Advances in Accounting最新文献

英文中文

Access to finance and cost stickiness: Evidence from anti-recharacterization laws 融资渠道与成本粘性：来自反重构法的证据

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-04-16 DOI: 10.1016/j.adiac.2025.100816

Tongxia Li , Chun Lu , Lei Xu

This paper examines the impact of financial constraints on asymmetric cost behavior (i.e., cost stickiness). Specifically, we use a natural experiment — the staggered introduction of the anti-recharacterization laws (ARLs) — to investigate the causal relationship between financial constraints and cost stickiness. Implementing anti-recharacterization state regulation increases the value of a firm's collateral, resulting in lower external financing costs and improved credit market access. We hypothesize that this improves firms' ability to obtain external funding for expansion and allows firms facing sales decreases to retain their resources for a potential rebound. This results in an increase in cost stickiness. Our findings support the hypothesis that cost stickiness increases after the passage of the ARLs. Moreover, the effect of these laws is more pronounced for high-growth firms, firms with more stringent financial constraints, and firms relying on external financing, especially financing through special purpose vehicles (SPVs). These changes in asymmetric cost behavior are driven by economic incentives that improve firm performance.

本文探讨了金融约束对非对称成本行为（即成本粘性）的影响。具体而言，我们利用一个自然实验--交错引入反重新定性法（ARLs）--来研究金融约束与成本粘性之间的因果关系。实施反重新定性国家监管会提高企业抵押品的价值，从而降低外部融资成本，改善信贷市场准入。我们假设，这将提高企业获得外部资金用于扩张的能力，并使面临销售额下降的企业能够保留资源，以应对可能出现的反弹。这就导致了成本粘性的增强。我们的研究结果支持了成本粘性在《反垄断法》通过后增加的假设。此外，这些法律对高增长企业、财务约束更严格的企业以及依赖外部融资（尤其是通过特殊目的载体（SPV）融资）的企业的影响更为明显。非对称成本行为的这些变化是由提高企业绩效的经济激励机制驱动的。

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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 : 2025-04-15 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

Principle-based accounting standards and earnings management in private hotel firms: The impact on government subsidies 原则会计准则与民营酒店盈余管理：对政府补贴的影响

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-03-19 DOI: 10.1016/j.adiac.2025.100812

Panagiotis E. Dimitropoulos

Effective 2015, the new Hellenic Accounting Standards (HAS) introduced a principle-based financial reporting environment to the Greek business setting. The scope of this study is to examine the impact of new HAS on the accounting quality (earnings management and income smoothing behaviors) of private hospitality firms in Greece, and the subsequent effect on the granting of government subsidies. The empirical analysis used accounting data from 3928 unique hotel firms operating in Greece, over the period 2003–2018. Panel fixed effects and logit regression analysis indicated that the introduction of the new principle-based HAS contributed to an increase in earnings management and income smoothing behaviors of private hotel firms. Furthermore, the deterioration of accounting quality under the new HAS was more severe for medium and small hotel firms, relative to their larger counterparts. Furthermore, the subsequent increase of earnings management by small and medium sized firms was accompanied by an increase of government subsidies, suggesting that SMEs with reduced accounting quality were rewarded with higher government financing under the new accounting regime.

2015年生效的新希腊会计准则（HAS）为希腊商业环境引入了基于原则的财务报告环境。本研究的范围是检验新的HAS对希腊私人酒店公司会计质量（盈余管理和收入平滑行为）的影响，以及随后对政府补贴的影响。实证分析使用了2003年至2018年期间在希腊经营的3928家独特酒店公司的会计数据。面板固定效应和logit回归分析表明，引入新的基于原则的HAS有助于民营酒店企业盈余管理和收入平滑行为的增加。此外，在新的HAS制度下，中小型酒店公司的会计质量恶化情况比大型酒店公司更为严重。此外，中小企业盈余管理的增加伴随着政府补贴的增加，这表明在新的会计制度下，会计质量下降的中小企业获得了更多的政府融资。

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引用次数: 0

Does high audit quality mitigate a client firm's reliance on trade credit financing? 高审计质量是否减轻了客户公司对贸易信贷融资的依赖？

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-03-17 DOI: 10.1016/j.adiac.2025.100811

Mohammad Hendijani Zadeh

Using a large sample of publicly traded U.S. firms, we show that high audit quality is negatively related to a client firm's reliance on costly trade credit financing. Further analyses reveal that the relationship between audit quality and trade credit reliance is more pronounced for client firms showing higher information asymmetry, greater cash flow volatility, and lower collateral. We also identify two potential mechanisms through which audit quality diminishes a client firm's reliance on expensive trade credit financing: reduced cost of debt and enhanced access to equity market financing via stock liquidity. Additionally, the analysis shows that client firms with high audit quality tend to make faster payments on their trade credit agreements. Our findings indicate that audit quality can influence a client firm's trade credit policies.

