Advances in Accounting最新文献

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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 : 2025-06-01 Epub 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

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 : 2025-06-01 Epub 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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引用次数: 0

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 : 2025-06-01 Epub 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

The effect of corporate reputation on accounting conservatism 企业声誉对会计保守主义的影响

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-12-01 Epub Date: 2024-02-21 DOI: 10.1016/j.adiac.2024.100732

Kourosh Amirkhani , Jenny Brown , Jeffrey Gramlich

This study examines the impact of corporate reputation on accounting conservatism. We argue that firms with valuable reputations are likely to select conservative accounting practices as a form of insurance to protect their reputations. We document strong evidence that companies with high reputations—those included on Fortune's “Most Admired Companies” list—employ more conservative accounting than firms not on the list. We also investigate a hand-collected sample of firms with product recalls. Accounting conservatism appears to offset the negative stock price effect of product recalls, and high-reputation firms appear to benefit substantially more from conservative accounting than control firms.

本研究探讨了企业声誉对会计保守主义的影响。我们认为，声誉卓著的公司很可能会选择保守的会计实务，作为保护其声誉的一种保险形式。我们记录的有力证据表明，声誉卓著的公司--那些入选《财富》"最受赞赏公司 "榜单的公司--比未入选该榜单的公司采用更保守的会计方法。我们还对手工收集的产品召回公司样本进行了调查。会计保守似乎抵消了产品召回对股价的负面影响，高声誉公司似乎比对照公司从保守会计中获益更多。

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 : 2024-12-01 Epub 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

CEO political ideology and asymmetric cost behavior 首席执行官的政治意识形态与不对称成本行为

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-12-01 Epub Date: 2024-04-05 DOI: 10.1016/j.adiac.2024.100755

Adam Esplin , Yun Ke , Kari Joseph Olsen , Jiwoo Seo

We examine how CEO political ideology is associated with firms' resource adjustment decisions that give rise to asymmetric cost behavior, or “sticky costs.” Asymmetric cost behavior comes from resource adjustments firms make in response to sales increases and decreases. We argue that the conservative nature of Republican CEOs is manifest in them being more cautious and slower to react to sales declines. Furthermore, conservative individuals are more careful in making major life changes and are inclined towards maintaining the status quo. We provide empirical evidence that firms with Republican CEOs have more asymmetric costs than firms led by Democratic CEOs. We conduct several cross-sectional tests and find results suggesting greater cost asymmetry in firms with Republican CEOs when SG&A resources are more value enhancing. Our findings suggest that political ideology is a significant managerial characteristic associated with firms' cost behavior.

我们研究了首席执行官的政治意识形态如何与企业的资源调整决策相关联，这些决策会导致不对称成本行为或 "粘性成本"。非对称成本行为源于企业为应对销售额的增减而做出的资源调整。我们认为，共和党首席执行官的保守性表现在他们对销售额下降的反应更加谨慎和缓慢。此外，保守的人在做出重大生活改变时会更加谨慎，倾向于维持现状。我们提供的经验证据表明，与民主党首席执行官领导的公司相比，共和党首席执行官领导的公司具有更多的非对称成本。我们进行了多项横截面检验，结果表明，当 SG&A 资源更能提升价值时，由共和党首席执行官领导的公司的成本不对称程度更高。我们的研究结果表明，政治意识形态是与企业成本行为相关的重要管理特征。

引用次数: 0

Auditor's financial stress: An inconspicuous determinant of audit outcomes 审计师的财务压力：审计结果的一个不起眼的决定因素

IF 1.2 Q3 BUSINESS, FINANCE

Advances in Accounting

Pub Date : 2024-12-01 Epub Date: 2023-09-27 DOI: 10.1016/j.adiac.2023.100701

Robert Felix , Amanda L. Wilford

The relation between personnel-related factors and office-level audit quality has not received much attention in the audit literature. To examine this further, we investigate the relationship between an auditor's financial stress and audit quality. We proxy financial stress with negative equity, when a home's market value is less than its mortgage, which is gathered from the real estate website Zillow from 2011 through 2017. More specifically, we aggregate the average values of negative equity for homes in the same city as our sample's audit offices. The results indicate that firms with auditor offices in areas with higher levels of negative equity experience higher levels of audit failure. Our results are robust when we control for median accountant salary and foreclosure rates in areas surrounding the home audit office. Overall, our findings provide important initial evidence on a potential relation between auditor-level financial stress and audit quality.

在审计文献中，与人员相关的因素与办事处层面的审计质量之间的关系并未受到太多关注。为了进一步研究这个问题，我们调查了审计师的财务压力与审计质量之间的关系。我们用负资产来代表财务压力，即房屋的市场价值低于其抵押贷款，该数据来自 2011 年至 2017 年的房地产网站 Zillow。更具体地说，我们汇总了样本审计办事处所在城市的房屋负资产平均值。结果表明，在负资产水平较高地区设有审计师办公室的公司，其审计失败率较高。当我们对审计师事务所周边地区的会计师工资中位数和止赎率进行控制时，我们的结果是稳健的。总体而言，我们的研究结果为审计师层面的财务压力与审计质量之间的潜在关系提供了重要的初步证据。

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 : 2024-12-01 Epub 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

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 : 2024-12-01 Epub 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

The interaction between incentive and opportunity in corporate tax planning: Evidence from financially constrained firms 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 : 2024-12-01 Epub Date: 2024-05-03 DOI: 10.1016/j.adiac.2024.100757

Kaishu Wu

Prior studies document that incentive factors (i.e., equity compensation, shareholder activism, financial constraints, etc.) motivate managers to avoid more taxes, which suggests that managers overlook tax planning opportunities (TPOs) in the absence of incentives. In this study, I use a prediction model to capture TPOs and find that the positive association between financial constraints (my proxy for incentive) and tax avoidance is stronger for firms with higher levels of TPOs. My results are robust to a variety of identification strategies. To shed light on a possible source of tax uncertainty, I show moderate evidence that firms with lower levels of TPOs adopt risky tax planning strategies under financial constraints to increase tax avoidance. Overall, my study contributes to the literature by demonstrating corporate tax planning as an incentive-opportunity story and identifying an important cross-section in which the connection between incentive and tax avoidance is more prominent.

先前的研究表明，激励因素（即股权报酬、股东积极性、财务约束等）会促使管理者避税更多，这表明在没有激励因素的情况下，管理者会忽视税收筹划机会（TPOs）。在本研究中，我使用了一个预测模型来捕捉 TPOs，并发现对于 TPOs 水平较高的公司而言，财务约束（我的激励替代物）与避税之间的正相关性更强。我的结果在各种识别策略下都是稳健的。为了揭示税收不确定性的一个可能来源，我展示了适度的证据，表明TPO水平较低的企业在财务约束下采取高风险的税收筹划策略来增加避税。总之，我的研究证明了企业税收筹划是一个激励-机会的故事，并确定了一个重要的横截面，在这个横截面上，激励与避税之间的联系更为突出，从而为相关文献做出了贡献。

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