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国际顶刊《The Accounting Review》 2022-97-6 期刊文速递！
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本文转载会计学国际顶级期刊《The Accounting Review》（简称TAR）97卷第六期目录摘要，提供财务研究领域最新学术动态。
TAR是UT Dallas界定的24本国际顶级商科期刊之一，与Journal of Accounting Research (JAR)以及Journal of Accounting and Economics (JAE)被公认为国际“三大”顶尖（TOP 3）会计学刊。
期刊名称：The Accounting Review
本期期卷：Volume 97, Issue 6
刊出日期：October 2022
目录
01 Influence of Control Precision and Prior Collaboration Experience on Trust and Cooperation in Inter-Organizational Relationships
Shannon W. Anderson; Mandy M. Cheng; Yee Shih Phua
02 Theory Testing and Process Evidence in Accounting Experiments
H. Scott Asay; Ryan D. Guggenmos; Kathryn Kadous; Lisa Koonce; Robert Libby
03 Political Connections and Accounting Conservatism
Vishal P. Baloria
04 Contemporary Conflicts in Perspectives on Work Hours across Hierarchical Levels in Public Accounting
Lisa Baudot; Khim Kelly; Aaron McCullough
05 The Cost of Fraud Prediction Errors
Messod D. Beneish; Patrick Vorst
06 Losers of CEO Tournaments: Incentives, Turnover, and Career Outcomes
Eric W. Chan; John H. Evans, III; Duanping Hong
07 ABC Cost Driver Framing and Altering the Balance of Power in Customer-Supplier Negotiations
Linda J. Chang
08 CFO Gaps: Determinants and Impact on the Corporate Information Environment
Xia Chen; Na Li; An-Ping Lin
09 Real Effects of Private Country-by-Country Disclosure
Lisa De Simone; Marcel Olbert
10 Beyond Borders: Uncertainty in Supragovernmental Tax Enforcement and Corporate Investment
Zackery D. Fox; Martin Jacob; Jaron H. Wilde; Ryan J. Wilson
11 Proprietary Costs: Why Do R&D-Active Firms Choose Single-Lender Financing?
Paul A. Griffin; Hyun A. Hong; Ji Woo Ryou
12 Why Do Large Positive Non-GAAP Earnings Adjustments Predict Abnormally High CEO Pay?
Nicholas M. Guest; S. P. Kothari; Robert C. Pozen
13 Initial Task Engagement: Unlocking the Value of Fit and Non-Fit to Improve Audit Judgments
Bright (Yue) Hong
14 News at the Bell and a Level Playing Field
Danqi Hu; Andrew Stephan
15 Does Board Demographic Diversity Enhance Cognitive Diversity and Monitoring?
Jun-Koo Kang; Seil Kim; Seungjoon Oh
16Measuring the Information Content of Disclosures: The Role of Return Noise
Jacob K. Thomas; Frank Zhang; Wei Zhu
17 Accounting Restatements and Bank Liquidity Creation
Wei Wang
# 01 #
Title：
Influence of Control Precision and Prior Collaboration Experience on Trust and Cooperation in Inter-Organizational Relationships
Author：
Shannon W. Anderson; Mandy M. Cheng; Yee Shih Phua
Abstract：
We investigate whether prior collaboration experience affects a focal partner's response to the precision of monitoring controls adopted by a new partner, with consequences for their goodwill trust in, and subsequent cooperation with, the new partner. We expect the partner to interpret their new partner's adoption of precise monitoring controls as either an effort to limit their autonomy or to reduce information asymmetry. The partner's experience with past partners is posited to determine which interpretation is salient, with negative (positive) experiences favoring the former (latter). We find that partners with an uncooperative (cooperative) experience exhibit lower (higher) goodwill trust in the new partner when controls are more precise. Further, prior experience moderates the indirect relation between the precision of monitoring controls and partner cooperation acting through goodwill trust. The results demonstrate the importance of prior experiences in the design of interfirm controls for current partner relationships.
# 02 #
Title：
Theory Testing and Process Evidence in Accounting Experiments
Author：
H. Scott Asay; Ryan D. Guggenmos; Kathryn Kadous; Lisa Koonce; Robert Libby
Abstract：
This paper discusses the role of process evidence in accounting research. We define process evidence broadly as data providing insight into how and why cause-effect relationships occur, and we provide a framework to guide the provision and evaluation of process evidence in accounting studies. Our definition allows for an expanded understanding of techniques for gathering process evidence. The framework highlights the importance of the study's goals and theory in choosing how to provide process evidence, as well as how much process evidence to provide. The paper also outlines the strengths and limitations of three approaches to providing process evidence: mediation, moderation, and multiple-study-based designs. We provide recommendations for best practices for each approach to minimize threats to validity and maximize the value of process evidence.
