Advances in Accounting最新文献

英文中文

The impact of profitability pressure and capital market valuation on tax haven engagement 盈利压力和资本市场估值对避税天堂参与的影响

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-12-19 DOI: 10.1016/j.adiac.2024.100804

Linda H. Chen , George J. Jiang , Weiwei Wang , Joseph H. Zhang

We investigate three key research questions related to firms' engagement in tax haven activities: (1) the relationship between firm profitability pressures and tax haven involvement, (2) how the capital markets price tax haven activities as potential risks, and (3) whether firm profitability pressures moderate the relationship between tax haven involvement and capital market risk perceptions. Analyzing data from 1995 to 2020, we find that firms facing profitability pressure are more likely to engage in tax haven activities. Additionally, tax haven involvement is typically viewed negatively by capital markets, signaling heightened information risk and agency costs. However, under profitability pressures, capital markets assess tax haven activities less unfavorably. These findings highlight the need to better understand the drivers of aggressive tax avoidance strategies.

我们研究了与企业参与避税天堂活动相关的三个关键研究问题：(1)企业盈利压力与避税天堂参与之间的关系；(2)资本市场如何将避税天堂活动作为潜在风险定价；(3)企业盈利压力是否调节了避税天堂参与与资本市场风险感知之间的关系。分析1995年至2020年的数据，我们发现面临盈利压力的公司更有可能从事避税天堂活动。此外，资本市场通常对避税天堂的参与持负面看法，这表明信息风险和代理成本增加。然而，在盈利压力下，资本市场对避税天堂活动的评估不那么不利。这些发现突出表明，有必要更好地了解激进避税策略的驱动因素。

引用次数: 0

The interactive effects of strategy communication and report integration on investors' reactions to corporate social responsibility measures 战略沟通和报告整合对投资者对企业社会责任措施反应的互动影响

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-11-21 DOI: 10.1016/j.adiac.2024.100784

Lei Wang , Lei Dong

This study examines nonprofessional investors' reactions to two important factors underlying the disclosure of corporate social responsibility (CSR) measures: report integration and strategy communication. We find that CSR measures in an integrated report appear to affect nonprofessional investors less than CSR measures in a standalone report. Providing strategy communication that conveys CSR strategic objectives and a causal connection between CSR performance and financial performance promotes investors' incorporation of CSR measures into their judgments and decisions. Together, report integration and CSR strategy communication interact to affect investment judgments and decisions, such that the weakened effect of CSR measures in an integrated report is less pronounced when CSR strategy communication is present than when CSR strategy communication is absent. As the interest in CSR reports continues to grow among investors, preparers, auditors, standard setters, regulators, and researchers, this study highlights the interplay between strategy communication and report integration in CSR disclosures.

本研究探讨了非专业投资者对披露企业社会责任（CSR）措施的两个重要因素的反应：报告整合和战略沟通。我们发现，综合报告中的企业社会责任措施对非专业投资者的影响似乎小于独立报告中的企业社会责任措施。提供战略沟通，传达企业社会责任战略目标以及企业社会责任绩效与财务绩效之间的因果关系，会促进投资者将企业社会责任措施纳入其判断和决策。报告整合与企业社会责任战略沟通相互作用，共同影响投资判断和决策，因此，与缺乏企业社会责任战略沟通的情况相比，有企业社会责任战略沟通的情况下，整合报告中企业社会责任措施的弱化效果并不明显。随着投资者、编制者、审计师、标准制定者、监管者和研究人员对企业社会责任报告的兴趣与日俱增，本研究强调了企业社会责任披露中战略沟通和报告整合之间的相互作用。

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引用次数: 0

Accrual accounting and access to external funds: Evidence from small businesses 权责发生制会计与外部资金的获取：来自小型企业的证据

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-11-20 DOI: 10.1016/j.adiac.2024.100786

Philip Keejae Hong , Kyonghee Kim , Sukesh Patro , Kyunghwa Yu

This study explores how the use of accrual accounting, as opposed to cash accounting, is related to small businesses' access to external funds and the type of borrowing relationships they have. The findings show that the use of accrual accounting is associated with better access to lines of credit and trade credit, which are important sources of external financing for small businesses. The use of accrual accounting is also positively associated with larger borrowing amounts, more favorable borrowing terms, the establishment of more credit relationships, and with more distant financial institutions. Likewise, accrual accounting is associated with shorter borrowing relationships and less reliance on personal contact with financial institutions. Overall, this study demonstrates a significant association between the use of accrual accounting and improved access to external finance for small businesses, suggesting that the informational limitations of cash accounting may be related to greater constraints in accessing external funding.

