Advances in Accounting最新文献

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Stock option expense recognition and the cost of equity 股票期权费用确认与权益成本

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-06-26 DOI: 10.1016/j.adiac.2025.100835

Zining Li , James M. Plečnik , Wendy Wilson , Suning Zhang

This study examines whether recognizing an expense on the face of the financial statements affects the cost of equity capital. Specifically, we analyze cost of equity effects around the change in accounting treatment imposed by Statement of Financial Accounting Standards 123R (SFAS 123R). This standard requires the recognition of an expense for the fair value of employee stock option grants, while previously this information was disclosed in financial statement footnotes. We find that, while pre-SFAS 123R firms benefited from a relatively lower cost of equity from option grants, once expense recognition was required, the benefit was diminished. While various possible explanations for this result exist, our additional analyses suggest that a decline in accounting information quality drives our results. Further, we find that the impact of SFAS 123R was greater for firms operating in technology-focused industries, likely due to their heavy use of stock options.

本研究探讨在财务报表表面确认一项费用是否会影响权益资本成本。具体而言，我们分析了围绕财务会计准则第123R号（sfas123r）所施加的会计处理变化的权益成本效应。该准则要求确认员工股票期权授予的公允价值的费用，而以前该信息是在财务报表脚注中披露的。我们发现，虽然在sfas 123R之前，公司从期权授予中受益于相对较低的股权成本，但一旦需要确认费用，收益就会减少。虽然对这一结果存在各种可能的解释，但我们的额外分析表明，会计信息质量的下降推动了我们的结果。此外，我们发现SFAS 123R对以技术为重点的行业的公司的影响更大，这可能是由于它们大量使用股票期权。

引用次数: 0

Pre-restatement executive turnovers and investor reactions 重述前的高管离职和投资者反应

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-06-13 DOI: 10.1016/j.adiac.2025.100832

Zhen Zhang , Brent Lao , Jin Dong Park

This study investigates the relation between fraudulent financial restatements and executive turnovers prior to the public announcement of the restatements. We find that restating firms are significantly more likely to experience CEO or CFO turnovers before restatement announcements, suggesting that firms take proactive actions in response to financial misreporting. The turnover likelihood is higher for CEOs than CFOs. Our analysis also reveals that investors react negatively to pre-restatement CFO turnovers, but the reactions to CEO turnovers are insignificant. This finding suggests that investors perceive CFO turnovers as indicative of undisclosed financial reporting issues, while CEO turnovers convey mixed signals to investors when there is a lack of clear reasons behind the turnovers. Further, our results show that at the time of the subsequent restatement announcement, firms with pre-restatement CEO turnovers experience more pronounced negative abnormal returns, a pattern not observed with CFO turnovers. Additionally, analysis of year-to-year change in discretionary accruals indicates that pre-restatement turnovers do not immediately enhance financial reporting quality. Overall, our study fills a gap in existing literature by demonstrating how the timing of executive turnovers around significant business events affects investor reactions to both the turnover and subsequent business events.

本研究旨在探讨欺诈性财务重述与公开重述前高管离职之间的关系。我们发现，在重述公告之前，重述公司更有可能经历CEO或CFO的离职，这表明公司采取积极主动的行动来应对财务误报。ceo的离职可能性高于cfo。我们的分析还表明，投资者对预重述的CFO更替的反应是负面的，但对CEO更替的反应是不显著的。这一发现表明，投资者认为首席财务官的更替表明未披露的财务报告问题，而首席执行官的更替向投资者传达了复杂的信号，因为更替背后缺乏明确的原因。此外，我们的研究结果表明，在随后的重述公告时，重述前CEO更替的公司经历了更明显的负异常回报，而CFO更替没有观察到这种模式。此外，对可自由支配应计项目年度变化的分析表明，重述前的变动不会立即提高财务报告质量。总的来说，我们的研究填补了现有文献的空白，证明了围绕重大商业事件的高管更替的时机如何影响投资者对更替和随后的商业事件的反应。

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引用次数: 0

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 : 2025-06-12 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 : 2025-06-10 DOI: 10.1016/j.adiac.2025.100834

