Claudine Mangen | Concordia University (Canada) (original) (raw)
Peer-reviewed publications by Claudine Mangen
Journal of Accounting Research, 2009
This study analyzes the information conveyed by the restatements of financial reports. We argue t... more This study analyzes the information conveyed by the restatements of financial reports. We argue that restatements contain news about the investment projects of the restating firms' competitors. This news causes competitors to revise their beliefs about the projects' value, and to modify their subsequent investment decisions. Accordingly, we hypothesize that changes in competitors' investments after restatement announcements are related to news in the restatements. Consistent with our prediction, we find that changes in competitors' investments following restatement announcements are significantly related to various proxies for news in the restatements, such as competitors' and restating firms' abnormal returns at the restatement announcements. We conclude that restatements convey information about the investment projects of restating firms' competitors.
Journal of Accounting and Economics, 2020
This supplement offers additional material for the analysis in “The spillover effects of MD&A dis... more This supplement offers additional material for the analysis in “The spillover effects of MD&A disclosures for real investment: The role of industry competition.” It displays the results for six sets of tests: (1) bench- marks for a company’s investments and for its rivals’ MD&A tone, in Tables 1 and 2; (2) the consequences of industry competition for the spillover effects of information released in restatement disclosures, in Table 3; (3) over-investment and under-investment, in Table 4; (4) the association between the efficiency of a company’s investment and the investment predicted from its rivals’ MD&A tone, in Table 5; (5) the results from using the conditional test in Biddle et al. (2009) for capturing investment efficiency, in Table 6; and (6) the asso- ciation between bidders’ abnormal returns at acquisition announcements and the change in rivals’ unsigned MD&A tone, in Table 7. Finally, it illustrates in Appendix A how MD&A text is classified into firm-specific and common sentences, based on the 2004 MD&A from Microsoft (Microsoft Corporation, 2004).
Journal of Accounting and Economics, 2020
We explore the association between a company’s investments and the tone of its peers’ MDA we ask ... more We explore the association between a company’s investments and the tone of its peers’ MDA we ask whether the direction and the strength of this association is affected by product market competition. We find that the direction of the association can differ according to whether investing companies and disclosing peers in a product market have positive or negative interdependencies. Moreover, we document that the strength of the association between a company’s investments and the tone of its peers’ MD&A disclosures varies with product market fundamentals: the association is stronger when entry costs are lower, the product market is larger and products are less substitutable. Finally, we show that our results regarding investments generally carry over to investment efficiency.
Academy of Management Perspectives, 2012
This paper debates whether “Say on Pay” can fix executive pay. We argue that Say on Pay benefits ... more This paper debates whether “Say on Pay” can fix executive pay. We argue that Say on Pay benefits executive pay when shareholders' voice offsets CEO power and mitigates directors' information deficiencies. We warn, however, that Say on Pay may raise two novel problems. First, executive pay may harm stakeholders whose interests differ from those of shareholders influential in pay setting. Second, boards may resist shareholders' intervention in pay setting and, as a result, manage compensation disclosures to ensure a passing shareholder vote. Consequently, Say on Pay may not only fail to remedy suboptimal pay but also legitimize it.
Human Relations, 2014
Hybrid organizations harbor different and often conflicting institutional logics, thus facing the... more Hybrid organizations harbor different and often conflicting institutional logics, thus facing the challenge of sustaining their hybridity. Crucial to overcoming this challenge is the identification process of organizational actors. We propose a theorization of how power relations affect this process. More specifically, we argue that an actor’s power influences their own professional identity: an increase [decrease] in their power, via the heightened [diminished] control that this power provides them over organizational discourse, boosts [threatens] their identity. Our theorization has implications for the longevity of a newly adopted logic within an organization. If the new logic modifies incumbent power relations, the identities of (formerly and newly) powerful individuals are influenced, which may lead these individuals to promote or resist the new logic, thereby affecting the odds that the logic will survive within the organization. We illustrate our theorization with a case stud...
Finance Contrôle Stratégie, 2017
This article is based on a collection of data from French students in the accounting / auditing s... more This article is based on a collection of data from French students in the accounting / auditing sectors to analyze their priority motivations for career choices. We are particularly interested in studying their motivations which could be from pecuniary nature versus inherent in concerns about responsibility and professional representation since, because of their future status, these students will be the guarantors of the faithful image, the objectivity of financial information and ethical behaviour. The well-known case of Enron shows that this question is particularly sensitive and current. Our research finds its foundations within a sociological framework.
