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Risk and Sustainability Issues 风险和可持续性问题
IF 3.4 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-04-02 DOI: 10.1111/auar.12419
Yaowen Shan, Sue Wright
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引用次数: 0
Top Management Team Incentive Dispersion and Managerial Efficiency 高层管理团队激励分散与管理效率
IF 3.1 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-03-01 DOI: 10.1111/auar.12418
Hongkang Xu, Rachana Kalelkar, Long Liu

This study examines the association between dispersion in pay-performance sensitivities (PPS) among top management team (TMT) members and managerial efficiency. While prior research has focused on managerial efficiency as an innate characteristic of managers, this study explores how managerial incentive dispersion shapes managerial efficiency. Using a sample of US firms from 1993 to 2019, we find a negative relationship between TMT incentive dispersion and managerial efficiency, suggesting that higher levels of incentive dispersion can potentially affect managerial efficiency by reducing coordination and cooperation among TMT members. We employ a range of robustness tests and find consistent and robust results. Overall, this study contributes to the literature on executive compensation by providing novel insights into the implications of incentive dispersion among executives for managerial efficiency.

本研究探讨了高层管理团队(TMT)成员之间薪酬绩效敏感度(PPS)的分散与管理效率之间的关系。以往的研究侧重于将管理效率视为管理者的先天特征,而本研究则探讨管理者的激励离散度如何影响管理效率。利用 1993 年至 2019 年的美国公司样本,我们发现 TMT 激励离散度与管理效率之间存在负相关关系,这表明较高的激励离散度可能会降低 TMT 成员之间的协调与合作,从而影响管理效率。我们采用了一系列稳健性检验,结果一致且稳健。总之,本研究为高管薪酬方面的文献做出了贡献,就高管之间的激励分散对管理效率的影响提供了新的见解。
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引用次数: 0
Work Overload, Work–Life Balance and Auditors' Turnover Intention: The Moderating Role of Motivation 工作超负荷、工作与生活的平衡以及审计人员的离职意向:动机的调节作用
IF 3.4 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-02-29 DOI: 10.1111/auar.12417
Iryna Alves, Miguel Limão, Sofia M. Lourenço

Auditor turnover remains a persistent concern for regulatory bodies and auditing firms. Past research on auditors’ turnover intention has explored various factors influencing auditors’ turnover intention, including job satisfaction, organisational commitment, work overload and work–life balance. However, the potential role of motivation in mitigating the adverse effects of work overload and work–life imbalance has been overlooked. Our study addresses this gap in the existing literature by revealing the crucial role of motivation and identifying differences between Big4 and Non-Big4 firms. Using questionnaire data from 301 auditors, analysed using structural equation modelling, we find that work overload is positively but indirectly related to turnover intention via work–life balance. Additionally, organisational commitment (job satisfaction) is directly (indirectly) and negatively related to turnover intention. Moreover, and considering that, due to work overload, a lack of work–life balance can be responsible for increasing auditors’ turnover intention, our study suggests that motivation can mitigate this effect. Finally, our study suggests that work–life balance can directly reduce turnover intention for Big4 firms, while for Non-Big4 firms this reduction can only occur via organisational commitment (a channel that is weaker for Big4 firms).

审计师流失一直是监管机构和审计公司关注的问题。以往有关审计师离职意向的研究探讨了影响审计师离职意向的各种因素,包括工作满意度、组织承诺、工作超负荷和工作与生活的平衡。然而,激励在减轻工作超负荷和工作与生活失衡的不利影响方面的潜在作用却被忽视了。我们的研究通过揭示激励的关键作用以及确定四大会计师事务所与非四大会计师事务所之间的差异,弥补了现有文献中的这一空白。通过对 301 名审计师的问卷调查数据进行结构方程建模分析,我们发现工作负担过重与离职意向呈正相关,但通过工作与生活的平衡间接相关。此外,组织承诺(工作满意度)与离职意向直接(间接)负相关。此外,考虑到由于工作负担过重,缺乏工作与生活的平衡可能会导致审计人员离职意向的增加,我们的研究表明,激励可以减轻这种影响。最后,我们的研究表明,对于四大会计师事务所而言,工作与生活的平衡可直接降低离职意向,而对于非四大会计师事务所而言,离职意向的降低只能通过组织承诺来实现(这一渠道对于四大会计师事务所而言较弱)。
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引用次数: 0
Does Audit Committee Busyness Affect Financial Restatement? Evidence from Audit Committee Share Ownership 审计委员会的繁忙程度会影响财务重述吗?来自审计委员会持股情况的证据
IF 3.4 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-01-29 DOI: 10.1111/auar.12416
Md. Borhan Uddin Bhuiyan, Solomon Opare, Zahir Ahmed

