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1.
《Journal of Accounting and Public Policy》2021,40(5):106856
This paper examines whether there is a difference in the value of voluntarily assured financial statements of private firms, depending on the availability of other information for the users of the statements. By using a within-firm estimator that completely controls for firm fixed effects, we find that the loan interest rate for private firms with voluntarily assured financial statements is lower when the firms have longer relationships with their banks. This finding suggests that the value of assured financial statements differs among the same type of users (banks), and is larger for those that accumulate soft information through long-term lending relationships. We also find that this larger value is not present when the tenure of the auditor with the client is very long. 相似文献
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Protecting the environment is now a major aspect of corporate social responsibility. However, voluntary carbon disclosure includes private information on future sustainability that external stakeholders cannot easily verify. Drawing on information asymmetry theory, we predict that companies with higher carbon information asymmetry between insiders and outsiders have a greater incentive to voluntarily engage an external party for the independent assurance of their greenhouse gas statements. Using data from the CDP, we test this hypothesis and find that our proxies for carbon information asymmetry (e.g., greenhouse gas emissions, energy structure) are significantly associated with the adoption of carbon assurance. Further analyses suggest that the probability of carbon assurance is enhanced when carbon disclosure is inadequate to diminish information asymmetry. Finally, our sample companies adopted carbon assurance in addition to financial auditing. This highlights the key point that resolving carbon information asymmetry requires carbon assurance, which cannot be substituted for by financial auditing. 相似文献
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In response to the increasingly sophisticated corporate information system environment in producing accounting data, audit firms are undertaking information system (IS) audit in addition to conventional auditing. This study focuses on examining the impact of input level of IS audit on audit quality. We collected data on IS audit hours, a unique reporting requirement for Korean listed-firms as disclosed in the External Audit Implementation Details beginning in 2014. Simultaneously, we used the amount of discretionary accruals and measure of conservatism, C_Score as the proxies of the audit quality. By empirically examining a sample set that includes 2,370 corporate-year observations from the Korea Composite Stock Price Index (2014–2018), we found that IS audit hours and IS audit personnel had a statistically significant negative correlation when estimating with amount of discretionary accruals using the model of Kothari et al. (2005) and positive correlation with C_Score. Even when the group was divided into Big 4 and non-BIG 4, these results were apparent in firm samples that were audited by Big 4 audit firms, whereas those audited by non-Big 4 firms did not show these results. Taken together, the following conclusion can be derived. Audit quality has improved through conducting IS audit in response to new types of audit risks that have emerged because of the use of information technology in corporations. Significantly, this study analyzes empirically the effect that the effort of IS auditing has on improving audit quality by using a unique reporting requirement for Korean-listed firms. The study confirms that an appropriate level of IS audit input can improve audit quality. In addition, it is meaningful that IS audit practice is following the risk-based approach of the Clarified International Standards on Auditing (ISA). 相似文献
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《Journal of International Accounting, Auditing and Taxation》2014,23(1):44-57
This study examines whether auditor economic independence affects the information content of going concern audit reports in the European setting. We conduct an experiment where 80 experienced Spanish loan officers from the second largest European commercial bank review a loan request under two lending scenarios: (1) a potential borrower receiving an unqualified but modified going concern opinion, and (2) a potential borrower receiving a qualified going concern opinion. Auditor economic independence, measured by the provision of non-audit services (NAS), is manipulated (absence vs. presence of significant NAS). We find that a qualified going concern audit report is interpreted as a primary warning signal (death penalty). However, the provision of NAS acts as a second order mechanism that only activates loan officers’ professional skepticism in the case of an unqualified but modified going concern report scenario. Therefore, we find evidence suggesting that the potential negative impact of a perceived lack of auditor independence depends on the nature of the audit report. Our findings have important implications for the European regulator, which is currently considering establishing an auditor independence regulation framework similar to that in the United States of America. 相似文献
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This study investigates whether goodwill impairments are perceived as timely and whether specific auditor characteristics affect the perceived timeliness. It therefore contributes to central questions in accounting research: is managerial discretion over accounting numbers (accounting choice) good or bad for stakeholders and does audit quality have an impact on this relationship? It is motivated by the IASB's post-implementation review on business combinations and the Goodwill and Impairment project based on it, the ongoing debate on the decision usefulness of impairment testing, and the question whether auditors have an impact on firms’ reporting of impairment losses. Based on a sample of German listed firms for the period 2006 to 2013, the results indicate that goodwill impairments are not recognized in a timely manner and delayed by at least one to two years. Moreover, the findings suggest that the recognition of impairment losses is influenced by auditor characteristics. In particular, firms seem to report goodwill impairments in a more timely fashion when they are audited by a Big 4 auditor, whereas the timeliness seems to decrease with a higher non-audit fee ratio and a longer auditor tenure. Moreover, additional analyses indicate that higher audit fees lead to more timely impairments. 相似文献
