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Management earnings guidance as a commitment device

Black, Dirk E.; Gipper, Brandon; Stocken, Phillip C. - 2021

This paper examines whether issuing management earnings guidance motivates a firm to raise its level of performance … hone the firm’s production function to raise firm performance. We find that firms alter their operating activities to … increase performance rather than manipulating their accruals. The enhancement in firm performance from using managerial …

Persistent link: https://www.econbiz.de/10012585955

Externalities of public firm presence : evidence from private firms' investment decisions

Badertscher, Brad; Shroff, Nemit; White, Halbert - 2013

Public firms provide a large amount of information through their disclosures. In addition, information intermediaries publicly analyze, discuss and disseminate these disclosures. Thus, greater public firm presence in an industry should reduce uncertainty in that industry. Following the...

Persistent link: https://www.econbiz.de/10010194820

Common Ownership and Voluntary Disclosure

Pawliczek, Andrea - 2019

Investors increasingly hold stock in multiple firms that compete in the same product market (“common ownership”). Taking market share from peers no longer maximizes shareholder value under common ownership, which incentivizes managers to implement less competitive strategies (Azar, 2016)....

Persistent link: https://www.econbiz.de/10012901546

Facilitating Tacit Collusion : A New Perspective on Common Ownership and Voluntary Disclosure

Pawliczek, Andrea - 2019

Investors increasingly hold stock in multiple firms that compete in the same product market (“common ownership”), and this ownership structure is positively associated with voluntary disclosure. We posit that common owners want managers to take coordinated anti-competitive actions (i.e.,...

Persistent link: https://www.econbiz.de/10012871238

Does Executive Temperament Supersede Disclosure Content? Evidence from Weather Effects during Earnings Conference Calls

Francis, Bill B. - 2020

Earnings conference calls represent an important communication channel for investors to observe managerial behavior. We examine the impact of executive temperament using weather conditions at executive locations during these calls. Using a large sample of earnings conference calls from 2006 to...

Persistent link: https://www.econbiz.de/10012851741

Corporate Disclosure as a Tacit Coordination Mechanism : Evidence from Cartel Enforcement Regulations

Bourveau, Thomas - 2020

We empirically study how collusion in product markets affects firms' financial disclosure strategies. We find that after a rise in cartel enforcement, U.S. firms start sharing more detailed information in their financial disclosure about their customers, contracts, and products. This new...

Persistent link: https://www.econbiz.de/10012831781

CSR Disclosure and Benchmarking-Learning : Emissions Responses to Mandatory Greenhouse Gas Disclosure

Tomar, Sorabh - 2019

Examining the US Greenhouse Gas Reporting Program, I find that facilities reduce greenhouse gas emissions by 7.0% after mandatory disclosure of facility-level emissions. A facility's prior GHG inefficiency predicts subsequent GHG emissions reductions, but only after public disclosure occurs,...

Persistent link: https://www.econbiz.de/10012863451

Market Determinants of Voluntary Disclosure of Macroeconomic Effects on Corporate Performance

Oxelheim, Lars - 2012

The macroeconomic environment is an important determinant of firm performance. Nevertheless, many firms are simplistic … prevented from understanding the intrinsic performance. We analyze the effects of the implementation/development of IFRS/IAS 1 … our analysis on a sample of the 100 largest public European firms in the period 2000-2009. We find that the trend of …

Persistent link: https://www.econbiz.de/10013102555

Optimal vs satisfactory transparency : the impact of global macroeconomic fluctuations on corporate competitiveness

Oxelheim, Lars - 2018

rates and inflation - from intrinsic performance - related to a superior product, production process or management - is …

Persistent link: https://www.econbiz.de/10011952135

Organizational Structure, Voluntary Disclosure, and Investment Efficiency

Hwang, Hyun - 2020

An important role of corporate disclosure is to improve the efficiency of capital allocation, and a key part of this process is firms' internal allocation of capital across their multiple projects. This paper examines the effect of internal capital allocation on firms' disclosure incentives and...

Persistent link: https://www.econbiz.de/10012848779

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