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Retraction: “Sustainable stakeholder participation planning on the basis of analysis of competing project interest” Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2024-03-12
The above article, published online on 30 January 2024 in Wiley Online Library (https://onlinelibrary.wiley.com/doi/10.1111/jifm.12198) has been retracted by agreement between the journal's Editors in Chief, Sabri Boubaker and Xiaoqian Zhu, and John Wiley & Sons Ltd.The retraction has been agreed due to an editorial office error that led to the publication of the article without peer review.
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Sustainable stakeholder participation planning on the basis of analysis of competing project interest Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2024-01-30 Chandhini Sivalingam, Raju Ramaswamy
This article was published in the Journal of International Financial Management & Accounting before formal peer review was completed.
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Enhancing corporate governance quality through mergers and acquisitions Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2024-01-30 Tanveer Hussain, Lawrence Kryzanowski, Gilberto Loureiro, Muhammad Sufyan
This study examines whether the pre-deal target-bidder firm governance gap affects the bidder's postdeal change in governance quality. We estimate cross-sectional regressions using mergers and acquisitions from 2004 to 2016. We find that the bidder's firm-level governance improves for acquisitions where the target's governance quality is better than that of the bidder preacquisition. We attribute the
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Research on extended external reporting assurance: An update on recent developments Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2024-01-15 Elmar R. Venter, Joanna Krasodomska
We review the recent literature on the assurance of Extended External Reporting published since the review published in 2021 in the Journal of International Financial Management & Accounting. Our review includes 50 articles published between 2020 and August 2023 across 30 journals ranked A*, A, or B on the Australian Business Deans Council 2022 Journal Quality List. We find that the literature continues
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The role of financial affiliates in tax avoidance by business groups: Evidence from Korea Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-11-07 Haerin Shim
This study examines whether financial affiliates within a nonfinancial business group perform certain roles and functions in tax avoidance by other nonfinancial affiliates or the group as a whole. Financial institutions have tax-planning expertise and knowledge and thus may assist other affiliates of the same group in avoiding taxes. In addition, regulatory loopholes leave scope for tax avoidance involving
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Does SDG disclosure reflect corporate underlying sustainability performance? Evidence from UN Global Compact participants Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-11-03 Giuseppe Nicolo', Giovanni Zampone, Serena De Iorio, Giuseppe Sannino
The 2030 United Nations (UN) Agenda for Sustainable Development has posed unprecedented challenges to businesses to integrate Sustainable Development Goals (SDGs) concerns into their core operations and strategies and improve their transparency on SDG commitment toward investors and other stakeholders. However, prior studies have questioned the significance of firms' SDG disclosure practices, evidencing
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Are co-opted boards socially responsible? Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-10-17 Huy Viet Hoang, Cuong Nguyen, Khanh Hoang, Christopher Gan
Corporate resolution on environmental, social, and governance (ESG) communication informs firms' environmental commitment, a growing determinant of corporate risk profile perceived by the market. This study examines ESG reporting in the presence of board co-option, a phenomenon that paralyzes the dependency of the board of directors and impairs corporate transparency. Using data from 643 US-listed
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Value relevance of IFRS 9: The influence of country factors and heterogeneous strengths in the European banking sector Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-10-13 Annamaria Zampella, Luca Ferri
This study focuses on investor reactions to financial instrument recognition and measurement in the banking sector under the new International Financial Reporting Standard (IFRS) 9, Financial Instruments. The research tests the combined value relevance of accounting numbers before and after the mandatory transition to IFRS 9 in Europe. Furthermore, we verify the influence of country factors and heterogeneous
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Audit evidence, technology, and judgement: A review of the literature in response to ED-500 Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-10-05 Dereck Barr-Pulliam, Christopher G. Calvin, Marc Eulerich, Arpine Maghakyan
In October 2022, the International Auditing and Assurance Standards Board (IAASB) issued Exposure Draft 500 (ED-500). This is focused on revising and integrating the standard auditors use when evaluating audit evidence during an external audit. This study contributes to the ongoing discourse as the IAASB evaluates feedback to ED-500 and executes its standard-setting agenda. We review academic literature