Lei Gao

引用次数: 0

Do shareholders vote against executive compensation when pay is misaligned with performance? 当薪酬与业绩不一致时，股东是否会投票反对高管薪酬？

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-06-05 DOI: 10.1016/j.adiac.2025.100821

James Jianxin Gong , Nian Lim Lee (Vic) , Sophia I. Wang

Using the most recently available data on compensation actually paid (CAP) to CEOs and non-CEO executives, we document a strong and positive relationship between CAP-based pay-performance misalignment and shareholder Say-on-pay (SOP) votes against executive compensation (SOP dissent). The positive relationship between CAP-based misalignment and SOP dissent is stronger when equity constitutes a greater portion of compensation and is weaker when total shareholder return is used to determine CEO non-equity incentive payout. The findings are robust to the use of alternative measures of CAP-based pay-performance misalignment and SOP dissent as well as to the use of an entropy-balanced sample. In contrast, when pay-performance misalignment is based on summary compensation table (SCT) pay, we find an insignificant relationship between pay-performance misalignment and SOP dissent. Overall, we find strong empirical support that shareholders consider CAP-based pay-performance misalignment when casting their SOP votes.

利用ceo和非ceo高管实际支付薪酬（CAP）的最新可用数据，我们证明了基于CAP的薪酬绩效偏差与股东对高管薪酬的话语权（SOP）投票（SOP异议）之间存在强烈的正相关关系。当股权在薪酬中所占比例较大时，基于cap的偏差与SOP异议之间的正相关关系更强，而当股东总回报用于确定CEO非股权激励支出时，这一正相关关系较弱。研究结果对基于cap的薪酬绩效偏差和SOP异议的替代措施的使用以及熵平衡样本的使用都是稳健的。相反，当薪酬失调是基于总结薪酬表（SCT）薪酬时，我们发现薪酬失调与SOP异议之间的关系不显著。总体而言，我们发现强有力的实证支持，股东考虑基于cap的薪酬绩效偏差时，他们的SOP投票。

引用次数: 0

Auditor professional skepticism and deferred tax asset valuation allowance 审计师职业怀疑和递延税项资产评估津贴

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-05-24 DOI: 10.1016/j.adiac.2025.100820

Xiao Song, Ming (Mike) Yuan

In response to calls for more research on whether auditors exercise sufficient professional skepticism when evaluating subjective evidence, we examine whether auditors are professionally skeptical toward their clients' estimates of deferred tax asset valuation allowance (VA). Our findings indicate that, on average, auditors are not sufficiently skeptical of VA estimates when assessing a client's going-concern status. Specifically, auditors tend to exhibit over-reliance on clients' VA estimates, relative to the VA's association with subsequent bankruptcy. However, auditors with industry or tax expertise, and those from Big 4 auditors exhibit greater professional skepticism toward the VA. In addition, using the collapse of Arthur Andersen as a plausibly exogenous shock, we find that successor auditors who took over former clients of Arthur Andersen demonstrate more professional skepticism toward the VA than Arthur Andersen did. Overall, our study suggests that auditors are overly reliant on management-provided estimates in going-concern decisions and offers potential channels for improvement.

为了回应对审计师在评估主观证据时是否行使足够的专业怀疑的更多研究的呼吁，我们研究了审计师是否在专业上怀疑其客户对递延所得税资产估值准备（VA）的估计。我们的研究结果表明，平均而言，审计师在评估客户的持续经营状况时，对价值估计没有足够的怀疑。具体来说，审计人员倾向于过度依赖客户的资产价值估算，相对于资产价值与随后破产的关联而言。然而，具有行业或税务专业知识的审计师，以及来自四大会计师事务所的审计师，对VA表现出更大的专业怀疑。此外，将安达信的倒闭作为一种合理的外生冲击，我们发现，接手安达信前客户的继任者审计师，比安达信对VA表现出更多的专业怀疑。总体而言，我们的研究表明，审计师在持续经营决策中过度依赖管理层提供的估计，并提供了潜在的改进渠道。

引用次数: 0

Auditing trade credit risk: Evidence from BAPCPA and COVID-19 贸易信用风险审计：来自BAPCPA和COVID-19的证据

