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Mobile Banking and Technical Efficiency of Commercial Banks in Kenya 肯尼亚移动银行与商业银行技术效率
IF 2 Q4 Economics, Econometrics and Finance Pub Date : 2023-06-30 DOI: 10.47941/jacc.1329
Joyce Chepkoech Getugi, C. Osoro, Allan S. N. Kihara
Purpose: The financial sector is being revolutionized as a direct result of technological progress, with banks and other financial institutions embracing new technologies to better serve their customers online. Technological developments in the financial sector are simplifying access to financial services. The study set out to dissect the effects of Fintech on Kenya's commercial banking sector. The general objective was to establish the effect of mobile banking on technical efficiency of commercial banks in Kenya. The study was anchored on Theory of Constraint-Induced Innovation. Methodology: The entire study relied on collecting empirical data and evaluating hypothesis in a positivist way. A causal-comparative research design was used in this research. The study targeted population of Seventeen Kenyan commercial banks from the first and second tiers. The analysis relied on secondary sources of information. The gathered quantitative data was analyzed using both descriptive and inferential statistics. Numbers, medians, and standard deviations were used to characterize the data, and frequency distributions were used to determine the sample size. Models for analyzing correlations and regressions are inferential statistics. STATA was used for the data analysis. Findings: The study established that mobile banking has a positive and significant effect on technical efficiency of commercial banks in Kenya. Unique contribution to theory, practice and policy: Commercial banks in Kenya are recommended to improve their mobile banking services in light of the study's findings.
目的:作为技术进步的直接结果,金融部门正在发生革命性的变化,银行和其他金融机构采用新技术来更好地在线服务客户。金融部门的技术发展正在简化获得金融服务的途径。该研究旨在剖析金融科技对肯尼亚商业银行业的影响。总体目标是确定移动银行对肯尼亚商业银行技术效率的影响。本研究以约束诱导创新理论为基础。研究方法:整个研究以实证的方式收集实证数据和评估假设。本研究采用因果比较研究设计。这项研究的目标人群是17家肯尼亚一、二线商业银行。分析依靠的是二手信息来源。收集的定量数据使用描述性和推断性统计进行分析。使用数字、中位数和标准差来表征数据,使用频率分布来确定样本量。分析相关性和回归的模型是推论统计。采用STATA进行数据分析。研究发现:手机银行对肯尼亚商业银行的技术效率有显著的正向影响。对理论、实践和政策的独特贡献:根据研究结果,建议肯尼亚商业银行改善其移动银行服务。
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引用次数: 0
Probable at First Glance, but Unlikely After Closer Look: The Role of Cognitive Reflection Ability on the Assessment of Probabilistic Expressions 乍一看可能,细看未必:认知反射能力在概率表达评估中的作用
IF 2 Q4 Economics, Econometrics and Finance Pub Date : 2023-03-11 DOI: 10.1142/s109440602350004x
R. L. Cardoso, Rodrigo de Oliveira Leite, André Carlos Busanelli de Aquino
Synopsis Research problem We investigate whether accountants’ cognitive reflection ability affects how they assess the probabilistic numerical thresholds of the probabilistic expressions probable, remote, virtually certain, and reasonable certainty in the context of international financial reporting standards. Theoretical reasoning In the psychology literature, impulsivity is associated with aggressive behavior, and reflective individuals are more prone than impulsive individuals to access slow and effortful (Type 2) reasoning in order to overcome the initial response provided by fast and impulsive (Type 1) reasoning. Considering that accounting conservatism requires a higher degree of verification to recognize events that increase rather than decrease net assets, we argue that impulsivity is associated with aggressive accounting and reflectivity is associated with a conservative interpretation of probabilistic expressions. Test hypothesis Reflective accountants are more conservative than their impulsive peers when making numerical assessments of probabilistic expressions associated with accruing or disclosing an event. Target population Accounting professionals, including preparers, auditors, and tax analysts. Adopted methodology We collected data from 569 accounting professionals using a survey questionnaire, in partnership with the Brazilian Accountants Association (Conselho Federal de Contabilidade, or CFC), a federal agency with the mandate of guiding, regulating, and supervising the accounting profession in Brazil, to assess professionals’ cognitive reflection ability, collect their demographic characteristics, and evaluate their assignment of numerical values to probabilistic expressions. Analyses We employed [Formula: see text]-tests, median tests, and standard deviation tests; we also conducted several robustness tests that replicated our main results. Findings Our results confirm that reflective accountants are more conservative in their probability assessments than their impulsive peers. Our findings have three main implications. First, standard-setters could avoid the use of or develop guidance about terms with low communication efficiency. Second, analysts and standard-setters should consider that the comparability of accounting information across firms depends on the preparers’ cognitive reflection ability. Third, we present an additional explanation (accountants’ cognitive reflection ability) for accounting conservatism and differences in the interpretation of uncertainty expressions.
