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Junrui Zhang
School of Management, Xi’an Jiaotong University, China

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Journal article
Published: 31 March 2020 in Journal of Accounting and Public Policy
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Although ownership structure is fundamental to corporate accounting behaviors, the current literature provides scarce evidence about the governance effect of ownership structure on real earnings management (REM). We seek to address this issue by using a sample of Chinese listed firms which are likely to engage in earnings management during 2003–2014. We find that Chinese firms with more influential largest shareholders are more prone to REM; and that firms with state control and managerial ownership are less likely to engage in REM. We further find that there exists a joint and sequential relationship between REM and accrual-based earnings management in China. Our findings are robust to different variable measurements, samples and regression models. Our study contributes to the research on the relationship between ownership structure and earnings management and contributes to the understanding of REM in emerging economies. Our findings have significant implications for shareholders, analysts and regulators, and are important and relevant given that MSCI decides to include China mainland stocks in its indexes starting 2018.

ACS Style

Nanyan Dong; Fangjun Wang; Junrui Zhang; Jian Zhou. Ownership structure and real earnings management: Evidence from China. Journal of Accounting and Public Policy 2020, 39, 106733 .

AMA Style

Nanyan Dong, Fangjun Wang, Junrui Zhang, Jian Zhou. Ownership structure and real earnings management: Evidence from China. Journal of Accounting and Public Policy. 2020; 39 (3):106733.

Chicago/Turabian Style

Nanyan Dong; Fangjun Wang; Junrui Zhang; Jian Zhou. 2020. "Ownership structure and real earnings management: Evidence from China." Journal of Accounting and Public Policy 39, no. 3: 106733.

Journal article
Published: 16 March 2020 in Sustainability
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We examine the relationship between corporate social responsibility (CSR) disclosure and firm value in China. Using a sample of listed companies on the Shanghai Stock Exchange from 2008 to 2012, we find that market value of a firm is higher when a company makes a lower level of CSR disclosure. Other things being equal, this relationship becomes positive when the CSR disclosure is moderated with the institutional ownership. With regard to the CSR disclosure, we found consistent results with respect to the little evidence that the amount of CSR disclosure is significantly associated with market value among those companies who chose to provide CSR disclosures. Taken together, these results indicate that the decision to disclose or not to disclose CSR information is value relevant to the level of institutional investors. These findings are important as they have made an attempt to resolve the earlier contradictory findings with respect to the relationship between market value and CSR disclosure. Furthermore, it has highlighted the value relevance of CSR disclosure regarding the type of shareholders/institutional investors.

ACS Style

Ramiz Ur Rehman; Zahid Riaz; Charles Cullinan; Junrui Zhang; FangHua Wang. Institutional Ownership and Value Relevance of Corporate Social Responsibility Disclosure: Empirical Evidence from China. Sustainability 2020, 12, 2311 .

AMA Style

Ramiz Ur Rehman, Zahid Riaz, Charles Cullinan, Junrui Zhang, FangHua Wang. Institutional Ownership and Value Relevance of Corporate Social Responsibility Disclosure: Empirical Evidence from China. Sustainability. 2020; 12 (6):2311.

Chicago/Turabian Style

Ramiz Ur Rehman; Zahid Riaz; Charles Cullinan; Junrui Zhang; FangHua Wang. 2020. "Institutional Ownership and Value Relevance of Corporate Social Responsibility Disclosure: Empirical Evidence from China." Sustainability 12, no. 6: 2311.

