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In this paper the authors aim to examine whether shareholder activism is associated with accounting reporting complexity (ARC).

The authors employ ordinary least squares (OLS) and a sample of 19,530 firm-year observations (representing 3,377 unique firms) over the 2010–2019 period to test the prediction.

The authors find that firms with shareholder activism provide more complex accounting reporting. Further, both types of activism (including Concern & Dispute and Control & Discussion) are positively associated with ARC. The authors also find that the association between shareholder activism and ARC is more pronounced when the firms have a higher level of litigation risk and a higher proportion of institutional ownership. Collectively, the findings suggest that firms with shareholder activism may be under more pressure to disclose more accounting items, leading to more complex accounting reporting.

The study may be informative to regulators considering the costs and benefits of shareholder activism in financial reporting.

Mergers and acquisitions (M&As) are an important strategic tool for continuous adaptation, sustainable corporate development and external growth. At the same time, M&As involve high levels of risk with mixed performance results even under normal circumstances. Even though the M&A market was continuously growing for the last decade, it was abruptly ended by the coronavirus 2019 (COVID-19) pandemic as executives were more concerned about liquidity than with long-term growth strategies. This raises the question how M&A behaviour is affected by the economic fall-out of the COVID-19 pandemic.

The mixed method research design was employed in this study.

The authors particularly investigate how target selection as well as synergy management are affected by the pandemic. The study analysis reveals four archetypical responses to the COVID-19 crisis. The authors describe those responses in detail and analyse antecedents that seem to influence firms' acquisition behaviour during the pandemic.

The paper draws on survey and interview data of M&A practitioners.

The purpose of this study is to examine the influence of the readability of annual reports on firms’ ability to obtain trade credit from suppliers. Particularly, the authors conjecture that annual report readability helps firms obtain more trade credit from suppliers.

The authors use the Gunning Fog Index as the primary measure of annual report readability and the ratio of accounts payable to the book value of total assets as the measure of trade credit.

Results from the study of 4,754 firms during the 2004–2016 period indicate that suppliers extend more trade credit to firms with more readable financial reports. The authors’ results are robust to alternative measures of trade credit and annual report readability. The authors’ results remain robust when we control for firm fixed effects and potential endogeneity problems using the instrumental variable approach. A further test shows that the level of trade credit is higher for firms in business service industries, and that this relation is weakened when firms disclose less readable 10-K filings.

The authors’ findings provide new insight into the role of financial report readability in firms’ ability to obtain trade financing from suppliers. The authors’ results are also in line with the SEC’s encouragement that firms use plain English and easy language in financial reporting.

This study aims to examine the effect of real activities manipulation (RAM) on auditors’ decision of issuing going concern (GC) opinions for distressed companies.

This study estimates and examines three types of RAM: reduction of discretionary expenses, sales manipulation and overproduction. It investigates the effect of RAM on auditor reporting conservatism by including the three measures of RAM methods in logistic regressions that explain the issuance of going concern opinions. The authors perform the analysis specifically on distressed firms for 2004-2013 period.

This study finds a significant and positive association between RAM and the likelihood of receiving going concern opinion in the financial distressed firm sample, suggesting that client’s abnormal business activity affects the auditor reporting conservatism.

This study provides evidence that auditors make going concern reporting decisions in consideration of the client’s abnormal operating decisions and management’s opportunism.

Recent literature argues that auditors have little recourse other than to resign if a client uses RAM to impact earnings or the financial statements, and hence the enhanced audit quality in the post-SOX period is due to the shift from using accruals management to RAM (Cohen et al., 2008; Chi et al., 2011; Kim and Park, 2014). The evidence provided in this study indicates that auditors report more conservatively (rather than simply resign) in response to the aggressive RAM.

This paper aims to examine the association between audit firm tenure and audit report lag (ARL) and the impact of auditor industry specialization on the association between audit firm tenure and ARL.

Using Habib and Bhuiyan’s (2011) method of measuring auditor industry specialization, the authors examine the sample of 7,291 firm-year observations from 2008 to 2010.

The authors find that auditor industry specialization (regardless of city-level, national-level and joint city- and national-level industry specialization) weakens the positive association between ARL and short audit firm tenure, suggesting that auditor industry specialization complements the negative effect of short audit firm tenure on ARL.

