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1.
2008年9月爆发的全球金融危机昭示了以美国为代表的主要发达经济体的金融监管体制存在重大缺陷。为此,各国纷纷大刀阔斧地改革本国的金融监管体制,而全面强化宏观审慎监管以防范系统性金融风险的爆发与蔓延则成为后危机时代全球金融监管改革的主旋律。在此背景下,美国于2010年底率先提出了为金融市场构建法人识别码(Legal Entity Identifier)系统的这一方案。2011年以来,在美国的积极倡导下,构建全球金融市场法人识别码系统的方案日渐成熟;2012年6月,"二十国集团"洛斯卡沃斯峰会不仅正式批准了由金融稳定理事会(Financial Stability Board)提交的构建全球金融市场法人识别码系统的草案,而且还提出力争在2013年3月基本完成该系统的筹建这一目标。构建全球金融市场法人识别码系统是后危机时代加强全球金融监管合作以及推动国际金融监管框架改革的重大举措,其必将对全球各国的金融监管体制改革产生重大而深远的影响。 相似文献
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This article examines equity accounting adoption by Australian companies before and after standard AAS 14 (1984), the first standard on equity accounting in Australia. To bypass a legal constraint, AAS 14 and its successor ASRB 1016 (1989) required that equity accounting of associates appear in supplementary disclosures (third-column or footnote) and not in consolidated accounts. Before AAS 14, extensive voluntary adoption of equity accounting occurred in consolidated accounts. Equity accounting adopters from 1971 to 1989 were matched in their adoption years with companies that could have used equity accounting but did not. Throughout, equity accounting adopters' EPS tended to be declining and equity accounting adoption tended to increase reported earnings. After AAS 14, adopters showed equity accounting via a third column if it increased reported earnings but in footnote disclosures if it reduced reported earnings. Leverage is associated with adoption before but not after AAS 14, perhaps because the standards required equity accounting in supplementary disclosures which had no impact on borrowing constraints, while no such restriction on equity accounting existed before regulation. Pre-AAS14 adopters tended not to be audited by large audit firms. Adopters after AAS 14 had higher ratios of investments in associates to total tangible assets; before AAS 14 they did not. The results are consistent with equity accounting being adopted opportunistically; there is limited evidence to support contractual efficiency motives. 相似文献
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Finland experienced an extremely severe economic depression in the early 1990s. As a part of the government's crisis management policies, significant new legislation was passed that increased supervisory powers of financial market regulators and reformed bankruptcy procedures significantly decreasing the protection of creditors. We show that the introduction of these new laws resulted in positive abnormal stock returns. The new laws also lead to increases in firms’ Tobin's q, especially for more levered firms. In contrast to previous studies, our results also suggest that public supervision of financial markets fosters rather than hampers financial market development. 相似文献
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公共卫生事件对企业微观经济行为的影响尚未引起足够的关注。立足于中国当前的疫情背景和制度环境,本文利用最新的“企业开工力”问卷调查数据,考察了新冠肺炎疫情对企业发展预期的影响和机制。研究发现,疫情降低了企业在未来开展经济行为的意愿;机制分析表明,紧张的现金流是疫情降低企业行动意愿的重要途径,具体表现为疫情分别通过提高来自现金流、违约金、还付贷款和员工工资等方面的资金支付压力,进而降低企业的发展预期。进一步分析表明,企业在疫情爆发前的活跃程度越高、所在市级地区的营商环境越好,疫情对企业发展预期的负向影响会越强;而且,疫情与企业发展预期间的关系在不同程度上受到企业所在地区疫情状况以及企业产权性质、所属产业类别等异质性因素的影响。在使用一系列稳健性检验后,上述结论依然稳健。本研究将企业经济行为的影响因素拓展至公共卫生安全领域,不仅揭示了公共卫生事件影响企业经济行为的微观机理,而且还为疫情防控下政府出台扶持企业相关政策提供了决策参考。 相似文献
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A chronicle is provided of some of the significant events in the life and death of the seventh-largest accounting firm in the United States, Laventhol & Horwath (L&H). In examining the success of individual firms in acquiring L&H's large audit clients, we ascertain whether Big Six firms were the beneficiaries of L&H's demise. A by-product of this examination is that public accounting firms should be wary of growth, per se . Specifically, more attention to their client selection standards is needed. 相似文献
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Junichi Chiba 《Accounting, Business & Financial History》2001,11(3):311-330
After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan. 相似文献
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Dahlia Robinson Michael Robinson Craig Sisneros 《Advances in accounting, incorporating advances in international accounting》2012
We examine the association between board composition and bankruptcy outcomes. Preliminary analyses provide no evidence that the proportion of outside directors is significantly associated with the likelihood that a Chapter 11 firm liquidates. Further analyses indicate, however, that the relation between the proportion of outside directors and bankruptcy outcomes is a function of the outside directors' ownership. More specifically, we find that the association is positive when outside director ownership is low and negative when it is high. The overall evidence supports the notion that a one-size-fits-all approach to corporate governance is likely to result in suboptimal board structures and hinder firms' strategies for dealing with poor performance. 相似文献
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We examine financially distressed firms and document how governance characteristics affect (1) a firm’s ability to avoid bankruptcy
and (2) the power of financial/accounting information to predict bankruptcy. Overall, our findings indicate that a distressed
firm’s governance characteristics significantly affect its probability of bankruptcy. We find that smaller and more independent
boards with a higher ratio of non-inside directors and with larger ownership stakes of inside directors are more effective
at avoiding bankruptcy once distress is indicated. These results are consistent with the belief that these types of governance
structures induce more effective monitoring. The results are also consistent with the view that the inclusion of governance
characteristics enhances the power of financial accounting models in predicting bankruptcy.
