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Articles 1 - 20 of 20
Full-Text Articles in Business
Ceo Extraversion And The Cost Of Equity Capital, Biljana Adebambo, Robert M. Bowen, Shavin Malhotra, Pengcheng Zhu
Ceo Extraversion And The Cost Of Equity Capital, Biljana Adebambo, Robert M. Bowen, Shavin Malhotra, Pengcheng Zhu
Accounting Faculty Articles and Research
We examine whether CEO extraversion, an important personality trait associated with leadership, is associated with firms' expected cost of equity capital. We measure CEO extraversion using CEOs' speech patterns during the unscripted portion of conference calls. After controlling for multiple CEO and firm-specific variables, we find a strong positive incremental association between CEO extraversion and firms' expected cost of capital. Moreover, cost of equity increases when a more extraverted CEO replaces a less extraverted CEO. In addition, we find that firms with relatively extraverted CEOs take more risk and exhibit lower credit ratings, which is associated with higher cost of …
The Effects Of Sales Surprise On Inventory Turnover: An Empirical Study, Muhammad Yousaf, Bruce Dehning
The Effects Of Sales Surprise On Inventory Turnover: An Empirical Study, Muhammad Yousaf, Bruce Dehning
Accounting Faculty Articles and Research
Sales surprise (SS) is a significant factor in a firm’s inventory turnover (ITO). In order to estimate SS, it is necessary to select an appropriate approach of sales forecasting. The current study’s main purpose is to examine the effects of SS on ITO. The data was gained from the Albertina database from 2017 to 2021, for two sectors: manufacturing and construction. The Czech firms’ panel data was used to estimate sales forecasts by four different methods: (i) sales linear forecast (SLF), (ii) sales change (SCH), (iii) sales growth (SG), and (iv) sales forecast random walk (SRW). The two most accurate …
Trust In Public Programmes And Distributive (In)Justice In Taxation, Orkhan Nadirov, Bruce Dehning
Trust In Public Programmes And Distributive (In)Justice In Taxation, Orkhan Nadirov, Bruce Dehning
Accounting Faculty Articles and Research
In the tax psychology literature, there is a lack of empirical evidence on the degree of distributive justice in taxation. This article aims to test the relationship between trust in public programmes and distributive justice in taxation at the cross-country level. The sample consists of 47 countries. Trust in public programmes and distributive justice in taxation are measured based on data collected from Wave 7 of the World Values Survey, which took place worldwide in 2017-2022. An Ordered Probit Model was utilised for the empirical analysis. This study finds that if taxpayers support preferential organisations like the police and universities, …
Blockholder Mutual Fund Participation In Private In-House Meetings, Robert Bowen, Shantanu Dutta, Songlian Tang, Pengcheng Zhu
Blockholder Mutual Fund Participation In Private In-House Meetings, Robert Bowen, Shantanu Dutta, Songlian Tang, Pengcheng Zhu
Accounting Faculty Articles and Research
The Shenzhen Stock Exchange (SZSE) in China is unique worldwide in requiring disclosure of the timing, participants, and selected content of private in-house meetings between firm managers and outsider investors. We investigate whether these private meetings benefit hosting firms and their major outside institutional investors—blockholder mutual funds (i.e., funds with ownership ≥5%). Using a large data set of SZSE firms, we find that blockholder mutual funds have more access to private in-house meetings, and top management is more likely to be present, especially when a meeting is associated with negative news. Furthermore, when blockholder mutual funds attend negative-news meetings with …
Taxes And The Incentive To Work Under Flat And Progressive Tax Systems In Slovakia, Orkhan Nadirov, Bruce Dehning, Drahomira Pavelkova
Taxes And The Incentive To Work Under Flat And Progressive Tax Systems In Slovakia, Orkhan Nadirov, Bruce Dehning, Drahomira Pavelkova
Accounting Faculty Articles and Research
This study examines the impact of taxes on the incentive to work under flat and progressive tax systems. Of particular interest are the changes from progressive-to-flat and flat-to-progressive tax conditions. To measure the impact of taxes on the incentive to work under both scenarios, we relate hours worked with the effective marginal tax rates. Using national accounts data and the Prescott’s (2004) labor market model, Slovakian work hours were examined at points in time around the adoption of a flat tax system in 2004 and a progressive tax system in 2013. In Slovakia, there was a transition from a progressive …
Sounds Good To Me: How Communication Mode And Priming Affect Auditor Performance, Mary Parlee Durkin, S. Jane Jollineau, Sarah C. Lyon