研究问题我们调查了在国际财务报告准则的背景下,会计师的认知反映能力是否会影响他们如何评估概率表达的概率数值阈值:可能的、遥远的、几乎确定的和合理的确定性。在心理学文献中,冲动性与攻击性行为有关,反思性个体比冲动性个体更倾向于进行缓慢而费力的(第2型)推理,以克服快速和冲动性(第1型)推理所提供的初始反应。考虑到会计稳健性需要更高程度的验证来识别增加而不是减少净资产的事件,我们认为冲动性与激进的会计有关,反射率与对概率表达式的保守解释有关。在对与应计或披露事件相关的概率表达式进行数值评估时,反思型会计师比冲动型会计师更为保守。目标人群:会计专业人士,包括编制人员、审计人员和税务分析师。采用的方法我们与巴西会计师协会(Conselho Federal de Contabilidade,简称CFC)合作,使用调查问卷收集了569名会计专业人员的数据,该协会是一个联邦机构,其任务是指导、规范和监督巴西的会计行业,以评估专业人员的认知反映能力,收集他们的人口统计学特征,并评估他们对概率表达式的数值分配。我们采用了[公式:见文本]-检验、中位数检验和标准差检验;我们还进行了几次稳健性测试,以重复我们的主要结果。我们的研究结果证实,反思型会计师在概率评估方面比冲动型会计师更为保守。我们的发现有三个主要含义。首先,标准制定者可以避免使用或制定关于沟通效率低的术语的指南。第二,分析师和准则制定者应该考虑到公司间会计信息的可比性取决于财务报表编制人的认知反映能力。第三,我们提出了会计稳健性和不确定性表达解释差异的额外解释(会计人员的认知反射能力)。
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引用次数: 0
IFRS Adoption Approaches and Accounting Quality IFRS采用方法与会计质量
IF 2 Q4 Economics, Econometrics and Finance Pub Date : 2023-02-28 DOI: 10.1142/s1094406023500099
J. Agana, Solomon George Zori, Anna Alon
Synopsis The research problem This paper sought to ascertain whether IFRS adoption approaches impact accounting quality. Specifically, as some countries utilize IFRS without modifications while others modify IFRS to suit their local context, we aimed to test whether these differences in IFRS adoption approaches have implications for accounting quality. Motivation Prior studies focused on the impact of IFRS adoption on accounting quality without considering the different approaches used by the adopting jurisdictions. Such differences affect the version of IFRS utilized at the country level. We refer to jurisdictions as adopters of IFRS when the IASB’s version of IFRS is utilized without modifications. In contrast, jurisdictions where the IFRS standards are modified at the national or regional level are called adapters. We also recognize the role of enforcement; thus, we first examined whether IFRS adoption and enforcement influence accounting quality. Second, we compared the accounting quality for adopters and adapters of the standards. The test hypotheses Our first hypothesis is that the quality of enforcement has a stronger effect on accounting quality than the adoption of IFRS. Second, adapters will have higher accounting quality than adopters of IFRS. Target population We focused on the reporting of companies in African countries. These jurisdictions have not been sufficiently examined in prior studies. Adopted methodology We use panel data estimation, specifically, random-effects model. Analyses We examined accounting quality for pre- and post-IFRS reporting based on 3946 firm-year observations from six African countries over 18 years. Our analysis of the adoption approach is based on 3736 firm-year observations for companies utilizing IFRS. Except for Egypt, which used a modified version of IFRS, other countries in our sample utilized the IASB’s version of IFRS. Using various standard metrics for accounting quality (earnings management, timely loss recognition, and value relevance), we ascertained whether adaption is associated with higher accounting quality compared to adoption. Findings The results indicate that IFRS adoption and enforcement proxy are not associated with accounting quality, but other institutional factors are. Adoption of the standards is less important for accounting quality than the existing institutions. With regard to the adoption approach used, adopters demonstrated higher accounting quality for accounting-based measures, less income smoothing, and more timely loss recognition than the adapters. The adopters also exhibited greater value relevance, which suggests that their reporting was better able to capture information that affects firm value. The adoption approaches may influence different dimensions of accounting quality, and the resulting differences are important for users, companies, and standard setters to consider.
