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Disruptive technology and audit risks: Evidence from FTSE 100 companies 颠覆性技术与审计风险:来自富时 100 指数公司的证据
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-10-26 DOI: 10.1016/j.ememar.2024.101218
We investigate the use of disruptive technology on the level of audit risk, within both companies and audit firms. A sample of FTSE 100 and their corresponding audit firms—specifically, the ‘Big 4’—are selected for the period 2015 to 2020. Our findings indicate that the utilisation of disruptive technology results in a significant reduction in audit risk for both companies and audit firms. Disruptive technology seems to promote benefits to companies and audit firms by significantly mitigating the risk of material misstatements (i.e. inherent and control risk) and detection risk; these results are consistent across various industry classifications.
我们研究了颠覆性技术的使用对公司和审计公司审计风险水平的影响。我们选取了 2015 年至 2020 年期间富时 100 指数的公司及其相应的审计公司(特别是 "四大")作为样本。我们的研究结果表明,利用颠覆性技术可显著降低公司和审计公司的审计风险。颠覆性技术似乎能显著降低重大错报风险(即内在风险和控制风险)和检测风险,从而为公司和审计事务所带来益处;这些结果在不同行业分类中都是一致的。
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引用次数: 0
Will Southeast Asia be the next global manufacturing hub? A multiway cointegration, causality, and dynamic connectedness analyses 东南亚会成为下一个全球制造业中心吗?多向协整、因果关系和动态关联分析
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-10-23 DOI: 10.1016/j.ememar.2024.101217
We propose a novel framework to examine relationships among drivers of economic growth in Southeast Asia, a region poised to become a significant manufacturing destination. However, unbalanced economic growth among countries poses risks to multinational companies considering offshoring decisions. Our two-stage framework uses multi-way cointegration analysis and a vector error correction model (VECM) to investigate critical drivers of economic growth. We apply a QVAR model to evaluate dynamic connectedness and spillover effects of offshoring decisions. Using World Bank data, our results show that Southeast Asian countries are interconnected through complex relationships featuring multi-way cointegration and dynamic connectedness, informing evidence-based policy.
我们提出了一个新颖的框架来研究东南亚经济增长驱动因素之间的关系,该地区有望成为重要的制造业目的地。然而,各国经济增长的不平衡给考虑离岸外包决策的跨国公司带来了风险。我们的两阶段框架采用多向协整分析和向量误差修正模型(VECM)来研究经济增长的关键驱动因素。我们运用 QVAR 模型来评估离岸外包决策的动态关联性和溢出效应。利用世界银行的数据,我们的研究结果表明,东南亚国家通过具有多向协整性和动态关联性的复杂关系相互关联,为循证政策提供了信息。
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引用次数: 0
Climate policy and China's external balances 气候政策与中国的对外收支平衡
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-10-18 DOI: 10.1016/j.ememar.2024.101216
To explore the impact of the China Carbon Emissions Trading Exchange (CCETE) on international trade and capital flow, we develop a two-country dynamic general equilibrium model with asymmetric climate policies. We use targets of decreasing carbon emissions intensity to simulate the strengthening of the CCETE policy. We find that the strengthening of climate policy improves China's trade balance and current account. We also find that output and carbon emissions of the rest of the world with a less stringent climate policy increase (known as carbon leakage) in the short run, but decrease (known as positive externalities of climate policy) in the long run. These findings suggest that China could benefit from more stringent climate policy due to the improvement of its external balances, and the world could also benefit due to the mitigation of climate change.
