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Previous research has found that audit work can be stressful and that stress can lead to higher employee turnover intentions and lower satisfaction and performance levels. However, little is known about how team stress may influence audit team behaviour and therefore the quality of the audit. We investigated the possible influence of audit team stress on audit team behaviours by conducting interviews with audit teams to better understand how and why audit teams may influence audit quality.

Results found that team role stress can influence the Audit Quality Threatening Behaviours, as well as other team behaviours. Furthermore, it was suggested that intrinsic motivations intensify stress if not satisfied or reduce stress if satisfied. Thus, evidence is emerging from recent audit research that nurturing intrinsic motivation of auditors and audit teams is essential to improving audit quality.

Empirical data were collected using a survey administrated on-line to management accountants in Spanish SMEs which use intermediary to access export markets. As main findings, evidence suggests that social control plays a partially mediating role, acting as a significant intermediate variable between resources financial and capabilities informational on export performance. Also, MCS design has been found to be affected by export resources: a higher level of committed physical resources leads to establishing higher formal controls; besides, higher financial resources help to establish wider social controls.

Customer Relationship Building capability has been identified as key to increase performance; MCS behaviour has a direct effect on such a capability, and also mediates the impact of financial resources to build CRB. Also, scale of operations and experiential resources are key to increase performance; besides, a weak indirect effect of financial resources through MCS social is observed. The purpose of this paper is to explore how an individual actor, embodying the role of change agent, legitimizes the implementation of Integrated Reporting.

A longitudinal and explanatory case study was realized by focusing on an Italian listed public utility, operating in the electricity sector, which has recently implemented the Integrated Report. Findings were analyzed through the lens of institutional entrepreneurship which is the branch of neo-institutional theory explaining how actors can achieve substantial changes. This paper unveils how a voluntary change i. Findings reveal that a substantial change in organizational structure, processes and thinking can be achieved over time through the perseverance of a change agent who strives to legitimize his individual position, credibility and projects within the organization.

Such perseverance can be successful when the change agent uses available resources and networking skills to gain support from various groups with different power balances, and to enable people of different organizational areas to collaborate to the end of preparing the Integrated Report. Importantly for investors, we find that concurrent earnings announcements are less timely and less decision useful than stand-alone earnings announcements.

Specifically, we document that relative to stand-alone announcements, concurrent announcements are associated with attenuated market reactions to, and greater anticipation of, earnings news by investors. Finally, we find that firms with greater impediments to producing timely earnings information are more likely to have switched from stand-alone to concurrent announcements. Collectively, we document a distinct divide in the marketplace, with a growing number of firms switching to the less decision useful practice of concurrent earnings announcements.

In order to improve the quality of state and local government financial reporting, the Governmental Accounting Standards Board GASB publishes standards and guidelines. Text mining provides an alternative approach to the more conventional public data collection methods, such as surveys or questionnaires. This method measures user sentiment from public websites and ascertains opinions regarding specific GASB standards and exposure drafts. Such research can serve to improve the development of government financial standards and provide better insights regarding their implementation. Text mining capabilities can be used for analyses of internet based media such as online news or social media therefore the applicability of this method is quite extensive.

This study examines the extent of Global Reporting Initiative performance indicators disclosed in Sustainability Reports of mining companies in Ghana to see the content and trend development. Case study approach to 20 reports in and of 10 large scale mining companies in Ghana was used and analysed using content analysis methods. The findings suggest there has been a wider and increasing trend in the disclosure of performance indicators in sustainability report in accordance with Global Reporting Initiative GRI guidelines.

The findings suggest that mining companies in Ghana have made good progress in voluntary adoption of the GRI guidelines to increase transparency, credibility and comparability in sustainability reporting. Further, we find a positive relationship between financial performance loss making and OCIR. In additional analysis we find that, consistent with income smoothing hypothesis, firms with pre-OCIR-managed earnings well above earnings benchmarks use OCIR to reduce earnings.

Finally, additional evidence was provided of a significant and positive association between OCIR and discretionary accruals activity, suggesting OCIR and discretionary accruals are complementing rather than competing with each other. Together this evidence indicates that the traditional focus on discretionary accruals and real earnings management through expenditure decisions captures only part of earnings management activity.

Budgeting has different functions in the firm that are not necessarily congruent with each other but conflict. Specifically, in many firms, budgets are simultaneously set and used for both operative planning and performance evaluation. Although prior literature recommends using different budget levels for different purposes to resolve potential conflicts between these functions, empirical evidence indicates that the majority of firms use a single budget level for planning and performance evaluation.

