British Accounting Review最新文献

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Ripple effects of innovation: How does peer influence shape corporate innovation across countries? 创新的涟漪效应：同伴影响如何影响各国的企业创新？

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 DOI: 10.1016/j.bar.2024.101514

Michael Machokoto , Daniel Gyimah , Marvelous Kadzima , Dzidziso Samuel Kamuriwo

Using a large firm-level dataset encompassing 41 countries spanning from 2000 to 2019, and employing an instrumental variables approach to address endogeneity, we find significant positive peer effects on investments in innovation. Notably, these peer effects are more pronounced in emerging countries, where firms use peer benchmarking or mimicking to overcome institutional constraints. However, our findings suggest that the mechanisms driving imitative behaviour in innovation vary between developing and developed countries. Furthermore, we find that mimicking peer firms’ innovation positively correlates with shareholder value, particularly in emerging economies with weak institutions, where imitative strategies may be more beneficial. Overall, our study highlights the influence of institutions on how firms respond to the investment strategies of their peers and how such responses impact shareholder value.

利用2000年至2019年涵盖41个国家的大型企业层面数据集，并采用工具变量方法来解决内生性问题，我们发现创新投资存在显著的正向同伴效应。值得注意的是，这些同伴效应在新兴国家更为明显，那里的公司利用同伴基准或模仿来克服制度限制。然而，我们的研究结果表明，在创新中驱动模仿行为的机制在发展中国家和发达国家之间有所不同。此外，我们发现模仿同行公司的创新与股东价值呈正相关，特别是在制度薄弱的新兴经济体，模仿策略可能更有益。总的来说，我们的研究强调了制度对公司如何回应同行的投资策略以及这种回应如何影响股东价值的影响。

引用次数: 0

A global study of climate uncertainty and carbon assurance 气候不确定性与碳保证的全球研究

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 DOI: 10.1016/j.bar.2024.101425

Le Luo , Junru Zhang

Measurement, verification, and reporting of carbon emissions is essential for climate management. However, research on carbon assurance is limited. To address this gap, we investigate the association between climate uncertainty and voluntary carbon assurance. We conceptualize and operationalize four dimensions of micro-level climate uncertainty: innovation, management and performance, supply chain, and managerial perception uncertainty. We find that all four proxies of climate uncertainty are positively associated with the adoption of voluntary carbon assurance and the positive associations are moderated by a country-level environmental, social, and governance reporting mandate and the industry. Finally, we document that voluntary carbon assurance impacts the valuation of certain dimensions of climate uncertainty. Overall, our study is among the first to document empirical evidence of the nature, characteristics, and dimensions of climate uncertainty and its impact on firms’ carbon assurance. The knowledge will help companies strengthen their capacity to manage the green transition toward carbon neutrality.

碳排放的测量、核实和报告对气候管理至关重要。然而，碳保证的研究是有限的。为了解决这一差距，我们研究了气候不确定性与自愿碳保证之间的关系。我们对微观层面气候不确定性的四个维度进行了概念化和操作化：创新、管理和绩效、供应链和管理感知不确定性。我们发现，气候不确定性的所有四个代理都与自愿碳保证的采用呈正相关，并且正相关受到国家层面的环境、社会和治理报告授权和行业的调节。最后，我们证明了自愿碳保证影响气候不确定性某些维度的评估。总体而言，我们的研究是第一批记录气候不确定性的性质、特征和维度及其对企业碳保证影响的经验证据。这些知识将有助于企业加强管理向碳中和的绿色转型的能力。

引用次数: 0

Choice of financial audit firm and ESG assurance firm: The role of board of director characteristics 财务审计公司与ESG担保公司的选择：董事会的角色特征

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 DOI: 10.1016/j.bar.2024.101505