为了探讨中国碳排放权交易所(CCETE)对国际贸易和资本流动的影响,我们建立了一个具有非对称气候政策的两国动态一般均衡模型。我们使用碳排放强度下降的目标来模拟 CCETE 政策的加强。我们发现,气候政策的加强改善了中国的贸易平衡和经常账户。我们还发现,在气候政策不那么严格的情况下,世界其他地区的产出和碳排放量在短期内会增加(称为碳泄漏),但在长期内会减少(称为气候政策的正外部性)。这些研究结果表明,中国可以从更严格的气候政策中受益,因为这可以改善中国的外部平衡,而世界也可以从减缓气候变化中受益。
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引用次数: 0
International financial integration and financial stress of emerging market economies: The role of institutional quality 国际金融一体化与新兴市场经济体的金融压力:机构质量的作用
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-10-16 DOI: 10.1016/j.ememar.2024.101214
In the wake of unprecedented financial liberalization policies adopted by Emerging Market Economies (EMEs) since the late 20th century, their integration into global financial markets has brought forth both opportunities and challenges. This paper endeavors to assess the intricate relationship between international financial integration (IFI) and financial stress in EMEs, focusing on the potential moderating effect of institutional quality. Addressing key questions, it examines how various IFI indicators impact financial stress and evaluates the role of different dimensions of institutional quality in influencing this relationship. Using a Financial Stress Index (FSI) and employing the panel threshold regression technique, the study unveils significant threshold effects of institutional quality on the IFI-FSI nexus, with variations across different institutional factors. This study underscores the vital need for policymakers to identify threshold levels in institutional quality indicators to strike a balance between attracting investments and preventing unwarranted financial distress.
自 20 世纪末以来,新兴市场经济体(EMEs)采取了前所未有的金融自由化政策,在融入全球金融市场的同时,也带来了机遇和挑战。本文致力于评估国际金融一体化(IFI)与新兴市场经济体金融压力之间错综复杂的关系,重点关注制度质量的潜在调节作用。针对关键问题,本文研究了各种 IFI 指标如何影响金融压力,并评估了制度质量的不同维度在影响这种关系中的作用。研究使用金融压力指数(FSI)和面板阈值回归技术,揭示了机构质量对 IFI-FSI 关系的显著阈值效应,不同机构因素之间存在差异。这项研究强调,决策者亟需确定机构质量指标的门槛水平,以便在吸引投资和防止不必要的金融困境之间取得平衡。
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引用次数: 0
CEO early-life experience and corporate accounting conservatism: Insights from the socio-political context 首席执行官的早年经历与企业会计保守主义:社会政治背景的启示
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-10-14 DOI: 10.1016/j.ememar.2024.101215
Using China's Cultural Revolution as a shock to risk attitude, this study investigates the effect of CEOs' early-life experience on corporate accounting conservatism. We find that CEOs who experienced the Cultural Revolution in their early life are more risk-averse and conservative, and thereby are associated with a higher level of accounting conservatism. Such a positive relationship is more pronounced in provinces with higher political risks, e.g., where the provincial leadership changes and where high-profile provincial bureaucratic corruption cases occur. Also, the positive effect of CEOs' early-life experience is stronger in SOEs where CEOs' political career concerns are more pronounced. Additional analysis suggests that CEOs with early-life Cultural Revolution experience are more likely to adopt conservative accounting practice, such as increasing firm's provisions for liabilities and reducing accrual-based earnings management. Our results add new evidence to support the upper echelons theory and imprinting theory by highlighting the enduring impact of influential socio-political events during early life on the decision-making processes of CEOs.
本研究以中国的文化大革命作为对风险态度的冲击,探讨了首席执行官早年经历对企业会计保守主义的影响。我们发现,早年经历过 "文革 "的 CEO 规避风险的能力更强,也更保守,因此他们的会计保守主义水平也更高。这种正相关关系在政治风险较高的省份更为明显,例如,省级领导更迭的省份和发生高调省级官僚腐败案件的省份。此外,CEO 早期经历的积极影响在国有企业中更为明显,因为在这些企业中,CEO 对政治生涯的关注更为突出。其他分析表明,具有早期 "文革 "经历的首席执行官更有可能采取保守的会计做法,如增加公司的负债准备金和减少基于权责发生制的收益管理。我们的研究结果为支持上层理论和印记理论提供了新的证据,强调了早年有影响力的社会政治事件对首席执行官决策过程的持久影响。
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引用次数: 0
Can value-added tax refund policy inhibit corporate financial fraud? Evidence from China 增值税退税政策能否抑制企业财务造假?来自中国的证据
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-10-05 DOI: 10.1016/j.ememar.2024.101212
This paper examines the impact of China's 2018 VAT refund policy on corporate financial fraud, using a difference-in-differences approach. Findings demonstrate that the policy significantly reduces corporate financial fraud, which is confirmed through various robustness tests. The VAT refund policy deters corporate financial fraud by addressing motivational pressures, limiting opportunities, and challenging justifications, effectively targeting the fraud triangle's core elements. The policy's effects are especially strong in high-tech and privately-held firms. The study extends knowledge of VAT policies' roles in corporate decision-making and offers policy guidelines to combat corporate malfeasance.