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Previous audit judgement research has emphasized the importance of auditors processing information configurally (i.e. jointly considering the impact of different cues). This paper examines the impact of four different forms of feedback (outcome, task properties, cognitive and combined) on increasing the extent of configural information processing by auditors. We find that task properties, cognitive and combined (task properties plus cognitive) feedback all lead to increased configural information processing. There is no impact of outcome feedback. We also find that the extent of configural processing is positively associated with our measure of judgement performance. We discuss the implications of the results for audit firms. 相似文献
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《固定资产贷款管理暂行办法》的发布,是我国对固定资产贷款管理发布的一项重要立法规定,可以说是我国贷款管理的一个里程碑。因此研究《固定资产贷款管理暂行办法》的意义重大。本文通过分析《固定资产贷款管理暂行办法》和《贷款通则》的关系,阐述了《固定资产贷款管理暂行办法》对我国商业银行的影响及其应对措施。 相似文献
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The objective of this paper is to examine whether banks discriminate between firms on the basis of their financial condition when assessing the credit default risk, and to what extent corporate governance and auditor quality mitigate such risks in the pricing of new bank loans. The results indicate that, depending on the probability of bankruptcy, banks rely on different monitoring devices. For firms with a low probability of bankruptcy, banks do not rely on the quality of corporate governance or the auditor's industry specialization. However, auditor tenure and a change in auditor affect the spread. For firms with a high probability of bankruptcy, the spread is adjusted for the quality of corporate governance and the auditor's specialization. These results are robust to alternative specifications and measures. 相似文献
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We examine the relationship between internal governance, external audit monitoring and regulatory oversight for a sample comprising industrial companies and financial/utility companies subject to additional industry‐specific regulation. Our results indicate that the association between audit fees and board/audit committee independence and size are weaker for regulated companies. These observations are consistent with the notion that regulatory oversight partially substitutes the external audit as a monitoring mechanism. However, boards/audit committees with more multiple directorships demand a more extensive audit in the presence of regulatory oversight to protect their reputation capital. Our study enhances our understanding of the complex relationships among the major corporate governance elements. 相似文献
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保险公司偿付能力充足性是保险监管的内容之一,但是这一信息却往往不被投保人所获知,造成保险供给(保险公司)和保险需求(投保人)两方信息的不对称.本文以保险公司存在偿付能力风险为基本假定,以累积性预期理论和风险调整资本收益率构建保险需求和供给模型,分析在信息对称条件下和信息不对称条件下保险需求的变化及其对保险供给和保险公司... 相似文献
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The exponential rate of increase in IT security breach incidents has led governments, regulators, and practitioners to respond by introducing standards and frameworks for the disclosure and management of organizational cybersecurity risk exposure. Cybersecurity, which is a part of IT risk management, is affected by the capability and the ability of senior leadership responsible for IT-related decisions. This paper uses hand-collected data related to the Chief Information Officer (CIO) for S&P 500 firms and explores whether the presence of a CIO role, human capital characteristics of the CIO, and structural capital characteristics of the firm and the CIO are related to a firm’s cybersecurity risk exposure. This study finds that firms disclosing the presence of a CIO are more likely to be breached, even after matching on the likelihood of a breach and controlling for the likelihood that a firm would choose to disclose a CIO. This study also finds predictable variations in the likelihood of a breach among CIOs based on various human capital dimensions (including past technology experience, external board memberships, firm tenure, and CIO tenure) and structural capital dimensions (including a recognized commitment to IT and charging the CIO with multiple responsibilities). Finally, this study finds evidence that the observed associations depend on both the source of the breach (external vs. internal) as well as the type of data compromised by the breach (e.g. financial, personal, etc.). The results of this study contribute to the growing body of academic breach literature, while also informing practitioners as they evaluate the costs and benefits of various methods for combating breaches. 相似文献
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This study aims to develop and evaluate a model that seeks to measure the impact of Accounting Information System Quality, Internal Control System Quality and Non-Financial Information Quality on company success (Decision-Making Success and Non-Financial Performance). This model is empirically tested with data obtained from the managers of 381 Portuguese companies. We use structural equation modelling in the analysis of causal relationships between different constructs. The results show that information and control systems quality (accounting and internal control) have a direct impact on Non-Financial Information Quality and an indirect impact on Decision-Making Success. The results also indicate that Quality Non-Financial Information does not contribute directly to Non-Financial Performance but contributes indirectly via Decision-Making Success. The exploratory variables prove to be crucial for the companies’ Non-Financial Performance, accounting for its 62% variance. Previous research focuses primarily on financial information quality and financial performance. This study is the first to empirically prove that information and control systems contribute favourably to the transparency and value-relevance of non-financial information and, consequently, to business success. 相似文献
