British Accounting Review最新文献

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Discretionary tone in reward-based crowdfunding: Do project owners talk their way to success? 奖励式众筹的自由裁量权：项目所有者是否靠口才获得成功？

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101433

Douglas Cumming , Yihui Lan , Yuan George Shan , Junru Zhang

This study examines the relationship between abnormal tone and project performance of reward-based crowdfunding (RBC) using the Kickstarter data from 2009 to 2020. We document a negative relationship between abnormal tone and the success of a project in the RBC campaign section, while a positive impact in the Risks and Challenges section. This outcome remains robust to a variety of sensitivity tests and after accounting for potential endogeneity concerns. Cross-sectional analyses reveal that the effect of abnormal tone in RBC on project success is contingent on project quality and legal jurisdiction. Further investigation of the concurrent effect of abnormal tone in the two sections shows that an increase in the discretionary tone, given that it is overly optimistic, has a negative effect on funding performance. Last, based on a machine learning Sent-Latent Dirichlet Allocation model, we explore up to 70 specific risk categories embedded in Kickstarter projects, and we find that eight of them are strongly and negatively associated with project success. Our paper provides valuable insights into the significance of disclosure and sheds light on the ongoing and increased regulations on crowdfunding platforms.

本研究利用 Kickstarter 2009 年至 2020 年的数据，研究了异常语调与奖励式众筹（RBC）项目绩效之间的关系。我们在 RBC 活动部分记录了异常语调与项目成功之间的负相关关系，而在风险和挑战部分则记录了正向影响。在进行了各种敏感性测试并考虑了潜在的内生性问题后，这一结果仍然是稳健的。横截面分析表明，《风险与挑战》中的异常基调对项目成功的影响取决于项目质量和法律管辖权。对异常语气在两个部分中的并发影响的进一步调查表明，如果语气过于乐观，那么自由裁量语气的增加会对融资绩效产生负面影响。最后，基于机器学习的Sent-Latent Dirichlet Allocation模型，我们探讨了Kickstarter项目中包含的多达70种特定风险类别，发现其中8种与项目成功密切相关，且呈负相关。我们的论文就信息披露的重要性提供了宝贵的见解，并为正在进行和加强的众筹平台监管提供了启示。

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引用次数: 0

The impact of lobbying on managerial short-term resource adjustment decisions 游说对管理者短期资源调整决策的影响

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101391

Johannes Voshaar, Thomas R. Loy, Jochen Zimmermann

This study examines the effect of political lobbying on firms' short-term resource adjustment decisions. Controlling for a wide range of known determinants of managerial cost behaviour, our results suggest that U.S. lobbying firms exhibit significantly less cost stickiness than non-lobbying firms. Lobbying reduces managers' "wait-and-see games" as they obtain preferential access to information on political and legislative processes. With early knowledge of impending (political and regulatory) threats and long-lasting downturns, managers can adjust unutilised capacity more swiftly. This effect is more pronounced for firms without alternative information channels like permanent exchange with regulators. Our findings hold for several robustness checks, for instance, controlling for potential sample selection bias or employing alternative measures of lobbying as well as (political) uncertainty and alternative samples.

本研究考察了政治游说对企业短期资源调整决策的影响。控制管理成本行为的一系列已知决定因素，我们的结果表明，美国游说公司比非游说公司表现出明显更低的成本粘性。游说减少了管理者的“观望游戏”，因为他们可以优先获得有关政治和立法程序的信息。有了对即将到来的（政治和监管）威胁和长期低迷的早期了解，管理者可以更迅速地调整未利用的产能。对于没有其他信息渠道（如与监管机构的长期交流）的公司来说，这种影响更为明显。我们的发现适用于几个稳健性检查，例如，控制潜在的样本选择偏差或采用游说以及（政治）不确定性和替代样本的替代措施。

引用次数: 0

On professional destabilization and accounting self-regulation 关于职业不稳定和会计自律

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101358

Zachary Huxley , Marion Brivot

The accounting profession faces significant upheaval due to numerous destabilizations in its environment, with financialization being particularly impactful. This paper introduces a theoretical framework to dissect how the profession reacts to such disruptions. We posit that destabilizations give rise to novel types of misconduct, leading professional bodies to re-evaluate their definitions of (un)acceptable accounting behaviours. However, the intrinsically nebulous essence of accounting's foundational logic muddies these recalibrations. This vagueness, when paired with evolving misconduct, undermines specific regulatory measures, possibly instigating further destabilization. Our proposed accounting destabilization and regulation framework is exemplified through a case study focusing on the emerging regulation of valuation advisory work – a service line that is emblematic of financialization – in a Canadian provincial jurisdiction. This case underscores the challenges the profession faces due to financialization, highlighting the current regulatory strategy that treats valuation work as a strictly technical process; an approach that we show is inadequate in mitigating valuation-related misconduct. The paper enriches the literature by introducing a novel theoretical framework for evaluating emerging challenges in accounting regulation, and by delineating the case study's repercussions for the evolving financialized landscape of the accounting profession.

