British Accounting Review最新文献_第6页

Quid pro quo? Local government debt and corporate tax avoidance 交换条件？地方政府债务与企业避税

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101304

Hongji Xie , Cunzhi Tian , Yuanlin Wu

This study examines the effect of local government debt (LGD) on corporate tax avoidance using a sample of Chinese-listed firms from 2007 to 2019. We find a negative relationship between LGD and tax avoidance only in the municipal state-owned enterprises (SOEs) controlled by the municipal government, suggesting that municipal officials focus on municipal SOEs to raise tax revenues to alleviate debt pressures. Further discussions show that the negative effect of LGD on municipal SOEs' tax avoidance is pronounced in politically connected managers, cities with worse fiscal situations and only present at the early phase of officials' tenure but insignificant later. We examine the economic consequences of politically driven tax planning and find that municipal SOEs with lower tax avoidance subsequently receive more government contracts as favor returns. Such favor exchange changes the distribution of current and future cash flows of the municipal SOEs, which are mainly determined by adjusting the composition of current accruals (i.e., more income-increasing earning management) and cash flow items (i.e., less tax avoidance). This study sheds light on the “two-way favor exchange” between governments and firms and provides implications for understanding local government leaders' heterogeneous incentives for tax enforcement and firms’ competing incentives for tax avoidance.

本研究以 2007 年至 2019 年的中国上市公司为样本，研究了地方政府债务（LGD）对企业避税的影响。我们发现，只有在市政府控制的市属国有企业（SOE）中，LGD 与避税之间存在负相关关系，这表明市政府官员关注市属国有企业，以提高税收收入来缓解债务压力。进一步的讨论表明，LGD 对市属国有企业避税的负面影响在与政治有关联的管理者、财政状况较差的城市中更为明显，并且只出现在官员任期的早期阶段，但在后期并不显著。我们研究了政治驱动的税收筹划的经济后果，发现避税率较低的城市国有企业随后会获得更多的政府合同作为优惠回报。这种人情交换改变了市属国有企业当前和未来现金流的分配，而现金流主要由调整当前应计项目（即更多的增收收益管理）和现金流项目（即更少的避税）的构成决定。本研究揭示了政府与企业之间的 "双向利益交换"，并为理解地方政府领导对税收执法的异质性激励和企业对避税的竞争性激励提供了启示。

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引用次数: 0

Impression management, forward-looking strategy-related disclosure, and excess executive compensation: Evidence from China 印象管理、前瞻性战略相关信息披露和超额高管薪酬：来自中国的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2024.101430

Jean Jinghan Chen , Jianmei Liu , Li Xie , Xinsheng Cheng

We investigate whether overpaid executives in Chinese listed firms engage in impression management by using forward-looking strategy-related disclosure (FLSD) in management discussion and analysis (MD&A) narratives to justify their excess compensation. Using a sample of 8437 firm-year observations of Chinese nonfinancial listed firms from 2007 to 2016, we find a significant and positive relationship between executive overpayment and impression management in FLSD. This positive relationship is more pronounced in state-owned enterprises (SOEs) than non-SOEs. We also find that a higher degree of board independence, higher institutional shareholdings, auditors, analysts, and the introduction of the anti-corruption campaign could lower such a positive relationship. These findings suggest that impression management in FLSD is reduced when corporate governance is strengthened. We also find that CEO duality could enhance this positive relationship. Further examining how the market reacts to such impression management, we find an immediate positive and significant market reaction to such impression management at the time of the annual report filing, which could further mitigate the negative perceptions from stakeholders due to excessive pay. Such a positive market reaction is reversed over a longer time horizon, which supports the opportunistic/symbolic nature of impression management in FLSD.

