Pub Date : 2023-08-08DOI: 10.1080/00014788.2023.2227567
Ruichang Lu, Tenghui Wang, Xiaojun Zhang
{"title":"Short selling pressure and tone management: evidence from regulation SHO","authors":"Ruichang Lu, Tenghui Wang, Xiaojun Zhang","doi":"10.1080/00014788.2023.2227567","DOIUrl":"https://doi.org/10.1080/00014788.2023.2227567","url":null,"abstract":"","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46410196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-29DOI: 10.1080/00014788.2023.2219151
Stephen Daly
The tax system is traditionally understood as being geared primarily, but not exclusively, towards the raising of revenues. Taxes perform distributive and regulatory roles for instance. Furthermore, the tax system can also be engaged for the purpose of providing stability in times of uncertainty and for providing key information to government so that its policies (whether economic, social, health, environmental and so on) can be pursued. With its multivarious capabilities, it would be of little surprise to learn that governments turned to the tax system during the COVID-19 pandemic in order to alleviate the economic consequences of the emergency. The paper sets out to investigate the ways the tax system was used in response to the pandemic. It narrows in on two key findings: that the tax system was instrumental in providing stability and also in providing salient information for government use. A picture of the tax system as being adaptable and resilient is painted. But the key findings of the paper are not made without reservation.
{"title":"Tax systems: adaptability and resilience during a global pandemic","authors":"Stephen Daly","doi":"10.1080/00014788.2023.2219151","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219151","url":null,"abstract":"The tax system is traditionally understood as being geared primarily, but not exclusively, towards the raising of revenues. Taxes perform distributive and regulatory roles for instance. Furthermore, the tax system can also be engaged for the purpose of providing stability in times of uncertainty and for providing key information to government so that its policies (whether economic, social, health, environmental and so on) can be pursued. With its multivarious capabilities, it would be of little surprise to learn that governments turned to the tax system during the COVID-19 pandemic in order to alleviate the economic consequences of the emergency. The paper sets out to investigate the ways the tax system was used in response to the pandemic. It narrows in on two key findings: that the tax system was instrumental in providing stability and also in providing salient information for government use. A picture of the tax system as being adaptable and resilient is painted. But the key findings of the paper are not made without reservation.","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42638970","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-29DOI: 10.1080/00014788.2023.2219157
Roslyn Gamsa
{"title":"‘Access to finance: adaptability and resilience during a global pandemic’ A practitioner view","authors":"Roslyn Gamsa","doi":"10.1080/00014788.2023.2219157","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219157","url":null,"abstract":"","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45301979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-29DOI: 10.1080/00014788.2023.2219153
T. Beck
Firms’ access to external finance is constrained by information asymmetries between lenders and borrowers, which are inversely related to firm size and economic growth. Pandemic and lockdown measures constituted an extraordinary shock for corporations, including for their funding, mitigated, however, by governments’ fiscal, monetary and regulatory responses. The combined effect of these measures created a virtuous circle between corporates, banks, and sovereigns, avoiding a funding crunch for either and keeping risk premiums at deflated levels. Some of the more recent shocks provide similar justification for government interventions. However, there is a trade-off between government support during tail events and the market distortions that come with such support programmes. The conjecture is that we will continue to see a stronger role for governments during this time of great volatility and a tightening on market-based funding for corporations.
{"title":"Access to finance: adaptability and resilience during a global pandemic","authors":"T. Beck","doi":"10.1080/00014788.2023.2219153","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219153","url":null,"abstract":"Firms’ access to external finance is constrained by information asymmetries between lenders and borrowers, which are inversely related to firm size and economic growth. Pandemic and lockdown measures constituted an extraordinary shock for corporations, including for their funding, mitigated, however, by governments’ fiscal, monetary and regulatory responses. The combined effect of these measures created a virtuous circle between corporates, banks, and sovereigns, avoiding a funding crunch for either and keeping risk premiums at deflated levels. Some of the more recent shocks provide similar justification for government interventions. However, there is a trade-off between government support during tail events and the market distortions that come with such support programmes. The conjecture is that we will continue to see a stronger role for governments during this time of great volatility and a tightening on market-based funding for corporations.","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44223692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-29DOI: 10.1080/00014788.2023.2219146
R. Hodgkinson
