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Discourses on social inequality in the NGO annual reports of Bangladesh: an analysis from the impression management perspective 孟加拉国非政府组织年度报告中关于社会不平等的论述:印象管理视角的分析
IF 2 Q2 Economics, Econometrics and Finance Pub Date : 2023-03-07 DOI: 10.1108/ara-09-2022-0208
Dewan Mahboob Hossain, Md. Saiful Alam
PurposeThe main objective of this article is to explore the discourses on social inequality in the annual reports of Bangladeshi NGOs.Design/methodology/approachTo fulfil this objective, a discourse analysis was conducted on the latest annual reports of ten renowned NGOs in Bangladesh. The findings were interpreted from the impression management perspective.FindingsIt was found that the NGOs of Bangladesh are highlighting several social inequality issues such as poverty, gender inequality, inequality related to getting healthcare, legal and education facilities, etc. in their annual reports. Several impression management tactics were applied in the narratives of the annual reports. The NGOs portrayed themselves as “problem solvers” who are the saviors of distressed people.Practical implicationsThis study will facilitate improving the understanding of NGO communication. Policymakers will be able to understand the disclosures of NGOs and consider the necessity to provide guidance that may lead to better information dissemination through reports.Originality/valueThis study will contribute to the limited literature on NGO disclosures from the context of developing economies. In the context of NGO, this research is methodologically novel as it applies discourse analysis and interprets the findings through the lens of impression management.
本文的主要目的是探讨孟加拉国非政府组织年度报告中关于社会不平等的论述。设计/方法/方法为了实现这一目标,对孟加拉国十个著名非政府组织的最新年度报告进行了话语分析。研究结果从印象管理的角度进行了解释。调查结果发现,孟加拉国的非政府组织在其年度报告中强调了一些社会不平等问题,如贫困、性别不平等、与获得保健、法律和教育设施有关的不平等等。在年度报告的叙述中采用了几种印象管理策略。这些非政府组织把自己描绘成“问题解决者”,是痛苦人群的救星。实践意义本研究将有助于增进对非政府组织传播的认识。决策者将能够了解非政府组织的披露情况,并考虑提供指导的必要性,从而通过报告更好地传播信息。原创性/价值本研究将对发展中经济体背景下有关非政府组织信息披露的有限文献做出贡献。在非政府组织的背景下,本研究在方法论上是新颖的,因为它应用了话语分析,并通过印象管理的视角来解释研究结果。
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引用次数: 0
State-owned enterprises' board characteristics and audit fees: an international perspective in view of economic freedom, political democracy and protection of minority shareholders 国有企业董事会特征与审计费用:经济自由、政治民主与中小股东保护视角下的国际视野
IF 2 Q2 Economics, Econometrics and Finance Pub Date : 2023-02-28 DOI: 10.1108/ara-09-2022-0206
Iman Shaat, Husam Aldamen, Kim Kercher, Keith Duncan
PurposeThe paper examines the relationship between board effectiveness and audit fees for state-owned enterprises (SOEs). Furthermore, given the unique nature of SOEs, the paper assesses country-level influences, such as economic freedom, political democracy and protection of minority shareholders, which can impact board effectiveness and audit fees.Design/methodology/approachA combination of two-stage and ordinary least squares regression is used to examine the board characteristics-audit fee relationship for SOEs in a multinational setting during the period from 2016 to 2018.FindingsThe results indicate that board characteristics that represent a high level of effectiveness are associated with higher audit fees in SOEs. Furthermore, the findings suggest SOE's operating in countries evidencing medium levels of democracy and economic freedom and medium to high levels of protection of minority shareholders may be motivated to reduce agency conflicts by promoting accountability and transparency, thereby demanding increasing levels of corporate governance, monitoring and audit quality, thereby increasing audit fees.Practical implicationsThe results provide further support for the OECD (2015) guidelines promoting the use of high-quality external audits in SOEs.Originality/valueAs a result of the scarceness of research in this area, the current study extends the literature by examining the role of corporate governance and audit fees in SOEs, while examining the influence of economic freedom, political democracy and protection of minority shareholders.