To examine the questions of whether and why firms do so, we identify economic and behavioral costs of using separate budget levels and test our hypotheses using survey data. We find that when deciding about the use of a single versus separate budget levels, firms trade off the costs of incurring higher variances against the costs of preparing a separate budget and reduced credibility of the performance evaluation system. Moreover, we find that using a single budget level for both purposes at the beginning of the year does not signify using a single budget level at the end of the year.

Firms seem to respond to the various economic and behavioral costs either at the beginning of the year or, alternatively, in the course of the year and adjust budget levels for planning, performance evaluation, or both accordingly. Our study contributes to the literature by reconciling discrepancies between descriptive empirical practice and recommendations from prior literature. This paper investigates how competence trust i.

Based on experimental data collected from auditors and CFOs our results indicate that both auditors and CFOs who take their respective negotiation partner in the audit for highly competent are more likely acquiesce to his or her position in situations of disagreement. Interestingly, goodwill trust appears to be irrelevant for the negotiation outcome. We discuss the implications of our findings for the scientific discourse and audit practice. Consistent with construal level theory from psychology, we find that bonus deferral mitigates managerial self-interest.

These mediation effects are significant only when participants have a short employment horizon. Our study contributes to the debate on effective managerial compensation by showing that a simple deferral of bonus payments can reduce the negative consequences of managerial self-interest and opportunism. This empirical study examines how the use of accounting information for valuation purposes is related to its use for stewardship contracting purposes.

While analytical literature based on agency theory has hinted at differences between stewardship and valuation roles of financial reporting, recent empirical studies based on US data suggest a positive association. This paper contributes to the literature by providing first evidence on the relationship between stewardship and valuation for an International Financial Reporting Standards IFRS setting.

Using management compensation data from German firms between and , we find a positive empirical association between our proxies of valuation and stewardship in univariate and multivariate settings, the latter including firm and corporate governance factors. Thus, our findings indicate that the use of accounting earnings for the two purposes is positively related which might also be of interest for the ongoing reform of the IASB's conceptual framework project. Abstract To produce congruent value estimates, valuation models need to properly account for costs of capital.

Technically speaking, we say that the expected value of residual income of debt flows is zero. We observe that central bank attempts to increase domestic investments has led to remarkably low corporate interest rates. Taken together, these empirical observations suggest that companies create or have the opportunity to create substantial value in financial markets. In particular, we look at implications on valuation modeling and Valuation as a subject.

This paper examines the impact of accounting misstatements on corporate reputation as perceived by non-professional stakeholders, i. Further, we provide insights on the channels enabling non-professional stakeholders to react to accounting misstatements. We find that announcements of accounting misstatements are accompanied by increased media coverage of misstating firms and a higher media attention of non-professional stakeholders.

Focusing on differences between professional and non-professional stakeholders, we find that professional stakeholders react faster and to a greater extent than non-professional stakeholders to announcements of an accounting misstatement. This study attempts to broaden our understanding of the value relevance of environmental performance by providing empirical evidence of the moderating role of financial environmental reporting.

Previous studies indicate that environmental performance can be both positively and negatively associated with market value. Such contradictory findings can be attributed to the fact that environmental performance is associated to both future economic benefits and costs. This study suggests that firms with recognized environmental provisions in their balance sheet enable investors to disentangle these opposite effects because environmental-related costs are already recognized and hence better environmental performance can be associated with economic benefits.

In addition, recognized environmental provisions signal that a firm can reliably quantify the environmental consequences of its activities in pecuniary terms.

From Throne to Gutter

If this is the case, investors will reasonably place a positive, significantly higher value on the environmental performance ratings of listed firms with recognized environmental provisions in their balance sheets. Previous literature has shown that both corporate reporting and media play a role in informing investors. However, whether these sources can reduce information asymmetry is still an object of debate. In our study, we attempt to exploit the dynamics between media and corporate reporting to investigate how they interact in reducing uncertainty in the market.

To address this topic, we propose a novel measure that captures the intensity of how financial reporting includes information released in the media. We hypothesize that information issued by the company is a function of news. Therefore, financial reporting is partially addressing those arguments in the news that have produced expectations to investors. Our results show that the interaction between media and corporate reporting has an effect on the uncertainly about the company as it is perceived by investors.

During his career, Jacob Fugger the Rich was engaged in many enterprises, primarily centered on the lending of money to aristocrats and also the Vatican and mining and distribution of Austrian and Hungarian copper and silver. Jacob Fugger the Rich may have learned double entry bookkeeping, banking and commercial law, and financial mathematics, during the years through when he resided in the Venetian Republic. Upon his return to South Germany in , he modeled his business practices after those of the Italian city-states.

