The Accounting Review 2018年第1期目录 | 摘要

青年会计学者联合发起会计领域NO.1高端自媒体

传播会计前辈思想，引领青年一代成长

因缘分相聚，因互助成长，因智慧光华

↙第1期  期刊目录

1.The Effects of Mandatory Audit Firm Rotation on Client Importance and Audit Industry Concentration

Christopher Bleibtreu , Ulrike Stefani

2.The Effect of Input and Output Targets for Routine Tasks on Creative Task Performance

Alexander Bru¨ggen , Christoph Feichter,

Michael G. Williamson

3.Analysts’ Influence on Managers’ Guidance

Kimball Chapman , Jeremiah R. Green 

4.Clarity Begins at Home: Internal Information Asymmetry and External Communication Quality

Chen Chen , Xiumin Martin , Matthew T. Billett

Sugata Roychowdhury , Xin Wang

5.Can Paying "Too Much"or "Too Little" Tax Contribute toForced CEO Turnover?

James A. Chyz , Fabio B. Gaertner

6.Stakeholder Conflicts and Cash Flow Shocks: Evidence from Changes in ERISA Pension Funding Rules

Michael J. Dambra

7.How Adopting New Performance Measures Affects Subjective Performance Evaluations: Evidence from EVA Adoption by Chinese State-Owned Enterprises

Fei Du , David H. Erkens , S. Mark Young , 

Guliang Tang  

8.Tangible Long-Lived Asset Impairments and Future Operating Cash Flows under U.S. GAAP and IFRS

Elizabeth A. Gordon , Hsiao-Tang Hsu

9.Status Differences and Knowledge Transfer: The Effect of Incentives

Katlijn Haesebrouck , Martine Cools , 

Alexandra Van den Abbeele

10.Internal Control Weaknesses and Acquisition Performance

Nancy L. Harp , Beau Grant Barnes 

11.Measuring Accounting Reporting Complexity with XBRL

Rani Hoitash , Udi Hoitash

12.Executive Bonus Contract Characteristics and Share Repurchases

Sunyoung Kim , Jeff Ng 

13.The Credibility of Financial Reporting: A Reputation-Based Approach

Ying Liang , Iva´n Marinovic , Felipe Varas

14.Value is in the Eye of the Beholder: The Relative Valuation Roles of Earnings and Book Value in Merger Pricing

MaryJane R. Rabier

Abstract  and  keywords

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The Effects of Mandatory Audit Firm Rotation on Client Importance and Audit Industry Concentration

Christopher Bleibtreu , Ulrike Stefani 

(University of Konstanz)

[Abstract]Recently, a system of audit firm rotation has been implemented for the audits of listed companiesconducted in the European Union (EU). In the U.S., in contrast, the regulator decided against such rotation. Whereas proponents argue that rotation would strengthen independence and decrease audit market concentration, opponents stress the importance of auditors’learning effects, which would be eliminated by a change in auditors. In extending the market matching model of Salop (1979), we provide an analysis that integrates these contradictory views. We assume that both auditors’industry expertise and their experience in auditing a client decrease audit costs. We investigate the bidding strategies applied to re-acquire clients that were lost due to rotation, auditors’profit contributions, the equilibrium number of auditors (i.e., audit market concentration), and the economic importance of specific clients. Our findings indicate that the regulators’goals of simultaneously decreasing client importance and audit market concentration are in direct conflict and, therefore, the rotation system might have unintended consequences. Our model, thus, suggests how different institutional parameters give rise to economic forces that can support diverging decisions regarding the implementation of MAR.

[Keywords]audit market structure; client importance; concentration; mandatory audit firm rotation; market matching model.

The Effect of Input and Output Targets for Routine Tasks on Creative Task Performance

Alexander Bru¨ggen  , Christoph Feichter 

(Maastricht University)

Michael G. Williamson  

(University of Illinois at Urbana–Champaign)

[Abstract]In an environment where employees have the freedom to direct some time away from their day-to-day routine tasks to work on creative endeavors, we examine whether nonbinding targets for the amount of time to spend(input target) and/or the amount of output to produce (output target) on the routine task affects creative task performance. Results of a laboratory experiment demonstrate that providing both an input and an output target on  the routine task leads to greater creative task performance relative to providing one or none of these targets. This result is consistent with theory suggesting that individuals need guidance as to how much routine work to complete in order to achieve the cognitive closure necessary for them to think creatively. However, individuals also need guidance that encourages them to limit time on their relatively comfortable routine work and spend time on more open-ended creative endeavors. By setting expectations as to what employees need to achieve on their more routine day-to-day responsibilities, organizations can increase the efficacy of the growing practice of allowing employees to spend a portion of their work week on creative endeavors.