目的研究国有企业董事会效率与审计费用的关系。此外,鉴于国有企业的独特性质,本文评估了国家层面的影响,如经济自由、政治民主和对少数股东的保护,这些影响可能会影响董事会的有效性和审计费用。设计/方法/方法使用两阶段和普通最小二乘回归相结合的方法来检验2016年至2018年期间跨国环境中国有企业董事会特征审计费用关系。结果表明,代表高水平有效性的董事会特征与国有企业较高的审计费用有关。此外,研究结果表明,国有企业在民主和经济自由程度中等、对少数股东保护程度中等至较高的国家运营,可能是为了通过促进问责制和透明度来减少机构冲突,从而要求提高公司治理、监督和审计质量,从而提高审计费用。实际含义这些结果为经合组织(2015)促进在国有企业中使用高质量外部审计的指导方针提供了进一步的支持。原始性/价值由于该领域的研究很少,目前的研究通过考察公司治理和审计费用在国有企业的作用来扩展文献,同时考察经济自由的影响,政治民主和保护少数股东。
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引用次数: 0
Does managerial ability and auditor report readability affect corporate liquidity and cost of debt? 管理能力和审计报告的可读性是否会影响公司的流动性和债务成本?
IF 2 Q2 Economics, Econometrics and Finance Pub Date : 2023-02-17 DOI: 10.1108/ara-06-2022-0151
Tamanna Dalwai, Ahmed Mohamed Habib, Syeeda Shafiya Mohammadi, K. Hussainey
PurposeThis study investigates the impact of managerial ability and auditor report readability on the cost of debt and corporate liquidity in Omani-listed industrial companies.Design/methodology/approachThe study uses data from the S&P Capital IQ database and audited annual reports published on Muscat Securities Market. The sample consists of 35 firms (175 firm-year observations) from 2015 to 2019. Managerial ability is measured using the data envelopment analysis proposed by Demerjian et al. (2012a, b). Auditor report readability is measured as a log of the auditor report digital file size proposed by Loughran and McDonald (2014).FindingsThis study finds that a company's managerial ability reduces the cost of debt lending support to upper echelons and agency theory. Highly able managers of industrial companies are associated with increased corporate liquidity consistent with the precautionary motive of holding cash. In addition, less-readable auditor reports contribute to higher debt costs and reduce corporate liquidity.Originality/valueTo the best of the authors’ knowledge, few studies have explored the influence of managerial ability and auditor reporting readability on firms' financial policy. For industrial-sector firms, this study demonstrates the managerial ability and readability of auditor readability as significant determinants of the cost of debt and corporate liquidity, especially during periods of uncertainty. Thus, the findings can be generalized to other non-financial sector firms in the country and the Middle East.
目的研究阿曼上市工业公司管理能力和审计报告可读性对债务成本和公司流动性的影响。设计/方法/方法该研究使用了标准普尔资本IQ数据库的数据和马斯喀特证券市场上发布的经审计的年度报告。样本包括2015年至2019年的35家公司(175家公司年度观察)。运用Demerjian等人提出的数据包络分析方法来衡量管理能力。(2012a,b)。审计报告的可读性是以Loughran和McDonald(2014)提出的审计报告数字文件大小的日志来衡量的。研究发现,公司的管理能力降低了对高层和代理理论的债务借贷支持成本。工业公司的高素质经理与公司流动性的增加有关,这与持有现金的预防动机一致。此外,可读性较差的审计报告会导致债务成本上升,并降低公司流动性。原创性/价值据作者所知,很少有研究探讨管理能力和审计师报告可读性对公司财务政策的影响。对于工业部门的公司,本研究表明,审计师可读性的管理能力和可读性是债务成本和公司流动性的重要决定因素,尤其是在不确定时期。因此,研究结果可以推广到该国和中东的其他非金融部门公司。
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引用次数: 8
Effect of geomagnetic activity on investors and managers: evidence from the pricing and timing of disclosure of earnings news 地磁活动对投资者和管理者的影响:来自收益新闻披露的定价和时机的证据
IF 2 Q2 Economics, Econometrics and Finance Pub Date : 2023-02-14 DOI: 10.1108/ara-04-2022-0100
Sharad Asthana, Rachana Kalelkar
PurposeThis paper's purpose was to examine the impact of geomagnetic activity (GMA) on the timing and valuation of earnings information disclosed by firms every quarter.Design/methodology/approachThe authors start the analyses with a sample of 112,669 client firms from 1989 to 2018. To analyze the impact of GMA on the earnings response coefficient (ERC), the authors use the three-day cumulative abnormal returns and cumulative abnormal returns for the extended post-earnings announcement window [2, 75] as the dependent variables. The authors interact unexpected earnings (UE) with the C9 Index, an index commonly used to measure GMA and study how GMA affects the pricing of new public information. To examine the effect of GMA on the timing of disclosure of earnings