While historical archives of accounting records of the Fugger family firm are rare, this paper seeks to demonstrate that Jacob Fugger the Rich was not only a brilliant banker, but that he was also a knowledgeable practitioner of double entry bookkeeping which he used to combine accounts from thirteen branches of a multi-national business empire, thereby allowing a clear understanding of the financial position and profitability of his international business affairs. The aim of this study is to examine whether European firms which are identified as managing their earnings also engage in corporate social responsibility CSR activities.

Using panel-data methodology for a sample of European non-financial public and private companies between and we find a positive relationship between earnings management and corporate social responsibility. This result is robust for European firms using alternative measures for accruals quality and estimation approaches. Our findings suggest that, reputation concerns and stakeholder satisfaction are likely to drive companies which conduct earnings management to engage in CSR activities. Using a sample of over 6, firm years and 36, directorships, we examine whether board composition follows a predictable pattern consistent with firm life-cycle.

Our findings build on the established notions on board monitoring and mentoring, and extend the theoretical work by incorporating the life cycle dimension. Consistent with the resource dependence theory, we find that mature firms have larger boards and higher expertise diversity, including expertise in non-business fields. Theory also suggests, and we confirm that the agency problem is mitigated by mature firms through the appointment of independent directors and an independent non-executive chair.

Collectively, our results suggest that life cycle has a significant impact on board composition.


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We investigate the merit of external audits using a unique set of hedge fund data. Our findings are as follows. Controlling for the self-selected feature of external audit choices, we further document that the incidence of return misreporting is significantly lower for hedge funds with external auditors than those without.

We also find that managers of audited funds are able to charge higher incentive fees, but not management fees, than those of unaudited funds. Lastly, audited funds are rewarded for good performance with subsequent capital inflows to a greater extent than unaudited funds are. These findings clearly demonstrate the value of external audit in hedge fund market. There is little research on diversity of teams within a professional domain such as an audit firm. This study sets out to investigate the structure of a diverse audit team for complex multinational audit engagements.

Using a qualitative approach, data are gathered in three Commonwealth countries from 84 individuals with an interest in complex multinational audit engagements. The study explores what constitutes a diverse team, its functioning in a cohesive manner as an integrated unit and presents diversity as a complex context-driven construct. It focuses on the informational background attributes of team members.

The study found that in order to perform the complex task of auditing complex multinational companies, diversity is needed to bring unique perspectives to the table, creating a larger pool of available knowledge, experience and expertise, but that simultaneously coordination challenges emerge. Practically, it presents a framework that can be applied for structuring diverse audit teams for complex multinational clients. This article aimed to analyze how the strategy formation and the strategy as practice happen, considering the figure of the entrepreneur and the management of quality in the process.

The theoretical framework was built based on the authors Mintzberg and Waters and Andersen , , for the strategy formation; Schatzki , , , , , for the analysis of strategy as practice through the three phenomena understanding, rules and teleoaffective structure; the concepts of the Entrepreneurial School, according to Mintzberg, Ahlstrand, Lampel , the reality of the family company, appointed by Leoni and Lodi , and the quality management, according to the authors Carpinetti , Curkovic and Pagell The methodology used was qualitative, with a single case study involving semi-structured interviews with managers and employees, non-participant observation, and a collection of documentary data, enabling a triangulation of the data.

The goal of this study was to analyze the strategic modifications made due to the change of management and after the implementation of the quality certification. It has been emphasized the importance of managers and employees in the process of the strategy formation, as well as the strategy as practice in the activities guided by an entrepreneur in search for quality. Critical, but largely overlooked, is the role of uncertainty, which we argue defines the role of accrual accounting as a distinctive source of information for investors when investment outcomes are uncertain.

This role is in some sense paradoxical: on the one hand, uncertainty undermines both the balance sheet because uncertain assets are unrecognized and the income statement because mismatching is unavoidable. However, these inevitable accounting effects can be exploited to provide information about uncertainty, though not by a balance-sheet approach alone.

Rather, criteria for balance sheet recognition and measurement, and for income statement presentation, are established by consideration of the impact of uncertainty on matching and mismatching in the income statement. Investigations into the global financial crisis discussed joint audit as a potential measure to help address deficiencies in the quality of the audit function.