通过对大量美国上市公司的抽样调查，我们发现高审计质量与客户公司对高成本贸易信贷融资的依赖呈负相关。进一步的分析表明，对于信息不对称程度较高、现金流波动较大和抵押物较少的客户公司而言，审计质量与贸易信贷依赖之间的关系更为明显。我们还发现了审计质量降低客户公司对高成本贸易信贷融资依赖的两个潜在机制：降低债务成本和通过股票流动性提高股票市场融资渠道。此外，分析表明，审计质量高的客户公司往往能更快地支付贸易信贷协议的款项。我们的研究结果表明，审计质量可以影响客户公司的贸易信贷政策。

引用次数: 0

Social capital and firm voluntary disclosure 社会资本与企业自愿披露

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-02-28 DOI: 10.1016/j.adiac.2025.100810

William M. Cready , Yaqin Hu

This study examines the effects of social capital on firm voluntary disclosure. We find that firms headquartered in the U.S. counties with higher levels of social capital provide more management forecasts than firms in the counties with lower levels of social capital. We further find that this positive effect is driven mainly by two factors in social capital, which are the social associations, especially those actively seeking their preferential policies, and voter turnout. The positive effect of social capital is more pronounced in firms of smaller size, firms with more local employees, higher sales growth rates, and good earnings performance. Overall, these results suggest that social capital, especially social associations and community proactivity, promotes firm voluntary disclosure.

本研究考察了社会资本对企业自愿披露的影响。我们发现，总部设在社会资本水平较高的美国县的公司比总部设在社会资本水平较低的县的公司提供更多的管理预测。我们进一步发现，这种正向效应主要由社会资本中的两个因素驱动，即社会协会，特别是积极寻求其优惠政策的社会协会和选民投票率。社会资本的积极作用在规模较小、本地员工较多、销售增长率较高、盈利表现良好的企业中更为明显。总体而言，这些结果表明，社会资本，特别是社会协会和社区主动性，促进了企业自愿披露。

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 : 2025-02-21 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

Balance sheet strength in the oil and gas industry: Saving for a rainy day or making hay while the sun shines 油气行业的资产负债表实力：未雨绸缪或未雨绸缪

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-02-08 DOI: 10.1016/j.adiac.2025.100806

Mark Anderson , Yan Ma , Han-Up Park

We examine how a strategic emphasis on balance sheet strength relates to investment decisions and performance over time for firms operating in a cyclical environment. From a series of discussions with industry insiders and readings of disclosures for prominent oil and gas (O&G) companies in Canada, we identify two groups of upstream O&G firms based on how they match their resources and capabilities with the uncertainties posed by industry economic cycles. One group of firms borrows and invests aggressively when oil prices are strong and funds are available – “making hay while the sun shines”, while the other group grows conservatively to build and maintain balance sheet strength – “saving for a rainy day”. We use average cash flows to debt for each firm over time to measure emphasis on balance sheet strength and separate firms into rainy day and making hay companies. We leverage two steep price declines to observe the behavior of firms over industry cycles: one triggered by the widespread 2008 financial crisis and the other by a distinct and prolonged O&G industry downturn in 2014. While investment declined generally in both cases, we find that the decline in investment was significantly less for rainy day companies than making hay firms after the 2014 downturn. Across time, we find that rainy day companies make shrewder acquisitions and operate more efficiently than making hay companies. Nonetheless, the capital market rewards making hay companies with higher market valuation, but this is reduced in downturns.

我们研究了在周期性环境中运营的公司，随着时间的推移，对资产负债表实力的战略重点与投资决策和绩效的关系。通过与业内人士的一系列讨论，以及对加拿大知名油气公司披露信息的阅读，我们根据油气公司如何将其资源和能力与行业经济周期带来的不确定性相匹配，确定了两类上游油气公司。一类公司在油价走强、资金充足时大举借贷和投资——“趁太阳好，趁热打铁”；而另一类公司则保守增长，以建立和维持资产负债表的实力——“未雨绸缪”。我们使用每家公司在一段时间内的平均债务现金流来衡量对资产负债表实力的重视程度，并将公司分为风雨公司和赚钱公司。我们利用两次急剧的价格下跌来观察企业在行业周期中的行为：一次是由2008年广泛的金融危机引发的，另一次是由2014年明显且持续的石油和天然气行业低迷引发的。尽管在这两种情况下，投资都普遍下降，但我们发现，在2014年经济衰退后，“倒霉公司”的投资下降幅度明显小于“赚钱公司”。随着时间的推移，我们发现，“倒霉公司”会比“倒霉公司”进行更精明的收购，运营效率也会更高。尽管如此，资本市场还是会以更高的市场估值奖励那些做空股票的公司，但在经济低迷时期，这种奖励会减少。

