{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,13]],"date-time":"2026-01-13T21:56:27Z","timestamp":1768341387735,"version":"3.49.0"},"reference-count":61,"publisher":"Emerald","issue":"7","license":[{"start":{"date-parts":[[2023,3,27]],"date-time":"2023-03-27T00:00:00Z","timestamp":1679875200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["K"],"published-print":{"date-parts":[[2024,6,13]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>The purpose of this study is to investigate the impact of the accounting system reform on corporate innovation behavior and the heterogeneity and underlying mechanisms of this impact. This paper further aims to study the impact of accounting system reform on corporate value.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>This study takes China's A-share listed corporates as a sample and uses the exogenous policy shock of the implementation of the New Accounting Standards in 2007 to design the identification strategy of propensity score matching and difference-in-differences method. By comparing the differences between the innovation level of corporates in high-tech industries and non-high-tech industries before and after the implementation of the New Accounting Standards, the impact of the accounting system reform on corporates' innovative behavior can be identified.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>Results show that compared with corporates in traditional industries, high-tech corporates obtained higher patent output after the implementation of the New Accounting Standards. This reform mainly affects corporate innovation by improving corporate risk-taking. In addition, this paper finds that the reform of the accounting system has increased the market value of high-tech corporates in the long run.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>This study provides new empirical evidence for addressing the insufficient innovation incentives for market entities and enriches the existing literature on the economic effects of the change of accounting systems and the influencing factors of corporate innovative behavior from the accounting system perspective.<\/jats:p><\/jats:sec>","DOI":"10.1108\/k-09-2022-1321","type":"journal-article","created":{"date-parts":[[2023,3,23]],"date-time":"2023-03-23T11:25:40Z","timestamp":1679570740000},"page":"2361-2384","source":"Crossref","is-referenced-by-count":1,"title":["Whether the reform of the accounting system affects the corporate innovative behavior: evidence from a quasi-natural experiment"],"prefix":"10.1108","volume":"53","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-8901-5238","authenticated-orcid":false,"given":"Xinmeng","family":"Hou","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2023-0279","authenticated-orcid":false,"given":"Hongji","family":"Xie","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1018-3213","authenticated-orcid":false,"given":"Shulin","family":"Xu","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-7105-0150","authenticated-orcid":false,"given":"Zefeng","family":"Tong","sequence":"additional","affiliation":[]},{"given":"Zeqi","family":"Liu","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2023,3,27]]},"reference":[{"issue":"2","key":"key2024061302522283500_ref001","doi-asserted-by":"crossref","first-page":"169","DOI":"10.1111\/jifm.12112","article-title":"The impact of accounting reform on accounting quality: evidence from Nigeria","volume":"31","year":"2020","journal-title":"Journal of International Financial Management and Accounting"},{"issue":"3","key":"key2024061302522283500_ref002","doi-asserted-by":"crossref","first-page":"747","DOI":"10.2308\/accr.00000045","article-title":"Principles-based versus rules-based accounting standards: the influence of standard precision and audit committee strength on financial reporting decisions","volume":"86","year":"2011","journal-title":"The Accounting Review"},{"issue":"4","key":"key2024061302522283500_ref061","first-page":"818","article-title":"The effect of concern about reported income on discretionary spending decisions: the case of research and development","volume":"66","year":"1991","journal-title":"Accounting