However, adoption of joint audits remains a highly controversial issue, with arguments against their adoption primarily based on concerns about costs and administrative overhead, while arguments in favour emphasising a contribution to audit quality. Meanwhile, empirical findings remain inconclusive to irrefutably support either view. This paper widens the debate by reflecting on audit from a behavioural perspective to allow for a more nuanced picture of potential costs and benefits of joint audit with regard to audit quality. Auditors operate at the centre of a complex interaction between heuristics and biases which tend to negatively affect the quality of judgement and decision-making and the applied level of professional scepticism during the audit process.

We suggest that the impact of social and psychological factors on auditor scepticism, independence and competence may be less pronounced under some joint audit arrangements than for a single engagement team. The paper explores theoretical frameworks derived from behavioural research to guide the way for future empirical research that expands and refines our understanding on the potential of joint audit in bias mitigation and the enhancement of professional scepticism as a necessary ingredient to audit quality.

This paper examines through audit fees how ownership structures affect the different agency conflicts. As auditing is one of the mechanisms that reduces agency problems by providing an equal treatment to all shareholders through timely and relevant information, we expect a moderating effect of significant small shareholders on the relation between blockholding and audit fees in a context of low shareholder protection.

Significant small shareholders increase the demand of public information and consequently increase audit fees. Our results show that the presence of small significant shareholders modify the inverted u-shape relation between ownership concentration and audit fees into a u-shape relation found in prior studies.

We also find that the type of significant small shareholders affect the moderating effect. Only passive shareholders with less direct contact with the management demand better audits and have a moderating effect. Active shareholders such as private equity firms do not affect the inverted u-shape relation. These results contributes to the research on the use of private vs.

We study the evolution of the value relevance of a set of twelve accounting amounts, using a methodology that automatically incorporates nonlinearities and interactions, and avoids over-fitting encountered by traditional OLS estimation. We find that more accounting amounts become value relevant over time, which is consistent with a more complex relation between equity price and accounting amounts. Operating cash flow, cash holdings, and two New Economy-related accounting amounts—recognized intangible assets and research and development expense—increase in value relevance, and earnings and dividends decrease.

We find that the increase in value relevance of accounting amounts other than earnings offsets the decrease in value relevance of earnings, which is consistent with accounting amounts taken together remaining value relevant over time. We also find significant differences in value relevance of individual accounting amounts for subsamples of financial, technology, loss, and profit firms. This paper examines the consequences of audit failures for individual auditors. Beyond prior literature that examines changes at the audit firm, audit office or individual auditor level following audit failures, we focus on the particular roles i.

For our study, we rely on a German setting which allows us to identify the particular role of each individual auditor. To control for contemporaneous changes we use a difference-in-differences as well as a matched sample design. Our results for type II going-concern errors are less pronounced compared to enforcement errors. We empirically examine assertions that auditors may act more favourably towards those clients from whom they receive higher non-audit services fees. We examine the audit reports rendered to companies in the UK and the relative magnitude of non-audit fees and audit fees paid by such companies to their auditors.

We use the audit partner level of analysis in addition to Big-4 firm and national- and office-level and the results indicate that the non-audit services fees are not associated with the issuance of a going-concern audit opinion when industry specialists are involved in the audits, with the exemption of the national industry leaders. The presence of an internal audit function seems to lead to lower likelihood of a going-concern audit opinion being issued.

This paper provides a spatial-econometric analysis of the setting of property tax rates by Spanish municipalities. We take the largest sample of Spanish municipalities to date 2, municipalities for , with the aim to find evidence of tax mimicking. Our data indicate that in fact there exists tax mimicking: 1 percent higher property tax rate or car tax in neighboring municipalities leads to a 0.

This effect is lower than the usual impact found by the literature on tax mimicking. Besides, we find an opportunistic behavior of incumbents, by lowering property tax and car tax rates in the election year and in the year before election, as a way to signal their competence to voters yardstick competition. Finally, in agreement with previous literature, right-wing municipal governments set lower tax rates than their left-wing counterparts.

A multi-case based method is used to establish how costing systems information is used to calculate these National Prices and how effective Public Health Sector managers perceive the prices to be for the efficient management and reporting of these Inter District Flows. Neoclassical economics based transfer pricing theory is used to interpret the case data.

It is found that the National Prices are believed by some managers to be artificially high transfer prices which inflate the reported costs of the Inter District Flows required by DHBs to provide appropriate patient care. Whilst this does not inhibit service accessibility, as patient welfare comes first and cost efficiency second, it may have adverse resource allocation consequences.