本文试图确定采用国际财务报告准则的方法是否会影响会计质量。具体而言,由于一些国家不经修改就使用国际财务报告准则,而另一些国家则根据当地情况修改国际财务报告准则,我们的目的是检验这些采用国际财务报告准则方法的差异是否会对会计质量产生影响。动机先前的研究侧重于采用国际财务报告准则对会计质量的影响,而没有考虑采用司法管辖区使用的不同方法。这些差异影响了在国家一级使用的国际财务报告准则的版本。当国际会计准则理事会(IASB)的国际财务报告准则版本未经修改地使用时,我们将司法管辖区称为国际财务报告准则的采用者。相比之下,在国家或地区层面修改国际财务报告准则的司法管辖区被称为适应者。我们也认识到执法的作用;因此,我们首先考察了国际财务报告准则的采用和执行是否会影响会计质量。其次,我们比较了准则采纳者和适应者的会计质量。我们的第一个假设是,执行质量比采用国际财务报告准则对会计质量的影响更大。其次,套用者将比采用国际财务报告准则者具有更高的会计质量。我们关注的是非洲国家公司的报告。这些司法管辖区在以前的研究中没有得到充分的审查。采用的方法采用面板数据估计,即随机效应模型。我们基于6个非洲国家在过去18年中3946家公司的年度观察,检查了采用国际财务报告准则之前和之后报告的会计质量。我们对采用方法的分析是基于对采用国际财务报告准则的公司的3736个公司年度观察。除了埃及使用了国际财务报告准则的修改版本外,我们样本中的其他国家使用了国际会计准则理事会的国际财务报告准则版本。使用会计质量的各种标准指标(盈余管理、及时损失确认和价值相关性),我们确定了与采用相比,适应是否与更高的会计质量相关。结果表明,国际财务报告准则的采用和执行代理与会计质量无关,但其他制度因素与会计质量相关。对于会计质量而言,采用新准则的重要性不如现有制度。关于采用的采用方法,采用者在基于会计的计量方面表现出更高的会计质量,收入平滑程度更低,损失确认更及时。采用者也表现出更大的价值相关性,这表明他们的报告能够更好地捕捉影响公司价值的信息。采用方法可能影响会计质量的不同维度,由此产生的差异对于使用者、公司和准则制定者来说是重要的。
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引用次数: 0
Board Effect and the Moderating Role of CEOs/CFOs on Corporate Governance Disclosure: Evidence from East Africa 董事会效应及ceo / cfo对公司治理披露的调节作用:来自东非的证据
IF 2 Q4 Economics, Econometrics and Finance Pub Date : 2023-02-21 DOI: 10.1142/s1094406023500087
Samuel E. Fulgence, A. Boateng, Yan Wang, Frank O. Kwabi
Synopsis The research problem This study examines the effects of board size and board independence, as well as the interaction effect between board independence and CEOs/CFOs on corporate governance disclosure practices. Motivation Despite corporate governance (CG) reforms around the world, research evidence indicates that the levels of corporate governance disclosures (CGDs) in developing countries remain poor due to weak institutions and corporate governance systems. In particular, the corporate boards as a key mechanism of CG and the board nomination processes in East Africa remain largely opaque and dominated by majority shareholders, chief executive officers, and chief finance officers (CEOs/CFOs), giving rise to opportunistic behaviors that may be detrimental to firm value. The distinctive feature of the board nomination process/CG system in East Africa has implications for monitoring and corporate governance disclosure practices and compliance and calls for systematic research in this under-explored subject. Hypotheses H1: The association between board size and corporate governance disclosure will be positive. H2: The association between board independence and corporate governance disclosure will be positive. H3a: The presence of the CEO on the nomination/remuneration committee will negatively moderate the relationship between board independence and corporate governance disclosure. H3b: The presence of the CFO on the nomination/remuneration committee will negatively moderate the relationship between board independence and corporate governance disclosure. H3c: The presence of the CEO and CFO on the nomination/remuneration committee will negatively moderate the relationship between board independence and corporate governance disclosure. Target population Stakeholders including firm managers, practitioners, regulatory authorities, policymakers, and investors. Adopted methodology Ordinary least squares (OLS), fixed-effects model, and system generalized method of moments (GMM). Analyses Using a large and hand-collected dataset comprising 1000 firm-year observations from 2007 to 2017 in East Africa, this study develops a corporate governance disclosure index (CGDI) of East Africa consisting of 164 provisions. To test our hypotheses, this study adopts three analytical approaches, namely OLS and fixed-effects (FE) regressions and the two-stage system GMM to address the endogeneity concerns. Findings We find that large boards and independent directors are associated with greater disclosure of CG information. Our analysis suggests that CEO/CFO power negatively moderates the link between board independence and corporate governance disclosure, unlike those environments with stronger institutions and corporate governance systems. Thus, firms whose CEO and CFO are involved in remuneration or nomination committees disclose less CG information. The combined effect of the CEO and CFO on selection and remuneration committees and an independent board in redu
