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Accounting and Business Research  publishes papers containing a substantial and original contribution to knowledge. Papers may cover any area of accounting, broadly defined and including corporate governance, auditing and taxation. However the focus must be accounting, rather than (corporate) finance or general management. Authors may take a theoretical or an empirical approach, using either quantitative or qualitative methods. They may aim to contribute to developing and understanding the role of accounting in business.

Papers should be rigorous but also written in a way that makes them intelligible to a wide range of academics and, where appropriate, practitioners.

Peer Review Policy

All research articles in this journal undergo rigorous peer review based on initial editor screening and anonymous reviewing by at least two referees.

Accounting and Business Research is currently abstracted and indexed in:

• ABI/Inform

• EBSCO (Business Source Premier)

• ISI - Social Science Citation Index (SSCI)

• ABS Journal Guide

• 2017 5-Year Impact Factor: 2.023
  

目录

VOLUME 50,2020-ISSUE 1

[1]. Retrieving, classifying and analysing narrative commentary in unstructured (glossy) annual reports published as PDF files

Bong Hwan Mahmoud El-Haj,Paulo Alves,Paul Rayson,Martin Walker,Steven Young

[2]. Analysts’ earnings forecasting behavior surrounding uncertain regulatory events: evidence from the Tax Reform Act of 1986

Jennifer Howard,Praveen Sinha

[3]. Deprivation, social class and social mobility at Big Four and non-Big Four firms

Sammy X.Ying, Chris Patel, Peipei Pan

摘要

Retrieving, classifying and analysing narrative commentary in unstructured (glossy) annual reports published as PDF files

Mahmoud El-Haj

School of Computing and Communications, Lancaster University, Bailrigg

Portugal and International Centre for Research in Accounting, Lancaster University, Bailrigg

Paul Rayson

School of Computing and Communications, Lancaster University, Bailrigg

Martin Walker

Alliance Manchester Business School, Manchester University, Manchester

Steven Young

Lancaster University Management School, Lancaster University

Abstract:We provide a methodological contribution by developing, describing and evaluating a method for automatically retrieving and analysing text from digital PDF annual report files published by firms listed on the London Stock Exchange (LSE). The retrieval method retains information on document structure, enabling clear delineation between narrative and financial statement components of reports, and between individual sections within the narratives component. Retrieval accuracy exceeds 95% for manual validations using a random sample of 586 reports. Large-sample statistical validations using a comprehensive sample of reports published by non-financial LSE firms confirm that report length, narrative tone and (to a lesser degree) readability vary predictably with economic and regulatory factors. We demonstrate how the method is adaptable to non-English language documents and different regulatory regimes using a case study of Portuguese reports. We use the procedure to construct new research resources including corpora for commonly occurring annual report sections and a dataset of text properties for over 26,000 U.K. annual reports.

Keywords: Annual reports, textual analysis, unstructured documents, narrative reporting

Analysts’ earnings forecasting behavior surrounding uncertain regulatory events: evidence from the Tax Reform Act of 1986

Jennifer Howard

College of Business Administration, California State University - Long Beach, Long Beach,

Praveen Sinha

College of Business Administration, California State University - Long Beach, Long Beach

Abstract:This study examines analysts’ forecasting behaviour in the presence of significant tax policy uncertainty. The Tax Reform Act of 1986 (TRA86) was preceded by a lengthy debate, allowing us to investigate how tax policy uncertainty evolves over time. Our results are generally consistent with the intuition that uncertainty precedes the enactment of a proposed tax law while complexity manifests afterwards. Using the repeal of the investment tax credit to identify highly impacted firms, we find that the onset of disagreement among analysts during the debate occurred sooner for highly impacted firms than other firms. We also find that disagreement among analysts was concentrated among highly impacted firms before and after enactment. Given that our sample period precedes Regulation Fair Disclosure, our evidence suggests that analysts relied on private information from management to resolve the uncertainty associated with TRA86 but only for highly impacted firms.

