知名期刊-AF-2020年第1期二十篇会计与财务类文章

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Accounting & Finance enjoys an excellent reputation as an academic journal that publishes articles addressing significant research questions from a broad range of perspectives. The journal:

• publishes significant contributions to the accounting, finance, business information systems and related disciplines;

• develops, tests, or advances accounting, finance and information systems theory, research and practice;

• publishes theoretical, empirical and experimental papers that significantly contribute to the disciplines of accounting and finance;

• publishes articles using a wide range of research methods including statistical analysis, analytical work, case studies, qualitative research, field research and historical analysis; and

• applies economic, organizational and other theories to accounting and finance phenomena and publishes occasional special issues on themes such as on research methods in management accounting.

Accounting & Finance is essential reading for academics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments, and merchant and investment banking.

Accounting, Finance, Auditing, Managerial accounting, Derivatives, Financial accounting, Corporate finance, Investments, Portfolio management, Qualitative, Environmental, Corporate governance,

Accounting and Finance

Volume 60, Issue 1

(April 2020)

目录

[1].Influence of media coverage and sentiment on seasoned equity offeringsJi Sun  Yi Zhou  Jiaguo (George) Wang  Jie (Michael) Guo
[2].Operating cash flow asymmetric timeliness in AustraliaMeiting Lu,Yaowen Shan,Sue Wright,Yimeng Yu
[3].The type of corporate announcements and its implication on trading behaviourLiyi Zheng
[4].Board monitoring and covenant restrictiveness in private debt contracts during the global financial crisisIntan Suryani Abu Bakar,  Arifur Khan,  Paul Mather,  George Tanewski
[5].How have US banks adopted the Financial Accounting Standards Board's Level 3 fair value disclosure rules?Walied Keshk,  Hung‐Yuan (Richard) Lu,  Vivek Mande  
[6].Working with monsters: counting the costs of workplace psychopaths and other toxic employeesRebecca T. Michalak，  Neal M. Ashkanasy
[7].CEO risk‐taking incentives and relative performance evaluationDirk E. Black
[8].The relationship between operating leverage and financial leverageSudipto Sarkar
[9].Changing board behaviour: The role of the ‘Two Strikes’ rule in improving the efficacy of Australian Say‐on‐PayJames Borthwick，  Aelee Jun，  Shiguang Ma
[10].The importance of cash flow disclosure and cost of capitalRichard Anthony Kent，  Di Bu
[11].Religiosity and cross‐country differences in trade credit useFeng Chen，  Xiaolin Chen，  Weiqiang Tan，  Lin Zheng
[12].Say‐on‐pay judgements: the two‐strikes rule and the pay‐performance linkYimeng Liang，  Robyn Moroney，  Michaela Rankin
[13].Evidence of governance arbitrage by private equity sponsorsGuy Schofield
[14].Dividend payout and executive compensation: theory and evidence from New ZealandWarwick Anderson， Nalinaksha Bhattacharyya，  Cameron Morrill，  Helen Roberts
[15].Determinants and consequences of financial distress: review of the empirical literatureAhsan Habib，  Mabel D' Costa， Hedy Jiaying Huang，  Md. Borhan Uddin Bhuiyan，  Li Sun
[16].The role of foreign and domestic venture capital in innovation: evidence from ChinaJiangjing Que，  Xueyong Zhang
[17].The relationship between corporate social responsibility, financial misstatements and SEC enforcement actionsNam Tran，  Don O'Sullivan
[18].Cash holdings, costly financing and the q theory of returnsNeal Galpin
[19].Institutional ownership, cross‐shareholdings and corporate cash reserves in JapanPascal Nguyen，  Nahid Rahman
[20].Perceptions of shareholders and directors on corporate governance:what we learn about director primacyChristofer Adrian， Sue Wright

zhai

摘

yao

要

01

Influence of media coverage and sentiment on seasoned equity offerings

Ji Sun
China Institute of Finance and Capital Markets, Beijing, China

Yi Zhou

School of Management, Fudan University, Shanghai, China

Jiaguo (George) Wang

Department of Accounting and Finance, Lancaster University Management School, Lancaster, UK

Jie (Michael) Guo

Durham Business School, University of Durham, Durham, UK

Abstract：This article examines the role of media in seasoned equity offerings (SEOs) price and market reactions on SEO announcements. Using a sample of SEO deals in UK, we find that media coverage is significantly and negatively related to SEO price discounts and market returns around SEO announcements. Moreover, we document that more pessimistic media sentiment predicts larger SEO price discounts and more negative market reactions to SEO announcements. In summary, both media coverage and media sentiment influence investor decisions in SEOs, but through different mechanisms.