本研究考察了董事会规模和董事会独立性的影响,以及董事会独立性和ceo / cfo对公司治理披露实践的交互作用。尽管世界各地都在进行公司治理(CG)改革,但研究证据表明,由于制度和公司治理体系薄弱,发展中国家的公司治理披露水平仍然很低。特别是,在东非,公司董事会作为企业治理的关键机制和董事会提名程序在很大程度上仍然不透明,并由大股东、首席执行官和首席财务官(ceo / cfo)主导,从而产生了可能对公司价值有害的机会主义行为。东非董事会提名程序/企业协调委员会制度的独特特点对监督和公司治理披露做法和合规具有影响,并要求对这一未充分探索的主题进行系统研究。假设H1:董事会规模与公司治理披露呈正相关关系。H2:董事会独立性与公司治理披露呈正相关关系。H3a: CEO在提名/薪酬委员会的存在会负向调节董事会独立性与公司治理披露之间的关系。H3b: CFO在提名/薪酬委员会的存在会负向调节董事会独立性与公司治理披露之间的关系。H3c: CEO和CFO出席提名/薪酬委员会会负向调节董事会独立性与公司治理披露之间的关系。利益相关者包括公司经理、从业人员、监管机构、政策制定者和投资者。采用普通最小二乘法(OLS)、固定效应模型和系统广义矩量法(GMM)。本研究使用由东非2007年至2017年1000家公司观测数据组成的大型手工收集数据集,开发了一个由164项条款组成的东非公司治理披露指数(CGDI)。为了验证我们的假设,本研究采用了三种分析方法,即OLS和固定效应(FE)回归以及两阶段系统GMM来解决内生性问题。我们发现,大型董事会和独立董事与更大程度的企业治理信息披露相关。我们的分析表明,CEO/CFO权力负向调节董事会独立性与公司治理披露之间的联系,这与那些拥有更强制度和公司治理体系的环境不同。因此,首席执行官和首席财务官参与薪酬或提名委员会的公司披露的CG信息较少。与金融危机时期相比,首席执行官和首席财务官对遴选委员会和薪酬委员会以及独立董事会在减少公司信息披露方面的综合影响在后金融危机时期更为明显。
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引用次数: 0
Tax-Related Incentives and Expense Allocation in Non-Profit Organizations: Evidence from Japan 非营利组织的税收激励与费用分配:来自日本的证据
IF 2 Q4 Economics, Econometrics and Finance Pub Date : 2023-02-20 DOI: 10.1142/s1094406023500075
Makoto Kuroki, Hiroki Natsuyoshi
The research problem This study investigates the relationship between the incentive of Japanese non-profit organizations to avoid losing their tax-exempt status and the extent of tax-motivated expense allocation. Motivation Prior studies have shown that for joint overhead expenses, organizations can lower their tax burden by transferring costs from non-taxable to taxable activities. However, tax authorities may also investigate non-profits that report excessive profits without incurring expenses for non-taxable activities and penalize them by depriving them of their tax-exempt status. This deprivation of tax exemptions specific to non-profit organizations causes serious problems for such organizations in terms of the economic impact of increased income taxes and the loss of social value from donors. In Japan, non-profit organizations are deprived of tax-exempt status if the ratio of expenses from taxable activities to total expenses (TaxExpRatio) exceeds a regulatory threshold of 50%. We estimated the tax-motivated expense allocation and non-taxable activities, defining the term TaxExpRatio before the allocation as TRBA. In addition, we assumed that a larger board of directors has a stronger incentive to protect the non-profit’s tax-exempt assets because individuals or organizations that provide resources to non-profits often become board members, who thus conduct stronger monitoring to avoid losing the tax-exempt status. The test hypotheses We hypothesized that when the TRBA exceeds the regulatory threshold, non-profits allocate less discretionary expense to taxable activities. We further posited that board size moderates the relationship between the TRBA exceeding the regulatory threshold and allocation of discretionary expenses to taxable activities. Target population We specifically considered the Japanese regulatory environment related to public-interest incorporated associations and foundations (PIIAs and PIIFs, referred to as Japanese non-profit organizations), which are tax-exempt organizations engaged in a wide range of public work. Adopted methodology We estimated the expense allocated from non-taxable to taxable activities in a non-profit organization based on Hofmann (2007) and Omer & Yetman (2007). We also estimated regressions using pooled cross-sectional and ordinary least squares (OLS) regression models. Analysis By using 12,027 firm-year observations (4,763 distinct non-profit organizations in Japan), we estimated the regression model for the incentive to avoid losing tax-exempt status in non-profit organizations. Findings We found that non-profits with TRBA over the regulatory threshold tend to allocate less expenses to taxable activities. In addition, the empirical results show that the relationship between TRBA over the regulatory threshold and allocated expenses to taxable activities is moderated by board size. This finding suggests that larger boards in non-profit organizations are more incentivized to reduce tax avoidance b