本研究探讨了相对于收付实现制会计而言，权责发生制会计的使用与小企业获取外部资金的途径及其借贷关系类型之间的关系。研究结果表明，使用权责发生制会计与更好地获得信贷额度和贸易信贷有关，而这是小企业外部融资的重要来源。使用权责发生制会计还与借款金额更大、借款条件更优惠、建立更多信贷关系以及与更远的金融机构有正相关。同样，权责发生制会计也与较短的借贷关系和较少依赖与金融机构的个人联系有关。总之，这项研究表明，使用权责发生制会计与小企业获得外部融资的机会增加之间存在显著联系，这表明现金会计的信息局限性可能与获得外部资金的更大限制有关。

引用次数: 0

Employee education and corporate tax outcomes: Evidence from firm-level reporting 员工教育与企业纳税结果：来自公司层面报告的证据

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-11-12 DOI: 10.1016/j.adiac.2024.100785

Hanzhong Shi , Kaishu Wu , Kerui Zhai

Taking advantage of a unique financial reporting feature in the Chinese setting, this study examines whether the education level of a firm's rank-and-file employees is associated with its tax outcomes. We provide robust evidence that employee education is associated with reduced tax avoidance. Leveraging path analysis, we show that highly educated employees are related to corporate tax avoidance through a financial reporting channel and a corporate social responsibility (CSR) channel. In addition, we find that the main effect is more pronounced when employees have the right to voice their concerns and when the accounting department accounts for a greater portion of total employees. Finally, we show that employee education is associated with reduced tax risk. Overall, our study extends an emerging body of literature on the association between employee education and firm-related outcomes (e.g., Call, Campbell, Dhaliwal, & Moon Jr., 2017), along with finding another important determinant of corporate tax planning.

本研究利用中国独特的财务报告特点，考察了企业普通员工的教育水平是否与其纳税结果相关。我们提供的有力证据表明，员工受教育程度与避税行为的减少有关。通过路径分析，我们发现高学历员工通过财务报告渠道和企业社会责任（CSR）渠道与企业避税相关。此外，我们还发现，当员工有权表达自己的担忧，且会计部门占员工总数的比例较大时，主效应更为明显。最后，我们还发现，员工教育与税务风险的降低有关。总之，我们的研究扩展了员工教育与公司相关结果之间关系的新兴文献（例如，Call, Campbell, Dhaliwal, & Moon Jr., 2017），同时还发现了企业税收筹划的另一个重要决定因素。

引用次数: 0

Discussion of using accounting information to identify corporate acquisition motives: Implications on post-acquisition performance 讨论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 : 2024-11-07 DOI: 10.1016/j.adiac.2024.100783

Willie D. Reddic , Joshua C. Racca

引用次数: 0

Climate risk and asymmetric cost behavior 气候风险和不对称成本行为

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-10-15 DOI: 10.1016/j.adiac.2024.100782

Kareen Brown , Sohyung Kim , Cheol Lee , Parunchana Pacharn

Prior research indicates that managerial expectations about a firm's future can lead to asymmetric cost behavior or cost stickiness; optimism increases cost stickiness, while pessimism reduces it. We predict and find that firms facing greater climate risk exhibit less cost stickiness, aligning with the threat-rigidity perspective where managers are either reluctant to add new resources or dispose excess ones under high climate risk. This reaction intensifies over time. After the 1997 Kyoto Protocol, cost stickiness is less sticky, reflecting long-term intertemporal changes in managerial perceptions of climate risk and its impact on cost stickiness. In addition, firms in U.S. coastal states, those in agriculturally intensive states, or those financially constrained react more strongly to climate risk. Finally, we find evidence that political environments influence this cost behavior; firms show less cost stickiness under Democratic administrations and in states that vote Democratic.

先前的研究表明，管理者对企业未来的预期会导致非对称成本行为或成本粘性；乐观会增加成本粘性，而悲观会减少成本粘性。我们预测并发现，面临较大气候风险的企业会表现出较低的成本粘性，这与威胁-僵化观点一致，即在高气候风险下，管理者要么不愿增加新资源，要么不愿处置多余资源。这种反应会随着时间的推移而加剧。1997 年《京都议定书》签署后，成本粘性降低，这反映了管理者对气候风险的认识及其对成本粘性影响的长期跨期变化。此外，美国沿海州、农业密集州或财政紧张州的企业对气候风险的反应更为强烈。最后，我们发现了政治环境影响这种成本行为的证据；在民主党执政时期和民主党投票的州，企业的成本粘性较低。

引用次数: 0

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

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