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Allocation of decision‐making power and labour income share in listed companies: Evidence from China 上市公司决策权分配与劳动收入份额:来自中国的证据
4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2023-11-14 DOI: 10.1111/acfi.13195
Xiang Yan, Jenny Jing Wang, Ren Fang Zhang
Abstract This paper utilises the perspective of listed companies to explore the influence of decision‐making power allocation on labour income share and analyses the possible mechanisms. Utilising 16,650 firm‐year observations from both the Shenzhen and Shanghai stock exchanges between 2008 and 2021, the results show that decentralised decision‐making power can significantly improve the labour income share of enterprises. This result is more obvious in enterprises with non‐state‐owned property rights and low total factor productivity. Furthermore, decentralising enterprise decision‐making power reduces rent dissipation within the company, improves enterprise investment enthusiasm, increases investment in research and development, and promotes upgrading the labour force.
摘要本文运用上市公司视角,探讨决策权配置对劳动收入份额的影响,并分析其可能的机制。利用2008年至2021年间深圳和上海证券交易所16650家公司年的观察结果,结果表明,分散的决策权可以显著提高企业的劳动收入份额。这一结果在非国有产权企业和全要素生产率较低的企业中更为明显。此外,企业决策权的下放减少了公司内部的租金耗散,提高了企业的投资积极性,增加了研发投入,促进了劳动力的升级。
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引用次数: 0
How do big customers influence bank loans in China? The role of state ownership and political connections 大客户如何影响中国的银行贷款?国有制和政治关系的作用
4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2023-11-08 DOI: 10.1111/acfi.13194
Li Deng, Peng Huang, Yue Lu, Hongjie Weng
Abstract Firms with big customers are associated with not only high operational efficiency but also high operational risks. We study the effect of big customers on various aspects of bank loan contracts using a manually collected contract‐level dataset from China over the period of 2001–2016. We find that, big customers help firms obtain lower borrowing interest rates, longer loan duration, and larger loan amounts, though this is accompanied by more restrictive borrowing conditions. We further find that state ownership and political connections are important considerations when banks make loan decisions to firms with big customers. Overall, our results show how benefits and costs of big customers are evaluated by banks and priced into bank loan contract terms.
拥有大客户的企业不仅经营效率高,而且经营风险也高。我们研究了大客户对银行贷款合同各个方面的影响,使用了2001年至2016年期间中国人工收集的合同级别数据集。我们发现,大客户可以帮助企业获得更低的借款利率、更长的贷款期限和更大的贷款金额,尽管这伴随着更严格的借款条件。我们进一步发现,当银行向拥有大客户的公司作出贷款决策时,国家所有权和政治关系是重要的考虑因素。总的来说,我们的结果显示了银行如何评估大客户的收益和成本,并将其定价到银行贷款合同条款中。
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引用次数: 0
Affect and reason in uncertain accounting settings: The case of capital investment appraisal 不确定会计环境的影响与原因:以资本投资评估为例
4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2023-11-05 DOI: 10.1111/acfi.13185
Paul Andon, Jane Baxter, Wai Fong Chua
Abstract Affect is generally characterised as distinct from, and detrimental to, reason in investment appraisal. This paper, in contrast, illustrates that affect is integral to reasoning, particularly when uncertainty disturbs investment appraisal. Investment appraisals produce uncertain projections about the future, which generate discomfort. This causes actors to undertake adaptive activities to craft calculations they can become comfortable with, which we characterise as epistemic participation and shaping the politics of expectations . These activities constitute a dualistic fusion of comfort and reason: discomfort initiates and informs reasoning to regain comfort. We further show the effects of the laborious efforts accompanying this accretion of both knowledge and comfort. Our arguments are supported by an analysis of investment appraisal for a 30‐year capital project.
在投资评估中,情感通常被认为是与理性相区别、相违背的。相反,本文说明了影响是推理的组成部分,特别是当不确定性干扰投资评估时。投资评估对未来产生了不确定的预测,这让人感到不安。这导致参与者进行适应性活动,以精心设计他们可以感到舒适的计算,我们将其描述为认知参与和塑造期望政治。这些活动构成了舒适和理性的二元融合:不适引发并告知理性以重新获得舒适。我们进一步展示了伴随知识和舒适的增加而来的艰苦努力的效果。我们的论点得到了对一个30年资本项目的投资评估分析的支持。
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引用次数: 0
ESG, financial constraint and financing activities: A study in the Chinese market ESG、财务约束与融资活动:中国市场研究
4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2023-11-05 DOI: 10.1111/acfi.13196
Xuejing Guo, Shi Li, Xiaoping Song, Zilin Tang
Abstract This paper investigates the impact of Chinese firms' environmental, social, and governance (ESG) performance on their financial constraint and financing activities. We find a negative association between firms' ESG performance and their financial constraint driven by the Chinese government's commitment to tackling climate change. Compared with state‐owned enterprises (SOEs), non‐SOEs have alleviated their financial constraint through both equity and debt issuance, thanks to the stock price appreciation and green credit. High‐pollution firms benefit from both equity and debt issuance, while low‐pollution firms mainly finance through equity issuance. Our findings demonstrate the leading role of the Chinese government in its domestic capital markets.
