Managerial Accountants and Investment Efficiency

• 成果类型: Article; Early Access
• 署名作者: Iselin, Michael; Ott, Jacob; Zou, Youli
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; Purdue University System; Purdue University; University of Connecticut
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826; 1558-7967
• DOI: 10.2308/TAR-2023-0699
• 发表日期: 2026-08-06
• 关键词: employing accountants; investment efficiency; internal information frictions; managerial accountants; INTERNAL CAPITAL-MARKETS; asymmetric information; earnings management; reporting quality; accruals; incentives; AGENCY; FIRMS; COMPENSATION; decisions

摘要

This study explores the relation between a firm's employment of managerial accountants and the efficiency of its investment decisions. To investigate this, we track the yearly employment levels of managerial accountants within firms and find a positive association with investment efficiency. This positive association persists after controlling for financial accountants and multiple measures of financial reporting quality, suggesting the effect operates through improved internal information. Cross-sectional tests show that the relation is concentrated in firms with greater internal information asymmetry and more complex overhead cost allocation. A staggered difference-indifferences (DiD) design exploiting state implementation of the 150 credit hour CPA rule further alleviates endogeneity concerns. Our study contributes to the investment efficiency literature and highlights an important benefit of employing managerial accountants. The findings are particularly relevant, given the recent shortage of accounting professionals.