Journal article
Published: 02 October 2019 in Sustainability
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This study investigates the relationship between sub-national institutional contingencies and corporate social responsibility performance (CSRP). Sub-national institutional contingencies (SNICs) play a moderating role in the link between CSRP and corporate financial performance (CFP). Using data from all A-share Chinese companies listed on the Shenzhen and Shanghai exchanges for the period 2010 to 2015, ordinary least square (OLS) regression was used as a baseline methodology to draw inferences from the data. The study uses propensity score matching (PSM) to confirm the robustness and to tackle the possible issue of endogeneity. We find reliable evidence that SNICs have a positive and significant effect on CSRP. This positive relationship is more pronounced in cross-listed companies as compared to state-owned enterprises (SOEs) and in companies located in the more developed region. Moreover, SNICs moderate the positive relationship between CSRP and CFP. The relationship is stronger in firms that are non-SOEs, are non-cross-listed, and are from less-developed regions as compared to their counterparts. The findings provide implications for regulators and individual companies. Investment in corporate social responsibility (CSR) helps companies to achieve their primary objective (i.e., financial performance). With respect to practical implications, the study indicates that policymakers, executives, and managers should refrain from “one size fits all” CSR policies. Instead, they need to simultaneously evaluate the effects of regional development, cross-listing, and ownership characteristics. Considering weak social performance by firms that are from less developed regions, are non-cross-listed, and that are non-SOEs, policymakers and the government should improve information transparency and the regulatory framework, and provide these firms with incentives. This study also provides insights for other emerging economies, especially those going through extraordinary government interventions.

ACS Style

Shahid Ali; Junrui Zhang; Muhammad Usman; Farman Ullah Khan; Amir Ikram; Bilal Anwar. Sub-National Institutional Contingencies and Corporate Social Responsibility Performance: Evidence from China. Sustainability 2019, 11, 5478 .

AMA Style

Shahid Ali, Junrui Zhang, Muhammad Usman, Farman Ullah Khan, Amir Ikram, Bilal Anwar. Sub-National Institutional Contingencies and Corporate Social Responsibility Performance: Evidence from China. Sustainability. 2019; 11 (19):5478.

Chicago/Turabian Style

Shahid Ali; Junrui Zhang; Muhammad Usman; Farman Ullah Khan; Amir Ikram; Bilal Anwar. 2019. "Sub-National Institutional Contingencies and Corporate Social Responsibility Performance: Evidence from China." Sustainability 11, no. 19: 5478.

Journal article
Published: 23 April 2019 in Journal of Accounting Education
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The teaching and learning of International Financial Reporting Standards (IFRS) are important for global accounting convergence. In China, many accounting students learn IFRS through education programs of the Association of Chartered Certified Accountants (ACCA). Based on a survey of 402 Chinese undergraduates registered as ACCA students, we investigate their study approaches and performance in learning IFRS. Study approaches are identified as the deep and surface ones based on the Revised Two-factor Study Process Questionnaire developed by Biggs, Kember, and Leung (2001). Results show that the deep approach is adopted more by Chinese students at the ACCA’s professional level, with better adaptability and longer preparation time. We also find that the deep approach contributes to better learning performance in ACCA’s global exams at both the fundamentals and professional levels. The findings are meaningful to IFRS education in non-English-speaking countries.

ACS Style

Nanyan Dong; Meng Bai; He Zhang; Junrui Zhang. Approaches to learning IFRS by Chinese accounting students. Journal of Accounting Education 2019, 48, 1 -11.

AMA Style

Nanyan Dong, Meng Bai, He Zhang, Junrui Zhang. Approaches to learning IFRS by Chinese accounting students. Journal of Accounting Education. 2019; 48 ():1-11.

Chicago/Turabian Style

Nanyan Dong; Meng Bai; He Zhang; Junrui Zhang. 2019. "Approaches to learning IFRS by Chinese accounting students." Journal of Accounting Education 48, no. : 1-11.