摘要本文研究了中国企业环境、社会和治理(ESG)绩效对其财务约束和融资活动的影响。我们发现,在中国政府应对气候变化的承诺推动下,企业的ESG绩效与其财务约束之间存在负相关关系。与国有企业相比,非国有企业通过发行股票和债券缓解了其财务约束,这主要得益于股价上涨和绿色信贷。高污染企业从发行股票和债券中获益,而低污染企业主要通过发行股票融资。我们的研究结果证明了中国政府在国内资本市场中的主导作用。
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引用次数: 0
Corporate sexual orientation equality and carbon emission 企业性取向平等和碳排放
4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2023-10-27 DOI: 10.1111/acfi.13187
Ashrafee Tanvir Hossain, Amir Hossain, Tom Cooper, Majidul Islam
Abstract Does a firm's tolerance and nurturing of its employees with different sexual orientations influence its long‐term sustainability? Based on corporate sexual orientation equality (CSOE), we find that firms with higher CSOE ratings emit less greenhouse gases (GHGs) that thereby ensure long‐term sustainability. In addition, we report that the CSOE–GHG relationship is stronger for firms with less agency issues (e.g., less powerful CEOs and more monitoring). Finally, we find that carbon emitting firms (CEFs) that invest in more CSOE initiatives do not do it for external rewards (e.g., they suffer from lower valuations and face higher costs of raising capital).
企业对不同性取向员工的宽容和培养是否会影响企业的长期可持续性?基于企业性取向平等性(CSOE),我们发现具有较高CSOE评级的企业排放较少的温室气体(GHGs),从而确保长期可持续性。此外,我们报告说,对于代理问题较少的公司(例如,权力较小的首席执行官和更多的监督),CSOE-GHG关系更强。最后,我们发现,碳排放企业(CEFs)投资更多的CSOE项目并不是为了获得外部奖励(例如,它们的估值较低,面临更高的融资成本)。
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引用次数: 0
Taking the hunch out of the crunch: A framework to improve variable selection in models to detect financial statement fraud 从危机中走出预感:一个改进模型中变量选择以检测财务报表欺诈的框架
4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2023-10-27 DOI: 10.1111/acfi.13192
Adrian Gepp, Kuldeep Kumar, Sukanto Bhattacharya
Abstract Financial statement fraud is a costly problem for society. Detection models can help, but a framework to guide variable selection for such models is lacking. A novel Fraud Detection Triangle (FDT) framework is proposed specifically for this purpose. Extending the well‐known Fraud Triangle, the FDT framework can facilitate improved detection models. Using Benford's law, we demonstrate the posited framework's utility in aiding variable selection via the element of surprise evoked by suspicious information latent in the data. We call for more research into variables that measure rationalisations for fraud and suspicious phenomena arising as unintended consequences of financial statement fraud.
财务报表舞弊是一个代价高昂的社会问题。检测模型可以提供帮助,但缺乏指导这种模型的变量选择的框架。为此,提出了一种新的欺诈检测三角(FDT)框架。FDT框架扩展了众所周知的欺诈三角,可以促进改进的检测模型。利用本福德定律,我们证明了假设的框架在通过数据中潜在的可疑信息引起的惊喜元素来帮助变量选择方面的效用。我们呼吁对衡量舞弊合理性的变量进行更多的研究,以及作为财务报表舞弊意外后果而产生的可疑现象。
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引用次数: 0
Investor attention and the predictability of the volatility of CNY‐CNH spreads: Evidence from a GARCH‐MIDAS model 投资者的关注和CNY - CNH价差波动的可预测性:来自GARCH - MIDAS模型的证据
4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2023-10-27 DOI: 10.1111/acfi.13191
Xiaoping Li, Zhipeng Zhang, Junyu Pan, Jihong Duan
Abstract Combining the four aspects of self‐, macro, environmental, and policy attention, using backward‐looking rolling regressions, we construct novel international and domestic investor‐attention indices using the search volume index from Google Trends together with Baidu Index to investigate how investor attention affects the CNY‐CNH spreads volatility. Moreover, comparing different GARCH‐MIDAS models and conventional GARCH‐type models is conducted concerning the out‐of‐sample volatility forecasting capability. Our results show that: (i) international and domestic investor attention has a positive impact; and (ii) the GARCH‐MIDAS models involving investor attention improve forecast accuracy. In particular, the model with domestic investor attention has an advantage in forecasting.
