1,721,236 research outputs found
Audit firm mergers and low balling
No full textMotivation: this paper investigates whether audit firm mergers affect audit fee discounts in the initial year. The numerous mergers of audit firms in China’s cap-ital market provide a quasi-natural experiment to investigate this issue.Premise: the merger of audit firms can increase the firm size, thereby improving quasi-rents that are required by auditors. Therefore, we argue that the merger of audit firms will improve the auditor independence, thereby reducing the behavior of low balling.Approach: we select samples from 43 cases of audit firm mergers that occurred between 2005 and 2013 in China and use ordinary least squares (OLS) regres-sions on 5,552 listed firm-years observations during the period from two years before to two years after the merger. Results: we find audit firms would offer an initial fee discount to the clients, and the merging of audit firms can dramatically reduce the discounts on audit fees for new clients. We also show the treatment effect is more pronounced for non–state-owned enterprises (non-SOEs) and the merger between large audit firm and small ones.Conclusion: the results suggest that low balling exists in China’s audit market. The merger of audit firms can curtail low balling, but only exists in non-SOEs. Moreover, the restraining effect of audit firm mergers on the low balling lies in the merger between large audit firms and small ones.Consistency: the findings in this paper can advance the understanding of the recent strategy raised by related regulators attempting to enhance audit quality
The accountability system for material misstatements and executive pay performance sensitivity: a quasi-natural experiment
No full textThis study examines the impact of the accountability system for material misstatements (ASMM) on the sensitivity of executive compensation to accounting earnings in China. Using a difference-in-differences model, we find that the ASMM significantly decreases the sensitivity of executive compensation to accounting earnings, which we attribute to the monitoring and unintended effects of the ASMM. As executives’ cost to manage reported earnings for more bonuses is significantly heightened by the ASMM, their high compensation sensitivity to reported earnings, which contain earnings management, reduces. The unintended consequence is that executives’ risk aversion is also incentivized to preserve performance pay while the ASMM restricts earnings management, and boards reduce executives’ compensation sensitivity to accounting earnings to encourage their risk taking. These phenomena are more pronounced in companies with high agency conflict, audited by non-Big 4 auditors, and less followed by analysts. The results indicate that corporate governance reforms that introduce personal responsibilities in China can improve the accuracy of accounting earnings but decrease the efficiency of assessing executive hard work. The board reacts to this change by increasing the role of stock returns in executive compensation contracts. This is consistent with the view that the principal dynamically adjusts executive compensation contracts to make them incentive compatible (Tirole and Laffont, 1988; Hall and Knox, 2004; He, 2011). Our study provides critical implications for the importance of institutional environments to impact governance reforms in emerging markets and beyond
Exploring the catalysts of eco-innovation: employee ownership and sustainable practices
No full textClimate change is a critical and urgent issue worldwide. Green innovation is a key means of abating carbon emissions. Our study investigates whether and how employee stock ownership plans (ESOPs) affect corporate green innovation. Using a powerful difference-in-differences approach, we provide causal evidence of the positive effect of ESOPs on corporate green innovation. Our baseline results are robust after addressing potential endogeneity issues using an entropy balancing technique, a Heckman two-stage model, and a placebo test, and after including an industry effect and different model specifications. Our channel analyses reveal that ESOPs mainly promote green innovation through increased risk-taking ability and employee productivity in green innovation. We find that the positive effects are more pronounced when firms are not state-owned, have less powerful CEOs, and are in heavily polluting industries. In addition, we find that companies with increased green innovation after adopting ESOPs have better environmental performance than other firms
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Data for Communications Physics (Liu Wenjun)
No full textThe data for the paper named "Ultrafast photonics of two dimensional AuTe2Se4/3 in fiber lasers" on Communications Physic
Data for Communications Physics (Liu Wenjun)
No full textThe data for the paper named "Ultrafast photonics of two dimensional AuTe2Se4/3 in fiber lasers" on Communications Physic
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