news, the authors regress a variant of the GMA index on the propensity to disclose bad earnings news.FindingsThe authors find significantly lower earnings response coefficients during periods of high GMA. This effect is permanent and stock prices do not correctly incorporate the implications of earnings information over time. The authors also show that managerial behavior is affected by GMA as well and the managers are more (less) likely to release bad (good) news during periods of higher activity. Finally, the authors also find that in situations where stakeholders are likely to rely on modern technology that depends minimally on humans, the adverse impact of GMA on the pricing of earnings information is mitigated.Originality/valueThe literature on the effect of GMA on the capital market is very limited and focuses primarily on stock returns, while the behavioral finance literature focuses on circumstances like weather, temperature and sporting outcome to study how the investors' mood affects their capital market behavior. The authors add to both the literature by investigating how GMA influences investors' and managers' behaviors in the capital market.
目的研究地磁活动对企业每季度披露盈利信息的时间和估值的影响。设计/方法论/方法作者从1989年至2018年的112669家客户公司样本开始分析。为了分析GMA对收益响应系数(ERC)的影响,作者使用三天累计异常收益和延长的盈利后公告窗口的累计异常收益[2,75]作为因变量。作者将意外收益(UE)与C9指数进行了交互,C9指数通常用于衡量GMA,并研究GMA如何影响新公共信息的定价。为了检验GMA对盈利新闻披露时间的影响,作者对GMA指数的一个变量对披露不良盈利新闻的倾向进行了回归。研究结果:作者发现,在GMA高的时期,收入反应系数明显较低。这种影响是永久性的,股价没有正确地纳入收益信息随时间变化的影响。作者还表明,管理行为也受到GMA的影响,在活动频繁的时期,管理者发布坏(好)消息的可能性更大(更小)。最后,作者还发现,在利益相关者可能依赖对人类依赖程度最低的现代技术的情况下,GMA对收益信息定价的不利影响得到了缓解。原创性/价值关于GMA对资本市场影响的文献非常有限,主要关注股票回报,而行为金融文献则关注天气、温度和运动结果等情况,以研究投资者的情绪如何影响他们的资本市场行为。作者通过调查GMA如何影响投资者和管理者在资本市场中的行为,对这两篇文献进行了补充。
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引用次数: 0
The effect of political connections on firms' auditor choice decisions and audit opinions: evidence from Egypt 政治关系对公司审计师选择决策和审计意见的影响——来自埃及的证据
IF 2 Q2 Economics, Econometrics and Finance Pub Date : 2023-02-13 DOI: 10.1108/ara-07-2022-0161
Soad Moussa Tantawy, Tantawy Moussa
PurposeThis paper aims to examine how different types of corporate political connections (PCs) affect auditor choice decisions (and, therefore, audit quality) and audit opinions following the 2013 Egyptian uprising.Design/methodology/approachThis paper utilizes a unique hand-collected dataset on the type of PCs of Egyptian listed companies from 2014 to 2019. Several analyses are employed to test the hypotheses, including logit regression, probit regression and generalized linear mixed models (GLMM). A number of additional analyses are conducted to ensure the robustness of the results, including the instrumental variables (IVs) probit models and propensity score matching (PSM).FindingsThe results show that firms' choice of auditor and audit opinion is heavily influenced by firms' PCs. Companies with PCs through boards of directors and major shareholders hire Big 4 audit firms to enhance corporate legitimacy; however, government-linked companies usually retain non-Big 4 audit firms to avoid increased transparency and to conceal improper activities, including tunneling and rent-seeking. Further, the results indicate that companies with PCs through boards of directors or major shareholders are more likely to receive favorable audit opinions, whereas government-owned businesses are less likely to receive such opinions.Research limitations/implicationsThis study provides additional evidence to policymakers that binding regulations and guidelines are necessary to oversee politically connected firms (PCFs) and to enhance governance and investor protection.Originality/valueThis study provides the first empirical evidence on how corporate PCs influence the choice of auditors and the opinions of audit firms in Egypt. This paper also sheds light on the impact of different types of corporate PCs on the choice of auditors and audit opinions.