Keywords:Announcement return,  Media coverage,  Media sentiment, Offer discount, Seasoned equity offerings

02

Operating cash flow asymmetric timeliness in Australia

Meiting Lu

Macquarie University, Sydney, NSW, Australia

Yaowen Shan

University of Technology, Sydney, NSW, Australia

Sue Wright

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

Yimeng Yu

Macquarie University, Sydney, NSW, Australia

Abstract：Operating cash flow (CFO) asymmetric timeliness occurs when CFO reflects bad news more quickly than good news. We examine the presence and determinants of CFO asymmetric timeliness in Australia, where substantial differences in reporting requirements of cash flow components, in characteristics of listed companies and in the degree of conservative financial reporting produce contrasting findings to those in the United States. We find supportive evidence for the novel ‘sticky cost behaviour’ explanation and also the product‐pricing strategy, but not the life cycle hypothesis. These findings are useful for investors and analysts concerned with forecasting the future values of companies.

Keywords: Operating cash flow , Asymmetric timeliness,  Firm life cycle , Cost stickiness

03

The type of corporate announcements and its implication on trading behaviour

Liyi Zheng

University of Bristol, Bristol, UK

Abstract：I report the empirical evidence to show how firms’ expected and unexpected announcements affect investors’ trading behaviour. I find that trading volume decreases before expected announcements, either scheduled or unscheduled, consistent with models that predict that discretionary liquidity traders may postpone their trading until after an anticipated news release. I also find that the magnitude of pre‐announcement trading reactions is negatively associated with the level of pre‐disclosure information asymmetry. I further find that trading volume is boosted before unexpected announcements, and the relation between the magnitude of pre‐announcement trading reactions and the pre‐disclosure information asymmetry is weakly significant or insignificant.

Keywords: Expected and unexpected announcements, Information asymmetry , Trading behaviour

04

Board monitoring and covenant restrictiveness in private debt contracts during the global financial crisis

Intan Suryani Abu Bakar

International Islamic University of Malaysia, Kuala Lumpur, Malaysia

Arifur Khan

Deakin University, Burwood, Australia

Paul Mather

La Trobe University, Melbourne, VIC, Australia

George Tanewski

Deakin University, Burwood, Australia

Abstract：We examine the association between board independence and restrictiveness of covenants in U.S. private debt contracts around the global financial crisis (GFC). We show that board independence is associated with less restrictive covenants suggesting lenders willingness to delegate some monitoring of firms with independent boards. More nuanced analysis between the pre‐GFC, GFC and post‐GFC periods shows mixed results and we suggest that, during the GFC and its aftermath, lenders place more emphasis on ex ante screening relative to ex post monitoring. We contribute to the literature by providing evidence on covenant use and lenders choices in periods of credit rationing.

Keywords: Board independence,  Debt covenants , Covenant restrictiveness,  Global financial crisis

05

How have US banks adopted the Financial Accounting Standards Board's Level 3 fair value disclosure rules?

Walied Keshk

California State University, Fullerton, CA, USA

Hung‐Yuan (Richard) Lu

California State University, Fullerton, CA, USA

Vivek Mande

California State University, Fullerton, CA, USA

Abstract：We examine how banks have complied with the Financial Accounting Standards Board's disclosure rules on Level 3 recurring fair value measurements. We document widespread noncompliance with the basic disclosure requirements. We also find that the noncompliant banks are smaller in size and are associated with lower audit quality, lower institutional ownership and less effective internal controls. Our results should be of use to regulators, auditors and audit committees in the United States, Australia and other countries for assessing the likelihood of noncompliance with fair value disclosure rules and improving the quality of fair value disclosures provided to investors.

Keywords: Banks，Fair value， Audit committee， Corporate governance， Financial reporting

06

Working with monsters: counting the costs of workplace psychopaths and other toxic employees

Rebecca T. Michalak
PsychSafe Pty Ltd, Perth, WA, Australia

Neal M. Ashkanasy
UQ Business School, University of Queensland, Brisbane, QLD, Australia

Abstract：We explore the role of ‘Workplace Monsters’ in the global burden of disease, including the $US1.15 trillion annual cost of depressive and anxiety disorders. We propose the productivity drain created by these individuals is a wicked problem, integrating several disciplines to position workplace monsters as significant corporate governance issues for organisations. Our discussion covers Monster prevalence, impacts on fellow workers and estimates of the costs incurred to business. We classify Monsters as ‘appreciating liabilities’ and call for future research to develop means of accounting for their inherent organisational costs in an effort to prompt action to address their destructive impacts.