First, the authors add to the literature by answering the question of whether hiring industry auditor specialists is an effective way to shorten ARL created by short audit tenure. The authors provide some evidence that the concern of short audit tenure leading to longer ARL is reduced by hiring an industry-specialized auditor. Prior research mainly focuses on identifying the determinants of ARL without going further to find out which are the effective ways to reduce the audit delay. Second, their findings can somehow resolve the debate on whether audit firm rotation should be mandatory. A new auditor’s lack of knowledge of clients’ business operations during the early years of audit engagements results in longer ARL, which eventually influences the clients’ financial performance. The authors' result suggests the firms can reduce this adverse consequence by hiring an industry-specialized auditor. Finally, their findings may provide helpful information to firms in selecting external auditors, public accounting firms in selecting a differentiation strategy and regulators in mandating audit firm rotation.

The purpose of this paper is to examine determinants of the decision to disclose intellectual capital in annual reports.

The paper derives theoretical predictions from the previous literature and bases the study on archival data with a sample of 125 publicly listed Australian firms. The authors perform a content analysis of annual reports and complement the data with quantitative data from the sample firms.

The paper finds that industry type plays a key role as a determinant for the disclosure of intellectual property in annual reports. In addition, firm size is another determinant for intellectual disclosure of firms. In contrast with earlier studies and theoretical predictions of voluntary disclosure, however, the paper does not find any relationship between the level of information asymmetry and intellectual capital disclosure.

One limitation refers to the content analysis. Analyzing the annual reports based on the specified list of IC‐related terms may not provide the whole picture as well as the IC disclosure practices. Despite these limitations, the study helps to understand better in general what kind of firms actually disclose information on intellectual capital.

In contrast with earlier studies the study uses significantly more observations, which makes the results more reliable and generalizable. Of further significance is the finding that information asymmetry – one of the main problems between investors and firms – is not driving the decision of firms to disclose information on intellectual capital.

The purpose of this paper is to report the factors that influence Vietnamese students’ choice of university in a little researched context where the effects of globalization and education reform are changing higher education.

A quantitative survey was completed by 1,124 current or recently completed university students in Vietnam. Marketing approaches are drawn upon to inform the exploration and understanding of student choice and decision making.

The factor analysed data showed the nine key factors influencing student decisions, in order of significance, as facilities and services, programme, price, offline information, opinions, online information, ways of communication, programme additions, and advertising. There are significant correlations in the Vietnamese context between the factors of price and facilities, and services and programme, and differences between genders and types of students in choosing a university.

Whilst this paper is a starting point, more research is needed in the Vietnamese context with deeper levels of analysis including the differences between types of universities and fields/disciplines, in addition to wider sampling.

A greater understanding of the Vietnamese context helps to inform marketing practices in a country experiencing increasing competition in higher education.

Findings from studies in other contexts many not be directly transferrable to Vietnamese universities suggesting the need for a contextual understanding of these factors and a suitably nuanced marketing response.

This paper identifies the need for cultural understanding of little researched contexts and calls for further research which does not assume all cultures and contexts will have the same underlying Vietnamese model of university choice.

The intelligence in the Internet of Things (IoT) can be embedded by analyzing the huge volumes of data generated by it in an ultralow latency environment. The computational latency incurred by the cloud-only solution can be significantly brought down by the fog computing layer, which offers a computing infrastructure to minimize the latency in service delivery and execution. For this purpose, a task scheduling policy based on reinforcement learning (RL) is developed that can achieve the optimal resource utilization as well as minimum time to execute tasks and significantly reduce the communication costs during distributed execution.

To realize this, the authors proposed a two-level neural network (NN)-based task scheduling system, where the first-level NN (feed-forward neural network/convolutional neural network [FFNN/CNN]) determines whether the data stream could be analyzed (executed) in the resource-constrained environment (edge/fog) or be directly forwarded to the cloud. The second-level NN ( RL module) schedules all the tasks sent by level 1 NN to fog layer, among the available fog devices. This real-time task assignment policy is used to minimize the total computational latency (makespan) as well as communication costs.

Experimental results indicated that the RL technique works better than the computationally infeasible greedy approach for task scheduling and the combination of RL and task clustering algorithm reduces the communication costs significantly.

The proposed algorithm fundamentally solves the problem of task scheduling in real-time fog-based IoT with best resource utilization, minimum makespan and minimum communication cost between the tasks.