研究问题本研究探讨日本非营利组织避免失去免税地位的激励与税收激励费用分配程度之间的关系。先前的研究表明,对于共同管理费用,组织可以通过将成本从非应税活动转移到应税活动来降低其税负。然而,税务机关也可以调查那些报告超额利润而不产生非应税活动费用的非营利组织,并通过剥夺他们的免税地位来惩罚他们。剥夺对非营利组织的免税待遇给这些组织造成了严重的问题,因为增加所得税的经济影响和捐助者的社会价值的损失。在日本,如果应纳税活动的费用占总费用的比例(TaxExpRatio)超过50%的监管门槛,非营利组织将被剥夺免税地位。我们估计了税收激励的费用分配和非应税活动,并将分配之前的税收比例定义为TRBA。此外,我们假设一个更大的董事会有更强的动机来保护非营利组织的免税资产,因为为非营利组织提供资源的个人或组织经常成为董事会成员,他们因此进行更强的监督,以避免失去免税地位。我们假设,当TRBA超过监管阈值时,非营利组织分配较少的可自由支配费用用于应税活动。我们进一步假设,董事会规模调节了TRBA超过监管门槛与可自由支配费用分配给应税活动之间的关系。我们特别考虑了日本与公益法人协会和基金会(PIIAs和piif,被称为日本非营利组织)相关的监管环境,这些组织是从事广泛公共工作的免税组织。采用的方法我们根据Hofmann(2007)和Omer & Yetman(2007)估算了非营利组织中从非应税活动分配到应税活动的费用。我们还使用汇总横截面和普通最小二乘(OLS)回归模型估计回归。通过使用12,027个公司年的观察结果(日本4,763个不同的非营利组织),我们估计了非营利组织避免失去免税地位的激励的回归模型。我们发现,TRBA超过监管门槛的非营利组织倾向于将较少的费用分配给应税活动。此外,实证结果表明,超过监管门槛的TRBA与分配给应税活动的费用之间的关系受到董事会规模的调节。这一发现表明,非营利组织中规模较大的董事会更有动力减少可能导致其失去免税地位的避税行为。
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引用次数: 0
A Review of the Empirical Literature on Audit Market Concentration 审计市场集中度实证文献综述
IF 2 Q4 Economics, Econometrics and Finance Pub Date : 2023-02-07 DOI: 10.1142/s1094406023500063
Hany Elbardan, Amr Kotb, M. Ishaque
Synopsis The research problem The extant audit market concentration (AMC) literature is quite scattered, which makes it challenging to comprehend the current state of knowledge and to highlight the areas that require further exploration. An improved understanding of AMC and its possible effects require a comprehensive review of the AMC literature, since no such review has yet been published. Therefore, our paper intends to: (a) synthesize the empirical work in the AMC literature; (b) determine the limitations in the ways AMC has been investigated; (c) identify avenues of inquiry that could guide future thinking on AMC; and (d) develop insights into how future AMC investigations can be further developed. Motivation The most noticeable developments in AMC occurred after the audit firm megamergers of the 1980s and 1990s and Andersen’s demise in 2002. This trend toward fewer and larger suppliers of auditing services has sparked intense debate about the costs and benefits of AMC. However, the literature provides mixed evidence on the determinants and consequences of AMC. Adopted methodology A structured literature review [Massaro, M., Dumay, J., & Guthrie, J. (2016). On the shoulders of giants: Undertaking a structured literature review. Accounting, Auditing and Accountability Journal, 29(5), 767–801. https://doi.org/10.1108/AAAJ-01-2015-1939 ] was employed to review the extant AMC literature. Analyses We analyzed 108 empirical papers published in 39 peer-reviewed quality accounting and auditing journals in the English language over a 55-year period (1967 to mid-2021). Findings The analysis suggests a consistent rise in AMC levels, leading to a tight oligopoly and, in rare cases, to a duopoly, across countries and over time. Studies of audit pricing and audit quality comprise the predominant part of the literature, and these report mixed findings as to whether AMC facilitates monopolistic pricing and allows audit-quality-threatening behaviors. This could be attributed to several factors, including the focus on short-term effects of AMC; substantial variations in how concentration was measured; and misguided use of proxies for audit competition and audit quality. The review identifies four key limitations that circumscribe our understanding of AMC: (a) the lack of investigation into the actual dynamic rivalry among audit firms; (b) great reliance on the positivistic approach and quantitative methods, and the lack of use of explicit theories aside from economic theories; (c) a focus on the audit of publicly listed companies in the United States, the U.K., and Australia; and thus; (d) the absence of key organizational settings and central regions in the AMC debate. To counter these limitations, this review puts forward possible future research avenues that can help to advance our understanding of AMC to address emerging challenges in the field.