我们研究了中国上市公司的超额薪酬高管是否通过在管理层讨论与分析（MD&A）叙述中使用前瞻性战略相关披露（FLSD）来证明其超额薪酬的合理性，从而进行印象管理。通过对 2007 年至 2016 年 8437 家中国非金融类上市公司的公司年观测样本进行分析，我们发现高管超额薪酬与 FLSD 中的印象管理之间存在显著的正相关关系。与非国有企业相比，这种正相关关系在国有企业中更为明显。我们还发现，更高的董事会独立性、更高的机构持股比例、审计师、分析师以及反腐运动的引入都会降低这种正相关关系。这些发现表明，当公司治理得到加强时，FLSD 的印象管理会减少。我们还发现，首席执行官双重身份会增强这种正相关关系。在进一步研究市场对这种印象管理的反应时，我们发现，在提交年度报告时，市场对这种印象管理会立即做出积极而显著的反应，这可能会进一步减轻利益相关者因薪酬过高而产生的负面看法。这种积极的市场反应在更长的时间跨度内会发生逆转，这支持了 FLSD 印象管理的机会主义/象征性质。

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引用次数: 0

When a financially oriented performance measurement system supports hybrid collective sensemaking: The case of a cooperative bank 当以财务为导向的绩效衡量系统支持混合集体意义构建时:以合作银行为例

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101202

Nathalie Bénet , Aude Deville , Séverine Ventolini

A performance measurement system (PMS) is supported by the idea that performance measurements are drivers of organisational performance. Under that assumption, scholars have discussed and tried to develop comprehensive PMSs that include both financial and non-financial measurements. Building on the specific context of a hybrid organisation and findings from a case study, this paper explores how an incomplete and financially oriented PMS in a hybrid setting can nevertheless support collective sensemaking. The findings show how a PMS is used by managers at a cooperative bank as an artefact, supporting conversational and material practices. Combined with the organisation's strong socialisation process and managers and employees' need to defend their social and cooperative identity, a PMS supports the bank's hybrid nature and leads to the avoidance of tension and conflict. That shows that the PMS presents a specific feature: flexibility in its handling and use by managers and employees. This paper thus contributes to the call made in the literature for more studies on PMSs in hybrid organisations by showing that even an incomplete PMS can allow such organisations to avoid tension and conflict relating to their hybrid values.

绩效衡量系统（PMS）的支持理念是：绩效衡量是组织绩效的驱动力。在这一假设下，学者们讨论并尝试开发包括财务和非财务测量在内的综合绩效管理系统。本文以一个混合型组织的具体情况和案例研究结果为基础，探讨了在混合型环境中，不完整的、以财务为导向的绩效管理系统如何能够支持集体意识的形成。研究结果表明，一家合作银行的管理人员是如何将 PMS 作为一种人工制品来使用的，从而支持对话和物质实践。与该组织强大的社会化进程以及管理人员和员工捍卫其社会和合作身份的需要相结合，项目管理系统支持了银行的混合性质，并避免了紧张和冲突。这表明，项目管理系统具有一个特殊的特点：管理人员和员工在处理和使用该系统时具有灵活性。因此，本文表明，即使是不完整的项目管理系统也能使混合型组织避免与其混合价值观有关的紧张和冲突，从而为文献中关于对混合型组织中的项目管理系统进行更多研究的呼吁做出了贡献。

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引用次数: 0

Signals from CSR competition: The influence of relative CSR performance on analysts’ recommendations 来自企业社会责任竞争的信号：企业社会责任的相对表现对分析师建议的影响

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101298

Jun Zheng , Majid Ghorbani , Yan Yan , Ying Cao

Due to the institutionalization of corporate social responsibility (CSR) and its integration into firm strategy, firms are engaged in fierce competition, which has gained stakeholders' attention. As intermediary stakeholders, security analysts screen information on firms' CSR activities to make more accurate investment recommendations. Integrating signaling through CSR competition and screening theory, we develop a framework wherein firms' relative CSR performance and improvement across two years are viewed as complementary signals reflecting their ability and intent to engage in CSR and affect analysts' recommendations. Using a panel of Chinese listed firms from 2011 to 2019 (n = 15,735 firm-year observations), we find that analysts respond positively to firms' relative CSR performance. Further analyses show that firms' CSR performance improvement has a decreasingly positive effect on analysts’ recommendations, and this effect is more pronounced for firms with higher relative CSR performance. Our study contributes to the literature on CSR and screening theory by highlighting the value of comparative CSR signals and generates practical implications for participants in CSR competitions.