[Keywords]target setting; multi-task environment; routine and creative tasks.Data Availability: Contact the authors.

Analysts’ Influence on Managers’ Guidance

Kimball Chapman  

 (Washington University in St. Louis)

Jeremiah R. Green   

(The Pennsylvania State University)

[Abstract]Analysts ask managers for forward-looking information in one-third of quarterly conference calls; most frequently, seeking earnings per share guidance. In this study, we examine the long-term consequences of analysts’questions on future manager disclosure choices. Using six types of commonly provided guidance, we find that when analysts request new guidance or ask about prior guidance, managers are more likely to provide similar guidance in future quarters. When analysts do not ask about prior guidance, managers are less likely to provide that type of guidance in the future. This effect is long-lasting, spills over into earnings announcements, and is strongest for firms with the most severe information problems. Our results provide evidence that analysts shape managers’disclosure choices in meaningful ways.

[Keywords] information demands; information intermediaries; voluntary disclosure.

Clarity Begins at Home: Internal Information Asymmetry and External Communication Quality

Chen Chen 

 (Monash University)

Xiumin Martin 

 (Washington University in St. Louis)

Sugata Roychowdhury 

  (Boston College)

Xin Wang   

(The University of Hong Kong)

Matthew T. Billett  

 (Indiana University)

[Abstract]This paper investigates the effect of internal information asymmetry (IIA) within conglomerate firms on the quality of management forecasts and financial statements. We develop a novel measure to capture IIA between divisional managers and top corporate managers, computed as the difference in their respective trading profits on their own company’s stock (DIFRET). Numerous validation tests indicate that DIFRET indeed captures the information asymmetry between divisional managers and top managers. In our primary tests, we find that DIFRET is associated negatively with the accuracy, bias, specificity, and frequency of management forecasts. Furthermore, the likelihood of error-driven accounting restatements increases with DIFRET. Our results, thus, suggest that external communication quality suffers when the information asymmetry between divisional managers and top managers is more severe.

[Keywords] internal information asymmetry; management forecast; external communication.

Can Paying "Too Much"or"Too Little" Tax Contribute to

Forced CEO Turnover?

James A. Chyz 

  (The University of Tennessee)

Fabio B. Gaertner  

  (University of Wisconsin–Madison)

[Abstract]Our study examines the effect of corporate tax outcomes on forced CEO turnover. While prior research argues that firms often do not engage in tax avoidance due to reputational concerns, the empirical evidence suggesting the existence of reputational costs is scarce. In a broad sample of firms, we find evidence of a relation between the payment of low taxes and forced turnover. We also find that forced CEO turnover is more likely when the firm pays a high tax rate relative to its peers. Our results are consistent with the existence of previously unexplored individual reputational costs for not engaging in tax avoidance.

[Keywords]CEO turnover; tax avoidance.

Stakeholder Conflicts and Cash Flow Shocks: Evidence from Changes in ERISA Pension Funding Rules

Michael J. Dambra 

 (University at Buffalo, SUNY)

[Abstract]In 2012, Congress passed Moving Ahead for Progress in the 21st Century (MAP-21), which changed the ERISA pension funding rules such that mandatory pension contributions decreased. Advocates for the bill argued that reducing mandatory contributions would increase firms’ investment. In contrast, I do not find an average increase in investment among the firms benefiting from MAP-21. Rather, I find that firms either hold pension funding relief on their balance sheets as liquid assets or pay out pension funding relief to shareholders. To the extent that managers increase investment in response to MAP-21, it is concentrated in firms with weak governance or ineffective internal controls.

[Keywords]MAP-21; pension accounting; ERISA pension funding; investment; payout policy; actuarial manipulation.

How Adopting New Performance Measures Affects Subjective Performance Evaluations: Evidence from EVA Adoption by Chinese State-Owned Enterprises

Fei Du  

 (University of Illinois at Urbana–Champaign)

David H. Erkens  

 (Georgetown University)

S. Mark Young  

 (University of Southern California)

Guliang Tang   

 (University of International Business and Economics)

[Abstract]This study investigates how adopting new performance measures affects the decision process through which supervisors make subjective adjustments. In our setting, the Chinese government substituted economic value added (EVA) for return on equity (ROE) in the performance score formula it uses to evaluate State-Owned Enterprises (SOEs). In accordance with the Chinese government’s objective to increase the capital efficiency of SOEs, supervisors shifted the weight in subjective adjustment decisions from ROE to EVA after EVA adoption.Consistent with EVA adoption creating fairness concerns, however, supervisors did not penalize SOEs for performing poorly on EVA when they performed well on ROE, and accomplished this by shifting the weight from EVA back to ROE. Additional analyses suggest that personal preferences motivated supervisors to make these  adjustments. Overall, our findings indicate that adopting new performance measures creates fairness concerns that motivate supervisors to consider their personal preferences in subjective adjustment decisions.