European Accounting Review, May 11, 2017
I study the implications of economic shocks for objective and subjective CEO performance evaluati... more I study the implications of economic shocks for objective and subjective CEO performance evaluation. A shock perturbs pay-setting parties' information about the firm and the CEO. I argue that pay-setting parties then lack information they need for evaluating the CEO objectively, and de-emphasize objective CEO performance evaluation in favor of subjective CEO performance evaluation; over time, pay-setting parties become better informed about the firm as well as the CEO, and increasingly use again objective CEO performance evaluation. My evidence, which uses data on objective and subjective CEO performance evaluation in US executive pay between 1992 and 2013, is consistent with my argument.
Critical Perspectives on Accounting, 2021
We unpack trust and its underlying emotional and cognitive dimensions over time, based on a case ... more We unpack trust and its underlying emotional and cognitive dimensions over time, based on a case study of a Colombian human-rights NGO and its donors. The emotional trust dimension is anchored in the values and interests that the NGO and its donors share. The cognitive trust dimension is grounded in the control and reporting practices of the NGO and its donors. We highlight the dynamic nature of trust by showing how the emotional and cognitive dimensions shape trust over time as the NGO-donor relationship progresses. Depending on the relationship stage, trust can be grounded relatively more or less in its emotional and cognitive dimensions. Across the different stages of the relationship, the two trust dimensions are complements and reinforce one another. Our study highlights that trust in NGOs is not replaced by accountability, as accounting and civil society research argues. Instead, accountability and trust, especially its emotional dimension, are mutually constitutive.
Accounting Perspectives, 2020
Licensed producers (LPs) of marijuana in Canada are embedded in a highly competitive industry whe... more Licensed producers (LPs) of marijuana in Canada are embedded in a highly competitive industry where they raise funds from investors to finance their growth. They face substantial risks from the uncertain legal status of marijuana and from its unsettled health and safety consequences. We argue that this context stands to have implications for the disclosures of firms in the marijuana industry. We rely on a multicase study of three large Canadian LPs to explore their mandatory and voluntary disclosures during the third quarter of 2018. We find that their mandatory interim disclosures are largely consistent with disclosure rules that target marijuana operations. We also find that they make voluntary disclosures relevant for their context (e.g., about risks from legal, health, and safety consequences), and that there is variation in these disclosures. We use our findings as a springboard for discussing the antecedents of mandatory and voluntary disclosures in the marijuana industry (i.e., proprietary costs, investor interest, detection costs of selective disclosures), and their consequence (i.e., lack of comparability). We offer suggestions for future research.
Women, Gender & Research, 2021
This study shows how labels anchored in unconscious bias can contribute to the gender institution... more This study shows how labels anchored in unconscious bias can contribute to the gender institution. It draws on interviews with women leaders in Canadian for-profit organizations to illustrate how labels relate to unconscious bias towards women leaders, how labels delegitimize or legitimize women leaders, and how women leaders react to labels. Guided by these results, the study theorizes how the micro-level practice of labeling anchored in unconscious bias can uphold or disrupt gender categories and associated gendered social roles, thus shaping the gender institution.
Working papers by Claudine Mangen
Working paper, 2021
We explore identity conflicts of women who progress into corporate leadership in Canada. We probl... more We explore identity conflicts of women who progress into corporate leadership in Canada. We problematize and built on role congruity theory to develop a theorization that leads us to ask the following three questions: (1) What conflicts do women who progress into leadership experience between their ideal and experienced identities, in both their professional and private spaces? (2) What practices of identity regulation lead to these identity conflicts? (3) What identity work do women do to resolve identity conflicts? Relying on extensive interview data, we document that women experience identity conflicts that manifest themselves in that interviewees feel invisible in their professional roles and visible in their non-professional (e.g., homemaker) roles and as gendered beings, in their professional and private spaces. These identity conflicts are linked to identity regulation practices that actors in their professional and private spaces engage in (e.g., they define roles) and that interviewees themselves do (e.g., women question their fit with roles). Interviewees react to identity conflicts by performing three kinds of identity work: lean-out practices (i.e., they change roles), lean-in practices (i.e., they change themselves), and bridging practices (i.e., they change how they relate to their space). We discuss the implications of our findings for the literature on identity and spaces.