由于企业社会责任（CSR）的制度化及其与企业战略的融合，企业参与激烈竞争，这引起了利益相关者的关注。作为中间利益相关者，证券分析师会筛选企业社会责任活动的信息，从而提出更准确的投资建议。结合企业社会责任竞争信号和筛选理论，我们建立了一个框架，将企业在两年内的相对企业社会责任表现和改善情况视为互补信号，反映企业参与企业社会责任的能力和意图，并影响分析师的建议。利用 2011 年至 2019 年的中国上市公司面板数据（n = 15735 个公司年观测值），我们发现分析师对公司的相对企业社会责任表现做出了积极回应。进一步的分析表明，企业社会责任绩效的提高对分析师推荐的积极影响是递减的，而且这种影响对企业社会责任相对绩效较高的企业更为明显。我们的研究强调了企业社会责任比较信号的价值，为企业社会责任和筛选理论的文献做出了贡献，并对企业社会责任竞赛的参与者产生了实际影响。

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引用次数: 0

Economic policy uncertainty and corporate social responsibility disclosure similarity: Evidence from China 经济政策的不确定性与企业社会责任信息披露的相似性：来自中国的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101305

Xingnan Xue , Liwen Wang , Nan Hu

This study investigates how economic policy uncertainty affects within-firm corporate social responsibility (CSR) disclosure over time. Based on the institutional perspective, we propose that facing higher economic policy uncertainty, firms likely issue CSR reports that are similar to their own past reports (i.e. CSR time-series disclosure similarity), reflecting symbolic actions in corporate CSR disclosure. Further, this effect weakens for firms with state ownership but strengthens when those with financial constraints or experience net losses. Empirical results derived from a sample of Chinese listed firms from 2009 to 2021 offer strong support for our hypotheses. Overall, our study contributes to the literature on CSR disclosure and research on the consequences of economic policy uncertainty.

本研究探讨了经济政策的不确定性如何随着时间的推移影响企业内部的社会责任（CSR）披露。基于制度视角，我们提出，面对较高的经济政策不确定性，企业可能会发布与其过去报告相似的企业社会责任报告（即企业社会责任时间序列披露相似性），这反映了企业社会责任披露中的象征性行动。此外，这种效应在国有企业中会减弱，但在那些资金紧张或出现净亏损的企业中会增强。从 2009 年至 2021 年中国上市公司样本中得出的经验结果有力地支持了我们的假设。总之，我们的研究为企业社会责任信息披露文献和经济政策不确定性后果研究做出了贡献。

引用次数: 0

Human capital in the financial sector and corporate innovation: Evidence from China 金融业的人力资本与企业创新：来自中国的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2024.101370

Guanchun Liu , Feng He , Chengsi Zhang , Saeed Akbar , Youwei Li

This paper investigates how human capital in the financial sector affects corporate innovation. Based on China's National Economic Census in 2008, we construct a measure of the financial sector's human capital across prefecture-level cities and then match the data with nonfinancial listed firms over 2009–2017. We find that human capital in the financial sector plays a significant and positive role in firms' patent quantity and quality; this effect is more pronounced for firms with higher R&D intensity, more serious financial constraints, lower industry competition and those located in regions with lower bank density and lower marketization levels. Furthermore, the mechanism tests show that debt issuance and R&D investment increase as more highly educated workers flow into the financial sector, while the cost of debt and the cash flow sensitivity of fixed assets investment decrease, consistent with the credit constraints channel. Our findings argue that increasing human capital in the financial sector does not impede corporate innovation but strengthens corporate innovation by reducing the information asymmetry between the financial and productive sectors.

本文研究了金融业的人力资本如何影响企业创新。基于 2008 年中国全国经济普查的数据，我们构建了地级市金融业人力资本的衡量指标，并与 2009-2017 年非金融类上市公司的数据进行了比对。我们发现，金融部门的人力资本对企业的专利数量和质量有显著的正向作用；对于研发强度较高、财务约束较严重、行业竞争程度较低以及位于银行密度较低、市场化水平较低地区的企业，这种作用更为明显。此外，机制检验表明，随着更多受过高等教育的工人流入金融部门，债务发行和研发投资会增加，而债务成本和固定资产投资的现金流敏感性会降低，这与信贷约束渠道一致。我们的研究结果认为，金融部门人力资本的增加不仅不会阻碍企业创新，反而会通过减少金融部门与生产部门之间的信息不对称来加强企业创新。

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引用次数: 0

Accounting and reporting for facing multiple values in meso-level hybrid organisations 中层混合组织面对多重价值的会计与报告

