知名期刊 | 英国会计评论-2020年第1期目录及摘要

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The British Accounting Review* (Impact Factor: 2.984. ISI Journal Citation Reports © Ranking: 2018: 11/103 (Business Finance)) is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomedacross...

Journal Metrics

 CiteScore: 3.73 

Impact Factor: 2.984 

5-Year Impact Factor: 3.885 

Source Normalized Impact per Paper: 1.808 

SCImago Journal Rank (SJR): 1.118 

期刊简介

The British Accounting Review

Volume 52, Issue 1

（January 2020）

Catalogue

[1].The impact of shareholders and creditors rights on IPO performance: An international study

Susanne Espenlaub ,Abhinav Goyal , Abdulkadir Mohamed

[2].A study on trust restoration efforts in the UK retail banking industry

Shakeel Ahmed, Kenbata Bangassa, Saeed Akbar

[3].Does equity market timing have a persistent impact on capital structure? Evidence from China

Yang Zhao, Cheng-Few Lee, Min-Teh Yu

[4].Competition and stability in the credit industry: Banking vs. factoring industries

Marta Degl’Innocenti, Franco Fiordelisi, Irwan Trinugroho

[5].Payout policy and ownership structure: The case of Islamic and conventional banks

Andi Duqi, Aziz Jaafar, Mohammed H. Warsame

[6].Intra-industry transfer effects of credit risk news: Rated versus unrated rivals

P. Abad, R. Ferreras, M.D. Robles

 

NO.1

  

The impact of shareholders and creditors rights on IPO performance: An international study

Susanne Espenlaub

Manchester Accounting and Finance Group, University of Manchester, Booth Street West, Manchester M15 6PB, UK

Abhinav Goyal

Business School, University College Cork, College Road, Cork, Ireland

Abdulkadir Mohamed

Accounting and Finance Group, Leeds Business School, Leeds University, LS2 9JT, UK 

Abstract：This paper examines the impact of cross-country variation in shareholders' and debt holders' rights on post-IPO performance and survival of newly listed stocks across the globe. Using a sample of 10,490 initial public offerings (IPOs) in 40 countries between 2000 and 2013, we find that post-IPO performance and survival is better in countries with stronger shareholder protection, but the impact of creditor protection is negative i.e. stronger creditor protection leads to poor post-IPO performance and survival. This effect is driven by rules requiring creditors’ consent for company reorganization and the mandatory replacement of incumbent managers. Reputable IPO advisors exacerbate the positive impact of shareholder rights and the negative impact of creditor rights.

Keywords:Investor protection, Shareholder rights, Anti-director rights index (ADRI), Creditor rights, IPO delisting, Long-term performance, Security law

NO.2

 

A study on trust restoration efforts in the UK retail banking industry

Shakeel Ahmed

University of Central Lancashire, School of Language and Global Studies, Adelphi Building AB040, Preston PR1 2HE, UK

Kenbata Bangassa

University of Liverpool Management School, Chatham Street, Liverpool, L69 7ZH, UK

Saeed Akbar

The University of Bradford School of Management, Bradford, BD7 1DP, UK

Abstract:This paper aims to capture the perception of banking services providers on how to restore their customers' trust in the UK banking industry. Twenty frontline employees (FLEs) who have customer-facing responsibilities are interviewed and a thematic analysis of the interview transcripts is undertaken. Through the emergence of three different major themes and a number of sub-themes, we have presented our findings in the form of a trust restoration model. Interviewees have reported three major themes as an action framework to restore their customers' trust. Firstly, banks are implementing enhanced transparency in their operations, by appropriately disclosing the key features of their lending and other banking activities. Secondly, they are implementing policies and procedures that can help strengthen their relationship banking, such as improving employee and customer engagement activities for supporting small businesses and the community. Thirdly, they are promoting operational efficiency by adequately investing in information technology infrastructure. However, some financial service practices identified by the interviewees, for example, the deliberate sale of financial products that are unsuitable for their customers or too complex to understand, still continues. Ultimately, this ‘sale before service’ tactic is incompatible with the industry claims of compliance with the new financial regulations.

Keywords:Trust，Retail banking，Relationship approach，Moral hazard，Financial regulations

 

NO.3

Does equity market timing have a persistent impact on capital structure? Evidence from China

Yang Zhao

School of Finance, Nankai University, Tianjin, China

Cheng-Few Lee

epartment of Finance and Economics, School of Business, Rutgers University, Janice H. Levin Building, Rockefeller Rd., Piscataway, NJ, 08854, USA

Min-Teh Yu

Providence University and PAIR Labs, Taiwan

Abstract:This paper uses the change in individual securities accounts as a measure of equity funding supply to examine whether the persistent timing effect on capital structure exists for the Chinese equity market. This new equity timing measure avoids previous criticisms over a timing measure not being independent of a firm's characteristics of capital structure. Our empirical results show that this new measure is an effective market timing variable for issuing equity in the Chinese equity market, and that a persistent effect of equity market timing on firm capital structure exists for more than 7 years. This paper offers evidence that the market conditions of equity funding supply play an important role in corporate financing decisions in China.