Discussions by Claudine Mangen
Contemporary Accounting Research, 2013
I discuss the study by Call, Chen and Tong (2012) and focus on the information environment surrou... more I discuss the study by Call, Chen and Tong (2012) and focus on the information environment surrounding analysts. My discussion has two goals. First, I wish to put into perspective the findings of Call et al. (2012). Second, I hope to pave the road for future research on analysts, their cash flow forecasts and sophistication.
Reports by Claudine Mangen
Report, 2009
This report examines whether Say on Pay is a useful tool to ensure that executive compensation p... more This report examines whether Say on Pay is a useful tool to ensure that executive
compensation plans are designed in a way that is consistent with the firm’s best interests.
It addresses five related questions: 1) What is Say on Pay? 2) What does Say on Pay imply about governance? 3) What means are available to provide shareholders with Say on Pay? 4) What is the impact (the impact on whom or what?) of providing shareholders with Say on Pay? 5) Should Canada consider Say on Pay?
Papers by Claudine Mangen
Firms use subjective evaluation after a shock, when little is known about post-shock performance ... more Firms use subjective evaluation after a shock, when little is known about post-shock performance measures, writes Claudine Mangen
When professional service firms introduce new approaches to work, professional identities can be ... more When professional service firms introduce new approaches to work, professional identities can be uprooted, and resistance may ensue, write Claudine Mangen and Marion Brivot.
SSRN Electronic Journal, 2020
This study explores the spillover effects of the tone of restatement press releases for the inves... more This study explores the spillover effects of the tone of restatement press releases for the investments of rival firms. Our results show that changes in rivals’ investments after a restatement are significantly positively associated with the tone of restatement press releases, and that this association weakens over time as the restatements recede into the past. Moreover, we document that the association between changes in rivals’ investments and restatement tone varies cross-sectionally with how the restatement is framed, and with rivals’ corporate governance and financing mechanisms. Our study suggests that tone of restatement press releases provides information relevant for rivals’ investments.
Journal of Accounting Research, 2009
This study analyzes the information conveyed by the restatements of financial reports. We argue t... more This study analyzes the information conveyed by the restatements of financial reports. We argue that restatements contain news about the investment projects of the restating firms' competitors. This news causes competitors to revise their beliefs about the projects' value, and to modify their subsequent investment decisions. Accordingly, we hypothesize that changes in competitors' investments after restatement announcements are related to news in the restatements. Consistent with our prediction, we find that changes in competitors' investments following restatement announcements are significantly related to various proxies for news in the restatements, such as competitors' and restating firms' abnormal returns at the restatement announcements. We conclude that restatements convey information about the investment projects of restating firms' competitors.
Journal of Accounting and Economics, 2020
This supplement offers additional material for the analysis in “The spillover effects of MD&A dis... more This supplement offers additional material for the analysis in “The spillover effects of MD&A disclosures for real investment: The role of industry competition.” It displays the results for six sets of tests: (1) bench- marks for a company’s investments and for its rivals’ MD&A tone, in Tables 1 and 2; (2) the consequences of industry competition for the spillover effects of information released in restatement disclosures, in Table 3; (3) over-investment and under-investment, in Table 4; (4) the association between the efficiency of a company’s investment and the investment predicted from its rivals’ MD&A tone, in Table 5; (5) the results from using the conditional test in Biddle et al. (2009) for capturing investment efficiency, in Table 6; and (6) the asso- ciation between bidders’ abnormal returns at acquisition announcements and the change in rivals’ unsigned MD&A tone, in Table 7. Finally, it illustrates in Appendix A how MD&A text is classified into firm-specific and common sentences, based on the 2004 MD&A from Microsoft (Microsoft Corporation, 2004).
Journal of Accounting and Economics, 2020
We explore the association between a company’s investments and the tone of its peers’ MDA we ask ... more We explore the association between a company’s investments and the tone of its peers’ MDA we ask whether the direction and the strength of this association is affected by product market competition. We find that the direction of the association can differ according to whether investing companies and disclosing peers in a product market have positive or negative interdependencies. Moreover, we document that the strength of the association between a company’s investments and the tone of its peers’ MD&A disclosures varies with product market fundamentals: the association is stronger when entry costs are lower, the product market is larger and products are less substitutable. Finally, we show that our results regarding investments generally carry over to investment efficiency.
