講座人：Ke Wang

講座主題：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.

講座時間：7月4日下午16:00-17:30

講座地點：學院南路校區學術會堂702

講座人簡介：Ke Wang（王可），加拿大阿爾伯塔大學（University of Alberta ）助理教授，曾于2015年在香港城市大學取得博士學位，2010年于香港理工大學取得本科學位。他的主要研究興趣包括信息披露、文本分析、利益相關方理論、債務及其衍生品市場等，相關成果已被國際知名會計學期刊Contemporary Accounting Research接收。

本次講座海報和新聞稿請标注“中央财經大學專題學術講座項目資助”。