Journal article
Published: 01 April 2019 in Managerial Auditing Journal
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Purpose This paper aims to investigate the question concerning whether gender diversity in the boardroom matters to lenders or not? Design/methodology/approach To answer this question, the authors use the data from 2009 to 2015 of all A-share listed companies on the Shanghai and Shenzhen stock exchanges. The authors use ordinary least squares regression and firm fixed effect regression to draw our inferences. To check and control the issue of endogeneity the authors use one-year lagged gender diversity regression, two-stage least squares regression, propensity score matching method and Heckman two-stage regression. Findings The results suggest that the presence of female directors on the board reduces managerial opportunistic behavior and information asymmetry and, consequently, creditors’ perceptions about the probability of loan default and the cost of debt. The authors find that lenders charge 4 per cent less from borrowers that have at least one female board member than they do from borrowers with no female board members. The authors also find that the board structure (i.e. gender diversity) of government-owned firms also matters to lenders, as government-owned firms that have gender-diverse boards have a lower cost of debt (i.e. 5 per cent lower interest rate). Practical Implications The findings have implications for individual borrowers and for regulators. For example, borrowers can get debt financing at lower rates by altering their boards’ composition (i.e. through gender diversity). From the regulatory perspective, the results support recent legislative initiatives around the world regarding female directors’ representation on boards. Originality Value This paper makes several contributions. First, beyond the recent studies on boardroom gender, the authors investigate the relationship between gender diversity in the boardroom and the cost of debt. Second, the authors extend the literature on the association between government ownership and cost of debt by first time providing evidence that the board composition (e.g. gender diversity) of government-owned firms also matters to the lenders. The other contributions are discussed in the introduction section.

ACS Style

Muhammad Usman; Muhammad Umar Farooq; Junrui Zhang; Muhammad Abdul Majid Makki; Muhammad Kaleem Khan. Female directors and the cost of debt: does gender diversity in the boardroom matter to lenders? Managerial Auditing Journal 2019, 34, 374 -392.

AMA Style

Muhammad Usman, Muhammad Umar Farooq, Junrui Zhang, Muhammad Abdul Majid Makki, Muhammad Kaleem Khan. Female directors and the cost of debt: does gender diversity in the boardroom matter to lenders? Managerial Auditing Journal. 2019; 34 (4):374-392.

Chicago/Turabian Style

Muhammad Usman; Muhammad Umar Farooq; Junrui Zhang; Muhammad Abdul Majid Makki; Muhammad Kaleem Khan. 2019. "Female directors and the cost of debt: does gender diversity in the boardroom matter to lenders?" Managerial Auditing Journal 34, no. 4: 374-392.

Journal article
Published: 15 February 2019 in Sustainability
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As an emerging economy, China modernized its economy via split-share structure reform. This reform changed the nature of ownership in state-owned enterprises (SOEs). Following this reform, we investigated the research question concerning how reductions in state ownership affect the corporate social responsibility (CSR) performance of listed firms. This study tests the hypotheses using data of Chinese listed firms between 2010 and 2015. Applying multiple regressions, we found a negative association between state reductions and CSR performance. We contribute to the existing literature by providing empirical evidence that those firms which reduce state holdings are not taking CSR activities seriously. Our study also sheds light on the worthiness and prominent status of large state owners of SOEs, as they are more likely to engage in social activities. This study provides fruitful implications for policy-makers and practitioners about state holdings, which may either hinder or enhance the corporate social performance.

ACS Style

Farman Ullah Khan; Junrui Zhang; Muhammad Usman; Alina Badulescu; Muhammad Safdar Sial. Ownership Reduction in State-Owned Enterprises and Corporate Social Responsibility: Perspective from Secondary Privatization in China. Sustainability 2019, 11, 1008 .

AMA Style

Farman Ullah Khan, Junrui Zhang, Muhammad Usman, Alina Badulescu, Muhammad Safdar Sial. Ownership Reduction in State-Owned Enterprises and Corporate Social Responsibility: Perspective from Secondary Privatization in China. Sustainability. 2019; 11 (4):1008.

Chicago/Turabian Style

Farman Ullah Khan; Junrui Zhang; Muhammad Usman; Alina Badulescu; Muhammad Safdar Sial. 2019. "Ownership Reduction in State-Owned Enterprises and Corporate Social Responsibility: Perspective from Secondary Privatization in China." Sustainability 11, no. 4: 1008.