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引用次数: 0

Private lenders and borrowers' internal control-related private information 私人贷款人和借款人内部控制相关的私人信息

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2025-02-07 DOI: 10.1016/j.adiac.2025.100808

Md Mahmudul Hasan

This study investigates the relationship between lenders' demand for management letters, which contain borrowers' private information regarding internal control, and the effectiveness of borrowers' internal controls. Since only material weaknesses in internal controls must be publicly disclosed, firms can publicly claim that their internal controls are effective even if they have deficiencies in internal controls but no material weaknesses. This study reveals that lenders are more likely to ask for management letters from borrowers who have revealed material weaknesses in their internal controls. The study also finds that lenders are more likely to ask for management letters from borrowers with financial distress and when borrowers are involved in risky activities like aggressive tax avoidance. In addition, firms with ineffective internal controls from whom lenders have demanded management letters are more likely to remediate their material weaknesses than those not subject to such demands. This study adds to the limited literature on how lenders use borrowers' private information in loan contract monitoring and how lenders can impact borrowers' internal controls without the contractual transfer of control rights.

本研究探讨贷款人对包含借款人内部控制私人信息的管理函件的需求与借款人内部控制有效性之间的关系。由于只有内部控制的重大缺陷才需要公开披露，企业可以公开声称其内部控制是有效的，即使他们有内部控制的缺陷，但没有重大缺陷。这项研究表明，贷款人更有可能要求披露内部控制重大缺陷的借款人提供管理层信函。该研究还发现，贷款人更有可能要求陷入财务困境的借款人提供管理函，当借款人参与激进避税等高风险活动时。此外，由于内部控制无效，贷款人要求其出具管理函件，这些公司比那些不受此类要求约束的公司更有可能纠正自身的重大缺陷。本研究补充了关于出借人如何在贷款合同监控中使用借款人的私人信息以及出借人如何在没有合同转让控制权的情况下影响借款人的内部控制的有限文献。

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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 : 2025-01-06 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

The impact of IFRS 16 on lessees' financial information: A single-industry study 国际财务报告准则第16号对承租人财务信息的影响：单一行业研究

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-12-20 DOI: 10.1016/j.adiac.2024.100803

Ana Isabel Lopes , Daniela Penela

This single-industry study responds to the IFRS Foundation's call to determine the effects of implementing IFRS 16 by analyzing the isolated post-implementation effect of IFRS 16 on lessee financial statements. Using real implementation data, the findings confirm the expected results of prior studies using estimated data, in that the implementation of IFRS 16 is the primary driver of statistically significant changes in assets, liabilities, EBIT, EBITDA, and financial expenses, resulting in major changes in the structure and liquidity ratios. Regarding profitability ratios, this study adds to the literature by demonstrating a statistically significant difference in ROA. Furthermore, while prior studies suggest that the interest coverage ratio would decrease, the use of real implementation data shows no statistically significant finding on this ratio; this indicates that the increase in EBITDA and interest expenses may cancel each other out, resulting in no impact on the coverage ratio. The results support the main criticism of IAS 17—that operating leases were improperly accounted for and consequently altered the picture of financial statements and ratios, which is a key source of information in valuing companies. This single-industry study, one of the more extensive IFRS Foundation 2016 studies, is the first to use real IFRS 16 adoption data, providing substantial results regarding the impact of this standard on the financial statements of publicly traded companies. These results encourage further research using similar approaches with broader sample sizes.

本单一行业研究响应国际财务报告准则基金会的呼吁，通过分析国际财务报告准则16对承租人财务报表实施后的孤立影响，确定实施国际财务报告准则16的影响。使用真实的实施数据，研究结果证实了先前使用估计数据的研究的预期结果，即IFRS 16的实施是资产、负债、EBIT、EBITDA和财务费用在统计上显著变化的主要驱动因素，导致结构和流动性比率发生重大变化。在盈利能力比率方面，本研究通过证明ROA具有统计学显著差异来补充文献。此外，虽然先前的研究表明利息覆盖率会下降，但使用实际执行数据显示，该比率没有统计学上的显著发现；这表明EBITDA和利息费用的增加可能相互抵消，对覆盖率没有影响。该结果支持了《国际会计准则第17号》的主要批评，即经营租赁会计处理不当，从而改变了财务报表和比率的情况，而财务报表和比率是公司估值的关键信息来源。这项单一行业研究是国际财务报告准则基金会2016年开展的较为广泛的研究之一，首次使用了真实的国际财务报告准则第16号采用数据，就该准则对上市公司财务报表的影响提供了实质性结果。这些结果鼓励进一步研究使用类似的方法和更大的样本量。

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