顶级期刊 | Journal of Accounting and Public Policy 2018年第1期目录｜摘要

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目   录

1.Accounting and economic consequences of CEO paycuts

Gerald J.Lobo ,Hariom Manchiraju and SriS.Sridharan

2.Effects of SOX 404(b) implementation on audit fees by SEC filer size category

Michael Ettredge,Matthew G. Sherwood and Lili Sun

3.Political uncertainty and firms' information environment: Evidence from China

Yunsen Chen ,Deqiu Chen ,Weimin Wang and Dengjin Zheng

4.The influence of business strategy on annual report readability

Edwin KiaYang Lim ,Keryn Chalmers and Dean Hanlon

5.Determinants and economic consequences of cash flow restatements

Elio Alfonso,Andrew Christie,Dana Hollie and Shaokun (Carol) Yu

1

1.Accounting and economic consequences of CEO paycuts

Gerald J.Lobo ,Hariom Manchiraju and SriS.Sridharan

Abstract: Boards sometimes cut a CEO’s pay following poor performance. This study examines whether such CEO paycuts really work. We identify 1,496 instances of large CEO paycuts during the period 1994–2013. We then create a propensity-score-matched control group of firms that did not cut their CEOs’ pay and employ a difference-in-differences approach to examine the consequences of paycuts. Our results show that, following a paycut, CEOs are likely to engage in earnings management in an attempt to accelerate improvement in the reported performance and to achieve a speedier restoration of their pay to pre-cut levels. Further, we find that improvement in long-term performance after a paycut occurs only for those firms with lower levels of earnings management after the paycut. Finally, we show that paycuts are more likely to lead to unintended value-destroying consequences in the absence of high institutional ownership or when the CEO is sufficiently entrenched, thereby impairing the effectiveness of internal monitoring by boards.

Key  words：Executive compensation; Pay cut; Earnings management; Agency theory

2

2.Effects of SOX 404(b) implementation on audit fees by SEC filer size category

Michael Ettredge,Matthew G. Sherwood and Lili Sun

Abstract: This study provides novel information about the consequences of the Sarbanes-Oxley Act (SOX) by documenting differential audit fee shocks accompanying implementation of SOX 404(b) internal control tests and reports for clients in three size categories: large accelerated filers (LAFs), small accelerated filers (SAFs), and non-accelerated filers (NAFs). First, we find that although both LAFs and SAFs experience audit fee shocks attributable to 404(b), SAFs on average experience relatively greater fee shocks than LAFs (107.8% versus 84.6%; Table 6). Second, even though NAFs are not subject to 404(b) procedures, we document a 42.7% fee shock for NAFs. Our interpretation is that 404(b) generated an immediate increase in demand for audit services with no corresponding sudden increase in supply of experienced audit personnel, enabling audit firms to charge higher prices for all filers including NAFs. We find that audit fee shocks attributable to 404(b) are positively associated with audit offices’ bargaining power relative to clients, and that the effect of offices’ bargaining power is strongest for SAFs and weakest for NAFs. Although higher audit fees (with client characteristics held constant) are often considered an indicator of better audit quality, we find virtually no evidence that the massive fee increases in 2004 are accompanied by improvements in same-year or next-year audit quality, measured as decreases in discretionary accruals and a lower likelihood of subsequent restatements of audited financial reports.

Key  words：SOX 404(b); Internal controls; Audit fees; Accelerated filers; Non-accelerated filers; Audit office; Bargaining power

3

3.Political uncertainty and firms' information environment: Evidence from China

Yunsen Chen ,Deqiu Chen ,Weimin Wang and Dengjin Zheng

Abstract: How political uncertainty affects the supply of value relevant information about a firm is an important but unresolved question. Using an emerging market setting where political leaders are expected to exert significant influence on economic activities, we examine the effect of political uncertainty caused by turnovers of local government leaders on a firm’s information environment. We find that during periods of political uncertainty, the total amount of idiosyncratic information about a firm that is available to the market is reduced. The adverse effect on information supply is manifest in firms that are more politically dependent and stronger when uncertainty is more severe. Further, we provide evidence suggesting that firms react to political uncertainty by reducing the amount and the quality of information provided to investors. We find that information intermediaries such as financial analysts and the media have a moderating effect on the information environment as they increase the production of information during periods of political uncertainty. However, these intermediaries do not negate the net loss of information.

Key  words：Political uncertainty; Information environment; Emerging market; China

4

4.The influence of business strategy on annual report readability

Edwin KiaYang Lim ,Keryn Chalmers and Dean Hanlon

Abstract: Concerns about the complexity of firm disclosures have prompted regulators to initiate projects to improve the readability of annual reports. We investigate business strategy as a determinant of annual report readability. As business strategy fundamentally determines a firm’s product and market domain, technology, and organizational structure, it influences a firm’s operating complexity, environmental uncertainty and information asymmetry. Consequently, business strategy frames the level, wording, and complexity of disclosures. We capture a firm’s business strategy based on the Miles and Snow (1978) strategic typology and measure 10-K readability with Li’s (2008) Fog index. We find that firms pursuing an innovation-oriented prospector strategy have less readable 10-Ks relative to firms pursuing an efficiency-oriented defender strategy. We also find that prospectors display more negative and uncertainty tones while defenders exhibit more litigious tone in their 10-Ks. Our study provides useful insights to policy makers as it suggests that efforts to improve annual report readability may be limited for some firms given that business strategy is a fundamental determinant of readability and pronouncements accommodating different strategic orientations are not feasible.

Key  words：Annual report readability; Business strategy; Fog index

5

5.Determinants and economic consequences of cash flow restatements

Elio Alfonso,Andrew Christie,Dana Hollie and Shaokun (Carol) Yu

Abstract: The FASB, PCAOB, SEC, and AICPA have all acknowledged that the accounting field needs to revisit the statement of cash flows (SCF). While the overall number of restatements has held steady over the past five years, the percentage of cash flow restatements (CFRs) has risen from 8.7% of all restatements in 2009 to 20.2% of all restatements in 2014. We examine the determinants of CFRs, investors’ differential beliefs about CFRs, and the information content of CFRs by focusing on abnormal trading volume and price reactions to CFRs. We then examine whether the guidance the SEC/AICPA published in early 2006 changed the information content of CFRs. Finally, since the proper classification within the SCF is a current regulatory issue, we examine whether classification shifting within the SCFs impacts the market. The market finds CFRs to be informative with some investor disagreement as shown by higher abnormal trading volume. We also find an incremental volume reaction to changes in operating cash flows after the SEC allowance period. While the market responds negatively to CFRs, we find that the market does not differentiate between whether classification shifting occurs or does not occur with the CFR. This study has implications for policymakers, auditors, and investors since it is one of the first to examine the capital market consequences of CFRs

Key  words：Trading volume reaction; Stock price reaction; Cash flow restatement; Statement of cash flows; Cash flows; Reclassifications

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