本文旨在研究2013年埃及起义后,不同类型的企业政治关系(pc)如何影响审计师的选择决策(从而影响审计质量)和审计意见。设计/方法/方法本文采用了2014年至2019年埃及上市公司pc类型的独特手工收集数据集。采用logit回归、probit回归和广义线性混合模型(GLMM)等多种分析方法对假设进行检验。为了确保结果的稳健性,还进行了一些额外的分析,包括工具变量(IVs)概率模型和倾向得分匹配(PSM)。结果表明,会计师事务所对审计师和审计意见的选择在很大程度上受到会计师事务所个人电脑的影响。通过董事会和大股东设立个人电脑的公司聘请四大会计师事务所,以提高公司的合法性;然而,与政府有关联的公司通常聘请非四大的审计公司,以避免增加透明度,并隐瞒不正当活动,包括挖地道和寻租。此外,结果表明,通过董事会或大股东拥有个人电脑的公司更有可能获得有利的审计意见,而国有企业则不太可能获得这样的意见。本研究为政策制定者提供了额外的证据,证明有约束力的法规和指导方针对于监督政治关联公司(pcf)以及加强治理和投资者保护是必要的。原创性/价值本研究首次提供了关于埃及企业个人电脑如何影响审计师的选择和审计公司意见的实证证据。本文还揭示了不同类型的企业pc对审计师选择和审计意见的影响。
{"title":"The effect of political connections on firms' auditor choice decisions and audit opinions: evidence from Egypt","authors":"Soad Moussa Tantawy, Tantawy Moussa","doi":"10.1108/ara-07-2022-0161","DOIUrl":"https://doi.org/10.1108/ara-07-2022-0161","url":null,"abstract":"PurposeThis paper aims to examine how different types of corporate political connections (PCs) affect auditor choice decisions (and, therefore, audit quality) and audit opinions following the 2013 Egyptian uprising.Design/methodology/approachThis paper utilizes a unique hand-collected dataset on the type of PCs of Egyptian listed companies from 2014 to 2019. Several analyses are employed to test the hypotheses, including logit regression, probit regression and generalized linear mixed models (GLMM). A number of additional analyses are conducted to ensure the robustness of the results, including the instrumental variables (IVs) probit models and propensity score matching (PSM).FindingsThe results show that firms' choice of auditor and audit opinion is heavily influenced by firms' PCs. Companies with PCs through boards of directors and major shareholders hire Big 4 audit firms to enhance corporate legitimacy; however, government-linked companies usually retain non-Big 4 audit firms to avoid increased transparency and to conceal improper activities, including tunneling and rent-seeking. Further, the results indicate that companies with PCs through boards of directors or major shareholders are more likely to receive favorable audit opinions, whereas government-owned businesses are less likely to receive such opinions.Research limitations/implicationsThis study provides additional evidence to policymakers that binding regulations and guidelines are necessary to oversee politically connected firms (PCFs) and to enhance governance and investor protection.Originality/valueThis study provides the first empirical evidence on how corporate PCs influence the choice of auditors and the opinions of audit firms in Egypt. This paper also sheds light on the impact of different types of corporate PCs on the choice of auditors and audit opinions.","PeriodicalId":8562,"journal":{"name":"Asian Review of Accounting","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46208296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The interactive impact of tax avoidance and tax risk on the firm value: new evidence in the Tunisian context 避税和税务风险对企业价值的互动影响:突尼斯背景下的新证据
IF 2 Q2 Economics, Econometrics and Finance Pub Date : 2023-01-24 DOI: 10.1108/ara-03-2022-0052
Mouna Guedrib, Ghazi Marouani