Review"},{"issue":"1-3","key":"key2024061302522283500_ref003","doi-asserted-by":"crossref","first-page":"235","DOI":"10.1016\/j.jacceco.2003.10.003","article-title":"Incentives versus standards: properties of accounting income in four East Asian countries","volume":"36","year":"2003","journal-title":"Journal of Accounting and Economics"},{"issue":"2","key":"key2024061302522283500_ref004","first-page":"1","article-title":"Accounting conservatism and bankruptcy risk","volume":"37","year":"2020","journal-title":"Journal of Accounting, Auditing and Finance"},{"issue":"1","key":"key2024061302522283500_ref005","doi-asserted-by":"crossref","first-page":"153","DOI":"10.1162\/003465303762687776","article-title":"Financial factors and investment in Belgium, France, Germany, and the United Kingdom: a comparison using company panel data","volume":"85","year":"2003","journal-title":"Review\u00a0of Economics and Statistics"},{"issue":"2","key":"key2024061302522283500_ref006","doi-asserted-by":"crossref","first-page":"244","DOI":"10.1016\/j.jcorpfin.2010.08.003","article-title":"The political economy of residual state ownership in privatized firms: evidence from emerging markets","volume":"17","year":"2011","journal-title":"Journal of Corporate Finance"},{"issue":"4","key":"key2024061302522283500_ref007","doi-asserted-by":"crossref","first-page":"1373","DOI":"10.1111\/1911-3846.12002","article-title":"Mandatory IFRS adoption and financial statement comparability","volume":"30","year":"2013","journal-title":"Contemporary Accounting Research"},{"issue":"1","key":"key2024061302522283500_ref008","doi-asserted-by":"crossref","first-page":"37","DOI":"10.2307\/256301","article-title":"Testing a causal model of corporate risk taking and performance","volume":"34","year":"1991","journal-title":"Academy of Management Journal"},{"issue":"1","key":"key2024061302522283500_ref009","doi-asserted-by":"crossref","first-page":"151","DOI":"10.1111\/j.1540-6261.2008.01431.x","article-title":"Financing innovation and growth: cash flow, external equity, and the 1990s R&D boom","volume":"64","year":"2009","journal-title":"Journal of Finance"},{"issue":"5","key":"key2024061302522283500_ref010","doi-asserted-by":"crossref","first-page":"983","DOI":"10.2308\/accr.2006.81.5.983","article-title":"The importance of reporting incentives: earnings management in European private and public firms","volume":"81","year":"2006","journal-title":"The Accounting Review"},{"key":"key2024061302522283500_ref011","doi-asserted-by":"crossref","unstructured":"Chang, X., Hilary, G., Kang, J.K. and Zhang, W. (2013), \u201cDoes accounting conservatism impede corporate innovation\u201d, SSRN Working Paper, available at: https:\/\/ssrn.com\/abstract=2189938","DOI":"10.2139\/ssrn.2189938"},{"issue":"1","key":"key2024061302522283500_ref012","doi-asserted-by":"crossref","first-page":"31","DOI":"10.1080\/09638180.2015.1009144","article-title":"Incentives or standards: what determines accounting quality changes around IFRS adoption?","volume":"24","year":"2015","journal-title":"European Accounting Review"},{"issue":"4","key":"key2024061302522283500_ref013","doi-asserted-by":"crossref","first-page":"313","DOI":"10.1016\/S0929-1199(01)00047-5","article-title":"The relationship between managerial ownership and firm performance in high R&D firms","volume":"8","year":"2002","journal-title":"Journal of Corporate Finance"},{"issue":"5","key":"key2024061302522283500_ref014","doi-asserted-by":"crossref","first-page":"1085","DOI":"10.1111\/j.1475-679X.2008.00306.x","article-title":"Mandatory IFRS reporting around the world: early evidence on the economic consequences","volume":"46","year":"2008","journal-title":"Journal of Accounting Research"},{"issue":"1","key":"key2024061302522283500_ref015","doi-asserted-by":"crossref","first-page":"265","DOI":"10.2308\/accr-50859","article-title":"Does mandatory IFRS adoption affect crash risk?","volume":"90","year":"2015","journal-title":"The Accounting Review"},{"issue":"4","key":"key2024061302522283500_ref016","doi-asserted-by":"crossref","first-page":"2437","DOI":"10.1111\/1911-3846.12495","article-title":"Accounting standards harmonization and financial integration","volume":"36","year":"2019","journal-title":"Contemporary Accounting