Trump election and minority CEO pessimism

IF 4.8 3区管理学 Q1 BUSINESS, FINANCE Review of Accounting Studies Pub Date : 2024-07-01 DOI:10.1007/s11142-024-09843-7

Xiaoli Hu, Ya Kang, Oliver Zhen Li, Yupeng Lin

引用次数: 0

Abstract

Ethnic tension in the United States became more salient after Donald Trump’s election on November 9, 2016. Exploring the variation in management forecasts, we show that after the Trump election, minority CEOs exhibit more pessimism in their earnings forecasts (underestimation of the mean of earnings), compared with their non-minority counterparts. This tendency toward pessimism is observed across CEOs from various minority groups and is particularly pronounced in firms led by less experienced or less confident minority CEOs. Further analyses reveal that minority CEOs make less specific and less precise forecasts. Minority CEO pessimism is not explained by alternative explanations including terrorist attacks and minority CEOs’ political ideology. Collectively, our research provides evidence that the Trump election induces biased beliefs in the form of pessimism in ethnic minority CEOs.

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特朗普当选与少数族裔首席执行官的悲观情绪

2016 年 11 月 9 日唐纳德-特朗普当选后，美国的种族紧张关系变得更加突出。在探讨管理层预测的差异时，我们发现，特朗普当选后，与非少数族裔的首席执行官相比，少数族裔的首席执行官在盈利预测中表现出更多的悲观情绪（低估盈利均值）。这种悲观倾向在来自不同少数族裔群体的首席执行官身上都能观察到，在由经验较少或信心不足的少数族裔首席执行官领导的公司中尤为明显。进一步的分析表明，少数族裔首席执行官的预测更不具体，也更不精确。少数族裔首席执行官的悲观情绪无法用其他解释（包括恐怖袭击和少数族裔首席执行官的政治意识形态）来解释。总之，我们的研究提供了证据，证明特朗普大选诱发了少数族裔首席执行官悲观主义形式的偏差信念。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Accounting Studies BUSINESS, FINANCE-

CiteScore

7.90

自引率

7.10%

发文量

期刊介绍： Review of Accounting Studies provides an outlet for significant academic research in accounting including theoretical, empirical, and experimental work. The journal is committed to the principle that distinctive scholarship is rigorous. While the editors encourage all forms of research, it must contribute to the discipline of accounting. The Review of Accounting Studies is committed to prompt turnaround on the manuscripts it receives. For the majority of manuscripts the journal will make an accept-reject decision on the first round. Authors will be provided the opportunity to revise accepted manuscripts in response to reviewer and editor comments; however, discretion over such manuscripts resides principally with the authors. An editorial revise and resubmit decision is reserved for new submissions which are not acceptable in their current version, but for which the editor sees a clear path of changes which would make the manuscript publishable. Officially cited as: Rev Account Stud

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