PurposeThe purpose of this study is to examine the interactive impact of tax avoidance and tax risk on the firm value.Design/methodology/approachThis study covers 290 observations on non-financial corporations listed on the Tunisian Stock Exchange for the period ranging from 2008 to 2020, using the multiple linear regression technique.FindingsThe results show that tax avoidance positively affects the firm value while tax risk has a negative influence on the company value. More importantly, tax risk moderates the positive impact of tax avoidance on the firm value. Accordingly, tax avoidance must be considered in conjunction with tax risk when studying the effect on the firm value. The findings of additional analyses indicate that when tax avoidance is associated with a high level of tax risk, it negatively affects the firm value. Thus, investors negatively rate the high-risk tax avoidance.Research limitations/implicationsThe major limitation of this study is that it focuses only on Tunisian listed companies since their financial statements are publicly available. Although the sample is relatively small due to the problem of data availability, it is satisfactory owing to the twelve-year sampling period (from 2008 to 2020). Research implications- The results obtained are of great interest to researchers as they should be more careful in simply using effective tax rates as a measure of risky or aggressive tax avoidance.Practical implicationsThe findings may signal the need for Tunisian firm managers to consider spillovers when adopting risky tax avoidance strategies and to implement a tax risk management policy within the firm. They are also substantial for Tunisian regulators to create requirements for reporting risky tax avoidance practices in the company annual reports to protect the investors’ rights and the society interest in general. The results are also useful for the investors who would like to make good decisions with respect to tax planning strategies. It is not enough to rely on the Effective Tax Rate (ETR) to judge whether or not tax planning is risky. Volatile ETRs, as a proxy of the tax risk, can be useful for them in decision-making.Social implicationsThe results also highlight that risky tax avoidance decreases the firm value, and thus confirm the negative repercussions that such behavior can have not only on the firm, but also on the society in general, as the corporate tax contributes to covering the State public expenditure. Hence, it is considered a general concern.Originality/valueThe present study differs from others in the existing literature. In fact, it examines the joint effect of tax avoidance and tax risk on the firm value for Tunisian listed companies which are characterized by the predominance of agency conflicts between major shareholders and minor ones. Therefore, the authors seek to investigate if small shareholders can penalize risky tax avoidance practices by decreasing the firm value.
目的本研究旨在考察避税和税务风险对企业价值的互动影响。设计/方法/方法本研究使用多元线性回归技术,涵盖了2008年至2020年期间在突尼斯证券交易所上市的非金融公司的290项观察结果。研究结果表明,避税对公司价值有正向影响,而税务风险对公司价值则有负向影响。更重要的是,税收风险调节了避税对公司价值的积极影响。因此,在研究对公司价值的影响时,必须将避税与税务风险结合起来考虑。额外分析的结果表明,当避税与高水平的税收风险相关时,它会对公司价值产生负面影响。因此,投资者对高风险避税行为持负面评价。研究局限性/含义本研究的主要局限性在于,它只关注突尼斯上市公司,因为它们的财务报表是公开的。尽管由于数据可用性问题,样本相对较小,但由于有12年的采样期(2008年至2020年),样本数量令人满意。研究意义-研究人员对所获得的结果非常感兴趣,因为他们应该更加小心地简单地使用有效税率来衡量风险或激进的避税行为。实际含义研究结果可能表明,突尼斯公司经理在采取有风险的避税策略时需要考虑溢出效应,并在公司内部实施税务风险管理政策。突尼斯监管机构还要求在公司年度报告中报告风险避税行为,以保护投资者的权利和社会整体利益。研究结果对那些希望在税收规划策略方面做出良好决策的投资者也很有用。仅仅依靠有效税率来判断税收规划是否有风险是不够的。波动性ETR作为税收风险的代表,对他们的决策很有用。社会影响研究结果还强调,有风险的避税会降低公司价值,从而证实这种行为不仅会对公司产生负面影响,还会对整个社会产生负面影响。因为公司税有助于支付国家公共支出。因此,这被认为是一个普遍关切的问题。原创性/价值本研究与现有文献中的其他研究不同。事实上,它考察了避税和税务风险对突尼斯上市公司价值的共同影响,这些公司的特点是大股东和小股东之间的代理冲突占主导地位。因此,作者试图调查小股东是否可以通过降低公司价值来惩罚有风险的避税行为。
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引用次数: 3
Management accounting systems and economic sustainability: a qualitative inquiry of SMEs in Pakistan 管理会计制度与经济可持续性:对巴基斯坦中小企业的定性调查
IF 2 Q2 Economics, Econometrics and Finance Pub Date : 2023-01-20 DOI: 10.1108/ara-05-2022-0123
Shahid Latif, Safrul Izani Mohd Salleh, Mazuri Abd. Ghani, B. Ahmad