Research"},{"issue":"7","key":"key2024061302522283500_ref017","doi-asserted-by":"crossref","first-page":"1496","DOI":"10.1287\/mnsc.1120.1683","article-title":"Is pay for performance detrimental to innovation?","volume":"59","year":"2013","journal-title":"Management Science"},{"key":"key2024061302522283500_ref018","doi-asserted-by":"crossref","unstructured":"Ernstberger, J. and Prott, M. (2016), \u201cAccounting information and corporate risk-taking\u201d, SSRN Working Paper, available at: https:\/\/ssrn.com\/abstract=2951304","DOI":"10.2139\/ssrn.2951304"},{"issue":"4","key":"key2024061302522283500_ref019","doi-asserted-by":"crossref","first-page":"1101","DOI":"10.2308\/accr.2005.80.4.1101","article-title":"Economic effects of tightening accounting standards to restrict earnings management","volume":"80","year":"2005","journal-title":"The Accounting Review"},{"issue":"5","key":"key2024061302522283500_ref020","doi-asserted-by":"crossref","first-page":"2085","DOI":"10.1111\/jofi.12187","article-title":"Does stock liquidity enhance or impede firm innovation?","volume":"69","year":"2014","journal-title":"Journal of Finance"},{"issue":"7","key":"key2024061302522283500_ref021","doi-asserted-by":"crossref","first-page":"2446","DOI":"10.1093\/rfs\/hhx023","article-title":"Intellectual property rights protection, ownership, and innovation: evidence from China","volume":"30","year":"2017","journal-title":"Review of Financial Studies"},{"issue":"4","key":"key2024061302522283500_ref022","doi-asserted-by":"crossref","first-page":"1407","DOI":"10.1007\/s11142-015-9325-z","article-title":"Does mandatory IFRS adoption facilitate debt financing?","volume":"20","year":"2015","journal-title":"Review of Accounting Studies"},{"issue":"1-2","key":"key2024061302522283500_ref023","doi-asserted-by":"crossref","first-page":"161","DOI":"10.1016\/j.jacceco.2009.09.003","article-title":"Acquisition profitability and timely loss recognition","volume":"49","year":"2010","journal-title":"Journal of Accounting and Economics"},{"issue":"3","key":"key2024061302522283500_ref024","doi-asserted-by":"crossref","first-page":"817","DOI":"10.1111\/acfi.12236","article-title":"Convergence of accounting standards and financial reporting externality: evidence from mandatory IFRS adoption","volume":"58","year":"2018","journal-title":"Accounting and Finance"},{"key":"key2024061302522283500_ref025","unstructured":"Goncharov, I. and Zimmermann, J. (2006), \u201cDo accounting standards influence the level of earnings management? Evidence from Germany. Evidence from Germany\u201d, SSRN Working Paper, available at: https:\/\/ssrn.com\/abstract=386521"},{"issue":"1-3","key":"key2024061302522283500_ref026","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1016\/j.jacceco.2005.01.002","article-title":"The economic implications of corporate financial reporting","volume":"40","year":"2005","journal-title":"Journal of Accounting and Economics"},{"key":"key2024061302522283500_ref027","doi-asserted-by":"publisher","article-title":"The value of patents as indicators of inventive activity","year":"1986","DOI":"10.3386\/w2083"},{"issue":"2","key":"key2024061302522283500_ref028","doi-asserted-by":"crossref","first-page":"538","DOI":"10.1111\/j.1911-3846.2011.01113.x","article-title":"Challenges for implementation of fair value accounting in emerging markets: evidence from China","volume":"29","year":"2012","journal-title":"Contemporary Accounting Research"},{"issue":"3","key":"key2024061302522283500_ref029","doi-asserted-by":"crossref","first-page":"496","DOI":"10.1016\/j.jcorpfin.2012.02.002","article-title":"The size, concentration and evolution of corporate R&D spending in US firms from 1976 to 2010: evidence and implications","volume":"18","year":"2012","journal-title":"Journal of Corporate Finance"},{"issue":"3","key":"key2024061302522283500_ref030","doi-asserted-by":"crossref","first-page":"305","DOI":"10.1016\/0167-2681(89)90025-5","article-title":"Agency costs and innovation","volume":"12","year":"1989","journal-title":"Journal of Economic Behavior and Organization"},{"issue":"1","key":"key2024061302522283500_ref031","doi-asserted-by":"crossref","first-page":"9","DOI":"10.1016\/j.cjar.2013.09.003","article-title":"Mandatory IFRS adoption and executive compensation: evidence from China","volume":"7","year":"2014","journal-title":"China