Letter From the Editor

• Author: James B. Edwards
• DOI: http://doi.org/10.1002/jcaf.22348
• Date: 01 October 2018
• Published date: 01 October 2018

Letter From the Editor

Dear JCAF Reader,

I wish to thank all those who

contributed to the success of the

Journal of Corporate Accounting

and Finance (JCAF)duringmy

tenure as editor-in-chief. I am

stepping aside immediately to

deal with health issues. I appreci-

ate all the support provided to

me by Wiley staff, members of

the editorial advisory board,

columnists, reviewers, authors,

and others who have provided

advice and performed occasional

assignments beneficial to JCAF.

Most of all I want to thank

Michael Ehrlich, Associate Edi-

tor, for his critical work in setting

up and managing the Scholar One

system. Equally important, Mike

has established and managed the

“double-blind review”process for

scholarly research oriented “R”

articles. His decisions and execu-

tion of this process have elevated

JCAF’sstatus as a respected jour-

nal in accounting and finance.

Mike has promoted JCAF all over

the world. Success over the past

two years is due primarily to the

accomplishments of Mike.

CURRENT DEVELOPMENTS

SCENE

Press Release

Business Executives’Opti-

mism about U.S. Economy

Hits Post-Recession High for

Second Consecutive Quarter,

AICPA Survey Finds

•Federal tax reform and

deregulation cited as lead-

ing factors

•Availability of skilled per-

sonnel is still top business

challenge

•Sharp upswing in inflation

concerns

NEW YORK (March 8,

2018)—Business executives’

optimism about the U.S.

economy continues to soar

but is tempered somewhat by

growing inflation concerns,

according to the first-quarter

AICPA Economic Outlook

Survey, which polls chief

executive officers, chief finan-

cial officers, controllers,

and other certified public

accountants in U.S.

companies who hold executive

and senior management

accounting roles.

Seventy-nine percent of

business executives said they

were upbeat about prospects

for the economy, eclipsing last

quarter’s post-Great Recession

high of 74%. As a point of ref-

erence, optimism levels were as

low as 28% in early 2016. Sur-

vey respondents’view of their

own companies’outlook over

the next 12 months also set a

post-recession record, with 71%

expressing optimism.

“Business executives are drawing

a lot of confidence from current

economic indicators, and cite

federal tax reform and deregula-

tion as two factors in their

improved outlook over the next

year,”said Arleen R. Thomas,

CPA, CGMA, managing direc-

tor of Americas Market, Global

Offerings & CGMA Exam,

Management Accounting for the

Association of International Cer-

tified Professional Accountants.

“At the same time, we’re seeing

an uptick in concerns often asso-

ciated with a hot economy, from

talent pool issues to rising infla-

tion fears.”

The increase in concern

about inflation is particularly

acute, with 49% of business

executives saying they view it

as more of a risk than deflation

over the next six months.

That’s up from 27% last quar-

ter; in the previous five years, it

had never exceeded 38%. The

main inflationary risk factors

cited are—in order—labor

costs, raw material costs, and

interest rate hikes.

On the job front, half of

business executives say their

companies have the right num-

ber of employees. Hiring plans

© 2018 Wiley Periodicals, Inc.

Published online in Wiley Online Library (wileyonlinelibrary.com).

DOI 10.1002/jcaf.22348 5