Journal article
Published: 10 September 2018 in Asia-Pacific Journal of Accounting & Economics
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ACS Style

Hui Liu; Charles P. Cullinan; Junrui Zhang. Modified audit opinions and debt contracting: evidence from China. Asia-Pacific Journal of Accounting & Economics 2018, 27, 218 -241.

AMA Style

Hui Liu, Charles P. Cullinan, Junrui Zhang. Modified audit opinions and debt contracting: evidence from China. Asia-Pacific Journal of Accounting & Economics. 2018; 27 (2):218-241.

Chicago/Turabian Style

Hui Liu; Charles P. Cullinan; Junrui Zhang. 2018. "Modified audit opinions and debt contracting: evidence from China." Asia-Pacific Journal of Accounting & Economics 27, no. 2: 218-241.

Journal article
Published: 23 June 2018 in Applied Economics
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Chinese accounting restatements are mainly disclosed in companies’ annual reports due to unique Chinese institutional background and regulatory setting. China provides the scheduled disclosure system for annual report, which is seldom found in any other countries. The difference between actual filing date and scheduled date as timeliness proxy can better depict how annual report is delayed by sudden events such as restatements. Using manually collected data of accounting restatements from 2004 to 2014, we study the association between Chinese accounting restatement and the timeliness of annual report. The results indicate that with an accounting restatement, a company takes longer to file annual reports than scheduled, suggesting a negative association between Chinese accounting restatements and timeliness of annual reports. We also find that this result is not altered whether CEO/chairman or auditor is the same between misstatement period and restatement period. The results are robust when other timeliness measures are used. When further examining the association between various restatement characteristics and timeliness of annual reports, we find an overall negative association between restatement severity and the timeliness of annual reports. We contribute to the existing accounting restatement literature from international perspective with evidence that restatements delay the timeliness of financial reporting.

ACS Style

Chen Ma; Hui Du; Junrui Zhang. Chinese accounting restatement and the timeliness of annual report. Applied Economics 2018, 50, 1 -18.

AMA Style

Chen Ma, Hui Du, Junrui Zhang. Chinese accounting restatement and the timeliness of annual report. Applied Economics. 2018; 50 (50):1-18.

Chicago/Turabian Style

Chen Ma; Hui Du; Junrui Zhang. 2018. "Chinese accounting restatement and the timeliness of annual report." Applied Economics 50, no. 50: 1-18.

Journal article
Published: 01 May 2018 in Journal of Business Research
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This paper investigates the relationship between political connections and firm value, as well as the moderating effect of internal control under exogenous shocks. By manually collecting 20 staggered downfall events during China's anti-corruption campaign since 2012, we observe that the termination of political connections results in an approximately 2% decline in equity value for private firms at the point of event, and effective internal control attenuates the negative price reaction to the loss of linkage. These findings infer the existence of benefits from maintaining political ties in business operations. Despite the value decline for connected firms, we further conclude that internal control system can be a useful channel of value protection in political shocks. Finally, our results survive a battery of sensitivity tests.

ACS Style

Fangjun Wang; Luying Xu; Junrui Zhang; Wei Shu. Political connections, internal control and firm value: Evidence from China's anti-corruption campaign. Journal of Business Research 2018, 86, 53 -67.

AMA Style

Fangjun Wang, Luying Xu, Junrui Zhang, Wei Shu. Political connections, internal control and firm value: Evidence from China's anti-corruption campaign. Journal of Business Research. 2018; 86 ():53-67.

Chicago/Turabian Style

Fangjun Wang; Luying Xu; Junrui Zhang; Wei Shu. 2018. "Political connections, internal control and firm value: Evidence from China's anti-corruption campaign." Journal of Business Research 86, no. : 53-67.