Keywords:Cost of equity, Equity market timing, Capital structure, Equity funding supply, Chinese IPO, Securities accounts

 

NO.4

Competition and stability in the credit industry: Banking vs. factoring industries

Marta Degl’Innocenti

Southampton Business School, UK

Franco Fiordelisi

University of Rome III, Italy & Middlesex University, UK

Irwan Trinugroho

Universitas Sebelas Maret, Indonesia

Abstract:Over the last decade, most credit-industries registered a decline in lending volumes, while factoring industries instead registered a substantial growth in terms of turnover. Surprisingly, only a handful of papers so far investigate factoring companies. Do factoring firms display the same stability levels of banks? Is the competition similar in factoring and banking industries? Is the relationship between competition and stability the same in these industries? Focusing on Italy (one of the largest factoring and banking markets in Europe) and using a unique dataset, we show three main results: factoring companies are (on average) more stable than banks; 2) the stability of factoring companies increase when competition declines (competition-fragility view); 3) the competition-fragility view is weaker in the factoring industry than in the banking industry. Our findings indicate that competition in the Italian credit industry was greater in factoring than in banking.

Keywords:Banking，Factoring，Competition，Stability

  

NO.5

 

Payout policy and ownership structure: The case of Islamic and conventional banks

Andi Duqi

Department of Management, University of Bologna, Via Capo di Lucca 34, 40126, Bologna, Italy

Aziz Jaafar

Bangor Business School, Bangor University, Hen Goleg, Room 1.07, College Road, LL57 2DG, Bangor, United Kingdom

Mohammed H. Warsame

Department of Finance and Economics, College of Business Administration, University of Sharjah, P.O. Box 27272, United Arab Emirates

Abstract:Using a sample of Islamic and conventional financial institutions domiciled in 16 countries for the period 2000–2015, we examine how ownership structure affects dividend policy. Our main findings indicate that ownership identity is important in explaining dividend policy in these banks, albeit in different patterns. In particular, the results suggest that government ownership seems to exert negative effects on dividend payouts in both types of banks, which is in line with the preference of governments towards bank stability. With respect to family ownership, the impact is negative for conventional banks but positive for Islamic ones, consistent with agency theory. These results are to some extent similar in the case of foreign ownership where it is associated with a higher payout policy in Islamic banks, but not significant in conventional ones. Our results are robust to an array of additional analyses including propensity score matching.

Keywords:Agency theory, Islamic banking, Ownership structure, payout policy

 

NO.6

Intra-industry transfer effects of credit risk news: Rated versus unrated rivals

P. Abad

University Rey Juan Carlos, Paseo Artilleros s/n, 28032, Madrid, Spain

R. Ferreras

Santalucía and Universidad Complutense de Madrid, Spain

M. D. Robles

Universidad Complutense de Madrid and Instituto Complutense de Análisis Económico, Spain

Abstract:We examine the information transfer effect of bond-rating adjustments on industry rivals. Our research is based on the premise that the transfer effect is influenced by the rated status of rivals, i.e., whether the rival’s debt is rated by any credit rating agency. The results reveal that credit rating adjustments induce different/stronger effects. First, the intra-industry transfer effects (on returns and risk) are stronger on rated rivals than on unrated rivals. Second, the credit risk news produces lower co-movements between the returns of the two types of rivals. Third, the differential effect is stronger in the manufacturing industry, in the riskiest industries and in the industries with the lowest competition levels. Interestingly, our results suggest that credit rating news is more relevant for rivals with access to the public debt market (such as re-rated firms) than for rivals that focus on other sources of funding.

Keywords:Intra-industry transfer effects，Rated and unrated rivals，Credit rating events，Returns，Systematic (beta) risk

★学术板块荣誉出品★

整理：刘轩圆 天津农学院研究生编辑：张婷  中国矿业大学（北京）研究生
审核：程慧煜  西安财经大学研究生副主编：李瑞嘉  东北财经大学本科生指导：水皮/李高波   北京交通大学博士生

声明

本文综合整理自《The British Accounting Review》，版权归原作者和原杂志所有。传播学术成果，见证学术力量，会计学术联盟在行动。感谢社会各界的支持与厚爱！

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