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An increasing number of Chinese companies are strengthening their commitment to corporate social responsibility (CSR) by reporting their carbon emission reductions. Research suggests that such voluntary environmental disclosures can reduce information asymmetry, decrease the cost of capital, and thus enhance firm value. However, a significant research gap exists because this evidence mainly derives from developed countries, with limited consideration given to emerging countries, where the capital market often lacks robust informational content. To fill this research gap, we endeavor to explore the firm-value effects of the disclosures and the magnitude of carbon reduction in China, the largest emerging market. By manually collecting data on carbon emission reductions from the CSR reports of Chinese listed companies from 2008 to 2013, we employ the balance sheet valuation model and ordinary least squares regression to investigate the firm-value effects of the disclosures and the magnitude of carbon emission reductions. The empirical results show that firm value is positively associated with not only voluntary carbon emission reduction disclosures, but also the magnitude of carbon emission reductions. In our sample, for every additional ton of carbon emission reduction, firm value increases by approximately 340 yuan (equivalent to 44 euros or 52 US dollars). We also find that the firm-value effects of carbon emission reductions are more pronounced in high-pollution industries than those in low-pollution industries. Further channel tests reveal that on average, agency problems, as measured by selling, general, and administrative expenses, are lower in firms that disclose carbon emission reduction information than those that do not. In addition, firms with carbon emission reduction disclosures can obtain more green subsidies than those without such disclosures. To mitigate climate risk, firms should proactively engage in carbon emission reductions, which can potentially receive a positive recognition from the capital market. Our study also provides valuable insights for regulators in terms of establishing and enhancing carbon accounting standards to encourage corporate involvement in carbon reductions. JEL Classifications: Q54, Q56, G12 Keywords: carbon emission reductions, firm value, voluntary disclosures, high-pollution industries, INTRODUCTION Global climate change poses threats to ecosystems and could potentially induce unprecedented adverse effects on the global economy and society. Thus, numerous international efforts have concentrated on reducing greenhouse [...]

Principles of Accounting I is a required course for all business majors in the College of Business at Bowie State University. The course had a high failure rate, which resulted in many students migrating to other majors in the university. This problem initiated a study to improve teaching and assessment techniques. A new teaching methodology was developed from a course redesign in an effort to reduce the failure rates. The redesign model requires students to complete graded pre-lecture reading assignments to ensure advanced preparation. The new model was implemented in all Fall 2018 sections, increasing students' enrollment in each section from 25 to 30. The changes reduced the need for many adjunct faculty, which is a cost-saving for the College of Business. Course enrollment steadily decreased from 2006 to 2015 but rebounded and increased consistently after fully implementing the redesign model in Fall 2018. Furthermore, DFW rates declined from 53% in Spring 2018 to 44% in Fall 2018, 42% in Spring 2019, 45% in Fall 2019, and 27% in Spring 2020. The course redesign data showed a steady decrease in DFW rates and a steady increase in enrollment over multiple semesters. Full-time faculty are teaching all course sections to ensure consistency and accountability with the course redesign, thus maintaining the positive trend., INTRODUCTION Universities have been faced with decreased enrollment and retention rates, challenges with timely graduation, and financial difficulties leading to a heightened appeal to attract, pass, retain, and graduate the [...]

Public users expressed concerns about auditor independence after a series of accounting scandals. In response to their concerns, since 2002, the Sarbanes--Oxley Act of 2002 (SOX), U.S. Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) have issued additional requirements designed to strengthen auditor independence. Because auditor independence in fact, is unobservable, the public's decisions only rely on auditor independence in appearance, i.e., their perceptions of auditor independence. This study aims to examine whether public users' perceptions of auditor independence impact their decisions, which are associated with their opinions on internal control over financial reporting (ICFR). This study also explores the effects of a new auditor independence clarification requirement on perceptions of auditor independence. The results indicate that an ICFR opinion affects the loan officers' decisions via the mediating effects of their perceptions of auditor independence as well as perceptions of financial reporting reliability and lending risk assessments. The findings provide empirical evidence to support the importance of the perceptions of auditor independence as well as an ICFR opinion., INTRODUCTION This study establishes a model to examine the mediating role of public users' perceptions of auditor independence in the relationship between opinion on internal control over financial reporting (ICFR) [...]