相似文献
Steve L. SlezakEmail: |
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In this study, we review the financial research on regulation in the Asia‐Pacific region. We do this by analysing six leading regional accounting and finance journals – Abacus, Accounting & Finance, Australian Accounting Review, Australian Journal of Management, International Review of Finance and the Pacific‐Basin Finance Journal. We identify five main themes of regulation research relating to: (i) banking and financial institutions, (ii) markets and trading, (iii) corporate governance, (iv) disclosure and (v) accounting standard setting. Our paper synthesises the regional literature in these areas and provide some suggestions for future directions. 相似文献
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The paper investigates causal relationships between systemic risk, economic policy uncertainty and firm bankruptcies, conditional on global volatility proxied by the VIX index, in a sample of 15 advanced and major emerging market economies during January 2008-June 2018. We test for Granger causality in time and frequency domains as well as dissect multivariate causal linkages in the dynamic complex system framework by applying a novel technique – convergent cross mapping (Sugihara et al., 2012). Based on strictly coincident results from all the three approaches, we find that systemic risk causes firm exit in Spain, while in the UK and the Netherlands bankruptcies are triggered by economic policy uncertainty. In South Korea and the USA, the VIX index causes the firm shutdown. For the rest of the countries, the causality inference provides less robust evidence. We argue that the magnitude of deleveraging by banks with respect to the private nonfinancial sector, proxied by the volatility of credit-to-GDP gaps, shapes the presence or absence of causal impact by systemic risk, economic policy uncertainty or the VIX index on bankruptcies. 相似文献
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Equity accounting in Australia has had a long, chequered history. This article examines that history by reference to a succession of six Exposure Drafts, one Statement of Accounting Practice and two Standards issued between 1968 and 1995. We adapt Nobes' (1991, 1992a. 1992b) cycle model of regulation to explain variation in 'standardization' across these documents. Nobes defined 'standardization' to mean the restriction of choice in accounting methods but we modify the concept to allow for measurement rule 'improvements' and changes in required disclosure levels. Nobes' cycle model has four stages: a starting point of varied practice: energy inputs, often crises, drawing attention to the issue at hand: forces opposing and forces in favour of standardization. A cycle- like pattern of variation in standardization emerges in the present context. Potential shortcomings of the cycle model are addressed, including Skerratt and Whittington's (1992) criticisms of Nobes' cycle model. The article extends the literature with respect to a cyclical explanation of the standard setting process. The cycle pattern evident here reflects a slow and incomplete resolution of various conceptual and legal difficulties in regulating equity accounting in Australia. 相似文献
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This paper compares today’s corporate management in developing markets (BRICS countries) vs. developed markets (the OECD countries). The influence of determining a new social corporate management season considering social distancing amid the COVID-19 pandemic on emerging markets' economic growth is ascertained and set apart from corporate management in developing markets. This paper helps clarifying and better understanding the role of corporate social responsibility in the conditions of an economic crisis against the background of the COVID-19 pandemic. This work provides scientific arguments that allow solving critical discussions regarding the advantages (growth of quality of life, an increase of business's competitiveness) and costs (limitation of economic growth, non-commercial use of profit, and increased price for goods and services) of domestic production and consumption. In the long-term, responsible financial practices return all investments and allow countries to better cope with a crisis. The research supplies a new view of corporate social responsibility as a measure of crisis management. It reflects its advantages at a time of social distancing in the conditions of the COVID-19 pandemic. The institutionalization of corporate social responsibility in emerging countries is not predetermined by internal factors (approach to doing business or organizational culture), if not by external factors (market status, state regulation, and consumer awareness). These circumstances prove the high complexity of strengthening corporate social responsibility in developing countries. In the conditions of social distancing – due to the COVID-19 pandemic – corporate social responsibility goes to a new level. In both developing and developed countries, one of the most widespread manifestations of corporate social responsibility is the entrepreneurship's transition to the remote form of activities. This envisages the provision of remote employment for workers and the online purchase of goods and services for consumers. 相似文献
