2022

最新文章

• Does Restricting Managers' Discretion through GAAP Impact the Usefulness of Accounting Information in Debt Contracting?† AI翻译
  作者：Cheng, Lin; Jaggi, Jacob; Young, Spencer
  作者单位：China Europe International Business School; Washington State University; University of Oklahoma System; University of Oklahoma - Norman
  摘要：We examine whether restricting managers' discretion through GAAP impacts the usefulness of accounting information in debt contracting. Our study informs standard setters and regulators regarding the debt contracting implications of limiting managers' discretion via accounting standards. We predict and find that under more restrictive standards, lenders make more non-GAAP modifications to GAAP-based performance measures, suggesting that restrictions of managers' discretion reduce the usefulness...
• Styles of Regulators: Evidence from the SEC's Comment Letters† AI翻译
  作者：Do, Truc (Peter) Thuc; Zhang, Huai
  作者单位：University of Queensland; Nanyang Technological University
  摘要：We investigate whether individual securities regulators exhibit personal styles in their work, a question of importance to corporate executives and capital market participants. Using the SEC's comment letters as our setting, we find that SEC staff members exhibit unique personal styles. We manually collect information on SEC staff members and provide evidence that staff members' personal characteristics influence the SEC's review process. Further analyses reveal that SEC staff members with a C...
• Product Market Competition and Voluntary Corporate Social Responsibility Disclosures† AI翻译
  作者：Ryou, Ji Woo; Tsang, Albert; Wang, Kun Tracy
  作者单位：West Virginia University; Hong Kong Polytechnic University; Australian National University
  摘要：This study examines whether and how firms' voluntary forward-looking nonfinancial disclosure, specifically their corporate social responsibility (CSR) disclosure, is associated with the intensity of product market competition (PMC). Despite the importance of the proprietary cost argument in explaining corporate disclosure incentives, there is little empirical evidence of the relationship between firms' proprietary cost concerns and their voluntary nonfinancial disclosure decisions. Using a red...
• What Determines Effective Tax Rates? The Relative Influence of Tax and Other Factors*† AI翻译
  作者：Schwab, Casey M.; Stomberg, Bridget; Xia, Junwei
  作者单位：University of North Texas System; University of North Texas Denton; Indiana University System; Indiana University Bloomington; Texas A&M University System; Texas A&M University College Station
  摘要：Many studies use GAAP effective tax rates (ETRs) as a proxy for tax avoidance and assume that very low (high) ETRs represent the greatest (least) tax avoidance, yet ETRs can be affected by items unrelated to tax avoidance. Despite awareness of the potential limitations of ETRs versus other factors as a measure of tax avoidance, the literature lacks consistent evidence on the extent to which ETRs capture tax avoidance. We take a step toward filling this void using income tax footnote disclosure...
• Tax Incidence and Tax Avoidance AI翻译
  作者：Dyreng, Scott D.; Jacob, Martin; Jiang, Xu; Mueller, Maximilian A.
  作者单位：Duke University; University of Cologne
  摘要：Economists broadly agree that the economic burden of corporate taxes is not entirely borne by shareholders but also borne in part by employees and consumers. We examine corporate tax avoidance in a setting where shareholders do not bear the entire economic burden of the corporate tax. We show that the relation between corporate tax incidence and corporate tax avoidance depends on the elasticity of labor supply, the productivity of capital relative to labor, and the tax deductibility of labor a...
• Determinants and Consequences of the Severity of Executive Compensation Clawbacks AI翻译
  作者：Asante-Appiah, Bright; Sharma, Divesh S.
  作者单位：Lehigh University; University System of Georgia; Kennesaw State University
  摘要：We examine the determinants and consequences of the severity of executive compensation clawbacks. As one of the most substantial, prolonged, and controversial proposals to reform executive compensation, clawback rules recently regained the SEC's focus. We construct an intuitive clawback severity score and find that clawbacks are considerably heterogeneous and not homogenous as assumed in the literature. Our determinants analyses suggest that clawback severity is increasing in firms with greate...
• The Relevance of Non-Income Tax Relief AI翻译
  作者：Drake, Michael S.; Hess, Ryan, V; Wilde, Jaron H.; Williams, Braden M.
  作者单位：Brigham Young University; Oklahoma State University System; Oklahoma State University - Stillwater; University of Iowa; University of Texas System; University of Texas Austin
  摘要：Governments regularly offer non-income tax relief to attract business investment. However, it is unclear whether or how markets impound information about the relief into security prices. We use novel data from retrospective public records to examine the information content of non-income tax relief. We predict and find that the receipt and magnitude of this relief are both strongly associated with recipients' future accounting performance and future abnormal returns. We further find that abnorm...
• The Effects of Independent Director Litigation Risk AI翻译
  作者：Donelson, Dain C.; Tori, Elizabeth; Yust, Christopher G.
  作者单位：University of Iowa; Oklahoma State University System; Oklahoma State University - Stillwater; Texas A&M University System; Texas A&M University College Station
  摘要：Does personal litigation risk for independent directors materially affect firm valuation, compensation-related issues for independent directors, and board composition decisions? We use the unexpected In re Investors Bancorp decision in 2017 by the Delaware Supreme Court, which lowered the liability threshold only for directors in derivative litigation over their own equity grants and increased their future litigation risk, to examine these issues. Understanding changes in independent director ...
• Corporate Integrity Culture and Compliance: A Study of the Pharmaceutical Industry* AI翻译
  作者：Altamuro, Jennifer L. M.; Gray, John V.; Zhang, Haiwen (Helen)
  作者单位：Villanova University; University System of Ohio; Ohio State University; University of Minnesota System; University of Minnesota Twin Cities
  摘要：This study examines corporate integrity culture-that is, a firm's shared values and behaviors related to compliance, trustworthiness, and ethics. Different from prior research that associates culture measures with general firm-level outcomes, we evaluate the pervasiveness of the integrity culture within an organization across two disparate business functions: operations and financial reporting. We first develop a measure of corporate integrity culture based on firms' internal control environme...
• Can Auditors Improve Their Judgment by Drawing on the Crowd Within?† AI翻译
  作者：Zimbelman, Aaron F.
  作者单位：University of South Carolina System; University of South Carolina Columbia
  摘要：This study examines whether auditors can improve their judgment by drawing on the crowd within-that is, making the same judgment twice and averaging the two responses. Improvements in judgment are of special interest to auditors given that poor judgment threatens audit effectiveness and efficiency. The results from my experiment suggest that drawing on the crowd within helps auditors better use their task-relevant knowledge, leading to more accurate auditor judgments relative to the judgments ...