Journal of Accounting Research"},{"key":"key2024061302522283500_ref032","doi-asserted-by":"crossref","first-page":"301","DOI":"10.1016\/j.iref.2020.05.019","article-title":"Global accounting standards, financial statement comparability, and the cost of capital","volume":"69","year":"2020","journal-title":"International Review of Economics and Finance"},{"key":"key2024061302522283500_ref033","article-title":"Does exports diversification and environmental innovation achieve carbon neutrality target of OECD economies?","volume":"291","year":"2021","journal-title":"Journal of Environmental Management"},{"issue":"6","key":"key2024061302522283500_ref034","doi-asserted-by":"crossref","first-page":"480","DOI":"10.1016\/j.jaccpubpol.2008.09.008","article-title":"Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption","volume":"27","year":"2008","journal-title":"Journal of Accounting and Public Policy"},{"key":"key2024061302522283500_ref035","doi-asserted-by":"publisher","DOI":"10.1111\/jifm.12168","article-title":"Does the famine experience of board chair hamper innovation?","year":"2023","journal-title":"Journal of International Financial Management and Accounting"},{"issue":"2-3","key":"key2024061302522283500_ref036","doi-asserted-by":"crossref","first-page":"218","DOI":"10.1016\/j.jacceco.2014.04.003","article-title":"Accounting conservatism and managerial risk-taking: corporate acquisitions","volume":"57","year":"2014","journal-title":"Journal of Accounting and Economics"},{"issue":"8","key":"key2024061302522283500_ref037","doi-asserted-by":"crossref","first-page":"1021","DOI":"10.1287\/mnsc.44.8.1021","article-title":"Strategic growth options","volume":"44","year":"1998","journal-title":"Management Science"},{"issue":"2","key":"key2024061302522283500_ref038","doi-asserted-by":"crossref","first-page":"471","DOI":"10.1111\/0022-1082.00115","article-title":"Corporate ownership around the world","volume":"54","year":"1999","journal-title":"Journal of Finance"},{"issue":"3","key":"key2024061302522283500_ref039","first-page":"16","article-title":"International financial reporting standards: the road ahead","volume":"79","year":"2009","journal-title":"The CPA Journal"},{"issue":"1","key":"key2024061302522283500_ref040","first-page":"301","article-title":"Effects of accounting conservatism on investment efficiency and innovation","volume":"70","year":"2020","journal-title":"Journal of Accounting and Economics"},{"issue":"2-3","key":"key2024061302522283500_ref041","doi-asserted-by":"crossref","first-page":"221","DOI":"10.1016\/j.jacceco.2017.11.001","article-title":"Accounting standards, regulatory enforcement, and innovation","volume":"65","year":"2018","journal-title":"Journal of Accounting and Economics"},{"issue":"2","key":"key2024061302522283500_ref042","doi-asserted-by":"crossref","first-page":"607","DOI":"10.2308\/accr.2010.85.2.607","article-title":"Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital?","volume":"85","year":"2010","journal-title":"The Accounting Review"},{"issue":"7","key":"key2024061302522283500_ref043","doi-asserted-by":"crossref","first-page":"1240","DOI":"10.1016\/j.worlddev.2010.05.011","article-title":"Sources of external technology, absorptive capacity, and innovation capability in Chinese state-owned high-tech enterprises","volume":"39","year":"2011","journal-title":"World Development"},{"issue":"04","key":"key2024061302522283500_ref044","first-page":"60","article-title":"Substantive Innovation or strategic innovation?: the impact of macro-industrial policy on micro-enterprise innovation","volume":"51","year":"2016","journal-title":"Economic Research (Chinese)"},{"issue":"1","key":"key2024061302522283500_ref045","doi-asserted-by":"crossref","first-page":"49","DOI":"10.1016\/j.jdeveco.2009.04.006","article-title":"Property rights protection and corporate R&D: evidence from China","volume":"93","year":"2010","journal-title":"Journal of Development Economics"},{"issue":"6","key":"key2024061302522283500_ref046","first-page":"1","article-title":"Shareholder litigation and corporate innovation","volume":"67","year":"2021","journal-title":"Management Science"},{"key":"key2024061302522283500_ref047","doi-asserted-by":"crossref","first-page":"441","DOI":"10.1016\/j.econmod.2018.11.027","article-title":"Do