Zihan Liu , Christine Jubb , Subhash Abhayawansa

Corporations increasingly seek assurance on their published environmental, social, and governance (ESG) reports. Some companies use their audit firm to assure ESG reports, while others seek assurance services from a different firm. This paper investigates the influence of boardroom-based factors – female directors and multiple directorships – on companies' choice of ESG assurance provider. Using a sample of 438 Australian company-year observations from 2010 to 2020 we find that companies with more female directors and busy boards (i.e., boards with directors having at least three concurrent directorships) are more likely to choose a Big-4 audit firm different from their incumbent financial auditor to assure their ESG reports. Based on agency, social capital and resource dependence theories, we explain this ESG assurance procurement strategy as deliberate to address the potential ethical dilemma of engaging the same audit firm for assurance of financial and non-financial information. Our findings suggest that companies with more female directors and busy boards are likelier than their counterparts to apply this ethical stance in choosing their financial auditors and ESG assurers. Implications for policymakers and regulators in designing board diversity guidelines or rules and companies in setting board diversity criteria and policies are discussed.

企业越来越多地寻求对其发布的环境、社会和治理（ESG）报告的保证。一些公司使用他们的审计公司来确保ESG报告，而另一些公司则从其他公司寻求保证服务。本文研究了董事会因素——女性董事和多重董事——对公司选择ESG保证提供商的影响。通过对2010年至2020年438家澳大利亚公司年度观察样本的分析，我们发现女性董事较多、董事会工作繁忙（即董事至少同时担任三名董事的董事会）的公司更有可能选择与现任财务审计师不同的四大审计公司来确保其ESG报告。基于代理、社会资本和资源依赖理论，我们将这种ESG保证采购策略解释为有意解决聘请同一家审计公司进行财务和非财务信息保证的潜在道德困境。我们的研究结果表明，拥有更多女性董事和繁忙董事会的公司，在选择财务审计师和ESG担保人时，更有可能采用这种道德立场。对决策者和监管者在设计董事会多样性指导方针或规则以及公司在制定董事会多样性标准和政策方面的影响进行了讨论。

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引用次数: 0

Changes in bank profitability Post-CEO succession: Does prior CEO experience improve bank performance? CEO 继任后银行盈利能力的变化：前任首席执行官的经验是否会提高银行业绩？

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 DOI: 10.1016/j.bar.2024.101500

Douglas Cumming , Peigong Li , Feng Zhan , Wanwan Zhu

Based on a unique hand-collected dataset of CEO succession events in US bank holding companies (BHCs), we find that prior CEO experience of the newly appointed CEO improves bank profitability post-CEO succession, but primarily in underperforming banks. We distinguish prior CEO experience based on where the experience was obtained and find that the performance effect is driven by the experience gained outside the bank. Moreover, our study indicates that new CEOs with previous CEO experience acquired outside the bank are more likely to enhance profitability through earnings manipulation than those who obtained CEO experience within the bank or those without any previous CEO experience.

基于手工收集的美国银行控股公司（BHC）首席执行官继任事件的独特数据集，我们发现新任命首席执行官的先前首席执行官经验会提高首席执行官继任后的银行盈利能力，但主要是在表现不佳的银行。我们根据前任首席执行官的经验来源对其进行了区分，发现业绩效应是由在银行外部获得的经验驱动的。此外，我们的研究表明，与那些在银行内部获得 CEO 经验的人或那些没有任何 CEO 经验的人相比，在银行外部获得 CEO 经验的新任 CEO 更有可能通过盈利操纵来提高盈利能力。

引用次数: 0

The effect of ESG-motivated turnover on firm financial risk 以环境、社会和公司治理为动机的人员流动对公司财务风险的影响

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 DOI: 10.1016/j.bar.2024.101373

Daewoung Choi , Yong Kyu Gam , Min Jung Kang , Hojong Shin

This study investigates how effectively a forced CEO turnover mitigates a firm's distress risk amplified by a bad reputation for its Environmental, Social, and Governance (ESG) practices. We find that a firm's CEO dismissal decision significantly reduces the level of its distress risk—measured by Altman's Z-Score—subsequent to negative media coverage of the firm's ESG practices. This suggests that the forced CEO turnover may be taken as an ex-post damage instrument. Additional results show that the mitigation effect of CEO dismissal is stronger in firms under greater market scrutiny conditioned on various mechanisms: market competition, sin stock industry, and analyst coverage.

