British Accounting Review最新文献

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Dynamics of carbon risk, cost of debt and leverage adjustments 碳风险、债务成本和杠杆调整的动态变化

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2024.101353

Douglas Cumming , Geeta Duppati , Ruwani Fernando , Shivendu Pratap Singh , Aviral Kumar Tiwari

We evaluate the effects of carbon risk on the speed at which corporations adjust their leverage for the period 2006–2020. Primarily we address the question: Does national carbon risk impact firm-level speed of adjustment (SOA)? To address the main question, our study further classifies the companies in the sample based on borrowing costs and carbon risk. By doing so, we report on how borrowing costs may influence the company's conduct. Our research focuses on the energy sector, which is an important sector for emitting carbon. Our study uses physical climate risk changes as a proxy for carbon risk, and the second proxy for carbon risk is obtained by scaling the country's carbon emissions to the company level. We find that the carbon risk is positively related to the speed of adjustment; specifically, the firms with low cost of borrowing show a faster speed of adjustment toward the target than those whose cost of borrowing is higher. However, businesses with high (low) expenses and high carbon risk do not see a reason to change their leverage. In addition, we also examine the interaction effects of earnings yield, transaction contract cost, enforcement cost on carbon risk, and the speed of leverage adjustment. Our results confirm that the effects of transaction contract costs and enforcement costs are significant. The post-Paris Agreement period reveals a strong positive relationship between carbon risk and leverage SOA.

我们评估了2006-2020年期间碳风险对企业调整杠杆速度的影响。我们主要解决的问题是：国家碳风险是否影响企业层面的调整速度（SOA）？为了解决这个主要问题，我们的研究进一步根据借款成本和碳风险对样本中的公司进行了分类。通过这样做，我们报告了借贷成本如何影响公司的行为。我们的研究重点是能源部门，这是一个重要的碳排放部门。我们的研究使用物理气候风险变化作为碳风险的代理，碳风险的第二个代理是通过将国家的碳排放缩放到公司层面来获得的。研究发现，碳风险与调整速度呈正相关；具体而言，借贷成本低的企业比借贷成本高的企业向目标调整的速度更快。然而，高（低）费用和高碳风险的企业没有理由改变其杠杆率。此外，我们还研究了盈余收益率、交易合同成本、执行成本对碳风险和杠杆调整速度的交互效应。我们的研究结果证实，交易合同成本和执行成本的影响是显著的。《巴黎协定》后的时期揭示了碳风险与杠杆SOA之间强烈的正相关关系。

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引用次数: 0

Uncovering the intensity of climate risk and opportunity: Awareness and effectiveness 揭示气候风险和机遇的强度：认识和有效性

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2024.101469

Hanlu Fan , Keyi Zhao

This paper examines the effect of awareness regarding climate change risks and opportunities on the proactive carbon management systems of U.S. S&P 500 companies. We develop our hypotheses based on institutional theory, stakeholder theory, and prospect theory. Our findings indicate a significant positive association between our self-constructed measurement of company risk and opportunity awareness and carbon management practices. We observe that financially constrained firms exhibit a lesser response to both climate change risk and opportunity awareness. Additionally, we note that firms with low profitability are more responsive to climate change risks, whereas we found no evidence linking climate change opportunity awareness to carbon management systems, consistent with prospect theory. Finally, we investigate the impact of carbon management systems on carbon reduction performance to examine the effectiveness of such awareness. In summary, this study provides the first evidence of how awareness of climate risk and opportunity influences corporate carbon management practices in a U.S. setting. Our findings imply that awareness serves as the initial step in prompting positive actions to manage risks and capitalize on opportunities. These results offer novel insights and information relevant to the recent policy initiative aimed at transitioning climate risk disclosure from voluntary to mandatory.

本文研究了气候变化风险和机遇意识对美国标准普尔 500 指数公司主动碳管理系统的影响。我们根据制度理论、利益相关者理论和前景理论提出了假设。我们的研究结果表明，我们自建的公司风险和机遇意识衡量标准与碳管理实践之间存在明显的正相关关系。我们发现，资金紧张的企业对气候变化风险和机遇意识的反应较小。此外，我们还注意到，利润率低的公司对气候变化风险的反应更强烈，而我们没有发现任何证据表明气候变化机遇意识与碳管理系统之间存在联系，这与前景理论是一致的。最后，我们调查了碳管理系统对碳减排绩效的影响，以检验这种意识的有效性。总之，本研究首次提供了在美国环境下气候风险和机遇意识如何影响企业碳管理实践的证据。我们的研究结果表明，意识是促使企业采取积极行动管理风险和利用机遇的第一步。这些结果为最近旨在将气候风险披露从自愿过渡到强制的政策倡议提供了新的见解和相关信息。