This study aims to explore how the inhibitor-loaded nanocontainers can be used in the epoxy coating for protection of steel against corrosion. A self-healing anticorrosive coating can be easily fabricated by embedding the inhibitor-loaded nanocontainers into the epoxy coating matrices. For this purpose, first, cerium (a catholic corrosion inhibitor) is encapsulated into silica nanoparticles (SiO₂@Ce). Thereafter, an epoxy nanocomposite coating has been prepared on steel substrate using these SiO₂@Ce nanoparticles as nanofillers.

To examine the effect of SiO₂@Ce nanocontainers on mechanical properties of epoxy coating, the abrasion resistance, impact resistance and adhesion strength of coating have been evaluated. To reveal the effect of SiO₂@Ce nanocontainer on corrosion behavior of epoxy-coated steel, the electrochemical impedance spectroscopy (EIS) has been conducted in NaCl solution.

Transmission electron microscopy and scanning electron microscopy/Energy-dispersive X-ray spectroscopy analyses indicate that Ce³⁺ cations have been successfully loaded into the surface of silica nanoparticles (at the content of approximately 2 Wt.%). Mechanical tests of epoxy nanocomposite coatings indicate that the nanocomposite coatings with nanoparticles content of 2.5 Wt.% provide the highest values of abrasion resistance, impact resistance and adhesion strength. EIS results show that the presence of SiO₂@Ce³⁺ nanocontainers increases both coating resistance and polarization resistance. Along with the improvement the coating barrier performance, Ce inhibitor plays an important role in improving the anticorrosive performance at the steel–electrolyte interface.

The application of self-healing epoxy/SiO₂@Ce nanocomposite coatings for the protection of carbon steel is very promising.

This study aims to obtain insights based on empirical evidence that identify the key drivers and obstacles that lead companies to (re)/enter markets and distinguish the different paths SMEs take. This also provides deeper insights into internationalisation, success, failure and the potential for the re-internationalisation of the SMEs.

The authors used a qualitative research methodology based on six case studies and with recourse to semi-structured interviews with the senior managers of exporting SMEs.

The results report that SMEs with major investments deployed in their internationalisation processes, through recourse to high levels of bank financing, in association with the COVID-19 pandemic period, were not able to successfully overcome the process of internationalisation and culminating in their own bankruptcies.

This study shows how, despite such failures, the attractiveness and reputation of the brand, supported by the strategic vision and perseverance of new investors (entrepreneurs), enabled the rebirth of the brands and opening the door to their re-entering international markets.

Este estudio pretende obtener perspectivas basadas en pruebas empíricas que identifiquen los motores y obstáculos clave que llevan a las empresas a (re)/entrar en los mercados y distinguir los distintos caminos que siguen las PYME. Asimismo, se profundiza en la internacionalización, el éxito, el fracaso y el potencial de reinternacionalización de las PYME.

Los autores utilizaron una metodología de investigación cualitativa basada en seis estudios de casos y con recurso a entrevistas semiestructuradas con altos directivos de PYME exportadoras.

Los resultados informan de que PYMEs con grandes inversiones desplegadas en sus procesos de internacionalización, a través del recurso a altos niveles de financiación bancaria, en asociación con el periodo de pandemia COVID-19, no fueron capaces de superar con éxito el proceso de internacionalización y culminaron en sus propias quiebras.

Este estudio muestra cómo, a pesar de tales fracasos, el atractivo y la reputación de la marca, apoyados por la visión estratégica y la perseverancia de los nuevos inversores (empresarios), permitieron el renacimiento de las marcas y abrieron la puerta a su reentrada en los mercados internacionales.

Este estudo procura obter insights com base em evidências empíricas que identifiquem os principais drivers e obstáculos que levam as empresas a (re)/entrar nos mercados e distinguir os diferentes caminhos percorridos pelas PME . Isso também fornece insights mais profundos sobre internacionalização, sucesso, fracasso e o potencial para a re-internacionalização das PMEs.

Os autores utilizaram uma metodologia de investigação qualitativa baseada em seis estudos de caso e com recurso a entrevistas semiestruturadas a quadros superiores de PME exportadoras.

Os resultados dão conta de que as PME com grandes investimentos efetuados nos seus processos de internacionalização, através do recurso a elevados níveis de financiamento bancário, em associação com o período de pandemia COVID-19, não conseguiram ultrapassar com sucesso o processo de internacionalização e culminando na sua própria falências.

Este estudo mostra como, apesar de tais falhas, a atratividade e a reputação da marca, apoiadas na visão estratégica e na perseverança de novos investidores (empreendedores), permitiram o renascimento das marcas e abriram as portas à sua reentrada nos mercados internacionais.