Advances in Accounting最新文献

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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。

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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。

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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。

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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

Do socially responsible firms demonstrate a preference for using classification shifting to manage earnings? 有社会责任感的企业是否更倾向于使用分类转移来管理收益？

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-06-12 DOI: 10.1016/j.adiac.2024.100763

Curtis Farnsel, Kelly Ha

Prior research finds socially responsible firms are less likely to engage in earnings management, suggesting that socially responsible firms seek to provide more transparent financial reports (Hong and Anderson 2011; Kim, Park, and Wier 2012; Hwang, Choi, Choi, and Lee 2022). We investigate whether managers of CSR firms demonstrate a preference for classification shifting when making trade-off decisions among earnings management methods. First, our results support prior studies that find the overall extent of earnings management is lower for CSR firms. However, this study focuses on the use of classification shifting relative to other forms of earnings management. We find a robust positive relation between CSR performance and the relative use of classification shifting. Our results suggest that while CSR firms engage in lower levels of earnings management they demonstrate a preference to choose classification shifting when engaging in earnings management. These findings are consistent with managers perceiving classification shifting as a less unethical tool relative to accruals earnings management or real activities manipulation. Subsequent analyses reveal that our results are most pronounced for firms with lower external monitoring where managers have the most freedom to make trade-off decisions among earnings management methods based on ethical considerations. Overall, by demonstrating a preference for classification shifting relative to other earnings management tools our study furthers our understanding of the role of ethical considerations in earnings management decisions.

先前的研究发现，有社会责任感的公司不太可能参与收益管理，这表明有社会责任感的公司寻求提供更透明的财务报告（Hong 和 Anderson，2011 年；Kim、Park 和 Wier，2012 年；Hwang、Choi、Choi 和 Lee，2022 年）。我们研究了企业社会责任公司的管理者在做出收益管理方法的权衡决策时是否表现出对分类转移的偏好。首先，我们的研究结果支持了之前的研究，即企业社会责任公司的整体收益管理程度较低。不过，本研究重点关注的是相对于其他形式的收益管理而言，分类转移的使用情况。我们发现，企业社会责任绩效与相对使用分类转移之间存在稳健的正相关关系。我们的研究结果表明，虽然企业社会责任公司的收益管理水平较低，但它们在进行收益管理时更倾向于选择分类转移。这些结果与管理者认为分类转移相对于权责发生制收益管理或实际活动操纵而言是一种不那么不道德的工具是一致的。随后的分析表明，我们的结果对于外部监控较少的公司最为明显，在这些公司中，管理者有最大的自由度基于道德考虑在不同的收益管理方法之间做出权衡决策。总之，通过证明相对于其他收益管理工具，我们的研究更进一步加深了我们对道德因素在收益管理决策中的作用的理解。

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引用次数: 0

Discussion of “The interaction between incentive and opportunity in corporate tax planning: Evidence from financially constrained firms” 讨论 "企业税收筹划中激励与机会的相互作用：来自财务受限企业的证据"

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-06-08 DOI: 10.1016/j.adiac.2024.100761

Stacie O. Kelley

The Interaction between Incentive and Opportunity in Corporate Tax Planning:Evidence from Financially Constrained Firms by Kaishu Wu (2024) examines the impact of tax planning opportunities (TPO) on the relation between tax avoidance incentives and tax avoidance. TPO is the key construct in the manuscript. It is estimated as the difference between a firm's average five-year (t-5 to t-1) actual cash effective tax rate (CETR) and its predicted five-year CETR. The predicted CETR is based on firm characteristics research has shown affect cash effective tax rates, such as size, return on assets, market-to-book, research and development, intangible assets, etc. The manuscript argues and provides evidence that the positive relation between tax avoidance incentives and tax avoidance, as shown in prior research, is significantly bigger for firms with larger TPOs.

吴开树（2024）的《企业税收筹划中激励与机会的相互作用：来自财务受限企业的证据》（The Interaction between Incentive and Opportunity in Corporate Tax Planning:Evidence from Financially Constrained Firms）研究了税收筹划机会（TPO）对避税激励与避税之间关系的影响。TPO 是手稿中的关键结构。它被估算为企业五年（t-5 至 t-1）平均实际现金实际税率（CETR）与其预测的五年 CETR 之间的差额。预测的 CETR 基于研究表明会影响现金实际税率的公司特征，如规模、资产回报率、市账率、研发、无形资产等。该手稿论证并提供证据表明，如之前的研究所示，避税激励与避税之间的正相关关系对于TPO较大的公司而言明显更大。

引用次数: 0

Debt covenant violations and corporate cost management 违反债务契约和企业成本管理

IF 1.6 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-05-09 DOI: 10.1016/j.adiac.2024.100756

Yuqi Gu , Bo Ouyang

In this study, we examine whether and how debt covenant violations are related to corporate cost management, an important business operating decision. Our findings suggest that firms significantly reduce slack operating resources after debt covenant violations. Our cross-sectional tests indicate that this reduction in cost stickiness is more pronounced when creditor monitoring is stronger, and when empire building is more severe. Our evidence adds to the literature on determinants of corporate cost management and sheds new light on how creditors influence firm behavior.

在本研究中，我们探讨了违反债务契约是否以及如何与企业成本管理这一重要的商业运营决策相关联。我们的研究结果表明，企业在违反债务契约后会大幅减少松弛的运营资源。我们的横截面测试表明，当债权人的监督力度更大、企业帝国建设更严重时，成本粘性的降低会更明显。我们的证据补充了有关企业成本管理决定因素的文献，并为债权人如何影响企业行为提供了新的启示。

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