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The asset-pricing implications of carbon risk in Korea Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-10-03 Dojoon Park, Jiyoon Lee, Hyejin Park
This study examines the relationship between carbon risk and stock returns for listed firms in Korea, where firms are legally obligated to disclose their carbon emissions. While previous research mostly focuses on major markets like the United States and the European Union, demonstrating the impact of climate change on asset prices, there is a scarcity of studies examining emerging markets. Using data
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National culture and the revenue-expense matching Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-09-15 Hee-Yeon Sunwoo, Jeong-Hoon Hyun, Seungbin Oh, Seung-Youb Han
Prior studies on the link between country-level cultural aspects and firms' arbitrary accounting practices are scant, and they show mixed results. To gain more insight about the impact of national culture on earnings characteristics, we exploit the matching concept between revenues and expenses, which well reflects managerial estimation and discretion in earnings quality. Using a large sample of 57
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What drives firms' commitment to fighting corruption? Evidence from the UK Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-09-13 Ahmed A. Sarhan, Basil Al-Najjar
The recent leak of the FinCEN files has highlighted the widespread presence of corruption in developing and developed economies, including the UK. Accordingly, this study aims to investigate the factors that drive companies to implement measures for preventing corruption in developed countries using FTSE 350 nonfinancial firms. Specifically, the research examines the influence of corporate social responsibility
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IPO performance of portfolio ventures funded by impact investors versus venture capital investors Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-08-17 Mirko Hirschmann, Christian Fisch
With the global rise of impact investments to achieve societal goals, an increasing number of new ventures that aim to create societal impact now seek to go public. However, while many conceptual studies suggest that impact investors are less likely to pursue financially oriented exit plans in exchange for generating societal impact, there is little empirical evidence to back up this claim. Using a
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Regulating the banking sector to support credit access: Evidence from small business Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-08-17 Pietro Vozzella, Giampaolo Gabbi
This study investigated the effectiveness of regulatory interventions in mitigating the harmful effects of financial crises on small firms. We examine the impact of a support factor implemented by European policymakers on Italian micro-, small-, and medium-sized enterprises (MSMEs) between 2007 and 2017. The analysis uses a difference-in-differences approach to assess the credit conditions of these
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Spillover analysis across FinTech, ESG, and renewable energy indices before and during the Russia–Ukraine war: International evidence Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-05-26 Rim El Khoury, Nohade Nasrallah, Khaled Hussainey, Rima Assaf
This study is epicentral to analyze the impact of the Russia–Ukraine war on the financial markets, specifically focusing on the connectedness and spillover dynamics of FinTech, Environmental, Social, and Governance (ESG), renewable energy, gold, and Morgan Stanley Capital International (MSCI) indices in developed and emerging countries. Data are collected from Thomson Reuters, ranging from May 8, 2020
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An alternative to shareholder capitalism? A review of Alex Edmans' “Grow the Pie: How Great Companies Deliver Both Purpose and Profit” Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-05-03 Hamid Boustanifar
Alex Edmans' “Grow the Pie: How Great Companies Deliver Both Purpose and Profit” provides an alternative approach to business called Pieconomics. Profits to shareholders play a critical role in Pieconomics (similar as in shareholder capitalism), but the goal of an enterprise is to maximize the social value it creates (somewhat similar as in stakeholder capitalism). This review discusses and critically
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Industry influence on firms' R&D and innovation Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-04-28 Asad A. Rind, Wajih Abbassi, Marco Bigelli, Wael Rouatbi
This paper examines the effect of peers on a firm's research and development (R&D) policy. We show that firms do not make R&D decisions in isolation, and that industry dynamics play an important role in defining a firm's R&D intensity. Using a large sample of 54,393 firm-year observations from 1991 to 2015 in the United States, we find that firms' R&D decisions are mainly driven by their industry peers'
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Publication trends in the Journal of International Financial Management and Accounting: A retrospective review Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-04-17 H. Kent Baker, Satish Kumar, Kirti Goyal
