ORCID Profile
0000-0002-5549-7232
Current Organisations
Queensland University of Technology
,
Griffith University
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Publisher: Elsevier BV
Date: 04-2015
Publisher: Wiley
Date: 06-06-2022
DOI: 10.1111/ACFI.12815
Abstract: We examine the impact of independent directors’ reputations on executive pay‐performance sensitivity. Using hand‐collected data from listed Chinese companies from 2012 to 2017, we find a positive association between independent directors’ reputations and pay‐performance sensitivity that is more pronounced in companies with less concentrated ownership. Further, the results show that reputable directors have a stronger influence on pay‐performance sensitivity when they sit on a remuneration committee, are in state‐owned enterprises, and are in companies with higher agency costs. Our results highlight the monitoring role of reputable independent directors in setting effective executive compensation contracts.
Publisher: Elsevier BV
Date: 08-2023
Publisher: Wiley
Date: 08-06-2021
DOI: 10.1002/BSE.2847
Abstract: The global development of integrated reporting (IR) is underpinned by the recognition of increased complexity of businesses and stakeholder demands for information relating to financial performance, management, corporate governance, and sustainability being provided in a single, coherent document which facilitates stakeholder decision making. This paper examines the lexical properties of IR following the introduction of the International Integrated Reporting Council (IIRC) Framework. Using an international s le, we find that when adopted voluntarily, IR are lengthier, use more complex language, and contain more boilerplate statements. Our findings suggest that without regulation, firms may continue to produce long and difficult to understand reports in fear of being perceived as omitting “bad news.” This fear might be justified as we find loss of analyst following and greater analyst uncertainty when voluntarily adopted IR is concise. In the regulated setting of South Africa, however, we find IR has become more concise, and firms that produce longer and more complex documents suffer from a deterioration of their information environment. Our findings suggest that regulators and practitioners need to be cognizant of the potential for an increased volume in reporting to obfuscate the message rather than inform stakeholders.
Publisher: Elsevier BV
Date: 12-2023
Publisher: American Accounting Association
Date: 03-2023
Abstract: The standard principal-agent model predicts that, ceteris paribus, a negative relation exists between firm risk and CEO incentives or pay-performance sensitivity. We examine how a CEO’s risk tolerance (captured by national culture) affects pay-performance sensitivity using international data from 29 countries. We find that CEOs from countries with high (low) risk tolerance are associated with high (low) pay-performance sensitivity, suggesting that they require a low (high) risk premium. We contribute to the CEO compensation literature by introducing CEO risk tolerance, an overlooked factor, into CEO compensation contracts.
Publisher: Virtus Interpress
Date: 2015
Abstract: This paper examines the association between asset revaluations and discretionary accruals (a proxy for earnings management) using a s le of the largest 300 Australian companies. The results from this study indicate that the revaluation of non-current assets is positively associated with discretionary accruals. This finding is consistent with the argument that revaluation of assets reflects higher agency problems in the form of increased earnings management. Additional findings are that discretionary accruals are higher for firms reporting their non-current assets at fair values appraised by directors, than those of firms that use external appraisers. As well, the choice of auditors and the strength of corporate governance can constrain the opportunistic behaviour of managers in the accounting choice to revalue non-current assets.
Publisher: Springer Science and Business Media LLC
Date: 03-08-2023
Publisher: Elsevier BV
Date: 02-2020
Publisher: Elsevier BV
Date: 05-2023
Publisher: Wiley
Date: 02-2023
DOI: 10.1111/ACFI.13054
Abstract: Employers and professional bodies call for higher education accounting courses to emphasise the importance of critical thinking skills. This study provides an in‐depth assessment of how critical thinking is currently taught and assessed across an entire accounting degree. Our study contributes to our understanding of how teaching and assessment can support students in developing their critical thinking. Using a case study approach, we identify resource restraints and disruptions to traditional forms of engagement as key challenges to developing critical thinking skills in accounting education. We conclude with suggestions for teaching practice, such as formative scaffolds and teacher‐led discussions.