We examine the association between audit committee (AC) busyness and financial restatement and determine whether AC share ownership moderates this relationship. Using logit regression analysis, we test our hypotheses on a sample of 6408 firm-year observations from 2004 to 2015 for companies listed on the Australian Securities Exchange. The study reveals that firms with busy ACs engage more in financial restatements. We also find that AC share ownership reduces financial restatements and attenuates the association between AC busyness and financial restatement. Our results are robust to endogeneity concerns emanating from firms’ deliberate decisions to grant shares to AC members. The findings of this research have several important policy implications. For instance, shareholders can benefit from AC members’ monitoring ability by allowing for share ownership. Further, our findings suggest that principles-based corporate governance guidelines have a beneficial effect on financial reporting quality. While prior studies offer mixed evidence, our research contributes to the auditing literature by providing evidence that AC share ownership moderates the association between AC busyness and financial restatement.

我们研究了审计委员会(AC)的忙碌程度与财务重述之间的关系,并确定审计委员会的持股比例是否会调节这种关系。我们使用对数回归分析法,对澳大利亚证券交易所上市公司 2004 年至 2015 年的 6408 个公司年度观察样本进行了假设检验。研究结果显示,拥有繁忙 AC 的公司会进行更多的财务重述。我们还发现,AC 股权会减少财务重述,并削弱 AC 忙碌程度与财务重述之间的关联。我们的研究结果对企业有意决定向董事会成员授予股份所产生的内生性问题是稳健的。这项研究的结果具有若干重要的政策含义。例如,通过允许股东持股,股东可以从监事会成员的监督能力中获益。此外,我们的研究结果表明,基于原则的公司治理准则对财务报告质量具有有利影响。虽然之前的研究提供的证据参差不齐,但我们的研究通过提供证据证明 AC 股份所有权调节了 AC 忙碌程度与财务重述之间的关联,为审计文献做出了贡献。
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引用次数: 0
Managing Trade-Offs Between Environmental, Social, Governance and Financial Sustainability in State-Owned Enterprises: Insights from an Emerging Market 管理国有企业环境、社会、治理和财务可持续性之间的权衡:新兴市场的启示
IF 3.4 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-01-19 DOI: 10.1111/auar.12415
Adeyemi Adebayo, Barry Ackers

Concerns remain about how companies will reconcile environmental, social and governance (ESG) issues with their core mandates. This is one reason why many organisations did not initially subscribe to sustainable investing, reporting and accounting, especially where it is not mandatory, despite growing stakeholder pressure to do so. This paper examines how state-owned enterprises (SOEs) with social and commercial mandates in South Africa, where sustainability reporting is mandatory, balance ESG practices and financial sustainability to fulfil their mandates. This article proposes and evaluates propositions about SOEs adopting and reporting ESG components using a survey questionnaire and semi-structured interviews with important SOE stakeholders to show that its sustainability accounting approach benefits policy and non-policy observers. More than half of the studied SOEs have embraced and disclosed their ESG practices, yet there appears to be no systematic way in which they balance ESG practices and financial sustainability, resulting in conflict. This paper appears to be the first SOE study on this topic. In this regard, this study offers novel insights into how sustainability practices may be incorporated into the social and commercial objectives of SOEs, which in most cases are conflicting, while still allowing SOEs to be financially sustainable and depend less on state bailouts, which is often the case, especially in Africa and in countries that face a high level of corruption. Considering the characteristics and mandates of SOEs, part of being socially responsible is utilising public resources in the form of taxpayers’ money in an efficient, effective and accountable manner. The discussion in this paper indicates that paying attention to ESG issues is part of a broader accountability mechanism expected from SOEs. Also, the choice of South Africa and of SOEs in South Africa has implications for theory and practice since SOEs in South Africa have social and commercial objectives such that they are expected to be agents of social responsibility.