This study uses bibliometric analysis to assess Journal of International Financial Management & Accounting (JIFMA's) evolution between 1989 and 2021. In this retrospective review, we investigate the journal's performance, authorship trends, and intellectual structure. The journal's international focus is primarily on cross-country studies and the effects of country-level factors on various accounting
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International takeover laws and corporate cash holdings Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-04-12 Donghe Yang, Zihao Su, Xindong Kevin Zhu
We examine the impact on corporate cash holdings of international merger and acquisition (M&A) laws, which facilitate corporate takeovers. We use the staggered enactment of M&A laws from 1992 to 2005 and a sample spanning 34 jurisdictions, and find that levels of corporate cash holdings increase after passage of M&A laws. We also find that firms with better operating performance, higher earnings volatility
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Ethnicity and homophily effects in US M&As Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-03-10 Yasser Alhenawi, M. Kabir Hassan
We show that ethnic diversity of CEOs of merging firms has been increasing and report evidence of ethnic homophily effect in M&As transactions. Specifically, M&As perform better when the CEOs of the merging firms share a common ethnic background. In a sample of 444 US mergers completed between 2000 and 2018, we find that ethnic homophily improves the probability of deal completion. Furthermore, we
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Modern pandemic crises and default risk: Worldwide evidence Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-03-01 Kung-Cheng Ho, Hung-Yi Huang, Zikui Pan, Yan Gu
This article examines the relationship between modern health pandemic crises and financial stability. Specifically, it collects data on 250,223 firms in 43 countries (or regions) during five modern pandemic crises, SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), and Zika (2016), and finds that pandemic crises significantly increase the default risk of enterprises. Further analysis shows that formal
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An interview with IASB Chair Dr. Andreas Barckow Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2023-02-24 Donna L. Street, Elizabeth A. Gordon
This paper provides an overview of two interviews conducted with Andreas Barckow where he reflected on his outlook for the International Accounting Standards Board (IASB) and his role as Chair. The interviews included (1) a discussion of the IASB′s Third Agenda Consultation Feedback Statement, (2) key areas for future collaborations of the IASB and the International Association for Accounting Education
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Shareholder litigation and toxic releases Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-11-22 Trung K. Do, Xuan Vinh Vo, Tuan-Vinh Le
We examine the environmental impact of the staggered adoption of universal demand laws by 23 U.S. states between 1989 and 2005. Universal demand laws impede derivative lawsuits and thus undermine shareholder oversight of corporate environmental performance. We find that weakened litigation rights for shareholders are positively associated with the release of toxic chemicals by firms. The effect is
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Proposed international standard on auditing financial statements of less complex entities: IAASB IAAER roundtables—Breakout 2 Design, Structure, and Content Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-11-02 C. (Niels) M. van Nieuw Amerongen, Hans B. Duits, Elizabeth A. Gordon, Donna L. Street
In this commentary, we summarize stakeholder views articulated during roundtables addressing the 2021 International Auditing and Assurance Standards Board's (IAASB) Exposure Draft: Proposed International Standard on Auditing of Financial Statements of Less Complex Entities (ED LCE). In support of its mission, the International Association for Accounting Education and Research (IAAER)—together with
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Proposed international standard on auditing financial statements of less complex entities: IAASB IAAER roundtables—Breakout 1 authority and groups Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-07-05 C (Niels) M. van Nieuw Amerongen, Hans B. Duits, Elizabeth A. Gordon, Donna L. Street
This commentary summarizes stakeholder views voiced during roundtables on the 2021 International Auditing and Assurance Standards Board's (IAASB) Exposure Draft: Proposed International Standard on Auditing of Financial Statements of Less Complex Entities (ED LCE). For EDs, IAASB's due process includes seeking stakeholder views in a formal consultation format on a specified number of issues deemed relevant
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Carbon disclosure: A legitimizing tool or a governance tool? Evidence from listed US companies Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-06-17 Yan Jiang, Hanlu Fan, Yan Zhu, Jian F. Xu
We study the motivations behind and consequences of firms disclosing carbon information. Specifically, we explain the bidirectional relationship between carbon disclosure and carbon performance and examine whether carbon disclosure is used as a legitimizing tool or a governance tool. We analyze carbon emissions and disclosure data from 2012 to 2015 for a sample of S&P 500 companies. After addressing