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-05-21 DOI: 10.1016/j.adiac.2025.100819

Stephanie Walton , Yiyang Zhang (Ian)

We examine how auditors assess trade credit risk. While trade credit is an increasingly common financing tool, it is not uncommon for trade credit to become past due, increasing a supplier's own financial risks. We use two events reflecting regulatory and global sources of variation in trade credit risk: BAPCPA's strengthening of creditor protections and the COVID-19 pandemic's supply chain disruptions. Using a difference-in-difference design, we find that post-BAPCPA auditors levy lower audit fees on suppliers whose customers exhibit greater trade credit risk, reflecting the greater certainty surrounding regulatory enhancement of creditor protections. We further find that post-COVID-19 auditors levy higher audit fees on suppliers whose customers exhibit greater trade credit risk. We then investigate the role of supply chain risks in addition to audit effort and audit quality implications. Overall, we find evidence that auditors account for trade credit risk in audit pricing.

我们研究了审计师如何评估贸易信用风险。虽然贸易信贷是一种日益普遍的融资工具，但贸易信贷逾期的情况并不罕见，从而增加了供应商自身的金融风险。我们使用了反映贸易信用风险监管和全球变化来源的两个事件：BAPCPA加强债权人保护和COVID-19大流行的供应链中断。利用差中之差设计，我们发现后bapcpa审计师对其客户表现出更大的贸易信用风险的供应商征收更低的审计费用，反映了围绕加强债权人保护的监管的更大确定性。我们进一步发现，后covid -19审计师对客户表现出更大贸易信用风险的供应商征收更高的审计费用。然后，除了审计工作和审计质量影响外，我们还调查了供应链风险的作用。总体而言，我们发现审计师在审计定价中考虑了贸易信用风险的证据。

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 : 2025-04-29 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。

引用次数: 0

Islamic worldview, social consciousness, and socially responsible investment 伊斯兰世界观、社会意识和社会责任投资

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-04-19 DOI: 10.1016/j.adiac.2025.100815

Ahmad Usman Shahid , Chris Patel , Peipei Pan

We conducted a scenario-based survey and examine whether and how professional accountants and junior business executives' socially responsible investment (SRI) decisions are influenced by their intrinsic Islamic religiosity measured by the Islamic worldview in the context of a profitable firm that is alleged by the media to have employed child labour under hazardous conditions in Pakistan. Our findings show that professionals' Islamic worldview is positively associated with their SRI decisions, and it is mediated by their social consciousness. Our results further show that social consciousness correlates to how they perceive media allegations as relevant in making decisions. We demonstrate that the conventional theory of accounting, which suggests that considerations of risk and return primarily drive investing decisions, does not always hold true. Our findings demonstrate that professionals are guided by their Islamic worldview in making SRI decisions that transcend those with profit-maximizing motives with a focus on a risk-return trade-off.

我们进行了一项基于场景的调查，并研究了专业会计师和初级企业高管的社会责任投资（SRI）决策是否以及如何受到其内在的伊斯兰宗教信仰的影响，这种宗教信仰是在巴基斯坦一家盈利公司的背景下由伊斯兰世界观衡量的，该公司被媒体指控在危险的条件下雇用童工。我们的研究结果表明，专业人员的伊斯兰世界观与他们的SRI决策正相关，并受到他们的社会意识的中介作用。我们的研究结果进一步表明，社会意识与他们如何感知媒体指控与决策相关有关。我们证明，传统的会计理论，这表明风险和回报的考虑主要驱动投资决策，并不总是成立。我们的研究结果表明，专业人士在做出SRI决策时受到他们的伊斯兰世界观的指导，这些决策超越了那些关注风险回报权衡的利润最大化动机。

引用次数: 0

Discussion of “balance sheet strength in the oil and gas industry: Saving for a rainy day or making hay while the sun shines” 关于“油气行业资产负债表强度：未雨绸缪还是未雨绸缪”的讨论

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-04-17 DOI: 10.1016/j.adiac.2025.100814

James N. Cannon

引用次数: 0

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