现有的审计市场集中度(AMC)文献相当分散,这给了解知识现状和突出需要进一步探索的领域带来了挑战。为了更好地了解AMC及其可能的影响,需要对AMC文献进行全面的回顾,因为目前还没有发表过这样的回顾。因此,本文拟:(a)综合AMC文献中的实证工作;(b)确定对AMC进行调查的方式的限制;(c)确定可以指导未来对AMC思考的探究途径;(d)深入了解未来AMC调查如何进一步发展。AMC最引人注目的发展发生在上世纪八九十年代审计公司的大规模合并和安达信2002年的倒闭之后。审计服务供应商越来越少、规模越来越大的趋势,引发了有关AMC成本与收益的激烈辩论。然而,文献提供了关于AMC的决定因素和后果的混合证据。采用的方法:结构化文献综述[Massaro, M., Dumay, J., & Guthrie, J.(2016)]。站在巨人的肩膀上:进行结构化的文献综述。会计、审计与责任学报,29(5),767-801。https://doi.org/10.1108/AAAJ-01-2015-1939]被用来回顾现有的AMC文献。我们分析了55年间(1967年至2021年中期)发表在39种同行评议的高质量英语会计和审计期刊上的108篇实证论文。分析表明,随着时间的推移,AMC水平持续上升,导致各国出现严格的寡头垄断,在极少数情况下还会出现双寡头垄断。对审计定价和审计质量的研究占了文献的主要部分,这些研究报告了关于AMC是否促进垄断定价和允许审计质量威胁行为的混合结果。这可以归因于几个因素,包括关注AMC的短期影响;测量浓度的方法有很大的差异;对代理审计竞争和审计质量的误导使用。审查确定了限制我们对AMC理解的四个关键限制:(a)缺乏对审计公司之间实际动态竞争的调查;(b)过分依赖实证主义方法和定量方法,缺乏使用除经济理论以外的明确理论;(c)专注于对美国、英国和澳大利亚上市公司的审计;因此;(d)在AMC辩论中缺少关键的组织设置和中心区域。为了克服这些局限性,本综述提出了未来可能的研究途径,有助于提高我们对AMC的理解,以应对该领域的新挑战。
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引用次数: 2
Carbon Management System Quality and Corporate Financial Performance 碳管理体系质量与企业财务绩效
IF 2 Q4 Economics, Econometrics and Finance Pub Date : 2023-01-20 DOI: 10.1142/s1094406023500014
P. Shrestha, Bobae Choi, L. Luo
Synopsis The research problem This study examines the relationship between carbon management system quality and firm performance and investigates the mechanisms through which a carbon management system relates to firm performance. Motivation or theoretical reasoning Despite growing attention from academia and practice on carbon accounting in recent years, little is known about firms’ strategic implementation of carbon management systems and their impact on firms’ financial outcomes. Drawing on the resource-based view and institutional theory, this study argues that carbon management system implementation can create competitive advantages for firms through product differentiation and cost leadership. However, adopting quality management systems for carbon mitigation can be costly for firms. Additionally, not all firms would achieve such a differentiation advantage through a carbon management system. The test hypotheses H1: There is no relationship between the quality of a carbon management system and firm financial performance. H2: Carbon-intensive sectors have no moderating effect on the relationship between the quality of a carbon management system and firm financial performance. Target population Corporate managers and stakeholders including investors, international regulators, and standard settees. Adopted methodology Ordinary least square regressions. Analyses Corporate financial performance is measured by return on assets, calculated as earnings before extraordinary items divided by total assets at fiscal year-end. Our independent variable of interest is the quality measure of a carbon management system (QCMS). Following Tang and Luo ( 2014 ) and Luo and Tang ( 2016 ), QCMS is calculated as the average equal weighted sum of the standardized values from the 10 elements of a carbon management system. For additional tests, alternative performance measures (e.g., Tobin’s Q, return on equity, operating return on assets [ROA], and cash flow from operating activities to total assets) and disaggregated ROA components are employed as dependent variables. Findings We find that a firm’s carbon management system quality is positively associated with its financial performance. A better-quality carbon management system is especially associated with higher revenues, margins, and R&D expenditures. In addition, individual carbon management system components exhibit heterogeneous influences on financial performance. Specifically, the areas related to carbon disclosure and external carbon assurance have an incremental impact on financial performance. The positive association between a carbon management system and financial performance is stronger for firms operating in carbon-intensive sectors and firms with a higher level of carbon emissions. The carbon regulation affects the sensitivity of financial performance differently in intensive and non-intensive sectors in response to carbon management system quality.