企业如何协调环境、社会和治理 (ESG) 问题与其核心任务之间的关系仍然令人担忧。这也是许多组织最初并不支持可持续投资、报告和会计的原因之一,尤其是在没有强制要求的情况下,尽管利益相关者要求这样做的压力越来越大。在南非,可持续发展报告是强制性的,本文探讨了负有社会和商业使命的国有企业如何平衡环境、社会和公司治理实践与财务可持续性,以履行其使命。本文通过对国有企业重要利益相关者进行调查问卷和半结构式访谈,提出并评估了有关国有企业采用和报告 ESG 要素的命题,以表明其可持续性会计方法有利于政策和非政策观察者。在所研究的国有企业中,半数以上接受并披露了其环境、社会和公司治理实践,但似乎没有系统的方法来平衡环境、社会和公司治理实践与财务可持续性,从而导致冲突。本文似乎是第一份关于这一主题的国有企业研究报告。在这方面,本研究就如何将可持续发展实践纳入国有企业的社会和商业目标(在大多数情况下,这两者是相互冲突的)提供了新颖的见解,同时还能使国有企业在财务上可持续发展,减少对国家救助的依赖(这种情况在非洲和腐败严重的国家尤为常见)。考虑到国有企业的特点和任务,承担社会责任的一部分就是以高效、有效和负责任的方式利用纳税人的钱这种公共资源。本文的讨论表明,对环境、社会和公司治理问题的关注是人们对国有企业期望的更广泛的问责机制的一部分。此外,选择南非和南非的国有企业对理论和实践也有影响,因为南非的国有企业具有社会和商业目标,因此它们有望成为社会责任的推动者。
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引用次数: 0
Focus on the Future 关注未来
IF 3.4 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-12-18 DOI: 10.1111/auar.12414
Yaowen Shan, Sue Wright

In the final issue of Australian Accounting Review for 2023, we present four articles that focus on the future of accounting, and the critical role that accountants play in shaping the reporting of business transactions.

We are proud that our leading article is an update to a well-cited and influential article published in Australian Accounting Review 20 years ago. The article by Burritt et al. (2023) includes two of the authors of the original 2002 framework for environmental management accounting (Burritt et al., 2002). It reflects on ‘developments from the perspective of the framework and looks forward to how environmental management accounting could be further developed in the future’. We know that the Burritt et al. (2002) framework will continue to be relevant in the future, as our society faces more environmental challenges.

Our next two articles show how important it is that accountants consider more than just the numbers when reporting on both past and future business transactions. Almutairi et al. (2023) explore the use of tax havens by Australian companies, identifying how they are used in combination with related party transactions, highly concentrated ownership and earnings management practices. Because such practices and transactions may be regulated more heavily in the future to prevent abusive tax practices, this article alerts both firms and their investors to the potential risks involved.

The importance of reporting without bias is further emphasised in Qi et al. (2023), who study the tone of language used in forward-looking initial public offering (IPO) prospectuses. They find that tone is associated with underpricing in the market at the time of issuance and also with poor future performance. Investors should be aware of this risk.

Our final focus on the future turns to your career, that of the accountant, and how young accountants align their expectations and experiences in the early days of their careers. The takeaways for the reader from Jackson et al. (2023) are that early career accountants are seeking sustainable careers, and, in light of this observation, how each organisation can better attract and retain them in the workforce.

The theme of this issue, Focus on the Future, demonstrates through each of the different articles how accounting is about the future. It enables us to address societal challenges, identify risks and measure future performance.

在《澳大利亚会计评论》2023 年的最后一期中,我们推出了四篇文章,重点关注会计的未来,以及会计师在塑造商业交易报告中发挥的关键作用。我们感到自豪的是,我们的主要文章是对 20 年前发表在《澳大利亚会计评论》上的一篇广受引用且极具影响力的文章的更新。Burritt 等人(2023 年)的这篇文章包括 2002 年环境管理会计原始框架(Burritt 等人,2002 年)的两位作者。这篇文章反思了 "框架的发展,并展望了未来环境管理会计的进一步发展"。我们知道,随着我们的社会面临更多的环境挑战,Burritt 等人(2002 年)的框架将在未来继续发挥作用。我们接下来的两篇文章表明,会计师在报告过去和未来的商业交易时,考虑的不仅仅是数字,这一点是多么重要。Almutairi 等人(2023 年)探讨了澳大利亚公司使用避税港的情况,确定了避税港如何与关联方交易、高度集中的所有权和收益管理做法相结合。Qi 等人(2023 年)进一步强调了无偏差报告的重要性,他们研究了前瞻性首次公开募股(IPO)招股说明书中所用语言的语气。他们发现,语气与发行时市场定价偏低有关,也与未来业绩不佳有关。最后,我们将目光转向您的职业生涯,即会计师的职业生涯,以及年轻会计师如何在职业生涯初期调整他们的期望和经历。杰克逊等人(2023 年)给读者的启示是,职业生涯初期的会计师正在寻求可持续的职业生涯,根据这一观察,每个组织如何才能更好地吸引和留住他们。它使我们能够应对社会挑战、识别风险并衡量未来绩效。
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引用次数: 0
Classification Shifting and Future Stock Price Crash Risk 分类转换与未来股价崩盘风险
IF 3.4 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-12-04 DOI: 10.1111/auar.12411
Juhee Hwang, Cheol Lee, Giman Nam

