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2. A Guide for Accounting Researchers to Conduct and Report Systematic Literature Reviews

Author

Hardies, Kris, Ohlrogge, Fynn, Mentens, Jo, Vandennieuwenhuysen, Jonas, Hardies, Kris, Ohlrogge, Fynn, Mentens, Jo, and Vandennieuwenhuysen, Jonas

Abstract

Literature reviews can potentially contribute to our knowledge and understanding of a particular topic. However, consistent with anecdotal evidence, we document that literature reviews in auditing are of low quality in implementing best practice guidelines for conducting and reporting systematic reviews. We rely on existing guidelines and best practices in other domains to offer accounting researchers a step-by-step guide for conducting and reporting systematic literature reviews. We hope this guide will help to improve the quality of literature reviews in accounting and the assessment of such reviews by editors and reviewers.

Published
2024

3. Investor reactions to apologies for financial misconduct

Author

Ohlrogge, Fynn, Hardies, Kris, Claeys, An Sofie, Ohlrogge, Fynn, Hardies, Kris, and Claeys, An Sofie

Abstract

We conduct three experiments to examine the implications of corporate apologies on investors' reactions to allegations of financial misconduct. In Experiment 1, we manipulate whether the firm apologizes or denies the misconduct. Additionally, we manipulate how the firm apologizes for (denies) the misconduct by comparing “basic” response strategies (i.e., responses containing nothing more than a simple apology or denial) with “full” response strategies (i.e., responses containing additional elements, such as explicitly naming the misconduct). We find that investors are less willing to invest when the firm apologizes than denies it. Using mediation analysis, we find that when investors observe an apology, they attribute more responsibility to the management for the events, leading to a lower perception of credibility and a higher perception of litigation risk, ultimately affecting their investment judgment. Our results do not provide evidence that more extensive responses affect investors differently than more basic apologies or denials. In Experiment 2, we investigate self-disclosure as a potential strategy for firms to mute investors' negative reactions to apologies. Our results replicate the findings of Experiment 1. However, we do not find evidence that management can attenuate the adverse effects of apologizing for misconduct by self-disclosing the misconduct. In Experiment 3, we separate whether the apology includes an acceptance of responsibility or not and whether there is subsequent evidence of guilt or evidence of innocence. Surprisingly, investors do not react more favorably to apologies (with or without acceptance of responsibility) than denials, even when evidence substantiates the allegations. Overall, our study demonstrates that it is difficult for managers to attenuate the negative effects of financial misconduct on investors’ perceptions with apologies.

Published
2024

4. Partner narcissism in a private market setting: Consequences for audit reporting decisions and audit pricing.

Author

Kerckhofs, Linde, Vandenhaute, Marie‐Laure, and Hardies, Kris

Subjects
NARCISSISM, PRICES, AUDITING, AUDITING fees, MARKET pricing
Abstract

This study investigates the association between audit engagement partners' narcissism (measured by the size of their signature) and audit reporting decisions and audit pricing in a private market setting. We analysed 133,267 (78,994) firm‐year observations from (financially distressed) Belgian firms audited by 795 individual engagement partners from 2008 to 2017. Our results suggest that narcissism is positively associated with the likelihood that audit partners issue going‐concern opinions to their financially distressed clients and with audit fees. An array of robustness checks corroborates these results. Additional results show that audit partner narcissism is positively associated with reporting conservatism. Interestingly, additional analyses also show that narcissism reverses the effect of gender on audit reporting decisions and audit pricing. Collectively, the evidence from this study suggests that partner narcissism is positively associated with conservative audit reporting decisions and audit pricing in a private market setting. [ABSTRACT FROM AUTHOR]

Published
2024
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11. Gender Discrimination? Evidence from the Belgian Public Accounting Profession*.

