British Accounting Review最新文献

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Economic policy uncertainty, carbon emissions and firm valuation: International evidence 经济政策的不确定性、碳排放和企业估值：国际证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101453

Sudipta Bose , Syed Shams , Searat Ali , Abdullah Al Mamun , Millicent Chang

This paper explores how the uncertainty surrounding economic policies affects the decisions managers make, particularly with reference to carbon emissions. Notably, this is a pioneering effort as very few studies have examined the influence of economic policy uncertainty on decisions about either carbon emissions or renewable energy, and, in turn, the impact of these decisions on firm value. From a sample spanning 22 countries over the period 2007 to 2018, our results show that, while carbon emissions increase with policy uncertainty, this relationship is mediated by renewable energy consumption. Country factors such as climate change performance, emissions trading schemes, and business culture also affect this relationship. In countries where economic policy uncertainty tends to be high, firms generally have a lower market value, due in part to higher levels of carbon emissions. These findings highlight the importance of connecting policy uncertainty to decisions about carbon emissions and renewable energy. They also provide insights into the detrimental effects of policy uncertainty on firm value.

本文探讨了经济政策的不确定性如何影响管理者的决策，尤其是碳排放方面的决策。值得注意的是，这是一项开创性的工作，因为很少有研究探讨经济政策的不确定性对碳排放或可再生能源决策的影响，以及这些决策反过来对企业价值的影响。从 2007 年到 2018 年期间 22 个国家的样本来看，我们的研究结果表明，虽然碳排放量会随着政策不确定性的增加而增加，但这种关系是由可再生能源消费所中介的。气候变化表现、排放交易计划和商业文化等国家因素也会影响这种关系。在经济政策不确定性较高的国家，企业的市场价值通常较低，部分原因是碳排放量较高。这些发现强调了将政策不确定性与碳排放和可再生能源决策联系起来的重要性。这些研究结果还为政策不确定性对企业价值的不利影响提供了启示。

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引用次数: 0

Shareholders' political hierarchy and regulatory enforcement: Evidence from corporate risk management 股东的政治等级与监管执行：公司风险管理的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101372

Huimin Guo , Zheyao Pan , Gary Tian

In our study, we investigate the impact of shareholders' political hierarchy on regulatory enforcement within the context of a Chinese local state-owned enterprise where multiple government shareholders, each with different political hierarchical levels, coexist. Our research reveals that the presence of higher-level noncontrolling government shareholders, specifically noncontrolling government shareholders with a higher hierarchical level than the controlling government shareholders, enhances the risk-reducing effect of derivative use. This indicates that higher-level noncontrolling government shareholders play a role in facilitating the enforcement of derivative-related regulations. Additionally, we find that these higher-level noncontrolling government shareholders enhance the efficiency of derivative use through two primary channels: their superior access to regulatory information and their monitoring of corporate regulatory compliance. We also explore the impact of higher-level noncontrolling government shareholders in regulatory enforcement by examining the 2009–2010 top-down derivative-related regulation. In summary, our analysis underscores the positive influence of higher-level noncontrolling government shareholders on risk management efficiency, primarily due to their information advantage regarding regulations, which subsequently strengthens the enforceability of regulatory measures.

在我们的研究中，我们以一家中国地方国有企业为背景，调查了股东的政治等级对监管执行的影响，该企业中同时存在多个政府股东，每个股东的政治等级各不相同。我们的研究发现，较高层次的非控股政府股东的存在，特别是比控股政府股东层次更高的非控股政府股东的存在，会增强衍生工具使用的风险降低效果。这表明，级别较高的非控股政府股东在促进衍生品相关法规的执行方面发挥了作用。此外，我们还发现，这些较高层次的非控股政府股东通过两个主要渠道提高了衍生品的使用效率：他们获取监管信息的优势和他们对公司监管合规性的监督。我们还通过研究 2009-2010 年自上而下的衍生品相关监管，探讨了高层非控股政府股东在监管执行方面的影响。总之，我们的分析强调了高层非控股政府股东对风险管理效率的积极影响，这主要是由于他们在监管方面的信息优势，从而加强了监管措施的可执行性。

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引用次数: 0

Making outside directors inside: Independent directors’ corporate site visits and real earnings management 让外部董事成为内部董事：独立董事的企业实地考察与实际收益管理

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-11-01 DOI: 10.1016/j.bar.2024.101429

Qiong Wang , Huajie Wang , Kemin Wang

We examine whether corporate site visits by independent directors enhance their monitoring effectiveness. Exploiting a novel dataset from the Chinese market, we find that such visits have a negative effect on the extent of real earnings management, and identify vetoing board proposals as a potential channel through which site visits constrain real activities manipulation. The effects are more pronounced for independent directors with greater monitoring ability or stronger monitoring incentives, and for firms with weaker internal or external governance. We further document that the intensity of site visits has an incremental negative effect on real earnings management, the restraining effect could persist for at least two years, and site visits also reduce accrual manipulation. This paper sheds new light on independent directors’ active participation in corporate governance and has practical implications for institutional improvements.