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101278

Renata Paola Dameri , Clara Benevolo , Paola Demartini

This work examines a new form of second-level hybrid, Meso-Level Hybrid Organisations (MLHOs), which do not generate an entity with a legal form or boundaries and are composed by a set of members in the organisational field, linked by multiple relationships and engaged in solving complex problems that require both public and private efforts. Our research interest is in the role that accounting and reporting systems can play in these hybrids, which do not have to comply with mandatory accounting requirements but have to respond to information pressures from their internal and external stakeholders, having different institutional logics and conflicting values and goals. By interpreting accounting and reporting as boundary objects through which value work can be enacted, the research highlights the role that accountants play in recomposing multiple values through participatory processes of designing and implementing an accounting and reporting system. A case study narrated through the discursive lens of ‘mixing, compromising and legitimising mechanisms of value creation among hybrids' shows how the design of a voluntary reporting system can, under certain conditions, strengthen an MHLO. Our findings show that a tailored accounting system can counteract the centrifugal and disruptive forces inherent in these forms of hybrid settings.

这项工作研究的是一种新形式的二级混合组织，即中级混合组织（MLHOs），这种组织不产生具有法律形式或边界的实体，由组织领域的一系列成员组成，通过多种关系联系在一起，参与解决需要公共和私人努力的复杂问题。我们的研究兴趣在于会计和报告制度在这些混合体中可以发挥的作用，这些混合体不必遵守强制性会计要求，但必须应对来自内部和外部利益相关者的信息压力，它们有着不同的制度逻辑以及相互冲突的价值观和目标。通过将会计和报告解释为价值工作的边界对象，本研究强调了会计师在通过设计和实施会计和报告制度的参与过程重新组合多重价值方面所发挥的作用。通过 "混合体之间价值创造的混合、妥协和合法化机制 "这一话语视角进行的案例研究表明，在某些条件下，自愿报告制度的设计如何能够加强多边劳工组织。我们的研究结果表明，量身定制的会计制度可以抵消这些形式的混合环境中固有的离心力和破坏力。

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引用次数: 0

Hybrid board governance: Exploring the challenges in implementing social impact measurements 混合董事会治理：探索实施社会影响衡量的挑战

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2024.101359

Anup Banerjee , Martin Carlsson-Wall , Mattias Nordqvist

This paper focuses on hybrid board governance and the challenges faced by the board of directors when implementing social impact measurements. Interviews with 36 board chairs and general secretaries in social hybrids in Sweden show that while boards support social impact measurements, they face obstacles in implementing them. Drawing on the institutional logics framework, we identify three main reasons for these implementation problems. First, amid field level regulations focusing on cost efficiency, boards find it difficult to switch to a social impact that lacks a single metric that can be measured annually. Second, board members struggle to find sufficient time when they serve on a pro bono basis, and it is difficult to hold them accountable when limited progress occurs. Finally, acknowledging board practice variation, we highlight the need to distinguish between “beneficiary-driven” and “membership-driven” social hybrids. In the former, boards face the challenge of operationalizing the long-term benefits for end beneficiaries; in the latter, interactions with members are so operationally focused that boards struggle to maintain a long-term agenda for implementing social impact measurement. Given these challenges, we propose that future research should explicitly incorporate the board level in theorizing how hybrid organizations manage institutional logics and performance measurement.

本文重点关注混合型董事会治理以及董事会在实施社会影响测量时面临的挑战。对瑞典 36 家社会混合型企业的董事会主席和秘书长进行的访谈显示，虽然董事会支持社会影响评估，但在实施过程中却面临障碍。根据制度逻辑框架，我们找出了造成这些实施问题的三个主要原因。首先，在注重成本效益的领域层面法规中，董事会发现很难转向缺乏可每年衡量的单一指标的社会影响。其次，董事会成员在提供无偿服务时很难找到足够的时间，当进展有限时很难让他们承担责任。最后，考虑到董事会的做法各不相同，我们强调有必要区分 "受益人驱动型 "和 "成员驱动型 "两种社会混合体。在前者中，董事会面临着为最终受益人实现长期利益的挑战；而在后者中，与会员的互动过于注重业务，董事会难以维持实施社会影响衡量的长期议程。鉴于这些挑战，我们建议未来的研究应明确将董事会层面纳入混合组织如何管理机构逻辑和绩效衡量的理论中。

