Chief Audit Executive as Supervisory Board Member and Executive Compensation Contracts

This paper studies a unique phenomenon in China's corporate governance—that chief audit executives (CAEs) sit on supervisory boards (CAE duality)—and examines its effects on executive compensation contracts. Using a sample of listed firms between 2010 and 2018, we find a significant positive relation between CAE duality and pay-for-performance sensitivity, which suggests that the dual position helps integrate monitoring resources and reduces agency costs. This positive relation is more pronounced when companies face a stricter monitoring environment and in non-state-owned enterprises (non-SOEs) than in SOEs. In addition, we find that the recent reforms on compensation strengthen the role of CAE duality in SOEs. Further analysis identifies the reliability of performance information (i.e., earnings quality) and reduced executive self-interested behaviours (i.e., perquisite consumption) as the influencing mechanisms that increase the demand for performance-based compensation and thus improve pay-for-performance sensitivity.     

信息化环境下企业内部审计模式思考

随着信息技术的高速发展,大数据技术呈现出爆发增长并逐渐渗入各行各业。基于信息化的大背景,大数据技术已被越来越多的企事业单位广泛运用,为企业发展带来更多可能性。大数据审计作为一种新型内部审计手段,具备独特的优势,将其运用到企业内部审计中可以较大程度提高内部审计的效率。但是它也为内部审计带来了一定不确定性,进而增加其审计风险。论文就大数据审计在企业内部审计中的应用进行了相关分析,并提出了相应的应对措施。     

服务业内部结构异质性演化与行业发展差距研究——基于全要素生产率视角下的分析

基于1990—2017年行业面板数据，采用超越对数生产函数对服务业各细分行业TFP增长率进行分解和测度，揭示我国服务业内部结构生产率演化进程及其异质性现象，并采用可导性对数方差分解法、VAR协整模型和误差修正模型（VECM）考察TFP及其构成部分对服务业行业发展差距的贡献度，评估其异质性作用于行业发展差距的长短期效应。研究发现，在服务业内部结构演化过程中，TFP、技术进步和技术效率改进呈逐步下降趋势，其中技术进步是推动TFP增长的核心，规模效率改进发展水平一直滞后，配置效率改进在服务业发展初期较为滞后，但水平逐步提升；生产性和生活性服务业行业间TFP及构成部分异质性在演化过程中呈下降趋势，且生活性服务业行业间异质性程度要小于生产性服务业，行业间异质性变化幅度最大的是规模效率改进，技术效率改进异质性波动程度最小；TFP异质性是造成行业间发展差距扩大的主要原因，其中技术效率改进是主导因素，且该效应的发挥只有在长期具有显著性。     

Hours underemployment and employee turnover: the moderating role of human resource practices

Using Canadian nationally representative, multisource longitudinal data, this paper examines relationships between hours underemployment, employee turnover and human resource practices. The results of hierarchical linear models indicate that underemployed employees are more likely to leave an organisation that relies heavily on part-time workers, whereas they are more likely to stay when their employers hire regularly from within the company. These findings extend the literature on hours underemployment from individual-level direct effects to organisational-level moderating factors, and accordingly, they provide empirical evidence that human resource professionals can use to address the detrimental effects of underemployment.     

Narco‐frontiers: A spatial framework for drug‐fuelled accumulation

Based on historical and ethnographic research conducted in a region of northwest Colombia and drawing on the stories of novelist Gabriel García Márquez, this article develops the analytical concept of “narco‐frontiers” to help disentangle the confusing political economy of agrarian spaces affected by the violence of the drug war. As socially produced spaces, narco‐frontiers emerge through the convergence of four interlocking processes: uneven development, internal colonialism, political violence, and narco‐fuelled dispossession. Although often depicted as “ungovernable” or “stateless” spaces, narco‐frontiers are wracked by extra‐legal regimes of rule in which the state is simply one actor among others. With the drug trade inducing violent agrarian change all over the world—from Colombia to Afghanistan, Burma to Central America—this article offers a spatial‐historical framework for understanding these dramatic transformations.     