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Khaled Samaha Khaled Dahawy Khaled Hussainey Pamela Stapleton 《Advances in accounting, incorporating advances in international accounting》2012
This paper assesses the extent of corporate governance voluntary disclosure and the impact of a comprehensive set of corporate governance (CG) attributes (board composition, board size, CEO duality, director ownership, blockholder ownership and the existence of audit committee) on the extent of corporate governance voluntary disclosure in Egypt. The measurement of disclosure is based on published data created from a checklist developed by the United Nations, which was gathered from a manual review of financial statements and websites of a sample of Egyptian companies listed on Egyptian Stock Exchange (EGX). Although the levels of CG disclosure are found to be minimal, disclosure is high for items that are mandatory under the Egyptian Accounting Standards (EASs). The failure of companies to disclose such information clearly shows some ineffectiveness and inadequacy in the regulatory framework in Egypt. Moreover, the phenomenon of non-compliance may also be attributed to socio-economic factors in Egypt. Therefore, it is expected that Egyptian firms will take a long time to appraise the payback of increased CG disclosure. The findings indicate that that—ceteris paribus—the extent of CG disclosure is (1) lower for companies with duality in position and higher ownership concentration as measured by blockholder ownership; and (2) increases with the proportion of independent directors on the board and firm size. The results of the study support theoretical arguments that companies disclose corporate governance information in order to reduce information asymmetry and agency costs and to improve investor confidence in the reported accounting information. The empirical evidence from this study enhances the understanding of the corporate governance disclosure environment in Egypt as one of the emerging markets in the Middle East. 相似文献
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This paper considers the impact of Regulation Fair Disclosure (FD) on firms’ information environments and costs of capital. For NYSE/Amex firms we find little evidence of a change in the cost of capital attributable to Regulation FD. For Nasdaq firms we find that Regulation FD increased firms’ costs of capital by 10–19 basis points per annum though the statistical significance of this change is modest for some of our models. We also show substantial cross-sectional variation in the cost of capital changes. We find that cost of capital changes were negatively related to both pre-regulation firm size and PIN. In addition to the findings regarding Regulation FD, this research contributes to a growing literature that documents links between firms’ information environments and their costs of capital. 相似文献
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Prior literature informs us that a company's decision to outsource a business process depends on process characteristics such as how frequently the process is performed or how specific the assets required by the process are. In this article, we compare the effects of accounting process characteristics on outsourcing decisions across users of traditional and cloud-based accounting information systems (AIS). By focusing on outsourcing of accounting processes among small and medium sized enterprises, we investigate the effect of five business process characteristics (frequency, human asset specificity, uncertainty, information intensity, and need for customer contact) on the outsourcing decision. Our results reveal that process frequency has a weaker negative effect on the outsourcing decision among users of cloud-based AIS. This appears to contribute to users of cloud-based AIS outsourcing a larger variety of accounting processes. Compared to traditional AIS, the inherent properties of cloud-based AIS such as ubiquitous access, scalability, and integration seem to encourage users of cloud-based AIS to also outsource processes that are frequently performed. 相似文献
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In a dynamic model of financial market trading multiple heterogeneously informed traders choose when to place orders. Better informed traders trade immediately, worse informed delay – even though they expect the market to move against them. This behavior generates intraday patterns with decreasing spreads, decreasing probability of informed trading (PIN), and increasing volume. We predict that policies that foster market entry improve the welfare of uninformed traders and lead to increased market participation by incumbent traders. Technological advances that lead to better signal processing also encourage market participation and increase volume but at the expense of uninformed traders’ welfare. 相似文献
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信息传递成本和预测能力不足是影响信贷融资交易成本的主要因素。二者直接影响信贷融资具体方式的选择和融资过程的治理。治理这些问题的机制通常在利好情况下能够约束借款人恪守诚信,但是在利空情况下会导致低效率。能够缓解信息不对称和契约不完全问题的其他方式包括签订自我履行的信贷契约、构建关系性融资、提高契约法规的执法力度、营造诚信的商业环境和规范企业财务信息披露。 相似文献
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The purpose of this study is to identify and analyze inter-temporal trading patterns attributable to informed trading. Recent theoretical models posit that heterogeneous prior beliefs provide a source of trading volume in addition to the commonly accepted trading motives of liquidity and asymmetric information. After separating informed from uninformed trading using the estimation procedure of Easley et al. [Journal of Finance 51 (1996) 1405], we test for the presence of trading on heterogeneous beliefs as opposed to asymmetric information. The empirical findings confirm the existence of trading on heterogeneous prior beliefs and generally support the inter-temporal patterns proposed by Wang [Journal of Financial Markets 1 (1998) 321]. 相似文献
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人民币汇率变动趋势及其对区域货币合作的影响 总被引:13,自引:0,他引:13
人民币汇率变化及其汇率政策的选择,对于东亚区域货币金融合作和人民币的国际化有着重要意义。本文通过考察近年来人民币与世界主要货币及东亚其他货币的联动关系,分阶段探讨了人民币汇率变动对东亚货币的影响,指出人民币有条件地成为本地区潜在的"锚"货币,但现阶段这一功能只能通过保持与美元汇率的相对稳定得以实现,人民币要想独立成为东亚区域性关键货币,取决于中国能否在某种程度上替代美国成为区域内最终产品的市场提供者。同时,现阶段东亚地区制度化的汇率合作应当缓行,但有必要进行某种程度的汇率政策协调,人民币汇率政策的选择应当考虑区域合作因素。 相似文献