The substantial convergence of Chinese accounting standards with IFRS and the managerial pay-for-accounting performance sensitivity of publicly listed Chinese firms

Journal of Accounting and Public Policy - Tập 35 - Trang 567-591 - 2016
Bin Ke1, Yubo Li2, Hongqi Yuan3
1Department of Accounting, Business School, National University of Singapore, Mochtar Riady Building, BIZ 1, # 07-53, 15 Kent Ridge Drive, Singapore 119245, Singapore
2Division of Accounting, SHU-UTS SILC Business School, Shanghai University, 20 Chengzhong Road, JiaDing District, Shanghai 201800, PR China
3Department of Accountancy, School of Management, Fudan University, 670 Guoshun Road, Shanghai 200433, PR China

Tài liệu tham khảo

Aharony, 2010, The impact of mandatory IFRS adoption on equity valuation of accounting numbers for security investors in the EU, Eur. Account. Rev., 19, 35, 10.1080/09638180.2010.506285 Aharony, 2010, Tunneling as an incentive for earnings management during the IPO process in China, J. Account. Public Pol., 29, 1, 10.1016/j.jaccpubpol.2009.10.003 Ahmed, 2013, Does mandatory adoption of IFRS improve accounting quality? Preliminary evidence, Contemp. Account. Res., 30, 1344, 10.1111/j.1911-3846.2012.01193.x Ball, 2006, International Financial Reporting Standards (IFRS): pros and cons for investors, Account. Bus. Res., 36, 5, 10.1080/00014788.2006.9730040 Ball, 2000, The effect of international institutional factors on properties of accounting earnings, J. Account. Econ., 29, 1, 10.1016/S0165-4101(00)00012-4 Ball, 2015, Contractibility and transparency of financial statement information prepared under IFRS: evidence from debt contracts around IFRS adoption, J. Account Res., 53, 915, 10.1111/1475-679X.12095 Ball, 2003, Incentives versus standards: properties of accounting income in four East Asian countries, J. Account. Econ., 36, 235, 10.1016/j.jacceco.2003.10.003 Banker, 1989, Sensitivity, precision, and linear aggregation of signals for performance evaluation, J. Account. Res., 27, 21, 10.2307/2491205 Barth, 2014, Relevance of differences between net income based on IFRS and domestic standards for European firms, J. Bus. Financ. Account., 41, 297, 10.1111/jbfa.12067 Batson, A. 2010. China seeks a new self through an old method. The Wall Street J. online, October 13. Beuselinck, C.A.C., Joos, P.P.M., Khurana, I.K., van der Meulen, S. 2010. Mandatory IFRS Reporting and Stock Price Informativeness. (CentER Discussion Paper; vol. 2010-82). Tilburg: Accounting. Brüggemann, 2013, Intended and unintended consequences of mandatory IFRS adoption: extant evidence and suggestions for future research, Eur. Account. Rev., 22, 1, 10.1080/09638180.2012.718487 Bushman, 2006, An analysis of the relation between the stewardship and valuation roles of earnings, J. Account. Res., 44, 53, 10.1111/j.1475-679X.2006.00192.x Byard, 2011, The effect of mandatory IFRS adoption on financial analysts information environment, J. Account. Res., 49, 69, 10.1111/j.1475-679X.2010.00390.x Cai, 2011, Eat, drink, firms and government: an investigation of corruption from entertainment and travel costs of Chinese firms, J. Law Econ., 54, 55, 10.1086/651201 Capkun, 2016, The effect of IAS/IFRS adoption on earnings management (smoothing): a closer look at competing explanations?, J. Account. Public Pol., 5 Cascino, 2015, Mandatory IFRS adoption and accounting comparability, Rev. Account. Stud., 20, 242, 10.1007/s11142-014-9296-5 Chen, 2009, Does the type of ownership control matter? Evidence from China’s listed companies, J. Bank. Financ., 33, 171, 10.1016/j.jbankfin.2007.12.023 Cheung, 2010, Helping hand or grabbing hand? Central vs. local government shareholders in Chinese listed firms, Rev. Financ., 14, 669, 10.1093/rof/rfp024 Christensen, 2013, Mandatory IFRS reporting and changes in enforcement, J. Account. Econ., 56, 147, 10.1016/j.jacceco.2013.10.007 Christensen, 