政府随机审计的动态博弈模型及政策启示

本文在一个三阶段动态博弈框架下，对政府随机审计过程中的政府审计机关与政府审计对象以及国家与政府审计对象之间的动态博弈特征进行了分析。分析结果显示：政府审计机关与政府审计对象之间存在一个纯策略纳什均衡，而国家和政府审计对象之间存在一个混合策略纳什均衡。政府审计对象接受国家实质性审计的概率是政府审计对象被政府机关审计发现违规或不作为后的惩罚倍数的单调递减函数，而政府审计对象的违规或不作为的概率分别是政府审计对象被政府机关审计发现违规或不作为后的惩罚倍数和政府审计对象的应尽义务或责任的单调递减函数，却是政府审计机关审计行为成本的单调递增函数。同时，结合研究结论和中国政府审计全覆盖的现实，给出了一些政策建议。     

投资持股关系中的“共享审计师”效应研究

以2007—2015年我国资本市场上具有投资持股关系的上市公司为样本，通过研究持股方和被持股方聘请同一家会计师事务所对持股双方各自审计收费和审计质量的影响，探讨投资持股关系的“共享审计师”中，“信息共享”效应与“低价揽客”效应谁更明显。研究表明，当具有持股关系的两家公司共同聘请同一家会计师事务所后，“信息共享”效应更明显，表现为持股双方的财务报表审计质量和持股方的审计收费显著提升。进一步研究发现：持股双方在不同情况下会选择性价比最高，最有利于自身的方式来获取信息，以谋求“信息共享”效应最大化。     

Intellectual capital reporting practices in an Islamic bank: A case study

Given the nature and importance of Islamic banks in recent times, we can expect them to have significant intellectual capital anchored in their Sharia‐based knowledge and expertise. However, we know very little or nothing about how and why intellectual capital‐related information is provided in their corporate reports. We fill this gap in our existing knowledge of the field with a view to enhance relevant literature. As far as we know, this article is one of the earliest exploratory attempts to examine intellectual capital reporting practices of an Islamic bank. We have undertaken a longitudinal (2001–2015) case study related to the intellectual capital reporting practices of an Islamic bank. Key results include significant rise of intellectual capital reporting over time, dominance of internal capital‐related items in intellectual capital reporting profile and the dynamics of changes in intellectual capital reporting practices over time. Through an institutional theory lens, we explain that this is due to the changes in the external institutional environment and various intra‐organisational factors such as strong ethical culture, unique knowledge base (Sharia), and corporate governance regime.     

内外融资对企业不同阶段创新投资的异质性效应——基于中国制造业上市公司的数据

根据创新价值链理论，将企业创新活动分为研究阶段（R）与开发阶段（D），探究内外源融资方式对企业不同创新阶段投资的异质性效应，为企业选择创新活动的融资渠道和政府设计精准支持企业创新政策提供参考。基于中国制造业上市公司数据实证研究发现：内源融资对企业研究投资有显著促进效应，对开发投资未产生显著促进作用；债权融资对研究投资和开发投资的作用均不显著；股权融资对研究投资的影响不显著，但对开发投资具有显著影响。内源融资对债权融资与研究投资、债权融资与开发投资的关系不具有调节效应；内源融资对股权融资与研究投资关系具有正向显著调节效应，对股权融资与开发投资的关系具有正向调整作用但不显著。     

Examining the extent of and determinants for sustainability assurance quality: The role of audit committees

This study examines the extent of and determinants for sustainability assurance quality. Data comprise sustainability assurance statements published by the top 100 listed companies in Australia and New Zealand from 2017 to 2019. The findings indicate that Australian companies lead their New Zealand counterparts in sustainability assurance. Although sustainability reporting has risen, assurance rates remain significantly low. Accountants dominate the market, and companies prefer to use their own auditors for sustainability assurance work. Sustainability assurance quality is poor and does not vary significantly among Australian and New Zealand companies. Low-quality sustainability assurance plays a limited role in mitigating potential stakeholder–agency conflicts. The regression analysis indicates that audit committee characteristics such as members' independence, industry/market expertise, and attending meetings enhance sustainability assurance quality, whereas audit committee size has no affect. These findings suggest that audit committee characteristics such as independence, industry expertise, and regular meeting attendance have the potential to reduce stakeholder–agency conflicts by improving the quality of sustainability statement assurance. Our findings build on the sustainability assurance literature by exploring current trends in sustainability assurance practices in Australia and New Zealand where corporate governance codes have been recently revised. Further, these findings are timely given recent changes in standards (International Standard on Assurance Engagements [ISAE] 3000 and Global Reporting Initiative [GRI]). Our study contributes to the audit committee literature and sheds light on the role played by audit committee characteristics on sustainability assurance statement quality. The study findings potentially offer useful insights for practitioners, standard setters, and regulators.