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引用次数: 0

Managing the shift from voluntary to mandatory climate disclosure: The role of carbon accounting 管理从自愿向强制性气候信息披露的转变：碳会计的作用

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2025.101594

Amir Amel-Zadeh , Qingliang Tang

The transition from voluntary to mandatory climate disclosure and reporting poses serious challenges for accounting professionals aiming to support firms in achieving net-zero goals. Key challenges include carbon data availability, recognition of carbon assets and liabilities, determining reporting boundaries, selecting appropriate greenhouse gas (GHG) accounting methodologies, and integrating climate-related risks and opportunities into traditional financial statements. The papers included in this Special Issue provide initial insights into some of these challenges. These studies emphasize the importance of carbon accounting, science-based GHG reduction targets, extreme or abnormal temperature and financial performance, and managing climate risk and opportunities. As firms adapt to these new reporting mandates, the studies in this Special Issue highlight the need for robust carbon management and accounting. Building on this, the note identifies critical knowledge gaps and sets forth a research agenda aiming at enhancing transparency and relevance in carbon accounting and reporting systems, thereby empowering informed decision-making.

2唐庆良承认，关于“管理从自愿到强制性气候信息披露的转变：碳会计的作用”的研究项目获得了西悉尼大学商学院2024年“优先研究计划”的资金支持。从自愿向强制性气候信息披露和报告的转变，对旨在支持企业实现净零目标的会计专业人士构成了严峻挑战。主要挑战包括碳数据的可用性、碳资产和负债的确认、确定报告边界、选择适当的温室气体（GHG）会计方法，以及将与气候相关的风险和机会纳入传统财务报表。本期特刊中的论文提供了对其中一些挑战的初步见解。这些研究强调了碳核算、基于科学的温室气体减排目标、极端或异常温度和财务绩效以及管理气候风险和机遇的重要性。随着企业适应这些新的报告要求，本期特刊的研究强调了强有力的碳管理和会计的必要性。在此基础上，该说明确定了关键的知识差距，并提出了一项研究议程，旨在提高碳会计和报告系统的透明度和相关性，从而增强知情决策能力。

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引用次数: 0

The role of science-based targets on carbon mitigation: Addressing the tension between net zero anxiety and economic growth 以科学为基础的碳减排目标的作用：解决净零焦虑与经济增长之间的矛盾

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2024.101491

Jingduan Li , Xuhui Peng , Huan Zhang

Despite the growing importance of science-based targets (SBTs), our knowledge of their impact on corporate decarbonisation commitment is extremely limited due to inadequate research. To address this gap, we investigate the relationship between SBTs and corporate carbon reduction. Our empirical results reveal the following insights: First, the adoption of an SBT leads to significant subsequent carbon reduction in our sample companies. Second, decarbonisation does not occur until SBTs have been adopted for several years. Third, our findings show that the adoption of SBTs does not harm these companies’ profitability. Overall, our results suggest that SBTs are long-term investments that do not generate immediate but long-term and more sustainable outcomes. In sum, SBTs seem to be a strategy that can help management achieve a win-win situation: achieving a carbon reduction target without reducing economic growth. This justifies the need to study SBTs in future research in the field of carbon-accounting.

尽管以科学为基础的目标（SBTs）日益重要，但由于研究不足，我们对其对企业去碳化承诺的影响的了解极为有限。为了弥补这一不足，我们研究了科学目标与企业碳减排之间的关系。我们的实证结果揭示了以下几点：首先，在我们的样本公司中，采用 SBT 会导致显著的后续碳减排。其次，在采用 SBT 几年后才会出现碳减排。第三，我们的研究结果表明，采用 SBT 不会损害这些公司的盈利能力。总之，我们的研究结果表明，SBT 是一种长期投资，它不会产生立竿见影的效果，而是会产生长期的、更可持续的效果。总之，SBT 似乎是一种可以帮助管理层实现双赢的战略：在不降低经济增长的情况下实现碳减排目标。这就证明了在未来碳会计领域的研究中研究 SBT 的必要性。

引用次数: 0

Reprint of: Key audit matters disclosures and informed traders 转载：关键审计事项披露和知情交易员

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101554

Zabihollah Rezaee , Saeid Homayoun

We examine whether the audit regulation of disclosing key audit matters (KAM) provides value-relevant information to short sellers as informed investors. The theoretical underpinning for examining short sellers' ability and incentives to use KAM disclosures in their stock valuation implications is based on a prediction theory and a skilled information processing theory of short sellers. Using a sample of expanded auditor's reports from UK-listed firms during the 2010–2017 period and hand-collecting a dataset of KAM disclosures, we find no evidence that the short interest is different for the period before than after the U.K.'s expanded auditor's report regulation. However, in our cross-sectional tests, we find that KAM disclosures have a marginal effect on short interest and a positive association between short interest and unexpected and severe KAM disclosures. We conclude that, except for severe KAM that is value-relevant to sophisticated investors, the disclosures in the expanded auditor's report have no valuation implications for short sellers. Our results are robust in examining the reactions of the financial market and analysts to KAM disclosures and addressing potential endogeneity concerns.