PurposeThis qualitative inquiry sheds light on using management accounting systems to address economic sustainability concerns in small and medium enterprises (SMEs) of Pakistan. Building on the dynamic capabilities (DC) theory, this research endeavors to address the recent calls on management accounting and economic sustainability in the context of SMEs.Design/methodology/approachQualitative research design was adopted in which 13 semistructured interviews were conducted with SME owners of Pakistan. The transcribed interviews were coded and thematic analysis was performed via NVIVO-12 to generate themes.FindingsBased on the DC theory, the findings revealed that SME owners in Pakistan use management accounting systems to ensure economic sustainability. The authors found that DC are a co-created phenomenon and refer to them as collective DC. Furthermore, the authors found the theme of accounting literacy which played a critical role in the exhibition of DC in a collective manner.Originality/valueThis is one of the earliest studies on management accounting systems that examine economic sustainability in Pakistani SMEs. This research provides novel insights into the use of management accounting systems in Pakistan from the perspective of DC. In Pakistani SMEs, dynamic capacities are co-created and contingent on accounting literacy.
目的本定性调查揭示了如何使用管理会计系统来解决巴基斯坦中小企业(SME)的经济可持续性问题。在动态能力理论的基础上,本研究试图解决中小企业背景下对管理会计和经济可持续性的最新呼吁。设计/方法/方法采用定性研究设计,对巴基斯坦中小企业主进行了13次半结构化访谈。转录的访谈被编码,并通过NVIVO-12进行主题分析以生成主题。研究结果基于DC理论,研究结果表明,巴基斯坦中小企业主使用管理会计系统来确保经济可持续性。作者发现DC是一种共同创造的现象,并将其称为集体DC。此外,作者发现会计素养这一主题在DC的集体展示中发挥了关键作用。独创性/价值这是最早研究巴基斯坦中小企业经济可持续性的管理会计系统之一。这项研究从DC的角度为巴基斯坦管理会计系统的使用提供了新的见解。在巴基斯坦中小企业中,动态能力是共同创造的,取决于会计知识。
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引用次数: 2
An analysis of the positive effect of real earnings management on financial performance 真实盈余管理对财务绩效的积极影响分析
IF 2 Q2 Economics, Econometrics and Finance Pub Date : 2023-01-17 DOI: 10.1108/ara-07-2022-0178
Hyoung-joo Lim, D. Mali
PurposeREM models infer abnormal levels of cashflow from operations (AbCFO), selling, general and admin (AbSGA) and production expenses (AbProd) are opportunistic, based on the supposition that engaging in real activities to meet current earnings targets (t) will negatively influence future performance (t+1). However, from a firm productivity perspective, cost reduction (via AbCFO, AbProd and AbSGA) is interpreted as an efficiency enhancing business strategy. This study therefore differentiates between (1) firms with ineffective management that have engaged in AbCFO, AbProd and AbSGA to achieve an optimal resource-cost mix to generate sales (REMF) and (2) firms with effective management that have not (OEF).Design/methodology/approachUsing a sample of Korean listed firms over the 2000–2016 sample period, the study utilizes data envelopment analysis to capture the capability of management to generate sales from resources that are directly under their control. The study then compares the incremental effect that managerial decision making can have on real earnings management (REM) and future firm performance (period t+1 to t+5).FindingsThe study makes two important contributions. First, consistent with the efficiency/productivity literature, but contrary to seminal REM studies, empirical results shows that AbCFO, AbProd and AbSGA improve firm performance in period t and t+1 (to t+5), demonstrating “REM” is not opportunistic by default. Second, OEF have higher financial performance compared to REMF, in periods t and t+1.Originality/valueThe study therefore invokes resource-based theory and data envelopment analysis to integrate managerial effectiveness (human capital) into REM modelling. The study therefore extends the basic REM residual model.