Author

Hardies, Kris, Lennox, Clive, and Li, Bing

Subjects
SEX discrimination, GOVERNMENT accounting, SEX discrimination against women, ACCOUNTANTS, AUDITORS, AUDITING fees, ACCOUNTING firms
Abstract

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Published
2021
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16. The Influence of Visualisations in Corporate Disclosures on Nonprofessional Investors’ Judgments and Decision-Making

Author

Mentens, Jo and Hardies, Kris

Subjects
Behavioral Economics, Processing fluency, Cognitive load, Economics, Accounting, Visualisations, Business, Motivated reasoning, Social and Behavioral Sciences, Finance, Behavioral accounting
Abstract

We will experimentally investigate the influence of visualisations in corporate disclosures on investors’ judgments and decision-making. Specifically, we are interested in whether visualisations improve investors’ understanding of corporate disclosures and whether this better understanding leads to more accurate investment decisions. From the existing accounting literature, the influence of visualisations on investors’ investment decisions is unclear. While visualisations have received relatively little attention in the accounting literature, there has been a growing number of studies that examine the influence of various other features of disclosures (e.g., readability) on investors’ investment decisions. Based on this literature, we expect that visualisations increase investors’ subjective feelings of processing fluency, which affectively influences their investment decisions. Alternatively, based on the cognitive theory of multimedia learning (CTML), we expect that visualisations decrease the cognitive load experienced by investors, which increases their understanding and improves their investment decisions. To test our hypotheses, we will conduct an experiment with 600 participants on Prolific. For our experiment, we will rely on motivated reasoning theory to disentangle the effects of processing fluency and the CTML. By only providing positive information and by assigning participants to a long or a short investment position, participants will receive respectively preference-consistent or preference-inconsistent information. Based on motivated reasoning theory, we expect that this will change participants’ information processing which will provide insight into whether, and to which extent, subjective feelings of processing fluency or understanding mediate the effect of visualisations on investors’ investment decisions.

Published
2022
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18. Auditing

Author

Branson, Joël, Breesch, Diane, and Hardies, Kris

Subjects
Economics
Abstract

Dit boek geeft een algemeen inzicht in de vraag- en aanbodzijde van de auditmarkt, schetst de ontwikkeling en de organisatie van het Belgische auditberoep, en overloopt de verschillende stappen van het controleproces. Het is nuttig en bruikbaar voor iedereen die kennis wil maken met het beroep van bedrijfsrevisor en die op een kritische en gefundeerde manier beslissingen wil nemen op basis van jaarrekeninginformatie en het controleverslag.

Published
2022

23. On the presence and absence of CEO gender effects on management control choices : an empirical investigation

Author

Hardies, Kris, Jorissen, Ann, and Maneemai, Parichart

Subjects
ComputingMilieux_THECOMPUTINGPROFESSION, Economics
Abstract

Addressing the scarcity of gender research in management control studies, this study examines whether CEO gender is a significant variable in explaining cross-sectional variation in management control choices after controlling for firm and industry context, for the presence of a board and for the individual CEO’s experiences. We develop hypotheses based on insights of the social role theory and on the results of studies focusing on gender influences with respect to leadership behavior. We focus on this particular gender literature because it provides theoretical arguments and empirical evidence that gender differences for people occupying the same role are possible, while the stereotype gender differences found for the average population might not be present for people at the top fulfilling the same role. We find that male CEOs use significantly more short-term planning, financial performance measures and use controls significantly more in a diagnostic way than female CEOs. With respect to the design of long-term planning, non-financial performance measures, rewards and administrative controls and an interactive use of controls, we find no gender influence. In line with the insights of social role theory, these findings imply that when controls guide, evaluate and reward subordinates’ behavior, the organizational role of the CEO is much more important than a CEO’s gender role leaving no room for CEO gender influences. Only when controls also support a CEO’s decision-making there is discretion available for gender influences.