研究问题简介本研究考察了碳管理系统质量与企业绩效之间的关系,并探讨了碳管理体系与企业绩效相关的机制。动机或理论推理尽管近年来学术界和实践界对碳核算越来越关注,但人们对企业碳管理系统的战略实施及其对企业财务结果的影响知之甚少。本研究借鉴基于资源的观点和制度理论,认为碳管理体系的实施可以通过产品差异化和成本领先为企业创造竞争优势。然而,采用质量管理系统来减少碳排放对企业来说可能代价高昂。此外,并非所有公司都能通过碳管理系统实现这种差异化优势。检验假设H1:碳管理系统的质量与企业财务绩效之间没有关系。H2:碳密集型行业对碳管理系统的质量和企业财务业绩之间的关系没有调节作用。目标人群公司经理和利益相关者,包括投资者、国际监管机构和标准制定者。采用的方法普通最小二乘回归。分析公司财务业绩是通过资产回报率来衡量的,资产回报率计算为非经常项目前的收益除以财政年度的总资产。我们感兴趣的自变量是碳管理系统(QCMS)的质量度量。继唐和罗(2014)以及罗和唐(2016)之后,QCMS被计算为碳管理系统的10个要素的标准化值的平均相等加权和。对于额外的测试,替代绩效指标(例如,托宾Q、股本回报率、资产运营回报率[ROA]和经营活动对总资产的现金流)和ROA组成部分被用作因变量。研究结果我们发现,企业的碳管理系统质量与其财务业绩呈正相关。质量更好的碳管理系统尤其与更高的收入、利润率和研发支出相关。此外,个别碳管理系统组成部分对财务绩效表现出异质性影响。具体而言,与碳披露和外部碳担保相关的领域对财务业绩的影响越来越大。对于在碳密集型行业运营的公司和碳排放水平较高的公司来说,碳管理系统与财务绩效之间的正相关关系更强。碳监管对密集型和非密集型部门财务绩效敏感性的影响不同,以应对碳管理系统质量。
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引用次数: 1
Algorithmic Trading and Post-Earnings-Announcement Drift: A Cross-Country Study 算法交易与盈利公告后漂移:跨国研究
IF 2 Q4 Economics, Econometrics and Finance Pub Date : 2023-01-20 DOI: 10.1142/s1094406023500038
Tao Chen
Synopsis The research problem This study investigates whether algorithmic trading matters to post-earnings-announcement drift (PEAD) across 41 countries. Motivation The increasing importance of algorithms has sparked interest in how computer-triggered trades affect the formation of securities prices. Thus, a large body of research has emerged to probe the instantaneous impact of algorithmic trading on price discovery; however, little work explores the role of algorithms in efficient pricing of low-frequency financial statements. In addition, the literature on PEAD always highlights firm-level drivers of this phenomenon, whereas its country-level institutional determinants remain silent. The test hypotheses H1: Earnings-announcement algorithmic trading does not impact PEAD. H2: Country-level investor protection does not impact the association between earnings-announcement algorithmic trading and PEAD. H3: Country-level information dissemination does not impact the association between earnings-announcement algorithmic trading and PEAD. H4: Country-level disclosure requirements do not impact the association between earnings-announcement algorithmic trading and PEAD. Target population Various stakeholders include market traders, firm managers, regulators, and scholars. Adopted methodology Ordinary Least Square (OLS) Regressions. Analyses We follow Saglam [( 2020 ) Financial Management, 49, 33–67] to measure algorithmic trading using the transaction-level data. Based on a global sample covering 41 markets, we estimate the regression of PEAD on four proxies for algorithmic trading after considering firm-specific controls and fixed effects of country and year. Findings We find a negative and significant association between earnings-announcement algorithmic activity and PEAD. The documented relation retains despite addressing the endogeneity problem. Further analyses indicate that algorithmic participation mitigates investor disagreement, alleviates trader distraction, and reduces market friction, thus facilitating efficient pricing of earnings information. Finally, the impact of algorithmic trading on PEAD is more prominent in countries with stronger investor protection, faster information dissemination, and stricter disclosure requirements.
