Journal of Business Finance & Accounting最新文献

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KPI information acquisition by analysts: Evidence from conference calls 分析师获取 KPI 信息：电话会议的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting

Pub Date : 2024-07-26 DOI: 10.1111/jbfa.12822

Qi Rachel Tang, Alan Guoming Huang

Investors are increasingly placing reliance on alternative performance measures (APMs). Key performance indicators (KPIs) are a subset of these APMs that illustrate industry‐specific firm financial and operational performance. In this study, we investigate analysts’ demand for KPI‐related information in earnings conference calls and whether managers adjust their decisions about voluntary KPI disclosure in subsequent earnings calls. Using 51 KPIs for six industries, we find that after analysts request KPI‐related information, managers increase both the likelihood and intensity of their KPI disclosure in subsequent earnings conference calls. This effect is more pronounced when the firm has less relevant earnings and lower proprietary costs, and when analysts are connected to management. Analyst KPI demand leads to a higher coverage of KPIs in subsequent news and generates benefits in analyst forecast dispersion, cost of capital and stock liquidity. Our study highlights the role that analysts play in voluntary KPI disclosure when there is an absence of mandatory integrated reporting.

投资者越来越依赖于替代性业绩衡量标准 (APM)。关键绩效指标 (KPI) 是这些 APMs 的一个子集，可以说明特定行业的公司财务和运营绩效。在本研究中，我们调查了分析师在财报电话会议中对 KPI 相关信息的需求，以及管理者是否会在随后的财报电话会议中调整其自愿披露 KPI 的决策。利用六个行业的 51 个关键绩效指标，我们发现，在分析师要求提供关键绩效指标相关信息后，管理者会增加在后续财报电话会议中披露关键绩效指标的可能性和力度。当公司的相关收益较少、专有成本较低，以及分析师与管理层有联系时，这种效应会更加明显。分析师对 KPI 的需求会导致后续新闻中对 KPI 的更多报道，并在分析师预测分散性、资本成本和股票流动性方面产生效益。我们的研究强调了在缺乏强制性综合报告的情况下，分析师在自愿性 KPI 披露中发挥的作用。

引用次数: 0

Do investors differentiate between types of component auditors? Evidence from auditor ratification voting 投资者会区分不同类型的审计师吗？审计师批准投票的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting

Pub Date : 2024-07-12 DOI: 10.1111/jbfa.12819

Bullipe R. Chintha, Sriniwas Mahapatro

The Public Company Accounting Oversight Board's Rule 3211 mandates firms to disclose the types of component auditors employed and their contribution to the overall audit. Using a difference‐in‐differences approach, we examine the effect of the disclosure of component auditor usage on shareholder dissatisfaction. We find that multinational companies (MNCs) reporting higher use of large component auditors (LCAs), defined as component auditors contributing materially to the audit, experience a 17% decrease in shareholder votes against (or abstaining from) auditor ratification compared to MNCs with lower usage. This effect is more pronounced for firms with high institutional shareholding. We fail to find evidence of any effect on firms with the higher usage of small component auditors (SCAs). Our findings are robust to various definitions for treated and control firms. Our results support the view that, on average, LCAs offer higher “local” benefits and impose lower coordination costs compared to SCAs.

上市公司会计监督委员会的第 3211 条规定，公司必须披露所聘用的部分审计师的类型及其对整体审计的贡献。我们采用差分法研究了披露部分审计师使用情况对股东不满的影响。我们发现，与使用率较低的跨国公司相比，使用率较高的大型审计师（定义为对审计有重大贡献的审计师）的跨国公司的股东反对（或弃权）审计师批准的投票减少了 17%。对于机构持股比例较高的公司，这种影响更为明显。我们没有发现任何证据表明使用小型审计师（SCA）较多的公司会受到影响。我们的研究结果对不同定义的处理公司和对照公司都是稳健的。我们的结果支持这样一种观点，即平均而言，与 SCA 相比，LCA 能提供更高的 "本地 "效益，并带来更低的协调成本。

引用次数: 0

Government awards to CEOs 政府向首席执行官颁奖

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting

Pub Date : 2024-06-26 DOI: 10.1111/jbfa.12813

François Belot, Timothée Waxin

This paper investigates the value and corporate governance consequences of government awards for a sample of French CEOs appointed to the national Order of the Legion of Honor (Légion d'honneur). Short‐term market reactions surrounding award announcements are significantly positive, whereas the valuation of firms with awarded CEOs is greater than that of (matched) firms with nonawarded CEOs. We explore the channels through which government awards create value and find evidence that they provide awarded CEOs and their firms with increased political access. We also observe that government awards are associated with better corporate governance in that awarded CEOs are more likely to be fired for poor performance. The negative effects that have been documented for media awards and are associated with CEOs’ superstar status do not seem to apply to state awards.