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This paper explores how research in accounting history can contribute to the important public policy debate regarding investors' need for disclosure regulation. Accounting, finance, and economics researchers and practitioners argue for, as well as against, disclosure regulation. The debate remains theoretical, however, because empirical studies are virtually nonexistent. This paper reviews five contexts in which accounting historians can begin a search for empirical insights concerning the costs, benefits, externalities, and effects on stakeholders of disclosure regulation. The paper's investigation of the accounting history literature suggests that accounting historians could improve the quality of the debate and help accommodate broader interests or alternative solutions to financial crises. 相似文献
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会计监管属于规制经济学研究的大范畴,“公共利益理论”为会计监管提供了基本依据,通过对会计信息失灵原因的进一步分析,章指出“克服市场不完善导致的高质量会计信息需求不足”及“改善契约不完全造成的产权不明”是我国政府主导的会计监管更本质的原因;金融监管是经济监管领域较为成熟、甚为重要的部分,金融监管工具改革的经验体现了现代监管理念的变化,可以为会计监管工具设计和改革提供借鉴和支持。 相似文献
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We investigate the impact of corporate governance on accounting and market performance relationships of family firms during the Global Financial Crisis (GFC). We expect the monitoring aspects of corporate governance to complement the long-term orientation of family firms, improving the value relevance of accounting and market performance during times of exogenous financial shocks such as the GFC. We find that the family-firm value is more sensitive to book value than earnings changes. We also find better corporate governance, irrespective of whether it is a family firm or non-family firm, is associated with better accounting and market performance during the GFC. 相似文献
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2017年股权质押市值已超过3.81万亿,但是学术界仅有少量关于股权质押经济后果的研究文献。本文基于沪深A股上市公司2010-2017年的经验数据,实证检验了股权质押与会计稳健性之间的关系。研究发现,采用股权质押融资的上市公司具有更低的会计稳健性;进一步发现,当存在控股股东股权质押下,控股股东更可能实施一系列稳健的会计政策来排除风险,即控股股东股权质押与会计稳健性显著正相关。本文结论为完善股权质押新规监督机制提供了一定借鉴意义。 相似文献
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Recent studies in accounting regulation have used either the capture argument or the pluralistic notion to describe the enactment of accounting regulations. This paper explores the nature of the impact of public choice in accounting standard setting in New Zealand using the pluralistic notion. To provide an insight into the standard-setting process, this paper involves an examination of the establishment, withdrawal and re-establishment of New Zealand's most controversial standard after current cost accounting — the standard on investment property accounting (SSAP 17). The investigation considers the nature of public choice in the agenda entrance, demand and supply factors influencing standard setting in New Zealand. The results indicate that the New Zealand accounting standard-setting process is pluralistic in a limited way. Like most other English-speaking countries, the scope of participation for certain groups has been institutionalized on the supply side by way of membership of standard-setting committees of the New Zealand Society of Accountants. On the demand side, however, consumers of accounting have been provided with only limited scope for participating in the formal process of standard setting. Nevertheless, other means (i.e., exogenous and informal ones) may be used to influence the process. Overall, from both the demand and supply perspectives of regulation, the Big-8 accounting firms (as they were previously known) followed by the preparers of financial statements, seem to have greater participatory capacity in the New Zealand standard-setting process. 相似文献
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We examine the relationship between financial firm corporate lobbying, shareholder-based litigation outcomes, and firm value. We show that political lobbying lowers federal class action securities litigation likelihood for public financial institutions. Secondly, lobbying firms experience a higher likelihood of having litigation dismissed, and the average settlement amount is significantly lower for lobbying institutions. In addition, shortly after a litigation announcement, lobbying firms experience significantly higher cumulative abnormal returns (CARs), compared to non-lobbying firms. Finally, we show that lobbying firms have higher long-run buy-and-hold abnormal stock returns (BHARs) following lobbying activities. Our results link financial institution lobbying activity with improved legal outcomes and relatively higher firm value. While lobbying improves financial firm value, our results also imply that lobbying creates a disadvantage for non-lobbying firms within the industry. Our results provide insights, not only to corporate managers, but to regulators and policymakers interested in the impact of lobbying on the efficacy and objectivity of regulation and enforcement in the financial services industry. 相似文献
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Whether responsible investing reduces portfolio risk remains open to discussion. We study the relationship between ESG performance and downside risk at fund level in the Chinese equity mutual fund market. We find that fund ESG performance is positively associated with fund downside risk during the period between July 2018 and March 2021, and that the positive relationship weakens during the COVID-19 pandemic. We propose three channels through which fund ESG performance could affect fund downside risk: (i) the firm channel in which the risk-mitigation effect of portfolio firms’ good ESG practices could be manifested at fund level, (ii) the diversification channel in which the portfolio concentration of high ESG-rated funds could amplify fund downside risk, and (iii) the flow channel in which funds’ better ESG performance may attract greater investor flows that could reduce fund downside risk. We show evidence that the observed time-varying relationship between fund ESG performance and downside risk is driven by the relative force of the three channels. 相似文献