本研究探讨了强制CEO离职如何有效地减轻因环境、社会和治理（ESG）实践的不良声誉而放大的公司困境风险。我们发现，在媒体对公司ESG实践的负面报道之后，公司的CEO解雇决定显著降低了公司的困境风险水平（用Altman z - score衡量）。这表明，强制CEO离职可能被视为事后损害工具。其他研究结果表明，在市场竞争、股票行业和分析师覆盖率等多种机制的条件下，受到更严格市场审查的公司，CEO解职的缓解效应更强。

引用次数: 0

Disclosure of investor relationship activities and stock crash risk: Evidence from private in-house meetings 投资者关系活动的披露与股灾风险：来自非公开内部会议的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 DOI: 10.1016/j.bar.2024.101325

Hang Zhou , Rong Ding , Yifan Li , Yuxin Sun

In July 2012, the Shenzhen Stock Exchange (China) made it mandatory for all listed firms to electronically publish standard summary reports through the exchange's web portal for all investor relationship activities. In this study, we focus on one important type of investor relationship activity—the private in-house meeting—and analyze the relationship between the disclosure of int-house meetings and stock crash risk. Using data collected over the 2009–2017 period and adopting a difference-in-difference approach, we find that mandatory disclosure of in-house meetings is negatively associated with future crash risk and that the effect is stronger in firms with higher information asymmetry. Our results, which remain robust after a number of sensitivity checks, should be of interest to both regulators and policymakers.

2012年7月，深圳证券交易所（中国）强制要求所有上市公司通过交易所门户网站发布所有投资者关系活动的电子标准摘要报告。本研究以一种重要的投资者关系活动——非公开内部会议为研究对象，分析内部会议披露与股灾风险之间的关系。利用2009-2017年期间收集的数据，采用差分法，我们发现强制披露内部会议与未来的崩溃风险呈负相关，并且在信息不对称程度较高的公司中，这种影响更强。我们的研究结果在经过多次敏感性检查后仍保持稳健，应该引起监管机构和政策制定者的兴趣。

引用次数: 0

Top management team faultline size and family firm performance 高层管理团队断层大小与家族企业绩效

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 DOI: 10.1016/j.bar.2024.101465

Weiwen Li , Dora Chi-sun Lau , Ai He , Xiaotong Li

This study examines the impact of faultline size in top management teams on firm performance in family firms. We propose that top management teams in family firms are typically asymmetric factional groups, in which there is a priori, pre-established faultline between two subgroups (family members versus non-family members) with distinct power and status. We further argue that large demographic faultlines in such groups would benefit firm performance, and these benefits are contingent on bifurcation bias shown by the controlling family toward non-family members and the level of development of intermediate institutions. We test our model using data from Chinese-listed family firms. Results provide strong support for our propositions. This study contributes to the corporate governance literature by highlighting that the inter-subgroup dynamics in top management teams or boards of directors in family firms can differ from those in nonfamily firms.

本研究探讨家族企业高层管理团队断层大小对企业绩效的影响。我们提出，家族企业的高层管理团队通常是不对称的派系群体，其中两个具有不同权力和地位的子群体（家族成员与非家族成员）之间存在先验的、预先建立的断层线。我们进一步认为，这些群体中较大的人口断层线将有利于企业绩效，而这些效益取决于控制家族对非家族成员表现出的分岔偏差和中间机构的发展水平。我们使用中国上市家族企业的数据来检验我们的模型。结果为我们的命题提供了强有力的支持。本研究通过强调家族企业高层管理团队或董事会的子群体间动态可能不同于非家族企业，为公司治理文献做出了贡献。

引用次数: 0

Boosting credit risk models 提升信用风险模型

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-07-01 DOI: 10.1016/j.bar.2023.101241

Bart Baesens , Kristien Smedts

In this article, we give various recommendations to boost the performance of credit risk models. It is based upon more than two decades of research and consulting on the topic. Building credit risk models typically entails four steps: gathering and preprocessing data, modelling of probability of default (PD), Loss Given Default (LGD) and Exposure at Default (EAD), evaluating the credit risk models built and then the deployment step to put them into production. We give recommendations to boost credit risk models during each of these steps. Furthermore, we also define and review model risk as an all-encompassing challenge one needs to be properly aware of during each step of the process. We conclude by presenting a research agenda of topics we believe are in high need for further investigation and study.