# 03 #
Title：
Political Connections and Accounting Conservatism
Author：
Vishal P. Baloria
Abstract：
Firms supply accounting conservatism in response to debt/equity contracting, litigation, political costs, and taxation demand from stakeholders. I examine whether political connections between U.S. firms and politicians moderate and/or intensify the impact of these demands on the supply of conditional and unconditional conservatism. I measure political connections based on the association between firms' campaign contributions and equity ownership in firms by U.S. House and Senate representatives. I measure conditional conservatism using an earnings-return model and unconditional conservatism using a persistent negative accruals proxy. I find that political connections moderate the effect of the debt contracting (litigation) demand for conditional (unconditional) conservatism. My results demonstrate whether and how political connections of U.S. firms can affect the four demands for and the supply of the two forms of conservatism. The collective evidence suggests that political connections serve as an alternative channel to reduce stakeholders' debt contracting and litigation demand for accounting conservatism.
# 04 #
Title：
Contemporary Conflicts in Perspectives on Work Hours across Hierarchical Levels in Public Accounting
Author：
Lisa Baudot; Khim Kelly; Aaron McCullough
Abstract：
Socializing personnel into accepting work hour norms has been fundamental to how accounting firms function, but is now challenged by contemporary work perspectives. Using 40 semi-structured interviews of personnel across hierarchical levels at a national firm and an international firm, we show how strangeness and contradiction expressed in work hour perspectives across different levels within both firms are reconstructed as compatible and complementary. Highlighting various firm adaptations, including alternative work arrangements, offshoring, and technological tools, our interviews suggest a major shift in firms' approach toward work hours. This shift is fueled by work perspectives embraced by younger generations desiring work-life balance and purposeful work, and enabled by technology supporting remote work and increasing work efficiencies. The question remains whether firms are evolving to genuinely embody work perspectives of younger generations or restructuring to rely on a smaller workforce willing to accept traditional work hour norms, or some combination thereof.
# 05 #
Title：
The Cost of Fraud Prediction Errors
Author：
Messod D. Beneish; Patrick Vorst
Abstract：
We compare seven fraud prediction models with a cost-based measure that nets the benefits of correctly anticipating instances of fraud against the costs borne by incorrectly flagging non-fraud firms. We find that even the best models trade off false to true positives at rates exceeding 100:1. Indeed, the high number of false positives makes all seven models considered too costly for auditors to implement, even in subsamples where misreporting is more likely. For investors, M-Score and, at higher cut-offs, the F-Score, are the only models providing a net benefit. For regulators, several models are economically viable as false positive costs are limited by the number of investigations regulators can initiate, and by the relatively low market value loss a “falsely accused” firm would bear in denials of requests under the Freedom of Information Act (FOIA). Our results are similar whether we consider fraud or two alternative restatement samples.
# 06 #
Title：
Losers of CEO Tournaments: Incentives, Turnover, and Career Outcomes
Author：
Eric W. Chan; John H. Evans, III; Duanping Hong
Abstract：
We investigate the consequences for non-promoted executives (NPEs) in CEO tournaments. We find that NPEs' total incentives decrease following the end of a tournament based on evidence of their reduced future promotion prospects and limited adjustments to their compensation. Consistent with the theory that NPEs leave in response to this loss in incentives, results indicate that turnover is higher for NPEs who: (1) are ex ante more competitive for promotion, (2) compete in open tournaments without an heir apparent versus closed tournaments with an heir apparent winner, and (3) compete in tournaments with an outsider versus insider winner. Departed NPEs' subsequent career outcomes suggest that the labor market assesses NPEs who leave after open tournaments more favorably than those who leave after closed tournaments and tournaments with an outsider winner. Overall, evidence suggests that promotion tournaments can weed out low-quality managers, but also cause the unintended turnover of high-quality managers.
# 07 #
Title：
ABC Cost Driver Framing and Altering the Balance of Power in Customer-Supplier Negotiations
Author：
Linda J. Chang
Abstract：
This study examines how activity-based costing (ABC) cost driver framing affects suppliers' ability to increase their bargaining power when negotiating with powerful customers. Results of an experiment show that suppliers with the potential to contribute to increasing joint profits (high contribution potential) earn a higher share of joint profits than suppliers with low contribution potential. High contribution potential suppliers have higher bargaining power because of their ability to increase customers' dependence on negotiated agreements. However, the advantage of having high contribution potential is reduced when suppliers are provided with externally framed cost drivers (costs represented as being driven by customers' activities) instead of internally framed cost drivers (costs represented as being driven by suppliers' activities). Analyses of negotiators' behavior show that suppliers with high contribution potential and internally framed cost drivers use more integrative tactics to increase joint profits, allowing them to earn higher shares of joint profits.