Despite recognising the inadequacies of National Prices and having the authority, DHBs are reluctant to negotiate alternative transfer prices because of the potential extra costs involved. One solution is the collaborative approach used by three District Health Boards in one region that use all their resources collectively to plan and provide health services to the entire region. The partnership has one bottom-line and this significantly reduces the need for Inter District Flows using National Prices in that region. This empirical study investigates how organizational complexity and environmental uncertainty affects choice of budgeting methods.

This is done to test criticisms that traditional budgeting methods have become unsuitable to complex organizations in uncertain environments. In all CFOs responded. The sample includes a broad range of ownership structures and industries, which makes the results easier to generalize. A regression analysis was used to analyse the data. On the contrary, these contingencies strengthen the focus on and use of traditional budgeting methods.

There are two main limitations to this study. First of all, this questionnaire is part of a larger questionnaire focusing on mapping management accounting practices limiting the number of possible questions about budgeting. Secondly the questionnaire took place in a specific country in a specific cultural environment. This study provides empirical evidence of the impact of environmental uncertainty and organizational complexity on choice budgeting method.

This paper is concerned with how people go about when reading and interpreting financial accounts. The paper provides a detailed close-up of how the employees interpret and react to financial accounts presented to them during individual pension advisory meetings. In fact, the relation between rational reasoning and emotions should be understood as a symbiotic interdependence. We use a sample of 1, content-analyzed statements about fair value accounting published in print media during to explain the successful problematization of an accounting issue.

Unlike prior accounting studies on lobbying, we understand accounting debates as frame contests, i.


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Whereas frames in defense of fair value accounting were on average as strong as negative frames, standard setters lacked support from other accounting stakeholders during the crucial stages of the debate. The traditional view in audit research has been that high-quality auditors are associated with improved access to funding and lower costs of capital. This paper is motivated by recent research suggesting that the funding benefits of using Big Four auditors may not be as uniform as was previously assumed. We therefore turn to the microfinance industry and apply a unique hand-collected dataset from 59 developing and emerging countries, a population typically not investigated in accounting research, to analyze the relationship between use of Big Four auditors and access to debt capital.

We do not find significant relationships between use of Big Four auditors and access to debt capital. Thus, we conclude that one of the main benefits of using Big Four auditors seems not to extend to the poor countries of the world. The paper discusses several causes and indicates possible consequences of the findings. We synthesize the quantitative evidence from 52 independent data sets and thus test the nomological network around the four LoC. Controlling for statistical artifacts, our results provide strong support for most of the theoretical predictions from the LoC framework, which persists when we control for variables potentially moderating the basic relationships.

Besides providing rich managerial implications, our study invites future conceptual and empirical research to further validate and enlarge the nomological network around the LoC. This paper examines how independent and institutional women directors on boards affect Corporate Social Responsibility hereafter CSR reporting. We posit that there is a non-linear association, concretely quadratic, between independent and institutional female directors on boards and CSR practices.

Our results demonstrate that as the presence of independent and institutional women directors on boards increases, CSR disclosure improves, in line with the monitoring hypothesis, but when their presence on boards reaches a tipping point, CSR reporting reduces, consistent with the collusion hypothesis. Our findings suggest that board structures formed by institutional and independent female directors have effect on CSR reporting, but depending on the proportions of these types of female directors, the repercussion can be positive or negative.

Thus, female directors play a relevant role on boards since they may influence CSR decisions. We examine and find that governments use accounting information, more specifically program ratios and administrative ratios, differently in the two stages of their funding decisions to nonprofit organizations. In the first stage where governments screen organizations to be funded, they do not focus on program ratios, and nonprofit organizations with higher administrative ratios are more likely to be selected for funding.

However, in the second stage where governments allocate money among selected organizations, both accounting ratios do not play a significant role in determining the value of the funding granted. We further find that governments react to low quality ratios by reducing the likelihood of awarding funds in the first stage, but governments do not consider the quality of accounting information in the second stage.

Keywords: nonprofit organizations; program ratios; administrative ratios; financial reporting quality; government funding decisions. This paper provides evidence that trading alignment within a board of directors predicts the effectiveness with which a board performs its monitoring and advising duties. We find that directors that trade together are less effective monitors as they are more likely to overpay CEOs.

We find that directors that trade together appear to be more effective advisors as their firms are more likely to successfully invest in innovation. These results obtain when the trading alignment is selling rather than buying-based. They suggest selling-based trading alignment as an incremental and observable means of assessing the advising and monitoring effectiveness of outside directors. This research relies on complexity theory to analyze in an original way the relationships between decision rights, incentive system, non-financial performance and financial performance.