I am very pleased to introduce this 18th issue of the International Accounting Policy Forum (IAPF) – the annual special issue of Accounting and Business Research. Bringing together practitioners and academic researchers continues to be an important purpose of the Forum and the related ICAEW events. The diversity of academic disciplines and the breadth of practitioner experience seen in this year’s issue are particularly striking. The four academic papers that follow are based on presentations at the December 2022 Information for Better Markets conference on The COVID-19 Pandemic: Lessons for the Theory and Practice of Accounting. One legacy of the global pandemic has been that for the third year running, the conference was held exclusively online and reached academics and practitioners from all around the world. In January 2020, the World Health Organisation declared a ‘public health emergency of international concern’ in response to the rapid spread of the COVID-19 virus. The end of the emergency was only declared in May 2023, by which time some seven million deaths had been reported. The virus created not only a health emergency but also an economic emergency as lockdowns prompted a sudden and protracted worldwide economic downturn. The scale and longevity of the pandemic created real concerns, but also some hopes that the societal and economic consequences would be profound and lasting. Early in 2021, when ICAEW began planning the 2022 Information for Better Markets conference, we saw that it could provide an opportunity to explore how the economic shock of COVID-19 had affected the accountancy profession as well as accounting information flows, for example in businesses, financial markets, and tax systems. Recognising that the effects of the pandemic would be studied for many years to come, we asked the academic contributors to the conference to take stock of existing literature on resilience, adaptability, and crisis management, as well as early COVID-specific research, both to draw insights about how things might be done differently in the future, and to identify areas for further research. In the first paper, ‘Accounting for resilience: the role of the accounting profession in promoting resilience’, Layla Branicki, Stephen Brammer, Martina Linnenluecke and David Houghton note that the rising incidence, variety, and severity of extreme events have led to a growing body of research and practice concerned with promoting resilience. The authors provide a
{"title":"Introduction","authors":"R. Hodgkinson","doi":"10.1080/00014788.2023.2219146","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219146","url":null,"abstract":"I am very pleased to introduce this 18th issue of the International Accounting Policy Forum (IAPF) – the annual special issue of Accounting and Business Research. Bringing together practitioners and academic researchers continues to be an important purpose of the Forum and the related ICAEW events. The diversity of academic disciplines and the breadth of practitioner experience seen in this year’s issue are particularly striking. The four academic papers that follow are based on presentations at the December 2022 Information for Better Markets conference on The COVID-19 Pandemic: Lessons for the Theory and Practice of Accounting. One legacy of the global pandemic has been that for the third year running, the conference was held exclusively online and reached academics and practitioners from all around the world. In January 2020, the World Health Organisation declared a ‘public health emergency of international concern’ in response to the rapid spread of the COVID-19 virus. The end of the emergency was only declared in May 2023, by which time some seven million deaths had been reported. The virus created not only a health emergency but also an economic emergency as lockdowns prompted a sudden and protracted worldwide economic downturn. The scale and longevity of the pandemic created real concerns, but also some hopes that the societal and economic consequences would be profound and lasting. Early in 2021, when ICAEW began planning the 2022 Information for Better Markets conference, we saw that it could provide an opportunity to explore how the economic shock of COVID-19 had affected the accountancy profession as well as accounting information flows, for example in businesses, financial markets, and tax systems. Recognising that the effects of the pandemic would be studied for many years to come, we asked the academic contributors to the conference to take stock of existing literature on resilience, adaptability, and crisis management, as well as early COVID-specific research, both to draw insights about how things might be done differently in the future, and to identify areas for further research. In the first paper, ‘Accounting for resilience: the role of the accounting profession in promoting resilience’, Layla Branicki, Stephen Brammer, Martina Linnenluecke and David Houghton note that the rising incidence, variety, and severity of extreme events have led to a growing body of research and practice concerned with promoting resilience. The authors provide a","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45563132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-29DOI: 10.1080/00014788.2023.2219152
Caroline Miskin
{"title":"‘Tax systems: adaptability and resilience during a global pandemic’ A practitioner view","authors":"Caroline Miskin","doi":"10.1080/00014788.2023.2219152","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219152","url":null,"abstract":"","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48897137","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-29DOI: 10.1080/00014788.2023.2219148
L. Branicki, Stephen Brammer, M. Linnenluecke, David J. Houghton
The rising incidence, variety and severity of extreme events that threaten both business and society has increased interest in promoting resilience to such threats. However, relatively little research has explored the potential contributions of the accounting profession to resilience at multiple scales and levels of analysis. To address the need for additional research, in this study we explore the contributions of the accounting profession to resilience during COVID-19. Drawing on a unique database of over 26,000 social media posts by the two principal professional accounting bodies in the UK context (ICAEW, ACCA) and UK-based accounts of the ‘Big 4’ professional services firms (PwC, Deloitte, EY, and KPMG), as well as user-engagement with those posts, we highlight processes by which the accounting profession encouraged resilience among individuals, organisations, and wider society. Our findings illuminate how the accounting profession contributed to resilience by supporting more effective crisis responses (by sharing trusted advice and shaping policy responses), better crisis adaptation (by crafting post-crisis futures and empowering the profession), and improved future crisis anticipation (by challenging complacency and being good citizens). We build on our analysis to propose a new framework characterising pathways for professions contributing to resilience.