目的REM模型推断来自运营(AbCFO)、销售、总务和管理(AbSGA)以及生产费用(AbProd)的现金流的异常水平是机会主义的,其假设是,从事实际活动以实现当前盈利目标(t)将对未来业绩(t+1)产生负面影响。然而,从公司生产力的角度来看,降低成本(通过AbCFO、AbProd和AbSGA)被解释为一种提高效率的商业战略。因此,本研究区分了(1)管理效率低下的公司,这些公司参与了AbCFO、AbProd和AbSGA,以实现最佳资源成本组合,从而产生销售额(REMF)和(2)管理效率低的公司,但没有(OEF)。设计/方法/方法使用2000-2006年样本期的韩国上市公司样本,该研究利用数据包络分析来捕捉管理层从其直接控制的资源中产生销售额的能力。然后,本研究比较了管理决策对实际盈余管理(REM)和未来企业绩效(t+1至t+5)的增量影响。首先,与效率/生产力文献一致,但与开创性的快速眼动研究相反,实证结果表明,AbCFO、AbProd和AbSGA在t和t+1(至t+5)期间改善了公司业绩,表明“快速眼动”在默认情况下不是机会主义的。其次,在t和t+1期间,与REMF相比,OEF具有更高的财务绩效。因此,该研究援引基于资源的理论和数据包络分析,将管理有效性(人力资本)纳入REM建模。因此,该研究扩展了基本的REM残差模型。
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引用次数: 1
Unionization and employee welfare: a theoretical investigation using earnings management 工会化与员工福利:基于盈余管理的理论研究
IF 2 Q2 Economics, Econometrics and Finance Pub Date : 2023-01-10 DOI: 10.1108/ara-04-2022-0107
G.C.I. Lin, A. Brown, Eric Lin, Chunhao Xu
PurposeUnionization is generally thought to improve employee welfare through higher compensation and benefits. However, managers of unionized firms have incentives to manage earnings downward to avoid sharing rents with unionized workers, which may explain why empirical findings on the association between unionization and employee compensation are mixed. This paper develops an analytical model incorporating earnings management into the relationship between newly unionized firms and employee compensation.Design/methodology/approachThe authors develop an analytical model that relies on Nash bargaining theory and signal jamming (Stein, 1989; Fischer and Verrecchia, 2000; Dye and Sridhar, 2004) and model a setting where newly unionized workers' collective bargaining power increases substantially. The authors' model analyzes the relationship between newly unionized firms and employee wages and benefits while incorporating firms' incentives to engage in earnings management.FindingsThe authors find that newly unionized firms are more likely to engage in income-decreasing earnings management to avoid paying higher salaries and wages to workers. Further, the authors find that this association is more pronounced when (1) the correlation of firms' earnings across periods is higher, (2) the cost of earnings management is lower and (3) firms' earnings are more volatile.Originality/valueThis is the first paper to analytically model the effect of new unionization on firms' earnings management and workers' welfare. The authors' model offers new cross-sectional predictions that have not been tested in the prior literature. Specifically, the authors show that newly unionized firms are more likely to engage in income-decreasing earnings management; when earnings are more highly correlated, the cost of earnings management is lower and earnings are more volatile. The authors' findings may be relevant to regulators and policymakers.