Publisher: Elsevier BV
Date: 09-2019
Publisher: Emerald
Date: 25-10-2023
Publisher: American Accounting Association
Date: 12-2018
DOI: 10.2308/JIAR-51983
Abstract: Using hand-collected data from a s le of 210 international banks during the period 2009 to 2013, we investigate whether fair value exposure, the proportion of financial assets measured at fair values, is associated with earnings persistence and whether the reliability of fair value measurements influences earnings persistence. We also examine whether the association between fair value measurements and earnings persistence is a function of institutional factors such as legal enforcement, the audit environment, and country-level auditor industry expertise. Results suggest that the use of fair values for balance sheet financial instruments enhances earnings persistence. Also, we find that the nondiscretionary fair value Level 1 assets (measured with observable inputs) are positively associated with earnings persistence, whereas the Level 2 assets (measured with indirectly observable inputs) and Level 3 assets (measured using unobservable inputs) are not associated with earnings persistence. We provide further evidence that there is a strong association between factors reflecting countrywide institutional structures and the predictive power of fair values based on discretionary measurement inputs (Level 2 and Level 3 assets) and we find that the moderating effect from these institutional factors is greater for Level 3 assets than for Level 2 assets. Additional tests suggest that the association between fair value estimates and earnings persistence is moderated by the classification of fair value assets (that is, through profit and loss versus other comprehensive income) and the reliability of fair value estimates.
Publisher: Springer Science and Business Media LLC
Date: 06-10-2020
Publisher: Elsevier BV
Date: 04-2022
Publisher: Elsevier BV
Date: 04-2022
Publisher: Wiley
Date: 19-08-2020
DOI: 10.1111/JBFA.12485
Publisher: Wiley
Date: 05-08-2018
DOI: 10.1111/ACFI.12225
Publisher: Emerald
Date: 21-03-2023
Abstract: This study aims to examine the impact of different levels of required book-tax conformity (BTC) on audit clients' demand for auditor-provided tax services (APTS). In addition, the authors also investigate the effects of the European Union (EU) Regulation (2014). This study utilizes a s le of listed companies from 10 EU countries between 2010 and 2019. The final s le consists of 16,049 firm-year observations from 2,515 unique firms, and the authors use both probit and ordinary least square (OLS) regression models in this study. The main finding of this paper is that companies listed in countries with a higher level of BTC are less likely to purchase tax services from incumbent auditors and pay fewer auditor-provided tax service fees. Results from further analyses confirm that firms substantially reduced their purchase of APTS after the EU Regulation (2014) was implemented, but these reduced purchases were found to be more pronounced for firms located in countries with low BTC. This study advances the understanding of the determinants of APTS and the consequences of BTC. Specifically, the authors report that variation in a country-specific feature (i.e. BTC) also affects firms' decision to purchase APTS. Moreover, this paper provides some preliminary evidence of the new regulation and contributes to the literature on APTS regulation. The findings of this study have important policy implications for regulators and are also relevant for various capital market participants.
Publisher: Elsevier BV
Date: 07-2020
Publisher: Wiley
Date: 25-07-2022
DOI: 10.1111/ACFI.12988
Abstract: This paper investigates the impact of the Shanghai–Hong Kong Stock Connect (SHSC) scheme on voluntary corporate social responsibility (CSR) disclosure in China. Using a difference‐in‐differences (DiD) design, we find that companies that participate in the SHSC scheme are more inclined to voluntarily issue CSR reports. This effect is more pronounced for companies that have limited access to international markets and those with weak corporate governance. Additional analyses show that SHSC‐connected firms also produce higher quality CSR reports and achieve a better CSR performance. Our findings imply that capital market liberalisation promotes voluntary corporate disclosure for investors.
No related grants have been discovered for Daifei Yao.