Keywords:Tax Reform Act of 1986, tax policy uncertainty, tax complexity, analyst forecasts, private information, investment tax credit

Deprivation, social class and social mobility at Big Four and non-Big Four firms

Catriona Paisey

Adam Smith Business School, University of Glasgow, Glasgow, UK

Nick Paisey

Department of Economics, Accounting and Law, Heriot-Watt University, Edinburgh, UK

Heather Tarbert

Business School, University of the West of Scotland, Paisley, UK

Betty (H. T.) Wu

Adam Smith Business School, University of Glasgow, Glasgow, UK

Abstract:Using the work of Bourdieu and Savage, this paper investigates social class and social mobility among chartered accountants who qualified with The Institute of Chartered Accountants of Scotland in 2009. We find that these accountants tend to come from privileged backgrounds and that those who qualified with Big Four firms possess more economic, social and cultural capital than those who qualify with other firms. Our study provides fresh insights into how elements of social class interact with social background. In contrast with the prevailing view that there is limited social mobility in the accountancy profession, we find some evidence of social mobility, suggesting that current debates are based on contestable assumptions. We also find that chartered accountants from more deprived backgrounds as indicated by childhood postcode often have a father who has a professional or managerial occupation, so are not deprived on all measures. Where those from more deprived backgrounds accessed chartered accountancy careers, this was at the expense of people whose parents held lower rather than higher professional or managerial jobs. This suggests that the most advantaged maintain access to chartered accountancy but those from more middling professional homes are displaced when those from more deprived backgrounds gain access.

Keywords:social mobility, social class, Big 4, accountancy profession

目录

VOLUME 50,2020-ISSUE 2

[1]. Debt covenant slack and ex-post conditional accounting conservatism

Bong Hwan Kim

[2]. Accounting quality and the choice of borrowing base restrictions in debt contracts

Sunay Mutlu

[3]. The influence of peer attitude and inherent scepticism on auditors’ sceptical judgments†

Sammy X.Ying, Chris Patel, Peipei Pan

摘要

Debt covenant slack and ex-post conditional accounting conservatism

Bong Hwan Kim

Seoul National University

Abstract:This study examines how conditional accounting conservatism varies after debt contracts are executed (ex-post conditional conservatism) depending on the closeness to violations of debt covenants, the costs of covenant violations, and bank monitoring. I hypothesise that borrowers with lower debt-covenant slack have an incentive to avoid covenant violations and will have lower ex-post conditional conservatism levels than those with higher slack. I find that borrowers with both lower and higher slack increase their ex-post conditional conservatism, but that the magnitude of this increase in conservatism is positively associated with the level of covenant slack. Further, this positive relationship between the ex-post change in conditional conservatism and the debt-covenant slack is more pronounced when the costs of the debt-covenant breach are greater, and is less pronounced when lenders have stronger incentives to monitor borrowers. This study provides evidence that the ex-post change in conditional conservatism is affected by the costs of a covenant breach and bank monitoring.

Keywords:debt covenant hypothesis, conditional accounting conservatism, asymmetric timeliness, accruals

Accounting quality and the choice of borrowing base restrictions in debt contracts

Sunay Mutlu

School of Accountancy, Kennesaw State University, Kennesaw, GA, USA

Abstract:This paper examines the effect of accounting quality on the inclusion of a specific debt contract feature, the borrowing base restriction, which limits the borrower’s access to the credit line by the amount of its working capital assets. The quality of the working capital, in turn, becomes relevant to the choice of borrowing base restrictions. I argue that private monitoring of working capital decreases the effect of publicly available accounting information in debt contracts. I find that borrowers with low accounting quality, measured as low accrual quality, are more likely to access borrowing base lines of credit, as they face high adverse selection costs in non-borrowing base lines of credit. Accordingly, I show that the effect of accounting quality on the cost of debt is diminished in borrowing base lines of credit as compared to non-borrowing base lines of credit. Further results show that the diminishing effect of accounting quality in borrowing base lines is mainly due to the discretionary portion of accrual quality, rather than the innate portion. Moreover, based on the narrative length of borrowing base restrictions specifically written on eligible accounts receivables in loan contracts, I construct a borrowing base restrictiveness measure and find that the effect of accounting quality on the cost of debt is decreasing with the restrictiveness, supporting the substitution effect between contractual monitoring mechanisms and borrower accounting quality.