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How can SMEs signal their quality and growth orientation to the market? An analysis of the cost of Italian corporate mini-bonds Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-03-28 Simone Boccaletti, Emanuele Rossi, Monica Rossolini
We examine how small and medium-sized enterprises (SMEs) may signal their quality and growth orientation to the market and the effect on the cost of bond funding, which is often high for unlisted firms and SMEs mainly because of their information opacity and higher riskiness. The paper contributes to the growing European debate on market innovations aimed at facilitating funding for smaller and nonlisted
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Credit spreads in the European green bond market: A daily analysis of the COVID-19 pandemic impact Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-01-28 Antonella Francesca Cicchiello, Matteo Cotugno, Stefano Monferrà, Salvatore Perdichizzi
Financial crises and economic downturns provide a unique opportunity to investigate the behavior of investors and financial instruments and shed light in the market's anticipation of future economic growth. In view of the current crisis, we examine how the COVID-19 pandemic affected the European green bond market. Using daily data from Thomson Reuter's Refinitiv, we conducted event studies on corporate
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Are firms motivated to greenwash by financial constraints? Evidence from global firms' data Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-01-25 Dongyang Zhang
Corporate social responsibility is the balance between a firm's economic outcomes and environmental protection. However, investors face increasing difficulties in selecting assets with suitable environmental, social, and governance (ESG) policies because companies may “greenwash” their activities by, for example, make misleading ESG disclosures. Here, we investigate the determinants that lead to companies
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Syndicated green lending and lead bank performance Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-01-18 Belinda L. Del Gaudio, Daniele Previtali, Gabriele Sampagnaro, Vincenzo Verdoliva, Samuel Vigne
This study investigates the effect of the green lending propensity of banks on profitability and risk. Using a sample of 217 green facilities financing syndication worldwide, we create a variable of green lending approach measuring the weight of green loans on total credit exposure of the lead bank and investigate the effect of the green propensity so as the structure of syndication on bank accounting
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Sovereign green bond and country value and risk: Evidence from European Union countries Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-01-18 Stefano Dell'Atti, Caterina Di Tommaso, Vincenzo Pacelli
The sovereign green bond market has been growing rapidly worldwide since its debut in 2016. The study investigates the empirical response of the stock and credit default swap (CDS) market to green bond issuance by 10 EU countries during the period 2016–2021. We document that the issuance of a green bond is regarded by the investors as reflecting as value-enhancing and risk-reducing behavior by EU countries
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Be good to be wise: Environmental, Social, and Governance awareness as a potential credit risk mitigation factor Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-01-18 Marina Brogi, Valentina Lagasio, Pasqualina Porretta
Integrating Environmental, Social, and Governance (ESG) factors into credit risk assessment is the new frontier for credit risk management as regulators and investors increasingly require banks to channel loans to “sustainable” borrowers and ultimately foster sustainable growth. Our findings show that higher ESG awareness is strongly associated with better creditworthiness (proxied by the Altman Z-score)
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The effects of person-specific, task, and environmental factors on digital transformation and innovation in auditing: A review of the literature Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-01-18 Dereck Barr-Pulliam, Helen L. Brown-Liburd, Ivy Munoko
This study reviews literature examining digital transformation in the external audit setting. Our review will inform the standard-setting initiatives of the International Auditing and Assurance Standards Board (IAASB) related to the use of technology in auditing. We identified 36 articles on digital transformation in the external audit published between 2000 and 2021 across 20 journals ranked A*, A
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How does the financial market influence firms' Green innovation? The role of equity analysts Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-01-18 Paolo Fiorillo, Antonio Meles, Mario Mustilli, Dario Salerno
This paper investigates how equity analysts influence firms' green innovation across different financial markets. Using a unique data set consisting of more than 6000 listed firms across 56 different countries, we find that corporate green innovation is positively associated with the number of equity analysts following the firm. We attribute this result to the informational role of analysts, which