2015, Incentives or standards: what determines accounting quality changes around IFRS adoption?, Eur. Account. Rev., 24, 31, 10.1080/09638180.2015.1009144 Christensen, 2003 Core, 2003, Price versus non-price performance measures in optimal CEO compensation contracts, Account. Rev., 78, 957, 10.2308/accr.2003.78.4.957 Daske, 2008, Mandatory IFRS reporting around the world: early evidence on the economic consequences, J. Account. Res., 46, 1085 Davilla, 2006, Governance structure and the weighting of performance measures in CEO compensation, Rev. Account. Stud., 11, 463, 10.1007/s11142-006-9018-8 DeFond, 2011, The impact of mandatory IFRS adoption on foreign mutual fund ownership: the role of comparability, J. Account. Econ., 51, 240, 10.1016/j.jacceco.2011.02.001 Deloitte Touche Tohmatsu, 2006. China’s New Accounting Standards: A Comparison with Current PRC GAAP and IFRS. <http://www.iasplus.com/country/china.htm>. Du, 2012, Influence activities and favoritism in subjective performance evaluation: evidence from Chinese state-owned enterprises, Account. Rev., 87, 1555, 10.2308/accr-50196 Gjesdal, 1981, Accounting for stewardship, J. Account. Res., 19, 208, 10.2307/2490970 He, 2012, Challenges for implementation of fair value accounting in emerging markets: evidence from china, Contemp. Account. Res., 29, 538, 10.1111/j.1911-3846.2011.01113.x Henderson, D., O’Brien, P.C., 2016. The Standard-Setters’ Toolkit: Can Principles Prevail over Bright Lines? Work. Pap. Wilfrid Laurier University and University of Waterloo. Holmstrom, 1979, Moral hazard and observability, Bell J. Econ., 10, 74, 10.2307/3003320 Hou, 2014, Mandatory IFRS adoption and executive compensation: evidence from China, China J. Account. Res., 7, 9, 10.1016/j.cjar.2013.09.003 Hung, 2000, Accounting standards and value relevance of financial statement: an international analysis, J. Account. Econ., 30, 401, 10.1016/S0165-4101(01)00011-8 International Accounting Standards Board (IASB), 2005. Agenda Paper 8A, 19 October 2005, Information for Observers <http://www.iasb.org/Current-Projects/IASB-Projects/Conceptual-Framework/Meeting-Summaries-and-Observer-Notes/October-2005.htm>. International Accounting Standards Board (IASB), 2006 International Accounting Standards Board (IASB), 2008 International Accounting Standards Board (IASB), 2010 Jiang, 2010, Tunneling through inter-corporate loans: the China experience, J. Financ. Econ., 98, 1, 10.1016/j.jfineco.2010.05.002 Kaufmann, 2009 Ke, 1999, Ownership Concentration and Sensitivity of Executive Pay to Accounting Performance Measures: Evidence from Publicly and Privately-held Insurance Companies, J. Account. Econ., 28, 185, 10.1016/S0165-4101(99)00021-X Ke, 2012, Hong Kong stock listing and the sensitivity of managerial compensation to firm performance in state-controlled Chinese firms, Rev. Account. Stud., 17, 166, 10.1007/s11142-011-9169-0 Lambert, 2001, Contracting theory and accounting, J. Account. Econ., 32, 3, 10.1016/S0165-4101(01)00037-4 Lambert, 1987, An analysis of the use of accounting and market measures of performance in executive compensation contracts, J. Account. Res., 25, 85, 10.2307/2491081 Landsman, 2012, The information content of annual earnings announcements and mandatory adoption of IFRS, J. Account. Econ., 53, 34, 10.1016/j.jacceco.2011.04.002 Lee, E., Walker, M., Zeng, C., 2013. Does IFRS Convergence Affect Financial Reporting Quality in China? ACCA Research Report 131. Leone, 2006, Asymmetric sensitivity of CEO cash compensation to stock returns, J. Account. Econ., 42, 167, 10.1016/j.jacceco.2006.04.001 Li, S. 2009. Beijing Bid to Cool Property Prices Ignored. South China Morning Post, December 31, 2009. Li, 2000, Incentives and performance, Account. Res., 1, 24 Li, 2005, Political turnover and economic performance: the incentive role of personnel control in China, J. Public Econ., 89, 1743, 10.1016/j.jpubeco.2004.06.009 