摘要结合自我关注、宏观关注、环境关注和政策关注四个方面,使用回溯滚动回归,我们使用谷歌趋势的搜索量指数和百度指数构建了新的国际和国内投资者关注指数,以研究投资者关注如何影响CNY - CNH价差波动。此外,比较了不同的GARCH - MIDAS模型和传统的GARCH - type模型对样本外波动率的预测能力。我们的研究结果表明:(1)国际和国内投资者的关注具有正向影响;(ii)涉及投资者注意力的GARCH - MIDAS模型提高了预测的准确性。特别是,国内投资者关注的模型在预测方面具有优势。
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引用次数: 0
Let others know who your friends are: The effect of collaborator disclosure on crowdfunding performance 让别人知道你的朋友是谁:合作者披露对众筹绩效的影响
4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2023-10-25 DOI: 10.1111/acfi.13190
Feng Chen, Song Chen, Jian Ding, Ercheng Shan, Pu Zhao
Abstract Our analysis of 141,848 campaigns on the Kickstarter crowdfunding platform suggests that collaborator disclosure has a substantial positive impact on crowdfunding performance. This finding is consistently supported by a series of robustness tests. Collaborator disclosure alleviates backers' concerns about campaign risk, the competence of the fundraiser, and the fundraiser's lack of experience. Our findings highlight the significance of disclosing information about collaborators in financial markets with high levels of information asymmetry. In addition, our research adds to the existing literature on voluntary information disclosure and its ability to alleviate market frictions.
通过对Kickstarter众筹平台上141,848个众筹项目的分析,我们发现合作者信息披露对众筹绩效有实质性的积极影响。这一发现得到了一系列稳健性测试的一致支持。合作者信息披露减轻了支持者对活动风险、筹资人能力和筹资人缺乏经验的担忧。我们的研究结果强调了在高度信息不对称的金融市场中披露合作者信息的重要性。此外,我们的研究补充了现有文献对自愿信息披露及其缓解市场摩擦能力的研究。
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引用次数: 0
Motivation and hygiene factors for curriculum (re)development and the embedding of technology in accounting programmes 课程(再)开发的动机和卫生因素以及技术在会计课程中的嵌入
4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2023-10-20 DOI: 10.1111/acfi.13189
Esin Ozdil, Amrinder Khosa, Meredith Tharapos, Steven Burch
Abstract Using Herzberg's two‐factor theory, this paper examines the hygiene and motivation factors that drive (re)development in accounting higher education programmes. Interviews with accounting educators and discipline leaders demonstrate a range of factors at play in the (re)development of accounting programmes in pursuit of embedding relevant technologies and contemporary business acumen into the accounting curriculum. In particular, hygiene elements such as policy and administration, and supervision were central to driving and steering change, coupled with accounting educators motivational desire to do what is right for their graduates and the profession while simultaneously fulfilling their sense of meaningful work, achievement, and responsibility.
摘要本文运用赫茨伯格的双因素理论,考察了推动会计高等教育项目(再)发展的卫生因素和激励因素。对会计教育工作者和学科领导者的采访表明,在会计课程的(重新)发展中,为了将相关技术和当代商业头脑嵌入会计课程,有一系列因素在起作用。特别是,政策、管理和监督等卫生因素是推动和指导变革的核心,再加上会计教育工作者的动机愿望,即为毕业生和专业做正确的事情,同时实现他们对有意义的工作、成就和责任的感觉。
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引用次数: 0
Aligning disclosure requirements for managerial assessments of going concern risk: Initial evidence from New Zealand 调整持续经营风险管理评估的披露要求:来自新西兰的初步证据
4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2023-10-20 DOI: 10.1111/acfi.13188
Matthew Grosse, Tom Scott, Zeting Zang
Abstract This study examines the impact of the Financial Reporting Standard No. 44 New Zealand Additional Disclosures (FRS 44) amendment issued by the New Zealand Accounting Standards Board (NZASB). The FRS 44 amendment aligned disclosure requirements for managerial assessments of going concern risk in financial reports with auditing standards for periods ending on or after 30 September 2020. We first present descriptive evidence on the frequency of going concern opinions (GCO), frequency of going concern issues identified as key audit matters (GCKAM), and frequency and content of managerial assessments of going concern risk (GCMA) before and after the FRS 44 amendment. Second, we show lower audit fees and shorter audit lags for financially distressed companies post‐FRS 44 implementation. This suggests that the harmonisation of accounting and auditing disclosure requirements alleviates tension during the going concern decision‐making process for affected companies, subsequently leading to reduced audit fees.
摘要本研究探讨了新西兰会计准则委员会(NZASB)发布的《财务报告准则第44号新西兰附加披露》(FRS 44)修订的影响。《财务报告准则第44号》修订将截至2020年9月30日或之后期间的财务报告中管理层持续经营风险评估的披露要求与审计准则保持一致。我们首先对持续经营意见(GCO)的频率、确定为关键审计事项的持续经营问题(GCKAM)的频率以及持续经营风险管理评估(GCMA)的频率和内容在《财务报告准则第44号》修订前后提供了描述性证据。其次,我们显示财务困难的公司在实施财务报告准则44后审计费用降低,审计滞后时间缩短。这表明,会计和审计披露要求的统一缓解了受影响公司在持续经营决策过程中的紧张关系,从而导致审计费用的减少。
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引用次数: 0
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Accounting and Finance
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