Journal article
Published: 15 February 2018 in Management Decision
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Purpose The purpose of this paper is to address whether gender diversity on compensation committees ensures objective determination of CEOs’ compensation. Design/methodology/approach The authors use a sample of companies listed in China from 2006 to 2015. The authors use pooled ordinary least square regression as the baseline methodology, and two-stage least square regression and propensity score matching to control for endogeneity. Findings The authors find evidence that gender-diverse compensation committees limit CEOs’ total cash compensation and strengthen the link between CEO pay and firm performance, but only independent female directors have a significant impact, indicating that the monitoring effect outweighs the executive effect. Moreover, compensation committees with a critical mass of female directors have more impact on CEOs’ total pay and the link between CEO pay and firm performance than do committees with a single female director. Finally, gender-diverse compensation committees are more effective in setting CEOs’ compensation in state-controlled firms, where agency issues are more severe. Practical implications Female directors can improve firm-level governance by monitoring management actions, such as setting CEOs’ compensation. The study contributes to the debate on gender diversity in the boardroom, finding a positive economic effect. The study sheds light on China’s diversity practices at the director level and provides empirical guidance to China’s regulatory bodies. Originality/value The authors extend earlier studies by providing the first empirical evidence that gender-diverse compensation committees strengthen the link between CEO pay and firm performance; that independent female directors are more effective in the monitoring role than executive female directors; that compensation committees with a critical mass of female directors are more effective in setting CEOs’ pay than are committees with a single female director; and that the influence of gender-diverse compensation committees on CEOs’ pay varies by type of ownership.

ACS Style

Muhammad Usman; Junrui Zhang; Fangjun Wang; Junqin Sun; Muhammad Abdul Majid Makki. Gender diversity in compensation committees and CEO pay: evidence from China. Management Decision 2018, 56, 1065 -1087.

AMA Style

Muhammad Usman, Junrui Zhang, Fangjun Wang, Junqin Sun, Muhammad Abdul Majid Makki. Gender diversity in compensation committees and CEO pay: evidence from China. Management Decision. 2018; 56 (5):1065-1087.

Chicago/Turabian Style

Muhammad Usman; Junrui Zhang; Fangjun Wang; Junqin Sun; Muhammad Abdul Majid Makki. 2018. "Gender diversity in compensation committees and CEO pay: evidence from China." Management Decision 56, no. 5: 1065-1087.

Original articles
Published: 10 February 2016 in Applied Economics
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In this article, we examine the potential influence of loan guarantees and the nature of ownership on a company’s cost of debt. Using data on Chinese A-share listed companies from 2007 to 2014, we find that guaranteeing another entity’s debt significantly increases the guarantor’s cost of its own debt. Regarding the nature of ownership, our results indicate that the cost of debt for state-owned enterprises (SOEs) is lower than that for non-SOEs. Among SOEs, firms controlled by the central government have lower cost of debt than firms controlled by local governments. We also find some evidence that local government ownership mitigates the effects of loan guarantees on the cost of a guarantor’s own debt.

ACS Style

Bin Liu; Charles Cullinan; Junrui Zhang; Fangjun Wang. Loan guarantees and the cost of debt: evidence from China. Applied Economics 2016, 48, 1 -18.

AMA Style

Bin Liu, Charles Cullinan, Junrui Zhang, Fangjun Wang. Loan guarantees and the cost of debt: evidence from China. Applied Economics. 2016; 48 (38):1-18.

Chicago/Turabian Style

Bin Liu; Charles Cullinan; Junrui Zhang; Fangjun Wang. 2016. "Loan guarantees and the cost of debt: evidence from China." Applied Economics 48, no. 38: 1-18.