会计行业因其所处环境的诸多不稳定因素而面临重大动荡，其中金融化的影响尤为突出。本文介绍了一个理论框架，以剖析会计行业如何应对此类动荡。我们认为，不稳定因素会引发新型不当行为，导致专业机构重新评估其对（不可）接受的会计行为的定义。然而，会计基础逻辑本质上的模糊性使这些重新调整变得模糊不清。这种模糊性与不断演变的不当行为相结合，破坏了具体的监管措施，可能会引发进一步的不稳定。我们提出的框架通过一个案例研究得以体现，该案例研究的重点是加拿大一个省级司法管辖区对估值咨询工作的新兴监管--该服务项目是金融化的象征。该案例强调了金融化给该行业带来的挑战，突出了当前将估值工作视为严格的技术流程的监管策略；我们表明，这种方法不足以减轻与估值相关的不当行为。本文引入了一个新颖的理论框架来评估会计监管中新出现的挑战，并阐述了案例研究对会计行业不断演变的金融化前景的影响，从而丰富了相关文献。

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引用次数: 0

The impact of asset specificity on corporate tax avoidance: Do financial constraints and product market power matter? 资产特殊性对企业避税的影响：财务限制和产品市场力量是否重要？

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101515

Douglas Cumming , My Nguyen

Our findings reveal that asset specificity significantly enhances corporate tax avoidance, with firms exhibiting lower cash effective tax rates. Firms with higher asset specificity also engage in more aggressive tax avoidance strategies, including tax dodging and long-term tax planning. Additionally, our analysis indicates that the positive impact of asset specificity on tax avoidance is less pronounced in firms with lower ESG performance but is more pronounced in those facing negative demand shocks or operating during periods of economic policy uncertainty. We also find that financial constraints and product market power mediate the relationship between asset specificity and tax avoidance, with financial constraints serving as the dominant economic channel. These findings offer new insights into the factors driving corporate tax avoidance and highlight the complex interplay between asset specificity, financial constraints, product market power, and tax planning strategies.

我们的研究结果表明，资产专用性显著提高了企业避税能力，企业表现出较低的现金实际税率。资产专用性较高的企业也会采取更激进的避税策略，包括避税和长期税收规划。此外，我们的分析表明，资产专用性对避税的积极影响在环境、社会和公司治理绩效较低的企业中并不明显，但在面临负面需求冲击或在经济政策不确定时期运营的企业中更为明显。我们还发现，财务约束和产品市场力量是资产专用性与避税之间关系的中介，其中财务约束是最主要的经济渠道。这些发现为企业避税的驱动因素提供了新的视角，并凸显了资产特殊性、财务约束、产品市场力量和税收筹划策略之间复杂的相互作用。

引用次数: 0

Share pledging and corporate misconduct 股票质押和公司不当行为

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101508

Lawrence Kryzanowski , Mingyang Li , Sheng Xu , Jie Zhang

We investigate and find a significant and positive relation between share pledging by controlling shareholders and the likelihood of corporate misconduct. The results remain robust after classifying misconduct into accounting and non-accounting misconduct, and misconduct receiving severe and light penalties. Alleviation of financial constraints, inflation of stock prices, mitigation of margin calls, and expropriation under poor corporate governance are the main motives for corporate misconduct by firms with pledging controlling shareholders. The positive relation between share pledging and corporate misconduct propensity remains after accounting for endogeneity issues, political connections, intensified bank monitoring, and share repurchasers.

我们调查发现，控股股东的股权质押与公司发生不当行为的可能性之间存在明显的正相关关系。将不当行为分为会计不当行为和非会计不当行为，以及受到严厉处罚和轻微处罚的不当行为后，结果依然稳健。缓解资金紧张、哄抬股价、减少追加保证金以及公司治理不善下的征用是控股股东质押股份的公司实施不当行为的主要动机。在考虑了内生性问题、政治关系、银行监管加强和股票回购者等因素后，股票质押与公司不当行为倾向之间的正相关关系依然存在。

引用次数: 0

Carbon emission trading scheme and carbon performance: The role of carbon management system 碳排放权交易机制与碳绩效：碳管理体系的作用