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引用次数: 0

Researching the accounting-state-market dynamic in China: A literature review and research agenda 中国会计-国家-市场动态研究：文献综述与研究议程

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2024.101444

Wai Fong Chua , Narisa Tianjing Dai , Zhiyuan (Simon) Tan , Lichen Yu

Accounting has long been studied as a social and institutional practice structured by the actions of state agencies and market forces. Such studies are increasingly conducted in non-Western jurisdictions. This paper presents a review of extant studies investigating the dynamic connections among accounting, state agencies, and markets in modern China. Our aim is to critically evaluate extant literature, synthesize its insights, and open up new research avenues. We examine 92 accounting studies, which have been inductively classified into three distinctive thematic clusters. In so doing, three major features of current research are identified: first, an emphasis on the inexorable power of Chinese state agencies; second, a focus on national relations among accounting, state, and market; and third, a lack of attention to how accounting functions in specific local settings. Consequently, key research opportunities lie in (a) deeper theorization of the hybridity of China's state-market mix, (b) analysis of the local-global networks in which hybridity circulates and is manifested, and (c) contemporary studies of accounting in action in a Chinese context.

长期以来，会计一直被视为一种由国家机构和市场力量构建的社会和制度实践。此类研究越来越多地在非西方国家进行。本文综述了对现代中国会计、国家机构和市场之间动态联系的现有研究。我们的目的是批判性地评估现有文献，综合其见解，并开辟新的研究途径。我们考察了 92 篇会计研究，并将其归纳为三个不同的主题组。在此过程中，我们发现了当前研究的三大特点：第一，强调中国国家机构不可阻挡的权力；第二，关注会计、国家和市场之间的全国性关系；第三，缺乏对会计在特定地方环境中如何发挥作用的关注。因此，关键的研究机会在于：（a）对中国的国家-市场组合的混合性进行更深入的理论研究；（b）分析混合性流通和体现的地方-全球网络；以及（c）对中国背景下的会计行动进行当代研究。

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引用次数: 0

Family business origin and investment preference: An empirical study of imprinting theory 家族企业起源与投资偏好：印记理论的实证研究

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2024-09-01 DOI: 10.1016/j.bar.2023.101273

Chen Cheng , Suge Zhang , Guanchun Liu

Family businesses in China differ acutely with respect to their historical origins. The initial institutional differences based on their origins affect investment behavior, which then impacts on the real economy. This paper investigates how the origins of family businesses affect their investment preferences. Using data on Chinese family firms for the period 2009–2021, we find that family businesses restructured by state-owned enterprises (SOEs) make more financial investments than those established through entrepreneurial activities. The period during which the business is under the control of the founding family and intergenerational succession moderates the differences in investment preferences between restructured and entrepreneurial family businesses, while the time of being as an SOE can strengthen the differences. Mechanism tests demonstrate that restructured family firms (RFFs) participate in less risky activities than entrepreneurial family firms (EFFs), suggesting that preference imprinting contributes to divergent investments. Such a divergence is unlikely to be driven by differences in entrepreneurship, agency costs, or resource endowments. Following robustness tests and after overcoming endogeneity problems, our results remain conclusive. Overall, this study demonstrates that a business’s risk propensity during its founding phase has a long-term impact on future preferences.

中国的家族企业因其历史渊源而存在显著差异。基于起源的初始制度差异会影响投资行为，进而影响实体经济。本文研究了家族企业的起源如何影响其投资偏好。通过使用 2009-2021 年间中国家族企业的数据，我们发现与通过创业活动建立的家族企业相比，由国有企业改制的家族企业进行了更多的金融投资。企业受创始家族控制的时期和代际继承调节了改制型家族企业和创业型家族企业在投资偏好上的差异，而作为国有企业的时间则会加强这种差异。机制测试表明，与创业型家族企业相比，重组型家族企业参与的风险活动较少，这表明偏好印记导致了投资差异。这种差异不太可能是由创业精神、代理成本或资源禀赋的差异造成的。经过稳健性检验并克服了内生性问题后，我们的结果仍然是确凿的。总之，本研究表明，企业在创立阶段的风险倾向会对未来偏好产生长期影响。

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引用次数: 0