Keywords: Productivity， Psychology ，Health and safety law， Intangibles ，Corporate governance

07

CEO risk‐taking incentives and relative performance evaluation

Dirk E. Black
Tuck School of Business, Dartmouth College, Hanover, NH, USA

Abstract：This paper examines how changes in CEO risk‐taking incentives are associated with changes in the use of relative performance evaluation (RPE) in CEO contracts. Using a shock to the accounting for executive stock options (FAS 123R), I confirm that risk‐taking incentives and option grants declined following FAS 123R using a within‐firm design, but not a within‐CEO‐firm design. Decreased risk‐taking incentives lead executives to invest in projects with lower systematic risk and can result in reduced incentives to hedge exposure to systematic risk in CEO compensation contracts via RPE. However, CEO relative risk aversion increases with decreases in risk‐taking incentives, potentially increasing incentives to protect CEO wealth from systematic performance via RPE. Testing these competing predictions, I find modest evidence consistent with reduced RPE surrounding FAS 123R, suggesting that when CEO risk‐taking incentives are reduced, so are incentives to shield CEO pay from systematic performance.

Keywords: CEO， FAS 123R ，Relative performance evaluation ，Risk‐taking， Vega

08

The relationship between operating leverage and financial leverage

Sudipto Sarkar

Michael‐Lee Chin & Family Professor in Strategic Business Studies, DeGroote School of Business, McMaster University, Hamilton, ON, Canada

Abstract：We model the relationship between operating and financial leverage. When operating leverage is exogenously specified, financial leverage is a monotonically decreasing function of operating leverage. When financial leverage is exogenously specified, operating leverage is initially increasing and subsequently decreasing in financial leverage. Finally, when both operating and financial leverage are chosen by the firm, they can be positively related, negatively related or unrelated, depending on which underlying parameter is driving the changes. Thus, operating leverage and financial leverage do not always behave as substitutes, as argued in the traditional literature. The relationship is complex, possibly non‐monotonic and dependent on the circumstances; empirical tests need to take this reality into account.

Keywords: Degree of operating leverage， Degree of financial leverage， Optimal capacity ，Optimal debt level ，Contingent‐claim model

09

Changing board behaviour: The role of the ‘Two Strikes’ rule in improving the efficacy of Australian Say‐on‐Pay

James Borthwick
Faculty of Business, School of Accounting, Economics and Finance, University of Wollongong, Wollongong, NSW, Australia

Aelee Jun
Faculty of Business, School of Accounting, Economics and Finance, University of Wollongong, Wollongong, NSW, Australia

Shiguang Ma
Faculty of Business, School of Accounting, Economics and Finance, University of Wollongong, Wollongong, NSW, Australia

Abstract：This article analyses whether the transition from the 2004 CLERP 9 advisory Say‐on‐Pay regime to the ‘Two Strikes’ rule in 2012 influenced CEO pay in Australian firms. Analysing a panel of 2,074 firm‐years (2005–2015), we find that (i) CEO pay is a positive predictor of shareholder dissent; (ii) firm performance has a reducing effect on shareholder dissent; (iii) excessive shareholder dissent moderated CEO pay under the ‘Two Strikes’ rule relative to the CLERP 9 regime, and (iv) the market responded favourably to the introduction of the ‘Two Strikes’ rule and negatively to ‘strike’ instances after its introduction.

Keywords: Say‐on‐Pay， Two strikes ，Executive compensation， Shareholder dissent

10

The importance of cash flow disclosure and cost of capital

Richard Anthony Kent
Finance, The University of Queensland, Brisbane, QLD, Australia

Di Bu
Finance, The University of Queensland, Brisbane, QLD, Australia

Abstract：We examine whether the choice of cash flow disclosure under International Accounting Standard 7 has an influence on the cost of capital incurred by Australian listed companies. Results indicate that indirect method companies incur a significantly higher ex‐ante cost of equity than direct method companies using a combined equity model approach. We also demonstrate that using an optimal weighted combination of equity models reduces model variance and bias compared to using a single equity model. Our findings support mandating the direct method and have the potential to induce companies to report the direct method to increase company value.