We examine whether classification shifting is associated with stock price crash risk. Unlike prior studies, our study is focused on bad news hoarding through classification shifting. Prior studies document evidence of the greater weight market participants place on core earnings and stock price crash resulting from delayed bad news releases. Building upon these findings, we predict that crash risk is positively associated with shifters’ reversal of core earnings. Consistent with our conjecture, we find that classification shifting is positively associated with future stock price crash risk even if the bottom-line net income is unchanged. This finding is robust after controlling for endogeneity and other determinants of classification shifting. We also find that the observed positive association between classification shifting and future stock price crash risk is pronounced for likely opportunistic classification shifters. Our research contributes to forming an enhanced understanding of crash risk by documenting differential negative market reactions to the change in core earnings driven by classification shifting.

我们检验了分类转移是否与股价崩溃风险有关。与以往的研究不同,我们的研究重点是通过分类转换来研究坏消息囤积。先前的研究证明,市场参与者更重视核心收益和股票价格下跌,这是由于推迟发布坏消息造成的。基于这些发现,我们预测崩溃风险与转移者核心收益的逆转呈正相关。与我们的猜想一致,我们发现,即使底线净利润不变,分类转移与未来股价崩盘风险呈正相关。在控制了内生性和分类转移的其他决定因素后,这一发现是稳健的。我们还发现,对于可能的机会主义分类转移者,观察到的分类转移与未来股价崩溃风险之间的正相关关系是明显的。我们的研究通过记录由分类转换驱动的核心收益变化的不同负面市场反应,有助于形成对崩溃风险的增强理解。
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引用次数: 0
Tax Haven Use and Related-Party Transactions: Evidence from Australia 避税天堂利用与关联方交易:来自澳大利亚的证据
IF 3.4 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-12-01 DOI: 10.1111/auar.12413
Abdullah Almutairi, Baban Eulaiwi, Robert Evans, Grantley Taylor

Related-party transactions (RPTs) and transfer pricing techniques are typically used by multinational enterprises to reduce their tax obligations by shifting the income to zero or to low-tax countries. These techniques have thrived and have emerged as a significant concern for tax authorities. This study investigates the effect of tax haven utilisation on related-party sales pricing in a sample of Australian listed firms. We find that tax haven use is positively and significantly associated with related-party sales pricing. Moreover, we identify a positive and significant interaction between tax havens and earnings management with related-party sales pricing. Ownership concentration and its interaction effect with tax havens are significant predictors of the increased use of related-party sales pricing. Overall, the empirical findings demonstrate that earnings management, a high level of ownership concentration and the use of tax havens are substantial factors that enable firms to obtain tax benefits via the use of RPTs.

跨国企业通常使用关联方交易和转让定价技术,通过将收入转移到零税或低税国家来减少其纳税义务。这些技术已经蓬勃发展,并已成为税务机关的一个重大关切。本研究以澳大利亚上市公司为样本,调查了避税天堂利用对关联方销售定价的影响。我们发现避税天堂的使用与关联方销售定价呈正相关且显著相关。此外,我们发现避税天堂和盈余管理与关联方销售定价之间存在积极而显著的相互作用。所有权集中度及其与避税天堂的互动效应是关联方销售定价使用增加的重要预测因素。总体而言,实证结果表明,盈余管理、高水平的所有权集中度和避税天堂的使用是企业通过使用rpt获得税收利益的重要因素。
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引用次数: 0
The Impact of the Tone of a Prospectus on IPO Underpricing: Evidence from China 招股说明书的语气对 IPO 定价过低的影响:来自中国的证据
IF 3.4 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-11-06 DOI: 10.1111/auar.12412
Jun Qi, Qinwei Chi, Ni Yang, Junyan Ouyang

A prospectus is an essential disclosure document requested by stock market regulators and used by potential investors to acquire necessary information about the fair value estimate of an initial public offering (IPO) and subsequent investment decisions. Using IPO firms in China during the period 2007 to 2017, this study provides novel evidence for the impact of the tone of a prospectus on IPO underpricing. The results show that the tone of a prospectus is positively associated with underpricing. Supplementary analyses show that the positive effect of prospectus tone on IPO underpricing is more pronounced for IPO firms having CEO duality and large board size, lower managerial shareholding and institutional shareholding, and big audit firms and prestigious underwriters. Finally, the results indicate that the positive tone of a prospectus is able to predict negative operating performance in future.