Articles
Published: 03 July 2015 in China Journal of Accounting Studies
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This study extends the prior literature by examining the incidence of auditor dismissal in China in the year following the restatement announcement and asks whether the direction of auditor turnover is affected by financial restatement. We document a higher likelihood of auditor dismissal in the 12-month period following the restatement announcement for restating firms than for non-restating firms. Additionally, we test the effect of financial restatement on the direction of auditor turnover. Although we find there exists no significant relationship between restatement and the direction of auditor turnover, we do find that restating firms are more likely to replace the incumbent auditor with a reputable auditor following a fraud-related restatement announcement, and that restating firms are more likely to replace the incumbent auditor with a more acquiescent auditor following an error-related restatement announcement. Our findings confirm the argument of ‘restoring reputation’ for a fraud-related restatement, and that of ‘seeking acquiescence’ for an error-related restatement.

ACS Style

Chen Ma; Junrui Zhang; Bei Yang. Financial restatement and auditor dismissal. China Journal of Accounting Studies 2015, 3, 209 -229.

AMA Style

Chen Ma, Junrui Zhang, Bei Yang. Financial restatement and auditor dismissal. China Journal of Accounting Studies. 2015; 3 (3):209-229.

Chicago/Turabian Style

Chen Ma; Junrui Zhang; Bei Yang. 2015. "Financial restatement and auditor dismissal." China Journal of Accounting Studies 3, no. 3: 209-229.

Journal article
Published: 23 April 2013 in Journal of Applied Business Research (JABR)
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This paper investigates the relationship of ownership structure, listed status and risk by using regression analysis based on the relevant data of Chinas commercial banks. Three main results emerge. First, compared to the state-owned banks, foreign-owned commercial banks exhibit better asset quality, lower credit risk and higher capital adequacy ratio; city commercial banks have lower credit risk and joint-stock commercial banks have lower credit risk and capital adequacy ratio. Second, listed status improves the asset quality and capital adequacy ratio. Finally, we also find that the listed status significantly moderates the relationship between ownership structure and risk. In conclusion, this study provides a theoretical reference for the reform of Chinas commercial banks.

ACS Style

Maoyong Cheng; Hong Zhao; Junrui Zhang. The Effects Of Ownership Structure And Listed Status On Bank Risk In China. Journal of Applied Business Research (JABR) 2013, 29, 695 .

AMA Style

Maoyong Cheng, Hong Zhao, Junrui Zhang. The Effects Of Ownership Structure And Listed Status On Bank Risk In China. Journal of Applied Business Research (JABR). 2013; 29 (3):695.

Chicago/Turabian Style

Maoyong Cheng; Hong Zhao; Junrui Zhang. 2013. "The Effects Of Ownership Structure And Listed Status On Bank Risk In China." Journal of Applied Business Research (JABR) 29, no. 3: 695.

Journal article
Published: 31 December 2012 in Journal of International Accounting, Auditing and Taxation
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Accounting conservatism can serve as a mechanism to balance the interests of managers and shareholders and to reduce the effects of information asymmetry. Much of the research examining conservatism has been conducted in Anglo-American settings, in which ownership is typically widely dispersed. In Asian countries, such as China, ownership structure tends to be more concentrated, and state owners are more prevalent. In this paper, we examine the relationships between ownership structure and conservatism in China. Three ownership structure issues are examined: the influence of the largest shareholder, whether the largest shareholder is the government, and the power and governmental status of minority shareholders. For companies with a large shareholder, management may serve the interests of this largest shareholder to the exclusion of the interests of minority shareholders, who generally prefer more conservative reporting. Consistent with this idea, we find that conservatism is negatively associated with the percentage of shares held by the largest shareholder, and that this effect is particularly significant when the ownership percentage exceeds 30%. We do not find that state ownership influences the relationship between the largest shareholder's ownership and accounting conservatism. However, we do find that privately controlled companies in which the state owns a minority interest are more conservative than those without material state minority ownership.

ACS Style

Charles P. Cullinan; Fangjun Wang; Peng Wang; Junrui Zhang. Ownership structure and accounting conservatism in China. Journal of International Accounting, Auditing and Taxation 2012, 21, 1 -16.