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An introduction to the special issue on Green Finance and sustainability Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-01-12 Vincenzo Verdoliva,Samuel A. Vigne
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Does nonperforming loan securitization affect credit default swap spreads? Evidence from European banks Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-01-12 Caterina Di Tommaso, Vincenzo Pacelli
We contribute to the growing literature on bank risk management by examining the credit risk implications of nonperforming loan (NPL) management during the period 2012–2020. We construct a unique database with 116 NPL deals by 31 European Union (EU) banks. Our study is motivated by the hypothesis that NPL securitization has a beneficial effect on bank loan quality and that this effect is incorporated
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Do institutions, religion and the economic cycle impact bank stability in dual banking systems? Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2022-01-12 Eralp Bektas, Marei Elbadri, Philip Molyneux
We investigate the relationship of institutional quality, religion, and economic cycles to bank stability using a sample of 254 banks, including Islamic (IBs) and conventional banks (CBs), located in nine countries (QISMUT+3) that follow dual banking systems. We use a comprehensive model and adopt a stronger econometric methodology compared with previous literature. Our findings reaffirm the significant
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Governance in Romania: Exploring the determinants of corporate insider trading Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-12-21 Cătălin N. Albu, Nadia Albu, Allan Hodgson, Zhengling Xiong
Romania ranks at the extreme low end in Eastern Europe in terms of Hofstede cultural insights, rule of law, government effectiveness, and corruption—potentially limiting governance quality for restricting resource channeling. In this paper, we examine whether these shortcomings flow over into the degree of corporate insider trading profitability at the firm level. Consistent with high power distance
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Real earnings smoothing and crash risk: Evidence from Japan Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-11-16 Wenjun Kuang
I focus on the relationship between real earnings smoothing and one-year-ahead firm-specific crash risk in Japan and investigate the effect of financial institutional ownership and the implementation of J-SOX on the above relationship. Specifically, I hypothesize that the garbling real earnings smoothing is positively associated with stock price crash risk, and the informative real earnings smoothing
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Impact of pay disparities between chief executive officers and chief financial officers on corporate financial and investment policies Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-11-12 Feng Han, Xin Che, Enya He
We study whether and how pay disparities between chief executive officers (CEOs) and chief financial officers (CFOs) affect corporate policies. Consistent with the tournament theory, we find a positive association between the CEO–CFO pay disparity and aggressiveness in corporate financial and investment policies. Specifically, a firm with a large CEO–CFO pay disparity tends to have an aggressive capital
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The impact of catholic religion on earnings management: A case of Poland Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-11-01 Konrad Grabiński, Piotr Wójtowicz
This paper investigated the impact of religiosity on accrual and real earnings management. Unlike most previous studies which consider this issue in a multi-religious setting, we use a mono-religious setting, specifically Poland where the Roman Catholic Church holds a dominant position. Thus, we are able to study the impact of religiosity on earnings management ignoring the impact of different religious
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IFRS 9 and its behavior in the cycle: The evidence on EU countries Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-09-09 Oľga Pastiranová, Jiří Witzany
The purpose of this paper is to analyze empirically the behavior of expected loan loss provisions during the economic cycle. The provisioning rules under IFRS 9 require the creation of reserves to cover expected credit losses, were anticipated to act countercyclically, and thus replaced the rules under IAS 39, which are widely presumed to have a procyclical impact. Observing the dynamics of the economic
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Voluntary disclosure of Sustainable Development Goals in mandatory non-financial reports: The moderating role of cultural dimension Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-08-16 Simone Pizzi, Mara Del Baldo, Fabio Caputo, Andrea Venturelli
The Directive 2014/95/EU represents one of the main innovations introduced by the European Commission to encourage large companies to disclose their contribution to sustainable development. Since its introduction, the Directive 2014/95/EU has put into motion an intense debate about its effectiveness. Academics and policymakers agreed on the need to rethink mandatory non-financial reporting to enhance