Keywords:debt contracts, accounting quality

The influence of peer attitude and inherent scepticism on auditors’ sceptical judgments†

Sammy X. Ying

Newcastle Business School, The University of Newcastle, Sydney, NSW, Australia

Chris Patel

Macquarie University, North Ryde, NSW, Australia

Peipei Pan

Macquarie University, North Ryde, NSW, Australia

Abstract:Our study examineswhether auditors’ sceptical judgments are influenced by peer attitude in thecontext of a peer providing informal advice to auditors in China. Wehypothesise that when peer attitude reflects a high (low) emphasis onprofessional scepticism, auditors will be more (less) sceptical in theirjudgments. Our results from a between-subjects experiment support thishypothesis. We further examine whether the effect of peer attitude on scepticaljudgments differs between auditors with higher or lower levels of inherentscepticism. Our results show that the effect of peer attitude is stronger amongauditors with higher levels of inherent scepticism. The results provideevidence on the potential boundaries of informal peer advice as a mechanism toelevate auditors’ professional scepticism. Our findings demonstrate theimportance of understanding how peer attitude and inherent scepticism jointlyinfluence their auditors’ sceptical judgments.

Keywords:Crash risk; Relationship; Business entertainment expenses; Anti-corruption campaign

目录

VOLUME 50,2020-ISSUE 3

[1]. Insider trading restrictions and earnings management

Beatriz Garcia Osma,Elvira Scarlat，Karin Shields,

[2]. Accounting for fixed assets and investment efficiency: a real options framework

Lufei Ruan

[3]. Bank accounting regulations, enforcement mechanisms, and financial statement informativeness: cross-country evidence*

Augustine Duru,Iftekhar Hasan,,Liang Song,Yijiang Zhao

摘要

Insider trading restrictions and earnings management

Beatriz Garcia Osma

Universidad Carlos III de Madrid: Madrid, Madrid, ES

Elvira Scarlat 

Birkbeck University of London: London, London, GB

Karin Shields

IE Business School: Madrid, ES

Abstract:We study whether firms that voluntarily restrict insider trading have lower incentives for earnings management. Using a large sample of US firms, we measure these restrictions based on the extent to which insider transactions happen shortly after quarterly earnings announcements. We find that the adoption of insider trading restrictions is associated with a reduction of 9.92% in absolute discretionary accruals. Our findings are robust to controlling for changes in corporate governance, and we do not find evidence of a substitution effect between accruals and real earnings management, target beating or timeliness of loss recognition. Taken together, our results indicate that the voluntary adoption of blackout periods that limit insider trading improves the quality of financial reporting.

Keywords:voluntary insider trading restrictions, earnings management, corporate governance

Accounting for fixed assets and investment efficiency: a real options framework

Lufei Ruan

College of Business, San Francisco State University

Abstract:In a perfect world, a manager's investment in fixed assets would increase with the assets’ profitability. However, when managers privately know their project profitability and care about their company's short-term share price, managers of less profitable firms face the temptation to overinvest in order to pool with strong firms. This creates pressure on strong firms to overinvest to the point where weak firms cease to find it worthwhile to mimic strong firms. I show that, when firms have abandonment options, the willingness of a weak firm's manager to mimic depends on the expected future resale value of the fixed assets. An impairment policy (prohibiting write-ups) reduces the value of abandonment options, which are particularly important for weak firms. The reduced value of the abandonment options decreases the amount of overinvestment required by strong firms to separate themselves from weak firms. I also show that allowing firms to choose depreciation schedules improves investment efficiency: in equilibrium, strong firms choose faster depreciation. Last, in the staged-investments setting, I show that an impairment policy also mitigates underinvestment at an initial stage. These findings rationalise the current accounting standards for fixed assets and contribute to related policy debates on accounting measurement.

Keywords:accounting for fixed assets, conservatism, investment efficiency, abandonment options, staged investments, real options

Bank accounting regulations, enforcement mechanisms, and financial statement informativeness: cross-country evidence*

Augustine Duru

 Kogod school of Business,American University

Iftekhar Hasan

Gabelli School of Business,Fordham University

Liang Song 

Charlton College of Business

Yijiang Zhao

Kogod school of Business,American University

Abstract:We construct measures of accounting regulations and enforcement mechanisms that are specific to a country's banking industry. Using a sample of major banks in 37 economies, we find that the informativeness of banks’ financial statements, measured by the value relevance of earnings and common equity, is higher in countries with stricter bank accounting regulations and countries with stronger enforcement. These findings suggest that superior bank accounting and enforcement mechanisms enhance the informativeness of banks’ financial statements. In addition, we find that the effects of bank accounting regulations are more pronounced in countries with stronger enforcement in the banking industry, suggesting that enforcement is complementary to bank accounting regulations in achieving higher value relevance of financial statements. Our study has important policy implications for bank regulators.

Keywords:bank accounting regulations, industry-specific enforcement mechanisms, financial statement informativeness, banking transparency

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