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【2018-07-04 学术论坛】 Stakeholder Orientation and Accounting Conservatism: Evidence from a Natural Experiment

作者: | 发布日期:2018-07-03| 浏览次数:

 

讲座人:Ke Wang

 

讲座主题:Stakeholder Orientation and Accounting Conservatism: Evidence from a Natural Experiment

 

摘要:We examine the effect of the staggered adoption of state-level constituency statutes on stakeholder demand for accounting conservatism. The adoption of state-level constituency statutes allows directors to consider stakeholder interests when making business decisions, thereby exogenously increasing a firm’s stakeholder orientation. Using a difference-in-differences analysis, we find that the increase in stakeholder orientation due to the adoption of constituency statutes leads to a significant decrease in accounting conservatism. In other words, as firms pay more attention to stakeholder interests, accounting conservatism decreases. Our cross-sectional analyses show a more pronounced decrease in accounting conservatism for firms with ex ante higher demand for conservatism from stakeholders as proxied by greater transient institutional investor ownership and lower liquidation values and for firms with more powerful stakeholders who have the ability to influence a firm’s financial reporting policy ex ante. In addition, we find the reduction in risk taking and the appointment of stakeholder-oriented directors as two potential channels through which the adoption of constituency statutes decreases stakeholders’ demand for conservatism.

 

讲座时间:74日下午16:00-17:30

 

讲座地点:学院南路校区学术会堂702

 

讲座人简介:Ke Wang(王可),加拿大阿尔伯塔大学(University of Alberta )助理教授,曾于2015年在香港城市大学取得博士学位,2010年于香港理工大学取得本科学位。他的主要研究兴趣包括信息披露、文本分析、利益相关方理论、债务及其衍生品市场等,相关成果已被国际知名会计学期刊Contemporary Accounting Research接收。

 

 

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