Li, 2010, Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital?, Account. Rev., 85, 607, 10.2308/accr.2010.85.2.607 Lin, 2004, Policy burdens and the soft-budget constraint: evidence from China, Manage. World, 8, 81 Liu, 2011, The impact of IFRS on accounting quality in a regulated market: an empirical study of China, J. Account. Audit. Financ., 26, 659, 10.1177/0148558X11409164 Ma, H., 2009. China Regulates the Compensation of Heads of Business Enterprises: First Central-Government-Controlled Firms, Followed by Local-Government-Controlled Firms and Other Types of Chinese Firms (in Chinese). October 23 <www.chinanews.com>. Ministry of Finance Accounting Division, 2008, Research report on publicly listed Chinese firms’ implementation of the new accounting standards for fiscal year 2007, Account. Res., 6, 19 O’Connell, 2007, Reflections on stewardship reporting, Account. Horiz., 21, 215, 10.2308/acch.2007.21.2.215 Ozkan, 2012, Mandatory IFRS adoption in Europe and the contractual usefulness of accounting information in executive compensation, J. Account. Res., 50, 1077, 10.1111/j.1475-679X.2012.00453.x Paul, 1992, On the efficiency of stock-based compensation, Rev. Financ. Stud., 5, 471, 10.1093/rfs/5.3.471 Rogers, 1993, Sg17: Regression Standard Errors in Clustered Samples, Stata Tech. Bullet., 13, 19 State-owned Asset Supervision and Administration Commission (SASAC), 2003. Interim Measures for the Assessment of Management Performance of Heads of Central Government-Owned Enterprises (in Chinese). December 25. State-owned Asset Supervision and Administration Commission (SASAC), 2004. Interim Measures for the Administration of Compensation for Heads of Central Government-Owned Enterprises (in Chinese). June 2. State-owned Asset Supervision and Administration Commission (SASAC), 2008. Supplemental Provisions for the Assessment of Management Performance of Heads of Central Government-Owned Enterprises (in Chinese). February 25. State-owned Asset Supervision and Administration Commission (SASAC) of Shanghai Putuo District, 2006. Interim Measures for the Assessment of Management Performance of heads of Shanghai Putuo District Government-owned Enterprises (in Chinese). October 30. Sunder, 2009, IFRS and the accounting consensus, Account. Horizons, 23, 101, 10.2308/acch.2009.23.1.101 Tan, 2011, Analyst following and forecast accuracy after mandated IFRS adoptions, J. Account. Res., 49, 1307, 10.1111/j.1475-679X.2011.00422.x Thompson, 2011, Simple formulas for standard errors that cluster by both firm and time, J. Financ. Econ., 99, 1, 10.1016/j.jfineco.2010.08.016 Voulgaris, 2014, IFRS and the use of accounting-based performance measures in executive pay, Int. J. Account., 49, 479, 10.1016/j.intacc.2014.10.001 Watts, 2003, Conservatism in accounting, Part I: Explanations and implications, Account. Horiz., 17, 207, 10.2308/acch.2003.17.3.207 Watts, 2006, What has the invisible hand achieved?, Account. Bus. Res., 36, 51, 10.1080/00014788.2006.9730046 Wei, 2000, Incentives for top-management and performance of listed companies, Econ. Rev., 32 Wooldridge, 2002 Wu, 2009, The voluntary adoption of internationally recognized accounting standards and firm internal performance evaluation, Account. Rev., 84, 1281, 10.2308/accr.2009.84.4.1281 Wu, 2011 Wu, 2014, The adoption of internationally recognized accounting standards: implications for the credit markets, J. Account. Audit. Financ., 29, 95, 10.1177/0148558X14524420 Zeng, 2006, Government control, excess employees, and labor cost, Econ. Res., 5, 74 Zhang, 2010, Government intervention, government objectives and state-owned listed companies’ overinvestment, Nankai Bus. Rev., 13, 101 Zhou, 2004, The incentive and cooperation of government officials in the political tournaments: an interpretation of the prolonged local protectionism and duplicative investments in China, Econ. Res., 3, 33