在本文中，我们提出了各种建议，以提高信用风险模型的性能。它是基于二十多年来对该主题的研究和咨询。构建信用风险模型通常需要四个步骤：收集和预处理数据、对违约概率（PD）、违约损失（LGD）和违约风险敞口（EAD）进行建模、评估所构建的信用风险模型，然后是将其投入生产的部署步骤。在每一个步骤中，我们都给出了改进信用风险模型的建议。此外，我们还定义和审查模型风险，将其作为在流程的每个步骤中需要适当意识到的全面挑战。最后，我们提出了一个我们认为非常需要进一步调查和研究的主题的研究议程。

引用次数: 0

Do investor reactions to merger announcements shape the writing of SEC filings? 投资者对合并公告的反应是否会影响 SEC 文件的撰写？

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101498

Nihat Aktas, Eric de Bodt, Can Deniz Dogan

The way filings of mergers and acquisitions (M&A) with the Security Exchange Commission (SEC) are written might depend on investor reactions to initial public announcements of the deal. We examine this investor feedback hypothesis by focusing on the readability and timing of a large sample of SEC documents. We show that acquirers write documents with lower readability and file them faster when investors react negatively to the deal announcement, a finding consistent with strategic obfuscation efforts. The results are robust to alternative empirical choices, such as controlling for deal complexity or the firm's writing style. They are also confirmed using an instrumental variables approach.

向美国证券交易委员会（SEC）提交的并购（M&A）文件的撰写方式可能取决于投资者对交易最初公告的反应。我们通过研究大量 SEC 文件样本的可读性和时间安排来检验投资者反馈假设。我们的研究表明，当投资者对交易公告有负面反应时，收购方撰写的文件可读性较低，提交文件的速度也较快，这一结果与策略性混淆努力是一致的。这些结果对其他经验选择（如控制交易复杂性或公司的写作风格）是稳健的。使用工具变量方法也证实了这些结果。

引用次数: 0

COVID-19 pandemic and audit quality COVID-19大流行与审计质量

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101504

Bingxuan Lin , Liansheng Wu , Yimin Zhang , Jian Zhou

In this study, we examine the influence of the COVID-19 pandemic on audit quality among firms listed in China, focusing on the role of empathy between auditors and their clients. Our analysis reveals that the pandemic's adverse effects on audit quality are predominantly observed when there is a high degree of empathy, particularly when both the audit firm and the client are located within areas heavily affected by the outbreak. Further investigation indicates that the deterioration in audit quality is primarily associated with auditors who have less experience, occupy junior positions, are employed by more philanthropically inclined audit firms, or work for firms outside the Big 10. Our research offers compelling evidence of the impact of empathy on audit quality and carries profound implications for various audit stakeholders, including management, auditors, shareholders, and regulatory bodies.

在本研究中，我们研究了COVID-19大流行对中国上市公司审计质量的影响，重点关注审计师与其客户之间的共情作用。我们的分析表明，当存在高度的同理心时，特别是当审计事务所和客户都位于受疫情严重影响的地区时，主要观察到大流行对审计质量的不利影响。进一步的调查表明，审计质量的恶化主要与经验不足、职位较低、受雇于更有慈善倾向的审计事务所或在十大会计师事务所以外的事务所工作的审计师有关。我们的研究为共情对审计质量的影响提供了令人信服的证据，并对包括管理层、审计师、股东和监管机构在内的各种审计利益相关者产生了深远的影响。

引用次数: 0

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