本文采用差分法研究了中国 2018 年增值税退税政策对企业财务舞弊的影响。研究结果表明,该政策显著减少了企业财务舞弊,并通过各种稳健性检验证实了这一点。增值税退税政策通过解决动机压力、限制机会和挑战理由来遏制企业财务欺诈,有效地针对了欺诈三角的核心要素。该政策对高科技企业和私营企业的影响尤为显著。这项研究拓展了人们对增值税政策在企业决策中作用的认识,并为打击企业渎职行为提供了政策指导。
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引用次数: 0
Heterogeneous uncertainty matters! Evidence based on firms' cost management decisions 异质性不确定性很重要!基于企业成本管理决策的证据
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-10-03 DOI: 10.1016/j.ememar.2024.101210
The literature traditionally treats the uncertainty firms encounter as a whole, neglecting the inherent heterogeneity of uncertainty that prevails in the real world. To address this critical issue, this study employs natural language processing methods to decompose uncertainty into three distinct levels: firm-level, industry-level, and macro-level uncertainty. We then examine the impact of heterogeneous uncertainty on corporate decision-making from a cost management perspective. Our findings indicate that while uncertainty as a whole increases cost stickiness, this effect mainly stems from firm-level uncertainty rather than industry-level and macro-level uncertainty. These findings suggest that firms only respond to uncertainty when they perceive uncertainty at the firm level. Cross-sectional tests indicate that the impact of uncertainty on cost stickiness is more pronounced when firms face higher adjustment costs, lower financing constraints, and lower competitive pressures than otherwise. Additionally, uncertainty diminishes firms' cost elasticity, curtailing their production flexibility. Collectively, our results provide insights into comprehending the internal mechanisms of firms' decision-making in the face of uncertainty.
传统文献将企业遇到的不确定性视为一个整体,忽视了现实世界中普遍存在的不确定性的内在异质性。为了解决这一关键问题,本研究采用自然语言处理方法,将不确定性分解为三个不同的层次:企业层次、行业层次和宏观层次的不确定性。然后,我们从成本管理的角度研究了异质性不确定性对企业决策的影响。我们的研究结果表明,虽然不确定性作为一个整体会增加成本粘性,但这种影响主要源于企业层面的不确定性,而非行业层面和宏观层面的不确定性。这些研究结果表明,企业只有在感知到企业层面的不确定性时才会对不确定性做出反应。横截面测试表明,当企业面临较高的调整成本、较低的融资约束和较小的竞争压力时,不确定性对成本粘性的影响比其他情况更明显。此外,不确定性会降低企业的成本弹性,限制其生产灵活性。总之,我们的研究结果为理解企业面对不确定性时的内部决策机制提供了启示。
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引用次数: 0
The imprint effect of initial institutional environments and bank financing in family businesses 家族企业初始制度环境和银行融资的印记效应
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-10-03 DOI: 10.1016/j.ememar.2024.101213
The initial imprint embedded in family business origin provides us with favorable support for identifying how past institutional environments and then current governance characteristics influence financing. This study investigates the influence of family business origin on loan borrowing, and finds that restructured family firms (RFFs), which are formed through the restructuring of collective-ownership enterprises, are likely to obtain more loans compared to entrepreneurial counterparts (EFFs). The effect varies with local marketization, family control rights, and intergenerational succession. Our findings suggest that restructured family firms have a sounder modern enterprise system, less information asymmetry, and consequently pose less credit risk, which allows them to access loans more easily. In addition, institutional differences stemming from the origin of the firms affect the composition and cost of bank financing. RFFs outperform EFFs in terms of the size of non-local bank loans and the cost of loans. Overall, this study shows that the institutional environment of family firms at the founding stage has a long-term impact on future financing.