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101492

Yan Jiang , Le Luo , Albert Tsang , Yueheng Zhang

This study investigates the effects of carbon emission trading schemes (ETSs) on corporate carbon performance, a critical area given the increasing global concern over climate change and the urgent need for effective emissions reduction mechanisms. Using a sample of listed companies in China and employing a difference-in-differences (DID) design, we find that firms participating in a pilot ETS show an improvement in carbon performance. This improvement is primarily attributed to greater low-carbon innovation outputs in the post-ETS period. Further analyses reveal the crucial role that ETSs play in enabling corporate carbon management systems to effectively enhance carbon performance. We also find that resource availability significantly influences the impact of ETSs, and participating firms generally experience economic benefits 3 years post-implementation. Finally, our results suggest that the positive effects of an ETS on carbon performance are replicable in national ETS contexts.

本研究探讨了碳排放交易体系（ets）对企业碳绩效的影响，鉴于全球对气候变化的日益关注和对有效减排机制的迫切需求，这是一个关键领域。以中国上市公司为样本，采用差异中的差异（DID）设计，我们发现参与碳排放交易试点的公司在碳绩效方面有所改善。这一改善主要归因于后排放交易体系时期更大的低碳创新产出。进一步的分析揭示了碳排放交易体系在使企业碳管理系统有效提高碳绩效方面发挥的关键作用。我们还发现，资源可获得性显著影响碳交易体系的影响，参与企业通常在实施后3年获得经济效益。最后，我们的研究结果表明，碳排放交易体系对碳绩效的积极影响在国家碳排放交易体系背景下是可复制的。

引用次数: 0

Textual dimensions of sustainability information, stock price informativeness, and proprietary costs: Evidence from integrated reports 可持续性信息的文本维度、股价信息和专有成本：来自综合报告的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101512

Mary E. Barth , Steven F. Cahan , Li Chen , Elmar R. Venter , Ruili Wang

We examine whether integrated report quality, IRQ, is negatively associated with stock price synchronicity, an inverse measure of firm-specific information, and the extent to which the relation between IRQ and synchronicity is attenuated by proprietary costs. We measure IRQ using machine-based textual analysis along four dimensions: textual attributes, topical content, integrated reporting capitals, and financial versus sustainability information. We find that measures of IRQ based on seven textual attributes are negatively related to synchronicity, which is consistent with higher quality text containing more firm-specific content. Using PhraseLDA to identify topics in integrated reports, we find that contents related to the three most common categories—governance, performance, and risks and opportunities—are negatively associated with synchronicity. We find similar results for all integrated report capitals, except manufactured capital. Further, we find that sustainability information has a larger negative association with synchronicity than financial information. We also find that proprietary costs stemming from product market competition attenuate the association between IRQ and synchronicity, which suggests the informativeness of integrated reports varies with a firm's competitive environment. Our results may inform the International Sustainability Standards Board as it considers the role of the Integrated Reporting Framework in developing sustainability standards.

我们研究了综合报告质量，IRQ，是否与股价同步性负相关，股价同步性是公司特定信息的逆度量，以及IRQ和同步性之间的关系在多大程度上被专有成本削弱。我们使用基于机器的文本分析来衡量IRQ，包括四个维度：文本属性、主题内容、综合报告资本以及财务与可持续性信息。我们发现基于七个文本属性的IRQ度量与同步性呈负相关，这与包含更多公司特定内容的高质量文本一致。使用PhraseLDA来识别综合报告中的主题，我们发现与三个最常见类别（治理、绩效、风险和机会）相关的内容与同步性呈负相关。我们发现除了制造资本外，所有的综合报告资本都有类似的结果。此外，我们发现可持续性信息与同步性的负相关比财务信息更大。我们还发现，来自产品市场竞争的专有成本减弱了IRQ与同步性之间的关联，这表明综合报告的信息量随企业竞争环境而变化。我们的结果可能会告知国际可持续发展标准委员会，因为它考虑综合报告框架在制定可持续发展标准中的作用。

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引用次数: 0

Endorsement and firm financing: Evidence from government venture capital market in China 背书与企业融资：来自中国政府风险投资市场的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-05-01 DOI: 10.1016/j.bar.2024.101471

Xiaoxia Huang , Yanchen Jiang , Sushanta Mallick

This study investigates the effect of government venture capital (GVC) investment on firm financing and its underlying mechanism, utilizing 31,299 firm-year observations from 2008 to 2022 in China. The findings reveal that GVC investment enhances target firms’ equity financing, and it is the "stamp of endorsement" by the GVC investment that enhances equity financing for firms. Through a series of tests, the mechanism for the impact of GVC investment on equity financing is established via increased government subsidies and reduced cost of equity. In addition, firms with higher market awareness about GVC and privately-owned firms benefit more in enhancing their equity financing; this further confirms that financing enhancement originates from the government's role through endorsement mechanism in venture capital investment. The results remain robust after several robustness checks.

