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Reprint of: Ex-ante expected changes in ESG and future stock returns based on machine learning 转载自：基于机器学习的ESG预期变化和未来股票回报

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101563

Hongtao Zhu , Md Jahidur Rahman

This study has two primary objectives. Firstly, it enhances the reliability and transparency of machine-learning-based models for predicting future changes in environmental, social and governance (ESG) performance. Secondly, it explores the relationship between ex-ante expected changes in ESG and future stock returns. This study collects 3258 STOXX Europe 600 firm-year observations. In the ESG prediction phase, two machine learning algorithms (logistic regression and random forest) are utilised to develop ESG forecasting models. Hyperparameter optimisation and walk-forward validation techniques are employed to address issues of underestimation and information leakage. The machine-learning-based ESG forecasting models are evaluated using three metrics: accuracy, area under the curve (AUC) and area under the precision-recall curve (AUPR). Subsequently, this study investigates the relationship between ex-ante expected ESG changes and future stock returns using the predicted ESG changes. A positive correlation is found between ex-ante expected ESG changes and future stock returns. The supplementary tests also reveal that this positive relationship is highly and statistically significant among large firms and after the COVID-19 pandemic. Moreover, this study introduces a robust and transparent approach for constructing effective machine-learning-based ESG forecasting models using hyperparameter optimisation and walk-forward validation. Additionally, traditional regression analyses are modernised by incorporating machine-learning-predicted independent variables. Furthermore, the findings provide empirical support for stakeholder, agency and resource-based theories. Finally, practical insights are provided to facilitate ESG-focused investment portfolio decision making.

这项研究有两个主要目标。首先，它提高了基于机器学习的模型的可靠性和透明度，用于预测环境、社会和治理（ESG）绩效的未来变化。其次，探讨了ESG事前预期变化与未来股票收益的关系。本研究收集了3258份斯托克欧洲600公司的年度观察报告。在ESG预测阶段，使用两种机器学习算法（逻辑回归和随机森林）来开发ESG预测模型。采用超参数优化和前向验证技术来解决低估和信息泄漏问题。基于机器学习的ESG预测模型使用三个指标进行评估：准确性、曲线下面积（AUC）和精度召回曲线下面积（AUPR）。随后，本研究利用预测ESG变化来探讨事前预期ESG变化与未来股票收益的关系。事前预期ESG变化与未来股票收益呈正相关。补充测试还显示，这种正相关关系在大企业和COVID-19大流行之后具有高度和统计显著性。此外，本研究引入了一种鲁棒和透明的方法，用于使用超参数优化和前向验证构建有效的基于机器学习的ESG预测模型。此外，通过纳入机器学习预测的自变量，传统的回归分析得到了现代化。研究结果为利益相关者理论、代理理论和资源基础理论提供了实证支持。最后，本文提供了一些实用的见解，以促进以esg为重点的投资组合决策。

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引用次数: 0

Reprint of: Third-party auditor liability risk and trade credit policies 转载：第三方审计责任风险与贸易信用政策

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101562

Anthony Kyiu , Bernard Tawiah , Kwabena Antwi Boasiako , Sylvester Adasi Manu

We investigate the effect of Third-Party Auditor Liability (TPAL) risk on firms' trade credit policies. Exploiting the staggered state-level changes to TPAL in the US as a quasi-natural experiment, we find that firms in states with a higher risk of TPAL increase their use of trade credit. This relationship is more pronounced for firms with a more enhanced information environment, those with greater financial constraints, and those whose auditors are more exposed to litigation risk. Overall, our findings provide evidence of how TPAL affects firms’ short-term financing needs.

本文研究第三方审计责任（TPAL）风险对企业贸易信用政策的影响。利用美国各州对TPAL的交错变化作为准自然实验，我们发现TPAL风险较高的州的企业增加了对贸易信贷的使用。这种关系在信息环境更加完善、财务约束更大、审计师面临诉讼风险更大的公司中更为明显。总体而言，我们的研究结果提供了TPAL如何影响企业短期融资需求的证据。

引用次数: 0

Reprint of: Nineteenth century audit reports: Evolution from free-form to standardised wording 转载：19世纪审计报告：从自由形式到标准化措辞的演变