本研究调查了41个国家的算法交易是否对收益公告后漂移(PEAD)有影响。算法的重要性日益提高,引发了人们对计算机触发的交易如何影响证券价格形成的兴趣。因此,已经出现了大量的研究来探索算法交易对价格发现的即时影响;然而,很少有研究探讨算法在低频财务报表有效定价中的作用。此外,关于PEAD的文献总是强调这一现象的公司层面驱动因素,而其国家层面的制度决定因素则保持沉默。检验假设H1:盈余公告算法交易不影响PEAD。H2:国家层面的投资者保护不影响盈余公告算法交易与PEAD之间的关联。H3:国家层面的信息传播不影响盈余公告算法交易与PEAD之间的关联。H4:国家层面的披露要求不影响盈余公告算法交易与PEAD之间的关联。不同的利益相关者包括市场交易者、公司经理、监管者和学者。采用普通最小二乘(OLS)回归方法。我们遵循Saglam [(2020) Financial Management, 49, 33-67]使用交易级数据来衡量算法交易。基于覆盖41个市场的全球样本,在考虑公司特定控制和国家和年份的固定影响后,我们估计了PEAD在算法交易的四个代理上的回归。我们发现盈余公告算法活动与PEAD之间存在显著负相关。尽管解决了内生性问题,但记录的关系仍然存在。进一步的分析表明,算法参与缓解了投资者的分歧,减轻了交易者的分心,减少了市场摩擦,从而促进了收益信息的有效定价。最后,算法交易对PEAD的影响在投资者保护力度更强、信息传播速度更快、披露要求更严格的国家更为突出。
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引用次数: 0
Postmaterialism and Corporate Tax Avoidance 后唯物主义与企业避税
IF 2 Q4 Economics, Econometrics and Finance Pub Date : 2023-01-20 DOI: 10.1142/s1094406023500026
Yujia Cui, Jiwei Wang, Kangtao Ye
Synopsis The research problem This paper explores the association between postmaterialistic culture and corporate tax-avoidance behavior. Motivation Although corporate tax avoidance is prevalent, the degree of tax avoidance varies across countries. Previous studies have suggested that national culture is associated with the level of tax avoidance (e.g., corruption culture in [DeBacker, J., Heim, B. T., & Tran, A. (2015). Importing corruption culture from overseas: Evidence from corporate tax evasion in the United States. Journal of Financial Economics, 117(1), 122–138. https://doi.org/10.1016/j.jfineco.2012.11.009 ], and societal trust in [Kanagaretnam, K., Lee, J., Lim, C. Y., & Lobo, G. J. (2018). Societal trust and corporate tax avoidance. Review of Accounting Studies, 23(4), 1588–1628. https://doi.org/10.1007/s11142-018-9466-y ], among others). Unlike prior studies focusing on longstanding cultural factors, this paper examined the association between corporate tax avoidance and an important current culture trend, i.e., postmaterialistic culture. The test hypotheses There is no association between postmaterialistic culture and corporate tax avoidance. Target population Various stakeholders that care about corporate tax avoidance including the government, policymakers, investors, auditors, and firm managers. Adopted methodology Linear Probability Model and Ordinary Least Squares regressions. Analyses We examined the association between postmaterialistic culture and corporate tax-avoidance behavior. We used a proprietary dataset of China tax audits spanning the 2011–2014 period and tested the moderating effect of tax enforcement. We also examined the external validity of our results using a cross-country sample from 21 countries over the 1993–2014 period. Findings Using a proprietary dataset of China tax audits, we found that firms owned by investors from countries with higher postmaterialism values were less likely to engage in tax-avoidance behavior in China. In addition, we found some evidence that the negative association between postmaterialism and tax avoidance is more pronounced when tax enforcement is stronger, indicating that national culture and formal institutions act as complements. To check the external validity of our main results, we further used a cross-country sample from 21 countries over 22 years. The evidence from the cross-country sample was consistent with the findings obtained from the China tax audits setting.
本文探讨了后物质主义文化与企业避税行为之间的关系。虽然企业避税很普遍,但各国的避税程度各不相同。先前的研究表明,国家文化与避税水平有关(例如,DeBacker, J., Heim, b.t., & Tran, A.(2015)中的腐败文化。从海外引进腐败文化:来自美国企业逃税的证据。金融经济研究,2011(1),122-138。https://doi.org/10.1016/j.jfineco.2012.11.009],与社会信任[Kanagaretnam, K., Lee, J., Lim, C. Y., Lobo, G. J.](2018)。社会信任与企业避税。会计研究,23(4),1588-1628。https://doi.org/10.1007/s11142-018-9466-y]等)。与以往的研究关注长期文化因素不同,本文考察了企业避税与当前重要的文化趋势,即后物质主义文化之间的关系。检验假设后物质主义文化与企业避税之间没有关联。关注企业避税的各种利益相关者,包括政府、政策制定者、投资者、审计师和公司经理。采用线性概率模型和普通最小二乘回归。本研究考察了后物质主义文化与企业避税行为之间的关系。我们使用了2011-2014年期间中国税务审计的专有数据集,并测试了税收执法的调节作用。我们还使用1993-2014年期间来自21个国家的跨国样本检验了结果的外部有效性。利用中国税务审计的专有数据集,我们发现,在后物质主义价值观较高的国家的投资者所拥有的公司在中国从事避税行为的可能性较小。此外,我们发现一些证据表明,当税收执法更强时,后唯物主义与避税之间的负相关关系更为明显,这表明民族文化和正式制度是互补的。为了检验我们主要结果的外部有效性,我们进一步使用了来自21个国家22年的跨国样本。来自跨国样本的证据与来自中国税务审计环境的发现是一致的。
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引用次数: 1
Book Review — Valuation Using Financial Statements 书评-使用财务报表进行估值
IF 2 Q4 Economics, Econometrics and Finance Pub Date : 2022-12-23 DOI: 10.1142/s109440602380001x
Efthimios Demirakos
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引用次数: 0
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International Journal of Accounting
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