本文以被授予国家荣誉军团勋章（Légion d'honneur）的法国首席执行官为样本，研究了政府奖励的价值和公司治理后果。围绕授勋公告的短期市场反应显著为正，而获得授勋的首席执行官所在公司的估值高于未获得授勋的首席执行官所在（匹配）公司的估值。我们探讨了政府奖励创造价值的渠道，发现有证据表明，政府奖励为获奖首席执行官及其公司提供了更多的政治机会。我们还发现，政府奖励与更好的公司治理有关，因为获得奖励的首席执行官更有可能因业绩不佳而被解雇。媒体奖项的负面影响以及与首席执行官的超级明星地位相关的负面影响似乎并不适用于国家奖项。

引用次数: 0

Target firm's integrity culture and M&A performance 目标公司的诚信文化与并购绩效

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting

Pub Date : 2024-06-25 DOI: 10.1111/jbfa.12818

Balasingham Balachandran, Robert W. Faff, Sagarika Mishra, Syed Shams

This study investigates whether the attribute of integrity culture (derived from target firms’ annual reports) influences merger and acquisition (M&A) performance. We find that a target firm's integrity culture, measured from its 10‐K reports, has a positive and significant effect on market reaction to the bidder firm's M&A announcement. Our study's analysis is found to be robust to sample selection bias by utilising the entropy balancing technique and to endogeneity concerns by employing an instrumental variable approach. Our results are also robust to alternative measures of integrity culture and when controlling for a target firm's religiosity and corporate social responsibility, an acquirer firm's fixed effects, chief executive officer's fixed effects, governance for corporate control and advisor quality. We identify the retention of a target firm's directors and of its customers as channels that underlie our main findings. Furthermore, we find that acquisition synergies improve, with decreased time taken to complete the deal, for acquisitions of target firms with a higher integrity culture.

本研究探讨了诚信文化属性（来自目标公司的年度报告）是否会影响并购（M&A）绩效。我们发现，从 10-K 报告中衡量的目标公司的诚信文化对市场对竞标公司并购公告的反应有积极而显著的影响。通过使用熵平衡技术，我们发现本研究的分析对样本选择偏差具有稳健性；通过使用工具变量方法，我们发现本研究的分析对内生性问题具有稳健性。在对目标公司的宗教信仰和企业社会责任、收购方公司的固定效应、首席执行官的固定效应、公司控制治理和顾问质量进行控制后，我们的研究结果对其他诚信文化衡量标准也是稳健的。我们发现，目标公司董事和客户的留任是我们主要发现的基础渠道。此外，我们还发现，在收购诚信文化较高的目标公司时，收购协同效应会提高，完成交易的时间会缩短。

引用次数: 0

Dual holdings and shareholder–creditor agency conflicts: Evidence from the syndicated loan market 双重控股与股东-债权人代理冲突：银团贷款市场的证据

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting

Pub Date : 2024-05-13 DOI: 10.1111/jbfa.12805

Ingo Geburtig, Thomas Mählmann, Roberto Liebscher

We examine implications from the expansion of private equity (PE) firms into the collateralized loan obligation (CLO) (i.e., leveraged lending) business. Due to similarities in the investment universes of CLO managers and PE firms, asset managers running both of them frequently hold debt and equity claims of the same company. Our results indicate lower credit costs for these companies through the mitigation of shareholder–creditor agency conflicts. The lower funding costs imply increased equity returns for the sponsoring PE firms. In addition, our findings suggest that PE‐affiliated CLO managers benefit from informed trading in the secondary leveraged loan market.

我们研究了私募股权（PE）公司向抵押贷款义务（CLO）（即杠杆贷款）业务扩张所带来的影响。由于 CLO 管理者和 PE 公司的投资领域相似，经营这两种公司的资产管理者经常持有同一家公司的债权和股权。我们的研究结果表明，通过缓解股东与债权人之间的代理冲突，这些公司的信贷成本降低了。融资成本的降低意味着私募股权投资公司的股权收益增加。此外，我们的研究结果表明，与 PE 有关联的 CLO 管理者可以从二级杠杆贷款市场的知情交易中获益。