We propose a conceptual model based on a holistic framework which allows considering specific configurations instead of linear relationships. We address the following research question: Which configurations of decision rights and incentive system attributes — and non-financial performance measurement — lead to financial performance?

This paper investigates more particularly front-office employees in the service sector. To this end, we use a fuzzy-set qualitative comparative analysis fsQCA which is, to our knowledge, a new approach in management control research.

Birth of Venus by Sandro Botticelli

The findings highlight the influence of the operating context and the importance of the interdependencies between strategic orientations, performance measurement, incentive systems and organizational performance. This paper analyses the impact of financial transparency on fiscal performance. Our sample considers the Spanish largest municipalities for the years , , , and The results show that the level of municipal financial transparency influences budget deviations in tax revenues and current expenditures.

On the one hand, less transparent municipalities overestimate their revenues, allowing them to provide more public services without an immediate increase in taxes. On the other, these local governments, which are aware of the overestimation of their revenues, may spend less than they budgeted. More transparent municipalities, meanwhile, seem to be more prudent in their revenue estimations, since they underestimate their revenues, meaning they can spend more than projected.

Obedience and Evil: From Milgram and Kampuchea to Normal Organizations

Our results also show that the behaviour of politicians is influenced by the phase of the electoral cycle in which they find themselves, with politicians overestimating expenditures in the year before election. In this paper we examine the perceived usefulness of changes in the form of the external audit report to the equity market utilizing a regulatory change in the UK — the adoption of ISA in — as a quasi-experiment. ISA requires external auditors to disclose 1 materiality levels; and 2 critical areas of heightened audit risk — referred to as Key Audit Matters KAMs. We predict that the adoption of this new rule in the UK leads to audit reports that are perceived as more useful by stock market participants.

Consistent with our predictions we document declines in the bid-ask spread as well as the dispersion in earnings forecasts by security analysts. These declines occur in the UK firms subject to the new regulation, and obtain when we compare the UK firms to similar US firms via a difference in difference analysis. These declines are greater when 1 materiality levels are set lower; and 2 more KAMs are revealed. In addition, we find that managers change their disclosure pattern depending on the types of risks identified. Tax risks correspond with expanded disclosures, while risks related to asset valuation are followed by less disclosure.

Overall, this paper utilizes an exogenous shock in the audit environment to identify a perceived value to the external audit. The diversity of regulations that govern statutory audit in European countries provides the opportunity to analyze how audit regulation affects audit fees. This study is the first to analyze empirically the joint effect of audit regulation and auditor industry expertise on audit fees for the institutional setting of 14 European countries by using a sample of European firms for the period from to The main results show that using an industry specialist auditor results in higher audit fees.

Moreover, three regulatory attributes auditor liability, annual renewal of the mandate, joint audit play a significant role in determining audit fees. Fees are higher when the auditor's mandate may be renewed each year, and when the auditor's liability is tort.

Mandatory joint audit has also a positive impact on audit fees. With the help of an analytical model, my paper ties on to existing literature and tries to interrelate findings from sociology, psychology, economics and business. In particular, my analysis builds on the model used by Fischer and Huddart and provides explicit solutions with respect to how behavior of agents changes when social norms are present. For a given compensation contract, the basic model illustrates that a higher action choice of the other agent inclines an individual to work harder. In addition, I consider endogenous weights of norm components and depart from the assumption that weights are exogenously given.

For this purpose, I introduce weights that are dependent on the action choice of the peer group and find out that previous results do not hold any longer. With the help of numerical examples important features are illustrated. This study analyzes the relationship between subjective performance evaluation SPE and intention to turnover, identification, and performance of managers in SMEs. We argue that this relationship is mediated by managerial perception of feedback quality and trust in supervisor. To test our hypotheses, we collect data via a questionnaire and use structural equation modeling to analyze them.

Using data from responses, we find that the use of SPE reduces perceived feedback quality, while perceived feedback quality increases trust in the supervisor. We also find that greater trust in the supervisor enhances managerial performance by increasing identification and reducing intention to turnover. Say on Pay SOP gives shareholders the right to vote on executive compensation.

Unlike in a number of other countries, SOP is not prescribed by regulation in Canada, although more and more firms are now adopting this practice. The benefits for firms that voluntary implement SOP have been little documented from an empirical perspective, especially with respect to monitoring executive pay. Results suggest that, within the Canadian context at least, the adoption of Say on Pay is related to higher long-term executive compensation.