Academy of Management Perspectives, 2012
This paper debates whether “Say on Pay” can fix executive pay. We argue that Say on Pay benefits ... more This paper debates whether “Say on Pay” can fix executive pay. We argue that Say on Pay benefits executive pay when shareholders' voice offsets CEO power and mitigates directors' information deficiencies. We warn, however, that Say on Pay may raise two novel problems. First, executive pay may harm stakeholders whose interests differ from those of shareholders influential in pay setting. Second, boards may resist shareholders' intervention in pay setting and, as a result, manage compensation disclosures to ensure a passing shareholder vote. Consequently, Say on Pay may not only fail to remedy suboptimal pay but also legitimize it.
Human Relations, 2014
Hybrid organizations harbor different and often conflicting institutional logics, thus facing the... more Hybrid organizations harbor different and often conflicting institutional logics, thus facing the challenge of sustaining their hybridity. Crucial to overcoming this challenge is the identification process of organizational actors. We propose a theorization of how power relations affect this process. More specifically, we argue that an actor’s power influences their own professional identity: an increase [decrease] in their power, via the heightened [diminished] control that this power provides them over organizational discourse, boosts [threatens] their identity. Our theorization has implications for the longevity of a newly adopted logic within an organization. If the new logic modifies incumbent power relations, the identities of (formerly and newly) powerful individuals are influenced, which may lead these individuals to promote or resist the new logic, thereby affecting the odds that the logic will survive within the organization. We illustrate our theorization with a case stud...
Finance Contrôle Stratégie, 2017
This article is based on a collection of data from French students in the accounting / auditing s... more This article is based on a collection of data from French students in the accounting / auditing sectors to analyze their priority motivations for career choices. We are particularly interested in studying their motivations which could be from pecuniary nature versus inherent in concerns about responsibility and professional representation since, because of their future status, these students will be the guarantors of the faithful image, the objectivity of financial information and ethical behaviour. The well-known case of Enron shows that this question is particularly sensitive and current. Our research finds its foundations within a sociological framework.
European Accounting Review, May 11, 2017
I study the implications of economic shocks for objective and subjective CEO performance evaluati... more I study the implications of economic shocks for objective and subjective CEO performance evaluation. A shock perturbs pay-setting parties' information about the firm and the CEO. I argue that pay-setting parties then lack information they need for evaluating the CEO objectively, and de-emphasize objective CEO performance evaluation in favor of subjective CEO performance evaluation; over time, pay-setting parties become better informed about the firm as well as the CEO, and increasingly use again objective CEO performance evaluation. My evidence, which uses data on objective and subjective CEO performance evaluation in US executive pay between 1992 and 2013, is consistent with my argument.
Critical Perspectives on Accounting, 2021
We unpack trust and its underlying emotional and cognitive dimensions over time, based on a case ... more We unpack trust and its underlying emotional and cognitive dimensions over time, based on a case study of a Colombian human-rights NGO and its donors. The emotional trust dimension is anchored in the values and interests that the NGO and its donors share. The cognitive trust dimension is grounded in the control and reporting practices of the NGO and its donors. We highlight the dynamic nature of trust by showing how the emotional and cognitive dimensions shape trust over time as the NGO-donor relationship progresses. Depending on the relationship stage, trust can be grounded relatively more or less in its emotional and cognitive dimensions. Across the different stages of the relationship, the two trust dimensions are complements and reinforce one another. Our study highlights that trust in NGOs is not replaced by accountability, as accounting and civil society research argues. Instead, accountability and trust, especially its emotional dimension, are mutually constitutive.
Accounting Perspectives, 2020
Licensed producers (LPs) of marijuana in Canada are embedded in a highly competitive industry whe... more Licensed producers (LPs) of marijuana in Canada are embedded in a highly competitive industry where they raise funds from investors to finance their growth. They face substantial risks from the uncertain legal status of marijuana and from its unsettled health and safety consequences. We argue that this context stands to have implications for the disclosures of firms in the marijuana industry. We rely on a multicase study of three large Canadian LPs to explore their mandatory and voluntary disclosures during the third quarter of 2018. We find that their mandatory interim disclosures are largely consistent with disclosure rules that target marijuana operations. We also find that they make voluntary disclosures relevant for their context (e.g., about risks from legal, health, and safety consequences), and that there is variation in these disclosures. We use our findings as a springboard for discussing the antecedents of mandatory and voluntary disclosures in the marijuana industry (i.e., proprietary costs, investor interest, detection costs of selective disclosures), and their consequence (i.e., lack of comparability). We offer suggestions for future research.