引用次数: 0

Generalist CEOs and stock price crash risk 通用型首席执行官与股价暴跌风险

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting

Pub Date : 2024-05-04 DOI: 10.1111/jbfa.12804

Xiaohua Fang, Claudia Girardone, Yiwei Li, Yeqin Zeng

We investigate whether generalist chief executive officers (CEOs), that is, CEOs who gain transferable skills across firms and industries, have less incentive to hoard bad news. To address endogeneity concerns stemming from firm–CEO matching, we deploy a difference‐in‐differences method utilizing exogenous CEO turnovers, propensity score matching and entropy balancing matching methods, and Oster's coefficient stability test. Supporting our conjecture, we find a negative relation between CEOs’ general ability index (GAI) and future stock price crash risk. The effect of CEOs’ GAI on crash risk is stronger when labor demand is stronger and when firms have more agency conflicts. Our analysis further suggests that generalist CEOs attenuate crash risk by increasing conditional accounting conservatism and reducing real earnings management. Taken together, our findings highlight the role of CEOs’ general human capital in increasing their tolerance for failure and mitigating the agency problem.

我们研究了通才型首席执行官（CEO），即获得跨公司和跨行业可转移技能的首席执行官，是否有较少的动机囤积坏消息。为了解决企业与首席执行官匹配所产生的内生性问题，我们采用了一种利用外生首席执行官更替的差分法、倾向得分匹配法和熵平衡匹配法以及奥斯特系数稳定性检验。我们发现，CEO 的综合能力指数（GAI）与未来股价暴跌风险之间存在负相关关系，这证明了我们的猜想。当劳动力需求较强和公司存在较多代理冲突时，CEO 的 GAI 对股价暴跌风险的影响更大。我们的分析进一步表明，通才型首席执行官通过增加条件会计保守主义和减少实际收益管理来降低股价暴跌风险。综上所述，我们的研究结果凸显了首席执行官的一般人力资本在提高其失败容忍度和缓解代理问题方面的作用。

引用次数: 0

Dividend cuts and a firm's investment opportunity set 股息削减与公司的投资机会集

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting

Pub Date : 2024-04-08 DOI: 10.1111/jbfa.12801

Somnath Das, Sandip Dhole

This paper re‐examines corporate dividend payout policy by focusing on how investors evaluate dividend cuts. Our focus is to understand why despite the documented on average negative market response, many dividend‐cutting firms experience a positive market response. We juxtapose a well‐established literature on corporate payout policies with the literature on the role of prior information in investor evaluation of newly arrived information and document that the market responds positively to dividend cuts when firms have positive investment opportunity sets. Our results support the primary thesis that not all dividend cuts are bad news—it depends. We validate this result by documenting that firms cutting dividends in the presence of investment opportunities do make significant investments such as capital expenditures and merger and acquisition activities in future years. Furthermore, we also find that future operating profitability is higher for dividend‐cutting firms with relatively higher investment opportunities. We also document that among dividend‐cutting firms, there is a statistically significant difference in the buy‐and‐hold returns for up to 2 years, between firms with high versus low investment opportunities. This provides support for the economic significance of our results. These results provide new evidence on how investors interpret corporate payout policies to distinguish among dividend cuts.

本文通过关注投资者如何评估股息削减来重新审视企业的股息支付政策。我们的重点是要了解为什么尽管市场平均反应为负面，但许多削减股息的公司却能获得积极的市场反应。我们将有关企业派息政策的成熟文献与有关先验信息在投资者评估新信息中的作用的文献并列起来，发现当企业拥有积极的投资机会集时，市场会对股息削减做出积极反应。我们的研究结果支持了 "并非所有股息削减都是坏消息--这取决于情况 "这一主要论点。我们通过证明在存在投资机会的情况下削减股息的公司确实在未来几年进行了大量投资，如资本支出和并购活动，从而验证了这一结果。此外，我们还发现，投资机会相对较多的削减股息公司的未来经营利润率更高。我们还发现，在削减股利的公司中，投资机会高的公司与投资机会低的公司在长达两年的买入并持有回报率上存在显著差异。这为我们研究结果的经济意义提供了支持。这些结果提供了新的证据，说明投资者如何解读企业的派息政策，以区分削减股息的企业。

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引用次数: 0

Green media coverage and corporate green innovation 绿色媒体报道与企业绿色创新

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting

Pub Date : 2024-04-06 DOI: 10.1111/jbfa.12802

Jie Gao, Huiying Wu, Jiaxing You, Meg Smith

We examine the effect of media coverage of corporate environmental activities on corporate green innovation. Using a large sample of corporate news coverage over the period 2001–2019, we find a positive relationship between green media coverage and the green innovation of a corporation but a negative one between nongreen media coverage and green innovation. These results are robust to a battery of sensitivity tests, including the instrumental approach and propensity score matching method. We examine and verify two well-documented general channels through which the media influences corporate behaviors, namely, the financial constraint mitigation and external governance. More importantly, we examine channels specifically related to green media coverage and find that green media coverage strengthens the effect of pressure imposed by the government and the public for green innovation. Taken together, our results suggest that the media plays a distinctive role in green innovation through its particular attention to the environment.