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101557

Niamh M. Brennan , Sean Bradley Power

The research comprises a case study focussed on the wording of 34 audit reports of the British South Africa Company (BSAC), which Cecil Rhodes established by Royal Charter to colonise Rhodesia from 1889 to 1924. The accounts were audited by Cooper Brothers & Co., now PricewaterhouseCoopers. The research analyses three audit-report characteristics that influenced audit-report wording. Of the 34 audit reports, eight contained qualified (i.e., unfavourable) audit opinions. Based on verbatim annual general meeting minutes and private correspondence, we provide evidence of the effect of the audit qualifications. The research further analyses the evolution of the audit-report wording over the period. Initially, the auditors customised the audit-report wording. Each year, they made micro changes to improve the precision of the wording. Then, in 1911, well in advance of any audit-report regulations, the wording became standardised and remained so until the end of the study period. The paper adds insights into why auditors standardised audit-report wording. We conjecture that years of struggling with customised wording prompted the auditors to adopt standardised wording. We do not know whether this decision applied just to the BSAC audit reports, or whether 1911 heralded standardised audit-report wording for all Cooper Brothers & Co. audit reports.

该研究包括一个案例研究，重点关注英国南非公司（BSAC）的34份审计报告的措辞，该公司由塞西尔·罗兹（Cecil Rhodes）根据皇家宪章在1889年至1924年期间殖民罗得西亚。这些账目是由库柏兄弟(Cooper Brothers &；现在的普华永道（PricewaterhouseCoopers）。研究分析了影响审计报告措辞的三个审计报告特征。在34份审计报告中，8份载有有保留的（即不利的）审计意见。根据逐字逐句的年度股东大会纪要和私人信函，我们提供审计资格效果的证据。研究进一步分析了这一时期审计报告措辞的演变。最初，审计师定制审计报告的措辞。每年，他们都会做一些细微的改变，以提高措辞的准确性。然后，在1911年，在任何审计报告规定之前，措辞变得标准化，直到研究期结束。本文对审计师为何对审计报告措辞进行标准化提出了见解。我们推测，多年来与定制措辞的斗争促使审计师采用标准化措辞。我们不知道这一决定是否只适用于BSAC审计报告，或者1911年是否预示着所有库珀兄弟公司的审计报告措辞都将标准化。公司审计报告。

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引用次数: 0

Reprint of: Heterogeneity in the integration of ESG measures in executive compensation: Determinants, contracting details and outcomes 高管薪酬中ESG措施整合的异质性：决定因素、契约细节和结果

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101559

Shilin Hou , Jianfeng Shen , Chuan Yu , Shan Zhou

Corporate social responsibility (CSR) contracting incorporates environmental, social, and governance (ESG) related measures in executive compensation plans. Current research on this practice is limited to a US setting, despite global adoption. We investigate heterogeneity in CSR contracting using data from 59 countries between 2002 and 2019. We find that besides firm-level past ESG performance and the industry-level adoption rate, country-level ESG regulations have significant explanatory power in firms’ tendencies to adopt CSR contracting. Hand-collected data reveal significant cross-country differences in CSR contracting details. Finally, CSR contracting is positively associated with subsequent financial performance only in countries with more stringent ESG regulations and stronger legal enforcement. In contrast, CSR contracting is associated with subsequent ESG performance regardless of country-level factors.

企业社会责任（CSR）合同将环境、社会和治理（ESG）相关措施纳入高管薪酬计划。目前对这种做法的研究仅限于美国，尽管全球都在采用这种做法。我们利用2002年至2019年59个国家的数据调查了企业社会责任承包的异质性。我们发现，除了企业层面的过去ESG绩效和行业层面的采用率外，国家层面的ESG法规对企业采用企业社会责任契约的倾向也有显著的解释力。手工收集的数据显示，在企业社会责任合同细节方面存在显著的跨国差异。最后，只有在ESG法规更严格、执法力度更强的国家，CSR合同才与随后的财务绩效呈正相关。相比之下，无论国家层面的因素如何，CSR合同都与随后的ESG绩效相关。

引用次数: 0

Reprint of: Does mandating corporate social and environmental disclosure improve social and environmental performance?: Broad-based evidence regarding the effectiveness of directive 2014/95/EU 转载：强制要求企业披露社会和环境信息是否能改善社会和环境绩效？关于2014/95/EU指令有效性的广泛证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101558