Sounds Good To Me: How Communication Mode And Priming Affect Auditor Performance, Mary Parlee Durkin, S. Jane Jollineau, Sarah C. Lyon
Accounting Faculty Articles and Research
Audit associates routinely interact with clients to request explanations and evidence regarding financial statement account balances. Client explanations may be vague or incomplete. We examine whether auditors' assessments of the quality of client explanations and their decision to follow-up with the client are influenced by (1) communication modes that vary in media richness, and (2) a prime that is intended to stimulate skeptical behavior. Media richness refers to the amount of data inherent in the communication mode. We predict that richer communication modes, such as video, can be more distracting than less rich communication modes, such as email. More distracted …
Carbon Taxes And The Composition Of New Passenger Car Sales In Europe, Orkhan Nadirov, Jana Vychytilová, Bruce Dehning
Carbon Taxes And The Composition Of New Passenger Car Sales In Europe, Orkhan Nadirov, Jana Vychytilová, Bruce Dehning
Accounting Faculty Articles and Research
This paper examines the effectiveness of implementing carbon taxes to reduce carbon dioxide emissions from transport. Using the system Generalized Method of Moments estimator, we utilize cross-country analysis for the first time to study the impact of carbon taxes on the composition of petrol versus diesel passenger cars sold in 17 countries over the period 2013–2017. The results suggest that increasing carbon taxes affects consumer behavior, causing a significant shift from petrol to diesel fuel vehicles, controlling for factors such as the price of passenger cars, fuel price, interest rates, income level, population density, inflation, and vehicle stock.
Tax Progressivity And Entrepreneurial Dynamics, Orkhan Nadirov, Bruce Dehning
Tax Progressivity And Entrepreneurial Dynamics, Orkhan Nadirov, Bruce Dehning
Accounting Faculty Articles and Research
This study examines how tax progressivity affects entrepreneurial dynamics in 18 countries. The results show that increased downside progressivity has a positive influence on the transition rate from nascent entrepreneurship to established business ownership. In addition, only downside progressivity calculated using marginal tax rates is related to the transition ratio, implying that it is marginal tax rates, and not average tax rates, that are used in the entrepreneurial decision-making process. This paper contributes to our understanding of entrepreneurial dynamics and the effect of tax progressivity on the transition from nascent entrepreneurship to established business ownership.
Short- And Medium-Term Car Registration Forecasting Based On Selected Macro And Socio-Economic Indicators In European Countries, Lubor Homolka, Vu Minh Ngo, Drahomíra Pavelková, Bach Tuan Le, Bruce Dehning
Short- And Medium-Term Car Registration Forecasting Based On Selected Macro And Socio-Economic Indicators In European Countries, Lubor Homolka, Vu Minh Ngo, Drahomíra Pavelková, Bach Tuan Le, Bruce Dehning
Accounting Faculty Articles and Research
The automotive industry plays a key role in the European economy. In this paper, we determine which macro and socio-economic indicators have significant predictive power on car registrations - a proxy to automotive sector performance - across European countries. Contrary to the current literature which mainly focuses on long-term forecasting, we built our models on the highly seasonal monthly data of a medium-term period to make short-term forecasts. Our approach utilises predictors identified by the literature review. Presented models are built on the Vector Autoregressive models and are accompanied by formal tests, such as the Granger causality test. We have …
Ideological Diversity In Standard Setting, Jivas Chakravarthy
Ideological Diversity In Standard Setting, Jivas Chakravarthy
Accounting Faculty Articles and Research
I explore whether the level of ideological diversity among Financial Accounting Standards Board (FASB) members has declined since the emergence of their conceptual framework. I analyze votes made by FASB members on Statements of Financial Accounting Standards and compare them to comment letters submitted by constituent sponsoring organizations. I demonstrate that, relative to the Pre-CF regime (1973–1986), FASB members’ voting positions in the CF regime (1987–2007) are (i) less like their constituent sponsors and (ii) more like one another. The former result is primarily attributable to differences between FASB members with auditor and preparer backgrounds and those groups’ sponsors. Both …
Corporate Governance Roles Of Information Quality And Corporate Takeovers, Jing Li, Lin Nan, Ran Zhao
Corporate Governance Roles Of Information Quality And Corporate Takeovers, Jing Li, Lin Nan, Ran Zhao
Accounting Faculty Articles and Research