我们研究了独立董事对企业的实地考察是否会提高其监督效果。利用中国市场的新数据集，我们发现这种考察对实际收益管理的程度有负面影响，并发现否决董事会提案是实地考察限制实际活动操纵的潜在渠道。对于监督能力较强或监督动机较强的独立董事，以及内部或外部治理较弱的公司，这种影响更为明显。我们进一步发现，实地考察的强度对实际收益管理有递增的负面影响，这种抑制作用至少会持续两年，而且实地考察也会减少应计制操纵。本文为独立董事积极参与公司治理提供了新的视角，并对制度改进具有实际意义。

引用次数: 0

Hybridisation, purification, and re-hybridisation: A study of shifting registers of value 杂交、纯化和再杂交：价值转移寄存器的研究

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101201

Gustaf Kastberg Weichselberger , Cemil Eren Fırtın , Enrico Bracci

The aim of this paper is to add to the discussion on hybrids and valuing. We argue that more dynamic theorising is needed to understand hybridity. The aim is thus to further the discussion and to nuance the theorisation of hybrids and values by focusing on their emergence and shifts. The study is qualitative, and the empirical base is the handling of the pandemic in a Swedish county council and a municipality. The research question is: How and why did values emerge and shift in the handling of the COVID-19 pandemic? Our first contribution is the development of concepts whereby we centre hybridisation, purification, and re-hybridisation, as well as the concepts of first- and second-order dissonance. The second contribution is the enhancement of our understanding of the dynamics of hybrids. Our theorising adds to studies indicating the risk of hybrid settings collapsing and then reverting to pure states because of what we call second-order dissonance. Pure states, however, are always at risk of first-order dissonance and of exploding into hybrid states. Our observations advance research into both valuing and accounting, which tends to focus on specific established values, or on how accounting for a value emerges.

本文旨在为关于混血儿和估值的讨论添砖加瓦。我们认为，要理解混合性，需要更多的动态理论。因此，本文的目的是通过关注混合体的出现和转变，进一步推动讨论并细化混合体和价值观的理论化。本研究为定性研究，其经验基础是瑞典一个县议会和一个市政府对大流行病的处理。研究问题是：在处理 COVID-19 大流行病的过程中，价值观是如何以及为何出现和转变的？我们的第一个贡献是提出了一些概念，并据此将杂交、净化和再杂交以及一阶和二阶失调概念置于中心位置。第二个贡献是加强了我们对杂交动态的理解。我们的理论研究表明，由于我们所说的二阶失调，混合环境有可能崩溃，然后恢复到纯粹状态。然而，纯粹状态始终面临一阶失调和爆发为混合状态的风险。我们的观察推动了对价值观和会计的研究，而这些研究往往侧重于特定的既定价值观，或价值观的会计是如何产生的。

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引用次数: 0

Megaprojects and hybridity. Accounting and performance challenges for multiple diverse actors and values 大型项目和混合。会计和绩效挑战的多个不同的演员和价值观

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2022.101152

Massimo Sargiacomo , Laura Corazza , Antonio D'Andreamatteo , Daniel Torchia

The aim of this paper is to illuminate how a hybrid organisation tasked with developing the Turin-Lyon Highspeed Railway, TELT, has played a pivotal role in the government of a French-Italian collaborative megaproject. Using a Foucauldian approach, we undertook a longitudinal analysis of TELT to investigate the accounting and performance challenges faced as this hybrid organisation attempted to meet the diverse goals and values of multiple stakeholders. The technologies introduced new work planning techniques, excavating, building prototypes, estimating and certifying standard costs, and implementing time and space controls based on cost classifications. The idea behind all these measures was to normalise the risks associated with the megaproject, and thus zero any cost overruns during the project's lifecycle. TELT's ‘winning spirit’ succeeded in navigating a bi-national business value chain spanning governments, contractors, and sub-contracting companies. Different forms of reporting were used concurrently – some for financial disclosure, others for auditing to comply with national and European auditing regulations as enforced by the two governments. Non-financial information was also disclosed to diverse, and sometimes conflicting stakeholders, to increase social value and reduce information asymmetry. The study reveals how a wide range of experts intervened to solve problems at the meso-political and micro-organisational levels.

