Executive extraversion and voluntary disclosure: evidence from management earnings forecasts

IF 1.4 4区 经济学 Q3 BUSINESS, FINANCE Asia-Pacific Journal of Accounting & Economics Pub Date : 2021-03-17 DOI:10.1080/16081625.2021.1947859
Chih-Hsien Liao, Ziyao San, Albert H. C. Tsang, Miao Yu
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Abstract

ABSTRACT In this study we examine whether and how extravert key executives in firms affect the provision of management earnings forecasts and the associated stock market reactions. We provide evidence that firms with extraverted chief financial officers (CFOs) tend to issue more earnings forecasts, earnings forecasts with a higher level of disaggregation, and earnings forecasts accompanied by supplementary information. However, earnings forecasts issued by extraverted CFOs are also less timely, less accurate, and more optimistic. Further analyses show that investors tend to react more strongly to earnings forecasts issued by firms with extraverted CFOs. Our findings therefore suggest that although earnings forecasts issued by extraverted CFOs are not necessarily of better quality, the stock market reactions associated with such forecasts are generally positive.
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高管外向性与自愿披露:来自管理层盈余预测的证据
摘要本研究旨在探讨公司中外向的关键高管是否以及如何影响管理层盈余预测的提供以及相关的股票市场反应。我们提供的证据表明,拥有外向型首席财务官(cfo)的公司倾向于发布更多的盈利预测,具有更高分解水平的盈利预测,以及伴随着补充信息的盈利预测。然而,外向型首席财务官发布的盈利预测也不那么及时、不那么准确,而且更乐观。进一步的分析表明,投资者倾向于对拥有外向首席财务官的公司发布的盈利预测做出更强烈的反应。因此,我们的研究结果表明,尽管外向型cfo发布的盈利预测不一定质量更好,但与此类预测相关的股市反应通常是积极的。
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来源期刊
CiteScore
2.40
自引率
9.10%
发文量
39
期刊介绍: The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.
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