{"title":"Financial Market Manipulation, Whistleblowing, and the Common Good: Evidence from the\u0000 LIBOR\u0000 Scandal","authors":"J. Batten, Igor Lončarski, P. Szilagyi","doi":"10.1111/abac.12245","DOIUrl":"https://doi.org/10.1111/abac.12245","url":null,"abstract":"","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77358539","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Individuating Assets and Liabilities in Financial Accounting","authors":"B. Rutherford","doi":"10.1111/abac.12244","DOIUrl":"https://doi.org/10.1111/abac.12244","url":null,"abstract":"","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82289860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Do Firms Learn from Pre‐announcement Experience? Evidence from Optimistic Pre‐announcements and Market Responses","authors":"Youngdeok Lim, H. Oh","doi":"10.1111/abac.12242","DOIUrl":"https://doi.org/10.1111/abac.12242","url":null,"abstract":"","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74637417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Corporate finance decisions, measurement of accounting profits and market valuations are invariably made within the framework of a taxation system(s). Previous research indicates both ambiguity over the influence of taxation on managers’ behavior and limitations in the ability of shareholders to process tax information. The establishment of the UK’s Real Estate Investment Trust (REIT) regime in 2006 allowed quoted companies to opt out of company level taxation. We examine the reasonableness of managers and shareholders’ responses i.e. their ability to process information. When compared with shareholders, managers demonstrated a greater knowledge of the legislation, and of its applicability. For example, managers appeared to pre-empt the effects of the legislation. This should also act as a warning of the potential downside of increased cooperation between tax policy makers and taxpayers in trying to make more appropriately formed legislation. Further, managers appeared to be willing to trade off the interests of shareholders for their own personal gain which is surprising given the visibility of the REIT conversion process. Although shareholders were willing to pay less in such instances, their apparent inability to prevent this behavior illustrates the limitation of shareholder control over managers’ behavior. We find shareholders can accurately assess the general effects of the legislation but were unable, when combined with company information, to identify specific companies likely to benefit from the legislation. Without any increase in shareholder sophistication, concerns exist over the effectiveness of shareholders in acting as monitors of managers’ tax decision making and decision making more generally.
{"title":"How Do Managers and Shareholders Respond to Taxation? An Analysis of the Introduction of the\u0000 UK\u0000 Real Estate Investment Trust Legislation","authors":"K. Holland, S. Lindop, Nor Shaipah Abdul Wahab","doi":"10.1111/abac.12239","DOIUrl":"https://doi.org/10.1111/abac.12239","url":null,"abstract":"Corporate finance decisions, measurement of accounting profits and market valuations are invariably made within the framework of a taxation system(s). Previous research indicates both ambiguity over the influence of taxation on managers’ behavior and limitations in the ability of shareholders to process tax information. The establishment of the UK’s Real Estate Investment Trust (REIT) regime in 2006 allowed quoted companies to opt out of company level taxation. We examine the reasonableness of managers and shareholders’ responses i.e. their ability to process information. When compared with shareholders, managers demonstrated a greater knowledge of the legislation, and of its applicability. For example, managers appeared to pre-empt the effects of the legislation. This should also act as a warning of the potential downside of increased cooperation between tax policy makers and taxpayers in trying to make more appropriately formed legislation. Further, managers appeared to be willing to trade off the interests of shareholders for their own personal gain which is surprising given the visibility of the REIT conversion process. Although shareholders were willing to pay less in such instances, their apparent inability to prevent this behavior illustrates the limitation of shareholder control over managers’ behavior. We find shareholders can accurately assess the general effects of the legislation but were unable, when combined with company information, to identify specific companies likely to benefit from the legislation. Without any increase in shareholder sophistication, concerns exist over the effectiveness of shareholders in acting as monitors of managers’ tax decision making and decision making more generally.","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81048964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Misvaluation and the Asset Growth Anomaly","authors":"N. Lambertides","doi":"10.1111/abac.12241","DOIUrl":"https://doi.org/10.1111/abac.12241","url":null,"abstract":"","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80938343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
While comparability across firms and consistency over time are generally held to be fundamental goals of financial reporting, I provide an analytic representation of a concept that explains why concepts-based accounting standards cannot assure comparability and why their induced consistency may not always be desirable. While the term, concepts-based accounting standards, has not caught on in the academic and professional literatures, its use here emphasizes the foundational role that language-based concepts play in constructing accounting standards. I appeal to the academic literature in machine learning, neural networks and especially cognitive science – all of which may represent concepts by S-curve (sigmoid) signatures. I then show how S-curves can explain an accounting standard’s (1) precision, (2) comparability across firms, (3) demands placed on judgment, and (4) consistency across time. Accordingly, an S-curve formulation may guide both analytical modelling of accounting standards and add structure to empirical research designs..