本文旨在阐明负责开发都灵-里昂高速铁路的混合组织 TELT 如何在法国-意大利合作的大型项目中发挥关键作用。利用福柯方法，我们对 TELT 进行了纵向分析，以研究这个混合组织在试图满足多个利益相关者的不同目标和价值观时所面临的会计和绩效挑战。这些技术引入了新的工作规划技术、挖掘、建造原型、估算和认证标准成本，以及根据成本分类实施时间和空间控制。所有这些措施背后的理念都是将与大型项目相关的风险正常化，从而在项目生命周期内将任何成本超支化为零。TELT 的 "制胜精神 "成功地驾驭了横跨政府、承包商和分包公司的两国业务价值链。同时采用了不同的报告形式--一些用于财务披露，另一些用于审计，以符合两国政府实施的国家和欧洲审计条例。还向不同的利益相关者披露非财务信息，有时甚至是相互冲突的信息，以提高社会价值，减少信息不对称。本研究揭示了各类专家如何在中观政治和微观组织层面进行干预，以解决问题。

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引用次数: 0

Understanding corporate governance in China 了解中国的公司治理

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2024.101459

Fuxiu Jiang , Kenneth A. Kim

Corporate governance in China may offer implications and useful insights for corporate governance theory and practices in other countries. This paper aims to provide a “thought leadership” piece to enhance understanding of corporate governance in China, describing the “China model” of corporate governance practice and theory. We focus on and discuss the uniqueness of corporate governance in China from eight aspects: large shareholders, institutional investors, board of directors, managerial incentives, information intermediaries, laws and regulations, three types of markets, and corporate social responsibility (CSR). We also discuss papers published in the special section on the theme of corporate governance and corporate social responsibility in China. These studies further our understanding of the China model of corporate governance.

中国的公司治理可以为其他国家的公司治理理论和实践提供借鉴和有益的启示。本文旨在为加深对中国公司治理的理解提供 "思想引领"，描述公司治理实践和理论的 "中国模式"。我们重点从大股东、机构投资者、董事会、经理层激励机制、信息中介、法律法规、三类市场和企业社会责任（CSR）八个方面探讨了中国公司治理的独特性。我们还讨论了以中国公司治理和公司社会责任为主题的专栏中发表的论文。这些研究进一步加深了我们对中国公司治理模式的理解。

引用次数: 0

Political affiliation, cash flow volatility, and debt maturity in China 中国的政治派别、现金流波动和债务期限

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101299

Mustafa Caglayan , Simona Mateut , Piercarlo Zanchettin

Using a large dataset with over half a million observations for 161 thousand Chinese firms, we examine the role of political affiliation on the debt maturity of firms experiencing varying levels of financial volatility. Our findings indicate that politically affiliated firms have reduced capacity to adjust their debt maturity when firm-specific risk rises. Furthermore, we demonstrate that this effect is stronger for firms affiliated with local levels of government relative to central levels. We argue that political affiliation can play a disciplining role in environments where credit is controlled by the state and politicians’ careers depend on local economic performance.

我们利用一个包含 16.1 万家中国企业 50 多万个观测值的大型数据集，研究了政治关联对经历不同程度金融波动的企业债务期限的影响。我们的研究结果表明，当企业特定风险上升时，政治关联企业调整债务期限的能力下降。此外，我们还证明，相对于中央政府而言，这种影响对隶属于地方政府的企业更为明显。我们认为，在信贷由国家控制、政治家的职业生涯取决于地方经济表现的环境中，政治关联可以起到约束作用。

引用次数: 0

Actors constructing accountability in hybrid organisations: The case of a Swedish municipal corporation 在混合型组织中构建问责制的行动者——以瑞典市政公司为例

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101207

Joshua Maine, Timur Uman, Emilia Florin-Samuelsson

Coping with accountability challenges is an essential part of how actors in hybrid organisations make sense of their responsibility to distinctive groups of stakeholders. Drawing on institutional theory and a logics perspective, we explore how the strategic apex in a Swedish municipal housing corporation constructs accountability in relation to the tensions that arise therein. Our case study highlights that the strategic apex deals with the challenges associated with multiple accountability logics via the process of evoking the principals. Given the invisibility of the legal owner, the strategic apex evokes the principal(s) through the additional processes of negotiating resource allocation, compromising and interest alignment, and creating team structures. Our findings contribute to the emergent literature on how hybrid organisations construct accountability and manage related challenges. Furthermore, our analysis of how individual actors and teams deal with the tension between individual and collective actions in the accountability domain advances current knowledge of the processes through which these actors cope with accountability challenges in hybrid organisations.