We examine the corporate governance roles of information quality and the takeover market with asymmetric information regarding the value of the target firm. Increasing information quality improves the takeover efficiency however, a highly efficient takeover market also discourages the manager from exerting effort. We find that perfect information quality is not optimal for either current shareholders’ expected payoff maximization or expected firm value maximization. Furthermore, current shareholders prefer a lower level of information quality than the level that maximizes expected firm value, because of a misalignment between current shareholders’ value and total firm value. We also analyze the impact of …
To Work More Or Less? The Impact Of Taxes And Life Satisfaction On The Motivation To Work In Continental And Eastern Europe, Orkhan Nadirov, Khatai Aliyev, Bruce Dehning
To Work More Or Less? The Impact Of Taxes And Life Satisfaction On The Motivation To Work In Continental And Eastern Europe, Orkhan Nadirov, Khatai Aliyev, Bruce Dehning
Accounting Faculty Articles and Research
Using country-level data from 2000-2013, we test the relationship between life satisfaction (measured as how people evaluate their life as a whole rather than their current feelings) and the motivation to work (measured as aggregate hours of work). Our hypothesis is that even after controlling for average labor income tax rates in countries with high and low average hours worked, there is a significant negative association between the motivation to work and life satisfaction. The main findings of this paper are that the increase in the motivation to work per employee comes at the expense of life satisfaction, and differences …
Portfolio Risk-Return Analysis: The Case Of The Automotive Industry In The Czech Republic, Florin Aliu, Drahomira Pavelkova, Bruce Dehning
Portfolio Risk-Return Analysis: The Case Of The Automotive Industry In The Czech Republic, Florin Aliu, Drahomira Pavelkova, Bruce Dehning
Accounting Faculty Articles and Research
Risk has always been the concern of managers and shareholders as a part of decision-making processes. Managers tend to control unsystematic risk mostly while trying to minimize the exposure to systematic (market) risk. The paper aims to assess the risk level and risk-return tradeoffs for the companies operating in Czech automotive industry. A diversification formula and calculation of returns using return-on-equity were employed on the yearly basis from 2005 till 2014. The returns and risk calculations were conducted on the portfolio of auto manufacturers, followed by the portfolio of auto suppliers, while the third one was performed for suppliers and …
Who Reacts To Income Tax Rate Changes? The Relationship Between Income Taxes And The Motivation To Work: The Case Of Azerbaijan, Orkhan Nadirov, Bruce Dehning, Khatai Aliyev, Minura Iskandarova
Who Reacts To Income Tax Rate Changes? The Relationship Between Income Taxes And The Motivation To Work: The Case Of Azerbaijan, Orkhan Nadirov, Bruce Dehning, Khatai Aliyev, Minura Iskandarova
Accounting Faculty Articles and Research
This research investigates the effects of income taxation on the motivation to work by employing a survey method for the Azerbaijan population. The two research questions of interest are, if subjects consider income taxes when deciding how many hours to work and how subjects would react to a hypothetical 5% income tax rate increase. Also examined are the responses to these questions between subjects with different socio-economic characteristics. Examining cross-sectional data of 326 respondents reveals that income taxes do not influence Azerbaijan labour market participants’ motivation to work, regardless of their socio-economic characteristics. Empirical results indicate that reactions to hypothetical …
Modelling The Impact Of Fiscal Policy On Non‑Oil Gdp In A Resource Rich Country: Evidence From Azerbaijan, Khatai Aliyev, Bruce Dehning, Orkhan Nadirov
Modelling The Impact Of Fiscal Policy On Non‑Oil Gdp In A Resource Rich Country: Evidence From Azerbaijan, Khatai Aliyev, Bruce Dehning, Orkhan Nadirov
Accounting Faculty Articles and Research
This paper analyses the impact of public expenditures and tax revenues on non‑oil economic growth in Azerbaijan for the period of 2000Q1‑2015Q2 by employing OLS, ARDL, FMOLS, DOLS, CCR and Granger Causality techniques. Different cointegration methods result in consistent results. In this study, there is strong evidence of significant long‑run positive contributions from public expenditures to non‑oil sector output. Results also show that tax revenues significantly slow down non‑oil economic growth in the long run. Granger Causality analysis finds the existence of a bidirectional short‑run association between non‑oil GDP and public expenditures, while tax revenues Granger Cause both variables. The …