招股说明书是证券市场监管机构要求的重要信息披露文件,潜在投资者通过招股说明书获取有关首次公开发行(IPO)公允价值估计和后续投资决策的必要信息。本研究以 2007 年至 2017 年期间中国的 IPO 公司为研究对象,就招股说明书的语气对 IPO 定价过低的影响提供了新的证据。结果显示,招股说明书的基调与定价不足正相关。补充分析表明,招股说明书基调对 IPO 定价偏低的正向影响对于 CEO 双重身份和董事会规模较大、管理者持股比例和机构持股比例较低、大型审计公司和著名承销商的 IPO 公司更为明显。最后,研究结果表明,招股说明书的积极基调能够预测未来的负面经营业绩。
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引用次数: 0
Contemporary Challenges: Spotlight on Climate, Cryptocurrencies and SME Practices 当代挑战:聚焦气候、加密货币和中小企业实践
IF 3.4 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-09-17 DOI: 10.1111/auar.12410
Yaowen Shan, Sue Wright

Our lead article comes from Australian Accounting Standards Board (AASB) staff (Li and Lee 2023). It documents how top Australian Securities Exchange listed firms reported climate-related risk disclosures in 2022. This is useful for comparing the disclosures of other companies of interest to you. While the disclosures have improved, it is not clear that users’ needs are being met. The authors suggest ideas for future research and call for evidence that will assist standard setters, regulators and educators.

One of the most difficult tasks undertaken by any accountant is forecasting. Our next two articles (Choi et al. 2023; Platikanova 2023) provide advice on what is needed to enhance forecast accuracy. They underscore the importance of superior internal information (Choi et al. 2023), and advocate for heightened competition among analysts that elicits better information (Platikanova 2023). The benefits include greater employment efficiency and better investment decisions.

Over the years, researchers have addressed the issue of audit quality in numerous articles. Howard et al. (2023) offer a fresh perspective by examining shareholder ratifications of newly appointed auditors. They show that Big N auditors are perceived favourably, even when their appointment is at the end of the year, whereas non-Big N auditors are not perceived favourably at any time, and even less so as the end of the year approaches.

One of the most challenging contemporary issues in accounting is how to deal with emerging financial assets and liabilities. Cryptocurrencies are certainly such an issue (no pun intended), and Jackson and Luu (2023) answer the following questions. How do companies report digital assets? What options for reporting are provided by current accounting standards? How can these standards be adjusted to provide more relevant and useful information to users?

In the final article of this issue, Ali and Mustafa (2023) present a comprehensive analysis of over 50 previous articles on accounting firms that specialise in SMEs. This is of particular interest to accountants working in this field, as well as researchers who are interested in contributing to this important and under-researched area.

我们的主要文章来自澳大利亚会计准则委员会(AASB)的工作人员(李和李2023)。它记录了澳大利亚证券交易所顶级上市公司如何在2022年报告与气候相关的风险披露。这对于比较您感兴趣的其他公司的披露信息非常有用。虽然披露情况有所改善,但尚不清楚用户的需求是否得到满足。作者提出了未来研究的想法,并呼吁提供有助于标准制定者、监管机构和教育工作者的证据。任何会计承担的最困难的任务之一就是预测。我们接下来的两篇文章(Choi等人,2023;Platikanova 2023)就提高预测准确性所需的内容提供了建议。他们强调了卓越内部信息的重要性(Choi等人,2023),并主张加强分析师之间的竞争,以获得更好的信息(Platikanova 2023)。这些好处包括更高的就业效率和更好的投资决策。多年来,研究人员在许多文章中讨论了审计质量问题。Howard等人。(2023)通过审查股东对新任命审计师的批准情况,提供了一个新的视角。他们表明,即使在年底任命N大审计师时,他们也会受到好评,而非N大审计师在任何时候都不会受到好评,随着年底的临近,情况就更糟了。当代会计最具挑战性的问题之一是如何处理新兴金融资产和负债。加密货币当然是这样一个问题(并非双关语),Jackson和Luu(2023)回答了以下问题。公司如何报告数字资产?现行会计准则提供了哪些报告选择?如何调整这些标准,为用户提供更相关、更有用的信息?在本期的最后一篇文章中,Ali和Mustafa(2023)对之前50多篇关于专门研究中小企业的会计师事务所的文章进行了全面分析。这对从事该领域工作的会计师以及有兴趣为这一重要且研究不足的领域做出贡献的研究人员特别感兴趣。
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引用次数: 0
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