我们研究了披露关键审计事项（KAM）的审计规定是否为作为知情投资者的卖空者提供了价值相关的信息。研究卖空者在其股票估值暗示中使用KAM披露的能力和动机的理论基础是基于卖空者的预测理论和熟练的信息处理理论。使用2010-2017年期间英国上市公司的扩展审计报告样本和手工收集的KAM披露数据集，我们发现没有证据表明英国上市前和英国上市后的短期利益不同扩大的审计报告法规。然而，在我们的横断面测试中，我们发现KAM披露对空头有边际影响，空头与意外和严重的KAM披露之间存在正相关关系。我们的结论是，除了与经验丰富的投资者价值相关的严重KAM外，扩大审计报告中的披露对卖空者没有估值影响。我们的结果在检查金融市场和分析师对KAM披露的反应和解决潜在的内生性问题方面是强有力的。

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引用次数: 0

Reprint of: On the role and effects of supervisor feedback sign in auditing: Evidence from a cohort of early career auditors 关于主管反馈信号在审计中的作用和影响：来自早期职业审计师队列的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101553

Tobias Johansson-Berg , Gustav Johed , Thomas Carrington

Supervisor feedback is essential for training and socialising early career auditors. One fundamental aspect and choice of a supervisor's feedback practice and style is whether to focus on encouraging good or discouraging poor performance. We acknowledge that early career auditors likely receive feedback on both good and poor performance in ongoing and extended feedback relationships with their closest supervisor. A work–life reality that implies that the effects of supervisors' inclinations towards a specific performance feedback sign must be assessed within a frame in which they coexist to varying degrees. We generate hypotheses on how the feedback sign from the closest supervisor affects early career auditors' underreporting of time and intrinsic work motivation, which are two matters related to audit quality. We found that supervisor feedback on negative performance was associated with increased underreporting of time and decreased intrinsic motivation. Feedback on positive performance lessens underreporting of time and supports the development of intrinsic motivation. In summary, our results support emphasising the type of performance for which supervisors choose to provide feedback.

主管的反馈对于培训和社交早期职业审计师至关重要。主管反馈实践和风格的一个基本方面和选择是，是集中精力鼓励好的表现，还是打击糟糕的表现。我们承认，早期职业审计师可能会在与最亲密的主管的持续和扩展的反馈关系中收到表现好坏的反馈。一个工作-生活的现实，意味着管理者对特定绩效反馈标志的倾向的影响必须在他们不同程度共存的框架内进行评估。我们对来自最亲近的主管的反馈信号如何影响早期职业审计师的时间漏报和内在工作动机这两个与审计质量相关的问题提出了假设。我们发现主管对消极表现的反馈与时间漏报的增加和内在动机的减少有关。对积极表现的反馈减少了对时间的少报，并支持了内在动机的发展。总之，我们的结果支持强调主管选择提供反馈的绩效类型。

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引用次数: 0

Reprint of: Corporate culture and carbon emission performance 转载自：企业文化与碳排放绩效

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101564

Mostafa Monzur Hasan , Md Borhan Uddin Bhuiyan , Grantley Taylor

Using a large sample of U.S. firms from 2002 to 2020, we investigate the relationship between corporate culture and the extent of carbon emissions. We provide evidence that the quantum of carbon emissions is negatively associated with corporate cultural attributes manifested by integrity, teamwork, innovation, and respect. These results hold after controlling for potential endogeneity issues using several identification techniques. We also document that the negative culture–emissions relationship is magnified in firms with weak corporate governance and in those operating in environmentally sensitive industries. Additionally, this relationship is less salient in the presence of social capital. Finally, we demonstrate that in firms with a stronger culture, elevated carbon emissions result in a lower firm value. Our findings may be of interest to environmental regulators and management in their pursuit of firm-level carbon emission targets.