[Keywords]leniency bias; fairness; performance measurement; subjectivity.

Tangible Long-Lived Asset Impairments and Future Operating Cash Flows under U.S. GAAP and IFRS

Elizabeth A. Gordon   

(Temple University）

Hsiao-Tang Hsu

  (University of Louisiana at Lafayette)

[Abstract]This paper investigates the predictive value of tangible long-lived asset impairments for changes in future operating cash flows under U.S. GAAP and IFRS. We find that impairments reported under IFRS are negatively associated with changes in future operating cash flows, whereas those under U.S. GAAP, on average, are not. We investigate whether differences in the predictive value are attributable to differences in recognition or measurement, providing evidence suggesting that impairment recognition under U.S. GAAP is delayed. Evidence also suggests that the value-in-use measurement attribute, allowed under IFRS, does not induce under-impairing as IFRS and U.S. GAAP impairments are similarly related to future impairments. The main result of a negative association under IFRS, but not U.S. GAAP, holds after considering future impairments to control for measurement differences, macro-economic factors, and firm reporting incentives. Further, impairment losses under IFRS are more predictive in high-enforcement countries.

[Keywords]U. S. GAAP; IFRS; impairment; write-off; enforcement.

Status Differences and Knowledge Transfer: The Effect of Incentives

Katlijn Haesebrouck

  (Maastricht University)

Martine Cools  ,   Alexandra Van den Abbeele  

 (KU Leuven)

[Abstract]We examine how incentive systems influence knowledge transfer between group members with equalor different status who solve an interdependent task. In our experiment, group members receive group or individual incentives, while status is manipulated by assigning job titles with corresponding role descriptions. Although all conditions require knowledge sharing to maximize payoffs, our results suggest that significantly more knowledge is shared under group incentives relative to individual incentives when status differences are present, whereas the amount of knowledge shared does not differ across these incentive manipulations for equal-status groups. These findings are in line with theory suggesting that individual incentives can motivate knowledge sharing among equal status groups, but cannot overcome the negative interactions that arise under status differences. Instead, group incentives are required to induce cooperative behavior that mitigates the negative effects of status differences on knowledge sharing. We contribute to the literature and practice by showing that the effect of incentives depends on the social context and that job titles can have unintended consequences.

[Keywords]knowledge transfer; status differences; incentives.

Internal Control Weaknesses and Acquisition Performance

Nancy L. Harp  

(Clemson University)

Beau Grant

(Washington State University)

[Abstract]This study examines internal control weaknesses (ICWs) reported under Sarbanes-Oxley (SOX)Section 302 in the context of mergers and acquisitions. We predict that problems in an acquirer’s internal control environment have adverse operational implications for acquisition performance. We argue that acquirers with low quality internal information needed to select profitable acquisitions will make poorer acquisition decisions. We also argue that ICWs impede effective monitoring and are likely to hinder integration tasks that are important to acquisition profitability. We find that ICWs disclosed prior to an acquisition announcement predict significantly lower post-acquisition operating performance and abnormal stock returns. Poorer post-acquisition performance is concentrated in ICWs that are expected to impede acquisition activities (i.e., forecasting/valuation, monitoring, and integration). Our findings contribute to the literature linking ineffective internal control over financial reporting to negative operational outcomes. We also contribute to the SOX cost-benefit debate by documenting a previously unidentified benefit of ICW disclosures.

[Keywords] internal controls; Sarbanes-Oxley; material weaknesses; mergers and acquisitions; acquirer returns;operating performance.

