本文精选了会计学国际顶刊《Journal of Accounting and Economics》近期发表的论文，提供会计学领域最新的学术动态。

Do auditors understand the implications of ESG issues for their audits? Evidence from financially material negative ESG incidents

原刊和作者：

Journal of Accounting and Economics, Volume 81, Issue 2

Daniel Aobdia （The Pennsylvania State University）

Aaron Yoon （Northwestern University）

Abstract

We exploit a unique dataset to examine how auditors integrate financially material environmental, social, and governance (ESG) issues into their audits, particularly following the introduction of the Sustainability Accounting Standards Board (SASB) and the 2013 Committee of Sponsoring Organizations (COSO) frameworks, which highlighted the link between ESG and clients’ internal control over financial reporting (ICFR). We find that auditors exhibit excessive optimism when evaluating ICFR effectiveness in the presence of material ESG incidents. Auditors often fail to detect material weaknesses in ICFR when clients experience negative ESG incidents, which leads clients to restate their financial statements. These results are driven by the post-SASB and the 2013 COSO period and are the strongest when ESG incidents are illegal and occur well before the fiscal year-end. Overall, audit firms do not seem to fully understand the implications of material ESG issues from an ICFR standpoint and make assessments that are incorrect.

Link: https://doi.org/10.1016/j.jacceco.2025.101831

Tax administration quality and foreign investment in developing countries: Evidence from participation in tax inspectors without borders

原刊和作者：

Journal of Accounting and Economics, Volume 81, Issue 2

Duke Ferguson （University of Kentucky）

Trent J. Krupa （Pennsylvania State University）

Rick C. Laux （Oklahoma State University）

Abstract

We examine how tax administration quality in developing countries impacts foreign direct investment (FDI). Developing countries are improving tax administration to raise revenue and reduce dependence on foreign aid. These reforms may deter FDI by raising taxes or attract it by creating a more transparent and predictable investment environment. We use participation in Tax Inspectors Without Borders—a joint OECD-UN program that helps developing countries audit and tax multinational corporations (MNCs)—as a proxy for improved tax administration. We find that tax administration quality is positively related to FDI. Heterogeneity tests demonstrate that tax administration quality attracts FDI by curbing corruption by tax authorities, reducing tax uncertainty, and mitigating agency problems. A falsification test using foreign portfolio investment, which is less affected by changes targeting foreign MNCs, supports our inferences. Our findings have important policy implications as developing countries continue to consider improvements to tax administration capacity.

Link: https://doi.org/10.1016/j.jacceco.2025.101832

Supply chain shocks and firm productivity: The role of reporting quality

原刊和作者：

Journal of Accounting and Economics, Volume 81, Issue 2

Philip G. Berger （The University of Chicago Booth School of Business）

Rimmy E. Tomy （The University of Chicago Booth School of Business）

Abstract

We examine the role of reporting quality in firms’ responses to a supply chain shock. Extant research examines the role of financial or managerial reporting quality in recurring operating or investing decisions, but little evidence exists on its role in firm restructuring following adverse shocks. Our setting is the 1999 Taiwan earthquake, which disrupted supply chains for certain U.S. high-technology manufacturers. We find total factor productivity increases for affected firms relative to unaffected ones, and this effect is stronger when pre-shock reporting quality is higher. The relation between pre-shock reporting quality and post-shock productivity improvement is more pronounced for firms that incur post-shock restructuring charges or make larger spending cuts. Furthermore, post-shock accounting measures of performance improve more for affected firms with higher pre-shock reporting quality. Overall, our results suggest that accounting information plays a crucial role in enhancing firm resilience and adaptability in the face of external shocks.

Link: https://doi.org/10.1016/j.jacceco.2025.101833

Critical audit matters and internal control quality: The disciplining role of CAM reporting

原刊和作者：

Journal of Accounting and Economics, Volume 81, Issue 2

Carol Callaway Dee （Stetson University）

Bing Luo （San Francisco State University）

Elaine Wang （University of Massachusetts Amherst）

Jing Zhang （University of Colorado Denver）

Abstract

We examine whether critical audit matter (CAM) reporting improves internal controls over financial reporting. We propose that CAM reporting improves internal control quality. This is because CAM reporting incentivizes early identification and communication of internal control issues among auditors, management, and audit committees, and increases their attention and effort in high-risk CAM areas. We find that, compared to control companies, companies that implement CAM reporting experience a significant decrease in the likelihood of internal control material weaknesses (ICMWs), and the improvement in internal control quality is primarily at account-level rather than entity-level controls. We also find that CAM reporting significantly lowers the likelihood of accounting misstatements. Cross-sectional analyses suggest that the benefit of CAM reporting on internal control quality depends on audit committee quality and auditor effort. The survey results of audit partners and CFOs provide further support for our theory.

Link: https://doi.org/10.1016/j.jacceco.2025.101834

News management, moral hazard, and the properties of earnings, prices, and compensation

Journal of Accounting and Economics, Volume 81, Issue 2

Jonathan Bonham （University of Illinois Chicago）

Abstract

I study theoretical properties of earnings, prices, and compensation by developing a dual moral hazard model in which a productive manager can selectively include verifiable information in an accounting report. When the cost of information is moderate, the solution exhibits several empirically-descriptive properties: market values exceed book values, the optimal earnings-based contract has a floor and a ceiling, the accounting system resembles historical cost with big bath write-downs but not write-ups, the Basu (1997) relation is conservative, the earnings distribution has a discontinuity, and the earnings–returns relation is S-shaped. These properties do not jointly emerge when the cost of information is low (high), in which case the accounting system resembles fair value (immediate expensing). I also show that the optimal earnings-based contract can always be replicated by a monotone price-based contract that may be implemented via performance shares.

Link: https://doi.org/10.1016/j.jacceco.2025.101835