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The effect of female presence on corporate boards of directors on the value relevance of accounting amounts: empirical evidence from the European Union Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-08-08 Riccardo Cimini
This paper investigates the ability of female presence to affect value relevance. Focusing on a sample of 487 entities listed in 18 European countries over the period 2009–2017, it uses a price model to assess the ability of female presence to affect the value relevance of earnings and book value disclosed in the consolidated annual reports of the firms analyzed. Findings offer evidence that female
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Large bank shareholders and terms of bank loans during the global financial crisis Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-06-25 Celia Álvarez-Botas, Carlos Fernández-Méndez, Víctor M. González
This paper analyzes the influence of large bank shareholders on the terms of bank loans for a sample of 12,045 loans to 3,290 borrowers from 45 countries over the period 2004–2013. We investigate the effects of bank control over bank loan terms during the global financial crisis, regardless of whether the bank shareholder is a lender or not. In line with a monitoring effect, the results suggest that
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Accruals mispricing versus risk: Analyzing the influence of external monitoring in Brazil Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-06-23 Vinícius Gomes Martins, Márcio André Veras Machado, Paulo Aguiar do Monte
In this paper, we examine the role of external monitoring as an alternative mechanism of corporate governance pertaining to the risk and mispricing of accruals in the Brazilian market. The results provide evidence of the accruals anomaly for companies with low external monitoring and evidence that is stronger when evaluating the discretionary component of accruals. Our analysis does not support the
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Exploring nonlinear linkage between profitability and leverage: US multinational versus domestic corporations Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-06-11 Faisal Alnori
This study examines the impact of profitability on the capital structure decision of US multinational and domestic corporations. The findings reveal that the relationship between multinational corporations’ (MNCs') profitability and their leverage ratios is U-shaped and nonlinear, while this nonlinear relation does not exist for domestic firms (DCs). This nonlinear relationship indicates that the
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Joint venture investments: An analysis of the level of compliance with the disclosure requirements of IFRS 12 Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-05-01 Raquel Wille Sarquis, Ariovaldo dos Santos, Isabel Lourenço, Guillermo Oscar Braunbeck
This study provides empirical evidence on changes in entities’ reporting of interests in joint ventures from proportionate consolidation to the equity method following adoption of IFRS 11 and their application of the corresponding IFRS 12 disclosure requirements. The sample includes 551 firms from 26 countries affected by the adoption of IFRS 11 (1,858 financial statements). The findings indicate that
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The impact of forecasting cash flows on enhancing analysts’ own earnings forecasts: International evidence and the effect of IFRS adoption Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-04-15 Changjiang Wang, Minna Yu
Using a large international sample from 1995 to 2018, we find that individual analysts’ earnings forecasts accompanied with cash flow forecasts are more accurate than those not accompanied with cash flow forecasts, suggesting that the findings for the United States in Call et al. (2009) apply to other countries. In addition, using a difference-in-differences design, we find that the positive association
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Research on extended external reporting assurance: Trends, themes, and opportunities Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2020-12-28 Elmar R. Venter, Lanise van Eck
The assurance of non‐financial information (NFI) included in extended external reports (EERs) is a global activity that has far‐reaching consequences for business, investors, other stakeholders, and society. EERs remain largely unregulated with few standards. Along with our companion paper (Krasodomska, Simnett, & Street, 2021, Journal of International Financial Management and Accounting, 25, 209)
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Extended external reporting assurance: Current practices and challenges Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2021-01-05 Joanna Krasodomska, Roger Simnett, Donna L. Street
This paper summarizes the UNCTAD ISAR WBCSD Webinar—Assurance on Sustainability Reports: Current Practices and Challenges, which explored views and practices on assurance of extended external reporting (EER) and identified challenges and potential ways forward. Stakeholders are demanding more accountability, as reflected in increased publication of EER and regulatory developments. EER can play an important
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Influence of acquirer boards on M&A value creation: Evidence from Continental Europe Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2020-11-18 Corneel Defrancq, Nancy Huyghebaert, Mathieu Luypaert
