年龄和性别作为可比性的决定因素来扩展文献。结果独立于一系列敏感性测试，包括应用替代可比性指标、年轻ceo的行业主导地位、自我选择偏差和公司治理指标。我们的分析进一步表明，其他高管，特别是首席财务官（cfo）和最高管理团队（TMT）的年龄和性别对可比性的影响与首席执行官类似。

引用次数: 0

Climate policy uncertainty and analyst forecast quality for greenhouse gas-intensive firms 温室气体密集型企业的气候政策不确定性和分析师预测质量

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-06-01 Epub Date: 2025-04-29 DOI: 10.1016/j.adiac.2025.100817

K.C. Lin , Xiaobo Dong

This study examines the impact of climate policy uncertainty (CPU) on financial analysts' ability to forecast the performance of greenhouse-gas (GHG)-intensive firms. We measure CPU using the Gavriilidis (2021) CPU index, which we validate by confirming its correlation with climate-related legislative activities and its distinction from general economic uncertainty indices. Our findings reveal that CPU negatively impacts forecast quality, increasing dispersion and reducing accuracy, especially for long-term earnings forecasts. Political gridlock, characterized by a divided government and ideological polarization in Congress, mitigates the negative effects of CPU. Furthermore, GHG-intensive firms with higher-quality financial disclosures and those followed by more skilled analysts experience less deterioration in forecast quality due to CPU. Finally, GHG-intensive firms that increase climate-related discussions during earnings calls in periods of high CPU mitigate the adverse impact on forecast quality.

本研究考察了气候政策不确定性（CPU）对金融分析师预测温室气体（GHG）密集型企业绩效的影响。我们使用Gavriilidis (2021) CPU指数来衡量CPU，我们通过确认其与气候相关立法活动的相关性以及与一般经济不确定性指数的区别来验证CPU。我们的研究结果表明，CPU会对预测质量产生负面影响，增加分散性并降低准确性，特别是对于长期收益预测。以政府分裂和国会意识形态两极分化为特征的政治僵局，减轻了中央集权制的负面影响。此外，拥有更高质量财务披露的温室气体密集型公司和那些拥有更熟练分析师的公司，由于CPU的影响，预测质量的恶化程度更低。最后，温室气体密集型公司在高CPU期间的收益电话会议中增加与气候相关的讨论，减轻了对预测质量的不利影响。

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全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

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