AMA Style

Charles P. Cullinan, Fangjun Wang, Peng Wang, Junrui Zhang. Ownership structure and accounting conservatism in China. Journal of International Accounting, Auditing and Taxation. 2012; 21 (1):1-16.

Chicago/Turabian Style

Charles P. Cullinan; Fangjun Wang; Peng Wang; Junrui Zhang. 2012. "Ownership structure and accounting conservatism in China." Journal of International Accounting, Auditing and Taxation 21, no. 1: 1-16.

Journal article
Published: 28 December 2012 in Journal of Applied Business Research (JABR)
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The prevalence of cash flow manipulation has drawn much scholarly attention in China and worldwide, especially since the exposure of the accounting scandals at Enron, WorldCom, and Qwest. Cash flow status also provides a sound basis for corporate valuation. Using a sample of 12,251 firm-year observations from 1999 to 2009, this study thus investigates the attitudes and behavioral patterns of state-owned enterprises (SOEs) and non-SOEs in China toward cash flow manipulation. From a point of departure of resource-dependence theory, we find that non-SOEs tend to manipulate cash flow upward, whereas SOEs are more prone to manipulate cash flow downward. We also demonstrate that non-SOEs are more inclined to manipulate their cash flow statements compared with SOEs. The reason behind this differing behavior could be that non-SOEs are reliant on cash and funds from entities, such as governments and banks, and thus, they falsely enhance cash flow and firm performance in order to signal their solvency and thereby reduce financing costs. By contrast, since SOEs always receive sufficient cash inflows from both government sources and state-owned banks, the managers of these firms are unconcerned about cash flow shortages, which lessens their motivation to manipulate the figures. Indeed, this study finds that these managers may even reduce reported cash flow intentionally in order to obtain government assistance. Therefore, investors and regulators should make their judgments on the cash flow of entities based on their status as SOEs or non-SOEs.

ACS Style

Huiting Guo; Fangjun Wang; Junrui Zhang. Attitudes Of Chinese Listed Enterprises Toward Cash Flow Manipulation: A Resource Dependence Perspective. Journal of Applied Business Research (JABR) 2012, 29, 263 .

AMA Style

Huiting Guo, Fangjun Wang, Junrui Zhang. Attitudes Of Chinese Listed Enterprises Toward Cash Flow Manipulation: A Resource Dependence Perspective. Journal of Applied Business Research (JABR). 2012; 29 (1):263.

Chicago/Turabian Style

Huiting Guo; Fangjun Wang; Junrui Zhang. 2012. "Attitudes Of Chinese Listed Enterprises Toward Cash Flow Manipulation: A Resource Dependence Perspective." Journal of Applied Business Research (JABR) 29, no. 1: 263.

Journal article
Published: 29 October 2012 in Advances in Accounting
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Companies have been found to report positive information more quickly than they report negative information (i.e., good news early, bad news late). This paper investigates the potential impact of audit opinion change on the timeliness of financial disclosures, with improvements in audit opinion considered to be “good news.” We take both the direction and the magnitude of audit opinion change into consideration, with magnitude measuring how far the opinion is from an unqualified opinion (i.e., an unqualified opinion with explanatory paragraph is closer to an unqualified opinion than a qualified opinion is). We find that firms experiencing an improvement in their audit opinions disclose their financial results earlier, while those with audit opinion deteriorations report their financial results later, and that these effects were related to the magnitude of the opinion change. What's more, there is an asymmetric response to good audit opinion news vs. bad audit opinion news, with bad audit opinion news having a larger effect on earnings timeliness than the effect on earnings timeliness of good audit opinion news. Overall, our results support the “good news early, bad news late” notion. Finally, we also find that overall earnings timeliness has improved in China since the enactment of new reporting regulations in 2006.

ACS Style

Charles P. Cullinan; Fangjun Wang; Bei Yang; Junrui Zhang. Audit opinion improvement and the timing of disclosure. Advances in Accounting 2012, 28, 333 -343.

