【正文】 sset specificity is associated with increase in accounting quality around succession ? Succession will lead to improvement in accounting quality ? Founder succession will lead to even higher improvement in accounting quality because founder tends to possess more specific assets An example of specialized asset… 74 SYSUminghai 75 75 SYSUminghai 76 Li Kashing （ 77） was sent to hospital on Sep. 6th , 2022. 76 Cumulated Daily Stock Return SYSUminghai 77 Measuring Accounting Quality ? How to measure quality in literature? ? Accruals (unsigned discretionary accruals) [Leuz et al.] ? Timely loss recognition ? Marketbased Model (Basu, 1997) ? Ine persistence (Ball and Shivakumar, 2022) 77 SYSUminghai 78 Table 1 Sample 78 SYSUminghai 79 Question 1 ?Whether succession lead to improvement in accounting quality? 79 SYSUminghai 80 Table 2 Discretionary Accruals 80 SYSUminghai 81 Table 3 Timely Loss Recognition 81 SYSUminghai 82 Question 2 ? Whether founder succession leads to more pronounced improvement in accounting quality? ? Whether foundercontrolled firms are associated more opaque accounting prior to succession? 82 SYSUminghai 83 Table 4 Founder Effect on discretionary accruals 83 SYSUminghai 84 Table 5 Panel A: Founder effect on timely loss recognition 84 SYSUminghai 85 Table 5 Panel B: Founder effect in presuccession period 85 SYSUminghai 86 In addition… ? Founder’s age and education matter for accounting quality in presuccession period SYSUminghai 87 Table 6 Effect of Founder’s age and Education on discretionary accruals in presuccession period 87 SYSUminghai 88 Table 6 Effect of Founder’s age and Education on timely loss recognition in presuccession period 88 SYSUminghai 89 Conclusion ?Accounting system shifts from more insiderbased to outsiderbased around succession ?Level of specific assets matter for the shift 89 SYSUminghai 90 第三部分 運用產(chǎn)權(quán)理論 研究財務(wù)與會計問題： 關(guān)系資產(chǎn)與腐敗 對財務(wù)和會計問題的解釋 Public Governance and Corporate Finance: Evidence from Corruption Cases Joseph . Fan Oliver M. Rui Mengxin Zhao SYSUminghai 92 Corporate Financing Patterns in Emerging Markets ? Companies in emerging markets rely on debt much more than equity to finance their investment ? Moreover, they rely on shortterm debt, even when they engage in longterm investment ? Banks, not capital markets, are the primary sources of funds for firms in developing countries SYSUminghai 93 Crosscountry pattern of financial leverage 0 . 0 00 . 1 00 . 2 00 . 3 00 . 4 00 . 5 00 . 6 0KoreaI ndonesi aBrazi lPortugalPaki stanThai landI ndi aNorwayI tal yAustri aJapanDenmarkFi nl andSwi tzerl andPeruFranceMexi coBel giumSpai nMal aysi aTai wanPhi li ppi neNetherl andsNew Zeal andHong KongChi naSi ngaporeGreeceChi leI sraelI rel andGermanySwedenUKTurkeyUSACanadaSouth Afri caAustral iaSYSUminghai 94 Crosscountry pattern of debt maturity 0 . 0 00 . 1 00 . 2 00 . 3 00 . 4 00 . 5 00 . 6 00 . 7 00 . 8 00 . 9 01 . 0 0New Zeal andNorwaySwedenUSACanadaSwi tzerl andFi nl andI rel andAustral ia。 Williamson, 1978), testing the possibility that Family ownership and family succession are arrangements to protect specialized assets that are difficult to partition, value, and transfer across individuals or anizational boundaries SYSUminghai 44 Specialized assets in entrepreneurial activities ? 1. Entrepreneurial activities are special ? Entrepreneurs’ superior management skills, creativity, leadership charisma, secret formula, reputation, business/political connections, etc. ? These assets are specific to the entrepreneurs because they cannot be quickly learned or easily bought and sold in marketplace SYSUminghai 45 Specialized assets in entrepreneurial activities ? 2. There exist strong ideologies (personal interests) in entrepreneurial activities ? Entrepreneurial activities often consume a large amount of entrepreneurs’ time, effort, and financial capital, dictating an ideology (strong personal interest) to take on these activities and associate risks ? Because of their extraordinary interests and efforts, entrepreneurs attach a high value of their firms that are not parably priced by the market SYSUminghai 46 Specialized assets in entrepreneurial activities ? 3. Entrepreneurial activities often have strong team spirit ? When the required labor, financial and human capital inputs are large and beyond what an individual entrepreneur can supply, friends and/or family members often join to bee both highly motivated and disciplined labor force and contributors of financial capital. ? Bonded and enforced by friendship or blood tie, contracts with cofounders or family members are often short of details ? These implicit contracts can be hard to enforce upon succession SYSUminghai 47 High transfer costs of specialized assets ? Specialized assets contribute to the initial success of entrepreneurial activities ? But difficulties arise when these assets are to be transferred across individuals or anizational boundaries ? Even in standardized business, family members or business partners may dispute about