Women, Gender & Research, 2021
This study shows how labels anchored in unconscious bias can contribute to the gender institution... more This study shows how labels anchored in unconscious bias can contribute to the gender institution. It draws on interviews with women leaders in Canadian for-profit organizations to illustrate how labels relate to unconscious bias towards women leaders, how labels delegitimize or legitimize women leaders, and how women leaders react to labels. Guided by these results, the study theorizes how the micro-level practice of labeling anchored in unconscious bias can uphold or disrupt gender categories and associated gendered social roles, thus shaping the gender institution.
Working paper, 2021
We explore identity conflicts of women who progress into corporate leadership in Canada. We probl... more We explore identity conflicts of women who progress into corporate leadership in Canada. We problematize and built on role congruity theory to develop a theorization that leads us to ask the following three questions: (1) What conflicts do women who progress into leadership experience between their ideal and experienced identities, in both their professional and private spaces? (2) What practices of identity regulation lead to these identity conflicts? (3) What identity work do women do to resolve identity conflicts? Relying on extensive interview data, we document that women experience identity conflicts that manifest themselves in that interviewees feel invisible in their professional roles and visible in their non-professional (e.g., homemaker) roles and as gendered beings, in their professional and private spaces. These identity conflicts are linked to identity regulation practices that actors in their professional and private spaces engage in (e.g., they define roles) and that interviewees themselves do (e.g., women question their fit with roles). Interviewees react to identity conflicts by performing three kinds of identity work: lean-out practices (i.e., they change roles), lean-in practices (i.e., they change themselves), and bridging practices (i.e., they change how they relate to their space). We discuss the implications of our findings for the literature on identity and spaces.
Contemporary Accounting Research, 2013
I discuss the study by Call, Chen and Tong (2012) and focus on the information environment surrou... more I discuss the study by Call, Chen and Tong (2012) and focus on the information environment surrounding analysts. My discussion has two goals. First, I wish to put into perspective the findings of Call et al. (2012). Second, I hope to pave the road for future research on analysts, their cash flow forecasts and sophistication.
Report, 2009
This report examines whether Say on Pay is a useful tool to ensure that executive compensation p... more This report examines whether Say on Pay is a useful tool to ensure that executive
compensation plans are designed in a way that is consistent with the firm’s best interests.
It addresses five related questions: 1) What is Say on Pay? 2) What does Say on Pay imply about governance? 3) What means are available to provide shareholders with Say on Pay? 4) What is the impact (the impact on whom or what?) of providing shareholders with Say on Pay? 5) Should Canada consider Say on Pay?
Firms use subjective evaluation after a shock, when little is known about post-shock performance ... more Firms use subjective evaluation after a shock, when little is known about post-shock performance measures, writes Claudine Mangen
When professional service firms introduce new approaches to work, professional identities can be ... more When professional service firms introduce new approaches to work, professional identities can be uprooted, and resistance may ensue, write Claudine Mangen and Marion Brivot.
SSRN Electronic Journal, 2020
This study explores the spillover effects of the tone of restatement press releases for the inves... more This study explores the spillover effects of the tone of restatement press releases for the investments of rival firms. Our results show that changes in rivals’ investments after a restatement are significantly positively associated with the tone of restatement press releases, and that this association weakens over time as the restatements recede into the past. Moreover, we document that the association between changes in rivals’ investments and restatement tone varies cross-sectionally with how the restatement is framed, and with rivals’ corporate governance and financing mechanisms. Our study suggests that tone of restatement press releases provides information relevant for rivals’ investments.
SSRN Electronic Journal, 2012
SSRN Electronic Journal, 2011
SSRN Electronic Journal, 2012
SSRN Electronic Journal, 2010
SSRN Electronic Journal, 2019
We explore whether disclosures in the Management Discussion & Analysis (MD&A) hav... more We explore whether disclosures in the Management Discussion & Analysis (MD&A) have spillover effects for investment and investment efficiency, and whether spillover effects vary with competition. We focus on the tone of MD&A disclosures and document that the association between a ompany’s investments and the tone of its rivals’ MD&A disclosures is positive. Moreover, this association is stronger when firms operate in industries that have lower entry costs, are larger, and have less substitutable products. We obtain similar results for investment efficiency. Overall, our evidence suggests that MD&A disclosures have spillover effects for investment that can improve investment efficiency, and that spillover effects are moderated by industry competition.<br>