AMA Style

Charles P. Cullinan, Fangjun Wang, Bei Yang, Junrui Zhang. Audit opinion improvement and the timing of disclosure. Advances in Accounting. 2012; 28 (2):333-343.

Chicago/Turabian Style

Charles P. Cullinan; Fangjun Wang; Bei Yang; Junrui Zhang. 2012. "Audit opinion improvement and the timing of disclosure." Advances in Accounting 28, no. 2: 333-343.

Articles
Published: 22 May 2012 in Asia-Pacific Journal of Accounting & Economics
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This paper investigates the relationships between ultimate ownerships and audit fees (ADFEE). Using the data of 1428 Chinese listed companies in 2008, our empirical results show ADFEE are lowest for companies controlled by central government, followed by companies controlled by local government. In addition, we reveal that the longer the control chain from the listed company to its ultimate owner, the higher the ADFEE that company will pay. We also find that there is a negative relationship between the discrepancy and ADFEE when we pool our sample together. However, when we divide our samples into large firms and small firms, we find that such a negative relationship only holds for big-size firms while for small-size firms, ADFEE are positively correlated. This discrepancy being due to small firms’ lack of bargain power and the increase in auditing risk. In addition, we find that company size moderates the effect of such discrepancies on ADFEE in a nonlinear fashion.

ACS Style

Nan Hu; Fangjun Wang; Peng Wang; Lee J. Yao; Junrui Zhang. The impact of ultimate ownerships on audit fees: evidence from Chinese listed companies. Asia-Pacific Journal of Accounting & Economics 2012, 19, 352 -373.

AMA Style

Nan Hu, Fangjun Wang, Peng Wang, Lee J. Yao, Junrui Zhang. The impact of ultimate ownerships on audit fees: evidence from Chinese listed companies. Asia-Pacific Journal of Accounting & Economics. 2012; 19 (3):352-373.

Chicago/Turabian Style

Nan Hu; Fangjun Wang; Peng Wang; Lee J. Yao; Junrui Zhang. 2012. "The impact of ultimate ownerships on audit fees: evidence from Chinese listed companies." Asia-Pacific Journal of Accounting & Economics 19, no. 3: 352-373.

Journal article
Published: 30 April 2012 in Journal of Applied Business Research (JABR)
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This paper examines the impact of political connection on family-controlled listed firms philanthropic giving activities toward the 2008 Wenchuan Earthquake in China, and stock price reactions to such activities. Using the 542 Chinese listed companies controlled by private owners as the sample, it was found that firms with political connection are more likely to donate. Besides, focusing on the 244 donating firms, it was found that there is a positive impact of the donation amount on stock price response. Whats more, the positive stock price reactions toward the donation announcement made by firms with political connection are not as strong as that of firms without such connection. Regression results indicate that although family-controlled firms with political connection are more likely to donate, their activities can not generate as much positive stock price effect as their no-political connection counterparts. These results reveal that both political interferences and market mechanisms have critical impact on corporate philanthropic behavior in China.

ACS Style

Junrui Zhang; Bei Yang; Fangjun Wang. Corporate Philanthropic Giving: Active Responsibility Or Passive Ingratiation? Evidence From Chinese Family-Controlled Listed Companies. Journal of Applied Business Research (JABR) 2012, 28, 427 .

AMA Style

Junrui Zhang, Bei Yang, Fangjun Wang. Corporate Philanthropic Giving: Active Responsibility Or Passive Ingratiation? Evidence From Chinese Family-Controlled Listed Companies. Journal of Applied Business Research (JABR). 2012; 28 (3):427.

Chicago/Turabian Style

Junrui Zhang; Bei Yang; Fangjun Wang. 2012. "Corporate Philanthropic Giving: Active Responsibility Or Passive Ingratiation? Evidence From Chinese Family-Controlled Listed Companies." Journal of Applied Business Research (JABR) 28, no. 3: 427.