Charl de Villiers , John Dumay , Federica Farneti , Jing Jia , Zhongtian Li

Given that the aim of corporate social and environmental disclosure mandates is to improve corporate social and environmental performance, this study investigates the impact of such mandates on performance. Using a difference-in-differences analysis, we examine trends in corporate social and environmental performance before and after the introduction of Directive 2014/95/EU (hereafter, the Directive), comparing affected European companies with companies in the United States (US), based on a balanced sample of 358 European companies (excluding United Kingdom (UK) companies, because they were subject to additional regulations that came into effect around the same time) and 470 US companies from 2009 to 2020. We find that European companies' performance has not improved substantially since the Directive came into effect in 2017, nor have they improved compared to US companies. Thus, the evidence suggests that the Directive has not improved European companies’ social and environmental performance. Our study provides broad-based evidence of the (in)effectiveness of mandating corporate social and environmental disclosures to enhance performance. Our findings will be of interest to regulators considering disclosure mandates, as well as stakeholders and investors interested in enhancing social and environmental performance.

鉴于企业社会和环境信息披露规定的目的是提高企业的社会和环境绩效，本研究探讨了此类规定对绩效的影响。使用差异中的差异分析，我们研究了2014/95/EU指令（以下简称指令）引入前后企业社会和环境绩效的趋势，将受影响的欧洲公司与美国公司进行比较，基于358家欧洲公司（不包括英国公司）的平衡样本。因为它们受到大约同时生效的额外法规的约束)，以及2009年至2020年期间470家美国公司。我们发现，自2017年该指令生效以来，欧洲企业的业绩并没有显著改善，与美国企业相比也没有改善。因此，有证据表明，该指令并没有改善欧洲公司的社会和环境绩效。我们的研究提供了广泛的证据，证明强制企业披露社会和环境信息以提高绩效的有效性。我们的研究结果将对考虑披露要求的监管机构，以及对提高社会和环境绩效感兴趣的利益相关者和投资者感兴趣。

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引用次数: 0

Reprint of: The capital market consequence of sustained abnormal Audit fees: Evidence from stock price crash risk 持续异常审计费用的资本市场后果：来自股价崩盘风险的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101555

Sang Mook Lee , Jong Chool Park , Hakjoon Song

Prior studies provide mixed interpretations for the effect of abnormal audit fees on audit quality. One interpretation is that abnormal audit fees reflect economic bonding which decreases audit quality, while the other interpretation is that they are associated with unobserved audit efforts and audit risk. We argue that long-term abnormal audit fees clarify mixed evidence, as they reflect the gradual formation and development of both economic bonding and sustained auditor efforts over time. We examine the effect of long-term abnormal audit fees on audit quality by focusing on client's future stock price crash risk. Using 42,604 firm-year observations of U.S. firms, we find that sustained positive abnormal audit fees (consistently positive long-term abnormal audit fees) are negatively associated with future stock price crash risk, supporting the auditor effort argument and negating the economic bonding argument. We also find weak evidence that current-period abnormal audit fees are positively associated with future stock price crash risk, supporting the audit risk argument. Overall, our evidence shows that the magnitude and the pattern of long-term abnormal audit fees jointly affect audit quality in mitigating a client's bad news hoarding behavior.

以往的研究对审计收费异常对审计质量的影响给出了不同的解释。一种解释是，审计费用异常反映了经济联系，从而降低了审计质量；另一种解释是，审计费用异常与未被察觉的审计努力和审计风险有关。我们认为，长期的异常审计费用澄清了混合的证据，因为它们反映了经济联系和持续的审计努力随着时间的推移逐渐形成和发展。我们通过关注客户未来股价崩盘风险来检验长期异常审计费用对审计质量的影响。通过对42604家美国公司的年度观察，我们发现持续的正异常审计费用（持续的正长期异常审计费用）与未来股价崩溃风险呈负相关，支持审计师努力的观点，并否定经济联系的观点。我们还发现了薄弱的证据，表明当期异常审计费用与未来股价崩盘风险正相关，支持审计风险的论点。总体而言，我们的证据表明，长期异常审计费用的规模和模式共同影响审计质量，以减轻客户的坏消息囤积行为。

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引用次数: 0

Reprint of: The use of machine learning algorithms to predict financial statement fraud 转载自：使用机器学习算法预测财务报表欺诈