{"title":"Concepts‐based Accounting Standards","authors":"Mark Penno","doi":"10.1111/abac.12240","DOIUrl":"https://doi.org/10.1111/abac.12240","url":null,"abstract":"While comparability across firms and consistency over time are generally held to be fundamental goals of financial reporting, I provide an analytic representation of a concept that explains why concepts-based accounting standards cannot assure comparability and why their induced consistency may not always be desirable. While the term, concepts-based accounting standards, has not caught on in the academic and professional literatures, its use here emphasizes the foundational role that language-based concepts play in constructing accounting standards. I appeal to the academic literature in machine learning, neural networks and especially cognitive science – all of which may represent concepts by S-curve (sigmoid) signatures. I then show how S-curves can explain an accounting standard’s (1) precision, (2) comparability across firms, (3) demands placed on judgment, and (4) consistency across time. Accordingly, an S-curve formulation may guide both analytical modelling of accounting standards and add structure to empirical research designs..","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87343782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Meta‐analysis of the Impact of Adoption of\u0000 IFRS\u0000 on Financial Reporting Comparability, Market Liquidity, and Cost of Capital","authors":"Solomon Opare, M. Houqe, Tony Zijl","doi":"10.1111/abac.12237","DOIUrl":"https://doi.org/10.1111/abac.12237","url":null,"abstract":"","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78079827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Direct Method Operating Cash Flow Disclosures: Determinants and Incremental Usefulness","authors":"Baljit K. Sidhu, Chuan Yu","doi":"10.1111/abac.12238","DOIUrl":"https://doi.org/10.1111/abac.12238","url":null,"abstract":"","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76971845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Terrorism and Corporate Tax Avoidance","authors":"Haoran Xu, William J. Moser","doi":"10.1111/abac.12235","DOIUrl":"https://doi.org/10.1111/abac.12235","url":null,"abstract":"","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90389383","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Transparency of financial reports is one of the important things for decision-makers. In proving that financial statement information has been presented fairly, companies need independent parties, one of which is the audit services provided by the Public Accounting Firm (PAF). Good or bad Audit Quality for the information presented really depends on the auditor in carrying out his duties. This research was conducted at Financial Sector Companies listed on the Indonesia Stock Exchange (IDX) in 2015 - 2019. This research was conducted using quantitative methods and sample selection using purposive sampling method. The analysis used in this research is binary logistic regression. The results showed that Audit Tenure and Audit Rotation had no effect on Audit Quality, Client's Company Size had a negative effect on Audit Quality, and Audit Fees had a positive effect on Audit Quality. Audit Fee Interactions are unable to moderate the effect of Audit Tenure and Audit Rotation on Audit Quality, while Audit Fee Interactions are able to weaken the influence of Client's Company Size on Audit Quality. Suggestions from this research are expected to all companies that have high complexity to choose a PAF that suits the audit needs and not too pressurize the Audit Fee given. In addition, companies need to pay attention to Audit Tenure again by considering from a cost-benefit analysis point of view. For future researchers, it is expected to extend the research period and use Audit Quality proxies, population, methods, and analysis tools outside of this study.
{"title":"The Effect of Audit Tenure, Audit Rotation and Client's Company Size on Audit Quality with Audit Fee as Moderating Variable","authors":"Humaira Dinda Mulyadi, D. Suryandari","doi":"10.47153/AFS13.1792021","DOIUrl":"https://doi.org/10.47153/AFS13.1792021","url":null,"abstract":"Transparency of financial reports is one of the important things for decision-makers. In proving that financial statement information has been presented fairly, companies need independent parties, one of which is the audit services provided by the Public Accounting Firm (PAF). Good or bad Audit Quality for the information presented really depends on the auditor in carrying out his duties. \u0000This research was conducted at Financial Sector Companies listed on the Indonesia Stock Exchange (IDX) in 2015 - 2019. This research was conducted using quantitative methods and sample selection using purposive sampling method. The analysis used in this research is binary logistic regression. \u0000The results showed that Audit Tenure and Audit Rotation had no effect on Audit Quality, Client's Company Size had a negative effect on Audit Quality, and Audit Fees had a positive effect on Audit Quality. Audit Fee Interactions are unable to moderate the effect of Audit Tenure and Audit Rotation on Audit Quality, while Audit Fee Interactions are able to weaken the influence of Client's Company Size on Audit Quality. \u0000Suggestions from this research are expected to all companies that have high complexity to choose a PAF that suits the audit needs and not too pressurize the Audit Fee given. In addition, companies need to pay attention to Audit Tenure again by considering from a cost-benefit analysis point of view. For future researchers, it is expected to extend the research period and use Audit Quality proxies, population, methods, and analysis tools outside of this study.","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88489157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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