# 08 #
Title：
CFO Gaps: Determinants and Impact on the Corporate Information Environment
Author：
Xia Chen; Na Li; An-Ping Lin
Abstract：
A CFO gap arises when the CFO position is left vacant for a period between the departure of the old CFO and the appointment of a new CFO. We find that CFO gaps are fairly common; over the sample period 2004–2016, approximately one-third of CFO turnovers are associated with a CFO gap, lasting, on average, two quarters and two months. CFO gaps are more likely for firms that face more labor market search frictions and with financial reporting and performance issues, and are less likely for firms with succession plans and with greater growth opportunities. While CFO gaps are not associated with significant changes in firms' financial reporting quality, they are associated with significantly negative changes in firms' voluntary disclosure frequency and analysts' forecast quality. Our findings shed light on the factors that influence top executive gaps and the impact of such gaps on firms' information environment.
# 09 #
Title：
Real Effects of Private Country-by-Country Disclosure
Author：
Lisa De Simone; Marcel Olbert
Abstract：
We investigate the effects of mandatory private Country-by-Country Reporting (CbCR) to European tax authorities on multinational firms' capital and labor investments, as well as their organizational structures. We exploit the threshold-based application of this 2016 disclosure rule to conduct difference-in-differences and regression discontinuity tests. We document increases in capital and labor expenditures in Europe, but these effects are more pronounced in countries with preferential tax regimes. Cross-sectional tests and analysis using consolidated financial data provide evidence consistent with multinational firms reallocating capital across Europe to mitigate increased tax enforcement risk, as well as with CbCR hindering capital investment efficiency. We also find evidence consistent with firms responding to CbCR by reducing organizational complexity. Collectively, our results support the conclusion that mandatory private CbCR causes firms to change real investment activities to substantiate their tax avoidance activities in Europe while reducing the appearance of aggressive tax practices.
# 10 #
Title：
Beyond Borders: Uncertainty in Supragovernmental Tax Enforcement and Corporate Investment
Author：
Zackery D. Fox; Martin Jacob; Jaron H. Wilde; Ryan J. Wilson
Abstract：
Amid growing globalization, many countries have offered tax incentives to attract corporate investment. Prior research studies the role such incentives play in firms' location and investment choices. However, we have limited evidence regarding the role that uncertainty about the intensity of future tax enforcement plays in those decisions. In 2013, the European Commission (E.C.) abruptly began investigating the tax-ruling practices of several countries in response to allegations that certain firms received preferential tax treatment (“state aid cases”). We use this setting to study the economic consequences of increased uncertainty about future tax enforcement. We find evidence consistent with significant reductions in U.S. multinational enterprises' subsidiary investments within, firm input purchases from, and aggregate investment of U.S. firms flowing to targeted state aid countries. Specifically, for U.S. multinational enterprises' subsidiary investments, we find fixed assets declined by 1.7 percent of total assets, or $7.6 million per subsidiary.
# 11 #
Title：
Proprietary Costs: Why Do R&D-Active Firms Choose Single-Lender Financing?
Author：
Paul A. Griffin; Hyun A. Hong; Ji Woo Ryou
Abstract：
We examine whether proprietary costs drive R&D-active firms' choice of private loan structure. We find that R&D-active firms are more likely to choose single-lender over multi-lender private loan financing. This is consistent with the theory that high-ability entrepreneurs protect their proprietary knowledge by communicating it to a single lender while disclosing generic and less sensitive information to the public. This propensity, however, significantly decreases after the enactment of the American Inventor's Protection Act (AIPA), which accelerated public disclosure of firms' patent details in filings with the U.S. Patent and Trademark Office. This accelerated public disclosure potentially caused R&D information to spill over to rivals, increasing the proprietary costs of single-lender borrowers. AIPA enactment also increased the spread on R&D-active firms' single-lender loans. These findings contribute to the voluntary disclosure and financing choice literature by linking R&D-active firms' choice of single-lender financing to the proprietary costs of public disclosure.
# 12 #
Title：
Why Do Large Positive Non-GAAP Earnings Adjustments Predict Abnormally High CEO Pay?
Author：
Nicholas M. Guest; S. P. Kothari; Robert C. Pozen
Abstract：
CEOs of S&P 500 firms that report high non-GAAP earnings relative to GAAP earnings receive substantial unexplained pay. Crucially, this result remains even after controlling for the level of non-GAAP and GAAP earnings. These firms are relatively poor performers (i.e., low GAAP earnings and stock returns) and have less powerful CEOs, consistent with non-GAAP earnings being used as justification when high executive pay is more likely to cause outrage. Additionally, despite the lower GAAP and return performance, these firms are more likely to beat the earnings targets specified in their compensation plans, which likely increases investors' perceptions of core operating earnings and reduces outrage. Indeed, these firms face less dissent from shareholders and proxy advisors, and no additional media scrutiny. Our evidence suggests that the fraction of CEO pay that seems attributable to opportunistic non-GAAP reporting, while limited, is economically meaningful.