Measuring Accounting Reporting Complexity with XBRL

Rani Hoitash 

 (Bentley University)

Udi Hoitash  

 (Northeastern University)

[Abstract]We propose a new measure of accounting reporting complexity (ARC) based on the count of accounting items (XBRL tags) disclosed in 10-K filings. The preparation and disclosure of more accounting items is complicated because it requires greater knowledge of authoritative accounting standards. This aspect of complexity can increase the likelihood of mistakes, incorrect application of GAAP, and can ultimately lead to less credible financial reports. Consistently, we find that ARC is associated with a greater likelihood of misstatements and material weakness disclosures, longer audit delay, and higher audit fees. In comparison to commonly used measures of operating and linguistic complexity, the associations between ARC and these outcomes are more consistent, exhibit greater explanatory power, and have stronger economic significance. These and additional validation and robustness tests suggest that ARC more completely reflects accounting complexity. In addition, ARC exhibits several advantageous properties, including across- and within-firm variation, availability for the universe of SEC filers, and adirect connection to accounting, inherent in its derivation from detailed accounting disclosures. Finally, because it relies on a comprehensive set of detailed accounting data, ARC broadly captures accounting complexity, while, at the same time, it can be disaggregated into account-specific measures of complexity.

[Keywords]accounting complexity; XBRL; disclosure quality; financial reporting quality; misstatements; internal controls; audit fees; accruals

Executive Bonus Contract Characteristics and Share Repurchases

Sunyoung Kim 

 (Monash University)

Jeff Ng

  (The Chinese University of Hong Kong)

[Abstract]We examine the importance of bonus contract characteristics, specifically, with respect to the relation between EPS-based bonuses and share repurchases. We find that managers are more (less) likely to repurchase shares and spend more (less) on repurchases when as-if EPS just misses (exceeds) the bonus threshold (maximum)EPS level. We find no such relation when as-if EPS is further below the threshold. We find weak evidence that managers of firms with as-if EPS just below the EPS target are more likely to repurchase shares and spend more on repurchases relative to firms with as-if EPS just above the EPS target. We further find that the incentive-zone slopes specified in the bonus contracts are positively associated with share repurchases. Managers making bonus motivated repurchases do so at a higher cost. Together, our results highlight the importance of compensation design in motivating managers’ behavior and aligning managers’ incentives with shareholders.

[Keywords]executive compensation;annual cash bonus; earnings per share; open market share repurchase.

The Credibility of Financial Reporting: A Reputation-Based Approach

Ying Liang   

(Baruch College–CUNY)

Iva´n Marinovic

  (Stanford University)

Felipe Varas 

 (Duke University)

[Abstract]This paper studies the reliability of financial reporting when the credibility of the manager, represented by his misreporting propensity, is unknown. We show that credibility concerns affect the time-series of reported earnings, book values, and stock prices in ways that seem consistent with empirical evidence. When investors are uncertain about the credibility of the reporting process, earnings response coefficients, as well as market-to-book values (MTB), are random and time-varying; relatively low MTB reflect poor credibility of financial reporting; stock prices are s-shaped in earnings surprises and relatively insensitive to bad news. Finally, when the manager is more likely to have reporting discretion, discretionary accruals tend to be larger and more volatile. We estimate the model using U.S. earnings announcement data during 2002–2012 and find that the probability of misreporting is 7 percent.A counter factual analysis reveals that ignoring the possibility of misreporting leads to overestimation of the mean (3.5percent), volatility (13 percent), and persistence of earnings (17 percent).

[Keywords]dynamic cheap talk; reputation; credibility.

Value is in the Eye of the Beholder: The Relative Valuation Roles of Earnings and Book Value in Merger Pricing

MaryJane R. Rabier

  (McGill University)

[Abstract]Gupta and Gerchak (2002) argue that different acquirers can arrive at different equity valuations for the same target depending on their strategic intent. A reason for acquirers’ equity valuations to vary, holding target fundamentals constant, may be that individual acquirers place different weights on underlying fundamentals. I examine this possibility using Burgstahler and Dichev’s (1997) theoretical framework. They argue that the relative importance of earnings and book value depends on expected adaptation, which is the likelihood that the existing earnings generating process will be altered. Using restructuring costs to proxy for expected adaptation at the individual acquirer level, I find that the association between the target’s earnings (book value) and acquirers’ bid prices is decreasing (increasing) in expected adaptation, consistent with theoretical predictions. These findings are less pronounced during merger waves and intense bid competition for the target.