工会化通常被认为是通过提高薪酬和福利来改善员工福利。然而,有工会组织的公司的管理者有动机向下管理收入,以避免与有工会组织的工人分享租金,这可能解释了为什么关于工会组织与员工薪酬之间关系的实证研究结果好坏参半。本文建立了一个将盈余管理纳入新加入工会的企业与员工薪酬关系的分析模型。设计/方法/方法作者开发了一个基于纳什议价理论和信号干扰的分析模型(Stein, 1989;Fischer and Verrecchia, 2000;Dye和Sridhar, 2004),并建立了一个新加入工会的工人集体谈判能力大幅增加的环境模型。作者的模型分析了新加入工会的企业与员工工资和福利之间的关系,同时纳入了企业参与盈余管理的动机。研究结果作者发现,新成立工会的公司更有可能采取减少收入的盈利管理,以避免向工人支付更高的工资。此外,作者还发现,当(1)企业盈余跨期相关性较高,(2)盈余管理成本较低,(3)企业盈余波动性较大时,这种关联更为明显。这是第一篇分析新工会化对企业盈余管理和工人福利影响的论文。作者的模型提供了新的横截面预测,在以前的文献中没有经过测试。具体而言,作者表明,新加入工会的公司更有可能从事减少收入的盈余管理;当盈余的相关性越高时,盈余管理的成本越低,盈余的波动性越大。作者的发现可能与监管机构和政策制定者有关。
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引用次数: 0
Bank competition and SMEs access to finance in India: evidence from World Bank Enterprise Survey 印度银行竞争与中小企业融资渠道:来自世界银行企业调查的证据
IF 2 Q2 Economics, Econometrics and Finance Pub Date : 2023-01-10 DOI: 10.1108/ara-05-2022-0124
Bijoy Rakshit, Samaresh Bardhan
PurposeThe primary purpose of this study is to investigate the effects of bank competition on SMEs' access to finance in selected Indian states. Using 9,281 firm-level observations from World Bank Enterprises Survey (WBES), this study tests the market power hypothesis versus the information hypothesis to determine whether bank competition promotes access to finance for financially constrained firms.Design/methodology/approachThe authors measure state-level bank competition using two structural indicators: the Herfindahl Hirschman Index (HHI) and three bank concentration ratios (CR3). The authors apply simple probit regression, probit model with sample selection (PSS) and two-stage least squares (2SLS) to examine the effects of bank competition on firms' financing constraints.FindingsThe results obtained through PSS and 2SLS indicate that bank competition alleviates firm's financing constraints and positively impacts its need for a bank loan and the decision to apply for bank credit. However, the prevalence of bank competition in promoting access to finance is more pronounced for small and medium-sized firms than for large firms. Higher bank competition also alleviates the credit constraints faced by female entrepreneurs.Practical implicationsReserve Bank of India (RBI) and other government stakeholders should ensure bank competition without hampering the agenda of bank consolidation to facilitate access to credit for SMEs. Regulators should also identify and monitor the financial institutions that make an insignificant contribution to promoting competitiveness in the financial system.Originality/valuePrevious studies primarily investigate the effect of bank competition on a firm's access to finance from advanced and cross-country perspectives. This study contributes to the literature on bank competition by examining its role in promoting access to finance from an emerging economy standpoint. Measurement of bank competition indicators at the state level is an additional contribution.
目的本研究的主要目的是调查印度选定州的银行竞争对中小企业融资渠道的影响。本研究利用世界银行企业调查(WBES)的9281个企业层面的观察结果,检验了市场力量假说与信息假说,以确定银行竞争是否促进了财务受限企业获得融资。设计/方法/方法作者使用两个结构指标来衡量州级银行的竞争:赫芬达尔-赫希曼指数(HHI)和三个银行集中度(CR3)。本文运用简单概率回归、样本选择概率模型(PSS)和两阶段最小二乘法(2SLS)研究了银行竞争对企业融资约束的影响。通过PSS和2SLS获得的结果表明,银行竞争缓解了企业的融资约束,并对其对银行贷款的需求和申请银行信贷的决定产生了积极影响。然而,与大公司相比,银行在促进融资方面的竞争在中小型公司中更为普遍。银行竞争加剧也缓解了女性企业家面临的信贷限制。实际意义印度储备银行(RBI)和其他政府利益相关者应确保银行竞争,而不妨碍银行整合议程,以促进中小企业获得信贷。监管机构还应查明和监测对提高金融体系竞争力贡献不大的金融机构。原创性/价值以往的研究主要从先进和跨国的角度调查银行竞争对企业融资渠道的影响。本研究从新兴经济体的角度考察了银行竞争在促进融资方面的作用,为有关银行竞争的文献做出了贡献。衡量州一级的银行竞争指标是一个额外的贡献。
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引用次数: 3
期刊
Asian Review of Accounting
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