British Accounting Review最新文献

英文中文

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

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

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