Published
2021

24. Archival research on audit partners: assessing the research field and recommendations for future research

Author

Hardies, Kris, Hossain, Sarowar, Chapple, Larelle, Hardies, Kris, Hossain, Sarowar, and Chapple, Larelle

Abstract

In this paper, we assess the existing archival research on audit partners and provide recommendations for future research. Our empirical analyses suggest that the audit partner characteristics with the biggest impact are industry specialisation and client importance. We demonstrate that audit partner studies may suffer from omitted variable bias if they study audit partner characteristics in isolation, as they have often done. We also show that, for most audit partner characteristics, there is little within-company and within-partner variation. We therefore caution against routinely including company and audit partner fixed effects in audit partner studies. We also examine the importance of properly adjusting for dependence in the data in audit partner studies and suggest to cluster standard errors at the client firm level. Finally, we provide detailed descriptive information at the audit partner level in order to demonstrate how researchers could improve the reporting of audit partner level data.

Published
2021

38. Starting Your Career at an Accounting Firm: The Role of Personality in Explaining Career Starts.

Author

Kerckhofs, Linde, Hardies, Kris, Vandenhaute, Marie-Laure, and Ceustermans, Stefanie

Subjects
ACCOUNTING students, ACCOUNTING firms, ACCOUNTING education, OPENNESS to experience, JOB security, PERSONALITY, BUSINESS students
Abstract

SYNOPSIS: We investigate whether personality traits affect graduate business students' decisions to start their career (1) in the accounting profession, and (2) at a Big 4 accounting firm. Survey data (n = 348) show that students with lower levels of openness to experience are more likely to seek careers in accounting. Further, students with higher levels of narcissism are more likely to start their careers in a Big 4 firm. Additionally, the effect of narcissism on students' decisions to seek careers at Big 4 firms is fully mediated by their attitudes toward the Big 4. Compared to students who seek careers at non-Big 4 firms, Big 4 career seekers believe that the Big 4 offer higher salaries, better opportunities for training, experience, and networking, more advancement opportunities, better career prospects, more interesting, challenging, and fulfilling work, more friendly colleagues, a better relationship with supervisors, more job security, and higher prestige. [ABSTRACT FROM AUTHOR]

Published
2021
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39. Auditing

Author

Branson, Joël, Breesch, Diane, Hardies, Kris, and Business

Subjects
auditing
Abstract

Dit boek geeft een algemeen inzicht in de vraag- en aanbodzijde van de auditmarkt, schetst de ontwikkeling van het Belgische auditberoep en overloopt de verschillende stappen van het controleproces. Het is nuttig en bruikbaar voor iedereen die kennis wil maken met het beroep van bedrijfsrevisor en die op een kritische en gefundeerde manier beslissingen wil nemen op basis van jaarrekeninginformatie en het controleverslag.

Published
2017

40. Auditor independence impairment: bonding between clients and individual engagement partners.

Author

Hardies, Kris

Subjects
AUDITORS, AUDITOR-client relationships, PRIVATE companies, CLIENTS, DISABILITIES
Abstract

Copyright of Spanish Journal of Finance & Accounting / Revista Espanola de Financiacion y Contabilidad is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Published
2020
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41. Professional and Commercial Incentives in Audit Firms: Evidence on Partner Compensation.

Author

Vandenhaute, Marie-Laure, Hardies, Kris, and Breesch, Diane

Subjects
AUDIT trails, WAGES, MONETARY incentives, QUALITY of work life, BUSINESS size
Abstract

Audit firms can shape and foster the desired behavior of their partners in accordance with the firm's strategy and objectives through compensation schemes. Understanding financial incentives is therefore of great importance, especially to ensure that auditors actually deliver high quality work. This study analyzes the elements associated with the compensation of audit partners in Belgium, and specifically contributes to the literature by investigating how compensation schemes vary across firms of different sizes (Big 4, second-tier, and small audit firms). Our results indicate that the mixture of equal sharing and performance based compensation elements varies across firms of different sizes. Partner compensation in larger (Big 4 and second-tier) firms is more heavily based on performance based elements than in smaller audit firms. Furthermore, in firms of all sizes compensation appears to be strongly associated with commercially oriented elements while professionally oriented elements only play a minor role. Professionally oriented elements are, however, slightly more important in larger (Big 4 and second-tier) firms than in smaller firms. [ABSTRACT FROM AUTHOR]

Published
2020
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