This study examines heterogeneity in tax rate elasticities of corporate capital using staggered variation in local business tax rates across German municipalities. In line with prior literature that suggests higher investment-cash flow sensitivities of firms with financing constraints capital responses to tax rate changes are up to half times larger for financially constrained firms than for unconstrained firms.

Moreover, capital responses are about half times larger for firms with fewer tax avoidance possibilities. Finally, I find a weaker relation between taxes and capital for firms that are less likely to bear the economic burden of the tax because they can shift the tax incidence to their stakeholders. Accounts matter in most domains and this is also true for the area of sustainable development SD. Accounts, however, matter not only if they are true but maybe even more if they are false or illusory.

The aim of this paper is to critically investigate and discuss accounts of SD-reality and summarize this discourse in a theoretical overview. This is a conceptual study that relies on the notion of pragmatic constructivism together with a simplified approach of the triple bottom line TBL. Different SD-accounts are discussed in relation to four dimensions of reality facts, possibilities, values and communication.

Differences are outlined between financial, environmental and social accounting accounts. External and internal ope -rationalizations are illustrated and links to the traditional business-case and the paradoxical case are drawn. The findings demonstrate that different SD accounts matter in different ways and -it matters what gets counted! There surely are limits to accountability, accounting, and accounts. Our results of analyzing the panel data of individual CEOs in Swedish listed companies during the period from through show that the compensation for criminally convicted CEOs is significantly lower for those CEOs at the lower end of the overconfidence continuum, but significantly higher for those that can be characterized as very overconfident, relative to non-overconfident CEOs.

Our contribution to managerial power theory provides evidence on how a higher risk propensity does not necessarily lead to rent extraction, and has further insights on the effect of an individual manager on their own compensation. We investigate the influence of debt financing on corporate financial reporting and the impact of bank lending on the book-tax conformity of private companies in Poland,.

We find that higher bank and non-bank borrowing is associated with higher book-tax conformity. At the same time, bank-lenders' demand for financial information increases book-tax conformity among borrowers the higher the bank debt is. We confirm that one-book firms that focus on tax regulations have a lower permanent and temporary book-tax differential overall than two-book private companies that provide information both for tax offices including deferred tax and other stakeholders' decision making.

These lower differences in total and the related lower informativeness of earnings are associated with information needs, as family firms have a lower book-tax differential than business groups. Our findings confirm that increasing the role of accounting could improve access to external finance. Monitoring by lenders and debt covenants forces companies to adopt more advanced accounting practices.

Using a sample of Italian individual auditors active in the market for private clients, we show that social capital and human capital are positively associated with compensation. We also find differences in compensation between auditors organized as sole proprietors and auditors organized in partnership. We also use propensity-score matching to alleviate the issue of the selection of the organization type chosen by the auditor.

Our results improve our understanding of the return of individual attributes that go beyond the certification as a licensed auditor. This study examines whether the origin of audit fee premiums earned by Multinational Audit Firms in Spain is in the exercise of market power or due to differential reputation attributed to these firms. Using a sample of observations belonging to Spanish non-financial quoted companies between and , we find no evidence that the level of market concentration — as a surrogate of the possibility to exert market power — explains higher prices charged by Big audit firms.

On the contrary, our results support the hypothesis that it is reputation of quality-differentiated services —measured by market share of different competitors in the audit market- which explains the existence of overprices. These results are robust to a variety of sensitivity checks. Our findings have important implications for regulators and audit market competitors.

Hybrid bonds have been issued in 17 different countries and became the most relevant class of hybrid securities in these countries. Whether a hybrid bond is classified as equity or debt i for tax purposes ii by rating agencies and iii under accounting standards depends on the chosen hybrid bond structure. We also document that firms issue hybrid bonds in quarters when their incentive to manage credit ratings increases.

We exploit the real estate industry as a homogenous setting where U. We employ a difference-in -differencemethodology to infer the effect of the reporting model on the frequency and magnitude of downwards adjustments of expected future cash flows of real estate assets in financial reports. Finally, we provide some evidence that the differences in impairment and unrealized losses are related to accounting procedures, as measured by Big 4 versus non BIG 4 firms. This study examines the association between two important characteristics of annual reports — financial statement comparability and readability, and the likelihood of committing accounting fraud.

We build on this literature, and show that firms with less comparable and readable financial statements are more likely to commit fraud. We also examine whether managers respond to fraud by improving the quality of information they provide in their annual reports subsequent to accounting fraud, and find that readability and comparability improve four years after fraud.