The "Play-Out" Effect And Preference Reversals: Evidence For Noisy Maximization, Joyce E. Berg, John Dickhaut, Thomas A. Rietz
The "Play-Out" Effect And Preference Reversals: Evidence For Noisy Maximization, Joyce E. Berg, John Dickhaut, Thomas A. Rietz
Accounting Faculty Articles and Research
In this paper, we document a "play-out" effect in preference reversal experiments. We compare data where preferences are elicited using (1) purely hypothetical gambles, (2) played-out, but unpaid gambles and (3) played-out gambles with truth-revealing monetary payments. We ask whether a model of stable preferences with random errors (e.g., expected utility with errors) can explain the data. The model is strongly rejected in data collected using purely hypothetical gambles. However, simply playing-out the gambles, even in the absence of payments, shifts the data pattern so that noisy maximization is no longer rejected. Inducing risk preferences using a lottery procedure, using …
Human Economic Choice As Costly Information Processing, John Dickhaut, Vernon L. Smith, Baohua Xin, Aldo Rustichini
Human Economic Choice As Costly Information Processing, John Dickhaut, Vernon L. Smith, Baohua Xin, Aldo Rustichini
Accounting Faculty Articles and Research
We develop and test a model that provides a unified account of the neural processes underlying behavior in a classical economic choice task. The model describes in a stylized way brain processes engaged in evaluating information provided by the experimental stimuli, and produces a consistent account of several important features of the decision process in different environments: e.g., when the probability is specified or not (ambiguous choices). These features include the choices made, the time to decide, the error rate in choice, and the patterns of neural activation. The model predicts that the further two stimuli are from each other …
Innovators And Imitators In Product-Market Competition And Accounting Reporting, Carlos Corona, Lin Nan, Ran Zhao
Innovators And Imitators In Product-Market Competition And Accounting Reporting, Carlos Corona, Lin Nan, Ran Zhao
Accounting Faculty Articles and Research
In this study, we examine firms’ investments in explorative initiatives and their choices of capitalization method in a product-market competition setting. Since the capitalization of exploration expenditures may contain information on whether a firm’s exploration investment is successful, financial reports may reveal important information to competitors, and thus may have real consequences in product-market competition. In our paper, we identify two driving forces that induce firms to choose different capitalization methods: an information-spillover effect and a preempting effect. We also find that enforcing an accounting method that requires firms to capitalize expenditures of only successful explorations may increase or decrease …
Further Evidence On The Ability Of Fifo And Lifo Earnings To Predict Operating Cash Flows: An Industry Specific Analysis, Brock Murdoch, Bruce Dehning, Paul Krause
Further Evidence On The Ability Of Fifo And Lifo Earnings To Predict Operating Cash Flows: An Industry Specific Analysis, Brock Murdoch, Bruce Dehning, Paul Krause
Accounting Faculty Articles and Research
The continuing convergence of U.S. GAAP with International Accounting Standards has brought into question the future use of the LIFO inventory method in the U.S. Since the Financial Accounting Standards Board (2010) has stipulated that earnings should aid investors and creditors in their quest to forecast future cash flows to the enterprise, this research examines whether FIFO earnings or LIFO earnings is preferable, for this purpose, as an aid to ex ante operating cash flow itself,over a three-year forecast horizon. We conclude that ex ante operating cash flows are quite useful in forecasting operating cash flows across industries for up …
The Value Relevance Of Announcements Of Transformational Information Technology Investments, Bruce Dehning, Vernon J. Richardson, Robert W. Zmud
The Value Relevance Of Announcements Of Transformational Information Technology Investments, Bruce Dehning, Vernon J. Richardson, Robert W. Zmud
Accounting Faculty Articles and Research
In this paper, we examine the influence of IT strategic role to extend the findings of Im et al. (2001), Chatterjee et al. (2002) and Dos Santos et al. (1993). Specifically, we demonstrate that IT strategic role can explain how IT investments in each of the IT strategic roles might affect the firm's competitive position and ultimately firm value. We find positive, abnormal returns to announcements of IT investments by firms making transformative IT investments, and with membership in industries with transform IT strategic roles. The results of previous research are not found to be significant when IT strategic role …