本文以2002 - 2020年的美国企业为样本，研究了企业文化与碳排放程度之间的关系。我们提供的证据表明，碳排放量与诚信、团队合作、创新和尊重等企业文化属性呈负相关。这些结果持有后，控制潜在的内生性问题，使用几种鉴定技术。我们还证明，在公司治理薄弱的企业和环境敏感行业中，负文化-排放关系被放大。此外，在社会资本存在的情况下，这种关系不那么显著。最后，我们证明了在文化更强的企业中，碳排放的增加会导致企业价值的降低。我们的研究结果可能对环境监管机构和管理层追求企业层面的碳排放目标感兴趣。

引用次数: 0

Reprint of: Political uncertainty, corporate social responsibility, and firm performance 转载自：政治不确定性、企业社会责任和企业绩效

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101566

Yi Hu , Chao Yin

Our study reveals that companies with higher Corporate Social Responsibility (CSR) ratings exhibit superior stock returns compared to their counterparts with lower ratings during periods of political uncertainty. This phenomenon is more pronounced in a closely contested election with a higher degree of unpredictability. Our results remain robust after addressing potential endogeneity issue and are not affected by the ex-post election outcome or the political donations made by firms. Further analysis indicates that the increase in returns could be attributed to the improved relationship between firms and their internal stakeholders. Overall, our research supports the notion that investing in social capital can facilitate the establishment of stronger relationships with stakeholders, which can ultimately lead to beneficial outcomes during periods of adversity.

我们的研究表明，在政治不确定时期，与评级较低的公司相比，企业社会责任评级较高的公司表现出更高的股票回报。这种现象在竞争激烈、不可预测性更高的选举中更为明显。在解决潜在的内生性问题后，我们的结果仍然稳健，不受选举后结果或公司政治捐款的影响。进一步分析表明，收益的增加可归因于企业与其内部利益相关者之间关系的改善。总的来说，我们的研究支持这样一种观点，即投资社会资本可以促进与利益相关者建立更牢固的关系，这最终可以在逆境中带来有益的结果。

引用次数: 0

Reprint of: The hidden cost of organisation capital: Evidence from trade credit 转载：组织资本的隐性成本：来自贸易信贷的证据

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101552

Joye Khoo , Adrian (Wai Kong) Cheung

Organisation capital is an important firm-specific resource that is linked to value created by key talents, and the risk arising from the unexpected departure of key talents is detrimental to the firm. We find that trade credit decreases with organisation capital, particularly when labour mobility is greater or employees have more outside opportunities. This supports the agency view of organisation capital. However, when the threat of losing key talents is low, such as during the global financial crisis, the efficiency view of organisation capital prevails, making firms with high organisation capital more attractive customers for suppliers. The evidence is robust to endogeneity tests.

组织资本是企业特有的重要资源，它与关键人才创造的价值相关联，关键人才意外离职所带来的风险对企业是不利的。我们发现，贸易信贷随着组织资本的增加而减少，尤其是当劳动力流动性更大或员工拥有更多外部机会时。这支持了组织资本的代理观点。然而，当关键人才流失的威胁较低时，例如在全球金融危机期间，组织资本的效率观盛行，使得组织资本高的公司对供应商更具吸引力。证据是稳健的内生性检验。

引用次数: 0

Reprint of: Mimicking crypto portfolios in sustainable investment 转载：在可持续投资中模仿加密货币投资组合

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101565

Mengxia Yu , Ke Xu , Xinwei Zheng

In this paper, considering the difference in the energy demand level, we utilize the daily pricing data from 10/01/2019 to 06/30/2023 to construct mimicking crypto portfolios with 12 clean cryptocurrencies to replace the dirty cryptocurrency, Bitcoin (BTC). With a monthly rebalancing strategy, the mimicking portfolio closely matches the exposures to the risk factors of the BTC but with fewer specific risks. Furthermore, relying on the bivariate dynamic conditional correlation (DCC-) GARCH model, we compare the hedging capability of BTC and the corresponding mimicking crypto portfolio against movements of returns of sustainable assets. The empirical results show that the mimicking crypto portfolio provides ESG investors with a cheaper hedge tool of higher hedge effectiveness compared to the BTC. Moreover, we find that the mimicking crypto portfolio can act as a strong safe haven for the S&P Global Clean Energy Index and S&P Latin America Emerging LargeMidCap ESG Index during periods of market stress. Therefore, the mimicking crypto portfolio is a more attractive option for ESG investors due to its superior hedging efficiency and the added environmental advantages.

在本文中，考虑到能源需求水平的差异，我们利用2019年10月1日至2023年6月30日的每日定价数据，构建了12种清洁加密货币的模拟加密投资组合，以取代肮脏的加密货币比特币（BTC）。通过月度再平衡策略，模拟投资组合与比特币的风险因素密切匹配，但具体风险较少。此外，依靠二元动态条件相关（DCC-） GARCH模型，我们比较了BTC和相应的模拟加密投资组合对可持续资产收益变动的对冲能力。实证结果表明，与比特币相比，模拟加密货币投资组合为ESG投资者提供了一种更便宜、对冲效率更高的对冲工具。此外，我们发现，在市场压力期间，模拟加密货币投资组合可以作为标准普尔全球清洁能源指数和标准普尔拉丁美洲新兴大型股ESG指数的强大避风港。因此，由于其卓越的对冲效率和额外的环境优势，模拟加密投资组合对ESG投资者来说是一个更具吸引力的选择。

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引用次数: 0

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