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101560

Mark Lokanan , Satish Sharma

引用次数: 0

Reprint of: Rank-and-file employee stock options and audit pricing: Evidence from S&P 1500 firms 普通员工股票期权和审计定价：来自标准普尔1500公司的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101556

Xiaoqi Chen , Maoliang Li , Emmanuel Obiri-Yeboah , Qiang Wu

In this study, we examine the impact of rank-and-file employee stock options on audit fees. We document compelling evidence that option grants to rank-and-file employees are positively related to audit fees. Further analyses show that this positive relation is more pronounced when a firm's real earnings manipulation risk is higher and when rank-and-file employees are more sensitive to monetary incentives. We also find that options granted to rank-and-file employees are positively related to audit efforts. The evidence suggests that auditors perceive options to rank-and-file employees to be associated with increased audit risk.

在本研究中，我们考察了普通员工股票期权对审计费用的影响。我们记录了令人信服的证据，证明授予普通员工的期权与审计费用呈正相关。进一步的分析表明，当公司的实际盈余操纵风险较高时，当普通员工对货币激励更敏感时，这种正相关关系更为明显。我们还发现，授予普通员工的期权与审计工作正相关。证据表明，审计师认为普通员工的选择与审计风险增加有关。

引用次数: 0

Reprint of: Audit committee member busyness and risk factor disclosure 转载：审计委员会成员的忙碌与风险因素披露

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101561

Cristina Bailey , Joshua J. Filzen

Audit committees in the U.S. oversee risk management within organizations, including oversight of the disclosure of risk factors in periodic filings. Because audit committees have become increasingly over-burdened, we examine the impact of the busyness of audit committee members, measured via members’ service on other boards, on risk factor disclosures. We find firms with busy members issue disclosures that are of lower quality (i.e., less readable and less focused on firm fundamentals). Further, we find that firms with busy members are more likely to issue timely updates to disclosures. However, these updates are more likely to be vague—implying they are inconsequential to the market. We find these results are primarily driven by service in other non-audit committee roles. In additional cross-sectional tests, we find that our results are strongest when there is more uncertainty or complexity in the business environment. Finally, additional specifications and tests show that our results are robust to concerns related to endogeneity. Overall, we find that the busyness of audit committee members has important implications for risk factor disclosures.

美国的审计委员会监督组织内部的风险管理，包括监督定期文件中风险因素的披露。由于审计委员会的负担越来越重，我们考察了审计委员会成员的忙碌程度对风险因素披露的影响（通过成员在其他董事会的服务来衡量）。我们发现，拥有忙碌成员的公司发布的披露质量较低（即可读性较差，不太关注公司基本面）。此外，我们发现，成员忙碌的公司更有可能及时发布披露的最新信息。然而，这些更新更有可能是模糊的——意味着它们对市场无关紧要。我们发现，这些结果主要是由其他非审计委员会角色的服务驱动的。在额外的横断面测试中，我们发现当商业环境中存在更多的不确定性或复杂性时，我们的结果是最强的。最后，附加的规范和测试表明，我们的结果对于与内生性相关的问题是健壮的。总体而言，我们发现审计委员会成员的忙碌程度对风险因素披露具有重要影响。

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The hidden cost of organisation capital: Evidence from trade credit 组织资本的隐性成本：来自贸易信贷的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2023.101238

Joye Khoo , Adrian (Wai Kong) Cheung

Organisation capital is an important firm-specific resource that is linked to value created by key talents, and the risk arising from the unexpected departure of key talents is detrimental to the firm. We find that trade credit decreases with organisation capital, particularly when labour mobility is greater or employees have more outside opportunities. This supports the agency view of organisation capital. However, when the threat of losing key talents is low, such as during the global financial crisis, the efficiency view of organisation capital prevails, making firms with high organisation capital more attractive customers for suppliers. The evidence is robust to endogeneity tests.

组织资本是企业特有的重要资源，与关键人才创造的价值息息相关，关键人才意外离职所带来的风险对企业不利。我们发现，贸易信贷会随着组织资本的增加而减少，尤其是在劳动力流动性较大或员工有更多外部机会的情况下。这支持了组织资本的代理观点。然而，当关键人才流失的威胁较低时，例如在全球金融危机期间，组织资本的效率观点就会占上风，从而使组织资本高的企业对供应商而言更有吸引力。这些证据经得起内生性检验。

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