应对问责挑战是混合型组织中的行动者如何理解其对不同利益相关者群体所负责任的一个重要部分。我们借鉴制度理论和逻辑视角，探讨了瑞典一家市政住房公司的战略顶点如何构建与其中出现的紧张关系相关的问责制。我们的案例研究强调，战略顶点通过唤起原则的过程来应对与多重问责逻辑相关的挑战。鉴于法律所有者的不可见性，战略顶点通过谈判资源分配、妥协和利益一致以及创建团队结构等额外过程来唤起委托人。我们的研究结果为有关混合型组织如何构建问责制和管理相关挑战的新兴文献做出了贡献。此外，我们对个体行动者和团队如何处理问责领域中个体行动与集体行动之间的紧张关系进行了分析，从而推进了当前对混合型组织中这些行动者应对问责挑战的过程的了解。

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引用次数: 0

Regulator as a minority shareholder and corporate fraud: Quasi-natural experiment evidence from the pilot project of China Securities Investor Services Center 监管者作为少数股东与公司欺诈:来自中国证券投资者服务中心试点项目的准自然实验证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101242

Ziying Zhao , Chao Lu , Xiaoxue Xia

The China Securities Investor Services Centre (CSISC) is a unique governance mechanism in China, backed by the Chinese regulator. This institution holds 100 shares of each public firm in the pilot regions and monitors large shareholders by exercising its rights. Using a difference-in-difference (DID) methodology, the study investigates a sample of Chinese listed firms from 2013 to 2017 to evaluate the role of regulatory minority shareholders in curbing corporate fraud, yielding consistent and robust results. The findings of the mechanism tests indicate that CSISC shareholding significantly reduces the propensity for fraud while increasing the probability of fraud detection. The results of heterogeneity tests show that the effect of CSISC shareholdings on corporate fraud is more pronounced in firms with severe internal agency problems and poorer external governance environments. Additional analyses examine the impact of CSISC shareholdings on different types of corporate fraud and show that it significantly reduces disclosure and operational fraud. This research has important implications for improving minority shareholder protection in countries with concentrated ownership structures and for constraining corporate fraud.

中国证券投资者服务中心（CSISC）是中国独一无二的治理机制，由中国监管机构提供支持。该机构持有试点地区每家上市公司的 100 股股份，并通过行使权利对大股东进行监督。本研究采用差分法（DID），以2013年至2017年的中国上市公司为样本，评估监管小股东在遏制公司欺诈中的作用，得出了一致且稳健的结果。机制检验结果表明，CSISC持股显著降低了欺诈倾向，同时提高了欺诈被发现的概率。异质性检验结果表明，CSISC持股对公司欺诈的影响在内部代理问题严重、外部治理环境较差的公司中更为明显。其他分析检验了 CSISC 持股对不同类型公司欺诈的影响，结果表明 CSISC 持股显著减少了信息披露和经营欺诈。这项研究对所有权结构集中的国家加强对小股东的保护以及限制公司欺诈具有重要意义。

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引用次数: 0

Determinants and consequences of sales/production report issuance 发布销售/生产报告的决定因素和后果

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101266

Renhui Fu , Chen Ma , Yamin Zeng , Junsheng Zhang

This study empirically examines the determinants and consequences of firms’ issuance of sales/production reports. Our findings demonstrate that firms choose to issue these reports in order to meet the information needs of investors, supply chain participants, and industry peers. As a result, these firms experience higher firm value, attributed to improvements in the information environment, increased trade credits, and strengthened tacit collusion. Our results remain robust when considering endogeneity and when replacing the binary issuance variable with the frequency of sales/production reports. Furthermore, the stock market shows a significant response to the information contained in these reports, reflected in larger abnormal returns and trading volumes, and the market reaction is positively related to the news conveyed by these reports. Overall, our findings indicate that the issuance of sales/production reports brings about economic benefits.

本研究对企业发布销售/生产报告的决定因素和后果进行了实证研究。我们的研究结果表明，企业选择发布这些报告是为了满足投资者、供应链参与者和业内同行的信息需求。因此，这些企业获得了更高的企业价值，这归因于信息环境的改善、贸易信用的增加以及默契合谋的加强。当考虑到内生性以及用销售/生产报告的频率替代二元发行变量时，我们的结果仍然是稳健的。此外，股票市场对这些报告中包含的信息做出了显著反应，反映在更大的异常回报和交易量上，而且市场反应与这些报告传达的消息正相关。总之，我们的研究结果表明，发布销售/生产报告会带来经济效益。

引用次数: 0

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