Formal and informal institutions and fair value opinion shopping: an institutional anomie theory perspective
通过实验研究中国上市公司经理人在弱董事会监督和高监管压力下，如何利用关系寻求有利的公允价值评估意见，揭示了非正式制度对会计信息质量的影响。
Purpose The objective of this study is to examine how formal and informal institutional environment influences managers’ fair value opinion shopping behaviour in the largest International Financial Reporting Standards adopter, China. Design/methodology/approach To test the hypotheses, I conduct a 2 × 2 between-subject randomised experiment since the inferences about cause and effect are important in this study. The between-subject experimental situations are manipulated on the basis of the financial condition of companies and boards’ oversight. Findings I find that managers are likely to seek favourable fair value opinions from external valuation professionals when they are under the weak boards’ oversight and high stress to meet the regulation target of the China Securities Regulatory Commission. These results are more pronounced for managers with higher both rent-seeking and favour-seeking guanxi orientations are more likely to engage in fair value opinion shopping. Originality/value Consistent with theoretical analysis of Balfoort et al . (2017), this study provides empirical evidence that guanxi influences the neutrality and faithful representation in fair value measurement in China. In addition, the findings extend Salzsieder’s study (2015) and reflect the context-embeddedness nature of accounting.