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作者：Brown, Stephen V.; Hinson, Lisa A.; Tucker, Jennifer Wu
作者单位：University of Connecticut; State University System of Florida; University of Florida
摘要：Firms are required to provide financial information via the financial statements and the management discussion and analysis (MD&A), a narrative explanation of the financial statements. Our study examines how firms use the MD&A channel when their financial statement channel is inadequate. We focus on two textual attributes of the MD&A: non-GAAP disclosure and forward-looking statements. We find that firms with less adequate financial statements discuss non-GAAP measures more and provide a large...
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作者：Elliott, W. Brooke; Loftus, Serena; Winn, Amanda
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; University of Kansas
摘要：We examine how disclosure delivery mode-oral versus written-influences investors' reactions to managers' tone language. We hypothesize that listening to disclosures, relative to reading them, causes managers' qualitative word choices to have a greater impact on investors' judgments. We theorize that this effect occurs because oral delivery mode promotes heuristic processing and qualitative tone language is an easy-to-process disclosure element. The results from an experiment in a conference ca...
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作者：Nan, Lin; Tang, Chao; Wang, Xin; Zhang, Gaoqing
作者单位：Purdue University System; Purdue University; Hong Kong University of Science & Technology; University of Minnesota System; University of Minnesota Twin Cities; Carnegie Mellon University
摘要：In this paper, we investigate the real effects of information transparency in crowdfunding markets. Our analysis shows that the crowdfunding market features an under-implementation inefficiency, driven by two types of uncertainty that consumers face: fundamental uncertainty about the entrepreneur's implementation cost, and strategic uncertainty due to potential coordination failures among consumers. We find that when both fundamental and strategic uncertainties are present, eliminating the fun...
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作者：Eugster, Florian; Kallunki, Jenni; Kallunki, Juha-Pekka; Nilsson, Henrik
作者单位：University of St Gallen; Swiss Finance Institute (SFI); University of Oulu; Aalto University; Stockholm School of Economics; University of St Gallen
摘要：This article examines the effect of managers' personality trait of extraversion on the voluntary disclosure of their firms. Our results from analyzing archival data from Sweden show that the extraversion scores of CEOs and CFOs obtained from psychological tests are positively associated with the voluntary disclosure scores of their firms. The effect of managerial extraversion on disclosure is, moreover, stronger when managerial discretion or managerial job demands are higher. We also find that...
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作者：Wiegmann, Leona; Petrikowski, Lukas; Goretzki, Lukas
作者单位：Monash University; WHU - Otto Beisheim School of Management; Stockholm School of Economics
摘要：Focusing on multidivisional companies, this paper analyzes the hardening of local forecasts at the intersection of business units (BUs) and the corporate finance function. It investigates how BU controllers, accountable to both local management and the corporate finance function, seek to establish themselves as competent and trustworthy forecasters vis-a-vis their functional superiors. Drawing on Goffman's dramaturgical sociology, we demonstrate how these encounters constitute episodes in a mu...
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作者：Agndal, Henrik; Nilsson, Ulf
作者单位：University of Gothenburg; Sabanci University
摘要：Extant management accounting research has conceptualized the interplay between trust, distrust, and open-book accounting (OBA) as a relationship-level phenomenon, largely ignoring that inter-organizational relationships are often complex entities that comprise multiple arenas of exchange where (dis)trust and OBA can interact in different-and potentially contradictory-ways. To address this theoretical oversight, we draw on relational exchange theory to propose that (dis)trust largely forms with...
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作者：Couchoux, Oriane
作者单位：Carleton University; Carleton University
摘要：Using data collected from 21 interviews with audit committee members (ACMs) of Canadian reporting issuers, this study examines the ways in which ACMs understand and enact the additional responsibilities placed on them by regulators in the post-Sarbanes-Oxley Act era. Adopting a social constructivist approach to knowledge and expertise, the study shows that despite the financial literacy requirements for ACMs, financial expertise is far from being uniformly understood by ACMs. Indeed, ACMs perc...
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作者：Ciconte, William A.; Donohoe, Michael P.; Lisowsky, Petro; Mayberry, Michael A.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Boston University; State University System of Florida; University of Florida; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Prior research shows that contingent liabilities do not accurately predict future cash payments due to the managerial discretion afforded by accounting standards. We examine the extent to which current accounting guidance for a material contingent liability-the reserve for unrecognized tax benefits (UTBs) under Financial Interpretation No. 48 (FIN 48)-generates accruals that are predictive of future income tax cash outflows. We document that UTBs fully unwind as cash tax payments over the subs...
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作者：Jung, Boochun; Kausar, Asad; Kim, Byungki; Park (Chris), You-il; Zhou, Jian
作者单位：University of Hawaii System; University of Hawaii Manoa; American University; University of Queensland
摘要：We examine the economic determinants and informational effects of credit rating affirmations (i.e., the reiteration of past credit ratings) for a sample of US public firms from 1995 to 2020. We find that credit rating affirmations typically follow major corporate events and changes in firm fundamentals that increase information uncertainty about a firm's creditworthiness, suggesting that affirmations reduce uncertainty. We further document that rating affirmations provide value-relevant inform...
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作者：Chang, Xin; Kwok, Wing Chun; Wong, George
作者单位：Nanyang Technological University; Hang Seng University of Hong Kong; Hong Kong Polytechnic University; Hong Kong Polytechnic University
摘要：Building on Banker, Byzalov, and Plehn-Dujowich's (2014, The Accounting Review, 89(3), 839-865) congestion cost theory, we model firms' trade-off between a rigid cost structure and a high inventory level to reduce the congestion costs caused by uncertain demand. We demonstrate that firms with a higher inventory level adopt a less rigid cost structure, but the effect of cost structure on inventory is theoretically ambiguous. Using a large sample of manufacturing firms in the United States, we e...