Keywords: equity， debt， cash flow disclosure ，direct method ，indirect method

11

Religiosity and cross‐country differences in trade credit use

Feng Chen

University of Toronto, Toronto, ON, Canada

Xiaolin Chen

Jiujiang University, Jiujiang, China

Weiqiang Tan

Hong Kong Baptist University, Kowloon, Hong Kong

Lin Zheng

Indiana University, Indianapolis, IN, USA

Abstract：Using the firm‐level data over 1989–2012 from 53 countries, we find religiosity in a country is positively associated with trade credit use by local firms. Specifically, after controlling for firm‐ and country‐level factors as well as industry and year effects, we show that trade credit use is higher in more religious countries. Moreover, both creditor rights and social trust in a country enhance the positive association between religiosity and trade credit use, while the quality of national‐level disclosure mitigates the aforementioned positive association. These results are robust to alternative measures of religiosity, alternative sampling requirements and potential endogeneity concerns.

Keywords: Creditor rights ，Cross‐country differences ，Religiosity， Social trust ，Trade credit use

12

Say‐on‐pay judgements: the two‐strikes rule and the pay‐performance link

Yimeng Liang

Department of Accounting, Monash Business School, Caulfield East, VIC, Australia

Robyn Moroney

Monash Business School, Monash University, Caulfield East, VIC, Australia

Michaela Rankin

Monash Business School, Monash University, Caulfield East, VIC, Australia

Abstract：We undertake an experiment to explore shareholder voting behaviour when the pay‐performance link is weak or strong; and when there has (has not) been a first strike in the preceding year. We find shareholders are more supportive of a remuneration package evidencing a strong pay‐performance link than a weak link. Further, shareholders are less supportive of a remuneration package when there has been a first strike in the preceding year than when there has not been a first strike. Importantly, we find that a first strike reduces the effect of the pay‐performance link on voting intentions.

Keywords:  Executive remuneration ，Pay‐performance link， Say‐on‐pay ，Two‐strikes rule

13

Evidence of governance arbitrage by private equity sponsors

Guy Schofield

Department of Applied Finance, Macquarie University, Sydney, NSW, Australia

Abstract：The motivation for private equity bids is not well understood, partly due to the private nature of their activity. This research contributes to understanding the merits of current‐day private equity by examining whether ineffective governance of target public corporations contributes to the role that private equity fulfils. I examine the characteristics of large public target firms that receive a private equity bid to investigate the evidence that private equity is motivated to address ineffective governance. I find evidence the private equity is motivated by what is referred to as governance arbitrage and that this role is heightened when there are constraints such as the imposition of uniform governance practices within public corporations.

Keywords: Corporate governance， Governance arbitrage， Private equity Information asymmetry

14

Dividend payout and executive compensation: theory and evidence from New Zealand

Warwick Anderson

University of Canterbury, Christchurch, New Zealand

Nalinaksha Bhattacharyya

University of Alaska Anchorage, Anchorage, AK, USA

Cameron Morrill

University of Manitoba, Winnipeg, MB, Canada

Helen Roberts

University of Otago, Dunedin, New Zealand

Abstract：Using a model based on Bhattacharyya (2007), we predict a positive (negative) relationship between the earnings retention ratio (dividend payout ratio) and managerial compensation. We use tobit regression to analyse data for New Zealand firms' dividend payouts over the period 1997–2015 and find results consistent with Bhattacharyya (2007). These results hold when the definition of payout is modified to incorporate both common dividends and common share repurchases. Our results indicate that corporate dividend policy among New Zealand firms is perhaps best understood by considering the dividend payout ratio, rather than the level of, or changes in, cash dividends alone.

Keywords: Dividend payout ，Executive compensation ，Earnings retention

15

Determinants and consequences of financial distress: review of the empirical literature

Ahsan Habib

School of Accountancy, Massey University, Auckland, New Zealand

Mabel D' Costa

School of Accountancy, Massey University, Auckland, New Zealand

Hedy Jiaying Huang

School of Accountancy, Massey University, Auckland, New Zealand

Md. Borhan Uddin Bhuiyan

School of Accountancy, Massey University, Auckland, New Zealand

Li Sun

School of Accountancy, Massey University, Auckland, New Zealand

Abstract：We synthesise the empirical literature on the determinants and consequences of financial distress, critique the findings and offer suggestions for future research. We categorise these indicators into (i) firm‐level fundamental determinants, (ii) macroeconomic determinants and (iii) firm‐level corporate governance determinants. We categorise the consequences into (i) financial reporting and auditing consequences, (ii) firm‐level operational consequences, (iii) capital market consequences and (iv) corporate governance consequences. We suggest that future research can make a more meaningful contribution, by developing more comprehensive models of predicting financial distress which will entail a departure from the current partial analysis to a more holistic complex analysis.