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第十届会计史学术研讨会征文（佳木斯）

2018年会计学术会议清单汇总（更新中）

序号	会议名称	会议时间	会议地点	投稿截止日
1	第十一届中国北美会计教授年会	7月19-21日	南京	2018.3.1
2	《当代会计评论》2018春季学术研讨会	4月14日	长春	2018.3.2
3	China Journal of Accounting Studies 2018年第一次学术研讨会	5月11日	重庆大学	2018.4.15
4	第七届“公共管理、公众财政与政府会计跨学科研究论坛”暨第九届“政府会计改革理论与实务研讨会”征文	5月12-13日	杭州	2018.4.15
5	第十一届（2018年）中国金融评论国际研讨会	6月9-10日	上海	2018.4.15
6	The 2nd CCGAR Research Camp on Auditing and Accounting	5月25-26日	西南财经大学	2018.4.30
7	中国会计学会会计基础理论专业委员会2018年学术研讨会	6月2日-3日	北方民大	2018.5.1
8	中国商业会计学会2018年学术年会	6月2-3日	郑州航院	2018.5.2
9	第二届“龙马会计与财务国际研讨会”征稿通知	6月16日	中央财经大学	2018.5.5
10	会计与财务研究的国际经验和中国实践研讨会	5月19日	上海立信会计金融学院	2018.5.6
11	中国会计学会第十七届会计信息化年会	7月7-8日	中央财经大学	2018.5.6
12	第十届（2018）金融风险与公司金融国际研讨	7月6日-8日	大连	2018.5.25
13	中国会计学会财务管理专业委员会2018学术年会	6月23-24日	吉林财经大学	2018.5.30
14	中国会计学会2018年学术年会	7月14-15日	安徽财经大学	2018.5.31
15	2018年第二届新制度会计学国际研讨会征文启事	7月13-14日	南京大学	2018.6.1
16	第三届生态文明审计理论创新发展论坛暨2018当代会计两岸研讨会	6月23日	济南	2018.6.10
17	中国会计学会审计专业委员会2018年学术年会	9月21-23日	铜陵学院	2018.6.30
18	第十届会计史学术研讨会征文	8月中下旬	佳木斯	2018.7.15
19		10月27-28日	西安理工大学	2018.8.25
20	Accounting and Business Research  Special Issue Conference	9月8-9日	北京	2018.10.1

本期编审人员

执行编辑 | 吉林建筑大学 在读会计本科生  暴庭玮

审核 | 英国纽卡斯尔大学博士研究生  Li Jing Claire

终审 | 西北师范大学大学 在读会计硕士生杨阳

主编｜北京交通大学会计系博士生  水皮（李高波）

欢迎大家分享和转发朋友圈

2018年会计学术会议清单汇总（更新中）

序号	会议名称	会议时间	会议地点	投稿截止日
1	第十一届中国北美会计教授年会	7月19-21日	南京	2018.3.1
2	《当代会计评论》2018春季学术研讨会	4月14日	长春	2018.3.2
3	China Journal of Accounting Studies 2018年第一次学术研讨会	5月11日	重庆大学	2018.4.15
4	第七届“公共管理、公众财政与政府会计跨学科研究论坛”暨第九届“政府会计改革理论与实务研讨会”征文	5月12-13日	杭州	2018.4.15
5	第十一届（2018年）中国金融评论国际研讨会	6月9-10日	上海	2018.4.15
6	The 2nd CCGAR Research Camp on Auditing and Accounting	5月25-26日	西南财经大学	2018.4.30
7	中国会计学会会计基础理论专业委员会2018年学术研讨会	6月2日-3日	北方民大	2018.5.1
8	中国商业会计学会2018年学术年会	6月2-3日	郑州航院	2018.5.2
9	第二届“龙马会计与财务国际研讨会”征稿通知	6月16日	中央财经大学	2018.5.5
10	会计与财务研究的国际经验和中国实践研讨会	5月19日	上海立信会计金融学院	2018.5.6
11	中国会计学会第十七届会计信息化年会	7月7-8日	中央财经大学	2018.5.6
12	第十届（2018）金融风险与公司金融国际研讨	7月6日-8日	大连	2018.5.25
13	中国会计学会财务管理专业委员会2018学术年会	6月23-24日	吉林财经大学	2018.5.30
14	中国会计学会2018年学术年会	7月14-15日	安徽财经大学	2018.5.31
15	2018年第二届新制度会计学国际研讨会征文启事	7月13-14日	南京大学	2018.6.1
16	第三届生态文明审计理论创新发展论坛暨2018当代会计两岸研讨会	6月23日	济南	2018.6.10
17	中国会计学会审计专业委员会2018年学术年会	9月21-23日	铜陵学院	2018.6.30
18	第十届会计史学术研讨会征文	8月中下旬	佳木斯	2018.7.15
19		10月27-28日	西安理工大学	2018.8.25
20	Accounting and Business Research  Special Issue Conference	9月8-9日	北京	2018.10.1

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华人高端会计金融学术圈

2018年4月12日

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