本文利用2008年至2022年中国31,299个企业年的观察数据，研究了政府风险投资对企业融资的影响及其潜在机制。研究结果表明，全球价值链投资促进了目标企业的股权融资，并且是全球价值链投资的“背书”促进了企业的股权融资。通过一系列的测试，通过增加政府补贴和降低股权成本，建立了全球价值链投资对股权融资的影响机制。此外，市场对全球价值链的认知度越高的企业和民营企业在加强股权融资方面获益越多；这进一步证实了融资的增强源于政府在风险投资中通过背书机制发挥的作用。经过多次稳健性检验后，结果仍然是稳健性的。

引用次数: 0

The effects of extreme high temperature spells on financial performance 极端高温对财务业绩的影响

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2024.101383

Paul A. Griffin , David H. Lont , Martien J.P. Lubberink

We examine EU and UK firms to investigate the impact of spells of extreme high temperature on three common financial performance measures: the ratio of sales-to-assets, pretax profit margin, and return on assets. Supporting our hypotheses, we find that spells of extreme high temperature have a curvilinear impact on financial performance. While extreme high temperature spells tend to degrade financial performance in regions or months with normally hotter conditions, the opposite effect is observed for extreme high temperature spells in regions or months with normally cooler conditions. Given our environmental context, where the standard temperature is about 16°C, high temperature spells with maximums that well exceed that temperature have marked financial implications. We also find that spells in locations with maximum temperatures above 23°C associate with smaller improvements in ESG scores and higher carbon emissions in the future, suggesting that managers’ actions to mitigate the risks of high temperature spells are limited at best. Our evidence of significant impacts of extreme temperature on firm performance but little action in response supports the view that managers need more guidance on how to measure the risks and opportunities of extreme weather events and the policies to manage them.

我们研究了欧盟和英国的公司，以调查极端高温对三个常见财务绩效指标的影响：销售与资产比率、税前利润率和资产回报率。为了支持我们的假设，我们发现极端高温对财务绩效的影响呈曲线关系。极端高温往往会在通常较热的地区或月份降低财务绩效，而在通常较冷的地区或月份的极端高温则会产生相反的效果。考虑到我们的环境背景，标准温度约为16°C，最高温度远远超过该温度的高温会带来显著的经济影响。我们还发现，在最高温度高于23°C的地区，未来ESG分数的改善较小，碳排放量较高，这表明管理者减轻高温风险的行动充其量是有限的。我们的证据表明，极端温度对企业绩效有显著影响，但几乎没有采取相应的行动，这支持了这样一种观点，即管理者需要更多的指导，以了解如何衡量极端天气事件的风险和机会，以及管理极端天气事件的政策。

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Carbon accounting for the translation of net-zero targets into business operations 将净零目标转化为业务运营的碳核算

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2024.101456

Elena Carrión , Carlos Larrinaga , Deborah Rigling Gallagher

This paper explores the translation of the global decarbonization goal into net-zero organizational targets. Building on the Institutional Analysis and Development (IAD) framework developed by Ostrom and focusing on the case of the Science Based Targets initiative (SBTi), we study how accounting mediates in this translation. The study consists of an in-depth examination of SBTi's publicly available sources, which helped us identify and structure the subsequent analysis around four analytical dimensions: timeframe, target boundary, methods, and monitoring mechanisms. The findings of our analysis suggest that different points of friction are challenging the mediation of accounting and hindering the definition of net-zero targets and, therefore, corporate decision-making in response to climate urgency. The implications of our case spill over into recent sustainability standards, which provide a lower level of granularity in defining the technical accounting aspects of net-zero targets.

本文探讨了如何将全球去碳化目标转化为净零组织目标。在奥斯特罗姆提出的制度分析与发展（IAD）框架基础上，我们以基于科学的目标倡议（SBTi）为案例，研究了会计在这一转化过程中的中介作用。这项研究包括对 SBTi 的公开资料来源进行深入研究，这有助于我们确定并围绕四个分析维度进行后续分析：时间框架、目标边界、方法和监督机制。我们的分析结果表明，不同的摩擦点正在对会计的中介作用提出挑战，并阻碍了净零目标的定义，从而阻碍了企业应对气候紧迫性的决策。我们的案例对最近的可持续发展标准也有影响，这些标准在界定净零目标的技术核算方面提供了较低的精细度。

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