我们研究了媒体对企业环保活动的报道对企业绿色创新的影响。通过使用 2001-2019 年间的大量企业新闻报道样本，我们发现绿色媒体报道与企业的绿色创新之间存在正相关关系，而非绿色媒体报道与绿色创新之间存在负相关关系。这些结果在一系列敏感性测试（包括工具方法和倾向得分匹配法）中都是稳健的。我们研究并验证了媒体影响企业行为的两个有据可查的一般渠道，即财务约束缓解和外部治理。更重要的是，我们研究了与绿色媒体报道具体相关的渠道，发现绿色媒体报道加强了政府和公众对绿色创新施加压力的效果。总之，我们的研究结果表明，媒体通过对环境的特别关注，在绿色创新中发挥着独特的作用。

引用次数: 0

Speaking with one voice? Individual preferences and managers’ personal communication style 用一个声音说话？个人偏好和管理者的个人沟通风格

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting

Pub Date : 2024-04-06 DOI: 10.1111/jbfa.12792

Christoph J. Sextroh, Juliane Wutzler

We examine whether and to what extent the personal communication of corporate information by individual managers is affected by their personal preferences for impression management. Using earnings conference calls as a setting in which to observe individual managers’ personal communication and controlling for firm-specific and manager-specific factors, we document that the communication style of managers who sell corporate stock shortly after the call is significantly more optimistic than that of the nonselling manager who participates in the same call. The effect is more pronounced in the less scripted and more flexible question and answer section and is more likely to emerge from Chief Financial Officer (CFO) than from Chief Executive Officer (CEO) communications. Taken together, our findings suggest that differences in individual communication styles are not only affected by personality and career backgrounds of individual managers but rather can also emerge from managers’ conscious or unconscious preferences for impression management.

我们研究了经理个人的公司信息沟通是否以及在多大程度上受到其个人印象管理偏好的影响。我们将财报电话会议作为观察经理人个人沟通的一个环境，并控制了公司特定因素和经理人特定因素，结果发现，在电话会议后不久出售公司股票的经理人的沟通风格明显比参加同一电话会议的非出售经理人更乐观。这种效应在较少照本宣科、较灵活的问答部分更为明显，而且首席财务官（CFO）比首席执行官（CEO）的沟通更容易产生这种效应。综上所述，我们的研究结果表明，个人沟通风格的差异不仅受管理者个人性格和职业背景的影响，还可能来自管理者有意识或无意识的印象管理偏好。

引用次数: 0

Risk management and private debt contracts: The role of weather derivatives 风险管理与私人债务合同：天气衍生品的作用

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting

Pub Date : 2024-04-02 DOI: 10.1111/jbfa.12800

Viet Do, Thu Ha Nguyen, Tram Vu

Using energy firm data and the 1997 introduction of weather derivatives as a natural experiment, we document an average 21-basis-point interest reduction in bank loans after borrowers hedge with weather derivatives. This saving increases among borrowers with higher risk or less complex financial reports, and during more uncertain market conditions or when investors pay more attention to climate risks. Our results are robust to endogeneity-corrected methods. Hedging firms are more willing to pledge collateral, accept stricter covenants and exhibit lower risks and a lower likelihood of covenant violations within 1 year following loan origination. We also find hedging firms have lower bond yields and a lower bank debt ratio, indicating that the benefits from hedging with weather derivatives extend to the public debt market. Overall, our findings demonstrate important financial implications of hedging using weather derivatives.

利用能源公司数据和 1997 年引入的天气衍生品作为自然实验，我们记录了借款人使用天气衍生品对冲后，银行贷款利息平均减少 21 个基点。在风险较高或财务报告不那么复杂的借款人中，以及在市场条件更不确定或投资者更关注气候风险的情况下，这种节省会增加。我们的结果对内生性校正方法是稳健的。套期保值企业更愿意抵押担保品，接受更严格的契约，并在贷款发放后一年内表现出较低的风险和违反契约的可能性。我们还发现，套期保值企业的债券收益率较低，银行负债率也较低，这表明利用天气衍生品进行套期保值的好处延伸到了公共债务市场。总之，我们的研究结果表明，使用天气衍生品进行套期保值具有重要的财务意义。

引用次数: 0

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