并购对盈利电话会议信息披露的影响

IF 7.4 2区 管理学 Q1 BUSINESS Long Range Planning Pub Date : 2024-02-01 DOI:10.1016/j.lrp.2023.102393
Roberto Ragozzino , Jeffrey J. Reuer
{"title":"并购对盈利电话会议信息披露的影响","authors":"Roberto Ragozzino ,&nbsp;Jeffrey J. Reuer","doi":"10.1016/j.lrp.2023.102393","DOIUrl":null,"url":null,"abstract":"<div><p>We examine the linkages between firms' M&amp;A activity and the information exchange between executives and analysts during quarterly earnings calls. Prior M&amp;A research has mostly focused on the considerations presented by information asymmetry between buyers and sellers themselves in M&amp;A. However, these concerns also exist between the buying firm's executives and capital markets. We examine whether firms' M&amp;A activity results in an information exchange between executives and analysts that highlights corporate strategy as a discussion topic. Thus, we test whether there is consistency between firms' corporate growth agendas and the information released to the public by these firms. This question is relevant, as disclosure is central to firms' ability to raise capital and compete. We also investigate the degree to which these information exchanges affect analysts' earnings forecast errors.</p></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":null,"pages":null},"PeriodicalIF":7.4000,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Implications of mergers and acquisitions for information disclosures in earnings calls\",\"authors\":\"Roberto Ragozzino ,&nbsp;Jeffrey J. Reuer\",\"doi\":\"10.1016/j.lrp.2023.102393\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>We examine the linkages between firms' M&amp;A activity and the information exchange between executives and analysts during quarterly earnings calls. Prior M&amp;A research has mostly focused on the considerations presented by information asymmetry between buyers and sellers themselves in M&amp;A. However, these concerns also exist between the buying firm's executives and capital markets. We examine whether firms' M&amp;A activity results in an information exchange between executives and analysts that highlights corporate strategy as a discussion topic. Thus, we test whether there is consistency between firms' corporate growth agendas and the information released to the public by these firms. This question is relevant, as disclosure is central to firms' ability to raise capital and compete. We also investigate the degree to which these information exchanges affect analysts' earnings forecast errors.</p></div>\",\"PeriodicalId\":18141,\"journal\":{\"name\":\"Long Range Planning\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-02-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Long Range Planning\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0024630123001000\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Long Range Planning","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0024630123001000","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0

摘要

我们研究了公司的并购活动与高管和分析师在季度收益电话会议中的信息交流之间的联系。以往的并购研究大多集中于并购中买卖双方自身信息不对称所带来的问题。然而,这些问题也存在于买方公司高管与资本市场之间。我们研究公司的并购活动是否会导致高管与分析师之间的信息交流,从而突出公司战略这一讨论主题。因此,我们检验了公司的企业发展议程与这些公司向公众发布的信息之间是否存在一致性。这个问题非常重要,因为信息披露是企业融资和竞争能力的核心。我们还研究了这些信息交流对分析师盈利预测误差的影响程度。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
Implications of mergers and acquisitions for information disclosures in earnings calls

We examine the linkages between firms' M&A activity and the information exchange between executives and analysts during quarterly earnings calls. Prior M&A research has mostly focused on the considerations presented by information asymmetry between buyers and sellers themselves in M&A. However, these concerns also exist between the buying firm's executives and capital markets. We examine whether firms' M&A activity results in an information exchange between executives and analysts that highlights corporate strategy as a discussion topic. Thus, we test whether there is consistency between firms' corporate growth agendas and the information released to the public by these firms. This question is relevant, as disclosure is central to firms' ability to raise capital and compete. We also investigate the degree to which these information exchanges affect analysts' earnings forecast errors.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
13.00
自引率
7.10%
发文量
75
期刊介绍: Long Range Planning (LRP) is an internationally renowned journal specializing in the field of strategic management. Since its establishment in 1968, the journal has consistently published original research, garnering a strong reputation among academics. LRP actively encourages the submission of articles that involve empirical research and theoretical perspectives, including studies that provide critical assessments and analysis of the current state of knowledge in crucial strategic areas. The primary user base of LRP primarily comprises individuals from academic backgrounds, with the journal playing a dual role within this community. Firstly, it serves as a platform for the dissemination of research findings among academic researchers. Secondly, it serves as a channel for the transmission of ideas that can be effectively utilized in educational settings. The articles published in LRP cater to a diverse audience, including practicing managers and students in professional programs. While some articles may focus on practical applications, others may primarily target academic researchers. LRP adopts an inclusive approach to empirical research, accepting studies that draw on various methodologies such as primary survey data, archival data, case studies, and recognized approaches to data collection.
期刊最新文献
Strength in numbers: Scale, scope, and performance in multipartner alliances A layered governance approach to regulating Big Tech How Do Platform Multinational Corporations (PMNCs) Address Emerging Challenges in the Global Landscape? A ‘READ’ Framework The dual-edged sword effect of reciprocal information exchanges within partnerships on performance: The mediating role of creativity New blood brings change: Exploring the link between rookie independent directors and corporate cash holdings
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1