# 13 #
Title：
Initial Task Engagement: Unlocking the Value of Fit and Non-Fit to Improve Audit Judgments
Author：
Bright (Yue) Hong
Abstract：
Deficiencies identified in complex audit tasks suggest room for improvement in audit judgments. I propose that aligning an auditor's focus (prevention/promotion) and mindset (concrete/abstract) in a compatible way can induce an experience of “regulatory fit” that improves judgments compared to “regulatory non-fit.” Results are more complex than previously thought. I find that fit versus non-fit improves judgments, but only for auditors who are initially less engaged in the judgment task. For auditors who are initially more engaged, non-fit versus fit improves judgments. A second experiment provides converging evidence. Prior research finds strong evidence that fit improves performance versus non-fit. The possibility that non-fit could improve performance has received little attention. By conceptualizing initial task engagement and identifying it as a key moderator, my study suggests that non-fit also has value, and that assessing auditor preexisting conditions before prescribing interventions is important for improving judgments.
# 14 #
Title：
News at the Bell and a Level Playing Field
Author：
Danqi Hu; Andrew Stephan
Abstract：
We provide initial evidence that stock exchange procedures around closing auctions advantage speed traders at the expense of auction participants. We show that, on Nasdaq and NYSE Arca, 4:00 pm earnings releases result in informed trading in the continuous regular-hour session in the short window between 4:00 pm and the closing auction; this trading subsequently moves closing prices in the direction of the earnings news. The ability of speed traders to submit 4:00-pm-news orders to the auction through the continuous session earns them up to 1.5 percent profit and creates an unlevel playing field because most auction participants are not allowed to cancel their orders. When stock exchanges recommended that firms delay disclosures until after the market closes, those with higher institutional ownership were more likely to voluntarily do so. Our study has implications regarding the timing of information releases and the design of the closing process.
# 15 #
Title：
Does Board Demographic Diversity Enhance Cognitive Diversity and Monitoring?
Author：
Jun-Koo Kang; Seil Kim; Seungjoon Oh
Abstract：
We examine whether board demographic diversity enhances cognitive diversity (measured as director dissent in the boardroom) and monitoring. At the director level, we find that individual directors who are dissimilar relative to other board members in terms of tenure and experience are more likely to dissent. At the board level, boards composed of directors who have heterogenous tenure, experience, and gender are more likely to dissent. We also find that stock market reactions to director resignation announcements are more negative for directors who have ever dissented than for other directors. Moreover, following dissent-driven proposal rejections, firms experience an improvement in value and internal governance and a decrease in risk. The results suggest that directors who have diverse qualifications and skillsets as well as the inclusion of female directors enhance cognitive diversity, and that this enhanced cognitive diversity helps increase firm value and monitoring effectiveness.
# 16 #
Title：
Measuring the Information Content of Disclosures: The Role of Return Noise
Author：
Jacob K. Thomas; Frank Zhang; Wei Zhu
Abstract：
Disclosure is of fundamental interest to accounting research. When the sign/magnitude of disclosed news is unclear, the information in disclosure events is inferred using the ratio of return volatilities during event and non-event windows (Beaver 1968). We show that return noise due to microstructure frictions and mispricing affects this ratio, and that effect is comparable to or exceeds that of information content. We use the SEC's Tick Size Pilot program to confirm the causal effect of return noise on the ratio, and to evaluate alternative ways to control for it. The most promising approach is to use the difference between, rather than the ratio of, return volatilities during event and non-event windows. We illustrate its benefits by showing how it alters prior inferences regarding time-series and cross-sectional variation in information content as well as changes in the information content of earnings announcements around the 2004 amendments to Form 8-K filings.
# 17 #
Title：
Accounting Restatements and Bank Liquidity Creation
Author：
Wei Wang
Abstract：
Banks play a central role in creating liquidity for the economy by financing illiquid assets with liquid liabilities. This paper examines the effect of accounting restatements on bank liquidity creation. Using a difference-in-differences research design, I show that restatements trigger a significant reduction in liquidity creation. This effect derives mainly from banks shifting away from illiquid assets and toward liquid assets. Further analysis reveals that restatements affect liquidity creation through supervisory enforcement actions and unravelling of risk exposures accumulated in the misreporting period. Government deposit insurance blunts the effect of an information asymmetry channel.
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