We examine how the size and the composition of acquirer boards are associated with shareholder abnormal returns for 2,230 M&As made by listed firms in Continental Europe. Although board size proves insignificant, our findings do offer some evidence as to a beneficial effect of board diversity on M&A value creation. Gender diversity appears marginally positively associated with acquirer shareholder
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An analysis of Dow 30 global core indicator disclosures and environmental, social, and governance‐related ratings Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2020-09-09 Christopher G. Calvin, Donna L. Street
We examine the extent to which US Dow 30 companies disclose the Global Core Indicators (GCIs), which are measures to assess companies’ contribution toward the United Nation’s 2030 Agenda for Sustainable Development. We find that the Dow 30 are generally compliant with disclosing GCIs that align with US capital market reporting expectations, high‐profile current events, and issues that are financially
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Cultural and macroeconomic determinants of cash holdings management Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2020-08-18 Svetlana V. Orlova
This study examines patterns in cash management, particularly cash holdings speed of adjustment (CH‐SOA), across 48 countries. I find that managerial cultural characteristics and country‐level macroeconomic factors influence the persistence of cash reserve levels, deviation from target, and the speed with which firms in different countries adjust their cash holdings. The findings support the idea that
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Corporate financial distress: The case of publicly listed firms in an emerging market economy Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2020-08-15 Regina M. Lizares, Carlos C. Bautista
Occurrences of financial distress (FD) are not readily obvious yet can span several periods. This paper examines episodes of FD using industry‐relative (IR) firm‐/ accounting‐, market‐ and macro‐level information. Mixed logit regressions reveal that firm‐ and market‐based measures, as well as macro‐level variables explain the likelihood of FD in 263 publicly listed non‐banking firms in the Philippines
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Can governance help in making an IPO “successful”? New evidence from Europe Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2020-03-15 Marina Brogi, Valentina Lagasio, Valerio Pesic
This paper investigates the determinants of a “successful” IPO from a corporate governance perspective upon a representative sample of European listings from 2000 to 2015. We use an extensive dataset of market performance, financial data, and corporate governance characteristics to run the investigation. Differently from previous studies, our analysis embraces both a short‐term perspective and a medium–long‐term
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The perceived financial effects of mandatory audit firm rotation Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2020-01-28 Michael Harber, Ben Marx, Phillip De Jager
This paper explores the perceptions of key audit industry stakeholders concerning the direct and indirect financial effects of the implementation of mandatory audit firm rotation (MAFR) in South Africa. Globally, concerns over audit quality, in response to corporate failures, have resulted in renewed debate over MAFR as a solution. The European Union and South Africa have recently ruled in its favor
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How do the ownership structure and board of directors' features impact earnings management? The Spanish case Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2020-01-07 Paolo Saona, Laura Muro, María Alvarado
This paper examines how the ownership structure and board of directors' features determine the managerial opportunistic behavior exemplified in the management of accounting earnings. This study contributes to the literature by investigating the relationship of firm‐level and country‐level corporate governance systems on the earnings management in the Spanish corporate sector. Results reveal that the
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Integrated reporting and cost of capital: The moderating role of cultural dimensions Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2019-12-17 Luigi Vena, Salvatore Sciascia, Alessandro Cortesi
Since its introduction, integrated reporting (IR) has triggered a rich debate covering several aspects, from the structure and the features of a document to the effects of its publication. Very recently, scholars have examined the negative relationship between IR and the cost of capital for firms, completely missing the opportunity to understand whether this fact is contingent on the cultural context
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The impact of accounting reform on accounting quality: Evidence from Nigeria Journal of International Financial Management & Accounting (IF 2.808) Pub Date : 2019-11-28 Zayyad Abdul‐Baki, Roszaini Haniffa
The effectiveness of International Financial Reporting Standards (IFRS) is dependent on the strength of enforcement of accounting standards in a given country. This study explores the implications of the adoption of IFRS in Nigeria after the enforcement of accounting standards was strengthened. The strengthening of accounting standards enforcement, and the subsequent adoption of IFRS in Nigeria, was