{"title":"Accounting for resilience: the role of the accounting professions in promoting resilience","authors":"L. Branicki, Stephen Brammer, M. Linnenluecke, David J. Houghton","doi":"10.1080/00014788.2023.2219148","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219148","url":null,"abstract":"The rising incidence, variety and severity of extreme events that threaten both business and society has increased interest in promoting resilience to such threats. However, relatively little research has explored the potential contributions of the accounting profession to resilience at multiple scales and levels of analysis. To address the need for additional research, in this study we explore the contributions of the accounting profession to resilience during COVID-19. Drawing on a unique database of over 26,000 social media posts by the two principal professional accounting bodies in the UK context (ICAEW, ACCA) and UK-based accounts of the ‘Big 4’ professional services firms (PwC, Deloitte, EY, and KPMG), as well as user-engagement with those posts, we highlight processes by which the accounting profession encouraged resilience among individuals, organisations, and wider society. Our findings illuminate how the accounting profession contributed to resilience by supporting more effective crisis responses (by sharing trusted advice and shaping policy responses), better crisis adaptation (by crafting post-crisis futures and empowering the profession), and improved future crisis anticipation (by challenging complacency and being good citizens). We build on our analysis to propose a new framework characterising pathways for professions contributing to resilience.","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41829543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-29DOI: 10.1080/00014788.2023.2219159
Tristan Price
The paper by Ho et al. (2023) is a timely look at how managers reacted to keep control of their businesses in response to the shock of the Covid-19 pandemic. Whilst serious, shocks of this nature are not unprecedented. Two world wars similarly shocked supply and demand, and disrupted international trade, although that was at a time of less international trade and at times of war governments signi fi cantly boosted demand. Ho et al. (2023) begin by looking at the fl ow of information within companies and how companies tell the outside world about themselves. My experience was that organisations still knew much about themselves and were well able to take their own pulse pretty accurately. In the main, organisations reacted quickly to secure the safety of their employees and their immediate survival. However, they could not know how the crisis would affect their longer term prospects. Following a discussion of incentives, notably facing employees, the paper presents some intriguing empirical evidence on how fi rms reacted
{"title":"‘The Covid-19 pandemic and management controls’ A practitioner view","authors":"Tristan Price","doi":"10.1080/00014788.2023.2219159","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219159","url":null,"abstract":"The paper by Ho et al. (2023) is a timely look at how managers reacted to keep control of their businesses in response to the shock of the Covid-19 pandemic. Whilst serious, shocks of this nature are not unprecedented. Two world wars similarly shocked supply and demand, and disrupted international trade, although that was at a time of less international trade and at times of war governments signi fi cantly boosted demand. Ho et al. (2023) begin by looking at the fl ow of information within companies and how companies tell the outside world about themselves. My experience was that organisations still knew much about themselves and were well able to take their own pulse pretty accurately. In the main, organisations reacted quickly to secure the safety of their employees and their immediate survival. However, they could not know how the crisis would affect their longer term prospects. Following a discussion of incentives, notably facing employees, the paper presents some intriguing empirical evidence on how fi rms reacted","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48318868","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-29DOI: 10.1080/00014788.2023.2219149
Catherine Burnet
{"title":"‘Accounting for resilience: the role of the accounting professions in promoting resilience' A practitioner view","authors":"Catherine Burnet","doi":"10.1080/00014788.2023.2219149","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219149","url":null,"abstract":"","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43626902","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-29DOI: 10.1080/00014788.2023.2219158
H. Ho, C. Hofmann, Nina Schwaiger
We examine how firms respond to the Covid-19 pandemic by adjusting their management controls and what the consequences are in terms of firms’ resilience to the crisis. We review literature that deals with the influence of the Covid-19 pandemic on business and investigate results from a survey conducted within a large international multi-divisional service firm and the German Business Panel. We find evidence consistent with the claim that the Covid-19 pandemic is associated with a shock to transparency and increased incentive problems. We document firms’ adjustments of their management controls in response to the Covid-19 crisis: Action controls are stronger, result controls are more flexible, and cultural controls are weaker. Regarding firms’ resilience, we provide supportive evidence that more resilient firms face a smaller shock to transparency, adjust their management controls to a smaller extent, and are associated with stronger cultural controls in terms of higher organisational trust.
{"title":"The Covid-19 pandemic and management controls","authors":"H. Ho, C. Hofmann, Nina Schwaiger","doi":"10.1080/00014788.2023.2219158","DOIUrl":"https://doi.org/10.1080/00014788.2023.2219158","url":null,"abstract":"We examine how firms respond to the Covid-19 pandemic by adjusting their management controls and what the consequences are in terms of firms’ resilience to the crisis. We review literature that deals with the influence of the Covid-19 pandemic on business and investigate results from a survey conducted within a large international multi-divisional service firm and the German Business Panel. We find evidence consistent with the claim that the Covid-19 pandemic is associated with a shock to transparency and increased incentive problems. We document firms’ adjustments of their management controls in response to the Covid-19 crisis: Action controls are stronger, result controls are more flexible, and cultural controls are weaker. Regarding firms’ resilience, we provide supportive evidence that more resilient firms face a smaller shock to transparency, adjust their management controls to a smaller extent, and are associated with stronger cultural controls in terms of higher organisational trust.","PeriodicalId":7054,"journal":{"name":"Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47352974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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