Keywords:  Financial distress ，Bankruptcies，Corporate governance， Financial reporting ，Capital markets

16

The role of foreign and domestic venture capital in innovation: evidence from China

Jiangjing Que

School of Finance, Central University of Finance and Economics, Beijing, China

  Xueyong Zhang

School of Finance, Central University of Finance and Economics, Beijing, China

Abstract：This paper analyses the different effects of foreign venture capital (FVC) and domestic venture capital (DVC) on innovation for IPOs. Using patent counts to measure innovation, the results indicate that FVC‐backed firms are less innovative than DVC‐backed firms. Our findings are robust after controlling for the sample selection bias using a propensity score matching approach. One possible underlying mechanism through which FVCs nurture less innovation is their inferior geographic proximity to investment targets.

Keywords: Venture capital， Innovation ，Geographic proximity， R&D

17

The relationship between corporate social responsibility, financial misstatements and SEC enforcement actions

Nam Tran

Melbourne Business School, University of Melbourne, Carlton, VIC, Australia

Don O'Sullivan

Melbourne Business School, University of Melbourne, Carlton, VIC, Australia

Abstract：This study explores the relationship between corporate social responsibility (CSR), financial misstatements and SEC enforcement actions. We find that firms with higher CSR are less likely to receive SEC enforcement actions for financial misstatements. Drawing on insights from stakeholder theory and the reputational literature, we identify two channels underpinning this relationship: (i) firms with higher CSR are less likely to engage in financial misstatements and (ii) the reputational effect of CSR reduces the likelihood of SEC enforcement actions. We find empirical evidence consistent with both channels.

Keywords: Corporate social responsibility，Financial misstatement， Corporate reputation， SEC enforcement action ，AAER

18

Cash holdings, costly financing and the q theory of returns

Neal Galpin

Monash University, Caulfield East, VIC, Australia

Abstract：I add cash holdings into an investment‐based model of stock returns. I motivate cash holdings via costly outside financing. The model shows a relation between stock returns and cash holdings and provides a structural foundation for estimating the value of cash holdings from regressions. I estimate the model at the firm level—a task notoriously difficult for q theoretic models. Adding cash into the model substantially improves model fit on average, and accounting for costly investment and financing help improve fit across firms.

Keywords: q theory ，stock returns ，cash holdings

19

Institutional ownership, cross‐shareholdings and corporate cash reserves in Japan

Pascal Nguyen

Finance Department, ESDES Business School, Lyon, France

Nahid Rahman

Finance Discipline Group, University of Technology Sydney, Sydney, NSW, Australia

Abstract：Cross‐country studies document a negative relation between corporate governance and cash holdings. In contrast, this relation is found to be positive in the United States. In this paper, we examine the case of Japanese firms. Using institutional ownership and cross‐shareholdings as the main governance variables, we show that better governance is associated with higher cash balances as in the United States. The reason is that better‐governed firms make better investment decisions. Their investments are not driven by excess liquidity and result in higher profitability and higher firm valuation. Overall, our findings indicate that management profligacy is a bigger concern to shareholders than management propensity to hoard cash because of risk aversion.

Keywords: Cash holdings，Governance，Ownership，Overinvestment，Profitability，Firm value

20

Perceptions of shareholders and directors on corporate governance: what we learn about director primacy

Christofer Adrian

Department of Accounting, Monash University, Caulfield East, VIC, Australia

  Sue Wright

Newcastle Business School, University of Newcastle, Callaghan, NSW, Australia

Abstract：This paper compares shareholder and director perceptions since the financial crisis on what constitutes effective corporate governance. We find three issues on which they have differing perceptions of good corporate governance: multiple directorships, provision of non‐audit services and CEO duality, and one issue on which shareholders express concern: directors' tenure. Our results highlight the need for regulations and recommendations to more subtly define good corporate governance practices in these areas. Our results also support the theory of director primacy, providing empirical evidence that this description of corporate power is accurate even for issues on which shareholders and directors differ.

Keywords: Shareholders， Directors， Corporate governance attributes ，Director primacy

学术板块荣誉出品

整理：彭静 湖南工业大学 

审核一：鞠云霞 云南财经大学 

编辑：刘建超  湖南大学

审核二：谢添赟  西南大学

副主编：高佳欣  郑州大学

指导：水皮/李高波  北京交通大学

声明：本文资料来源于网络，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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