家族企业起源所蕴含的初始印记为我们识别过去的制度环境以及当前的治理特征如何影响融资提供了有利支持。本研究调查了家族企业起源对贷款借贷的影响,发现通过重组集体所有制企业而形成的重组家族企业(RFFs)与创业型家族企业(EFFs)相比,有可能获得更多贷款。这种影响因当地市场化程度、家族控制权和代际继承而异。我们的研究结果表明,重组后的家族企业拥有更健全的现代企业制度,信息不对称程度更低,因此信贷风险更小,更容易获得贷款。此外,源于企业起源的制度差异也会影响银行融资的构成和成本。就非本地银行贷款规模和贷款成本而言,农村家庭企业优于外来家庭企业。总之,本研究表明,家族企业在创立阶段的制度环境对未来融资具有长期影响。
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引用次数: 0
Fintech competencies in emerging markets: Cognitive hybrid decision-making approach 新兴市场的金融科技能力:认知混合决策方法
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-10-02 DOI: 10.1016/j.ememar.2024.101211
The purpose of this study is to make a priority analysis for the factors affecting fintech competency for emerging markets. A novel 3-stage decision-making model has been established to reach this objective. First, missing evaluations are completed by using recommender systems. The next stage includes the weight calculation of the criteria via quantum spherical fuzzy cognitive maps. The final stage gives information about the ranking of BRIC countries (Brazil, Russia, India, China) for the fintech competency performance. It is defined that technological infrastructure plays the most crucial role in this regard.
本研究旨在对影响新兴市场金融科技竞争力的因素进行优先分析。为实现这一目标,我们建立了一个新颖的三阶段决策模型。首先,利用推荐系统完成缺失评估。下一阶段包括通过量子球形模糊认知图计算标准的权重。最后一个阶段提供金砖四国(巴西、俄罗斯、印度、中国)在金融科技能力表现方面的排名信息。根据定义,技术基础设施在这方面发挥着最关键的作用。
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引用次数: 0
Evaluation of the space-time effects of Covid-19 on household loans and savings in Romania - A spatial panel data approach at county level 评估 Covid-19 对罗马尼亚家庭贷款和储蓄的时空影响--县级空间面板数据方法
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-09-30 DOI: 10.1016/j.ememar.2024.101209
This article examines the effects of the Covid-19 crisis on the banking sector of Romania using a spatial panel dataset of 21 months, from April 2020 to December 2021, among 41 counties. The empirical setup exploits the spatial and time-series variations of the banking sector during the pandemic via means of exploratory data analysis, simple linear models for each month with spatial diagnosis, and spatial panel data models with fixed effects. County-level differences and particular disturbances in the trend of banking services are highlighted against the turning points of the pandemic. We show that increasing Covid-19 infections result in higher loans and savings per capita, with significant spatial interactions given by the neighboring counties.
本文利用 2020 年 4 月至 2021 年 12 月期间 41 个县中 21 个月的空间面板数据集,研究了 Covid-19 危机对罗马尼亚银行业的影响。实证设置通过探索性数据分析、带有空间诊断的各月简单线性模型和带有固定效应的空间面板数据模型,利用了大流行病期间银行业的空间和时间序列变化。根据大流行的转折点,突出了银行服务趋势中的县级差异和特殊干扰。我们的研究表明,Covid-19 感染率的增加导致人均贷款和储蓄的增加,而邻近县域的空间交互作用非常明显。
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引用次数: 0
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Emerging Markets Review
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