more subsidies promote greater innovation? Evidence from the Chinese electronic manufacturing industry","volume":"80","year":"2019","journal-title":"Economic Modelling"},{"issue":"4","key":"key2024061302522283500_ref048","doi-asserted-by":"crossref","first-page":"1449","DOI":"10.1017\/S0022109017000497","article-title":"How do foreign institutional investors enhance firm innovation?","volume":"52","year":"2017","journal-title":"Journal of Financial and Quantitative Analysis"},{"issue":"5","key":"key2024061302522283500_ref049","doi-asserted-by":"crossref","first-page":"1823","DOI":"10.1111\/j.1540-6261.2011.01688.x","article-title":"Motivating innovation","volume":"66","year":"2011","journal-title":"The Journal of Finance"},{"issue":"4","key":"key2024061302522283500_ref050","doi-asserted-by":"crossref","first-page":"1493","DOI":"10.1257\/aer.100.4.1493","article-title":"Technology capital and the US current account","volume":"100","year":"2010","journal-title":"American Economic Review"},{"issue":"3","key":"key2024061302522283500_ref051","doi-asserted-by":"crossref","first-page":"985","DOI":"10.1016\/j.jfineco.2020.08.018","article-title":"Stock market liberalization and innovation","volume":"139","year":"2021","journal-title":"Journal of Financial Economics"},{"key":"key2024061302522283500_ref052","volume-title":"The Rise of the Western World: a New Economic History","year":"1973"},{"issue":"5","key":"key2024061302522283500_ref053","first-page":"65","article-title":"Capital disadvantage: america's failing capital investment system","volume":"70","year":"1992","journal-title":"Harvard\u00a0Business Review"},{"key":"key2024061302522283500_ref054","article-title":"The effect of economic growth target constraints on green technology innovation","volume":"292","year":"2021","journal-title":"Journal of Environmental Management"},{"issue":"3","key":"key2024061302522283500_ref055","doi-asserted-by":"crossref","first-page":"312","DOI":"10.2307\/1926047","article-title":"Technical change and the aggregate production function","volume":"39","year":"1957","journal-title":"The Review of Economics and Statistics"},{"key":"key2024061302522283500_ref056","doi-asserted-by":"publisher","DOI":"10.1080\/14631377.2023.2169516","article-title":"Credit availability and corporate risk-taking: evidence from China's green credit policy","year":"2023","journal-title":"Post-communist Economies"},{"key":"key2024061302522283500_ref057","article-title":"The real effect of partial privatization on corporate innovation: evidence from China's split share structure reform","volume":"64","year":"2020","journal-title":"Journal of Corporate Finance"},{"issue":"1","key":"key2024061302522283500_ref058","doi-asserted-by":"crossref","first-page":"211","DOI":"10.1093\/rfs\/hhr130","article-title":"Tolerance for failure and corporate innovation","volume":"27","year":"2014","journal-title":"Review of Financial Studies"},{"key":"key2024061302522283500_ref059","first-page":"241","article-title":"Study on the effect of wind power industry policy types on the innovation performance of different ownership enterprises: evidence from China","volume":"122","year":"2018","journal-title":"Energy\u00a0Policy"},{"key":"key2024061302522283500_ref060","article-title":"Economic policy uncertainty, cost of capital, and corporate innovation","volume":"111","year":"2020","journal-title":"Journal of Banking and Finance"}],"container-title":["Kybernetes"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/K-09-2022-1321\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/K-09-2022-1321\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T21:50:17Z","timestamp":1753393817000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/k\/article\/53\/7\/2361-2384\/1222992"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,3,27]]},"references-count":61,"journal-issue":{"issue":"7","published-online":{"date-parts":[[2023,3,27]]},"published-print":{"date-parts":[[2024,6,13]]}},"alternative-id":["10.1108\/K-09-2022-1321"],"URL":"https:\/\/doi.org\/10.1108\/k-09-2022-1321","relation":{},"ISSN":["0368-492X"],"issn-type":[{"value":"0368-492X","type":"print"}],"subject":[],"published":{"date-parts":[[2023,3,27]]}}}