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作者：Kim, Jeong-Bon; Li, Bing; Liu, Zhenbin
作者单位：City University of Hong Kong; University of Waterloo; Hong Kong Baptist University
摘要：Using the U.S. Securities and Exchange Commission's mandate of eXtensible Business Reporting Language (XBRL) as a natural experiment, this study investigates whether and how the decreased information-processing costs brought about by XBRL influence firms' breadth of share ownership. We find that the XBRL mandate is associated with an increase in the total number of a firm's shareholders. This finding is consistent with the notion that XBRL facilitates a more transparent environment and decreas...
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作者：Johnson, Lindsay M.; Keune, Marsha B.; Winchel, Jennifer
作者单位：University of Tennessee System; University of Tennessee Knoxville; University System of Ohio; University of Dayton; University of Virginia
摘要：This study examines U.S. auditors' observations of the PCAOB inspection process, and its impact on their work, in order to understand the current U.S. regulatory audit climate. Using 20 interviews with experienced auditors, we consider behavioral factors (e.g., perceived power of and trust in the PCAOB) that can impact the level and form of auditor compliance according to theory from the slippery slope framework on audit regulation (Kirchler et al. 2008; Dowling et al. 2018). Our participants ...
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作者：Schnader, Anne Leah; Bedard, Jean C.; Cannon, Nathan H.
作者单位：Suffolk University; Bentley University; Texas State University System; Texas State University San Marcos
摘要：The financial security of the investing public relies on high-quality service by broker-dealers (BDs), investors' gateway to the financial markets. The SEC has long required auditors to attest to BDs' internal controls and compliance with regulations (including those privately owned). Following the unraveling of the Madoff Ponzi scheme in 2008, the SEC required auditors of all BDs to register with the PCAOB, and Congressional initiatives signaled imminent transition from private (AICPA) to pub...
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作者：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
摘要：Subchapter C of the U.S. Internal Revenue Code levies an entity-level tax on corporate profits, whereas Subchapter S allows corporations meeting specific criteria to elect out of this tax. Despite these differences, C and S corporations regularly compete for customers and capital. We examine whether and the extent to which competition from S corporations influences the future organizational form choice of rival C corporations and explore outcomes of this choice. Using data for 4,462 private U....
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作者：Lisic, Ling Lei; Myers, Linda A.; Pawlewicz, Robert; Seidel, Timothy A.
作者单位：Virginia Polytechnic Institute & State University; University of Tennessee System; University of Tennessee Knoxville; George Mason University; Brigham Young University
摘要：In recent years, public accounting firms have experienced a steady increase in the proportion of their revenues generated from consulting services. Although growth in consulting revenue following the Sarbanes-Oxley Act (SOX) has been generated primarily from services provided to nonaudit clients, regulators have expressed concerns about the potential implications of this increase for audit quality. In contrast, accounting firms assert that the expertise developed by their consulting profession...
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作者：Chen, Can; Kim, Jeong-Bon; Wei, Minghai; Zhang, Hao
作者单位：University of Macau; City University of Hong Kong; Sun Yat Sen University
摘要：This study examines whether and how linguistic information quality (measured by readability) of customer firms' management earnings forecast reports (MEFRs) affects supplier firms' investment quality (measured by investment efficiency). Our analyses reveal that supplier investment efficiency is positively associated with the average linguistic information quality of customers' prior MEFRs, and the positive association between supplier investment efficiency and customer MEFRs' numerical informa...
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作者：Finley, Andrew R.; Kim, Mindy H. J.; Lamoreaux, Phillip T.; Lennox, Clive S.
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; George Mason University; Arizona State University; Arizona State University-Tempe; University of Southern California
摘要：Regulators have expressed concerns about the revolving door between auditors and clients, whereby audit employees move directly from audit firms to audit clients (i.e., direct alumni hires). Regulators are concerned that these direct hires could compromise audit quality, partly because these employees could have previously audited their hiring company's financial statements. In contrast, we examine accounting and finance executives who move indirectly from audit firms to audit clients and who ...
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作者：Liu, Xiaotao (Kelvin); Liu, Xiaoxia; Reid, Colin D.
作者单位：Northeastern University; Hohai University; Washington & Lee University
摘要：We examine the effect of stakeholder orientation on firms' cost management as proxied by selling, general, and administrative (SG&A) cost stickiness. Using a sample of 19,783 firm-years, we find that customer and employee orientation are associated with greater SG&A cost stickiness. Furthermore, the effect of customer orientation on SG&A cost stickiness is more prominent in firms where SG&A costs create high future value, growth firms, and firms with strong corporate governance. In contrast, t...
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作者：Wahid, Aida Sijamic; Welch, Kyle
作者单位：University of Toronto; George Washington University
摘要：We examine professional directors-board members with no employment outside of serving as independent directors. We find that boards with a higher percentage of professional directors engage in more acquisitions, experience lower acquisition announcement returns, and exhibit lower performance-turnover sensitivity and lower financial performance. We also examine the returns surrounding the appointment-announcement dates of professional directors and find that firms experience significantly lower...
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作者：Heitzman, Shane; Huang, Mengjie
作者单位：University of Southern California; Fordham University
摘要：We ask whether the quality of internal information matters for investment decisions. We predict that investment is more sensitive to internal profit signals and less sensitive to external price signals when managers have higher-quality internal information. Consistent with recent theoretical and empirical research, we proxy for internal information quality using observable information properties. We find that the sensitivity of investment to profitability is increasing, while the sensitivity o...