Using a decision-making process model we test our assumptions regarding different knowledge routines implemented by Gazelle companies compared to non-Gazelle companies in strategic business decision. Combining survey data and financial data from an unique archival database we test our propositions on Swedish privately owned high-growth and non-growth oriented firms. The results from this study implied that Gazelle entrepreneurs are propelled by both traditional financial liquidity information and human expertise of managers and investors compared to non-Gazelle entrepreneurs that are propelled primarily by the expertise of managers and investors.

When a coalition of NGOs seizes the international accounting standard process, in an initiative seeking to thwart corruption while encouraging transparency in the extractive industries, a novel case in accounting regulation is offered to examination. The narrative of the proposal carried in a Discussion Paper an accounting standard proposal outlines a story where the demand for higher accountability is supposed to benefit also to the investor as it reduces risks, especially the one bearing on corporate reputation, as suggested by earlier researches on pollution or corruption.

An original combination of qualitative and quantitative methodologies allows the in-depth observation of the comment letters sent to the IASB to reveal original conceptions on the role of accounting standards. Companies involved in extractive activities display more conservative positions on the issue, often in a nuanced opposition with reference to confidentiality or to soft law disclosures.

Even inside a given category of respondents — audit firms particularly — there appears to be no consensus on the role of the standard setter. We compare the earnings quality of private and public firms. Prior evidence is mixed and inconclusive as to which is greater. We focus on organizational structure, because public and private firms significantly differ along this dimension: public companies are structured as business groups, whereas private firms are business groups or stand-alone entities, and stakeholder demand for earnings quality and tax related incentives for earnings management differs between business groups and stand-alone firms.

Based on a comprehensive sample of 11 European Union countries from —, we find that public firms have higher earnings quality than private firms overall, but when we compare public and private business groups, private firms are higher. This study investigates whether top-level executives of banks exert a significant idiosyncratic influence on accounting decisions of banks. Exploiting a banking setting with bank and executive data for twenty-two years, I find that top-level executives account for a significant part of the variation in discretionary loan loss provisioning that is not explained by firm characteristics such as risk culture, litigation risk, or size.

Overall, my results demonstrate that time-invariant manager characteristics significantly influence discretionary loan loss provisions within banks and appear to be more important than time-invariant bank heterogeneities. This paper aims at verifying whether all intellectual capital elements, as measured by using publicly available accounting data, are equally beneficial for a range of traditional performance aspects: economic, financial and market performance.

The empirical data were drawn from a panel consisting of United Kingdom companies listed at the London Stock Exchange, from four different industry sectors observed over the eleven-year period from to It uses a panel methodology to study the association between all intellectual capital elements and multiple performance aspects.

Research results suggest that investment in intellectual capital is partially beneficial for economic performance but less favourable for financial performance and is not statistically significant connected with market performance. Moreover, the results have an alternative explanation in that accounting proxies for intellectual capital might have a limited ability in modelling this resource link with performance due to identity issues. It offers a comprehensive understanding of the connection between all intellectual capital components — human capital, structural capital and relational capital - and multiple performance aspects across a range of industry sectors.

It is part of the investigation into the efficacy of the accounting discipline to capture intellectual capital information. Restatements are used for evaluating reporting quality, audit quality and for other evaluative purposes. It is crucial to differentiate between restatements due to unintentional errors and those due to intentional misstatements. These different causes have different implications for financial statement preparers, users, auditors, regulators and researchers as shown by prior research that has used the language in restatement disclosures to classify restatements.

Manual content analysis of restatements is tedious, resource consuming and error prone. Empirical tests of the classified restatements show this classification is more reliable than other commonly used automated methods such as classifying based on restatement direction or magnitude. Our method is automated, does not require a dictionary of words associated with management intent, is easily replicated and scalable and may be used to classify restatements disclosed at the same time as financial results.

The extensive classification of Christian demonology we now have started with Jewish folklore about the fall of the angels along with demons like Satan, Belial, Asmodai, and Samael.

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There was also a huge amount of literature circulating which we now call the New Testament apocrypha as well as Gnostic writings such as those found in the Nag Hammadi Library. Many of these demons come from those non-canonical scriptures. Learn what the Bible does and does not say about topics such as:. Enroll Now!

In later writings, Abaddon is personified as the king of the abyss who can command an army of locusts to torment men. Abaddon Read More. He was also the god in 2 Kings to whom the Sepharvites worshiped through human sacrifice. Adramelech Read More. Azazel Read More. Take Course. Beelzebub Read More. Behemoth Read More. Belial Read More. Belphegor Read More. Fallen Angels Read More.